1 | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | SEMIANNUAL REPORT |
SEMIANNUAL REPORT | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | 2 |
TOP 10 HOLDINGS AS OF 6/30/2022 (% of net assets) | |
Johnson & Johnson | 2.6 |
Pfizer, Inc. | 2.3 |
Merck & Company, Inc. | 2.0 |
Philip Morris International, Inc. | 1.8 |
Verizon Communications, Inc. | 1.3 |
Texas Instruments, Inc. | 1.3 |
AbbVie, Inc. | 1.3 |
The Progressive Corp. | 1.3 |
National Grid PLC | 1.2 |
Novartis AG | 1.2 |
TOTAL | 16.3 |
Cash and cash equivalents are not included. |
3 | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | SEMIANNUAL REPORT |
COUNTRY COMPOSITION AS OF 6/30/2022 (% of net assets) | |
United States | 46.4 |
United Kingdom | 8.6 |
Japan | 7.8 |
France | 5.2 |
Switzerland | 4.3 |
Canada | 3.6 |
Taiwan | 3.0 |
Spain | 2.8 |
Australia | 1.9 |
Hong Kong | 1.6 |
Other countries | 14.8 |
TOTAL | 100.0 |
SEMIANNUAL REPORT | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | 4 |
Shares | Value | ||||
Common stocks 96.3% | $140,112,249 | ||||
(Cost $150,311,577) | |||||
Communication services 6.8% | 9,835,387 | ||||
Diversified telecommunication services 4.4% | |||||
AT&T, Inc. | 25,167 | 527,500 | |||
BT Group PLC | 311,420 | 707,782 | |||
Hellenic Telecommunications Organization SA | 76,926 | 1,343,502 | |||
Koninklijke KPN NV | 171,609 | 610,607 | |||
KT Corp. | 3,904 | 109,774 | |||
Magyar Telekom Telecommunications PLC | 23,212 | 19,647 | |||
Orange SA | 9,371 | 110,424 | |||
Telefonica Brasil SA | 6,941 | 62,415 | |||
Telenor ASA | 27,532 | 367,916 | |||
Telkom Indonesia Persero Tbk PT | 2,029,140 | 545,869 | |||
Turk Telekomunikasyon AS | 70,215 | 37,040 | |||
Verizon Communications, Inc. | 38,701 | 1,964,076 | |||
Entertainment 0.2% | |||||
DeNA Company, Ltd. | 4,250 | 59,356 | |||
Nintendo Company, Ltd. | 432 | 185,784 | |||
Media 1.6% | |||||
Comcast Corp., Class A | 25,145 | 986,690 | |||
Criteo SA, ADR (A) | 754 | 18,398 | |||
Fuji Media Holdings, Inc. | 2,855 | 24,181 | |||
Metropole Television SA | 3,434 | 50,920 | |||
Nippon Television Holdings, Inc. | 5,360 | 47,695 | |||
Omnicom Group, Inc. | 5,774 | 367,284 | |||
Paramount Global, Class B | 1,287 | 31,763 | |||
Publicis Groupe SA | 11,066 | 544,232 | |||
RTL Group SA | 1,672 | 70,034 | |||
Television Francaise 1 | 7,903 | 56,065 | |||
TV Asahi Holdings Corp. | 3,570 | 38,908 | |||
WPP PLC | 12,493 | 126,195 | |||
Zee Entertainment Enterprises, Ltd. | 4,466 | 12,157 | |||
Wireless telecommunication services 0.6% | |||||
America Movil SAB de CV, Series L, ADR | 1,050 | 21,452 | |||
KDDI Corp. | 23,500 | 741,057 | |||
MTN Group, Ltd. | 1,907 | 15,518 | |||
SK Telecom Company, Ltd. | 113 | 4,535 | |||
Turkcell Iletisim Hizmetleri AS | 27,277 | 26,611 | |||
Consumer discretionary 7.0% | 10,210,318 | ||||
Auto components 0.4% | |||||
Continental AG | 964 | 67,662 |
5 | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Shares | Value | ||||
Consumer discretionary (continued) | |||||
Auto components (continued) | |||||
Fuyao Glass Industry Group Company, Ltd., H Shares (B) | 2,635 | $13,330 | |||
Hankook Tire & Technology Company, Ltd. | 2,064 | 52,618 | |||
Hyundai Mobis Company, Ltd. | 447 | 68,899 | |||
NOK Corp. | 5,825 | 47,344 | |||
Stanley Electric Company, Ltd. | 4,338 | 71,216 | |||
Sumitomo Electric Industries, Ltd. | 8,020 | 88,625 | |||
Sumitomo Rubber Industries, Ltd. | 4,980 | 42,587 | |||
Tachi-S Company, Ltd. | 2,880 | 23,246 | |||
Tokai Rika Company, Ltd. | 4,310 | 47,014 | |||
Toyoda Gosei Company, Ltd. | 2,670 | 42,130 | |||
TS Tech Company, Ltd. | 4,630 | 47,935 | |||
Unipres Corp. | 4,540 | 26,821 | |||
Automobiles 2.0% | |||||
Bajaj Auto, Ltd. | 13,283 | 624,697 | |||
Bayerische Motoren Werke AG | 3,020 | 234,112 | |||
Dongfeng Motor Group Company, Ltd., H Shares | 102,896 | 78,334 | |||
Ford Motor Company | 1,025 | 11,408 | |||
Great Wall Motor Company, Ltd., H Shares | 69,731 | 144,427 | |||
Hero MotoCorp, Ltd. | 660 | 22,919 | |||
Honda Motor Company, Ltd. | 7,870 | 189,754 | |||
Isuzu Motors, Ltd. | 68,722 | 760,160 | |||
Mercedes-Benz Group AG | 1,473 | 85,549 | |||
Nissan Motor Company, Ltd. (A) | 17,690 | 69,285 | |||
Renault SA (A) | 2,487 | 62,787 | |||
Stellantis NV | 7,652 | 94,998 | |||
Subaru Corp. | 4,844 | 85,683 | |||
Toyota Motor Corp. | 30,760 | 474,605 | |||
Yadea Group Holdings, Ltd. (B) | 7,835 | 15,366 | |||
Diversified consumer services 0.0% | |||||
Benesse Holdings, Inc. | 380 | 6,149 | |||
Hotels, restaurants and leisure 1.1% | |||||
Darden Restaurants, Inc. | 3,434 | 388,454 | |||
McDonald’s Corp. | 1,310 | 323,413 | |||
OPAP SA | 20,499 | 294,846 | |||
Sands China, Ltd. (A) | 187,200 | 450,347 | |||
Starbucks Corp. | 1,065 | 81,355 | |||
Household durables 1.0% | |||||
Coway Company, Ltd. | 1,215 | 60,115 | |||
Electrolux AB, Series B | 6,470 | 87,389 | |||
Garmin, Ltd. | 4,054 | 398,306 | |||
Nikon Corp. | 4,555 | 52,527 | |||
Persimmon PLC | 8,559 | 194,733 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | 6 |
Shares | Value | ||||
Consumer discretionary (continued) | |||||
Household durables (continued) | |||||
Sekisui House, Ltd. | 36,224 | $635,925 | |||
Tamron Company, Ltd. | 710 | 13,158 | |||
Internet and direct marketing retail 0.0% | |||||
ASKUL Corp. | 4,400 | 52,587 | |||
Leisure products 0.2% | |||||
Bandai Namco Holdings, Inc. | 1,951 | 137,727 | |||
Hasbro, Inc. | 1,167 | 95,554 | |||
Specialty retail 2.1% | |||||
Adastria Company, Ltd. | 1,910 | 31,612 | |||
CECONOMY AG | 9,121 | 25,571 | |||
Industria de Diseno Textil SA | 36,346 | 825,980 | |||
Kingfisher PLC | 14,177 | 42,368 | |||
Mr. Price Group, Ltd. | 48,901 | 536,229 | |||
Shimamura Company, Ltd. | 800 | 70,292 | |||
