N-CSR 1 f25575d1.htm N-CSR N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-00560

John Hancock Investment Trust

(Exact name of registrant as specified in charter)

200 Berkeley Street, Boston, Massachusetts 02116 (Address of principal executive offices) (Zip code)

Salvatore Schiavone

Treasurer

200 Berkeley Street

Boston, Massachusetts 02116

(Name and address of agent for service) Registrant's telephone number, including area code: 617-543-9634

Date of fiscal year end:

March 31

Date of reporting period:

March 31, 2023


ITEM 1. REPORTS TO STOCKHOLDERS.

The Registrant prepared the following annual reports to shareholders for the period ended March 31, 2023:

John Hancock Diversified Real Assets Fund

John Hancock Fundamental Equity Income Fund

John Hancock Mid Cap Growth Fund


Annual report
John Hancock
Diversified Real Assets Fund
Alternative
March 31, 2023

A message to shareholders
Dear shareholder,
Global equities lost ground and experienced elevated volatility during the 12 months ended March 31, 2023. While economic growth remained in positive territory across most of the world, the aggressive central bank actions raised concerns that a recession and a concurrent slowdown in corporate earnings would occur in 2023. A variety of other events weighed on sentiment throughout the period, including the Russian invasion of Ukraine, China’s extended zero-COVID policy in place until the close of 2022, and the failure of several banks in the United States and in Europe.
Despite these headwinds, the major global indexes finished well above their intraperiod lows of mid-October, with a number of countries climbing into positive territory during the first quarter of 2023. Notably, many European markets registered gains even though the region was the epicenter for many of the key issues weighing on sentiment. On the other hand, the United States lagged as rising rates pressured the mega-cap technology stocks that make up the bulk of its major indexes.
In these uncertain times, your financial professional can assist with positioning your portfolio so that it’s sufficiently diversified to help meet your long-term objectives and to withstand the inevitable bouts of market volatility along the way.
On behalf of everyone at John Hancock Investment Management, I’d like to take this opportunity to welcome new shareholders and thank existing shareholders for the continued trust you’ve placed in us.
Sincerely,
Andrew G. Arnott
Global Head of Retail,
Manulife Investment Management
President and CEO,
John Hancock Investment Management
Head of Wealth and Asset Management,
United States and Europe
This commentary reflects the CEO’s views as of this report’s period end and are subject to change at any time. Diversification does not guarantee investment returns and does not eliminate risk of loss. All investments entail risks, including the possible loss of principal. For more up-to-date information, you can visit our website at jhinvestments.com.


Your fund at a glance
INVESTMENT OBJECTIVE

The fund seeks a long-term total return in excess of inflation.
AVERAGE ANNUAL TOTAL RETURNS AS OF 3/31/2023 (%)

The MSCI World Index tracks the performance of publicly traded large- and mid-cap stocks of developed-market companies.
It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.
The fund’s Morningstar category average is a group of funds with similar investment objectives and strategies and is the equal-weighted return of all funds per category. Morningstar places funds in certain categories based on their historical portfolio holdings. Figures from Morningstar, Inc. include reinvested distributions and do not take into account sales charges. Actual load-adjusted performance is lower. Since-inception returns for the Morningstar fund category average are not available.
The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions, and does not guarantee future results. Performance of the other share classes will vary based on the difference in the fees and expenses of those classes. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current month-end performance may be lower or higher than the performance cited, and can be found at jhinvestments.com or by calling 800-225-5291. For further information on the fund’s objectives, risks, and strategy, see the fund’s prospectus.
2 JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND  | ANNUAL REPORT  

The real assets category suffered a loss and underperformed the equity and fixed-income markets
The combination of rising interest rates, concerns about slowing economic growth, and elevated investor risk aversion weighed on most areas in which the fund invests.
Energy stocks were the only category to deliver a gain
The sector performed well on the strength of robust cash flows, improving efficiency, and a continued expansion of share buybacks.
The fund underperformed its benchmark, the MSCI World Index
Four of the fund’s five underlying portfolios lagged their respective benchmarks, with international real estate being the one exception.
SECTOR COMPOSITION AS OF 3/31/2023 (% of net assets)

