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, MA 02116
(Address of principal executive offices) (Zip code)

SALVATORE SCHIAVONE
TREASURER
200 BERKELEY STREET
BOSTON, MA 02116
(Name and address of agent for service)
Registrant's telephone number, including area code:
(617) 543-9634
Date of fiscal year end:
October 31
Date of reporting period:
October 31, 2024
ITEM 1. REPORTS TO STOCKHOLDERS
The Registrant prepared the following annual reports to shareholders for the period ended October 31, 2024:
John Hancock Investment Trust
  • John Hancock Fundamental Large Cap Core Fund
  • John Hancock Infrastructure Fund
  • John Hancock Small Cap Core Fund
TSR JHIM logo
John Hancock Small Cap Core Fund
Class A/JCCAX
Annual SHAREHOLDER REPORT | October 31, 2024
This annual shareholder report contains important information about the John Hancock Small Cap Core Fund (the fund) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Small Cap Core Fund
(Class A/JCCAX)
$141 1.23%
Management’s Discussion of Fund Performance

SUMMARY OF RESULTS
Small Cap Core Fund (Class A/JCCAX) returned 28.55% (excluding sales charges) for the year ended October 31, 2024. The most significant factor affecting fund performance during the period was a broad equity market rally, which was driven by decelerating inflation, steady economic growth, increased expectations for interest rate cuts by the U.S. Federal Reserve, and growing interest in artificial intelligence (AI). Small-cap stocks underperformed large-cap shares, while growth stocks outperformed value-oriented issues.
TOP PERFORMANCE CONTRIBUTORS
CommVault Systems, Inc. | The stock benefited from heightened demand for the company’s cloud-based data protection solutions amid increased ransomware attacks.
EMCOR Group, Inc. | The company, which provides electrical and mechanical services to non-residential markets, enjoyed strong demand from data centers fueled by the growth of AI.
Q2 Holdings, Inc. | The electronic banking company experienced strong subscription and booking growth, which led to higher guidance for profitability and revenue growth throughout the year.


TOP PERFORMANCE DETRACTORS
Bumble, Inc. | An unexpected reset of the online dating app company’s strategy led to weaker earnings guidance and a decline in the stock.
Savers Value Village, Inc. | The world’s largest for-profit thrift store operator reported disappointing earnings and reduced future guidance due to lower-than-expected customer demand in Canada.
WideOpenWest, Inc. | The broadband service provider experienced higher-than-expected churn within its existing customer base, which delayed anticipated expansion into new geographic areas.


The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Years 10 Years
Small Cap Core Fund (Class A/JCCAX) 22.13% 9.45% 8.39%
Small Cap Core Fund (Class A/JCCAX)—excluding sales charge 28.55% 10.57% 8.95%
Russell 3000 Index 37.86% 14.60% 12.44%
Russell 2000 Index 34.07% 8.50% 7.94%
 
The fund has designated Russell 3000 Index as its broad-based securities market index in accordance with the revised definition for such an index.
 
Class A shares ceased operations between 3-10-16 and 8-30-17. Returns while Class A shares were not offered are those of Class I shares that have not been adjusted for class-specific expenses; otherwise, returns would vary.
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Figures reflect maximum sales charge on Class A shares of 5.00%. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
Fund net assets $2,065,436,177%
Total number of portfolio holdings $79%
Total advisory fees paid (net) $15,918,928%
Portfolio turnover rate $56%
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing percentage of the total net assets of the fund.
Top Ten Holdings
Summit Materials, Inc., Class A 2.4%
Arcosa, Inc. 2.2%
Madison Square Garden Sports Corp. 2.2%
Lithia Motors, Inc. 2.2%
SouthState Corp. 2.0%
CommVault Systems, Inc. 1.9%
Pinnacle Financial Partners, Inc. 1.9%
Cullen/Frost Bankers, Inc. 1.9%
Atlantic Union Bankshares Corp. 1.9%
Regal Rexnord Corp. 1.8%
Sector Composition
Information technology 21.7%
Industrials 18.2%
Health care 14.4%
Financials 13.1%
Consumer discretionary 10.4%
Energy 5.3%
Real estate 4.7%
Materials 4.0%
Communication services 3.1%
Consumer staples 1.9%
Utilities 1.4%
Short-term investments and other 1.8%
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus. For more information, please refer to the "Principal risks" section of the prospectus.
Availability of Additional Information
TSR QR Code
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
TSR MIM Logo
MF3988680
                                                                                                                               
445A-A
10/24
12/24
TSR JHIM logo
John Hancock Small Cap Core Fund
Class I/JCCIX
Annual SHAREHOLDER REPORT | October 31, 2024
This annual shareholder report contains important information about the John Hancock Small Cap Core Fund (the fund) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Small Cap Core Fund
(Class I/JCCIX)
$112 0.98%
Management’s Discussion of Fund Performance

SUMMARY OF RESULTS
Small Cap Core Fund (Class I/JCCIX) returned 28.93% for the year ended October 31, 2024. The most significant factor affecting fund performance during the period was a broad equity market rally, which was driven by decelerating inflation, steady economic growth, increased expectations for interest rate cuts by the U.S. Federal Reserve, and growing interest in artificial intelligence (AI). Small-cap stocks underperformed large-cap shares, while growth stocks outperformed value-oriented issues.
TOP PERFORMANCE CONTRIBUTORS
CommVault Systems, Inc. | The stock benefited from heightened demand for the company’s cloud-based data protection solutions amid increased ransomware attacks.
EMCOR Group, Inc. | The company, which provides electrical and mechanical services to non-residential markets, enjoyed strong demand from data centers fueled by the growth of AI.
Q2 Holdings, Inc. | The electronic banking company experienced strong subscription and booking growth, which led to higher guidance for profitability and revenue growth throughout the year.


TOP PERFORMANCE DETRACTORS
Bumble, Inc. | An unexpected reset of the online dating app company’s strategy led to weaker earnings guidance and a decline in the stock.
Savers Value Village, Inc. | The world’s largest for-profit thrift store operator reported disappointing earnings and reduced future guidance due to lower-than-expected customer demand in Canada.
WideOpenWest, Inc. | The broadband service provider experienced higher-than-expected churn within its existing customer base, which delayed anticipated expansion into new geographic areas.


The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $250,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $250,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Years 10 Years
Small Cap Core Fund (Class I/JCCIX) 28.93% 10.85% 9.19%
Russell 3000 Index 37.86% 14.60% 12.44%
Russell 2000 Index 34.07% 8.50% 7.94%
 
The fund has designated Russell 3000 Index as its broad-based securities market index in accordance with the revised definition for such an index.
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
Fund net assets $2,065,436,177%
Total number of portfolio holdings $79%
Total advisory fees paid (net) $15,918,928%
Portfolio turnover rate $56%
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing percentage of the total net assets of the fund.
Top Ten Holdings
Summit Materials, Inc., Class A 2.4%
Arcosa, Inc. 2.2%
Madison Square Garden Sports Corp. 2.2%
Lithia Motors, Inc. 2.2%
SouthState Corp. 2.0%
CommVault Systems, Inc. 1.9%
Pinnacle Financial Partners, Inc. 1.9%
Cullen/Frost Bankers, Inc. 1.9%
Atlantic Union Bankshares Corp. 1.9%
Regal Rexnord Corp. 1.8%
Sector Composition
Information technology 21.7%
Industrials 18.2%
Health care 14.4%
Financials 13.1%
Consumer discretionary 10.4%
Energy 5.3%
Real estate 4.7%
Materials 4.0%
Communication services 3.1%
Consumer staples 1.9%
Utilities 1.4%
Short-term investments and other 1.8%
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus. For more information, please refer to the "Principal risks" section of the prospectus.
Availability of Additional Information
TSR QR Code
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
TSR MIM Logo
MF3988680
                                                                                                                               
445A-I
10/24
12/24
TSR JHIM logo
John Hancock Small Cap Core Fund
Class NAV
Annual SHAREHOLDER REPORT | October 31, 2024
This annual shareholder report contains important information about the John Hancock Small Cap Core Fund (the fund) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the fund at jhinvestments.com/underlying-funds. You can also request this information by contacting us at 800-344-1029.
What were the fund costs during the last year?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Small Cap Core Fund
(Class NAV)
$99 0.86%
Management’s Discussion of Fund Performance

SUMMARY OF RESULTS
Small Cap Core Fund (Class NAV) returned 29.07% for the year ended October 31, 2024. The most significant factor affecting fund performance during the period was a broad equity market rally, which was driven by decelerating inflation, steady economic growth, increased expectations for interest rate cuts by the U.S. Federal Reserve, and growing interest in artificial intelligence (AI). Small-cap stocks underperformed large-cap shares, while growth stocks outperformed value-oriented issues.
TOP PERFORMANCE CONTRIBUTORS
CommVault Systems, Inc. | The stock benefited from heightened demand for the company’s cloud-based data protection solutions amid increased ransomware attacks.
EMCOR Group, Inc. | The company, which provides electrical and mechanical services to non-residential markets, enjoyed strong demand from data centers fueled by the growth of AI.
Q2 Holdings, Inc. | The electronic banking company experienced strong subscription and booking growth, which led to higher guidance for profitability and revenue growth throughout the year.


TOP PERFORMANCE DETRACTORS
Bumble, Inc. | An unexpected reset of the online dating app company’s strategy led to weaker earnings guidance and a decline in the stock.
Savers Value Village, Inc. | The world’s largest for-profit thrift store operator reported disappointing earnings and reduced future guidance due to lower-than-expected customer demand in Canada.
WideOpenWest, Inc. | The broadband service provider experienced higher-than-expected churn within its existing customer base, which delayed anticipated expansion into new geographic areas.


The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Years 10 Years
Small Cap Core Fund (Class NAV) 29.07% 10.97% 9.31%
Russell 3000 Index 37.86% 14.60% 12.44%
Russell 2000 Index 34.07% 8.50% 7.94%
 
The fund has designated Russell 3000 Index as its broad-based securities market index in accordance with the revised definition for such an index.
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
Fund net assets $2,065,436,177%
Total number of portfolio holdings $79%
Total advisory fees paid (net) $15,918,928%
Portfolio turnover rate $56%
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing percentage of the total net assets of the fund.
Top Ten Holdings
Summit Materials, Inc., Class A 2.4%
Arcosa, Inc. 2.2%
Madison Square Garden Sports Corp. 2.2%
Lithia Motors, Inc. 2.2%
SouthState Corp. 2.0%
CommVault Systems, Inc. 1.9%
Pinnacle Financial Partners, Inc. 1.9%
Cullen/Frost Bankers, Inc. 1.9%
Atlantic Union Bankshares Corp. 1.9%
Regal Rexnord Corp. 1.8%
Sector Composition
Information technology 21.7%
Industrials 18.2%
Health care 14.4%
Financials 13.1%
Consumer discretionary 10.4%
Energy 5.3%
Real estate 4.7%
Materials 4.0%
Communication services 3.1%
Consumer staples 1.9%
Utilities 1.4%
Short-term investments and other 1.8%
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus. For more information, please refer to the "Principal risks" section of the prospectus.
Availability of Additional Information
Underlying site QR code
At jhinvestments.com/underlying-funds, you can find additional information about the fund, including the fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information 
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
TSR MIM Logo
MF3988680
                                                                                                                           
445A-NAV
10/24
12/24
TSR JHIM logo
John Hancock Small Cap Core Fund
Class R6/JORSX
Annual SHAREHOLDER REPORT | October 31, 2024
This annual shareholder report contains important information about the John Hancock Small Cap Core Fund (the fund) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Small Cap Core Fund
(Class R6/JORSX)
$100 0.87%
Management’s Discussion of Fund Performance

SUMMARY OF RESULTS
Small Cap Core Fund (Class R6/JORSX) returned 29.04% for the year ended October 31, 2024. The most significant factor affecting fund performance during the period was a broad equity market rally, which was driven by decelerating inflation, steady economic growth, increased expectations for interest rate cuts by the U.S. Federal Reserve, and growing interest in artificial intelligence (AI). Small-cap stocks underperformed large-cap shares, while growth stocks outperformed value-oriented issues.
TOP PERFORMANCE CONTRIBUTORS
CommVault Systems, Inc. | The stock benefited from heightened demand for the company’s cloud-based data protection solutions amid increased ransomware attacks.
EMCOR Group, Inc. | The company, which provides electrical and mechanical services to non-residential markets, enjoyed strong demand from data centers fueled by the growth of AI.
Q2 Holdings, Inc. | The electronic banking company experienced strong subscription and booking growth, which led to higher guidance for profitability and revenue growth throughout the year.


TOP PERFORMANCE DETRACTORS
Bumble, Inc. | An unexpected reset of the online dating app company’s strategy led to weaker earnings guidance and a decline in the stock.
Savers Value Village, Inc. | The world’s largest for-profit thrift store operator reported disappointing earnings and reduced future guidance due to lower-than-expected customer demand in Canada.
WideOpenWest, Inc. | The broadband service provider experienced higher-than-expected churn within its existing customer base, which delayed anticipated expansion into new geographic areas.


The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $1,000,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $1,000,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Years 10 Years
Small Cap Core Fund (Class R6/JORSX) 29.04% 10.99% 9.24%
Russell 3000 Index 37.86% 14.60% 12.44%
Russell 2000 Index 34.07% 8.50% 7.94%
 
The fund has designated Russell 3000 Index as its broad-based securities market index in accordance with the revised definition for such an index.
 
Class R6 shares were first offered 8-30-17. Returns prior to this date are those of Class A shares (or Class I shares for the period between 3-10-16 and 8-30-17) that have not been adjusted for class-specific expenses; otherwise, returns would vary.
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
Fund net assets $2,065,436,177%
Total number of portfolio holdings $79%
Total advisory fees paid (net) $15,918,928%
Portfolio turnover rate $56%
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing percentage of the total net assets of the fund.
Top Ten Holdings
Summit Materials, Inc., Class A 2.4%
Arcosa, Inc. 2.2%
Madison Square Garden Sports Corp. 2.2%
Lithia Motors, Inc. 2.2%
SouthState Corp. 2.0%
CommVault Systems, Inc. 1.9%
Pinnacle Financial Partners, Inc. 1.9%
Cullen/Frost Bankers, Inc. 1.9%
Atlantic Union Bankshares Corp. 1.9%
Regal Rexnord Corp. 1.8%
Sector Composition
Information technology 21.7%
Industrials 18.2%
Health care 14.4%
Financials 13.1%
Consumer discretionary 10.4%
Energy 5.3%
Real estate 4.7%
Materials 4.0%
Communication services 3.1%
Consumer staples 1.9%
Utilities 1.4%
Short-term investments and other 1.8%
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus. For more information, please refer to the "Principal risks" section of the prospectus.
Availability of Additional Information
TSR QR Code
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
TSR MIM Logo
MF3988680
                                                                                                                             
445A-R6
10/24
12/24
TSR JHIM logo
John Hancock Infrastructure Fund
Class A/JEEBX
Annual SHAREHOLDER REPORT | October 31, 2024
This annual shareholder report contains important information about the John Hancock Infrastructure Fund (the fund) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Infrastructure Fund
(Class A/JEEBX)
$144 1.26%
Management’s Discussion of Fund Performance

SUMMARY OF RESULTS
Infrastructure Fund (Class A/JEEBX) returned 29.17% (excluding sales charges) for the year ended October 31, 2024. The world equity markets produced strong gains in the annual period, with only brief stretches of volatility interrupting what was otherwise a steady upward move. Investors displayed a robust appetite for risk at a time of positive economic growth, healthy corporate earnings, and interest-rate cuts by developed-market central banks.
TOP PERFORMANCE CONTRIBUTORS
Targa Resources Corp. | The energy infrastructure company announced better-than-expected results, reaffirmed its guidance, and reported the start of two new projects.
Vistra Corp. | The Texas-based electric utility was seen as being a key beneficiary of the growth of artificial intelligence due to the rising electricity demand from data centers. The company also reported better-than-expected results and was added to the S&P 500 Index.
Other single-stock contributors | Aena SME SA, The Williams Companies, Inc., and Constellation Energy Corp. also contributed to absolute performance.


TOP PERFORMANCE DETRACTORS
China Longyuan Power Group, Ltd. | The company missed earnings estimates due to higher operating expenses weighing on its stock price.
Nippon Telegraph & Telephone Corp. | The company reported earnings below consensus estimates and offered weaker-than-expected guidance for 2024.
Other single-stock detractors | RWE AG, Shanghai International Airport Company, Ltd., and E.ON SE also detracted from absolute performance.


The views expressed in this report are exclusively those of the portfolio management team at Wellington Management Company LLP, and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Years 10 Years
Infrastructure Fund (Class A/JEEBX) 22.71% 4.93% 5.66%
Infrastructure Fund (Class A/JEEBX)—excluding sales charge 29.17% 6.01% 6.20%
MSCI ACWI 32.79% 11.08% 9.06%
 
The fund has designated MSCI ACWI as its broad-based securities market index in accordance with the revised definition for such an index.
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Figures reflect maximum sales charge on Class A shares of 5.00%. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
Fund net assets $555,887,861%
Total number of portfolio holdings $35%
Total advisory fees paid (net) $4,369,758%
Portfolio turnover rate $27%
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing percentage of the total net assets of the fund.
Top Ten Holdings
Sempra 4.3%
The Williams Companies, Inc. 4.1%
Aena SME SA 4.1%
Targa Resources Corp. 3.6%
National Grid PLC 3.6%
Vinci SA 3.6%
Engie SA 3.4%
Atmos Energy Corp. 3.4%
Edison International 3.3%
American Electric Power Company, Inc. 3.3%
Sector Composition
Utilities 56.3%
Energy 14.7%
Industrials 12.1%
Communication services 8.8%
Real estate 3.0%
Financials 3.0%
Short-term investments and other 2.1%
Country Composition
Graphical Representation - Allocation 2 Chart
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus. For more information, please refer to the "Principal risks" section of the prospectus.
Availability of Additional Information
TSR QR Code
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
TSR MIM Logo
MF3988639
                                                                                                                               
438A-A
10/24
12/24
TSR JHIM logo
John Hancock Infrastructure Fund
Class C/JEEFX
Annual SHAREHOLDER REPORT | October 31, 2024
This annual shareholder report contains important information about the John Hancock Infrastructure Fund (the fund) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Infrastructure Fund
(Class C/JEEFX)
$224 1.96%
Management’s Discussion of Fund Performance

SUMMARY OF RESULTS
Infrastructure Fund (Class C/JEEFX) returned 28.29% (excluding sales charges) for the year ended October 31, 2024. The world equity markets produced strong gains in the annual period, with only brief stretches of volatility interrupting what was otherwise a steady upward move. Investors displayed a robust appetite for risk at a time of positive economic growth, healthy corporate earnings, and interest-rate cuts by developed-market central banks.
TOP PERFORMANCE CONTRIBUTORS
Targa Resources Corp. | The energy infrastructure company announced better-than-expected results, reaffirmed its guidance, and reported the start of two new projects.
Vistra Corp. | The Texas-based electric utility was seen as being a key beneficiary of the growth of artificial intelligence due to the rising electricity demand from data centers. The company also reported better-than-expected results and was added to the S&P 500 Index.
Other single-stock contributors | Aena SME SA, The Williams Companies, Inc., and Constellation Energy Corp. also contributed to absolute performance.


TOP PERFORMANCE DETRACTORS
China Longyuan Power Group, Ltd. | The company missed earnings estimates due to higher operating expenses weighing on its stock price.
Nippon Telegraph & Telephone Corp. | The company reported earnings below consensus estimates and offered weaker-than-expected guidance for 2024.
Other single-stock detractors | RWE AG, Shanghai International Airport Company, Ltd., and E.ON SE also detracted from absolute performance.


The views expressed in this report are exclusively those of the portfolio management team at Wellington Management Company LLP, and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Years 10 Years
Infrastructure Fund (Class C/JEEFX) 27.29% 5.26% 5.45%
Infrastructure Fund (Class C/JEEFX)—excluding sales charge 28.29% 5.26% 5.45%
MSCI ACWI 32.79% 11.08% 9.06%
 
The fund has designated MSCI ACWI as its broad-based securities market index in accordance with the revised definition for such an index.
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Class C shares sold within one year of purchase are subject to a 1.00% contingent deferred sales charge. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
Fund net assets $555,887,861%
Total number of portfolio holdings $35%
Total advisory fees paid (net) $4,369,758%
Portfolio turnover rate $27%
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing percentage of the total net assets of the fund.
Top Ten Holdings
Sempra 4.3%
The Williams Companies, Inc. 4.1%
Aena SME SA 4.1%
Targa Resources Corp. 3.6%
National Grid PLC 3.6%
Vinci SA 3.6%
Engie SA 3.4%
Atmos Energy Corp. 3.4%
Edison International 3.3%
American Electric Power Company, Inc. 3.3%
Sector Composition
Utilities 56.3%
Energy 14.7%
Industrials 12.1%
Communication services 8.8%
Real estate 3.0%
Financials 3.0%
Short-term investments and other 2.1%
Country Composition
Graphical Representation - Allocation 2 Chart
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus. For more information, please refer to the "Principal risks" section of the prospectus.
Availability of Additional Information
TSR QR Code
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
TSR MIM Logo
MF3988639
                                                                                                                               
438A-C
10/24
12/24
TSR JHIM logo
John Hancock Infrastructure Fund
Class I/JEEIX
Annual SHAREHOLDER REPORT | October 31, 2024
This annual shareholder report contains important information about the John Hancock Infrastructure Fund (the fund) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Infrastructure Fund
(Class I/JEEIX)
$110 0.96%
Management’s Discussion of Fund Performance

SUMMARY OF RESULTS
Infrastructure Fund (Class I/JEEIX) returned 29.52% for the year ended October 31, 2024. The world equity markets produced strong gains in the annual period, with only brief stretches of volatility interrupting what was otherwise a steady upward move. Investors displayed a robust appetite for risk at a time of positive economic growth, healthy corporate earnings, and interest-rate cuts by developed-market central banks.
TOP PERFORMANCE CONTRIBUTORS
Targa Resources Corp. | The energy infrastructure company announced better-than-expected results, reaffirmed its guidance, and reported the start of two new projects.
Vistra Corp. | The Texas-based electric utility was seen as being a key beneficiary of the growth of artificial intelligence due to the rising electricity demand from data centers. The company also reported better-than-expected results and was added to the S&P 500 Index.
Other single-stock contributors | Aena SME SA, The Williams Companies, Inc., and Constellation Energy Corp. also contributed to absolute performance.


TOP PERFORMANCE DETRACTORS
China Longyuan Power Group, Ltd. | The company missed earnings estimates due to higher operating expenses weighing on its stock price.
Nippon Telegraph & Telephone Corp. | The company reported earnings below consensus estimates and offered weaker-than-expected guidance for 2024.
Other single-stock detractors | RWE AG, Shanghai International Airport Company, Ltd., and E.ON SE also detracted from absolute performance.


The views expressed in this report are exclusively those of the portfolio management team at Wellington Management Company LLP, and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $250,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $250,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Years 10 Years
Infrastructure Fund (Class I/JEEIX) 29.52% 6.31% 6.51%
MSCI ACWI 32.79% 11.08% 9.06%
 
The fund has designated MSCI ACWI as its broad-based securities market index in accordance with the revised definition for such an index.
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
Fund net assets $555,887,861%
Total number of portfolio holdings $35%
Total advisory fees paid (net) $4,369,758%
Portfolio turnover rate $27%
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing percentage of the total net assets of the fund.
Top Ten Holdings
Sempra 4.3%
The Williams Companies, Inc. 4.1%
Aena SME SA 4.1%
Targa Resources Corp. 3.6%
National Grid PLC 3.6%
Vinci SA 3.6%
Engie SA 3.4%
Atmos Energy Corp. 3.4%
Edison International 3.3%
American Electric Power Company, Inc. 3.3%
Sector Composition
Utilities 56.3%
Energy 14.7%
Industrials 12.1%
Communication services 8.8%
Real estate 3.0%
Financials 3.0%
Short-term investments and other 2.1%
Country Composition
Graphical Representation - Allocation 2 Chart
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus. For more information, please refer to the "Principal risks" section of the prospectus.
Availability of Additional Information
TSR QR Code
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
TSR MIM Logo
MF3988639
                                                                                                                               
438A-I
10/24
12/24
TSR JHIM logo
John Hancock Infrastructure Fund
Class NAV
Annual SHAREHOLDER REPORT | October 31, 2024
This annual shareholder report contains important information about the John Hancock Infrastructure Fund (the fund) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the fund at jhinvestments.com/underlying-funds. You can also request this information by contacting us at 800-344-1029.
What were the fund costs during the last year?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Infrastructure Fund
(Class NAV)
$98 0.85%
Management’s Discussion of Fund Performance

SUMMARY OF RESULTS
Infrastructure Fund (Class NAV) returned 29.69% for the year ended October 31, 2024. The world equity markets produced strong gains in the annual period, with only brief stretches of volatility interrupting what was otherwise a steady upward move. Investors displayed a robust appetite for risk at a time of positive economic growth, healthy corporate earnings, and interest-rate cuts by developed-market central banks.
TOP PERFORMANCE CONTRIBUTORS
Targa Resources Corp. | The energy infrastructure company announced better-than-expected results, reaffirmed its guidance, and reported the start of two new projects.
Vistra Corp. | The Texas-based electric utility was seen as being a key beneficiary of the growth of artificial intelligence due to the rising electricity demand from data centers. The company also reported better-than-expected results and was added to the S&P 500 Index.
Other single-stock contributors | Aena SME SA, The Williams Companies, Inc., and Constellation Energy Corp. also contributed to absolute performance.