The Home Depot, Inc. | 4,144 | 1,136,575 | |||
The TJX Companies, Inc. | 3,193 | 178,329 | |||
USS Company, Ltd. | 8,151 | 141,274 | |||
Xebio Holdings Company, Ltd. | 4,605 | 31,462 | |||
Textiles, apparel and luxury goods 0.2% | |||||
ANTA Sports Products, Ltd. | 1,011 | 12,442 | |||
Li Ning Company, Ltd. | 8,335 | 77,608 | |||
Sanyo Shokai, Ltd. (A) | 1,690 | 12,123 | |||
The Swatch Group AG, Bearer Shares | 326 | 77,438 | |||
VF Corp. | 2,584 | 114,135 | |||
Yue Yuen Industrial Holdings, Ltd. | 23,639 | 30,784 | |||
Consumer staples 8.1% | 11,839,509 | ||||
Beverages 0.7% | |||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 19,861 | 32,470 | |||
Coca-Cola Icecek AS | 6,046 | 46,927 | |||
Embotelladora Andina SA, Series B, ADR | 5,524 | 61,427 | |||
Kirin Holdings Company, Ltd. | 4,920 | 77,721 | |||
PepsiCo, Inc. | 2,061 | 343,486 | |||
The Coca-Cola Company | 7,971 | 501,456 | |||
Food and staples retailing 0.3% | |||||
Atacadao SA | 6,878 | 21,908 | |||
Carrefour SA | 4,387 | 77,875 | |||
J Sainsbury PLC | 23,957 | 59,621 | |||
Marks & Spencer Group PLC (A) | 8,330 | 13,820 | |||
Sundrug Company, Ltd. | 1,761 | 39,382 | |||
Sysco Corp. | 1,204 | 101,991 | |||
Tsuruha Holdings, Inc. | 1,165 | 63,393 |
7 | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Shares | Value | ||||
Consumer staples (continued) | |||||
Food products 2.0% | |||||
Archer-Daniels-Midland Company | 1,660 | $128,816 | |||
Astral Foods, Ltd. | 3,149 | 36,636 | |||
General Mills, Inc. | 4,078 | 307,685 | |||
Kellogg Company | 16,227 | 1,157,634 | |||
Mondelez International, Inc., Class A | 5,980 | 371,298 | |||
Nestle SA | 7,269 | 849,548 | |||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 95,056 | 7,407 | |||
The J.M. Smucker Company | 592 | 75,782 | |||
Ulker Biskuvi Sanayi AS (A) | 20,496 | 17,732 | |||
WH Group, Ltd. (B) | 47,583 | 36,829 | |||
Household products 1.8% | |||||
Colgate-Palmolive Company | 3,747 | 300,285 | |||
Kimberly-Clark Corp. | 3,556 | 480,593 | |||
The Clorox Company | 813 | 114,617 | |||
The Procter & Gamble Company | 11,724 | 1,685,794 | |||
Personal products 0.2% | |||||
Unilever PLC | 2,538 | 115,682 | |||
Unilever PLC, ADR | 4,490 | 205,777 | |||
Tobacco 3.1% | |||||
Altria Group, Inc. | 15,544 | 649,273 | |||
British American Tobacco PLC | 9,062 | 388,436 | |||
ITC, Ltd. | 188,192 | 650,579 | |||
KT&G Corp. | 3,120 | 197,761 | |||
Philip Morris International, Inc. | 26,533 | 2,619,868 | |||
Energy 5.1% | 7,446,183 | ||||
Energy equipment and services 0.0% | |||||
Fugro NV (A) | 3,537 | 44,521 | |||
Trican Well Service, Ltd. (A) | 8,979 | 25,740 | |||
Oil, gas and consumable fuels 5.1% | |||||
ARC Resources, Ltd. | 3,379 | 42,605 | |||
BP PLC | 57,340 | 269,240 | |||
Cameco Corp. | 3,292 | 69,206 | |||
Chevron Corp. | 2,447 | 354,277 | |||
ConocoPhillips | 4,344 | 390,135 | |||
Coterra Energy, Inc. | 5,673 | 146,307 | |||
Enbridge, Inc. | 27,895 | 1,178,039 | |||
Eni SpA | 13,632 | 161,685 | |||
EOG Resources, Inc. | 655 | 72,338 | |||
Exxon Mobil Corp. | 5,304 | 454,235 | |||
Foresight Energy LLC (A) | 191 | 3,239 | |||
Inpex Corp. | 7,271 | 77,947 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | 8 |
Shares | Value | ||||
Energy (continued) | |||||
Oil, gas and consumable fuels (continued) | |||||
Japan Petroleum Exploration Company, Ltd. | 1,425 | $33,428 | |||
Oil & Natural Gas Corp., Ltd. | 18,325 | 34,937 | |||
Phillips 66 | 972 | 79,694 | |||
Pioneer Natural Resources Company | 325 | 72,501 | |||
Repsol SA | 42,731 | 629,940 | |||
Shell PLC | 15,738 | 409,861 | |||
TC Energy Corp. | 25,296 | 1,310,393 | |||
TotalEnergies SE | 25,943 | 1,365,561 | |||
Ultrapar Participacoes SA | 22,716 | 53,432 | |||
Woodside Energy Group, Ltd. | 3,742 | 82,244 | |||
Yankuang Energy Group Company, Ltd., H Shares | 23,175 | 72,499 | |||
YPF SA, ADR (A) | 3,736 | 12,179 | |||
Financials 18.9% | 27,481,215 | ||||
Banks 6.9% | |||||
ABN AMRO Bank NV (B) | 6,875 | 77,251 | |||
AIB Group PLC | 29,301 | 66,874 | |||
Bank Mandiri Persero Tbk PT | 194,867 | 104,062 | |||
Bank of America Corp. | 37,616 | 1,170,986 | |||
Bank of Ireland Group PLC | 14,098 | 89,108 | |||
BNP Paribas SA | 2,642 | 126,372 | |||
BPER Banca | 35,830 | 59,060 | |||
CaixaBank SA | 31,547 | 110,479 | |||
Canara Bank | 15,612 | 35,959 | |||
CIMB Group Holdings BHD | 61,751 | 69,490 | |||
CTBC Financial Holding Company, Ltd. | 727,287 | 615,176 | |||
Dah Sing Financial Holdings, Ltd. | 10,722 | 30,646 | |||
DGB Financial Group, Inc. | 7,656 | 44,948 | |||
DNB Bank ASA | 41,436 | 750,139 | |||
Erste Group Bank AG | 2,289 | 58,166 | |||
Huntington Bancshares, Inc. | 10,940 | 131,608 | |||
Industrial Bank of Korea | 4,792 | 35,589 | |||
ING Groep NV | 8,955 | 88,221 | |||
JPMorgan Chase & Co. | 2,792 | 314,407 | |||
Kasikornbank PCL | 17,152 | 73,193 | |||
Kasikornbank PCL, NVDR | 11,619 | 49,582 | |||
KB Financial Group, Inc. | 2,790 | 104,188 | |||
M&T Bank Corp. | 921 | 146,798 | |||
Mitsubishi UFJ Financial Group, Inc. | 166,979 | 893,346 | |||
Powszechna Kasa Oszczednosci Bank Polski SA (A) | 1,923 | 12,062 | |||
Resona Holdings, Inc. | 31,620 | 118,275 | |||
Royal Bank of Canada | 11,171 | 1,081,692 | |||
Sberbank of Russia PJSC, ADR (A)(C) | 3,353 | 741 |
9 | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Shares | Value | ||||
Financials (continued) | |||||
Banks (continued) | |||||
Shinhan Financial Group Company, Ltd. | 4,032 | $115,615 | |||
Societe Generale SA | 4,537 | 100,312 | |||
Standard Chartered PLC | 114,803 | 866,693 | |||
Sumitomo Mitsui Financial Group, Inc. | 3,000 | 89,175 | |||
Sumitomo Mitsui Trust Holdings, Inc. | 3,490 | 107,862 | |||
The Bank of Nova Scotia | 19,745 | 1,168,563 | |||
The PNC Financial Services Group, Inc. | 1,120 | 176,702 | |||