Notes about risk
The fund is subject to various risks as described in the fund’s prospectus. Political tensions and armed conflicts, including the Russian invasion of Ukraine, and any resulting economic sanctions on entities and/or individuals of a particular country could lead such a country into an economic recession. The COVID-19 disease has resulted in significant disruptions to global business activity. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange-trading suspensions, and closures, which may lead to less liquidity in certain instruments, industries, sectors, or the markets, generally, and may ultimately affect fund performance. For more information, please refer to the “Principal risks” section of the prospectus.
  ANNUAL REPORT  | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND 3

Management’s discussion of fund performance
How would you describe the market environment during the 12 months ended March 31, 2023?
Most segments of the financial markets experienced poor performance. Persistent inflation prompted global central banks to raise interest rates aggressively, which dampened the outlook for both economic growth and corporate earnings. Investor sentiment deteriorated as a result, leading to weak performance even for asset categories that would ordinarily be expected to perform well in an inflationary environment.
The fund invests in five market segments: energy stocks, metals and mining stocks, U.S. real estate investment trusts (REITs), non-U.S. REITs, and global infrastructure equities. Of these, the energy sector was the only category to produce a gain, due in part to intensifying supply constraints in the months following Russia’s invasion of Ukraine. Although oil and natural gas prices both closed the period well off of their previous highs, energy stocks held up well thanks to the combination of lower capital spending, producer discipline, and continued growth in both dividends and share buybacks.
Infrastructure stocks, while finishing with negative returns, outpaced the larger real assets category. Metals and mining stocks lost ground amid concerns that slowing economic growth would crimp demand. REITs—both domestic and
TOP 10 HOLDINGS
AS OF 3/31/2023 (% of net assets)
Prologis, Inc. 3.7
Exxon Mobil Corp. 2.3
Equinix, Inc. 2.3
Freeport-McMoRan, Inc. 2.3
Shell PLC 2.0
BHP Group, Ltd., ADR 1.9
Chevron Corp. 1.8
Public Storage 1.6
BP PLC 1.4
Canadian Natural Resources, Ltd. 1.3
TOTAL 20.6
Cash and cash equivalents are not included.
COUNTRY COMPOSITION
AS OF 3/31/2023 (% of net assets)
United States 54.9
Canada 19.4
United Kingdom 6.8
Australia 3.9
Japan 3.1
France 2.6
Hong Kong 1.3
Norway 1.2
China 1.0
Other countries 5.8
TOTAL 100.0
4 JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND  | ANNUAL REPORT  

international—came under pressure from slower global growth, higher costs of capital, and the adverse effect rising bond yields.
What factors affected the fund’s performance?
The fund’s energy stock portfolio produced a positive return, but it lagged the broader sector to a modest degree. An underweight position in the largest integrated oil and gas producer, Exxon Mobil Corp., was the primary detractor. An underweight in the exploration and production subsector also detracted, as did an overweight in equipment and services. Contributors included solar energy stocks First Solar, Inc. and Enphase Energy, Inc.
The metals and mining portfolio posted a loss and lagged in relation to the sector as a whole, primarily due to stock selection. Underweights in BHP Group, Ltd. and Rio Tinto PLC hurt results, as did an overweight in Alcoa Corp.
The global infrastructure, U.S. REIT, and non-U.S. REIT portfolios all finished with losses. The infrastructure portfolio was hurt by stock selection in the energy category. This shortfall was offset, to some extent, by favorable selection in the utilities, communication services, and industrials sectors. The U.S. REIT strategy underperformed the sector benchmark due to selection in multi-family and warehouse/logistics REITs. Security selection in specialized REITs and an underweight in the underperforming office sector contributed. The international real estate portfolio outperformed the sector benchmark behind favorable stock selection in real estate operating companies. Selection in diversified REITs and an underweight in retail REITs detracted.
MANAGED BY