TOP PERFORMANCE DETRACTORS
China Longyuan Power Group, Ltd. | The company missed earnings estimates due to higher operating expenses weighing on its stock price.
Nippon Telegraph & Telephone Corp. | The company reported earnings below consensus estimates and offered weaker-than-expected guidance for 2024.
Other single-stock detractors | RWE AG, Shanghai International Airport Company, Ltd., and E.ON SE also detracted from absolute performance.


The views expressed in this report are exclusively those of the portfolio management team at Wellington Management Company LLP, and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Years 10 Years
Infrastructure Fund (Class NAV) 29.69% 6.43% 6.63%
MSCI ACWI 32.79% 11.08% 9.06%
 
The fund has designated MSCI ACWI as its broad-based securities market index in accordance with the revised definition for such an index.
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
Fund net assets $555,887,861%
Total number of portfolio holdings $35%
Total advisory fees paid (net) $4,369,758%
Portfolio turnover rate $27%
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing percentage of the total net assets of the fund.
Top Ten Holdings
Sempra 4.3%
The Williams Companies, Inc. 4.1%
Aena SME SA 4.1%
Targa Resources Corp. 3.6%
National Grid PLC 3.6%
Vinci SA 3.6%
Engie SA 3.4%
Atmos Energy Corp. 3.4%
Edison International 3.3%
American Electric Power Company, Inc. 3.3%
Sector Composition
Utilities 56.3%
Energy 14.7%
Industrials 12.1%
Communication services 8.8%
Real estate 3.0%
Financials 3.0%
Short-term investments and other 2.1%
Country Composition
Graphical Representation - Allocation 2 Chart
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus. For more information, please refer to the "Principal risks" section of the prospectus.
Availability of Additional Information
Underlying site QR code
At jhinvestments.com/underlying-funds, you can find additional information about the fund, including the fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information 
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
TSR MIM Logo
MF3988639
                                                                                                                           
438A-NAV
10/24
12/24
TSR JHIM logo
John Hancock Infrastructure Fund
Class R6/JEEDX
Annual SHAREHOLDER REPORT | October 31, 2024
This annual shareholder report contains important information about the John Hancock Infrastructure Fund (the fund) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Infrastructure Fund
(Class R6/JEEDX)
$98 0.85%
Management’s Discussion of Fund Performance

SUMMARY OF RESULTS
Infrastructure Fund (Class R6/JEEDX) returned 29.78% for the year ended October 31, 2024. The world equity markets produced strong gains in the annual period, with only brief stretches of volatility interrupting what was otherwise a steady upward move. Investors displayed a robust appetite for risk at a time of positive economic growth, healthy corporate earnings, and interest-rate cuts by developed-market central banks.
TOP PERFORMANCE CONTRIBUTORS
Targa Resources Corp. | The energy infrastructure company announced better-than-expected results, reaffirmed its guidance, and reported the start of two new projects.
Vistra Corp. | The Texas-based electric utility was seen as being a key beneficiary of the growth of artificial intelligence due to the rising electricity demand from data centers. The company also reported better-than-expected results and was added to the S&P 500 Index.
Other single-stock contributors | Aena SME SA, The Williams Companies, Inc., and Constellation Energy Corp. also contributed to absolute performance.


TOP PERFORMANCE DETRACTORS
China Longyuan Power Group, Ltd. | The company missed earnings estimates due to higher operating expenses weighing on its stock price.
Nippon Telegraph & Telephone Corp. | The company reported earnings below consensus estimates and offered weaker-than-expected guidance for 2024.
Other single-stock detractors | RWE AG, Shanghai International Airport Company, Ltd., and E.ON SE also detracted from absolute performance.


The views expressed in this report are exclusively those of the portfolio management team at Wellington Management Company LLP, and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $1,000,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $1,000,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Years 10 Years
Infrastructure Fund (Class R6/JEEDX) 29.78% 6.44% 6.64%
MSCI ACWI 32.79% 11.08% 9.06%
 
The fund has designated MSCI ACWI as its broad-based securities market index in accordance with the revised definition for such an index.
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
Fund net assets $555,887,861%
Total number of portfolio holdings $35%
Total advisory fees paid (net) $4,369,758%
Portfolio turnover rate $27%
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing percentage of the total net assets of the fund.
Top Ten Holdings
Sempra 4.3%
The Williams Companies, Inc. 4.1%
Aena SME SA 4.1%
Targa Resources Corp. 3.6%
National Grid PLC 3.6%
Vinci SA 3.6%
Engie SA 3.4%
Atmos Energy Corp. 3.4%
Edison International 3.3%
American Electric Power Company, Inc. 3.3%
Sector Composition
Utilities 56.3%
Energy 14.7%
Industrials 12.1%
Communication services 8.8%
Real estate 3.0%
Financials 3.0%
Short-term investments and other 2.1%
Country Composition
Graphical Representation - Allocation 2 Chart
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus. For more information, please refer to the "Principal risks" section of the prospectus.
Availability of Additional Information
TSR QR Code
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
TSR MIM Logo
MF3988639
                                                                                                                             
438A-R6
10/24
12/24
TSR JHIM logo
John Hancock Fundamental Large Cap Core Fund
Class A/TAGRX
Annual SHAREHOLDER REPORT | October 31, 2024
This annual shareholder report contains important information about the John Hancock Fundamental Large Cap Core Fund (the fund) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Fundamental Large Cap Core Fund
(Class A/TAGRX)
$121 1.02%
Management’s Discussion of Fund Performance

SUMMARY OF RESULTS
Fundamental Large Cap Core Fund (Class A/TAGRX) returned 37.14% (excluding sales charges) for the year ended October 31, 2024. A resilient U.S. economy, lower interest rates, strong corporate earnings and investor enthusiasm for artificial intelligence (AI) helped propel U.S. equities sharply higher, with large-cap growth stocks taking the lead.
TOP PERFORMANCE CONTRIBUTORS
Information technology | The fund’s holdings in the sector notably boosted its absolute return. Consumer electronics leader Apple, Inc., a top holding, stood out, helped by strong demand for its smartphones and a rally in mega-cap technology stocks.
Financials | The fund’s financial holdings produced a steep gain, led by private equity company KKR & Company, Inc., which benefited from strong execution by management, growing interest in alternative investments and lower interest rates.
Consumer discretionary | This sector was another standout, thanks to positions in e-commerce giant Amazon.com, Inc. and home builder Lennar Corp.


TOP PERFORMANCE DETRACTORS
Utilities and materials | The fund’s lack of exposure to utilities and small stake in materials did little to aid performance.
Weakness from specific holdings | Notable individual detractors included a new position this period in Israel-based Mobileye Global, Inc., which makes advanced driver assist systems, as well as investments in biopharmaceuticals stock Moderna, Inc., media conglomerate Warner Brothers Discovery, Inc. and recreational vehicle company Polaris, Inc.


The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Years 10 Years
Fundamental Large Cap Core Fund (Class A/TAGRX) 30.29% 12.94% 10.91%
Fundamental Large Cap Core Fund (Class A/TAGRX)—excluding sales charge 37.14% 14.11% 11.48%
S&P 500 Index 38.02% 15.27% 13.00%
 
The fund has designated S&P 500 Index as its broad-based securities market index in accordance with the revised definition for such an index.
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Figures reflect maximum sales charge on Class A shares of 5.00%. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
Fund net assets $5,631,957,789%
Total number of portfolio holdings $47%
Total advisory fees paid (net) $33,000,292%
Portfolio turnover rate $19%
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing percentage of the total net assets of the fund.
Top Ten Holdings
Amazon.com, Inc. 8.8%
Apple, Inc. 8.0%
Alphabet, Inc., Class A 5.9%
Cheniere Energy, Inc. 5.2%
KKR & Company, Inc. 4.7%
Morgan Stanley 4.6%
Lennar Corp., Class A 4.5%
Microsoft Corp. 4.0%
Crown Castle, Inc. 3.1%
Texas Instruments, Inc. 3.1%
Sector Composition
Information technology 27.8%
Consumer discretionary 18.8%
Financials 15.0%
Communication services 10.4%
Health care 6.8%
Consumer staples 6.2%
Energy 5.2%
Industrials 4.9%
Real estate 3.5%
Materials 0.5%
Short-term investments and other 0.9%
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus. For more information, please refer to the "Principal risks" section of the prospectus.
Availability of Additional Information
TSR QR Code
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
TSR MIM Logo
MF3988585
                                                                                                                             
50A-A
10/24
12/24
TSR JHIM logo
John Hancock Fundamental Large Cap Core Fund
Class C/JHLVX
Annual SHAREHOLDER REPORT | October 31, 2024
This annual shareholder report contains important information about the John Hancock Fundamental Large Cap Core Fund (the fund) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Fundamental Large Cap Core Fund
(Class C/JHLVX)
$209 1.77%
Management’s Discussion of Fund Performance

SUMMARY OF RESULTS
Fundamental Large Cap Core Fund (Class C/JHLVX) returned 36.11% (excluding sales charges) for the year ended October 31, 2024. A resilient U.S. economy, lower interest rates, strong corporate earnings and investor enthusiasm for artificial intelligence (AI) helped propel U.S. equities sharply higher, with large-cap growth stocks taking the lead.
TOP PERFORMANCE CONTRIBUTORS
Information technology | The fund’s holdings in the sector notably boosted its absolute return. Consumer electronics leader Apple, Inc., a top holding, stood out, helped by strong demand for its smartphones and a rally in mega-cap technology stocks.
Financials | The fund’s financial holdings produced a steep gain, led by private equity company KKR & Company, Inc., which benefited from strong execution by management, growing interest in alternative investments and lower interest rates.
Consumer discretionary | This sector was another standout, thanks to positions in e-commerce giant Amazon.com, Inc. and home builder Lennar Corp.


TOP PERFORMANCE DETRACTORS
Utilities and materials | The fund’s lack of exposure to utilities and small stake in materials did little to aid performance.
Weakness from specific holdings | Notable individual detractors included a new position this period in Israel-based Mobileye Global, Inc., which makes advanced driver assist systems, as well as investments in biopharmaceuticals stock Moderna, Inc., media conglomerate Warner Brothers Discovery, Inc. and recreational vehicle company Polaris, Inc.


The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Years 10 Years
Fundamental Large Cap Core Fund (Class C/JHLVX) 35.11% 13.26% 10.65%
Fundamental Large Cap Core Fund (Class C/JHLVX)—excluding sales charge 36.11% 13.26% 10.65%
S&P 500 Index 38.02% 15.27% 13.00%
 
The fund has designated S&P 500 Index as its broad-based securities market index in accordance with the revised definition for such an index.
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Class C shares sold within one year of purchase are subject to a 1.00% contingent deferred sales charge. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
Fund net assets $5,631,957,789%
Total number of portfolio holdings $47%
Total advisory fees paid (net) $33,000,292%
Portfolio turnover rate $19%
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing percentage of the total net assets of the fund.
Top Ten Holdings
Amazon.com, Inc. 8.8%
Apple, Inc. 8.0%
Alphabet, Inc., Class A 5.9%
Cheniere Energy, Inc. 5.2%
KKR & Company, Inc. 4.7%
Morgan Stanley 4.6%
Lennar Corp., Class A 4.5%
Microsoft Corp. 4.0%
Crown Castle, Inc. 3.1%
Texas Instruments, Inc. 3.1%
Sector Composition
Information technology 27.8%
Consumer discretionary 18.8%
Financials 15.0%
Communication services 10.4%
Health care 6.8%
Consumer staples 6.2%
Energy 5.2%
Industrials 4.9%
Real estate 3.5%
Materials 0.5%
Short-term investments and other 0.9%
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus. For more information, please refer to the "Principal risks" section of the prospectus.
Availability of Additional Information
TSR QR Code
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
TSR MIM Logo
MF3988585
                                                                                                                               
50A-C
10/24
12/24
TSR JHIM logo
John Hancock Fundamental Large Cap Core Fund
Class I/JLVIX
Annual SHAREHOLDER REPORT | October 31, 2024
This annual shareholder report contains important information about the John Hancock Fundamental Large Cap Core Fund (the fund) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Fundamental Large Cap Core Fund
(Class I/JLVIX)
$91 0.77%
Management’s Discussion of Fund Performance

SUMMARY OF RESULTS
Fundamental Large Cap Core Fund (Class I/JLVIX) returned 37.46% for the year ended October 31, 2024. A resilient U.S. economy, lower interest rates, strong corporate earnings and investor enthusiasm for artificial intelligence (AI) helped propel U.S. equities sharply higher, with large-cap growth stocks taking the lead.
TOP PERFORMANCE CONTRIBUTORS
Information technology | The fund’s holdings in the sector notably boosted its absolute return. Consumer electronics leader Apple, Inc., a top holding, stood out, helped by strong demand for its smartphones and a rally in mega-cap technology stocks.
Financials | The fund’s financial holdings produced a steep gain, led by private equity company KKR & Company, Inc., which benefited from strong execution by management, growing interest in alternative investments and lower interest rates.
Consumer discretionary | This sector was another standout, thanks to positions in e-commerce giant Amazon.com, Inc. and home builder Lennar Corp.


TOP PERFORMANCE DETRACTORS
Utilities and materials | The fund’s lack of exposure to utilities and small stake in materials did little to aid performance.
Weakness from specific holdings | Notable individual detractors included a new position this period in Israel-based Mobileye Global, Inc., which makes advanced driver assist systems, as well as investments in biopharmaceuticals stock Moderna, Inc., media conglomerate Warner Brothers Discovery, Inc. and recreational vehicle company Polaris, Inc.


The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $250,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $250,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Years 10 Years
Fundamental Large Cap Core Fund (Class I/JLVIX) 37.46% 14.39% 11.76%
S&P 500 Index 38.02% 15.27% 13.00%
 
The fund has designated S&P 500 Index as its broad-based securities market index in accordance with the revised definition for such an index.
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
Fund net assets $5,631,957,789%
Total number of portfolio holdings $47%
Total advisory fees paid (net) $33,000,292%
Portfolio turnover rate $19%
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing percentage of the total net assets of the fund.
Top Ten Holdings
Amazon.com, Inc. 8.8%
Apple, Inc. 8.0%
Alphabet, Inc., Class A 5.9%
Cheniere Energy, Inc. 5.2%
KKR & Company, Inc. 4.7%
Morgan Stanley 4.6%
Lennar Corp., Class A 4.5%
Microsoft Corp. 4.0%
Crown Castle, Inc. 3.1%
Texas Instruments, Inc. 3.1%
Sector Composition
Information technology 27.8%
Consumer discretionary 18.8%
Financials 15.0%
Communication services 10.4%
Health care 6.8%
Consumer staples 6.2%
Energy 5.2%
Industrials 4.9%
Real estate 3.5%
Materials 0.5%
Short-term investments and other 0.9%
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus. For more information, please refer to the "Principal risks" section of the prospectus.
Availability of Additional Information
TSR QR Code
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
TSR MIM Logo
MF3988585
                                                                                                                                
50A-I
10/24
12/24
TSR JHIM logo
John Hancock Fundamental Large Cap Core Fund
Class NAV/JLCNX
Annual SHAREHOLDER REPORT | October 31, 2024
This annual shareholder report contains important information about the John Hancock Fundamental Large Cap Core Fund (the fund) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the fund at jhinvestments.com/underlying-funds. You can also request this information by contacting us at 800-344-1029.
What were the fund costs during the last year?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Fundamental Large Cap Core Fund
(Class NAV/JLCNX)
$77 0.65%
Management’s Discussion of Fund Performance

SUMMARY OF RESULTS
Fundamental Large Cap Core Fund (Class NAV/JLCNX) returned 37.62% for the year ended October 31, 2024. A resilient U.S. economy, lower interest rates, strong corporate earnings and investor enthusiasm for artificial intelligence (AI) helped propel U.S. equities sharply higher, with large-cap growth stocks taking the lead.
TOP PERFORMANCE CONTRIBUTORS
Information technology | The fund’s holdings in the sector notably boosted its absolute return. Consumer electronics leader Apple, Inc., a top holding, stood out, helped by strong demand for its smartphones and a rally in mega-cap technology stocks.
Financials | The fund’s financial holdings produced a steep gain, led by private equity company KKR & Company, Inc., which benefited from strong execution by management, growing interest in alternative investments and lower interest rates.
Consumer discretionary | This sector was another standout, thanks to positions in e-commerce giant Amazon.com, Inc. and home builder Lennar Corp.


TOP PERFORMANCE DETRACTORS
Utilities and materials | The fund’s lack of exposure to utilities and small stake in materials did little to aid performance.
Weakness from specific holdings | Notable individual detractors included a new position this period in Israel-based Mobileye Global, Inc., which makes advanced driver assist systems, as well as investments in biopharmaceuticals stock Moderna, Inc., media conglomerate Warner Brothers Discovery, Inc. and recreational vehicle company Polaris, Inc.


The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Years 10 Years
Fundamental Large Cap Core Fund (Class NAV/JLCNX) 37.62% 14.53% 11.80%
S&P 500 Index 38.02% 15.27% 13.00%
 
The fund has designated S&P 500 Index as its broad-based securities market index in accordance with the revised definition for such an index.
 
Class NAV shares were first offered 2-8-17. Returns prior to this date are those of Class A shares that have not been adjusted for class-specific expenses; otherwise, returns would vary.
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
Fund net assets $5,631,957,789%
Total number of portfolio holdings $47%
Total advisory fees paid (net) $33,000,292%
Portfolio turnover rate $19%
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing percentage of the total net assets of the fund.
Top Ten Holdings
Amazon.com, Inc. 8.8%
Apple, Inc. 8.0%
Alphabet, Inc., Class A 5.9%
Cheniere Energy, Inc. 5.2%
KKR & Company, Inc. 4.7%
Morgan Stanley 4.6%
Lennar Corp., Class A 4.5%
Microsoft Corp. 4.0%
Crown Castle, Inc. 3.1%
Texas Instruments, Inc. 3.1%
Sector Composition
Information technology 27.8%
Consumer discretionary 18.8%
Financials 15.0%
Communication services 10.4%
Health care 6.8%
Consumer staples 6.2%
Energy 5.2%
Industrials 4.9%
Real estate 3.5%
Materials 0.5%
Short-term investments and other 0.9%
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus. For more information, please refer to the "Principal risks" section of the prospectus.
Availability of Additional Information
TSR QR Code
At jhinvestments.com/underlying-funds, you can find additional information about the fund, including the fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information 
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
TSR MIM Logo
MF3988585
                                                                                                                              
50A-NAV
10/24
12/24
TSR JHIM logo
John Hancock Fundamental Large Cap Core Fund
Class R2/JLCYX
Annual SHAREHOLDER REPORT | October 31, 2024
This annual shareholder report contains important information about the John Hancock Fundamental Large Cap Core Fund (the fund) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Fundamental Large Cap Core Fund
(Class R2/JLCYX)
$134 1.13%
Management’s Discussion of Fund Performance

SUMMARY OF RESULTS
Fundamental Large Cap Core Fund (Class R2/JLCYX) returned 36.99% for the year ended October 31, 2024. A resilient U.S. economy, lower interest rates, strong corporate earnings and investor enthusiasm for artificial intelligence (AI) helped propel U.S. equities sharply higher, with large-cap growth stocks taking the lead.
TOP PERFORMANCE CONTRIBUTORS
Information technology | The fund’s holdings in the sector notably boosted its absolute return. Consumer electronics leader Apple, Inc., a top holding, stood out, helped by strong demand for its smartphones and a rally in mega-cap technology stocks.
Financials | The fund’s financial holdings produced a steep gain, led by private equity company KKR & Company, Inc., which benefited from strong execution by management, growing interest in alternative investments and lower interest rates.
Consumer discretionary | This sector was another standout, thanks to positions in e-commerce giant Amazon.com, Inc. and home builder Lennar Corp.


TOP PERFORMANCE DETRACTORS
Utilities and materials | The fund’s lack of exposure to utilities and small stake in materials did little to aid performance.
Weakness from specific holdings | Notable individual detractors included a new position this period in Israel-based Mobileye Global, Inc., which makes advanced driver assist systems, as well as investments in biopharmaceuticals stock Moderna, Inc., media conglomerate Warner Brothers Discovery, Inc. and recreational vehicle company Polaris, Inc.


The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Years 10 Years
Fundamental Large Cap Core Fund (Class R2/JLCYX) 36.99% 13.98% 11.34%
S&P 500 Index 38.02% 15.27% 13.00%
 
The fund has designated S&P 500 Index as its broad-based securities market index in accordance with the revised definition for such an index.
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
Fund net assets $5,631,957,789%
Total number of portfolio holdings $47%
Total advisory fees paid (net) $33,000,292%
Portfolio turnover rate $19%
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing percentage of the total net assets of the fund.
Top Ten Holdings
Amazon.com, Inc. 8.8%
Apple, Inc. 8.0%
Alphabet, Inc., Class A 5.9%
Cheniere Energy, Inc. 5.2%
KKR & Company, Inc. 4.7%
Morgan Stanley 4.6%
Lennar Corp., Class A 4.5%
Microsoft Corp. 4.0%
Crown Castle, Inc. 3.1%
Texas Instruments, Inc. 3.1%
Sector Composition
Information technology 27.8%
Consumer discretionary 18.8%
Financials 15.0%
Communication services 10.4%
Health care 6.8%
Consumer staples 6.2%
Energy 5.2%
Industrials 4.9%
Real estate 3.5%
Materials 0.5%
Short-term investments and other 0.9%
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus. For more information, please refer to the "Principal risks" section of the prospectus.
Availability of Additional Information
TSR QR Code
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
TSR MIM Logo
MF3988585
                                                                                                                               
50A-R2
10/24
12/24
TSR JHIM logo
John Hancock Fundamental Large Cap Core Fund
Class R4/JLCFX
Annual SHAREHOLDER REPORT | October 31, 2024
This annual shareholder report contains important information about the John Hancock Fundamental Large Cap Core Fund (the fund) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Fundamental Large Cap Core Fund
(Class R4/JLCFX)
$108 0.91%
Management’s Discussion of Fund Performance

SUMMARY OF RESULTS
Fundamental Large Cap Core Fund (Class R4/JLCFX) returned 37.30% for the year ended October 31, 2024. A resilient U.S. economy, lower interest rates, strong corporate earnings and investor enthusiasm for artificial intelligence (AI) helped propel U.S. equities sharply higher, with large-cap growth stocks taking the lead.
TOP PERFORMANCE CONTRIBUTORS
Information technology | The fund’s holdings in the sector notably boosted its absolute return. Consumer electronics leader Apple, Inc., a top holding, stood out, helped by strong demand for its smartphones and a rally in mega-cap technology stocks.
Financials | The fund’s financial holdings produced a steep gain, led by private equity company KKR & Company, Inc., which benefited from strong execution by management, growing interest in alternative investments and lower interest rates.
Consumer discretionary | This sector was another standout, thanks to positions in e-commerce giant Amazon.com, Inc. and home builder Lennar Corp.


TOP PERFORMANCE DETRACTORS
Utilities and materials | The fund’s lack of exposure to utilities and small stake in materials did little to aid performance.
Weakness from specific holdings | Notable individual detractors included a new position this period in Israel-based Mobileye Global, Inc., which makes advanced driver assist systems, as well as investments in biopharmaceuticals stock Moderna, Inc., media conglomerate Warner Brothers Discovery, Inc. and recreational vehicle company Polaris, Inc.