The Tochigi Bank, Ltd. | 8,900 | 16,843 | |||
Truist Financial Corp. | 12,775 | 605,918 | |||
Unicaja Banco SA (B) | 58,048 | 56,967 | |||
UniCredit SpA | 12,659 | 120,974 | |||
VTB Bank PJSC, GDR (C) | 55,420 | 942 | |||
Woori Financial Group, Inc. | 14,991 | 140,327 | |||
Capital markets 3.9% | |||||
Ares Management Corp., Class A | 15,387 | 874,905 | |||
BlackRock, Inc. | 1,162 | 707,704 | |||
CME Group, Inc. | 3,863 | 790,756 | |||
GAM Holding AG (A) | 3,515 | 2,912 | |||
Hargreaves Lansdown PLC | 1,307 | 12,611 | |||
Ichiyoshi Securities Company, Ltd. | 3,860 | 18,521 | |||
Invesco, Ltd. | 6,139 | 99,022 | |||
Julius Baer Group, Ltd. | 465 | 21,571 | |||
MarketAxess Holdings, Inc. | 78 | 19,969 | |||
Morgan Stanley | 4,742 | 360,677 | |||
Nomura Holdings, Inc. | 9,143 | 33,217 | |||
Partners Group Holding AG | 163 | 147,205 | |||
State Street Corp. | 714 | 44,018 | |||
T. Rowe Price Group, Inc. | 4,913 | 558,166 | |||
The Blackstone Group, Inc. | 6,925 | 631,768 | |||
The Carlyle Group, Inc. | 3,329 | 105,396 | |||
UBS Group AG | 75,236 | 1,216,320 | |||
Consumer finance 0.1% | |||||
360 DigiTech, Inc., ADR | 3,165 | 54,755 | |||
Lufax Holding, Ltd., ADR | 21,052 | 126,312 | |||
Provident Financial PLC | 11,741 | 28,596 | |||
Diversified financial services 0.6% | |||||
Apollo Global Management, Inc. | 865 | 41,935 | |||
FirstRand, Ltd. | 55,524 | 213,680 | |||
G-Resources Group, Ltd. | 18,261 | 5,595 | |||
Yuanta Financial Holding Company, Ltd. | 840,096 | 556,407 | |||
Insurance 7.1% | |||||
Admiral Group PLC | 13,900 | 380,584 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | 10 |
Shares | Value | ||||
Financials (continued) | |||||
Insurance (continued) | |||||
Aegon NV | 122,620 | $528,079 | |||
Ageas SA/NV | 1,867 | 82,321 | |||
Allianz SE | 1,615 | 309,612 | |||
Arthur J. Gallagher & Company | 557 | 90,813 | |||
Assicurazioni Generali SpA | 21,890 | 349,644 | |||
Aviva PLC | 25,830 | 126,522 | |||
AXA SA | 71,028 | 1,622,388 | |||
Caixa Seguridade Participacoes S/A | 38,931 | 51,551 | |||
China Reinsurance Group Corp., H Shares | 627,534 | 52,030 | |||
Chubb, Ltd. | 1,717 | 337,528 | |||
Dai-ichi Life Holdings, Inc. | 5,775 | 106,811 | |||
Fidelity National Financial, Inc. | 1,054 | 38,956 | |||
Legal & General Group PLC | 140,810 | 411,668 | |||
MetLife, Inc. | 6,741 | 423,267 | |||
MS&AD Insurance Group Holdings, Inc. | 3,670 | 112,535 | |||
Muenchener Rueckversicherungs-Gesellschaft AG | 48 | 11,354 | |||
Old Mutual, Ltd. | 84,507 | 57,276 | |||
Phoenix Group Holdings PLC | 56,398 | 406,322 | |||
Powszechny Zaklad Ubezpieczen SA | 30,835 | 206,727 | |||
Principal Financial Group, Inc. | 1,488 | 99,384 | |||
Sanlam, Ltd. | 42,503 | 138,144 | |||
SCOR SE | 2,593 | 55,851 | |||
Suncorp Group, Ltd. | 80,766 | 615,901 | |||
Swiss Re AG | 2,510 | 194,821 | |||
T&D Holdings, Inc. | 11,445 | 137,003 | |||
The Progressive Corp. | 15,658 | 1,820,556 | |||
Tokio Marine Holdings, Inc. | 19,100 | 1,113,758 | |||
Tongyang Life Insurance Company, Ltd. | 5,110 | 22,515 | |||
Zurich Insurance Group AG | 1,007 | 439,126 | |||
Mortgage real estate investment trusts 0.3% | |||||
Annaly Capital Management, Inc. | 74,592 | 440,839 | |||
Health care 13.6% | 19,810,644 | ||||
Biotechnology 1.5% | |||||
AbbVie, Inc. | 12,134 | 1,858,443 | |||
Amgen, Inc. | 1,180 | 287,094 | |||
Health care equipment and supplies 0.8% | |||||
Abbott Laboratories | 763 | 82,900 | |||
Koninklijke Philips NV | 3,614 | 77,515 | |||
Koninklijke Philips NV, NYRS | 3,573 | 76,927 | |||
Medtronic PLC | 9,635 | 864,741 | |||
Paramount Bed Holdings Company, Ltd. | 2,330 | 37,865 |
11 | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Shares | Value | ||||
Health care (continued) | |||||
Health care providers and services 0.5% | |||||
Alfresa Holdings Corp. | 4,250 | $57,141 | |||
Cardinal Health, Inc. | 2,180 | 113,949 | |||
CVS Health Corp. | 4,375 | 405,388 | |||
Fresenius SE & Company KGaA | 4,050 | 123,167 | |||
Netcare, Ltd. | 50,905 | 44,943 | |||
UnitedHealth Group, Inc. | 59 | 30,304 | |||
Life sciences tools and services 0.0% | |||||
CMIC Holdings Company, Ltd. | 1,290 | 13,651 | |||
Pharmaceuticals 10.8% | |||||
AstraZeneca PLC | 9,363 | 1,235,183 | |||
AstraZeneca PLC, ADR | 3,110 | 205,478 | |||
Bristol-Myers Squibb Company | 16,987 | 1,307,999 | |||
Eisai Company, Ltd. | 700 | 29,596 | |||
Eli Lilly & Company | 564 | 182,866 | |||
Johnson & Johnson | 21,137 | 3,752,029 | |||
Kissei Pharmaceutical Company, Ltd. | 1,670 | 32,686 | |||
Merck & Company, Inc. | 31,415 | 2,864,106 | |||
Novartis AG | 20,027 | 1,697,901 | |||
Ono Pharmaceutical Company, Ltd. | 5,650 | 145,144 | |||
Pfizer, Inc. | 62,998 | 3,302,981 | |||
Roche Holding AG | 1,931 | 645,533 | |||
Sanofi | 1,353 | 136,445 | |||
Takeda Pharmaceutical Company, Ltd. | 7,073 | 198,669 | |||
Industrials 9.2% | 13,392,005 | ||||
Aerospace and defense 2.5% | |||||
Austal, Ltd. | 25,798 | 32,052 | |||
Babcock International Group PLC (A) | 15,728 | 59,374 | |||
BAE Systems PLC | 122,864 | 1,243,874 | |||
Dassault Aviation SA | 511 | 79,799 | |||
General Dynamics Corp. | 1,223 | 270,589 | |||
L3Harris Technologies, Inc. | 899 | 217,288 | |||
Lockheed Martin Corp. | 3,511 | 1,509,590 | |||
Raytheon Technologies Corp. | 1,616 | 155,314 | |||
Air freight and logistics 0.3% | |||||
bpost SA | 4,152 | 24,603 | |||
CH Robinson Worldwide, Inc. | 933 | 94,578 | |||
PostNL NV | 11,384 | 34,488 | |||
United Parcel Service, Inc., Class B | 1,213 | 221,421 | |||
Yamato Holdings Company, Ltd. | 5,080 | 81,296 | |||
Airlines 0.1% | |||||
easyJet PLC (A) | 12,715 | 57,111 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | 12 |
Shares | Value | ||||