Diversified Real Assets Fund is
managed by a team of portfolio
managers across two different
asset managers.
The views expressed in this report are exclusively those of the portfolio management teams at Manulife Investment Management (North America) Limited and Wellington Management Company LLP, and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the fund for the entire period. 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.
  ANNUAL REPORT  | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND 5

A look at performance
TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2023

Average annual total returns (%)
with maximum sales charge
Cumulative total returns (%)
with maximum sales charge
  1-year 5-year Since
inception
(2-26-18)
5-year Since
inception
(2-26-18)
Class NAV1 -10.55 6.13 6.01 34.63 34.63
Index -7.02 8.01 7.17 47.00 42.29
Performance figures assume all distributions have been reinvested. Sales charges are not applicable to Class NAV shares.
The expense ratios of the fund, both net (including any fee waivers and/or expense limitations) and gross (excluding any fee waivers and/or expense limitations), are set forth according to the most recent publicly available prospectus for the fund and may differ from those disclosed in the Financial highlights tables in this report. Net expenses reflect contractual fee waivers and expense limitations in effect until July 31, 2023 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply. The expense ratios are as follows:
  Class NAV
Gross (%) 0.91
Net (%) 0.85
Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.
The returns reflect past results and should not be considered indicative of future performance. 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 performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on the redemption of fund shares. The fund’s performance results reflect any applicable fee waivers or expense reductions, without which the expenses would increase and results would have been less favorable.
  † Index is the MSCI World Index.
See the following page for footnotes.
6 JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND  | ANNUAL REPORT  

This chart shows what happened to a hypothetical $10,000 investment in John Hancock Diversified Real Assets Fund for the periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in the MSCI World Index.
The MSCI World Index tracks the performance of publicly traded large- and mid-cap stocks of developed-market companies.
It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.
Footnotes related to performance pages
1 For certain types of investors, as described in the fund’s prospectus.
  ANNUAL REPORT  | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND 7

Your expenses
These examples are intended to help you understand your ongoing operating expenses of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds.
Understanding fund expenses
As a shareholder of the fund, you incur two types of costs:
Transaction costs, which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.
Ongoing operating expenses, including management fees, distribution and service fees (if applicable), and other fund expenses.
We are presenting only your ongoing operating expenses here.
Actual expenses/actual returns
The first line of each share class in the table on the following page is intended to provide information about the fund’s actual ongoing operating expenses, and is based on the fund’s actual return. It assumes an account value of $1,000.00 on October 1, 2022, with the same investment held until March 31, 2023.
Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at March 31, 2023, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:
Hypothetical example for comparison purposes
The second line of each share class in the table on the following page allows you to compare the fund’s ongoing operating expenses with those of any other fund. It provides an example of the fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not the class’s actual return). It assumes an account value of $1,000.00 on October 1, 2022, with the same investment held until March 31, 2023. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses. Please remember that these hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
8 JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT  

Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.
SHAREHOLDER EXPENSE EXAMPLE CHART

    Account
value on
10-1-2022
Ending
value on
3-31-2023
Expenses
paid during
period ended
3-31-20231
Annualized
expense
ratio
Class NAV Actual expenses/actual returns $1,000.00 $1,135.70 $4.63 0.87%
  Hypothetical example 1,000.00 1,020.60 4.38 0.87%
    
1 Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
  ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND 9