The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Years 10 Years
Fundamental Large Cap Core Fund (Class R4/JLCFX) 37.30% 14.23% 11.60%
S&P 500 Index 38.02% 15.27% 13.00%
 
The fund has designated S&P 500 Index as its broad-based securities market index in accordance with the revised definition for such an index.
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
Fund net assets $5,631,957,789%
Total number of portfolio holdings $47%
Total advisory fees paid (net) $33,000,292%
Portfolio turnover rate $19%
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing percentage of the total net assets of the fund.
Top Ten Holdings
Amazon.com, Inc. 8.8%
Apple, Inc. 8.0%
Alphabet, Inc., Class A 5.9%
Cheniere Energy, Inc. 5.2%
KKR & Company, Inc. 4.7%
Morgan Stanley 4.6%
Lennar Corp., Class A 4.5%
Microsoft Corp. 4.0%
Crown Castle, Inc. 3.1%
Texas Instruments, Inc. 3.1%
Sector Composition
Information technology 27.8%
Consumer discretionary 18.8%
Financials 15.0%
Communication services 10.4%
Health care 6.8%
Consumer staples 6.2%
Energy 5.2%
Industrials 4.9%
Real estate 3.5%
Materials 0.5%
Short-term investments and other 0.9%
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus. For more information, please refer to the "Principal risks" section of the prospectus.
Availability of Additional Information
TSR QR Code
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
TSR MIM Logo
MF3988585
                                                                                                                               
50A-R4
10/24
12/24
TSR JHIM logo
John Hancock Fundamental Large Cap Core Fund
Class R5/JLCVX
Annual SHAREHOLDER REPORT | October 31, 2024
This annual shareholder report contains important information about the John Hancock Fundamental Large Cap Core Fund (the fund) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Fundamental Large Cap Core Fund
(Class R5/JLCVX)
$84 0.71%
Management’s Discussion of Fund Performance

SUMMARY OF RESULTS
Fundamental Large Cap Core Fund (Class R5/JLCVX) returned 37.55% for the year ended October 31, 2024. A resilient U.S. economy, lower interest rates, strong corporate earnings and investor enthusiasm for artificial intelligence (AI) helped propel U.S. equities sharply higher, with large-cap growth stocks taking the lead.
TOP PERFORMANCE CONTRIBUTORS
Information technology | The fund’s holdings in the sector notably boosted its absolute return. Consumer electronics leader Apple, Inc., a top holding, stood out, helped by strong demand for its smartphones and a rally in mega-cap technology stocks.
Financials | The fund’s financial holdings produced a steep gain, led by private equity company KKR & Company, Inc., which benefited from strong execution by management, growing interest in alternative investments and lower interest rates.
Consumer discretionary | This sector was another standout, thanks to positions in e-commerce giant Amazon.com, Inc. and home builder Lennar Corp.


TOP PERFORMANCE DETRACTORS
Utilities and materials | The fund’s lack of exposure to utilities and small stake in materials did little to aid performance.
Weakness from specific holdings | Notable individual detractors included a new position this period in Israel-based Mobileye Global, Inc., which makes advanced driver assist systems, as well as investments in biopharmaceuticals stock Moderna, Inc., media conglomerate Warner Brothers Discovery, Inc. and recreational vehicle company Polaris, Inc.


The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Years 10 Years
Fundamental Large Cap Core Fund (Class R5/JLCVX) 37.55% 14.46% 11.82%
S&P 500 Index 38.02% 15.27% 13.00%
 
The fund has designated S&P 500 Index as its broad-based securities market index in accordance with the revised definition for such an index.
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
Fund net assets $5,631,957,789%
Total number of portfolio holdings $47%
Total advisory fees paid (net) $33,000,292%
Portfolio turnover rate $19%
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing percentage of the total net assets of the fund.
Top Ten Holdings
Amazon.com, Inc. 8.8%
Apple, Inc. 8.0%
Alphabet, Inc., Class A 5.9%
Cheniere Energy, Inc. 5.2%
KKR & Company, Inc. 4.7%
Morgan Stanley 4.6%
Lennar Corp., Class A 4.5%
Microsoft Corp. 4.0%
Crown Castle, Inc. 3.1%
Texas Instruments, Inc. 3.1%
Sector Composition
Information technology 27.8%
Consumer discretionary 18.8%
Financials 15.0%
Communication services 10.4%
Health care 6.8%
Consumer staples 6.2%
Energy 5.2%
Industrials 4.9%
Real estate 3.5%
Materials 0.5%
Short-term investments and other 0.9%
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus. For more information, please refer to the "Principal risks" section of the prospectus.
Availability of Additional Information
TSR QR Code
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
TSR MIM Logo
MF3988585
                                                                                                                               
50A-R5
10/24
12/24
TSR JHIM logo
John Hancock Fundamental Large Cap Core Fund
Class R6/JLCWX
Annual SHAREHOLDER REPORT | October 31, 2024
This annual shareholder report contains important information about the John Hancock Fundamental Large Cap Core Fund (the fund) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Fundamental Large Cap Core Fund
(Class R6/JLCWX)
$78 0.66%
Management’s Discussion of Fund Performance

SUMMARY OF RESULTS
Fundamental Large Cap Core Fund (Class R6/JLCWX) returned 37.63% for the year ended October 31, 2024. A resilient U.S. economy, lower interest rates, strong corporate earnings and investor enthusiasm for artificial intelligence (AI) helped propel U.S. equities sharply higher, with large-cap growth stocks taking the lead.
TOP PERFORMANCE CONTRIBUTORS
Information technology | The fund’s holdings in the sector notably boosted its absolute return. Consumer electronics leader Apple, Inc., a top holding, stood out, helped by strong demand for its smartphones and a rally in mega-cap technology stocks.
Financials | The fund’s financial holdings produced a steep gain, led by private equity company KKR & Company, Inc., which benefited from strong execution by management, growing interest in alternative investments and lower interest rates.
Consumer discretionary | This sector was another standout, thanks to positions in e-commerce giant Amazon.com, Inc. and home builder Lennar Corp.


TOP PERFORMANCE DETRACTORS
Utilities and materials | The fund’s lack of exposure to utilities and small stake in materials did little to aid performance.
Weakness from specific holdings | Notable individual detractors included a new position this period in Israel-based Mobileye Global, Inc., which makes advanced driver assist systems, as well as investments in biopharmaceuticals stock Moderna, Inc., media conglomerate Warner Brothers Discovery, Inc. and recreational vehicle company Polaris, Inc.


The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $1,000,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $1,000,000
Fund Performance - Growth of 10K
AVERAGE ANNUAL TOTAL RETURN 1 Year 5 Years 10 Years
Fundamental Large Cap Core Fund (Class R6/JLCWX) 37.63% 14.52% 11.89%
S&P 500 Index 38.02% 15.27% 13.00%
 
The fund has designated S&P 500 Index as its broad-based securities market index in accordance with the revised definition for such an index.
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
Fund net assets $5,631,957,789%
Total number of portfolio holdings $47%
Total advisory fees paid (net) $33,000,292%
Portfolio turnover rate $19%
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing percentage of the total net assets of the fund.
Top Ten Holdings
Amazon.com, Inc. 8.8%
Apple, Inc. 8.0%
Alphabet, Inc., Class A 5.9%
Cheniere Energy, Inc. 5.2%
KKR & Company, Inc. 4.7%
Morgan Stanley 4.6%
Lennar Corp., Class A 4.5%
Microsoft Corp. 4.0%
Crown Castle, Inc. 3.1%
Texas Instruments, Inc. 3.1%
Sector Composition
Information technology 27.8%
Consumer discretionary 18.8%
Financials 15.0%
Communication services 10.4%
Health care 6.8%
Consumer staples 6.2%
Energy 5.2%
Industrials 4.9%
Real estate 3.5%
Materials 0.5%
Short-term investments and other 0.9%
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus. For more information, please refer to the "Principal risks" section of the prospectus.
Availability of Additional Information
TSR QR Code
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
TSR MIM Logo
MF3988585
                                                                                                                               
50A-R6
10/24
12/24

ITEM 2. CODE OF ETHICS.

As of the end of the year, October 31, 2024, 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 $141,240 and $132,672 for the fiscal years ended October 31, 2024 and October 31, 2023, respectively. These fees were billed to the registrant and were approved by the registrant's audit committee.

(b) Audit-Related Services

Audit-related 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 and a software licensing fee. Amounts billed to the registrant were $2,051 and $1,884 for fiscal years ended October 31, 2024 and October 31, 2023, respectively.

Amounts billed to control affiliates were $132,464 and $127,986 for the fiscal years ended October 31, 2024 and October 31, 2023, 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 $14,459 and $18,385 for the fiscal years ended October 31, 2024 and October 31, 2023, respectively. 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

Other fees amounted to $1,108 and $0 for the fiscal years ended October 31, 2024 and October 31, 2023, respectively. 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.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

The registrant'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 registrant'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 year/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 year/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 October 31, 2024, 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 principal accountant for non-audit services rendered to the registrant and rendered to the registrant's control affiliates were $840,650 for the fiscal year ended October 31, 2024 and $1,176,446 for the fiscal year ended October 31, 2023.

(h) The audit committee of the registrant has considered the non-audit services provided by the registrant's principal accountant to the control affiliates and has determined that the services that were 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

William H. Cunningham

William K. Bacic - Member of the Audit Committee as of August 1, 2024.



ITEM 6. SCHEDULE OF INVESTMENTS.

(a) Refer to information included in Item 7.

(b) Not applicable.



ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The Registrant prepared financial statements and financial highlights for the year ended October 31, 2024 for the following funds:

John Hancock Investment Trust

  • John Hancock Fundamental Large Cap Core Fund

  • John Hancock Infrastructure Fund

  • John Hancock Small Cap Core Fund



Annual Financial Statements & Other N-CSR Items
John Hancock
Fundamental Large Cap Core Fund
U.S. equity
October 31, 2024

John Hancock
Fundamental Large Cap Core Fund
Table of contents
2 Fund’s investments
5 Financial statements
8 Financial highlights
16 Notes to financial statements
24 Report of independent registered public accounting firm
25 Tax information
26 Evaluation of advisory and subadvisory agreements by the Board of Trustees
1 JOHN HANCOCK FUNDAMENTAL LARGE CAP CORE FUND |   

Table of Contents
Fund’s investments
AS OF 10-31-24
        Shares Value
Common stocks 99.1%         $5,579,112,582
(Cost $2,817,139,861)          
Communication services 10.4%     586,128,639
Entertainment 4.5%      
Liberty Media Corp.-Liberty Formula One, Series C (A)     1,673,403 133,604,496
The Walt Disney Company     716,095 68,888,339
Warner Brothers Discovery, Inc. (A)     6,278,495 51,044,164
Interactive media and services 5.9%      
Alphabet, Inc., Class A     1,943,730 332,591,640
Consumer discretionary 18.8%     1,057,416,784
Automobile components 0.5%      
Mobileye Global, Inc., Class A (A)     2,161,792 29,421,989
Broadline retail 10.1%      
Amazon.com, Inc. (A)     2,660,086 495,840,030
eBay, Inc.     1,212,124 69,709,251
Hotels, restaurants and leisure 2.0%      
Las Vegas Sands Corp.     1,230,449 63,798,781
Starbucks Corp.     508,667 49,696,766
Household durables 4.5%      
Lennar Corp., Class A     1,479,107 251,891,922
Leisure products 0.5%      
Polaris, Inc.     424,681 29,689,449
Textiles, apparel and luxury goods 1.2%      
Lululemon Athletica, Inc. (A)     226,145 67,368,596
Consumer staples 6.2%     350,679,910
Beverages 2.8%      
Anheuser-Busch InBev SA/NV, ADR     2,646,398 157,116,649
Consumer staples distribution and retail 3.4%      
Sysco Corp.     580,302 43,493,635
Walmart, Inc.     1,831,234 150,069,626
Energy 5.2%     289,859,172
Oil, gas and consumable fuels 5.2%      
Cheniere Energy, Inc.     1,514,574 289,859,172
Financials 15.0%     843,616,373
Banks 0.6%      
Wells Fargo & Company     549,361 35,664,516
Capital markets 14.4%      
KKR & Company, Inc.     1,884,092 260,456,878
SEE NOTES TO FINANCIAL STATEMENTS  | JOHN HANCOCK FUNDAMENTAL LARGE CAP CORE FUND 2

Table of Contents
        Shares Value
Financials (continued)      
Capital markets (continued)      
Morgan Stanley     2,234,853 $259,801,661
Nasdaq, Inc.     2,140,234 158,206,097
State Street Corp.     295,055 27,381,104
The Goldman Sachs Group, Inc.     197,196 102,106,117
Health care 6.8%     385,348,570
Biotechnology 2.6%      
Gilead Sciences, Inc.     1,097,681 97,496,026
Moderna, Inc. (A)     854,643 46,458,393
Health care providers and services 2.0%      
Elevance Health, Inc.     233,152 94,603,756
UnitedHealth Group, Inc.     35,993 20,318,049
Life sciences tools and services 2.2%      
Danaher Corp.     295,556 72,606,287
Thermo Fisher Scientific, Inc.     98,598 53,866,059
Industrials 4.9%     275,167,842
Aerospace and defense 2.3%      
General Dynamics Corp.     92,792 27,059,075
Lockheed Martin Corp.     152,716 83,390,572
RTX Corp.     179,106 21,670,035
Ground transportation 1.3%      
Union Pacific Corp.     307,168 71,284,478
Machinery 0.5%      
Fortive Corp.     380,330 27,166,972
Trading companies and distributors 0.8%      
United Rentals, Inc.     54,868 44,596,710
Information technology 27.8%     1,563,268,438
Semiconductors and semiconductor equipment 10.0%      
Analog Devices, Inc.     778,565 173,705,637
KLA Corp.     177,354 118,158,555
Taiwan Semiconductor Manufacturing Company, Ltd., ADR     490,363 93,433,766
Texas Instruments, Inc.     872,756 177,309,111
Software 9.8%      
Microsoft Corp.     553,930 225,089,456
Oracle Corp.     439,736 73,805,290
Salesforce, Inc.     340,745 99,282,871
Workday, Inc., Class A (A)     660,925 154,557,311
Technology hardware, storage and peripherals 8.0%      
Apple, Inc.     1,982,765 447,926,441
3 JOHN HANCOCK FUNDAMENTAL LARGE CAP CORE FUND |  SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents
        Shares Value
Materials 0.5%     $27,892,572
Chemicals 0.5%      
LyondellBasell Industries NV, Class A     321,158 27,892,572
Real estate 3.5%     199,734,282
Specialized REITs 3.5%      
American Tower Corp.     99,191 21,181,246
Crown Castle, Inc.     1,661,113 178,553,036
    
  Yield* (%) Maturity date   Par value^ Value
Short-term investments 0.2%         $11,235,597
(Cost $11,237,000)          
U.S. Government Agency 0.2%         11,235,597
Federal Home Loan Bank Discount Note 4.600 11-01-24   11,237,000 11,235,597
    
Total investments (Cost $2,828,376,861) 99.3%     $5,590,348,179
Other assets and liabilities, net 0.7%       41,609,610
Total net assets 100.0%         $5,631,957,789
    
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
(A) Non-income producing security.
* 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.
At 10-31-24, the aggregate cost of investments for federal income tax purposes was $2,844,214,128. Net unrealized appreciation aggregated to $2,746,134,051, of which $2,878,202,735 related to gross unrealized appreciation and $132,068,684 related to gross unrealized depreciation.
SEE NOTES TO FINANCIAL STATEMENTS  | JOHN HANCOCK FUNDAMENTAL LARGE CAP CORE FUND 4

Table of Contents
Financial statements
STATEMENT OF ASSETS AND LIABILITIES 10-31-24

Assets  
Unaffiliated investments, at value (Cost $2,828,376,861) $5,590,348,179
Cash 44,622,878
Foreign currency, at value (Cost $1,198,556) 1,174,422
Dividends and interest receivable 3,431,364
Receivable for fund shares sold 1,580,548
Other assets 378,238
Total assets 5,641,535,629
Liabilities  
Payable for fund shares repurchased 5,234,564
Payable to affiliates  
Investment management fees 2,981,606
Accounting and legal services fees 266,281
Transfer agent fees 316,548
Distribution and service fees 479,211
Trustees’ fees 4,255
Other liabilities and accrued expenses 295,375
Total liabilities 9,577,840
Net assets $5,631,957,789
Net assets consist of  
Paid-in capital $2,244,382,825
Total distributable earnings (loss) 3,387,574,964
Net assets $5,631,957,789
 
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 ($2,264,322,633 ÷ 31,194,724 shares)1 $72.59
Class C ($42,535,334 ÷ 717,460 shares)1 $59.29
Class I ($832,133,594 ÷ 10,760,836 shares) $77.33
Class R2 ($5,867,387 ÷ 76,569 shares) $76.63
Class R4 ($119,516 ÷ 1,558 shares) $76.71
Class R5 ($459,344 ÷ 5,919 shares) $77.61
Class R6 ($594,029,314 ÷ 7,647,533 shares) $77.68
Class NAV ($1,892,490,667 ÷ 24,375,721 shares) $77.64
Maximum offering price per share  
Class A (net asset value per share ÷ 95%)2 $76.41
    
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.
5 JOHN HANCOCK Fundamental Large Cap Core Fund |  SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents
STATEMENT OF OPERATIONS For the year ended 10-31-24

Investment income  
Dividends $68,644,641
Interest 3,387,089
Less foreign taxes withheld (198,222)
Total investment income 71,833,508
Expenses  
Investment management fees 33,439,625
Distribution and service fees 5,772,073
Accounting and legal services fees 1,038,908
Transfer agent fees 3,469,498
Trustees’ fees 113,589
Custodian fees 620,097
State registration fees 158,711
Printing and postage 182,176
Professional fees 292,531
Other 170,316
Total expenses 45,257,524
Less expense reductions (439,582)
Net expenses 44,817,942
Net investment income 27,015,566
Realized and unrealized gain (loss)  
Net realized gain (loss) on  
Unaffiliated investments and foreign currency transactions 656,746,699
  656,746,699
Change in net unrealized appreciation (depreciation) of  
Unaffiliated investments and translation of assets and liabilities in foreign currencies 978,441,875
  978,441,875
Net realized and unrealized gain 1,635,188,574
Increase in net assets from operations $1,662,204,140
SEE NOTES TO FINANCIAL STATEMENTS  | JOHN HANCOCK Fundamental Large Cap Core Fund 6

Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS  

  Year ended
10-31-24
Year ended
10-31-23
Increase (decrease) in net assets    
From operations    
Net investment income $27,015,566 $19,965,217
Net realized gain 656,746,699 332,029,451
Change in net unrealized appreciation (depreciation) 978,441,875 159,858,857
Increase in net assets resulting from operations 1,662,204,140 511,853,525
Distributions to shareholders    
From earnings    
Class A (127,714,472) (103,662,388)
Class C (3,548,069) (3,629,035)
Class I (47,724,891) (40,016,149)
Class R2 (336,861) (356,639)
Class R4 (7,203) (67,684)
Class R5 (34,104) (34,129)
Class R6 (35,230,530) (29,701,365)
Class NAV (116,044,864) (110,641,840)
Total distributions (330,640,994) (288,109,229)
From fund share transactions (339,563,835) (224,256,035)
Total increase (decrease) 991,999,311 (511,739)
Net assets    
Beginning of year 4,639,958,478 4,640,470,217
End of year $5,631,957,789 $4,639,958,478
7 JOHN HANCOCK Fundamental Large Cap Core Fund |  SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents
Financial highlights
CLASS A SHARES Period ended 10-31-24 10-31-23 10-31-22 10-31-21 10-31-20
Per share operating performance          
Net asset value, beginning of period $56.46 $54.43 $76.05 $50.84 $46.52
Net investment income (loss)1 0.20 0.14 0.08 (0.03) 0.20
Net realized and unrealized gain (loss) on investments 20.09 5.30 (16.10) 25.42 4.38
Total from investment operations 20.29 5.44 (16.02) 25.39 4.58
Less distributions          
From net investment income (0.17) (0.12) (0.18) (0.26)
From net realized gain (3.99) (3.29) (5.60)
Total distributions (4.16) (3.41) (5.60) (0.18) (0.26)
Net asset value, end of period $72.59 $56.46 $54.43 $76.05 $50.84
Total return (%)2,3 37.14 10.75 (22.73) 50.04 9.88
Ratios and supplemental data          
Net assets, end of period (in millions) $2,264 $1,746 $1,670 $2,242 $1,550
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.02 1.03 1.02 1.02 1.04
Expenses including reductions 1.02 1.02 1.01 1.01 1.03
Net investment income (loss) 0.30 0.24 0.12 (0.04) 0.40
Portfolio turnover (%) 19 19 26 16 19
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
3 Does not reflect the effect of sales charges, if any.
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CLASS C SHARES Period ended 10-31-24 10-31-23 10-31-22 10-31-21 10-31-20
Per share operating performance          
Net asset value, beginning of period $46.95 $46.04 $65.65 $44.08 $40.42
Net investment loss1 (0.25) (0.24) (0.34) (0.46) (0.14)
Net realized and unrealized gain (loss) on investments 16.58 4.44 (13.67) 22.03 3.80
Total from investment operations 16.33 4.20 (14.01) 21.57 3.66
Less distributions          
From net realized gain (3.99) (3.29) (5.60)
Net asset value, end of period $59.29 $46.95 $46.04 $65.65 $44.08
Total return (%)2,3 36.11 9.93 (23.32) 48.93 9.05
Ratios and supplemental data          
Net assets, end of period (in millions) $43 $44 $53 $89 $84
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.78 1.78 1.77 1.77 1.79
Expenses including reductions 1.77 1.78 1.76 1.76 1.78
Net investment loss (0.45) (0.51) (0.64) (0.79) (0.33)
Portfolio turnover (%) 19 19 26 16 19
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
3 Does not reflect the effect of sales charges, if any.
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CLASS I SHARES Period ended 10-31-24 10-31-23 10-31-22 10-31-21 10-31-20
Per share operating performance          
Net asset value, beginning of period $59.91 $57.56 $80.04 $53.47 $48.89
Net investment income1 0.39 0.30 0.25 0.14 0.34
Net realized and unrealized gain (loss) on investments 21.34 5.61 (17.01) 26.73 4.61
Total from investment operations 21.73 5.91 (16.76) 26.87 4.95
Less distributions          
From net investment income (0.32) (0.27) (0.12) (0.30) (0.37)
From net realized gain (3.99) (3.29) (5.60)
Total distributions (4.31) (3.56) (5.72) (0.30) (0.37)
Net asset value, end of period $77.33 $59.91 $57.56 $80.04 $53.47
Total return (%)2 37.46 11.03 (22.55) 50.42 10.16
Ratios and supplemental data          
Net assets, end of period (in millions) $832 $666 $672 $941 $625
Ratios (as a percentage of average net assets):          
Expenses before reductions 0.78 0.78 0.77 0.77 0.79
Expenses including reductions 0.77 0.78 0.76 0.76 0.78
Net investment income 0.55 0.49 0.37 0.20 0.66
Portfolio turnover (%) 19 19 26 16 19
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
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CLASS R2 SHARES Period ended 10-31-24 10-31-23 10-31-22 10-31-21 10-31-20
Per share operating performance          
Net asset value, beginning of period $59.40 $57.06 $79.54 $53.16 $48.63
Net investment income (loss)1 0.13 0.08 2 (0.12) 0.13
Net realized and unrealized gain (loss) on investments 21.18 5.58 (16.88) 26.60 4.59
Total from investment operations 21.31 5.66 (16.88) 26.48 4.72
Less distributions          
From net investment income (0.09) (0.03) (0.10) (0.19)
From net realized gain (3.99) (3.29) (5.60)
Total distributions (4.08) (3.32) (5.60) (0.10) (0.19)
Net asset value, end of period $76.63 $59.40 $57.06 $79.54 $53.16
Total return (%)3 36.99 10.64 (22.84) 49.87 9.73
Ratios and supplemental data          
Net assets, end of period (in millions) $6 $5 $6 $9 $7
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.14 1.14 1.14 1.14 1.17
Expenses including reductions 1.13 1.13 1.13 1.13 1.17
Net investment income (loss) 0.19 0.14 4 (0.17) 0.28
Portfolio turnover (%) 19 19 26 16 19
    