Industrials (continued) | |||||
Airlines (continued) | |||||
Japan Airlines Company, Ltd. (A) | 4,420 | $75,943 | |||
Building products 0.5% | |||||
Cie de Saint-Gobain | 3,132 | 135,331 | |||
Johnson Controls International PLC | 11,444 | 547,939 | |||
Commercial services and supplies 0.1% | |||||
Aeon Delight Company, Ltd. | 1,979 | 43,340 | |||
Prosegur Cia de Seguridad SA | 18,289 | 32,427 | |||
Waste Management, Inc. | 156 | 23,865 | |||
Construction and engineering 1.1% | |||||
China Railway Group, Ltd., H Shares | 992,576 | 614,442 | |||
Chiyoda Corp. (A) | 5,915 | 18,627 | |||
Implenia AG (A) | 1,605 | 36,807 | |||
JGC Holdings Corp. | 7,765 | 99,737 | |||
Vinci SA | 8,965 | 804,711 | |||
Electrical equipment 0.4% | |||||
Cosel Company, Ltd. | 4,060 | 24,507 | |||
Eaton Corp. PLC | 1,783 | 224,640 | |||
Emerson Electric Company | 371 | 29,509 | |||
Hubbell, Inc. | 1,059 | 189,116 | |||
Ushio, Inc. | 2,510 | 31,086 | |||
Zumtobel Group AG | 2,338 | 17,287 | |||
Industrial conglomerates 0.7% | |||||
3M Company | 2,393 | 309,678 | |||
Honeywell International, Inc. | 1,082 | 188,062 | |||
Toshiba Corp. | 14,342 | 582,720 | |||
Machinery 1.1% | |||||
Caterpillar, Inc. | 126 | 22,524 | |||
Daimler Truck Holding AG (A) | 3,805 | 100,208 | |||
Hino Motors, Ltd. | 10,810 | 55,645 | |||
Hisaka Works, Ltd. | 2,660 | 16,444 | |||
Kone OYJ, B Shares | 6,959 | 332,607 | |||
Makino Milling Machine Company, Ltd. | 1,720 | 53,712 | |||
Makita Corp. | 2,437 | 60,405 | |||
Mitsubishi Heavy Industries, Ltd. | 1,505 | 52,602 | |||
OKUMA Corp. | 1,260 | 47,322 | |||
PACCAR, Inc. | 5,843 | 481,113 | |||
SKF AB, B Shares | 6,883 | 102,118 | |||
Stanley Black & Decker, Inc. | 413 | 43,307 | |||
Sumitomo Heavy Industries, Ltd. | 3,280 | 72,608 | |||
THK Company, Ltd. | 4,330 | 81,559 | |||
Wartsila OYJ ABP | 7,456 | 58,446 |
13 | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Shares | Value | ||||
Industrials (continued) | |||||
Marine 0.2% | |||||
A.P. Moller - Maersk A/S, Series B | 103 | $241,803 | |||
Evergreen Marine Corp. Taiwan, Ltd. | 33,774 | 95,995 | |||
Pacific Basin Shipping, Ltd. | 48,062 | 18,478 | |||
Professional services 0.7% | |||||
Adecco Group AG | 3,099 | 105,629 | |||
Bureau Veritas SA | 30,315 | 779,946 | |||
Hays PLC | 38,366 | 52,469 | |||
Pagegroup PLC | 7,263 | 35,574 | |||
SThree PLC | 5,119 | 22,160 | |||
Road and rail 0.5% | |||||
Canadian National Railway Company | 1,654 | 186,049 | |||
Nippon Express Holdings, Inc. | 10,926 | 595,174 | |||
Trading companies and distributors 0.6% | |||||
Mitsui & Company, Ltd. | 12,325 | 270,836 | |||
Rexel SA (A) | 2,449 | 37,842 | |||
SIG PLC (A) | 19,684 | 7,149 | |||
Triton International, Ltd. | 11,744 | 618,322 | |||
Transportation infrastructure 0.4% | |||||
Grupo Aeroportuario del Sureste SAB de CV, B Shares | 29,552 | 582,546 | |||
Kamigumi Company, Ltd. | 2,600 | 50,262 | |||
Information technology 10.0% | 14,609,616 | ||||
Communications equipment 1.2% | |||||
Cisco Systems, Inc. | 39,621 | 1,689,439 | |||
Nokia OYJ | 24,359 | 112,905 | |||
Electronic equipment, instruments and components 0.8% | |||||
Alps Alpine Company, Ltd. | 5,310 | 53,957 | |||
Citizen Watch Company, Ltd. | 7,785 | 31,670 | |||
Corning, Inc. | 6,192 | 195,110 | |||
E Ink Holdings, Inc. | 7,727 | 49,339 | |||
Enplas Corp. | 700 | 16,416 | |||
Foxconn Technology Company, Ltd. | 24,434 | 40,524 | |||
Hon Hai Precision Industry Company, Ltd. | 22,998 | 84,429 | |||
Nan Ya Printed Circuit Board Corp. | 2,564 | 22,554 | |||
Nichicon Corp. | 2,210 | 20,516 | |||
Nippon Chemi-Con Corp. (A) | 3,130 | 39,230 | |||
PAX Global Technology, Ltd. | 29,186 | 22,752 | |||
Zhen Ding Technology Holding, Ltd. | 164,437 | 569,654 | |||
IT services 1.6% | |||||
Accenture PLC, Class A | 471 | 130,773 | |||
Automatic Data Processing, Inc. | 839 | 176,224 | |||
Broadridge Financial Solutions, Inc. | 972 | 138,559 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | 14 |
Shares | Value | ||||
Information technology (continued) | |||||
IT services (continued) | |||||
Edenred | 13,120 | $621,502 | |||
Fidelity National Information Services, Inc. | 1,105 | 101,295 | |||
IBM Corp. | 5,042 | 711,880 | |||
Itochu Techno-Solutions Corp. | 2,575 | 63,312 | |||
Mastercard, Inc., Class A | 58 | 18,298 | |||
Paychex, Inc. | 2,246 | 255,752 | |||
Sopra Steria Group SACA | 126 | 18,948 | |||
The Western Union Company | 6,658 | 109,657 | |||
Visa, Inc., Class A | 288 | 56,704 | |||
Semiconductors and semiconductor equipment 4.8% | |||||
ams AG (A) | 4,626 | 41,851 | |||
Analog Devices, Inc. | 4,555 | 665,440 | |||
Broadcom, Inc. | 1,161 | 564,025 | |||
Disco Corp. | 231 | 54,969 | |||
Intel Corp. | 19,387 | 725,268 | |||
KLA Corp. | 887 | 283,024 | |||
MediaTek, Inc. | 4,096 | 89,912 | |||
Microchip Technology, Inc. | 5,258 | 305,385 | |||
Miraial Company, Ltd. | 1,900 | 24,768 | |||
Novatek Microelectronics Corp. | 6,684 | 68,004 | |||
NVIDIA Corp. | 921 | 139,614 | |||
NXP Semiconductors NV | 914 | 135,299 | |||
Qualcomm, Inc. | 2,863 | 365,720 | |||
Taiwan Semiconductor Manufacturing Company, Ltd. | 96,298 | 1,543,305 | |||
Texas Instruments, Inc. | 12,369 | 1,900,497 | |||
Tokyo Seimitsu Company, Ltd. | 745 | 24,557 | |||
Software 0.2% | |||||
Intuit, Inc. | 410 | 158,030 | |||
Trend Micro, Inc. | 3,023 | 147,889 | |||
Technology hardware, storage and peripherals 1.4% | |||||
Canon, Inc. | 10,755 | 243,723 | |||
Catcher Technology Company, Ltd. | 12,344 | 68,861 | |||
HP, Inc. | 13,893 | 455,413 | |||
Inventec Corp. | 712,575 | 602,491 | |||
Maxell, Ltd. | 4,180 | 40,817 | |||
Quadient SA | 2,652 | 45,170 | |||
Samsung Electronics Company, Ltd. | 11,016 | 485,887 | |||
Seagate Technology Holdings PLC | 1,096 | 78,298 | |||