Fund’s investments
AS OF 3-31-23
        Shares Value
Common stocks 98.7%         $1,049,099,539
(Cost $878,672,253)          
Communication services 1.5%     15,587,312
Diversified telecommunication services 0.8%      
Cellnex Telecom SA (A)(B)     120,184 4,673,694
Nippon Telegraph & Telephone Corp.     130,417 3,897,217
Wireless telecommunication services 0.7%      
KDDI Corp.     116,900 3,604,935
SK Telecom Company, Ltd.     91,948 3,411,466
Consumer discretionary 2.2%     23,137,063
Hotels, restaurants and leisure 1.5%      
H World Group, Ltd., ADR (B)     40,385 1,978,057
Hyatt Hotels Corp., Class A (B)     36,144 4,040,538
Mandarin Oriental International, Ltd. (B)     595,933 1,035,184
Oriental Land Company, Ltd.     90,680 3,104,814
Whitbread PLC     27,036 998,740
Wynn Resorts, Ltd. (B)     38,906 4,353,970
Household durables 0.7%      
Kaufman & Broad SA     46,129 1,372,750
Sekisui House, Ltd.     100,500 2,048,315
Sumitomo Forestry Company, Ltd.     28,100 558,218
Taylor Wimpey PLC     1,187,389 1,746,845
The Berkeley Group Holdings PLC     36,667 1,899,632
Energy 28.7%     305,512,183
Energy equipment and services 1.9%      
Aker Solutions ASA     166,086 606,022
Baker Hughes Company     52,359 1,511,081
ChampionX Corp.     60,557 1,642,911
Enerflex, Ltd.     157,970 940,924
Halliburton Company     154,566 4,890,468
Helmerich & Payne, Inc.     25,561 913,806
Patterson-UTI Energy, Inc.     123,000 1,439,100
Schlumberger, Ltd.     161,215 7,915,657
TechnipFMC PLC (B)     83,025 1,133,291
Oil, gas and consumable fuels 26.8%      
Advantage Energy, Ltd. (B)     202,038 1,167,530
Aker BP ASA     96,364 2,363,330
ARC Resources, Ltd.     153,865 1,745,283
Arch Resources, Inc. (C)     6,800 893,928
BP PLC     2,370,969 14,985,686
Cameco Corp.     245,210 6,421,000
10 JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

        Shares Value
Energy (continued)      
Oil, gas and consumable fuels (continued)      
Canadian Natural Resources, Ltd.     257,089 $14,226,923
Cenovus Energy, Inc.     561,440 9,795,601
Cheniere Energy, Inc.     11,695 1,843,132
Chevron Corp.     116,907 19,074,546
ConocoPhillips     126,703 12,570,205
Coterra Energy, Inc.     196,795 4,829,349
Denbury, Inc. (B)     11,377 996,967
Devon Energy Corp.     116,396 5,890,802
Diamondback Energy, Inc.     34,190 4,621,462
Enbridge, Inc.     80,076 3,053,138
Enbridge, Inc. (New York Stock Exchange) (C)     23,731 905,338
Energy Fuels, Inc. (B)     64,855 361,825
Enerplus Corp.     186,113 2,682,561
EOG Resources, Inc.     84,412 9,676,148
EQT Corp.     167,454 5,343,457
Equinor ASA     227,705 6,473,294
Exxon Mobil Corp.     220,491 24,179,043
Galp Energia SGPS SA     255,381 2,889,719
Hess Corp.     36,757 4,864,421
Imperial Oil, Ltd.     63,792 3,244,117
Kelt Exploration, Ltd. (B)     312,164 1,060,180
Keyera Corp. (C)     109,482 2,397,020
Marathon Petroleum Corp.     67,639 9,119,766
MEG Energy Corp. (B)     149,093 2,394,975
Neste OYJ     23,562 1,164,060
NexGen Energy, Ltd. (B)     534,539 2,052,725
NuVista Energy, Ltd. (B)     182,627 1,476,961
Occidental Petroleum Corp.     85,561 5,341,573
PDC Energy, Inc.     40,095 2,573,297
Pembina Pipeline Corp.     152,479 4,939,349
Phillips 66     52,324 5,304,607
Pioneer Natural Resources Company     50,264 10,265,919
Shell PLC     740,594 21,105,777
Suncor Energy, Inc.     413,634 12,842,089
Targa Resources Corp.     46,690 3,406,036
TC Energy Corp.     93,194 3,625,016
The Williams Companies, Inc.     123,524 3,688,427
Tidewater Midstream and Infrastructure, Ltd. (C)     694,666 462,597
Topaz Energy Corp. (C)     54,265 767,299
TotalEnergies SE (C)     168,938 9,961,256
Tourmaline Oil Corp.     82,949 3,456,669
Valero Energy Corp.     71,915 10,039,334
Woodside Energy Group, Ltd., ADR (C)     88,060 1,975,186
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND 11