1 Based on average daily shares outstanding.
2 Less than $0.005 per share.
3 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
4 Less than 0.005%.
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CLASS R4 SHARES Period ended 10-31-24 10-31-23 10-31-22 10-31-21 10-31-20
Per share operating performance          
Net asset value, beginning of period $59.47 $57.16 $79.54 $53.15 $48.61
Net investment income1 0.32 0.21 0.15 0.04 0.26
Net realized and unrealized gain (loss) on investments 21.15 5.58 (16.90) 26.58 4.59
Total from investment operations 21.47 5.79 (16.75) 26.62 4.85
Less distributions          
From net investment income (0.24) (0.19) (0.03) (0.23) (0.31)
From net realized gain (3.99) (3.29) (5.60)
Total distributions (4.23) (3.48) (5.63) (0.23) (0.31)
Net asset value, end of period $76.71 $59.47 $57.16 $79.54 $53.15
Total return (%)2 37.30 10.88 (22.67) 50.20 10.00
Ratios and supplemental data          
Net assets, end of period (in millions) $—3 $1 $2 $2 $2
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.02 1.02 1.01 1.01 1.02
Expenses including reductions 0.91 0.91 0.90 0.90 0.92
Net investment income 0.45 0.35 0.23 0.06 0.51
Portfolio turnover (%) 19 19 26 16 19
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
3 Less than $500,000.
SEE NOTES TO FINANCIAL STATEMENTS  | JOHN HANCOCK Fundamental Large Cap Core Fund 12

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CLASS R5 SHARES Period ended 10-31-24 10-31-23 10-31-22 10-31-21 10-31-20
Per share operating performance          
Net asset value, beginning of period $60.10 $57.74 $80.26 $53.61 $49.02
Net investment income1 0.44 0.33 0.29 0.19 0.36
Net realized and unrealized gain (loss) on investments 21.42 5.63 (17.06) 26.79 4.63
Total from investment operations 21.86 5.96 (16.77) 26.98 4.99
Less distributions          
From net investment income (0.36) (0.31) (0.15) (0.33) (0.40)
From net realized gain (3.99) (3.29) (5.60)
Total distributions (4.35) (3.60) (5.75) (0.33) (0.40)
Net asset value, end of period $77.61 $60.10 $57.74 $80.26 $53.61
Total return (%)2 37.55 11.09 (22.50) 50.50 10.22
Ratios and supplemental data          
Net assets, end of period (in millions) $—3 $—3 $1 $1 $1
Ratios (as a percentage of average net assets):          
Expenses before reductions 0.72 0.72 0.71 0.71 0.73
Expenses including reductions 0.71 0.71 0.70 0.70 0.72
Net investment income 0.61 0.54 0.43 0.26 0.71
Portfolio turnover (%) 19 19 26 16 19
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
3 Less than $500,000.
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CLASS R6 SHARES Period ended 10-31-24 10-31-23 10-31-22 10-31-21 10-31-20
Per share operating performance          
Net asset value, beginning of period $60.15 $57.79 $80.32 $53.64 $49.04
Net investment income1 0.47 0.36 0.32 0.22 0.39
Net realized and unrealized gain (loss) on investments 21.44 5.63 (17.07) 26.81 4.63
Total from investment operations 21.91 5.99 (16.75) 27.03 5.02
Less distributions          
From net investment income (0.39) (0.34) (0.18) (0.35) (0.42)
From net realized gain (3.99) (3.29) (5.60)
Total distributions (4.38) (3.63) (5.78) (0.35) (0.42)
Net asset value, end of period $77.68 $60.15 $57.79 $80.32 $53.64
Total return (%)2 37.63 11.15 (22.46) 50.59 10.28
Ratios and supplemental data          
Net assets, end of period (in millions) $594 $495 $478 $593 $386
Ratios (as a percentage of average net assets):          
Expenses before reductions 0.67 0.67 0.66 0.66 0.68
Expenses including reductions 0.66 0.67 0.65 0.65 0.67
Net investment income 0.66 0.60 0.48 0.31 0.76
Portfolio turnover (%) 19 19 26 16 19
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
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CLASS NAV SHARES Period ended 10-31-24 10-31-23 10-31-22 10-31-21 10-31-20
Per share operating performance          
Net asset value, beginning of period $60.13 $57.77 $80.29 $53.62 $49.02
Net investment income1 0.48 0.37 0.33 0.23 0.40
Net realized and unrealized gain (loss) on investments 21.41 5.63 (17.06) 26.80 4.63
Total from investment operations 21.89 6.00 (16.73) 27.03 5.03
Less distributions          
From net investment income (0.39) (0.35) (0.19) (0.36) (0.43)
From net realized gain (3.99) (3.29) (5.60)
Total distributions (4.38) (3.64) (5.79) (0.36) (0.43)
Net asset value, end of period $77.64 $60.13 $57.77 $80.29 $53.62
Total return (%)2 37.62 11.18 (22.47) 50.60 10.30
Ratios and supplemental data          
Net assets, end of period (in millions) $1,892 $1,684 $1,759 $2,425 $2,063
Ratios (as a percentage of average net assets):          
Expenses before reductions 0.66 0.67 0.65 0.65 0.67
Expenses including reductions 0.65 0.66 0.65 0.64 0.66
Net investment income 0.67 0.61 0.49 0.33 0.78
Portfolio turnover (%) 19 19 26 16 19
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
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Notes to financial statements
Note 1Organization
John Hancock Fundamental Large Cap Core Fund (the fund) is a series of John Hancock Investment Trust (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the fund is to seek long-term capital appreciation.
The fund may offer multiple classes of shares. The shares currently outstanding are detailed in the Statement of assets and liabilities. Class A and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class R2, Class R4 and Class R5 shares are available only to certain retirement and 529 plans. Class R6 shares are only available to certain retirement plans, institutions and other investors. Class NAV shares are offered to John Hancock affiliated funds of funds, retirement plans for employees of John Hancock and/or Manulife Financial Corporation, and certain 529 plans. Class C shares convert to Class A shares eight years after purchase (certain exclusions may apply). Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, and transfer agent fees for each class may differ.
Note 2Significant accounting policies
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. The fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of US GAAP.
Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the fund:
Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the NYSE pursuant to the Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC.
In order to value the securities, the fund uses the following valuation techniques: Equity securities, including exchange-traded or closed-end funds, are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Foreign securities and currencies are valued in U.S. dollars based on foreign currency exchange rates supplied by an independent pricing vendor.
In certain instances, the Pricing Committee of the Advisor may determine to value equity securities using prices obtained from another exchange or market if trading on the exchange or market on which prices are typically obtained did not open for trading as scheduled, or if trading closed earlier than scheduled, and trading occurred as normal on another exchange or market.
Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the Pricing Committee following procedures established by the Advisor and adopted by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.
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The fund uses a three tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities, including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Advisor’s assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.
The following is a summary of the values by input classification of the fund’s investments as of October 31, 2024, by major security category or type:
  Total
value at
10-31-24
Level 1
quoted
price
Level 2
significant
observable
inputs
Level 3
significant
unobservable
inputs
Investments in securities:        
Assets        
Common stocks $5,579,112,582 $5,579,112,582
Short-term investments 11,235,597 $11,235,597
Total investments in securities $5,590,348,179 $5,579,112,582 $11,235,597
Real estate investment trusts. The fund may invest in real estate investment trusts (REITs). Distributions from REITs may be recorded as income and subsequently characterized by the REIT at the end of their fiscal year as a reduction of cost of investments and/or as a realized gain. As a result, the fund will estimate the components of distributions from these securities. Such estimates are revised when the actual components of the distributions are known.
Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income is recorded on ex-date, except for dividends of certain foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the fund becomes aware of the dividends. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.
Foreign investing. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on the value of securities is reflected as a component of the realized and unrealized gains (losses) on investments. Foreign investments are subject to a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency.
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Funds that invest internationally generally carry more risk than funds that invest strictly in U.S. securities. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs), accounting standards and other factors.
Foreign taxes. The fund may be subject to withholding tax on income, capital gains or repatriations imposed by certain countries, a portion of which may be recoverable. Foreign taxes are accrued based upon the fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests. Taxes are accrued based on gains realized by the fund as a result of certain foreign security sales. In certain circumstances, estimated taxes are accrued based on unrealized appreciation of such securities. Investment income is recorded net of foreign withholding taxes.
Overdraft. The fund may have the ability to borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the fund’s custodian agreement, the custodian may loan money to the fund to make properly authorized payments. The fund is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the extent of any overdraft, and to the maximum extent permitted by law.
Line of credit. The fund and other affiliated funds have entered into a syndicated line of credit agreement with Citibank, N.A. as the administrative agent that enables them to participate in a $1 billion unsecured committed line of credit, which is in effect through July 14, 2025 unless extended or renewed. Excluding commitments designated for a certain fund and subject to the needs of all other affiliated funds, the fund can borrow up to an aggregate commitment amount of $750 million, subject to asset coverage and other limitations as specified in the agreement. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund based on an asset-based allocation and is reflected in Other expenses on the Statement of operations. For the year ended October 31, 2024, the fund had no borrowings under the line of credit. Commitment fees for the year ended October 31, 2024 were $21,467.
Expenses. Within the John Hancock group of funds complex, expenses that are directly attributable to an individual fund are allocated to such fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Class allocations. Income, common expenses and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net assets of the class. Class-specific expenses, such as distribution and service fees, if any, and transfer agent fees, for all classes, are charged daily at the class level based on the net assets of each class and the specific expense rates applicable to each class.
Federal income taxes. The fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.
As of October 31, 2024, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.
Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The fund generally declares and pays dividends annually. Capital gain distributions, if any, are typically distributed annually.
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The tax character of distributions for the years ended October 31, 2024 and 2023 was as follows:
  October 31, 2024 October 31, 2023
Ordinary income $33,204,005 $20,091,146
Long-term capital gains 297,436,989 268,018,083
Total $330,640,994 $288,109,229
Distributions paid by the fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of October 31, 2024, the components of distributable earnings on a tax basis consisted of $28,802,280 of undistributed ordinary income and $612,662,768 of undistributed long-term capital gains.
Such distributions and distributable earnings, on a tax basis, if any, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund’s financial statements as a return of capital. 
Capital accounts within the financial statements are adjusted for permanent book-tax differences at fiscal year end. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to treating a portion of the proceeds from redemptions as distributions for tax purposes and wash sale loss deferrals.
Note 3Guarantees and indemnifications
Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust, including the fund. Additionally, in the normal course of business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.
Note 4Fees and transactions with affiliates
John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the fund. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as principal underwriter of the fund. The Advisor and the Distributor are indirect, principally owned subsidiaries of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation.
Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a monthly management fee to the Advisor equivalent on an annual basis to the sum of: (a) 0.625% of the first $3 billion of the fund’s average daily net assets and (b) 0.600% of the fund’s average daily net assets in excess of $3 billion. The Advisor has a subadvisory agreement with Manulife Investment Management (US) LLC, an indirectly owned subsidiary of Manulife Financial Corporation and an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.
The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the year ended October 31, 2024, this waiver amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.
The Advisor has contractually agreed to waive and/or reimburse a portion of the operating expenses for Class C and Class I shares of the fund to the extent they exceed 1.82% and 0.78%, respectively, of the average daily net assets attributable to each class. These waivers and/or reimbursements exclude taxes, brokerage commissions, interest expense, acquired fund fees and expenses paid indirectly, short dividend expense, litigation and
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indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, borrowing costs, and prime brokerage fees. The waivers and/or reimbursements will expire on February 28, 2025, unless renewed by mutual agreement of the fund and Advisor based upon determination that this is appropriate under the circumstances at the time.
For the year ended October 31, 2024, the expense reductions described above amounted to the following:
Class Expense reduction
Class A $172,330
Class C 3,644
Class I 64,675
Class R2 465
Class R4 18
Class Expense reduction
Class R5 $44
Class R6 46,678
Class NAV 151,479
Total $439,333
 
Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.
The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the year ended October 31, 2024, were equivalent to a net annual effective rate of 0.61% of the fund’s average daily net assets.
Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred, for the year ended October 31, 2024, amounted to an annual rate of 0.02% of the fund’s average daily net assets.
Distribution and service plans. The fund has a distribution agreement with the Distributor. The fund has adopted distribution and service plans for certain classes as detailed below pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the fund. In addition, under a service plan for certain classes as detailed below, the fund pays for certain other services. The fund may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the fund’s shares:
Class Rule 12b-1 Fee Service fee
Class A 0.25%
Class C 1.00%
Class R2 0.25% 0.25%
Class R4 0.25% 0.10%
Class R5 0.05%
The fund’s Distributor has contractually agreed to waive 0.10% of Rule12b-1 fees for Class R4 shares. The current waiver agreement expires on February 28, 2025, unless renewed by mutual agreement of the fund and the Distributor based upon a determination that this is appropriate under the circumstances at the time. This contractual waiver amounted to $249 for Class R4 shares for the year ended October 31, 2024.
Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $537,125 for the year ended October 31, 2024. Of this amount, $91,176 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $445,949 was paid as sales commissions to broker-dealers.
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Class A and Class C shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares purchased, including those that are acquired through purchases of $1 million or more, and redeemed within one year of purchase are subject to a 1.00% CDSC. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended October 31, 2024, CDSCs received by the Distributor amounted to $4,039 and $2,577 for Class A and Class C shares, respectively.
Transfer agent fees. The John Hancock group of funds has a complex-wide transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an affiliate of the Advisor. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. It also includes out-of-pocket expenses, including payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain fees that Signature Services receives in connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to five categories of share classes: Retail Share and Institutional Share Classes of Non-Municipal Bond Funds, Class R6 Shares, Retirement Share Classes and Municipal Bond Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.
Class level expenses. Class level expenses for the year ended October 31, 2024 were as follows:
Class Distribution and service fees Transfer agent fees
Class A $5,289,875 $2,463,394
Class C 453,930 52,406
Class I 925,221
Class R2 27,123 281
Class R4 871 15
Class R5 274 27
Class R6 28,154
Total $5,772,073 $3,469,498
Trustee expenses. The fund compensates each Trustee who is not an employee of the Advisor or its affiliates. The costs of paying Trustee compensation and expenses are allocated to the fund based on its net assets relative to other funds within the John Hancock group of funds complex.
Note 5Fund share transactions
Transactions in fund shares for the years ended October 31, 2024 and 2023 were as follows:
  Year Ended 10-31-24 Year Ended 10-31-23
  Shares Amount Shares Amount
Class A shares        
Sold 2,526,283 $168,959,711 2,589,942 $146,564,449
Distributions reinvested 1,946,002 121,585,523 1,957,808 98,555,960
Repurchased (4,192,275) (280,796,303) (4,314,437) (243,675,962)
Net increase 280,010 $9,748,931 233,313 $1,444,447
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  Year Ended 10-31-24 Year Ended 10-31-23
  Shares Amount Shares Amount
Class C shares        
Sold 59,560 $3,205,265 105,588 $4,979,273
Distributions reinvested 61,983 3,183,438 79,101 3,332,533
Repurchased (338,841) (18,417,375) (401,226) (19,045,958)
Net decrease (217,298) $(12,028,672) (216,537) $(10,734,152)
Class I shares        
Sold 1,097,949 $76,305,998 1,523,163 $91,200,796
Distributions reinvested 602,446 40,014,439 628,519 33,500,087
Repurchased (2,051,264) (145,495,674) (2,715,072) (161,586,984)
Net decrease (350,869) $(29,175,237) (563,390) $(36,886,101)
Class R2 shares        
Sold 4,865 $351,097 5,512 $328,210
Distributions reinvested 5,076 335,137 6,485 343,793
Repurchased (17,735) (1,253,397) (36,875) (2,207,563)
Net decrease (7,794) $(567,163) (24,878) $(1,535,560)
Class R4 shares        
Sold 144 $9,879 910 $53,875
Distributions reinvested 109 7,203 1,278 67,684
Repurchased (18,656) (1,262,613) (9,837) (586,275)
Net decrease (18,403) $(1,245,531) (7,649) $(464,716)
Class R5 shares        
Sold 682 $48,201 1,808 $109,087
Distributions reinvested 512 34,104 639 34,129
Repurchased (3,228) (242,074) (4,183) (247,595)
Net decrease (2,034) $(159,769) (1,736) $(104,379)
Class R6 shares        
Sold 1,066,036 $76,105,370 1,564,684 $94,621,365
Distributions reinvested 523,080 34,863,271 553,406 29,585,062
Repurchased (2,164,207) (154,291,769) (2,167,469) (130,547,838)
Net decrease (575,091) $(43,323,128) (49,379) $(6,341,411)
Class NAV shares        
Sold 102,420 $7,490,106 417,282 $24,819,116
Distributions reinvested 1,741,892 116,044,864 2,070,394 110,641,840
Repurchased (5,469,861) (386,348,236) (4,932,048) (305,095,119)
Net decrease (3,625,549) $(262,813,266) (2,444,372) $(169,634,163)
Total net decrease (4,517,028) $(339,563,835) (3,074,628) $(224,256,035)
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Affiliates of the fund owned 2% and 100% of shares of Class R6 and Class NAV, respectively, on October 31, 2024. Such concentration of shareholders’ capital could have a material effect on the fund if such shareholders redeem from the fund.
Note 6Purchase and sale of securities
Purchases and sales of securities, other than short-term investments, amounted to $1,021,465,506 and $1,645,929,110, respectively, for the year ended October 31, 2024.
Note 7Industry or sector risk
The fund may invest a large percentage of its assets in one or more particular industries or sectors of the economy. If a large percentage of the fund’s assets are economically tied to a single or small number of industries or sectors of the economy, the fund will be less diversified than a more broadly diversified fund, and it may cause the fund to underperform if that industry or sector underperforms. In addition, focusing on a particular industry or sector may make the fund’s NAV more volatile. Further, a fund that invests in particular industries or sectors is particularly susceptible to the impact of market, economic, regulatory and other factors affecting those industries or sectors.
Note 8Investment by affiliated funds
Certain investors in the fund are affiliated funds that are managed by the Advisor and its affiliates. The affiliated funds do not invest in the fund for the purpose of exercising management or control; however, this investment may represent a significant portion of the fund’s net assets. At October 31, 2024, funds within the John Hancock group of funds complex held 31.4% of the fund’s net assets. The following fund(s) had an affiliate ownership of 5% or more of the fund’s net assets:
Fund Affiliated Concentration
John Hancock Funds II Multimanager Lifestyle Growth Portfolio 7.7%
John Hancock Variable Insurance Trust Managed Volatility Growth Portfolio 6.6%
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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Investment Trust and Shareholders of John Hancock Fundamental Large Cap Core Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of John Hancock Fundamental Large Cap Core Fund (one of the funds constituting John Hancock Investment Trust, referred to hereafter as the “Fund”) as of October 31, 2024, the related statement of operations for the year ended October 31, 2024, the statements of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2024 and the financial highlights for each of the five years in the period ended October 31, 2024 in conformity with accounting principles generally accepted in the United States of America. 
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 16, 2024
We have served as the auditor of one or more investment companies in the John Hancock group of funds since 1988.
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Tax information
(Unaudited)
For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended October 31, 2024.
The fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.
The fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.
The fund reports the maximum amount allowable as Section 163(j) Interest Dividends.
The fund paid $337,311,286 in long-term capital gain dividends.
The fund reports the maximum amount allowable of its Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).
Eligible shareholders will be mailed a 2024 Form 1099-DIV in early 2025. This will reflect the tax character of all distributions paid in calendar year 2024.
Please consult a tax advisor regarding the tax consequences of your investment in the fund.
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EVALUATION OF ADVISORY AND SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Investment Trust (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with  Manulife Investment Management (US) LLC (the Subadvisor) for John Hancock Fundamental Large Cap Core Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 24-27, 2024 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a meeting held on May 28-May 30, 2024. The Trustees who are not “interested persons” of the Trust as defined by the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees) also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees and a third-party consulting firm.
Approval of Advisory and Subadvisory Agreements
At a meeting held on June 24-27, 2024, the Board, including the Trustees who are not parties to any Agreement or considered to be interested persons of the Trust under the 1940 Act, reapproved for an annual period the continuation of the Advisory Agreement between the Trust and the Advisor and the Subadvisory Agreement between the Advisor and the Subadvisor with respect to the fund.
In considering the Advisory Agreement and the Subadvisory Agreement, the Board received in advance of the meetings a variety of materials relating to the fund, the Advisor and the Subadvisor, including comparative performance, fee and expense information for a peer group of similar funds prepared by an independent third-party provider of fund data, performance information for an applicable benchmark index; and, with respect to the Subadvisor, comparative performance information for comparably managed accounts, as applicable, and other information provided by the Advisor and the Subadvisor regarding the nature, extent and quality of services provided by the Advisor and the Subadvisor under their respective Agreements, as well as information regarding the Advisor’s revenues and costs of providing services to the fund and any compensation paid to affiliates of the Advisor. At the meetings at which the renewal of the Advisory Agreement and Subadvisory Agreement are considered, particular focus is given to information concerning fund performance, comparability of fees and total expenses, and profitability. However, the Board noted that the evaluation process with respect to the Advisor and the Subadvisor is an ongoing one. In this regard, the Board also took into account discussions with management and information provided to the Board (including its various committees) at prior meetings with respect to the services provided by the Advisor and the Subadvisor to the fund, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Subadvisor with respect to the fund. The information received and considered by the Board in connection with the May and June meetings and throughout the year was both written and oral. The Board noted the affiliation of the Subadvisor with the Advisor, noting any potential conflicts of interest. The Board also considered the nature, quality, and extent of non-advisory services, if any, to be provided to the fund by the Advisor’s affiliates, including distribution services. The Board considered the Advisory Agreement and the Subadvisory Agreement separately in the course of its review. In doing so, the Board noted the respective roles of the Advisor and Subadvisor in providing services to the fund.
Throughout the process, the Board asked questions of and requested additional information from management. The Board is assisted by counsel for the Trust and the Independent Trustees are also separately assisted by independent legal counsel throughout the process. The Independent Trustees also received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed continuation of the Agreements and discussed the proposed continuation of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.
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Approval of Advisory Agreement
In approving the Advisory Agreement with respect to the fund, the Board, including the Independent Trustees, considered a variety of factors, including those discussed below. The Board also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets, and the industry) and did not treat any single factor as determinative, and each Trustee may have attributed different weights to different factors. The Board’s conclusions may be based in part on its consideration of the advisory and subadvisory arrangements in prior years and on the Board’s ongoing regular review of fund performance and operations throughout the year.
Nature, extent, and quality of services. Among the information received by the Board from the Advisor relating to the nature, extent, and quality of services provided to the fund, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor’s compliance and regulatory history, including its Form ADV. The Board also noted that on a regular basis it receives and reviews information from the Trust’s Chief Compliance Officer (CCO) regarding the fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board observed that the scope of services provided by the Advisor, and of the undertakings required of the Advisor in connection with those services, including maintaining and monitoring its own and the fund’s compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs, and cybersecurity programs, had expanded over time as a result of regulatory, market and other developments. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the fund, including, but not limited to, general supervision of and coordination of the services provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and third-party service providers. The Board also considered the significant risks assumed by the Advisor in connection with the services provided to the fund including entrepreneurial risk in sponsoring new funds and ongoing risks including investment, operational, enterprise, litigation, regulatory and compliance risks with respect to all funds.
In considering the nature, extent, and quality of the services provided by the Advisor, the Trustees also took into account their knowledge of the Advisor’s management and the quality of the performance of the Advisor’s duties, through Board meetings, discussions and reports during the preceding year and through each Trustee’s experience as a Trustee of the Trust and of the other trusts in the John Hancock group of funds complex (the John Hancock Fund Complex).
In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:
(a) the skills and competency with which the Advisor has in the past managed the Trust’s affairs and its subadvisory relationship, the Advisor’s oversight and monitoring of the Subadvisor’s investment performance and compliance programs, such as the Subadvisor’s compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor’s timeliness in responding to performance issues;
(b) the background, qualifications and skills of the Advisor’s personnel;
(c) the Advisor’s compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;
(d) the Advisor’s administrative capabilities, including its ability to supervise the other service providers for the fund, as well as the Advisor’s oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the fund, and bringing loss recovery actions on behalf of the fund;
(e) the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund;
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(f) the Advisor’s initiatives intended to improve various aspects of the Trust’s operations and investor experience with the fund; and
(g) the Advisor’s reputation and experience in serving as an investment advisor to the Trust and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments.
The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the fund.
Investment performance. In considering the fund’s performance, the Board noted that it reviews at its regularly scheduled meetings information about the fund’s performance results. In connection with the consideration of the Advisory Agreement, the Board:
(a) reviewed information prepared by management regarding the fund’s performance;
(b) considered the comparative performance of an applicable benchmark index;
(c) considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data; and
(d) took into account the Advisor’s analysis of the fund’s performance and its plans and recommendations regarding the Trust’s subadvisory arrangements generally.
The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and the results of the performance comparisons may vary depending on the selection of the peer group. The Board noted that the fund outperformed its benchmark index and peer group median for the one- and five-year periods and underperformed for the three- and ten-year periods ended December 31, 2023. The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the benchmark index and the peer group for the one- and five-year periods. The Board concluded that the fund’s performance has generally been in line with or outperformed the historical performance of comparable funds.
Fees and expenses. The Board reviewed comparative information prepared by an independent third-party provider of fund data, including, among other data, the fund’s contractual and net management fees (and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the fund in light of the nature, extent and quality of the management and advisory and subadvisory services provided by the Advisor and the Subadvisor. The Board considered the fund’s ranking within a smaller group of peer funds chosen by the independent third-party provider, as well as the fund’s ranking within a broader group of funds. In comparing the fund’s contractual and net management fees to those of comparable funds, the Board noted that such fees include both advisory and administrative costs. The Board noted that net management fees and net total expenses for the fund are higher than the peer group median.
The Board took into account management’s discussion of the fund’s expenses. The Board also took into account management’s discussion with respect to the overall management fee and the fees of the Subadvisor, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fee, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board also noted that the Advisor pays the subadvisory fee. In addition, the Board took into account that management had agreed to implement an overall fee waiver across the complex, including the fund, which is discussed further below. The Board also noted actions taken over the past several years to reduce the fund’s operating expenses. The Board also noted that, in addition, the Advisor is currently waiving fees and/or reimbursing expenses with respect to the fund and that the fund has breakpoints in its contractual management fee schedule that reduce management fees as assets increase. The Board also noted that the fund’s distributor, an affiliate of the Advisor, has agreed to waive a portion of its Rule 12b-1 fee for a share class of the fund. The Board noted that the fund has a voluntary fee waiver and/or expense reimbursement, which reduces certain expenses of the fund. The Board reviewed
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information provided by the Advisor concerning the investment advisory fee charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the John Hancock Fund Complex) having similar investment mandates, if any. The Board considered any differences between the Advisor’s and Subadvisor’s services to the fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to the fund is reasonable in light of the nature, extent and quality of the services provided to the fund under the Advisory Agreement.
Profitability/Fall out benefits. In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates (including the Subadvisor) from the Advisor’s relationship with the Trust, the Board:
(a) reviewed financial information of the Advisor;
(b) reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;
(c) received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund;
(d) received information with respect to the Advisor’s allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor’s allocation methodologies;
(e) considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability information reviewed by the Board;
(f) considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement;
(g) noted that affiliates of the Advisor provide transfer agency services and distribution services to the fund, and that the fund’s distributor also receives Rule 12b-1 payments to support distribution of the fund;
(h) noted that the fund’s Subadvisor is an affiliate of the Advisor;
(i) noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund;
(j) noted that the subadvisory fee for the fund is paid by the Advisor;
(k) considered the Advisor’s ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and
(l) considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the risks that it assumes as Advisor, including entrepreneurial, operational, reputational, litigation and regulatory risk.
Based upon its review, the Board concluded that the level of profitability, if any, of the Advisor and its affiliates (including the Subadvisor) from their relationship with the fund was reasonable and not excessive.
Economies of scale. In considering the extent to which economies of scale would be realized as the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders, the Board:
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(a) considered that the Advisor has contractually agreed to waive a portion of its management fee for certain funds of the John Hancock Fund Complex, including the fund (the participating portfolios) or otherwise reimburse the expenses of the participating portfolios (the reimbursement). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund;
(b) reviewed the fund’s advisory fee structure and concluded that: (i) the fund’s fee structure contains breakpoints at the subadvisory fee level and that such breakpoints are reflected as breakpoints in the advisory fees for the fund; and (ii) although economies of scale cannot be measured with precision, these arrangements permit shareholders of the fund to benefit from economies of scale if the fund grows. The Board also took into account management’s discussion of the fund’s advisory fee structure; and
(c) the Board also considered the effect of the fund’s growth in size on its performance and fees. The Board also noted that if the fund’s assets increase over time, the fund may realize other economies of scale.
Approval of Subadvisory Agreement
In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:
(1) information relating to the Subadvisor’s business, including current subadvisory services to the Trust (and other funds in the John Hancock Fund Complex);
(2) the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds; and
(3) the subadvisory fee for the fund, including any breakpoints, and to the extent available, comparable fee information prepared by an independent third party provider of fund data.
Nature, extent, and quality of services. With respect to the services provided by the Subadvisor, the Board received information provided to the Board by the Subadvisor, including the Subadvisor’s Form ADV, as well as took into account information presented throughout the past year. The Board considered the Subadvisor’s current level of staffing and its overall resources, as well as received information relating to the Subadvisor’s compensation program. The Board reviewed the Subadvisor’s history and investment experience, as well as information regarding the qualifications, background, and responsibilities of the Subadvisor’s investment and compliance personnel who provide services to the fund. The Board also considered, among other things, the Subadvisor’s compliance program and any disciplinary history. The Board also considered the Subadvisor’s risk assessment and monitoring process. The Board reviewed the Subadvisor’s regulatory history, including whether it was involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate. The Board noted that the Advisor conducts regular, periodic reviews of the Subadvisor and its operations, including regarding investment processes and organizational and staffing matters. The Board also noted that the Trust’s CCO and his staff conduct regular, periodic compliance reviews with the Subadvisor and present reports to the Independent Trustees regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisor and procedures reasonably designed to assure compliance with the federal securities laws. The Board also took into account the financial condition of the Subadvisor.
The Board considered the Subadvisor’s investment process and philosophy. The Board took into account that the Subadvisor’s responsibilities include the development and maintenance of an investment program for the fund that is consistent with the fund’s investment objective, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also received information with respect to the Subadvisor’s brokerage policies and practices, including with respect to best execution and soft dollars.
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Subadvisor compensation. In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the fund, the Board noted that the fees under the Subadvisory Agreement are paid by the Advisor and not the fund. The Board also received information and took into account any other potential conflicts of interest the Advisor might have in connection with the Subadvisory Agreement.
In addition, the Board considered other potential indirect benefits that the Subadvisor and its affiliates may receive from the Subadvisor’s relationship with the fund, such as the opportunity to provide advisory services to additional funds in the John Hancock Fund Complex and reputational benefits.
Subadvisory fees. The Board considered that the fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays a subadvisory fee to the Subadvisor. As noted above, the Board also considered the fund’s subadvisory fees as compared to similarly situated investment companies deemed to be comparable to the fund as included in the report prepared by the independent third party provider of fund data, to the extent available. The Board noted that the limited size of the Lipper peer group was not sufficient for comparative purposes. The Board also took into account the subadvisory fees paid by the Advisor to the Subadvisor with respect to the fund and compared them to fees charged by the Subadvisor to manage other subadvised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.
Subadvisor performance. As noted above, the Board considered the fund’s performance as compared to the fund’s peer group and the benchmark index and noted that the Board reviews information about the fund’s performance results at its regularly scheduled meetings. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadvisor. The Board was mindful of the Advisor’s focus on the Subadvisor’s performance. The Board also noted the Subadvisor’s long-term performance record for similar accounts, as applicable.
The Board’s decision to approve the Subadvisory Agreement was based on a number of determinations, including the following:
(1) the Subadvisor has extensive experience and demonstrated skills as a manager;
(2) the performance of the fund has generally been in line with or outperformed the historical performance of comparable funds;
(3) the subadvisory fee is reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and
(4) noted that the subadvisory fees are paid by the Advisor not the fund and that the subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit shareholders to benefit from economies of scale if the fund grows.
* * *
Based on the Board’s evaluation of all factors that the Board deemed to be material, including those factors described above, the Board, including the Independent Trustees, concluded that renewal of the Advisory Agreement and the Subadvisory Agreement would be in the best interest of the fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Advisory Agreement and Subadvisory Agreement for an additional one-year period.
31 JOHN HANCOCK FUNDAMENTAL LARGE CAP CORE FUND  |   