Materials 3.9% | 5,667,833 | ||||
Chemicals 0.9% | |||||
BASF SE | 3,987 | 174,440 | |||
China BlueChemical, Ltd., H Shares | 77,426 | 22,277 |
15 | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Shares | Value | ||||
Materials (continued) | |||||
Chemicals (continued) | |||||
Dongyue Group, Ltd. | 41,234 | $51,727 | |||
International Flavors & Fragrances, Inc. | 1,060 | 126,267 | |||
Kumho Petrochemical Company, Ltd. | 153 | 16,456 | |||
LyondellBasell Industries NV, Class A | 3,284 | 287,219 | |||
PPG Industries, Inc. | 1,957 | 223,763 | |||
Shin-Etsu Chemical Company, Ltd. | 185 | 20,796 | |||
Yara International ASA | 8,885 | 372,290 | |||
Construction materials 0.2% | |||||
HeidelbergCement AG | 2,295 | 110,806 | |||
Holcim, Ltd. (A) | 2,933 | 125,795 | |||
Imerys SA | 1,251 | 38,294 | |||
Taiheiyo Cement Corp. | 3,250 | 48,425 | |||
Vicat SA | 1,116 | 30,887 | |||
Containers and packaging 0.1% | |||||
International Paper Company | 3,294 | 137,788 | |||
Nampak, Ltd. (A) | 44,955 | 6,128 | |||
Metals and mining 2.7% | |||||
African Rainbow Minerals, Ltd. | 7,694 | 101,496 | |||
Anglo American Platinum, Ltd. | 684 | 59,681 | |||
Anglo American PLC | 3,093 | 110,570 | |||
Barrick Gold Corp. | 5,457 | 96,490 | |||
BHP Group, Ltd. | 20,716 | 593,174 | |||
Boliden AB | 6,175 | 197,479 | |||
Centamin PLC | 38,343 | 36,658 | |||
Centerra Gold, Inc. | 5,656 | 38,360 | |||
Chubu Steel Plate Company, Ltd. | 1,257 | 8,167 | |||
Eldorado Gold Corp. (A) | 3,385 | 21,630 | |||
Endeavour Mining PLC | 2,848 | 58,920 | |||
Eregli Demir ve Celik Fabrikalari TAS | 52,973 | 86,160 | |||
Fortescue Metals Group, Ltd. | 11,387 | 136,926 | |||
Harmony Gold Mining Company, Ltd., ADR | 9,409 | 29,450 | |||
Impala Platinum Holdings, Ltd. | 16,184 | 179,552 | |||
Kinross Gold Corp. | 11,299 | 40,450 | |||
Kyoei Steel, Ltd. | 3,770 | 38,392 | |||
Maruichi Steel Tube, Ltd. | 2,860 | 60,584 | |||
Nakayama Steel Works, Ltd. | 5,340 | 16,819 | |||
Neturen Company, Ltd. | 3,740 | 18,026 | |||
Norsk Hydro ASA | 6,719 | 37,971 | |||
Nucor Corp. | 407 | 42,495 | |||
OceanaGold Corp. (A) | 19,634 | 37,676 | |||
Resolute Mining, Ltd. (A) | 32,168 | 4,999 | |||
Rio Tinto PLC | 23,515 | 1,405,882 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | 16 |
Shares | Value | ||||
Materials (continued) | |||||
Metals and mining (continued) | |||||
Rio Tinto PLC, ADR | 1,011 | $61,671 | |||
Rio Tinto, Ltd. | 4,265 | 304,260 | |||
Yamato Kogyo Company, Ltd. | 911 | 30,107 | |||
Yodogawa Steel Works, Ltd. | 1,230 | 20,430 | |||
Real estate 4.1% | 5,895,376 | ||||
Equity real estate investment trusts 2.4% | |||||
Crown Castle International Corp. | 1,426 | 240,110 | |||
Digital Realty Trust, Inc. | 2,049 | 266,022 | |||
Extra Space Storage, Inc. | 210 | 35,725 | |||
Gaming and Leisure Properties, Inc. | 4,864 | 223,063 | |||
Iron Mountain, Inc. | 3,146 | 153,179 | |||
Land Securities Group PLC | 6,361 | 51,619 | |||
Medical Properties Trust, Inc. | 57,987 | 885,461 | |||
Public Storage | 887 | 277,338 | |||
Simon Property Group, Inc. | 1,406 | 133,458 | |||
Stockland | 139,748 | 348,921 | |||
The British Land Company PLC | 9,283 | 50,781 | |||
Vicinity Centres | 472,937 | 600,801 | |||
Vornado Realty Trust | 251 | 7,176 | |||
Welltower, Inc. | 1,035 | 85,232 | |||
WP Carey, Inc. | 1,284 | 106,392 | |||
Real estate management and development 1.7% | |||||
China Overseas Land & Investment, Ltd. | 225,397 | 716,980 | |||
China Resources Land, Ltd. | 143,784 | 674,244 | |||
CK Asset Holdings, Ltd. | 15,928 | 113,173 | |||
Country Garden Services Holdings Company, Ltd. | 2,492 | 11,184 | |||
Greentown China Holdings, Ltd. | 367,987 | 765,135 | |||
Mitsubishi Estate Company, Ltd. | 7,100 | 102,903 | |||
Powerlong Real Estate Holdings, Ltd. | 277,770 | 46,479 | |||
Utilities 9.6% | 13,924,163 | ||||
Electric utilities 5.7% | |||||
Alliant Energy Corp. | 98 | 5,744 | |||
American Electric Power Company, Inc. | 4,112 | 394,505 | |||
CEZ AS | 16,631 | 750,424 | |||
Duke Energy Corp. | 14,797 | 1,586,386 | |||
Edison International | 12,256 | 775,069 | |||
Endesa SA | 30,242 | 572,100 | |||
Entergy Corp. | 596 | 67,133 | |||
Exelon Corp. | 26,404 | 1,196,629 | |||
Fortum OYJ | 13,982 | 211,336 | |||
Iberdrola SA | 118,365 | 1,232,346 |
17 | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Shares | Value | ||||
Utilities (continued) | |||||
Electric utilities (continued) | |||||
NextEra Energy, Inc. | 1,001 | $77,537 | |||
Red Electrica Corp. SA | 30,520 | 577,730 | |||
SSE PLC | 30,877 | 609,368 | |||
The Southern Company | 2,060 | 146,899 | |||
Gas utilities 0.9% | |||||
APA Group | 3,752 | 29,220 | |||
Enagas SA | 3,610 | 79,841 | |||
Kunlun Energy Company, Ltd. | 768,294 | 630,038 | |||
Snam SpA | 111,799 | 586,538 | |||
Multi-utilities 2.5% | |||||
Centrica PLC (A) | 40,527 | 39,576 | |||
Consolidated Edison, Inc. | 5,005 | 475,976 | |||
Dominion Energy, Inc. | 4,321 | 344,859 | |||
DTE Energy Company | 608 | 77,064 | |||
Engie SA | 12,527 | 145,050 | |||
National Grid PLC | 139,674 | 1,794,941 | |||
Sempra Energy | 1,538 | 231,115 | |||
Veolia Environnement SA | 22,982 | 563,364 | |||
Water utilities 0.5% | |||||
Cia de Saneamento Basico do Estado de Sao Paulo | 11,025 | 88,837 | |||
United Utilities Group PLC | 50,974 | 634,538 | |||
Preferred securities 0.4% | $537,331 | ||||
(Cost $647,000) | |||||
Consumer discretionary 0.0% | 40,546 | ||||
Automobiles 0.0% | |||||
Hyundai Motor Company, 2nd Preferred | 600 | 40,546 | |||
Consumer staples 0.1% | 78,341 | ||||
Household products 0.1% | |||||
Henkel AG & Company KGaA | 1,266 | 78,341 | |||
Energy 0.3% | 386,920 | ||||
Oil, gas and consumable fuels 0.3% | |||||
Petroleo Brasileiro SA | 72,500 | 386,920 | |||