        Shares Value
Financials 0.3%     $3,238,997
Financial services 0.3%      
Berkshire Hathaway, Inc., Class B (B)     10,490 3,238,997
Industrials 2.2%     23,360,821
Building products 0.1%      
TOTO, Ltd.     38,600 1,293,244
Commercial services and supplies 0.1%      
Aker Carbon Capture ASA (B)     122,567 172,774
Park24 Company, Ltd. (B)     66,400 971,300
Construction and engineering 0.8%      
Vinci SA     39,662 4,546,968
WillScot Mobile Mini Holdings Corp. (B)     82,206 3,853,817
Electrical equipment 0.5%      
Plug Power, Inc. (B)(C)     23,016 269,748
SunPower Corp. (B)(C)     47,592 658,673
Sunrun, Inc. (B)(C)     58,386 1,176,478
Vestas Wind Systems A/S     90,011 2,623,318
Ground transportation 0.3%      
Canadian National Railway Company     30,033 3,543,738
Machinery 0.1%      
Chart Industries, Inc. (B)     8,102 1,015,991
Transportation infrastructure 0.3%      
Shanghai International Airport Company, Ltd., Class A (B)     398,700 3,234,772
Information technology 1.1%     11,841,083
Electronic equipment, instruments and components 0.1%      
Advanced Energy Industries, Inc.     11,178 1,095,444
Semiconductors and semiconductor equipment 1.0%      
Analog Devices, Inc.     7,514 1,481,911
Enphase Energy, Inc. (B)     8,231 1,730,815
First Solar, Inc. (B)     7,011 1,524,893
ON Semiconductor Corp. (B)     20,032 1,649,034
Power Integrations, Inc.     15,277 1,293,045
SolarEdge Technologies, Inc. (B)     6,315 1,919,444
Wolfspeed, Inc. (B)(C)     17,652 1,146,497
Materials 21.5%     228,803,042
Chemicals 0.6%      
Air Liquide SA     4,037 675,751
Albemarle Corp.     5,206 1,150,734
Dow, Inc.     10,860 595,345
DuPont de Nemours, Inc.     9,170 658,131
LyondellBasell Industries NV, Class A     10,967 1,029,692
12 JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