Table of Contents
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC
200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife Investment Management, the Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
This report is for the information of the shareholders of John Hancock Fundamental Large Cap Core Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
MF3988585 50A 10/24
12/24


Annual Financial Statements & Other N-CSR Items
John Hancock
Infrastructure Fund
Alternative
October 31, 2024

John Hancock
Infrastructure Fund
Table of contents
2 Fund’s investments
4 Financial statements
7 Financial highlights
12 Notes to financial statements
21 Report of independent registered public accounting firm
22 Tax information
23 Evaluation of advisory and subadvisory agreements by the Board of Trustees
1 JOHN HANCOCK INFRASTRUCTURE FUND |   

Table of Contents
Fund’s investments
AS OF 10-31-24
        Shares Value
Common stocks 97.9%         $544,142,536
(Cost $423,050,948)          
Brazil 2.7%         15,367,639
Cia de Saneamento Basico do Estado de Sao Paulo   964,800 15,367,639
Canada 4.6%         25,724,110
Canadian National Railway Company   133,630 14,429,756
Pembina Pipeline Corp.   269,969 11,294,354
China 1.3%         7,265,807
ENN Energy Holdings, Ltd.   1,031,300 7,265,807
France 7.0%         38,939,703
Engie SA   1,143,756 19,171,077
Vinci SA   176,473 19,768,626
Germany 5.2%         28,968,707
E.ON SE   1,019,576 13,759,248
RWE AG   469,289 15,209,459
Hong Kong 1.9%         10,539,051
CK Hutchison Holdings, Ltd.   2,003,954 10,539,051
Italy 3.0%         16,572,905
Enel SpA   2,185,225 16,572,905
Japan 7.7%         42,656,631
KDDI Corp.   462,100 14,407,996
Nippon Telegraph & Telephone Corp.   12,985,375 12,528,740
The Kansai Electric Power Company, Inc.   980,222 15,719,895
South Korea 4.0%         22,148,148
KT Corp.   231,240 7,373,113
SK Telecom Company, Ltd.   360,022 14,775,035
Spain 6.4%         35,394,323
Aena SME SA (A)   101,312 22,452,773
Iberdrola SA   871,219 12,941,550
United Kingdom 3.6%         19,941,412
National Grid PLC   1,588,179 19,941,412
United States 50.5%         280,624,100
American Electric Power Company, Inc.   186,159 18,383,201
American Tower Corp.   77,853 16,624,730
Atmos Energy Corp.   137,207 19,041,587
Berkshire Hathaway, Inc., Class B (B)   36,453 16,437,387
Cheniere Energy, Inc.   72,634 13,900,695
SEE NOTES TO FINANCIAL STATEMENTS  | JOHN HANCOCK INFRASTRUCTURE FUND 2

Table of Contents
        Shares Value
United States (continued)          
Dominion Energy, Inc.   288,731 $17,188,156
Duke Energy Corp.   132,817 15,309,816
Edison International   223,907 18,449,937
Exelon Corp.   390,003 15,327,118
ONEOK, Inc.   138,692 13,436,481
PPL Corp.   473,583 15,419,862
Public Service Enterprise Group, Inc.   180,031 16,096,572
Sempra   288,166 24,024,400
Targa Resources Corp.   121,473 20,281,132
The Williams Companies, Inc.   432,143 22,631,329
WEC Energy Group, Inc.   189,173 18,071,697
    
        Par value^ Value
Short-term investments 1.9%       $10,600,000
(Cost $10,600,000)          
Repurchase agreement 1.9%         10,600,000
Royal Bank of Scotland Tri-Party Repurchase Agreement dated 10-31-24 at 4.850% to be repurchased at $10,601,428 on 11-1-24, collateralized by $10,569,100 U.S. Treasury Bonds, 4.625% due 5-15-44 (valued at $10,812,050)     10,600,000 10,600,000
    
Total investments (Cost $433,650,948) 99.8%     $554,742,536
Other assets and liabilities, net 0.2%     1,145,325
Total net assets 100.0%         $555,887,861
    
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
(A) This security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration.
(B) Non-income producing security.
At 10-31-24, the aggregate cost of investments for federal income tax purposes was $440,635,089. Net unrealized appreciation aggregated to $114,107,447, of which $120,617,003 related to gross unrealized appreciation and $6,509,556 related to gross unrealized depreciation.
The fund had the following sector composition as a percentage of net assets on 10-31-24:
Utilities 56.3%
Energy 14.7%
Industrials 12.1%
Communication services 8.8%
Real estate 3.0%
Financials 3.0%
Short-term investments and other 2.1%
TOTAL 100.0%
3 JOHN HANCOCK INFRASTRUCTURE FUND |  SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents
Financial statements
STATEMENT OF ASSETS AND LIABILITIES 10-31-24

Assets  
Unaffiliated investments, at value (Cost $433,650,948) $554,742,536
Cash 42,302
Foreign currency, at value (Cost $114,417) 114,521
Dividends and interest receivable 968,052
Receivable for fund shares sold 249,090
Receivable for investments sold 1,995,372
Other assets 60,324
Total assets 558,172,197
Liabilities  
Payable for investments purchased 1,961,343
Payable for fund shares repurchased 145,679
Payable to affiliates  
Accounting and legal services fees 26,863
Transfer agent fees 41,563
Trustees’ fees 654
Other liabilities and accrued expenses 108,234
Total liabilities 2,284,336
Net assets $555,887,861
Net assets consist of  
Paid-in capital $467,201,519
Total distributable earnings (loss) 88,686,342
Net assets $555,887,861
 
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 ($60,137,604 ÷ 3,988,838 shares)1 $15.08
Class C ($9,297,393 ÷ 625,859 shares)1 $14.86
Class I ($344,307,506 ÷ 22,814,253 shares) $15.09
Class R6 ($71,332,231 ÷ 4,715,192 shares) $15.13
Class NAV ($70,813,127 ÷ 4,681,900 shares) $15.12
Maximum offering price per share  
Class A (net asset value per share ÷ 95%)2 $15.87
    
1 Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
2 On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.
SEE NOTES TO FINANCIAL STATEMENTS  | JOHN HANCOCK Infrastructure Fund 4

Table of Contents
STATEMENT OF OPERATIONS For the year ended 10-31-24

Investment income  
Dividends $20,995,525
Interest 573,913
Securities lending 59,476
Less foreign taxes withheld (1,390,589)
Total investment income 20,238,325
Expenses  
Investment management fees 4,415,912
Distribution and service fees 262,812
Accounting and legal services fees 111,259
Transfer agent fees 491,369
Trustees’ fees 12,879
Custodian fees 132,086
State registration fees 80,951
Printing and postage 43,842
Professional fees 76,243
Other 33,067
Total expenses 5,660,420
Less expense reductions (46,154)
Net expenses 5,614,266
Net investment income 14,624,059
Realized and unrealized gain (loss)  
Net realized gain (loss) on  
Unaffiliated investments and foreign currency transactions 52,326,546
Affiliated investments 1,184
  52,327,730
Change in net unrealized appreciation (depreciation) of  
Unaffiliated investments and translation of assets and liabilities in foreign currencies 83,897,102
  83,897,102
Net realized and unrealized gain 136,224,832
Increase in net assets from operations $150,848,891
5 JOHN HANCOCK Infrastructure Fund |  SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS  

  Year ended
10-31-24
Year ended
10-31-23
Increase (decrease) in net assets    
From operations    
Net investment income $14,624,059 $16,474,200
Net realized gain (loss) 52,327,730 (32,143,159)
Change in net unrealized appreciation (depreciation) 83,897,102 28,845,749
Increase in net assets resulting from operations 150,848,891 13,176,790
Distributions to shareholders    
From earnings    
Class A (1,325,431) (1,239,689)
Class C (149,575) (133,659)
Class I (9,277,915) (9,849,595)
Class R6 (1,990,973) (2,519,926)
Class NAV (2,074,070) (1,822,434)
Total distributions (14,817,964) (15,565,303)
From fund share transactions (187,360,264) (98,732,333)
Total decrease (51,329,337) (101,120,846)
Net assets    
Beginning of year 607,217,198 708,338,044
End of year $555,887,861 $607,217,198
SEE NOTES TO FINANCIAL STATEMENTS  | JOHN HANCOCK Infrastructure Fund 6

Table of Contents
Financial highlights
CLASS A SHARES Period ended 10-31-24 10-31-23 10-31-22 10-31-21 10-31-20
Per share operating performance          
Net asset value, beginning of period $11.95 $12.07 $15.03 $11.99 $13.39
Net investment income1 0.31 0.26 0.22 0.19 0.19
Net realized and unrealized gain (loss) on investments 3.14 (0.14) (2.27) 3.11 (1.00)
Total from investment operations 3.45 0.12 (2.05) 3.30 (0.81)
Less distributions          
From net investment income (0.32) (0.24) (0.42) (0.20) (0.19)
From net realized gain (0.49) (0.06) (0.40)
Total distributions (0.32) (0.24) (0.91) (0.26) (0.59)
Net asset value, end of period $15.08 $11.95 $12.07 $15.03 $11.99
Total return (%)2,3 29.17 0.95 (14.26) 27.67 (6.23)
Ratios and supplemental data          
Net assets, end of period (in millions) $60 $55 $64 $63 $33
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.27 1.27 1.25 1.29 1.32
Expenses including reductions 1.26 1.27 1.25 1.28 1.31
Net investment income 2.25 2.04 1.63 1.35 1.55
Portfolio turnover (%) 27 20 33 27 34
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the period.
3 Does not reflect the effect of sales charges, if any.
7 JOHN HANCOCK Infrastructure Fund |  SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents
CLASS C SHARES Period ended 10-31-24 10-31-23 10-31-22 10-31-21 10-31-20
Per share operating performance          
Net asset value, beginning of period $11.78 $11.91 $14.85 $11.86 $13.26
Net investment income1 0.21 0.17 0.13 0.09 0.11
Net realized and unrealized gain (loss) on investments 3.10 (0.14) (2.24) 3.07 (1.00)
Total from investment operations 3.31 0.03 (2.11) 3.16 (0.89)
Less distributions          
From net investment income (0.23) (0.16) (0.34) (0.11) (0.11)
From net realized gain (0.49) (0.06) (0.40)
Total distributions (0.23) (0.16) (0.83) (0.17) (0.51)
Net asset value, end of period $14.86 $11.78 $11.91 $14.85 $11.86
Total return (%)2,3 28.29 0.23 (14.85) 26.81 (6.92)
Ratios and supplemental data          
Net assets, end of period (in millions) $9 $9 $11 $12 $6
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.97 1.97 1.95 1.99 2.02
Expenses including reductions 1.96 1.97 1.95 1.98 2.01
Net investment income 1.54 1.32 0.99 0.66 0.89
Portfolio turnover (%) 27 20 33 27 34
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the period.
3 Does not reflect the effect of sales charges, if any.
SEE NOTES TO FINANCIAL STATEMENTS  | JOHN HANCOCK Infrastructure Fund 8

Table of Contents
CLASS I SHARES Period ended 10-31-24 10-31-23 10-31-22 10-31-21 10-31-20
Per share operating performance          
Net asset value, beginning of period $11.96 $12.09 $15.05 $12.00 $13.41
Net investment income1 0.35 0.30 0.26 0.24 0.23
Net realized and unrealized gain (loss) on investments 3.14 (0.15) (2.27) 3.11 (1.01)
Total from investment operations 3.49 0.15 (2.01) 3.35 (0.78)
Less distributions          
From net investment income (0.36) (0.28) (0.46) (0.24) (0.23)
From net realized gain (0.49) (0.06) (0.40)
Total distributions (0.36) (0.28) (0.95) (0.30) (0.63)
Net asset value, end of period $15.09 $11.96 $12.09 $15.05 $12.00
Total return (%)2 29.52 1.17 (13.96) 28.12 (5.99)
Ratios and supplemental data          
Net assets, end of period (in millions) $344 $386 $445 $463 $246
Ratios (as a percentage of average net assets):          
Expenses before reductions 0.97 0.97 0.95 0.99 1.02
Expenses including reductions 0.96 0.97 0.95 0.98 1.00
Net investment income 2.56 2.33 1.93 1.67 1.85
Portfolio turnover (%) 27 20 33 27 34
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the period.
9 JOHN HANCOCK Infrastructure Fund |  SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents
CLASS R6 SHARES Period ended 10-31-24 10-31-23 10-31-22 10-31-21 10-31-20
Per share operating performance          
Net asset value, beginning of period $11.98 $12.11 $15.08 $12.02 $13.43
Net investment income1 0.36 0.32 0.23 0.25 0.25
Net realized and unrealized gain (loss) on investments 3.17 (0.16) (2.23) 3.12 (1.02)
Total from investment operations 3.53 0.16 (2.00) 3.37 (0.77)
Less distributions          
From net investment income (0.38) (0.29) (0.48) (0.25) (0.24)
From net realized gain (0.49) (0.06) (0.40)
Total distributions (0.38) (0.29) (0.97) (0.31) (0.64)
Net asset value, end of period $15.13 $11.98 $12.11 $15.08 $12.02
Total return (%)2 29.78 1.28 (13.91) 28.28 (5.88)
Ratios and supplemental data          
Net assets, end of period (in millions) $71 $82 $112 $77 $53
Ratios (as a percentage of average net assets):          
Expenses before reductions 0.86 0.86 0.85 0.88 0.91
Expenses including reductions 0.85 0.86 0.84 0.87 0.90
Net investment income 2.65 2.47 1.68 1.75 1.97
Portfolio turnover (%) 27 20 33 27 34
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the period.
SEE NOTES TO FINANCIAL STATEMENTS  | JOHN HANCOCK Infrastructure Fund 10

Table of Contents
CLASS NAV SHARES Period ended 10-31-24 10-31-23 10-31-22 10-31-21 10-31-20
Per share operating performance          
Net asset value, beginning of period $11.98 $12.11 $15.08 $12.02 $13.43
Net investment income1 0.37 0.31 0.29 0.25 0.24
Net realized and unrealized gain (loss) on investments 3.15 (0.14) (2.29) 3.12 (1.01)
Total from investment operations 3.52 0.17 (2.00) 3.37 (0.77)
Less distributions          
From net investment income (0.38) (0.30) (0.48) (0.25) (0.24)
From net realized gain (0.49) (0.06) (0.40)
Total distributions (0.38) (0.30) (0.97) (0.31) (0.64)
Net asset value, end of period $15.12 $11.98 $12.11 $15.08 $12.02
Total return (%)2 29.69 1.29 (13.90) 28.29 (5.87)
Ratios and supplemental data          
Net assets, end of period (in millions) $71 $75 $76 $82 $76
Ratios (as a percentage of average net assets):          
Expenses before reductions 0.85 0.86 0.84 0.87 0.90
Expenses including reductions 0.85 0.85 0.83 0.86 0.89
Net investment income 2.70 2.43 2.15 1.76 1.95
Portfolio turnover (%) 27 20 33 27 34
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the period.
11 JOHN HANCOCK Infrastructure Fund |  SEE NOTES TO FINANCIAL STATEMENTS

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Notes to financial statements
Note 1Organization
John Hancock Infrastructure Fund (the fund) is a series of John Hancock Investment Trust (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the fund is to seek total return from capital appreciation and income, with an emphasis on absolute returns over a full market cycle.
The fund may offer multiple classes of shares. The shares currently outstanding are detailed in the Statement of assets and liabilities. Class A and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class R6 shares are only available to certain retirement plans, institutions and other investors. Class NAV shares are offered to John Hancock affiliated funds of funds, retirement plans for employees of John Hancock and/or Manulife Financial Corporation, and certain 529 plans. Class C shares convert to Class A shares eight years after purchase (certain exclusions may apply). Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, and transfer agent fees for each class may differ.
Note 2Significant accounting policies
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. The fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of US GAAP.
Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the fund:
Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the NYSE pursuant to the Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC.
In order to value the securities, the fund uses the following valuation techniques: Equity securities, including exchange-traded or closed-end funds, are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Investments by the fund in open-end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day. Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Foreign securities and currencies are valued in U.S. dollars based on foreign currency exchange rates supplied by an independent pricing vendor.
In certain instances, the Pricing Committee of the Advisor may determine to value equity securities using prices obtained from another exchange or market if trading on the exchange or market on which prices are typically obtained did not open for trading as scheduled, or if trading closed earlier than scheduled, and trading occurred as normal on another exchange or market.
Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the Pricing Committee following procedures established by the Advisor and adopted by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed. Trading in foreign securities may be completed before the scheduled daily
   | JOHN HANCOCK Infrastructure Fund 12