Materials 0.0% | 31,524 | ||||
Chemicals 0.0% | |||||
Fuchs Petrolub SE | 531 | 14,672 | |||
LG Chem, Ltd. | 91 | 16,852 | |||
Exchange-traded funds 0.1% | $72,327 | ||||
(Cost $81,625) | |||||
iShares Core MSCI EAFE ETF | 1,229 | 72,327 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | 18 |
Shares | Value | ||||
Closed-end funds 0.0% | $44,071 | ||||
(Cost $38,640) | |||||
Sprott Physical Uranium Trust (A) | 4,090 | 44,071 | |||
Other equity investments 0.0% | $0 | ||||
(Cost $240,553) | |||||
Allstar Co-Invest LLC (LLC Interest) (A)(C)(D) | 236,300 | 0 | |||
Rate (%) | Maturity date | Par value^ | Value | ||
Term loans (E) 0.0% | $306 | ||||
(Cost $323) | |||||
Financials 0.0% | 306 | ||||
Insurance 0.0% | |||||
HUB International, Ltd., 2018 Term Loan B (3 month LIBOR + 3.000%) | 4.214 | 04-25-25 | 323 | 306 | |
Par value^ | Value | ||||
Escrow certificates 0.0% | $0 | ||||
(Cost $194) | |||||
Texas Competitive Electric Holdings Company LLC (A)(C) | 500,000 | 0 | |||
Short-term investments 1.3% | $1,800,000 | ||||
(Cost $1,800,000) | |||||
Repurchase agreement 1.3% | 1,800,000 | ||||
Goldman Sachs Tri-Party Repurchase Agreement dated 6-30-22 at 1.500% to be repurchased at $1,800,075 on 7-1-22, collateralized by $1,833,737 Government National Mortgage Association, 4.000% due 4-20-52 (valued at $1,836,000) | 1,800,000 | 1,800,000 |
Total investments (Cost $153,119,912) 98.1% | $142,566,284 | ||||
Other assets and liabilities, net 1.9% | 2,829,973 | ||||
Total net assets 100.0% | $145,396,257 |
The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund unless otherwise indicated. | |
^All par values are denominated in U.S. dollars unless otherwise indicated. | |
Security Abbreviations and Legend | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
LIBOR | London Interbank Offered Rate |
NVDR | Non-Voting Depositary Receipt |
NYRS | New York Registry Shares |
(A) | Non-income producing security. |
(B) | These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. |
19 | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
(C) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements. |
(D) | Restricted security as to resale, excluding 144A securities. For more information on this security refer to the Notes to financial statements. |
(E) | Term loans are variable rate obligations. The coupon rate shown represents the rate at period end. |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | 20 |
Open contracts | Number of contracts | Position | Expiration date | Notional basis^ | Notional value^ | Unrealized appreciation (depreciation) |
S&P 500 E-Mini Index Futures | 15 | Long | Sep 2022 | $2,869,856 | $2,842,125 | $(27,731) |
Euro STOXX 50 Index Futures | 175 | Short | Sep 2022 | (6,448,814) | (6,310,494) | 138,320 |
FTSE 100 Index Futures | 53 | Short | Sep 2022 | (4,662,557) | (4,594,249) | 68,308 |
MSCI EAFE Index Futures | 94 | Short | Sep 2022 | (8,809,711) | (8,726,020) | 83,691 |
MSCI Emerging Markets Index Futures | 29 | Short | Sep 2022 | (1,492,567) | (1,453,915) | 38,652 |
TOPIX Index Futures | 10 | Short | Sep 2022 | (1,417,052) | (1,378,611) | 38,441 |
$339,681 |
Contract to buy | Contract to sell | Counterparty (OTC) | Contractual settlement date | Unrealized appreciation | Unrealized depreciation | ||
USD | 3,210,069 | CAD | 4,030,000 | BNP | 9/21/2022 | $78,787 | — |
USD | 9,579,485 | EUR | 8,908,000 | BNP | 9/21/2022 | 192,394 | — |
USD | 7,227,924 | GBP | 5,774,000 | NWM | 9/21/2022 | 188,716 | — |
USD | 4,310,761 | JPY | 554,500,000 | SCB | 9/21/2022 | 201,599 | — |
$661,496 | $— |
Derivatives Currency Abbreviations | |
CAD | Canadian Dollar |
EUR | Euro |
GBP | Pound Sterling |
JPY | Japanese Yen |
USD | U.S. Dollar |
Derivatives Abbreviations | |
BNP | BNP Paribas |
NWM | NatWest Markets PLC |
OTC | Over-the-counter |
SCB | Standard Chartered Bank |
21 | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Assets | |
Unaffiliated investments, at value (Cost $153,119,912) | $142,566,284 |
Unrealized appreciation on forward foreign currency contracts | 661,496 |
Receivable for futures variation margin | 250,708 |
Cash | 150,715 |
Foreign currency, at value (Cost $81,410) | 81,282 |
Collateral held at broker for futures contracts | 1,508,608 |
Dividends and interest receivable | 996,716 |
Receivable for investments sold | 105,034 |
Other assets | 18,196 |
Total assets | 146,339,039 |
Liabilities | |
Payable for collateral on OTC derivatives | 680,000 |
Payable for investments purchased | 163,547 |
Payable to affiliates | |
Accounting and legal services fees | 7,844 |
Trustees’ fees | 37 |
Other liabilities and accrued expenses | 91,354 |
Total liabilities | 942,782 |
Net assets | $145,396,257 |
Net assets consist of | |
Paid-in capital | $172,687,940 |
Total distributable earnings (loss) | (27,291,683) |
Net assets | $145,396,257 |
Net asset value per share | |
Based on 12,223,813 shares of beneficial interest outstanding - unlimited number of shares authorized with $0.01 par value | $11.89 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK Hedged Equity & Income Fund | 22 |
Investment income | |
Dividends | $5,223,150 |
Interest | 57,787 |
Non-cash dividends | 406,371 |
Other income | 251 |
Less foreign taxes withheld | (491,039) |
Total investment income | 5,196,520 |
Expenses | |
Investment management fees | 742,582 |
Accounting and legal services fees | 11,017 |
Transfer agent fees | 8,402 |
Trustees’ fees | 18,253 |
Custodian fees | 33,779 |
Printing and postage | 32,892 |
Professional fees | 37,346 |
Stock exchange listing fees | 11,781 |
Other | 9,836 |
Total expenses | 905,888 |
Less expense reductions | (6,540) |
Net expenses | 899,348 |
Net investment income | 4,297,172 |