        Shares Value
Materials (continued)      
Chemicals (continued)      
NanoXplore, Inc. (B)(C)     174,300 $420,435
Nutrien, Ltd.     22,035 1,627,313
Nutrien, Ltd. (New York Stock Exchange) (C)     7,975 588,954
Containers and packaging 0.1%      
Smurfit Kappa Group PLC     37,000 1,341,465
Metals and mining 20.3%      
Agnico Eagle Mines, Ltd.     227,213 11,606,237
Agnico Eagle Mines, Ltd. (New York Stock Exchange) (C)     14,563 742,276
Alcoa Corp.     131,296 5,587,958
Altius Minerals Corp. (C)     42,876 729,352
Anglo American PLC     57,922 1,926,563
AngloGold Ashanti, Ltd., ADR (C)     37,529 907,827
Antofagasta PLC     3,782 74,079
Artemis Gold, Inc. (B)(C)     271,854 901,151
Aya Gold & Silver, Inc. (B)     108,347 872,227
B2Gold Corp.     316,059 1,248,801
Barrick Gold Corp.     568,533 10,554,564
BHP Group, Ltd., ADR (C)     312,450 19,812,455
Boliden AB     33,548 1,317,907
Calibre Mining Corp. (B)     260,000 253,940
Canada Nickel Company, Inc. (B)     825,000 952,275
Capstone Copper Corp. (B)     1,401,467 6,325,526
Champion Iron, Ltd.     877,791 4,234,700
Constellium SE (B)     138,500 2,116,280
Copper Mountain Mining Corp. (B)(C)     1,174,926 1,903,876
Dundee Precious Metals, Inc.     19,881 145,044
Eldorado Gold Corp. (B)     20,664 214,055
Endeavour Mining PLC (C)     195,728 4,716,878
Equinox Gold Corp. (B)(C)     98,661 506,628
ERO Copper Corp. (B)     262,532 4,644,573
Filo Mining Corp. (B)     30,000 515,871
First Quantum Minerals, Ltd.     332,145 7,635,771
Franco-Nevada Corp.     28,970 4,225,569
Freeport-McMoRan, Inc.     583,468 23,869,676
Glencore PLC     179,499 1,032,871
Global Atomic Corp. (B)     131,500 283,141
Gold Fields, Ltd., ADR (C)     124,894 1,663,588
Hudbay Minerals, Inc.     255,775 1,341,802
IGO, Ltd.     195,000 1,672,150
Iluka Resources, Ltd.     117,300 837,156
Ivanhoe Electric, Inc. (B)(C)     114,750 1,394,213
Ivanhoe Mines, Ltd., Class A (B)     625,535 5,651,337
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND 13

        Shares Value
Materials (continued)      
Metals and mining (continued)      
K92 Mining, Inc. (B)(C)     196,520 $1,116,740
Karora Resources, Inc. (B)     808,345 2,715,417
Kinross Gold Corp.     741,844 3,491,031
Lithium Americas Corp. (B)(C)     44,400 965,860
Lucara Diamond Corp. (B)     460,070 173,611
Lundin Gold, Inc.     78,797 920,027
Lundin Mining Corp.     440,369 2,991,186
MAG Silver Corp. (B)     62,775 793,339
Marathon Gold Corp. (B)(C)     814,805 482,312
Nevada Copper Corp. (B)(C)     267,550 76,217
Newcrest Mining, Ltd.     24,643 439,887
Newcrest Mining, Ltd. (Toronto Stock Exchange)     5,513 98,063
Newmont Corp.     181,280 8,886,346
Nickel 28 Capital Corp. (B)     356,691 306,150
Norsk Hydro ASA     412,164 3,076,154
Nouveau Monde Graphite, Inc. (B)(C)     95,617 490,515
Nucor Corp.     4,556 703,765
OceanaGold Corp.     343,606 851,706
Osisko Mining, Inc. (B)     341,234 1,085,687
Pan American Silver Corp. (C)     158,066 2,891,205
Pan American Silver Corp., CVR (B)     83,300 45,815
Piedmont Lithium, Inc. (B)(C)     34,100 2,047,705
Rio Tinto PLC, ADR (C)     173,677 11,914,242
Sandstorm Gold, Ltd.     32,924 191,478
Seabridge Gold, Inc. (B)(C)     45,163 584,861
Sierra Rutile Holdings, Ltd. (B)     98,000 17,171
Sigma Lithium Corp. (B)(C)     38,400 1,446,499
SilverCrest Metals, Inc. (B)     175,690 1,249,264
Skeena Resources, Ltd. (B)(C)     318,000 1,948,235
SolGold PLC (B)(C)     2,709,000 621,376
South32, Ltd.     574,066 1,682,430
Southern Copper Corp.     5,286 403,058
SSR Mining, Inc.     126,041 1,906,236
Steel Dynamics, Inc.     3,614 408,599
Stornoway Diamond Corp. (B)(D)     3,062,000 0
Talon Metals Corp. (B)     4,825,000 1,285,239
Teck Resources, Ltd., Class B     263,565 9,624,072
Torex Gold Resources, Inc. (B)     13,337 221,938
Trilogy Metals, Inc. (B)     781,452 416,312
Triple Flag Precious Metals Corp. (C)     166,706 2,492,255
U.S. Steel Corp.     7,081 184,814
Vale SA, ADR (C)     88,952 1,403,663
Warrior Met Coal, Inc. (C)     33,164 1,217,450
14 JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