Table of Contents
close of trading on the NYSE. Significant events at the issuer or market level may affect the values of securities between the time when the valuation of the securities is generally determined and the close of the NYSE. If a significant event occurs, these securities may be fair valued, as determined in good faith by the Pricing Committee, following procedures established by the Advisor and adopted by the Board of Trustees. The Advisor uses fair value adjustment factors provided by an independent pricing vendor to value certain foreign securities in order to adjust for events that may occur between the close of foreign exchanges or markets and the close of the NYSE.
The fund uses a three tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities, including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Advisor’s assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.
The following is a summary of the values by input classification of the fund’s investments as of October 31, 2024, by major security category or type:
  Total
value at
10-31-24
Level 1
quoted
price
Level 2
significant
observable
inputs
Level 3
significant
unobservable
inputs
Investments in securities:        
Assets        
Common stocks        
Brazil $15,367,639 $15,367,639
Canada 25,724,110 25,724,110
China 7,265,807 $7,265,807
France 38,939,703 38,939,703
Germany 28,968,707 28,968,707
Hong Kong 10,539,051 10,539,051
Italy 16,572,905 16,572,905
Japan 42,656,631 42,656,631
South Korea 22,148,148 22,148,148
Spain 35,394,323 35,394,323
United Kingdom 19,941,412 19,941,412
United States 280,624,100 280,624,100
Short-term investments 10,600,000 10,600,000
Total investments in securities $554,742,536 $321,715,849 $233,026,687
Repurchase agreements. The fund may enter into repurchase agreements. When the fund enters into a repurchase agreement, it receives collateral that is held in a segregated account by the fund’s custodian, or for tri-party repurchase agreements, collateral is held at a third-party custodian bank in a segregated account for the benefit of the fund. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. Collateral received by the fund for repurchase agreements is disclosed in the Fund’s investments as part
13 JOHN HANCOCK Infrastructure Fund |   

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of the caption related to the repurchase agreement.
Repurchase agreements are typically governed by the terms and conditions of the Master Repurchase Agreement and/or Global Master Repurchase Agreement (collectively, MRA). Upon an event of default, the non-defaulting party may close out all transactions traded under the MRA and net amounts owed. Absent an event of default, assets and liabilities resulting from repurchase agreements are not offset in the Statement of assets and liabilities. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline or the counterparty may have insufficient assets to pay claims resulting from close-out of the transactions.
Real estate investment trusts. The fund may invest in real estate investment trusts (REITs). Distributions from REITs may be recorded as income and subsequently characterized by the REIT at the end of their fiscal year as a reduction of cost of investments and/or as a realized gain. As a result, the fund will estimate the components of distributions from these securities. Such estimates are revised when the actual components of the distributions are known.
Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Dividend income is recorded on ex-date, except for dividends of certain foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the fund becomes aware of the dividends. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.
Securities lending. The fund may lend its securities to earn additional income. The fund receives collateral from the borrower in an amount not less than the market value of the loaned securities. The fund may invest its cash collateral in JHCT, an affiliate of the fund, which has a floating NAV and is registered with the Securities and Exchange Commission (SEC) as an investment company. JHCT is a government money market fund and invests in U.S. Government securities and/or repurchase agreements. Prior to September 27, 2024, JHCT was a prime money market fund investing in short-term money market investments. The fund will receive the benefit of any gains and bear any losses generated by JHCT with respect to the cash collateral.
The fund has the right to recall loaned securities on demand. If a borrower fails to return loaned securities when due, then the lending agent is responsible and indemnifies the fund for the lent securities. The lending agent uses the collateral received from the borrower to purchase replacement securities of the same issue, type, class and series of the loaned securities. If the value of the collateral is less than the purchase cost of replacement securities, the lending agent is responsible for satisfying the shortfall but only to the extent that the shortfall is not due to any decrease in the value of JHCT.
Although the risk of loss on securities lent is mitigated by receiving collateral from the borrower and through lending agent indemnification, the fund could experience a delay in recovering securities or could experience a lower than expected return if the borrower fails to return the securities on a timely basis. During the existence of the loan, the fund will receive from the borrower amounts equivalent to any dividends, interest or other distributions on the loaned securities, as well as interest on such amounts. The fund receives compensation for lending its securities by retaining a portion of the return on the investment of the collateral and compensation from fees earned from borrowers of the securities. Securities lending income received by the fund is net of fees retained by the securities lending agent. Net income received from JHCT is a component of securities lending income as recorded on the Statement of operations. As of October 31, 2024, there were no securities on loan.
Foreign investing. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect
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of changes in foreign currency exchange rates on the value of securities is reflected as a component of the realized and unrealized gains (losses) on investments. Foreign investments are subject to a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency.
Funds that invest internationally generally carry more risk than funds that invest strictly in U.S. securities. These risks are heightened for investments in emerging markets. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs), accounting standards and other factors.
Foreign taxes. The fund may be subject to withholding tax on income, capital gains or repatriations imposed by certain countries, a portion of which may be recoverable. Foreign taxes are accrued based upon the fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests. Taxes are accrued based on gains realized by the fund as a result of certain foreign security sales. In certain circumstances, estimated taxes are accrued based on unrealized appreciation of such securities. Investment income is recorded net of foreign withholding taxes.
Overdraft. The fund may have the ability to borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the fund’s custodian agreement, the custodian may loan money to the fund to make properly authorized payments. The fund is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the extent of any overdraft, and to the maximum extent permitted by law.
Line of credit. The fund and other affiliated funds have entered into a syndicated line of credit agreement with Citibank, N.A. as the administrative agent that enables them to participate in a $1 billion unsecured committed line of credit, which is in effect through July 14, 2025 unless extended or renewed. Excluding commitments designated for a certain fund and subject to the needs of all other affiliated funds, the fund can borrow up to an aggregate commitment amount of $750 million, subject to asset coverage and other limitations as specified in the agreement. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund based on an asset-based allocation and is reflected in Other expenses on the Statement of operations. For the year ended October 31, 2024, the fund had no borrowings under the line of credit. Commitment fees for the year ended October 31, 2024 were $4,384.
Expenses. Within the John Hancock group of funds complex, expenses that are directly attributable to an individual fund are allocated to such fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Class allocations. Income, common expenses and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net assets of the class. Class-specific expenses, such as distribution and service fees, if any, and transfer agent fees, for all classes, are charged daily at the class level based on the net assets of each class and the specific expense rates applicable to each class.
Federal income taxes. The fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.
For federal income tax purposes, as of October 31, 2024, the fund has a short-term capital loss carryforward of $11,904,304 and a long-term capital loss carryforward of $14,490,581 available to offset future net realized capital gains. These carryforwards do not expire.
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As of October 31, 2024, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.
Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The fund generally declares and pays dividends quarterly. Capital gain distributions, if any, are typically distributed annually.
The tax character of distributions for the years ended October 31, 2024 and 2023 was as follows:
  October 31, 2024 October 31, 2023
Ordinary income $14,817,964 $15,565,303
Distributions paid by the fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of October 31, 2024, the components of distributable earnings on a tax basis consisted of $1,022,518 of undistributed ordinary income.
Such distributions and distributable earnings, on a tax basis, if any, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund’s financial statements as a return of capital. 
Capital accounts within the financial statements are adjusted for permanent book-tax differences at fiscal year end. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to wash sale loss deferrals.
Note 3Guarantees and indemnifications
Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust, including the fund. Additionally, in the normal course of business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.
Note 4Fees and transactions with affiliates
John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the fund. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as principal underwriter of the fund. The Advisor and the Distributor are indirect, principally owned subsidiaries of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation.
Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor equivalent on an annual basis to the sum of: (a) 0.800% of the first $250 million of the fund’s aggregate average daily net assets and (b) 0.750% of fund’s aggregate average daily net assets in excess of $250 million. Aggregate net assets include the net assets of the fund and the portion of the net assets of John Hancock Diversified Real Assets Fund, a series of John Hancock Investment Trust, subadvised by Wellington Management Company LLP in the Infrastructure approach. The Advisor has a subadvisory agreement with Wellington Management Company LLP. The fund is not responsible for payment of the subadvisory fees.
The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each
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fund. During the year ended October 31, 2024, this waiver amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.
The Advisor contractually agreed to reduce its management fee or, if necessary make payment to Class A, Class C, Class I, Class R6 and Class NAV shares, in an amount equal to the amount by which the expenses of Class A, Class C, Class I, Class R6 and Class NAV shares, as applicable, exceed 1.31%, 2.01%, 1.00%, 0.92% and 0.92%, respectively, of the average daily net assets attributable to the class. For purposes of this agreement, “expenses of Class A, Class C, Class I, Class R6 and Class NAV shares” means all expenses of the applicable class excluding taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, acquired fund fees paid indirectly, borrowing costs, prime brokerage fees, and short dividend expenses. This agreement expires on February 28, 2025, unless renewed by mutual agreement of the fund and the Advisor based upon determination that this is appropriate under the circumstances at that time.
For the year ended October 31, 2024, the expense reductions described above amounted to the following:
Class Expense reduction
Class A $4,621
Class C 730
Class I 28,588
Class Expense reduction
Class R6 $6,020
Class NAV 6,195
Total $46,154
 
Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.
The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the year ended October 31, 2024, were equivalent to a net annual effective rate of 0.76% of the fund’s average daily net assets.
Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred, for the year ended October 31, 2024, amounted to an annual rate of 0.02% of the fund’s average daily net assets.
Distribution and service plans. The fund has a distribution agreement with the Distributor. The fund has adopted distribution and service plans for certain classes as detailed below pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the fund. The fund may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the fund’s shares:
Class Rule 12b-1 Fee
Class A 0.30%
Class C 1.00%
Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $71,801 for the year ended October 31, 2024. Of this amount, $11,562 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $60,239 was paid as sales commissions to broker-dealers.
Class A and Class C shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares purchased, including those that are acquired through purchases of $1 million or more, and redeemed within one year of purchase are subject to a 1.00% CDSC. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption
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or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended October 31, 2024, CDSCs received by the Distributor amounted to $380 and $87 for Class A and Class C shares, respectively.
Transfer agent fees. The John Hancock group of funds has a complex-wide transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an affiliate of the Advisor. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. It also includes out-of-pocket expenses, including payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain fees that Signature Services receives in connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to five categories of share classes: Retail Share and Institutional Share Classes of Non-Municipal Bond Funds, Class R6 Shares, Retirement Share Classes and Municipal Bond Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.
Class level expenses. Class level expenses for the year ended October 31, 2024 were as follows:
Class Distribution and service fees Transfer agent fees
Class A $172,131 $66,225
Class C 90,681 10,468
Class I 411,000
Class R6 3,676
Total $262,812 $491,369
Trustee expenses. The fund compensates each Trustee who is not an employee of the Advisor or its affiliates. The costs of paying Trustee compensation and expenses are allocated to the fund based on its net assets relative to other funds within the John Hancock group of funds complex.
Interfund lending program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with certain other funds advised by the Advisor or its affiliates, may participate in an interfund lending program. This program provides an alternative credit facility allowing the fund to borrow from, or lend money to, other participating affiliated funds. At period end, no interfund loans were outstanding. The fund’s activity in this program during the period for which loans were outstanding was as follows:
Borrower
or Lender
Weighted Average
Loan Balance
Days
Outstanding
Weighted Average
Interest Rate
Interest Income
(Expense)
 
Lender $2,550,000 2 5.808% $823  
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Note 5Fund share transactions
Transactions in fund shares for the years ended October 31, 2024 and 2023 were as follows:
  Year Ended 10-31-24 Year Ended 10-31-23
  Shares Amount Shares Amount
Class A shares        
Sold 470,974 $6,628,681 882,556 $11,348,425
Distributions reinvested 96,747 1,320,548 98,885 1,234,997
Repurchased (1,222,948) (16,572,901) (1,652,397) (21,014,737)
Net decrease (655,227) $(8,623,672) (670,956) $(8,431,315)
Class C shares        
Sold 43,033 $604,941 78,571 $999,427
Distributions reinvested 11,161 149,575 10,831 133,626
Repurchased (182,229) (2,432,580) (241,984) (3,035,502)
Net decrease (128,035) $(1,678,064) (152,582) $(1,902,449)
Class I shares        
Sold 5,215,295 $70,219,176 7,777,688 $99,351,791
Distributions reinvested 548,940 7,487,896 650,416 8,124,835
Repurchased (15,192,538) (203,428,770) (13,046,852) (165,693,307)
Net decrease (9,428,303) $(125,721,698) (4,618,748) $(58,216,681)
Class R6 shares        
Sold 365,493 $4,998,896 2,110,229 $27,155,864
Distributions reinvested 145,539 1,990,349 201,109 2,517,062
Repurchased (2,659,988) (35,684,979) (4,678,407) (59,244,590)
Net decrease (2,148,956) $(28,695,734) (2,367,069) $(29,571,664)
Class NAV shares        
Sold 667,668 $8,904,414 1,107,362 $13,924,977
Distributions reinvested 151,718 2,074,070 145,686 1,822,434
Repurchased (2,402,938) (33,619,580) (1,270,318) (16,357,635)
Net decrease (1,583,552) $(22,641,096) (17,270) $(610,224)
Total net decrease (13,944,073) $(187,360,264) (7,826,625) $(98,732,333)
Affiliates of the fund owned 100% of shares of Class NAV on October 31, 2024. Such concentration of shareholders’ capital could have a material effect on the fund if such shareholders redeem from the fund.
Note 6Purchase and sale of securities
Purchases and sales of securities, other than short-term investments, amounted to $148,942,132 and $335,750,471, respectively, for the year ended October 31, 2024.
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Note 7Industry or sector risk
The fund may invest a large percentage of its assets in one or more particular industries or sectors of the economy. If a large percentage of the fund’s assets are economically tied to a single or small number of industries or sectors of the economy, the fund will be less diversified than a more broadly diversified fund, and it may cause the fund to underperform if that industry or sector underperforms. In addition, focusing on a particular industry or sector may make the fund’s NAV more volatile. Further, a fund that invests in particular industries or sectors is particularly susceptible to the impact of market, economic, regulatory and other factors affecting those industries or sectors. Utilities companies’ performance may be volatile due to variable fuel, service, and financing costs, conservation efforts, government regulation, and other factors.
Note 8Investment by affiliated funds
Certain investors in the fund are affiliated funds that are managed by the Advisor and its affiliates. The affiliated funds do not invest in the fund for the purpose of exercising management or control; however, this investment may represent a significant portion of the fund’s net assets. At October 31, 2024, funds within the John Hancock group of funds complex held 12.7% of the fund’s net assets. The following fund(s) had an affiliate ownership of 5% or more of the fund’s net assets:
Fund Affiliated Concentration
John Hancock Funds II Alternative Asset Allocation 5.6%
John Hancock Funds II Multimanager Lifestyle Conservative Portfolio 5.2%
Note 9Investment in affiliated underlying funds
The fund may invest in affiliated underlying funds that are managed by the Advisor and its affiliates. Information regarding the fund’s fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital gains earned by the fund, if any, is as follows:
              Dividends and distributions
Affiliate Ending
share
amount
Beginning
value
Cost of
purchases
Proceeds
from shares
sold
Realized
gain
(loss)
Change in
unrealized
appreciation
(depreciation)
Income
distributions
received
Capital gain
distributions
received
Ending
value
John Hancock Collateral Trust* $116,424,254 $(116,425,438) $1,184 $59,476
    
* Refer to the Securities lending note within Note 2 for details regarding this investment.
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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Investment Trust and Shareholders of John Hancock Infrastructure Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of John Hancock Infrastructure Fund (one of the funds constituting John Hancock Investment Trust, referred to hereafter as the “Fund”) as of October 31, 2024, the related statement of operations for the year ended October 31, 2024, the statements of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2024 and the financial highlights for each of the five years in the period ended October 31, 2024 in conformity with accounting principles generally accepted in the United States of America. 
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 16, 2024
We have served as the auditor of one or more investment companies in the John Hancock group of funds since 1988.
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Tax information
(Unaudited)
For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended October 31, 2024.
The fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.
The fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.
The fund reports the maximum amount allowable as Section 163(j) Interest Dividends.
The fund reports the maximum amount allowable of its Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).
Eligible shareholders will be mailed a 2024 Form 1099-DIV in early 2025. This will reflect the tax character of all distributions paid in calendar year 2024.
Please consult a tax advisor regarding the tax consequences of your investment in the fund.
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EVALUATION OF ADVISORY AND SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Investment Trust (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with Wellington Management Company LLP (the Subadvisor), for John Hancock Infrastructure Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 24-27, 2024 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a meeting held on May 28-May 30, 2024. The Trustees who are not “interested persons” of the Trust as defined by the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees) also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees and a third-party consulting firm.
Approval of Advisory and Subadvisory Agreements
At a meeting held on June 24-27, 2024, the Board, including the Trustees who are not parties to any Agreement or considered to be interested persons of the Trust under the 1940 Act, reapproved for an annual period the continuation of the Advisory Agreement between the Trust and the Advisor and the Subadvisory Agreement between the Advisor and the Subadvisor with respect to the fund.
In considering the Advisory Agreement and the Subadvisory Agreement, the Board received in advance of the meetings a variety of materials relating to the fund, the Advisor and the Subadvisor, including comparative performance, fee and expense information for a peer group of similar funds prepared by an independent third-party provider of fund data, performance information for an applicable benchmark index; and, with respect to the Subadvisor, comparative performance information for comparably managed accounts, as applicable, and other information provided by the Advisor and the Subadvisor regarding the nature, extent and quality of services provided by the Advisor and the Subadvisor under their respective Agreements, as well as information regarding the Advisor’s revenues and costs of providing services to the fund and any compensation paid to affiliates of the Advisor. At the meetings at which the renewal of the Advisory Agreement and Subadvisory Agreement are considered, particular focus is given to information concerning fund performance, comparability of fees and total expenses, and profitability. However, the Board noted that the evaluation process with respect to the Advisor and the Subadvisor is an ongoing one. In this regard, the Board also took into account discussions with management and information provided to the Board (including its various committees) at prior meetings with respect to the services provided by the Advisor and the Subadvisor to the fund, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Subadvisor with respect to the fund. The information received and considered by the Board in connection with the May and June meetings and throughout the year was both written and oral. The Board also considered the nature, quality, and extent of non-advisory services, if any, to be provided to the fund by the Advisor’s affiliates, including distribution services. The Board considered the Advisory Agreement and the Subadvisory Agreement separately in the course of its review. In doing so, the Board noted the respective roles of the Advisor and Subadvisor in providing services to the fund.
Throughout the process, the Board asked questions of and requested additional information from management. The Board is assisted by counsel for the Trust and the Independent Trustees are also separately assisted by independent legal counsel throughout the process. The Independent Trustees also received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed continuation of the Agreements and discussed the proposed continuation of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.
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Approval of Advisory Agreement
In approving the Advisory Agreement with respect to the fund, the Board, including the Independent Trustees, considered a variety of factors, including those discussed below. The Board also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets, and the industry) and did not treat any single factor as determinative, and each Trustee may have attributed different weights to different factors. The Board’s conclusions may be based in part on its consideration of the advisory and subadvisory arrangements in prior years and on the Board’s ongoing regular review of fund performance and operations throughout the year.
Nature, extent, and quality of services. Among the information received by the Board from the Advisor relating to the nature, extent, and quality of services provided to the fund, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor’s compliance and regulatory history, including its Form ADV. The Board also noted that on a regular basis it receives and reviews information from the Trust’s Chief Compliance Officer (CCO) regarding the fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board observed that the scope of services provided by the Advisor, and of the undertakings required of the Advisor in connection with those services, including maintaining and monitoring its own and the fund’s compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs, and cybersecurity programs, had expanded over time as a result of regulatory, market and other developments. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the fund, including, but not limited to, general supervision of and coordination of the services provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and other third-party service providers. The Board also considered the significant risks assumed by the Advisor in connection with the services provided to the fund including entrepreneurial risk in sponsoring new funds and ongoing risks including investment, operational, enterprise, litigation, regulatory and compliance risks with respect to all funds.
In considering the nature, extent, and quality of the services provided by the Advisor, the Trustees also took into account their knowledge of the Advisor’s management and the quality of the performance of the Advisor’s duties, through Board meetings, discussions and reports during the preceding year and through each Trustee’s experience as a Trustee of the Trust and of the other trusts in the John Hancock group of funds complex (the John Hancock Fund Complex).
In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:
(a) the skills and competency with which the Advisor has in the past managed the Trust’s affairs and its subadvisory relationship, the Advisor’s oversight and monitoring of the Subadvisor’s investment performance and compliance programs, such as the Subadvisor’s compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor’s timeliness in responding to performance issues;
(b) the background, qualifications and skills of the Advisor’s personnel;
(c) the Advisor’s compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;
(d) the Advisor’s administrative capabilities, including its ability to supervise the other service providers for the fund, as well as the Advisor’s oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the fund, and bringing loss recovery actions on behalf of the fund;
(e) the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund;
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(f) the Advisor’s initiatives intended to improve various aspects of the Trust’s operations and investor experience with the fund; and
(g) the Advisor’s reputation and experience in serving as an investment advisor to the Trust and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments.
The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the fund.
Investment performance. In considering the fund’s performance, the Board noted that it reviews at its regularly scheduled meetings information about the fund’s performance results. In connection with the consideration of the Advisory Agreement, the Board:
(a) reviewed information prepared by management regarding the fund’s performance;
(b) considered the comparative performance of an applicable benchmark index;
(c) considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data; and
(d) took into account the Advisor’s analysis of the fund’s performance and its plans and recommendations regarding the Trust’s subadvisory arrangements generally.
The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and the results of the performance comparisons may vary depending on the selection of the peer group. The Board noted that the fund underperformed its benchmark index for the one-, three-, five-, and ten-year periods ended December 31, 2023. The Board also noted that the fund outperformed the peer group median for the one- and ten-year periods and underperformed for the three- and five-year periods ended December 31, 2023. The Board took into account management’s discussion of the factors that contributed to the fund’s performance relative to the benchmark for the one-, three-, five-, and ten-year periods and peer group median for the three- and five-year periods including the impact of past and current market conditions on the fund’s strategy and management’s outlook for the fund. The Board concluded that the fund’s performance is being monitored and reasonably addressed, where appropriate.
Fees and expenses. The Board reviewed comparative information prepared by an independent third-party provider of fund data, including, among other data, the fund’s contractual and net management fees (and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the fund in light of the nature, extent and quality of the management and advisory and subadvisory services provided by the Advisor and the Subadvisor. The Board considered the fund’s ranking within a smaller group of peer funds chosen by the independent third-party provider, as well as the fund’s ranking within a broader group of funds. In comparing the fund’s contractual and net management fees to those of comparable funds, the Board noted that such fees include both advisory and administrative costs. The Board noted that net management fees for the fund are higher than the peer group median and net total expenses for the fund are lower than the peer group median.
The Board took into account management’s discussion of the fund’s expenses. The Board took into account management’s discussion with respect to the overall management fee and the fees of the Subadvisor, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fee, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board also noted that the Advisor pays the subadvisory fee, and that such fees are negotiated at arm’s length with respect to the Subadvisor. In addition, the Board took into account that management had agreed to implement an overall fee waiver across the complex, including the fund, which is discussed further below. The Board also noted actions taken over the past several years to reduce the fund’s operating expenses. The Board also noted that, in addition, the Advisor is
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currently waiving fees and/or reimbursing expenses with respect to the fund and that the fund has breakpoints in its contractual management fee schedule that reduce management fees as assets increase. The Board noted that the fund has a voluntary fee waiver and/or expense reimbursement which reduces certain expenses of the fund. The Board reviewed information provided by the Advisor concerning the investment advisory fee charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the John Hancock Fund Complex) having similar investment mandates, if any. The Board considered any differences between the Advisor’s and Subadvisor’s services to the fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to the fund is reasonable in light of the nature, extent and quality of the services provided to the fund under the Advisory Agreement.
Profitability/Fall out benefits. In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates from the Advisor’s relationship with the Trust, the Board:
(a) reviewed financial information of the Advisor;
(b) reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;
(c) received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund;
(d) received information with respect to the Advisor’s allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor’s allocation methodologies;
(e) considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability information reviewed by the Board;
(f) considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement;
(g) noted that affiliates of the Advisor provide transfer agency services and distribution services to the fund, and that the fund’s distributor also receives Rule 12b-1 payments to support distribution of the fund;
(h) noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund;
(i) noted that the subadvisory fee for the fund is paid by the Advisor and is negotiated at arm’s length;
(j) considered the Advisor’s ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and
(k) considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the risks that it assumes as Advisor, including entrepreneurial, operational, reputational, litigation and regulatory risk.
Based upon its review, the Board concluded that the level of profitability, if any, of the Advisor and its affiliates from their relationship with the fund was reasonable and not excessive.
Economies of scale. In considering the extent to which economies of scale would be realized as the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders, the Board:
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(a) considered that the Advisor has contractually agreed to waive a portion of its management fee for certain funds of the John Hancock Fund Complex, including the fund (the participating portfolios) or otherwise reimburse the expenses of the participating portfolios (the reimbursement). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund;
(b) reviewed the fund’s advisory fee structure and concluded that: (i) the fund’s fee structure contains breakpoints at the subadvisory fee level and that such breakpoints are reflected as breakpoints in the advisory fees for the fund; and (ii) although economies of scale cannot be measured with precision, these arrangements permit shareholders of the fund to benefit from economies of scale if the fund grows. The Board also took into account management’s discussion of the fund’s advisory fee structure; and
(c) the Board also considered the effect of the fund’s growth in size on its performance and fees. The Board also noted that if the fund’s assets increase over time, the fund may realize other economies of scale.
Approval of Subadvisory Agreement
In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:
(1) information relating to the Subadvisor’s business, including current subadvisory services to the Trust (and other funds in the John Hancock Fund Complex);
(2) the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds;
(3) the subadvisory fee for the fund, including any breakpoints, and to the extent available, comparable fee information prepared by an independent third-party provider of fund data; and
(4) information relating to the nature and scope of any material relationships and their significance to the Trust’s Advisor and Subadvisor.
Nature, extent, and quality of services. With respect to the services provided by the Subadvisor, the Board received information provided to the Board by the Subadvisor, including the Subadvisor’s Form ADV, as well as took into account information presented throughout the past year. The Board considered the Subadvisor’s current level of staffing and its overall resources, as well as received information relating to the Subadvisor’s compensation program. The Board reviewed the Subadvisor’s history and investment experience, as well as information regarding the qualifications, background, and responsibilities of the Subadvisor’s investment and compliance personnel who provide services to the fund. The Board also considered, among other things, the Subadvisor’s compliance program and any disciplinary history. The Board also considered the Subadvisor’s risk assessment and monitoring process. The Board reviewed the Subadvisor’s regulatory history, including whether it was involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate. The Board noted that the Advisor conducts regular, periodic reviews of the Subadvisor and its operations, including regarding investment processes and organizational and staffing matters. The Board also noted that the Trust’s CCO and his staff conduct regular, periodic compliance reviews with the Subadvisor and present reports to the Independent Trustees regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisor and procedures reasonably designed to assure compliance with the federal securities laws. The Board also took into account the financial condition of the Subadvisor.
The Board considered the Subadvisor’s investment process and philosophy. The Board took into account that the Subadvisor’s responsibilities include the development and maintenance of an investment program for the fund that is consistent with the fund’s investment objective, the selection of investment securities and the placement of
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orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also received information with respect to the Subadvisor’s brokerage policies and practices, including with respect to best execution and soft dollars.
Subadvisor compensation. In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the fund, the Board noted that the fees under the Subadvisory Agreement are paid by the Advisor and not the fund.
The Board also relied on the ability of the Advisor to negotiate the Subadvisory Agreement with the Subadvisor, which is not affiliated with the Advisor, and the fees thereunder at arm’s length. As a result, the costs of the services to be provided and the profits to be realized by the Subadvisor from its relationship with the Trust were not a material factor in the Board’s consideration of the Subadvisory Agreement.
The Board also received information regarding the nature and scope (including their significance to the Advisor and its affiliates and to the Subadvisor) of any material relationships with respect to the Subadvisor, which include arrangements in which the Subadvisor or its affiliates provide advisory, distribution, or management services in connection with financial products sponsored by the Advisor or its affiliates, and may include other registered investment companies, a 529 education savings plan, managed separate accounts and exempt group annuity contracts sold to qualified plans. The Board also received information and took into account any other potential conflicts of interest the Advisor might have in connection with the Subadvisory Agreement.
In addition, the Board considered other potential indirect benefits that the Subadvisor and its affiliates may receive from the Subadvisor’s relationship with the fund, such as the opportunity to provide advisory services to additional funds in the John Hancock Fund Complex and reputational benefits.
Subadvisory fees. The Board considered that the fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays a subadvisory fee to the Subadvisor. As noted above, the Board also considered the fund’s subadvisory fees as compared to similarly situated investment companies deemed to be comparable to the fund as included in the report prepared by the independent third-party provider of fund data, to the extent available. The Board noted that the subadvisory fees for the fund are above the peer group median. The Board also took into account the subadvisory fees paid by the Advisor to the Subadvisor with respect to the fund and compared them to fees charged by the Subadvisor to manage other subadvised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.
Subadvisor performance. As noted above, the Board considered the fund’s performance as compared to the fund’s peer group and the benchmark index and noted that the Board reviews information about the fund’s performance results at its regularly scheduled meetings. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadvisor. The Board was mindful of the Advisor’s focus on the Subadvisor’s performance. The Board also noted the Subadvisor’s long-term performance record for similar accounts, as applicable.
The Board’s decision to approve the Subadvisory Agreement was based on a number of determinations, including the following:
(1) the Subadvisor has extensive experience and demonstrated skills as a manager;
(2) the performance of the fund is being monitored and reasonably addressed, where appropriate; 
(3) the subadvisory fee is reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and
(4) noted that the subadvisory fees are paid by the Advisor not the fund and that the subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit shareholders to benefit from economies of scale if the fund grows.
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* * *
Based on the Board’s evaluation of all factors that the Board deemed to be material, including those factors described above, the Board, including the Independent Trustees, concluded that renewal of the Advisory Agreement and the Subadvisory Agreement would be in the best interest of the fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Advisory Agreement and Subadvisory Agreement for an additional one-year period.
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John Hancock Investment Management Distributors LLC, Member FINRA, SIPC
200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife Investment Management, the Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
This report is for the information of the shareholders of John Hancock Infrastructure Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
MF3988639 438A 10/24
12/24