Realized and unrealized gain (loss) | |
Net realized gain (loss) on | |
Unaffiliated investments and foreign currency transactions | 1,819,872 |
Futures contracts | 2,959,479 |
Forward foreign currency contracts | 1,245,824 |
6,025,175 | |
Change in net unrealized appreciation (depreciation) of | |
Unaffiliated investments and translation of assets and liabilities in foreign currencies | (18,743,617) |
Futures contracts | 796,494 |
Forward foreign currency contracts | 761,579 |
(17,185,544) | |
Net realized and unrealized loss | (11,160,369) |
Decrease in net assets from operations | $(6,863,197) |
23 | JOHN HANCOCK Hedged Equity & Income Fund | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Six months ended 6-30-22 (unaudited) | Year ended 12-31-21 | |
Increase (decrease) in net assets | ||
From operations | ||
Net investment income | $4,297,172 | $6,430,890 |
Net realized gain | 6,025,175 | 7,901,981 |
Change in net unrealized appreciation (depreciation) | (17,185,544) | 3,203,344 |
Increase (decrease) in net assets resulting from operations | (6,863,197) | 17,536,215 |
Distributions to shareholders | ||
From earnings | (7,089,812)1 | (7,598,557) |
From tax return of capital | — | (6,581,066) |
Total distributions | (7,089,812) | (14,179,623) |
Total increase (decrease) | (13,953,009) | 3,356,592 |
Net assets | ||
Beginning of period | 159,349,266 | 155,992,674 |
End of period | $145,396,257 | $159,349,266 |
Share activity | ||
Shares outstanding | ||
Beginning of period | 12,223,813 | 12,223,813 |
End of period | 12,223,813 | 12,223,813 |
1 | A portion of the distributions may be deemed a tax return of capital at the fiscal year end. |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK Hedged Equity & Income Fund | 24 |
Period ended | 6-30-221 | 12-31-21 | 12-31-20 | 12-31-19 | 12-31-18 | 12-31-17 |
Per share operating performance | ||||||
Net asset value, beginning of period | $13.04 | $12.76 | $14.85 | $14.46 | $17.64 | $16.84 |
Net investment income2 | 0.35 | 0.53 | 0.39 | 0.59 | 0.63 | 0.52 |
Net realized and unrealized gain (loss) on investments | (0.92) | 0.91 | (1.15) | 1.30 | (2.31) | 1.94 |
Total from investment operations | (0.57) | 1.44 | (0.76) | 1.89 | (1.68) | 2.46 |
Less distributions | ||||||
From net investment income | (0.58)3 | (0.62) | (0.42) | (0.67) | (0.86) | (0.49) |
From net realized gain | — | — | — | — | (0.39) | (1.17) |
From tax return of capital | — | (0.54) | (0.91) | (0.83) | (0.25) | — |
Total distributions | (0.58) | (1.16) | (1.33) | (1.50) | (1.50) | (1.66) |
Net asset value, end of period | $11.89 | $13.04 | $12.76 | $14.85 | $14.46 | $17.64 |
Per share market value, end of period | $11.77 | $13.00 | $11.44 | $14.91 | $13.08 | $17.41 |
Total return at net asset value (%)4,5 | (4.58)6 | 11.69 | (2.99) | 13.89 | (9.61) | 15.15 |
Total return at market value (%)4 | (5.25)6 | 24.20 | (13.37) | 26.41 | (17.16) | 21.74 |
Ratios and supplemental data | ||||||
Net assets, end of period (in millions) | $145 | $159 | $156 | $182 | $177 | $215 |
Ratios (as a percentage of average net assets): | ||||||
Expenses before reductions | 1.167 | 1.17 | 1.18 | 1.15 | 1.14 | 1.13 |
Expenses including reductions | 1.157 | 1.16 | 1.18 | 1.14 | 1.13 | 1.13 |
Net investment income | 5.507 | 3.98 | 3.14 | 3.97 | 3.83 | 2.99 |
Portfolio turnover (%) | 79 | 120 | 117 | 125 | 96 | 93 |
1 | Six months ended 6-30-22. Unaudited. |
2 | Based on average daily shares outstanding. |
3 | A portion of the distributions may be deemed a tax return of capital at the fiscal year end. |
4 | Total return based on net asset value reflects changes in the fund’s net asset value during each period. Total return based on market value reflects changes in market value. Each figure assumes that distributions from income, capital gains and tax return of capital, if any, were reinvested. |
5 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
6 | Not annualized. |
7 | Annualized. |
25 | JOHN HANCOCK Hedged Equity & Income Fund | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
SEMIANNUAL REPORT | JOHN HANCOCK Hedged Equity & Income Fund | 26 |
Total value at 6-30-22 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs | |
Investments in securities: | ||||
Assets | ||||
Common stocks | ||||
Communication services | $9,835,387 | $3,979,578 | $5,855,809 | — |
Consumer discretionary | 10,210,318 | 2,727,529 | 7,482,789 | — |
Consumer staples | 11,839,509 | 9,127,690 | 2,711,819 | — |
Energy | 7,446,183 | 4,261,081 | 3,185,102 | — |
Financials | 27,481,215 | 12,514,951 | 14,964,581 | $1,683 |
Health care | 19,810,644 | 15,335,205 | 4,475,439 | — |
Industrials | 13,392,005 | 5,915,450 | 7,476,555 | — |
Information technology | 14,609,616 | 9,359,704 | 5,249,912 | — |
Materials | 5,667,833 | 1,202,179 | 4,465,654 | — |
Real estate | 5,895,376 | 2,413,156 | 3,482,220 | — |
Utilities | 13,924,163 | 5,467,753 | 8,456,410 | — |
Preferred securities | ||||
Consumer discretionary | 40,546 | — | 40,546 | — |
Consumer staples | 78,341 | — | 78,341 | — |
Energy | 386,920 | 386,920 | — | — |
Materials | 31,524 | — | 31,524 | — |
Exchange-traded funds | 72,327 | 72,327 | — | — |
Closed-end funds | 44,071 | 44,071 | — | — |
Term loans | 306 | — | 306 | — |
Short-term investments | 1,800,000 | — | 1,800,000 | — |
Total investments in securities | $142,566,284 | $72,807,594 | $69,757,007 | $1,683 |
27 | JOHN HANCOCK Hedged Equity & Income Fund | SEMIANNUAL REPORT |
Total value at 6-30-22 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs | |
Derivatives: | ||||
Assets | ||||
Futures | $367,412 | $367,412 | — | — |
Forward foreign currency contracts | 661,496 | — | $661,496 | — |
Liabilities | ||||
Futures | (27,731) | (27,731) | — | — |