Annual Financial Statements & Other N-CSR Items
John Hancock
Small Cap Core Fund
U.S. equity
October 31, 2024

John Hancock
Small Cap Core Fund
Table of contents
2 Fund’s investments
6 Financial statements
9 Financial highlights
13 Notes to financial statements
20 Report of independent registered public accounting firm
21 Tax information
22 Evaluation of advisory and subadvisory agreements by the Board of Trustees
1 JOHN HANCOCK SMALL CAP CORE FUND |   

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Fund’s investments
AS OF 10-31-24
        Shares Value
Common stocks 98.2%         $2,027,876,656
(Cost $1,702,750,590)          
Communication services 3.1%     65,020,014
Entertainment 3.1%      
Madison Square Garden Sports Corp. (A)     202,969 45,201,196
Playtika Holding Corp.     2,531,139 19,818,818
Consumer discretionary 10.4%     214,605,257
Broadline retail 0.8%      
Savers Value Village, Inc. (A)     1,693,150 17,320,925
Diversified consumer services 1.4%      
Mister Car Wash, Inc. (A)     3,818,389 28,676,101
Hotels, restaurants and leisure 1.2%      
First Watch Restaurant Group, Inc. (A)     1,474,342 25,056,442
Leisure products 0.6%      
Malibu Boats, Inc., Class A (A)     250,225 11,230,098
Specialty retail 4.5%      
Abercrombie & Fitch Company, Class A (A)     157,096 20,703,682
Academy Sports & Outdoors, Inc.     536,654 27,294,222
Lithia Motors, Inc.     134,865 44,825,080
Textiles, apparel and luxury goods 1.9%      
Levi Strauss & Company, Class A     1,146,170 19,588,045
On Holding AG, Class A (A)     419,879 19,910,662
Consumer staples 1.9%     38,360,110
Consumer staples distribution and retail 1.0%      
The Chefs’ Warehouse, Inc. (A)     506,399 20,215,448
Household products 0.9%      
Central Garden & Pet Company, Class A (A)     622,672 18,144,662
Energy 5.3%     110,399,784
Energy equipment and services 2.8%      
Helmerich & Payne, Inc.     996,819 33,493,118
Liberty Energy, Inc.     1,487,634 25,393,912
Oil, gas and consumable fuels 2.5%      
Chord Energy Corp.     118,173 14,783,442
Magnolia Oil & Gas Corp., Class A     1,452,900 36,729,312
Financials 13.1%     270,466,024
Banks 12.1%      
Atlantic Union Bankshares Corp.     1,012,128 38,258,438
Banner Corp.     572,542 36,665,590
Cullen/Frost Bankers, Inc.     302,578 38,533,308
SEE NOTES TO FINANCIAL STATEMENTS  | JOHN HANCOCK SMALL CAP CORE FUND 2

Table of Contents
        Shares Value
Financials (continued)      
Banks (continued)      
Independent Bank Group, Inc.     441,293 $25,753,859
Pinnacle Financial Partners, Inc.     372,229 39,251,548
SouthState Corp.     423,723 41,325,704
Univest Financial Corp.     1,053,679 29,323,887
Financial services 1.0%      
Compass Diversified Holdings     984,041 21,353,690
Health care 14.4%     297,605,919
Biotechnology 1.4%      
ACADIA Pharmaceuticals, Inc. (A)     500,147 7,297,145
Ionis Pharmaceuticals, Inc. (A)     169,928 6,523,536
SpringWorks Therapeutics, Inc. (A)     285,103 8,590,153
Ultragenyx Pharmaceutical, Inc. (A)     127,142 6,482,971
Health care equipment and supplies 6.2%      
Globus Medical, Inc., Class A (A)     372,858 27,419,977
Inari Medical, Inc. (A)     362,716 17,555,454
Integer Holdings Corp. (A)     164,166 20,397,626
LivaNova PLC (A)     423,856 21,879,447
Merit Medical Systems, Inc. (A)     222,879 21,989,242
Teleflex, Inc.     91,264 18,349,540
Health care providers and services 3.4%      
Acadia Healthcare Company, Inc. (A)     311,252 13,287,348
Henry Schein, Inc. (A)     339,796 23,863,873
Option Care Health, Inc. (A)     733,625 16,902,720
Select Medical Holdings Corp.     495,436 15,893,587
Life sciences tools and services 2.0%      
Bio-Rad Laboratories, Inc., Class A (A)     70,775 25,350,897
Charles River Laboratories International, Inc. (A)     92,564 16,530,079
Pharmaceuticals 1.4%      
Jazz Pharmaceuticals PLC (A)     72,380 7,963,971
Prestige Consumer Healthcare, Inc. (A)     289,198 21,328,353
Industrials 18.2%     375,236,398
Aerospace and defense 1.4%      
Hexcel Corp.     488,301 28,658,386
Building products 4.6%      
Simpson Manufacturing Company, Inc.     205,071 36,869,715
The AZEK Company, Inc. (A)     643,208 28,301,152
Trex Company, Inc. (A)     420,391 29,784,702
Construction and engineering 3.6%      
Arcosa, Inc.     485,975 45,506,699
MasTec, Inc. (A)     228,990 28,140,581
3 JOHN HANCOCK SMALL CAP CORE FUND |  SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents
        Shares Value
Industrials (continued)      
Electrical equipment 3.0%      
Generac Holdings, Inc. (A)     148,854 $24,642,780
Regal Rexnord Corp.     224,065 37,315,785
Machinery 5.6%      
Atmus Filtration Technologies, Inc.     873,328 34,007,392
Crane Company     159,637 25,107,707
The Timken Company     374,538 31,086,654
The Toro Company     320,761 25,814,845
Information technology 21.7%     448,063,437
Electronic equipment, instruments and components 1.3%      
Advanced Energy Industries, Inc.     238,234 25,855,536
Semiconductors and semiconductor equipment 4.6%      
Alpha & Omega Semiconductor, Ltd. (A)     604,633 19,977,074
Ambarella, Inc. (A)     480,012 26,971,874
MACOM Technology Solutions Holdings, Inc. (A)     223,483 25,119,489
Veeco Instruments, Inc. (A)     817,711 23,533,723
Software 15.8%      
Adeia, Inc.     1,902,566 23,648,895
Alkami Technology, Inc. (A)     737,012 26,982,009
Braze, Inc., Class A (A)     697,183 21,933,377
CommVault Systems, Inc. (A)     256,667 40,088,819
CyberArk Software, Ltd. (A)     81,728 22,599,427
Progress Software Corp.     447,718 28,694,247
Q2 Holdings, Inc. (A)     434,615 36,794,506
Tenable Holdings, Inc. (A)     809,313 32,056,888
Varonis Systems, Inc. (A)     606,285 30,538,575
Xperi, Inc. (A)     1,658,368 15,140,900
Yext, Inc. (A)     4,477,878 32,419,837
Zuora, Inc., Class A (A)     1,586,693 15,708,261
Materials 4.0%     83,654,095
Chemicals 1.6%      
Avient Corp.     708,959 33,044,579
Construction materials 2.4%      
Summit Materials, Inc., Class A (A)     1,067,486 50,609,516
Real estate 4.7%     96,093,150
Hotel and resort REITs 1.2%      
Sunstone Hotel Investors, Inc.     2,374,889 23,962,630
Industrial REITs 3.5%      
EastGroup Properties, Inc.     208,122 35,647,136
First Industrial Realty Trust, Inc.     695,054 36,483,384
SEE NOTES TO FINANCIAL STATEMENTS  | JOHN HANCOCK SMALL CAP CORE FUND 4

Table of Contents
        Shares Value
Utilities 1.4%     $28,372,468
Multi-utilities 1.4%      
Unitil Corp.     490,110 28,372,468
    
    Yield (%)   Shares Value
Short-term investments 3.3%         $67,574,977
(Cost $67,561,938)          
Short-term funds 3.3%         67,574,977
John Hancock Collateral Trust (B) 4.6622(C)   6,755,404 67,574,977
    
Total investments (Cost $1,770,312,528) 101.5%     $2,095,451,633
Other assets and liabilities, net (1.5%)       (30,015,456)
Total net assets 100.0%         $2,065,436,177
    
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
(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 10-31-24.
At 10-31-24, the aggregate cost of investments for federal income tax purposes was $1,780,317,248. Net unrealized appreciation aggregated to $315,134,385, of which $400,144,635 related to gross unrealized appreciation and $85,010,250 related to gross unrealized depreciation.
5 JOHN HANCOCK SMALL CAP CORE FUND |  SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents
Financial statements
STATEMENT OF ASSETS AND LIABILITIES 10-31-24

Assets  
Unaffiliated investments, at value (Cost $1,702,750,590) $2,027,876,656
Affiliated investments, at value (Cost $67,561,938) 67,574,977
Total investments, at value (Cost $1,770,312,528) 2,095,451,633
Dividends and interest receivable 581,576
Receivable for fund shares sold 2,000,457
Receivable for investments sold 6,634,952
Other assets 146,516
Total assets 2,104,815,134
Liabilities  
Payable for investments purchased 37,697,996
Payable for fund shares repurchased 1,282,516
Payable to affiliates  
Accounting and legal services fees 96,631
Transfer agent fees 102,806
Trustees’ fees 1,610
Other liabilities and accrued expenses 197,398
Total liabilities 39,378,957
Net assets $2,065,436,177
Net assets consist of  
Paid-in capital $1,730,842,203
Total distributable earnings (loss) 334,593,974
Net assets $2,065,436,177
 
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 ($377,309,964 ÷ 22,527,016 shares)1 $16.75
Class I ($642,528,426 ÷ 37,956,884 shares) $16.93
Class R6 ($455,127,318 ÷ 26,746,283 shares) $17.02
Class NAV ($590,470,469 ÷ 34,711,610 shares) $17.01
Maximum offering price per share  
Class A (net asset value per share ÷ 95%)2 $17.63
    
1 Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
2 On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.
SEE NOTES TO FINANCIAL STATEMENTS  | JOHN HANCOCK Small Cap Core Fund 6

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STATEMENT OF OPERATIONS For the year ended 10-31-24

Investment income  
Dividends $20,300,629
Dividends from affiliated investments 2,772,433
Total investment income 23,073,062
Expenses  
Investment management fees 16,100,289
Distribution and service fees 897,831
Accounting and legal services fees 378,840
Transfer agent fees 1,145,102
Trustees’ fees 40,480
Custodian fees 225,035
State registration fees 111,638
Printing and postage 149,635
Professional fees 134,104
Other 65,530
Total expenses 19,248,484
Less expense reductions (181,361)
Net expenses 19,067,123
Net investment income 4,005,939
Realized and unrealized gain (loss)  
Net realized gain (loss) on  
Unaffiliated investments 42,402,926
Affiliated investments (20,389,579)
  22,013,347
Change in net unrealized appreciation (depreciation) of  
Unaffiliated investments 428,723,688
Affiliated investments 20,974,151
  449,697,839
Net realized and unrealized gain 471,711,186
Increase in net assets from operations $475,717,125
7 JOHN HANCOCK Small Cap Core Fund |  SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS  

  Year ended
10-31-24
Year ended
10-31-23
Increase (decrease) in net assets    
From operations    
Net investment income $4,005,939 $3,228,305
Net realized gain 22,013,347 9,051,670
Change in net unrealized appreciation (depreciation) 449,697,839 (99,552,501)
Increase (decrease) in net assets resulting from operations 475,717,125 (87,272,526)
Distributions to shareholders    
From earnings    
Class A (2,442,294) (3,167,148)
Class I (4,920,894) (5,170,175)
Class R6 (3,565,934) (2,991,328)
Class NAV (5,373,484) (4,861,848)
Total distributions (16,302,606) (16,190,499)
From fund share transactions (61,472,659) 88,461,649
Total increase (decrease) 397,941,860 (15,001,376)
Net assets    
Beginning of year 1,667,494,317 1,682,495,693
End of year $2,065,436,177 $1,667,494,317
SEE NOTES TO FINANCIAL STATEMENTS  | JOHN HANCOCK Small Cap Core Fund 8

Table of Contents
Financial highlights
CLASS A SHARES Period ended 10-31-24 10-31-23 10-31-22 10-31-21 10-31-20
Per share operating performance          
Net asset value, beginning of period $13.12 $13.97 $18.52 $12.22 $11.78
Net investment loss1 (0.01) (0.01) (0.07) (0.07) (0.02)
Net realized and unrealized gain (loss) on investments 3.75 (0.71) (2.42) 6.57 0.46
Total from investment operations 3.74 (0.72) (2.49) 6.50 0.44
Less distributions          
From net realized gain (0.11) (0.13) (2.06) (0.20)
Net asset value, end of period $16.75 $13.12 $13.97 $18.52 $12.22
Total return (%)2,3 28.55 (5.13) (14.93) 53.59 3.74
Ratios and supplemental data          
Net assets, end of period (in millions) $377 $301 $329 $377 $229
Ratios (as a percentage of average net assets):          
Expenses before reductions 1.24 1.25 1.24 1.24 1.30
Expenses including reductions 1.23 1.24 1.23 1.23 1.29
Net investment loss (0.06) (0.08) (0.45) (0.41) (0.19)
Portfolio turnover (%) 56 564 64 64 82
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
3 Does not reflect the effect of sales charges, if any.
4 Excludes in-kind transactions.
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CLASS I SHARES Period ended 10-31-24 10-31-23 10-31-22 10-31-21 10-31-20
Per share operating performance          
Net asset value, beginning of period $13.24 $14.06 $18.59 $12.25 $11.78
Net investment income (loss)1 0.03 0.02 (0.03) (0.03) 2
Net realized and unrealized gain (loss) on investments 3.79 (0.71) (2.44) 6.59 0.47
Total from investment operations 3.82 (0.69) (2.47) 6.56 0.47
Less distributions          
From net investment income (0.02) (0.02)
From net realized gain (0.11) (0.13) (2.06) (0.20)
Total distributions (0.13) (0.13) (2.06) (0.22)
Net asset value, end of period $16.93 $13.24 $14.06 $18.59 $12.25
Total return (%)3 28.93 (4.88) (14.74) 53.94 3.99
Ratios and supplemental data          
Net assets, end of period (in millions) $643 $537 $540 $308 $47
Ratios (as a percentage of average net assets):          
Expenses before reductions 0.99 1.00 0.99 0.99 1.04
Expenses including reductions 0.98 0.99 0.98 0.98 1.04
Net investment income (loss) 0.19 0.17 (0.18) (0.19) (0.01)
Portfolio turnover (%) 56 564 64 64 82
    
1 Based on average daily shares outstanding.
2 Less than $0.005 per share.
3 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
4 Excludes in-kind transactions.
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CLASS R6 SHARES Period ended 10-31-24 10-31-23 10-31-22 10-31-21 10-31-20
Per share operating performance          
Net asset value, beginning of period $13.31 $14.12 $18.65 $12.28 $11.79
Net investment income (loss)1 0.05 0.04 (0.01) (0.01) 0.02
Net realized and unrealized gain (loss) on investments 3.80 (0.72) (2.45) 6.61 0.47
Total from investment operations 3.85 (0.68) (2.46) 6.60 0.49
Less distributions          
From net investment income (0.03) (0.01) (0.03)
From net realized gain (0.11) (0.13) (2.06) (0.20)
Total distributions (0.14) (0.13) (2.07) (0.23)
Net asset value, end of period $17.02 $13.31 $14.12 $18.65 $12.28
Total return (%)2 29.04 (4.79) (14.64) 54.16 4.16
Ratios and supplemental data          
Net assets, end of period (in millions) $455 $328 $307 $242 $95
Ratios (as a percentage of average net assets):          
Expenses before reductions 0.88 0.89 0.89 0.89 0.93
Expenses including reductions 0.87 0.88 0.88 0.88 0.93
Net investment income (loss) 0.30 0.28 (0.09) (0.07) 0.16
Portfolio turnover (%) 56 563 64 64 82
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
3 Excludes in-kind transactions.
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CLASS NAV SHARES Period ended 10-31-24 10-31-23 10-31-22 10-31-21 10-31-20
Per share operating performance          
Net asset value, beginning of period $13.30 $14.11 $18.64 $12.27 $11.79
Net investment income (loss)1 0.05 0.04 (0.01) (0.01) 0.02
Net realized and unrealized gain (loss) on investments 3.80 (0.72) (2.45) 6.61 0.46
Total from investment operations 3.85 (0.68) (2.46) 6.60 0.48
Less distributions          
From net investment income (0.03) (0.01) (0.03)
From net realized gain (0.11) (0.13) (2.06) (0.20)
Total distributions (0.14) (0.13) (2.07) (0.23)
Net asset value, end of period $17.01 $13.30 $14.11 $18.64 $12.27
Total return (%)2 29.07 (4.79) (14.65) 54.07 4.16
Ratios and supplemental data          
Net assets, end of period (in millions) $590 $501 $507 $690 $342
Ratios (as a percentage of average net assets):          
Expenses before reductions 0.87 0.88 0.88 0.88 0.92
Expenses including reductions 0.86 0.88 0.87 0.87 0.91
Net investment income (loss) 0.31 0.29 (0.09) (0.05) 0.15
Portfolio turnover (%) 56 563 64 64 82
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
3 Excludes in-kind transactions.
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Notes to financial statements
Note 1Organization
John Hancock Small Cap Core Fund (the fund) is a series of John Hancock Investment Trust (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the fund is to seek long-term capital appreciation.
The fund may offer multiple classes of shares. The shares currently outstanding are detailed in the Statement of assets and liabilities. Class A shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class R6 shares are only available to certain retirement plans, institutions and other investors. Class NAV shares are offered to John Hancock affiliated funds of funds, retirement plans for employees of John Hancock and/or Manulife Financial Corporation, and certain 529 plans. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, and transfer agent fees for each class may differ.
Note 2Significant accounting policies
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. The fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of US GAAP.
Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the fund:
Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the NYSE pursuant to the Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC.
In order to value the securities, the fund uses the following valuation techniques: Equity securities, including exchange-traded or closed-end funds, are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Investments by the fund in open-end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day.
In certain instances, the Pricing Committee of the Advisor may determine to value equity securities using prices obtained from another exchange or market if trading on the exchange or market on which prices are typically obtained did not open for trading as scheduled, or if trading closed earlier than scheduled, and trading occurred as normal on another exchange or market.
Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the Pricing Committee following procedures established by the Advisor and adopted by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.
The fund uses a three tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities, including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates,
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prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Advisor’s assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.
As of October 31, 2024, all investments are categorized as Level 1 under the hierarchy described above.
Real estate investment trusts. The fund may invest in real estate investment trusts (REITs). Distributions from REITs may be recorded as income and subsequently characterized by the REIT at the end of their fiscal year as a reduction of cost of investments and/or as a realized gain. As a result, the fund will estimate the components of distributions from these securities. Such estimates are revised when the actual components of the distributions are known.
Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income is recorded on ex-date, except for dividends of certain foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the fund becomes aware of the dividends. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.
Overdraft. The fund may have the ability to borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the fund’s custodian agreement, the custodian may loan money to the fund to make properly authorized payments. The fund is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the extent of any overdraft, and to the maximum extent permitted by law.
Line of credit. The fund and other affiliated funds have entered into a syndicated line of credit agreement with Citibank, N.A. as the administrative agent that enables them to participate in a $1 billion unsecured committed line of credit, which is in effect through July 14, 2025 unless extended or renewed. Excluding commitments designated for a certain fund and subject to the needs of all other affiliated funds, the fund can borrow up to an aggregate commitment amount of $750 million, subject to asset coverage and other limitations as specified in the agreement. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund based on an asset-based allocation and is reflected in Other expenses on the Statement of operations. For the year ended October 31, 2024, the fund had no borrowings under the line of credit. Commitment fees for the year ended October 31, 2024 were $9,238.
Expenses. Within the John Hancock group of funds complex, expenses that are directly attributable to an individual fund are allocated to such fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Class allocations. Income, common expenses and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net assets of the class. Class-specific expenses, such as distribution and service fees, if any, and transfer agent fees, for all classes, are charged daily at the class level based on the net assets of each class and the specific expense rates applicable to each class.
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Federal income taxes. The fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.
As of October 31, 2024, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.
Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The fund generally declares and pays dividends annually. Capital gain distributions, if any, are typically distributed annually.
The tax character of distributions for the years ended October 31, 2024 and 2023 was as follows:
  October 31, 2024 October 31, 2023
Ordinary income $16,302,606 $508
Long-term capital gains 16,189,991
Total $16,302,606 $16,190,499
Distributions paid by the fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of October 31, 2024, the components of distributable earnings on a tax basis consisted of $12,653,289 of undistributed ordinary income and $6,806,300 of undistributed long-term capital gains.
Such distributions and distributable earnings, on a tax basis, if any, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund’s financial statements as a return of capital. 
Capital accounts within the financial statements are adjusted for permanent book-tax differences at fiscal year end. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to wash sale loss deferrals.
Note 3Guarantees and indemnifications
Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust, including the fund. Additionally, in the normal course of business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.
Note 4Fees and transactions with affiliates
John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the fund. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as principal underwriter of the fund. The Advisor and the Distributor are indirect, principally owned subsidiaries of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation.
Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor equivalent on an annual basis to the sum of: (a) 0.870% of the first $300 million of the fund’s average daily net assets, (b) 0.830% of the next $300 million of the fund’s average daily net assets, (c) 0.815% of the next $300 million of the fund’s average daily net assets, and (d) 0.800% of the
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fund’s average daily net assets in excess of $900 million. The Advisor has a subadvisory agreement with Manulife Investment Management (US) LLC, an indirectly owned subsidiary of Manulife Financial Corporation and an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.
The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the year ended October 31, 2024, this waiver amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.
For the year ended October 31, 2024, the expense reductions described above amounted to the following:
Class Expense reduction
Class A $33,076
Class I 56,691
Class R6 38,453
Class Expense reduction
Class NAV $53,141
Total $181,361
 
Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.
The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the year ended October 31, 2024, were equivalent to a net annual effective rate of 0.81% of the fund’s average daily net assets.
Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred, for the year ended October 31, 2024, amounted to an annual rate of 0.02% of the fund’s average daily net assets.
Distribution and service plans. The fund has a distribution agreement with the Distributor. The fund has adopted distribution and service plans for certain classes as detailed below pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the fund. The fund may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the fund’s shares:
Class Rule 12b-1 Fee
Class A 0.25%
Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $221,199 for the year ended October 31, 2024. Of this amount, $37,552 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $183,647 was paid as sales commissions to broker-dealers.
Class A shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares purchased, including those that are acquired through purchases of $1 million or more, and redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended October 31, 2024, CDSCs received by the Distributor amounted to $1,954 for Class A shares.
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Transfer agent fees. The John Hancock group of funds has a complex-wide transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an affiliate of the Advisor. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. It also includes out-of-pocket expenses, including payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain fees that Signature Services receives in connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to five categories of share classes: Retail Share and Institutional Share Classes of Non-Municipal Bond Funds, Class R6 Shares, Retirement Share Classes and Municipal Bond Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.
Class level expenses. Class level expenses for the year ended October 31, 2024 were as follows:
Class Distribution and service fees Transfer agent fees
Class A $897,831 $414,410
Class I 710,539
Class R6 20,153
Total $897,831 $1,145,102
Trustee expenses. The fund compensates each Trustee who is not an employee of the Advisor or its affiliates. The costs of paying Trustee compensation and expenses are allocated to the fund based on its net assets relative to other funds within the John Hancock group of funds complex.
Note 5Fund share transactions
Transactions in fund shares for the years ended October 31, 2024 and 2023 were as follows:
  Year Ended 10-31-24 Year Ended 10-31-23
  Shares Amount Shares Amount
Class A shares        
Sold 3,410,704 $53,545,493 3,165,462 $44,932,627
Distributions reinvested 156,868 2,425,186 237,850 3,146,755
Repurchased (4,008,778) (62,691,466) (3,980,424) (56,279,654)
Net decrease (441,206) $(6,720,787) (577,112) $(8,200,272)
Class I shares        
Sold 15,084,045 $237,644,002 20,224,335 $293,809,759
Distributions reinvested 290,151 4,523,450 375,567 5,002,557
Repurchased (17,943,388) (278,601,092) (18,455,277) (264,888,886)
Net increase (decrease) (2,569,192) $(36,433,640) 2,144,625 $33,923,430
Class R6 shares        
Sold 8,792,912 $138,153,909 9,568,676 $137,903,477
Distributions reinvested 227,036 3,555,383 223,403 2,989,129
Repurchased (6,951,646) (110,622,336) (6,871,884) (99,388,809)
Net increase 2,068,302 $31,086,956 2,920,195 $41,503,797
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  Year Ended 10-31-24 Year Ended 10-31-23
  Shares Amount Shares Amount
Class NAV shares        
Sold 726,429 $11,253,816 4,308,440 $60,866,306
Distributions reinvested 343,354 5,373,484 363,639 4,861,848
Repurchased (4,032,695) (66,032,488) (2,898,159) (44,493,460)
Net increase (decrease) (2,962,912) $(49,405,188) 1,773,920 $21,234,694
Total net increase (decrease) (3,905,008) $(61,472,659) 6,261,628 $88,461,649
Affiliates of the fund owned 1% and 100% of shares of Class R6 and Class NAV, respectively, on October 31, 2024. Such concentration of shareholders’ capital could have a material effect on the fund if such shareholders redeem from the fund.
On January 20, 2023 and June 28, 2023, there were redemptions in kind from Class R6 shares of $4,853,799 and $10,264,726, respectively, which represented approximately 0.3% and 0.6%, of the fund on the respective dates. For purposes of US GAAP, this transaction was treated as a sale of securities and the resulting gains and losses were recognized based on the market value of the securities on the date of the transfer. For tax purposes, no gains or losses were recognized.
Note 6Purchase and sale of securities
Purchases and sales of securities, other than short-term investments, amounted to $1,077,924,000 and $1,119,314,671, respectively, for the year ended October 31, 2024.
Note 7Investment by affiliated funds
Certain investors in the fund are affiliated funds that are managed by the Advisor and its affiliates. The affiliated funds do not invest in the fund for the purpose of exercising management or control; however, this investment may represent a significant portion of the fund’s net assets. At October 31, 2024, funds within the John Hancock group of funds complex held 28.6% of the fund’s net assets. The following fund(s) had an affiliate ownership of 5% or more of the fund’s net assets:
Fund Affiliated Concentration
John Hancock Funds II Multimanager Lifestyle Growth Portfolio 13.5%
John Hancock Funds II Multimanager Lifestyle Balanced Portfolio 8.4%
John Hancock Funds II Multimanager Lifestyle Aggressive Portfolio 6.0%
Note 8Investment in affiliated underlying funds
The fund may invest in affiliated underlying funds that are managed by the Advisor and its affiliates. Information regarding the fund’s fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital gains earned by the fund, if any, is as follows:
              Dividends and distributions
Affiliate Ending
share
amount
Beginning
value
Cost of
purchases
Proceeds
from shares
sold
Realized
gain
(loss)
Change in
unrealized
appreciation
(depreciation)
Income
distributions
received
Capital gain
distributions
received
Ending
value
John Hancock Collateral Trust 6,755,404 $65,305,603 $586,832,116 $(584,596,693) $33,381 $570 $2,772,433 $67,574,977
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Note 9Transactions in securities of affiliated issuers
Affiliated issuers, as defined by the 1940 Act, are those in which the fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the fund’s transactions in the securities of these issuers during the year ended October 31, 2024, is set forth below:
              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
Universal Electronics, Inc.* $5,361,362 $(5,911,983) $(20,422,960) $20,973,581
    
* The security was an affiliate at the beginning of the year and was sold prior to the end of the year.
Note 10Subsequent event
At its meeting held on December 12, 2024, the Board of Trustees of John Hancock Funds II, of which Small Cap Value Fund (Small Cap Value) is a series, voted to recommend that the shareholders of Small Cap Value approve a reorganization, which is expected to be tax-free, of Small Cap Value into the fund (the Reorganization). A shareholder meeting is scheduled to be held on or about April 10, 2025 to obtain shareholder approval for the reorganization.
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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Investment Trust and Shareholders of John Hancock Small Cap Core Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of John Hancock Small Cap Core Fund (one of the funds constituting John Hancock Investment Trust, referred to hereafter as the “Fund”) as of October 31, 2024, the related statement of operations for the year ended October 31, 2024, the statements of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2024 the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2024 and the financial highlights for each of the five years in the period ended October 31, 2024 in conformity with accounting principles generally accepted in the United States of America. 
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 16, 2024
We have served as the auditor of one or more investment companies in the John Hancock group of funds since 1988.
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Tax information
(Unaudited)
For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended October 31, 2024.
The fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.
The fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.
The fund reports the maximum amount allowable as Section 163(j) Interest Dividends.
The fund reports the maximum amount allowable of its Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).
Eligible shareholders will be mailed a 2024 Form 1099-DIV in early 2025. This will reflect the tax character of all distributions paid in calendar year 2024.
Please consult a tax advisor regarding the tax consequences of your investment in the fund.
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EVALUATION OF ADVISORY AND SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Investment Trust (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with  Manulife Investment Management (US) LLC (the Subadvisor) for John Hancock Small Cap Core Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 24-27, 2024 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a meeting held on May 28-May 30, 2024. The Trustees who are not “interested persons” of the Trust as defined by the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees) also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees and a third-party consulting firm.
Approval of Advisory and Subadvisory Agreements
At a meeting held on June 24-27, 2024, the Board, including the Trustees who are not parties to any Agreement or considered to be interested persons of the Trust under the 1940 Act, reapproved for an annual period the continuation of the Advisory Agreement between the Trust and the Advisor and the Subadvisory Agreement between the Advisor and the Subadvisor with respect to the fund.
In considering the Advisory Agreement and the Subadvisory Agreement, the Board received in advance of the meetings a variety of materials relating to the fund, the Advisor and the Subadvisor, including comparative performance, fee and expense information for a peer group of similar funds prepared by an independent third-party provider of fund data, performance information for an applicable benchmark index; and, with respect to the Subadvisor, comparative performance information for comparably managed accounts, as applicable, and other information provided by the Advisor and the Subadvisor regarding the nature, extent and quality of services provided by the Advisor and the Subadvisor under their respective Agreements, as well as information regarding the Advisor’s revenues and costs of providing services to the fund and any compensation paid to affiliates of the Advisor. At the meetings at which the renewal of the Advisory Agreement and Subadvisory Agreement are considered, particular focus is given to information concerning fund performance, comparability of fees and total expenses, and profitability. However, the Board noted that the evaluation process with respect to the Advisor and the Subadvisor is an ongoing one. In this regard, the Board also took into account discussions with management and information provided to the Board (including its various committees) at prior meetings with respect to the services provided by the Advisor and the Subadvisor to the fund, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Subadvisor with respect to the fund. The information received and considered by the Board in connection with the May and June meetings and throughout the year was both written and oral. The Board noted the affiliation of the Subadvisor with the Advisor, noting any potential conflicts of interest. The Board also considered the nature, quality, and extent of non-advisory services, if any, to be provided to the fund by the Advisor’s affiliates, including distribution services. The Board considered the Advisory Agreement and the Subadvisory Agreement separately in the course of its review. In doing so, the Board noted the respective roles of the Advisor and Subadvisor in providing services to the fund.
Throughout the process, the Board asked questions of and requested additional information from management. The Board is assisted by counsel for the Trust and the Independent Trustees are also separately assisted by independent legal counsel throughout the process. The Independent Trustees also received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed continuation of the Agreements and discussed the proposed continuation of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.
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Approval of Advisory Agreement
In approving the Advisory Agreement with respect to the fund, the Board, including the Independent Trustees, considered a variety of factors, including those discussed below. The Board also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets, and the industry) and did not treat any single factor as determinative, and each Trustee may have attributed different weights to different factors. The Board’s conclusions may be based in part on its consideration of the advisory and subadvisory arrangements in prior years and on the Board’s ongoing regular review of fund performance and operations throughout the year.
Nature, extent, and quality of services. Among the information received by the Board from the Advisor relating to the nature, extent, and quality of services provided to the fund, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor’s compliance and regulatory history, including its Form ADV. The Board also noted that on a regular basis it receives and reviews information from the Trust’s Chief Compliance Officer (CCO) regarding the fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board observed that the scope of services provided by the Advisor, and of the undertakings required of the Advisor in connection with those services, including maintaining and monitoring its own and the fund’s compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs, and cybersecurity programs, had expanded over time as a result of regulatory, market and other developments. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the fund, including, but not limited to, general supervision of and coordination of the services provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and third-party service providers. The Board also considered the significant risks assumed by the Advisor in connection with the services provided to the fund including entrepreneurial risk in sponsoring new funds and ongoing risks including investment, operational, enterprise, litigation, regulatory and compliance risks with respect to all funds.
In considering the nature, extent, and quality of the services provided by the Advisor, the Trustees also took into account their knowledge of the Advisor’s management and the quality of the performance of the Advisor’s duties, through Board meetings, discussions and reports during the preceding year and through each Trustee’s experience as a Trustee of the Trust and of the other trusts in the John Hancock group of funds complex (the John Hancock Fund Complex).
In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:
(a) the skills and competency with which the Advisor has in the past managed the Trust’s affairs and its subadvisory relationship, the Advisor’s oversight and monitoring of the Subadvisor’s investment performance and compliance programs, such as the Subadvisor’s compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor’s timeliness in responding to performance issues;
(b) the background, qualifications and skills of the Advisor’s personnel;
(c) the Advisor’s compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;
(d) the Advisor’s administrative capabilities, including its ability to supervise the other service providers for the fund, as well as the Advisor’s oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the fund, and bringing loss recovery actions on behalf of the fund;
(e) the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund;
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(f) the Advisor’s initiatives intended to improve various aspects of the Trust’s operations and investor experience with the fund; and
(g) the Advisor’s reputation and experience in serving as an investment advisor to the Trust and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments.
The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the fund.
Investment performance. In considering the fund’s performance, the Board noted that it reviews at its regularly scheduled meetings information about the fund’s performance results. In connection with the consideration of the Advisory Agreement, the Board:
(a) reviewed information prepared by management regarding the fund’s performance;
(b) considered the comparative performance of an applicable benchmark index;
(c) considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data; and
(d) took into account the Advisor’s analysis of the fund’s performance and its plans and recommendations regarding the Trust’s subadvisory arrangements generally.
The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and the results of the performance comparisons may vary depending on the selection of the peer group. The Board noted that the fund outperformed its benchmark index for the three-, five-, and ten-year periods and underperformed for the one-year period ended December 31, 2023. The Board also noted that the fund outperformed the peer group median for the one-, five-, and ten-year periods and underperformed for the three-year period ended December 31, 2023. The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to its benchmark index for the three-, five-, and ten-year periods and peer group median for the one-, five-, and ten-year periods. The Board concluded that the fund’s performance has generally been in line with or outperformed the historical performance of comparable funds and the fund’s benchmark index.
Fees and expenses. The Board reviewed comparative information prepared by an independent third-party provider of fund data, including, among other data, the fund’s contractual and net management fees (and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the fund in light of the nature, extent and quality of the management and advisory and subadvisory services provided by the Advisor and the Subadvisor. The Board considered the fund’s ranking within a smaller group of peer funds chosen by the independent third-party provider, as well as the fund’s ranking within a broader group of funds. In comparing the fund’s contractual and net management fees to those of comparable funds, the Board noted that such fees include both advisory and administrative costs. The Board noted that net management fees and net total expenses for the fund are higher than the peer group median.
The Board took into account management’s discussion of the fund’s expenses. The Board also took into account management’s discussion with respect to the overall management fee and the fees of the Subadvisor, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fee, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board also noted that the Advisor pays the subadvisory fee. In addition, the Board took into account that management had agreed to implement an overall fee waiver across the complex, including the fund, which is discussed further below. The Board also noted actions taken over the past several years to reduce the fund’s operating expenses. The Board also noted that, in addition, the Advisor is currently waiving fees and/or reimbursing expenses with respect to the fund and that the fund has breakpoints in its contractual management fee schedule that reduces management fees as
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assets increase. The Board noted that the fund has a voluntary fee waiver and/or expense reimbursement, which reduce certain expenses of the fund. The Board reviewed information provided by the Advisor concerning the investment advisory fee charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the John Hancock Fund Complex) having similar investment mandates, if any. The Board considered any differences between the Advisor’s and Subadvisor’s services to the fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to the fund is reasonable in light of the nature, extent and quality of the services provided to the fund under the Advisory Agreement.
Profitability/Fall out benefits. In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates (including the Subadvisor) from the Advisor’s relationship with the Trust, the Board:
(a) reviewed financial information of the Advisor;
(b) reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;
(c) received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund;
(d) received information with respect to the Advisor’s allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor’s allocation methodologies;
(e) considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability information reviewed by the Board;
(f) considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement;
(g) noted that affiliates of the Advisor provide transfer agency services and distribution services to the fund, and that the fund’s distributor also receives Rule 12b-1 payments to support distribution of the fund;
(h) noted that the fund’s Subadvisor is an affiliate of the Advisor;
(i) noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund;
(j) noted that the subadvisory fee for the fund is paid by the Advisor;
(k) considered the Advisor’s ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and
(l) considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the risks that it assumes as Advisor, including entrepreneurial, operational, reputational, litigation and regulatory risk.
Based upon its review, the Board concluded that the level of profitability, if any, of the Advisor and its affiliates (including the Subadvisor) from their relationship with the fund was reasonable and not excessive.
Economies of scale. In considering the extent to which economies of scale would be realized as the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders, the Board:
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(a) considered that the Advisor has contractually agreed to waive a portion of its management fee for certain funds of the John Hancock Fund Complex, including the fund (the participating portfolios) or otherwise reimburse the expenses of the participating portfolios (the reimbursement). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund;
(b) reviewed the fund’s advisory fee structure and concluded that: (i) the fund’s fee structure contains breakpoints at the subadvisory fee level and that such breakpoints are reflected as breakpoints in the advisory fees for the fund; and (ii) although economies of scale cannot be measured with precision, these arrangements permit shareholders of the fund to benefit from economies of scale if the fund grows. The Board also took into account management’s discussion of the fund’s advisory fee structure; and
(c) the Board also considered the effect of the fund’s growth in size on its performance and fees. The Board also noted that if the fund’s assets increase over time, the fund may realize other economies of scale.
Approval of Subadvisory Agreement
In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:
(1) information relating to the Subadvisor’s business, including current subadvisory services to the Trust (and other funds in the John Hancock Fund Complex);
(2) the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds; and
(3) the subadvisory fee for the fund, including any breakpoints, and to the extent available, comparable fee information prepared by an independent third-party provider of fund data.
Nature, extent, and quality of services. With respect to the services provided by the Subadvisor, the Board received information provided to the Board by the Subadvisor, including the Subadvisor’s Form ADV, as well as took into account information presented throughout the past year. The Board considered the Subadvisor’s current level of staffing and its overall resources, as well as received information relating to the Subadvisor’s compensation program. The Board reviewed the Subadvisor’s history and investment experience, as well as information regarding the qualifications, background, and responsibilities of the Subadvisor’s investment and compliance personnel who provide services to the fund. The Board also considered, among other things, the Subadvisor’s compliance program and any disciplinary history. The Board also considered the Subadvisor’s risk assessment and monitoring process. The Board reviewed the Subadvisor’s regulatory history, including whether it was involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate. The Board noted that the Advisor conducts regular, periodic reviews of the Subadvisor and its operations, including regarding investment processes and organizational and staffing matters. The Board also noted that the Trust’s CCO and his staff conduct regular, periodic compliance reviews with the Subadvisor and present reports to the Independent Trustees regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisor and procedures reasonably designed to assure compliance with the federal securities laws. The Board also took into account the financial condition of the Subadvisor.
The Board considered the Subadvisor’s investment process and philosophy. The Board took into account that the Subadvisor’s responsibilities include the development and maintenance of an investment program for the fund that is consistent with the fund’s investment objective, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also received information with respect to the Subadvisor’s brokerage policies and practices, including with respect to best execution and soft dollars.
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Subadvisor compensation. In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the fund, the Board noted that the fees under the Subadvisory Agreement are paid by the Advisor and not the fund. The Board also received information and took into account any other potential conflicts of interest the Advisor might have in connection with the Subadvisory Agreement.
In addition, the Board considered other potential indirect benefits that the Subadvisor and its affiliates may receive from the Subadvisor’s relationship with the fund, such as the opportunity to provide advisory services to additional funds in the John Hancock Fund Complex and reputational benefits.
Subadvisory fees. The Board considered that the fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays a subadvisory fee to the Subadvisor. As noted above, the Board also considered the fund’s subadvisory fees as compared to similarly situated investment companies deemed to be comparable to the fund as included in the report prepared by the independent third party provider of fund data, to the extent available. The Board noted that the limited size of the Lipper peer group was not sufficient for comparative purposes. The Board also took into account the subadvisory fees paid by the Advisor to the Subadvisor with respect to the fund and compared them to fees charged by the Subadvisor to manage other subadvised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.
Subadvisor performance. As noted above, the Board considered the fund’s performance as compared to the fund’s peer group and the benchmark index and noted that the Board reviews information about the fund’s performance results at its regularly scheduled meetings. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadvisor. The Board was mindful of the Advisor’s focus on the Subadvisor’s performance. The Board also noted the Subadvisor’s long-term performance record for similar accounts, as applicable.
The Board’s decision to approve the Subadvisory Agreement was based on a number of determinations, including the following:
(1) the Subadvisor has extensive experience and demonstrated skills as a manager;
(2) the performance of the fund has generally been in line with or outperformed the historical performance of comparable funds and the fund’s benchmark index;
(3) the subadvisory fee is reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and
(4) noted that the subadvisory fees are paid by the Advisor not the fund and that the subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit shareholders to benefit from economies of scale if the fund grows.
***
Based on the Board’s evaluation of all factors that the Board deemed to be material, including those factors described above, the Board, including the Independent Trustees, concluded that renewal of the Advisory Agreement and the Subadvisory Agreement would be in the best interest of the fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Advisory Agreement and Subadvisory Agreement for an additional one-year period.
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John Hancock Investment Management Distributors LLC, Member FINRA, SIPC
200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife Investment Management, the Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
This report is for the information of the shareholders of John Hancock Small Cap Core Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
MF3988680 445A 10/24
12/24


ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.



ITEM 9. PROXY DISCLOSURE FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Information included in Item 7, if applicable.



ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Refer to information included in Item 7.



ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Information included in Item 7, if applicable.



ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.



ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.



ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATE PURCHASERS.

Not applicable.



ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No material changes.



ITEM 16. 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 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.



ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.



 

ITEM 19. EXHIBITS.

(a)(1) Code of Ethics for Covered Officers is attached.

(a)(2) Not applicable.

(a)(3) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(b) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.

 
 

                                                                        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/ Kristie M. Feinberg
------------------------------
Kristie M. Feinberg
President, Principal Executive Officer
Date: December 16, 2024

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/ Kristie M. Feinberg
------------------------------
Kristie M. Feinberg
President, Principal Executive Officer
Date: December 16, 2024
By: /s/ Fernando A. Silva
---------------------------
Fernando A. Silva
Chief Financial Officer, Principal Financial Officer
Date: December 16, 2024