Level 3 includes securities valued at $0. Refer to Fund’s investments. |
SEMIANNUAL REPORT | JOHN HANCOCK Hedged Equity & Income Fund | 28 |
29 | JOHN HANCOCK Hedged Equity & Income Fund | SEMIANNUAL REPORT |
SEMIANNUAL REPORT | JOHN HANCOCK Hedged Equity & Income Fund | 30 |
Risk | Statement of assets and liabilities location | Financial instruments location | Assets derivatives fair value | Liabilities derivatives fair value |
Equity | Receivable/payable for futures variation margin1 | Futures | $367,412 | $(27,731) |
Currency | Unrealized appreciation (depreciation) on forward foreign currency contracts | Forward foreign currency contracts | 661,496 | — |
$1,028,908 | $(27,731) |
1 | Reflects cumulative appreciation/depreciation on open futures as disclosed in the Derivatives section of Fund’s investments. Only the period end variation margin receivable/payable is separately reported on the Statement of assets and liabilities. |
31 | JOHN HANCOCK Hedged Equity & Income Fund | SEMIANNUAL REPORT |
Statement of operations location - Net realized gain (loss) on: | |||
Risk | Futures contracts | Forward foreign currency contracts | Total |
Currency | — | $1,245,824 | $1,245,824 |
Equity | $2,959,479 | — | 2,959,479 |
Total | $2,959,479 | $1,245,824 | $4,205,303 |
Statement of operations location - Change in net unrealized appreciation (depreciation) of: | |||
Risk | Futures contracts | Forward foreign currency contracts | Total |
Currency | — | $761,579 | $761,579 |
Equity | $796,494 | — | 796,494 |
Total | $796,494 | $761,579 | $1,558,073 |
SEMIANNUAL REPORT | JOHN HANCOCK Hedged Equity & Income Fund | 32 |
Issuer, Description | Original acquisition date | Acquisition cost | Beginning share amount | Shares purchased | Shares sold | Ending share amount | Value as a percentage of net assets | Ending value |
Allstar Co-Invest LLC (LLC Interest) | 8-1-11 | $240,553 | 236,300 | — | — | 236,300 | 0.0% | $0 |
33 | JOHN HANCOCK Hedged Equity & Income Fund | SEMIANNUAL REPORT |
SEMIANNUAL REPORT | JOHN HANCOCK Hedged Equity & Income Fund | 34 |
35 | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | SEMIANNUAL REPORT |
SEMIANNUAL REPORT | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | 36 |
37 | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | SEMIANNUAL REPORT |
SEMIANNUAL REPORT | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | 38 |
Payment Date | Income Distributions1 |
March 31, 2022 | $0.2900 |
June 30, 2022 | 0.2900 |
Total | $0.5800 |
1A portion of the distributions may be deemed a tax return of capital at the fiscal year end. |
39 | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | SEMIANNUAL REPORT |
SEMIANNUAL REPORT | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | 40 |
Total votes for the nominee | Total votes withheld from the nominee | |
Independent Trustees | ||
Deborah C. Jackson | 9,651,086.000 | 217,669.000 |
Steven R. Pruchansky | 9,637,133.000 | 231,622.000 |
Non-Independent Trustee | ||
Andrew G. Arnott | 9,638,708.000 | 230,047.000 |
41 | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | SEMIANNUAL REPORT |
SEMIANNUAL REPORT | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | 42 |
(a) | the skills and competency with which the Advisor has in the past managed the fund’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; |
43 | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | SEMIANNUAL REPORT |
(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; |
(f) | the Advisor’s initiatives intended to improve various aspects of the fund’s operations and investor experience with the fund; and |
(g) | the Advisor’s reputation and experience in serving as an investment advisor to the fund and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments. |
(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; |
(d) | took into account the Advisor’s analysis of the fund’s performance; and |
(e) | considered the fund’s share performance and premium/discount information. |
SEMIANNUAL REPORT | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | 44 |
(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 Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement; |
(f) | noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund; |
(g) | noted that the subadvisory fees for the fund are paid by the Advisor and is negotiated at arm’s length; |
(h) | 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 |
(i) | 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. |
45 | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | SEMIANNUAL REPORT |
(1) | information relating to the Subadvisor’s business, including current subadvisory services to the fund (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, 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 fund’s Advisor and Subadvisor. |
SEMIANNUAL REPORT | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | 46 |
(1) | the Subadvisor has extensive experience and demonstrated skills as a manager; |
(2) | the fund’s performance, based on net asset value, is being monitored and reasonably addressed, where appropriate; and |
(3) | the subadvisory fees are reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement. |
47 | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | SEMIANNUAL REPORT |
SEMIANNUAL REPORT | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | 48 |
You can also contact us: | ||
800-852-0218 | Regular mail: | Express mail: |
jhinvestments.com | Computershare P.O.Box 505000 Louisville, KY 40233 | Computershare 462 South 4th Street, Suite 1600 Louisville, KY 40202 |
49 | JOHN HANCOCK HEDGED EQUITY & INCOME FUND | SEMIANNUAL REPORT |
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