        Shares Value
Materials (continued)      
Metals and mining (continued)      
Wesdome Gold Mines, Ltd. (B)     160,939 $921,693
Wheaton Precious Metals Corp.     176,851 8,517,374
Paper and forest products 0.5%      
Canfor Corp. (B)     35,000 562,486
Interfor Corp. (B)     116,819 1,903,333
West Fraser Timber Company, Ltd.     35,387 2,524,089
Real estate 35.1%     372,975,267
Diversified REITs 2.2%      
Empire State Realty Trust, Inc., Class A     785,214 5,096,039
Growthpoint Properties, Ltd.     1,383,657 1,016,340
Heiwa Real Estate REIT, Inc.     1,085 1,248,261
ICADE     22,029 1,037,259
Land Securities Group PLC     255,732 1,963,128
Stockland     931,133 2,493,379
WP Carey, Inc.     139,072 10,771,126
Health care REITs 2.6%      
CareTrust REIT, Inc.     275,997 5,404,021
Ventas, Inc.     184,272 7,988,191
Welltower, Inc.     195,524 14,017,116
Hotel and resort REITs 0.7%      
CDL Hospitality Trusts     1,053,200 943,891
Japan Hotel REIT Investment Corp.     2,074 1,176,276
Ryman Hospitality Properties, Inc.     59,763 5,362,534
Industrial REITs 5.9%      
EastGroup Properties, Inc.     30,938 5,114,670
Goodman Group     159,126 2,019,281
Plymouth Industrial REIT, Inc.     257,418 5,408,352
Prologis Property Mexico SA de CV     499,370 1,798,508
Prologis, Inc.     316,606 39,502,929
Rexford Industrial Realty, Inc.     114,283 6,816,981
Warehouses De Pauw CVA     81,750 2,430,939
Office REITs 0.8%      
Alexandria Real Estate Equities, Inc.     23,478 2,948,602
Corporate Office Properties Trust     124,746 2,957,728
Gecina SA     24,304 2,522,779
Orix JREIT, Inc.     168 213,012
Real estate management and development 3.4%      
Arealink Company, Ltd.     86,575 1,537,380
CapitaLand Investment, Ltd.     1,356,200 3,762,801
CBRE Group, Inc., Class A (B)     21,132 1,538,621
Central Pattana PCL     614,200 1,236,856
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND 15

        Shares Value
Real estate (continued)      
Real estate management and development (continued)      
CK Asset Holdings, Ltd.     625,365 $3,791,383
Colliers International Group, Inc.     9,718 1,025,585
Corp. Inmobiliaria Vesta SAB de CV     257,500 810,225
Hufvudstaden AB, A Shares     90,789 1,231,471
LEG Immobilien SE     23,556 1,294,549
Mitsui Fudosan Company, Ltd.     240,427 4,516,287
Nomura Real Estate Holdings, Inc.     87,700 1,941,995
PSP Swiss Property AG     15,154 1,724,515
Sagax AB, B Shares     54,539 1,257,144
Sino Land Company, Ltd.     1,722,000 2,328,698
Sun Hung Kai Properties, Ltd.     245,500 3,439,358
TKP Corp. (B)(C)     33,520 726,704
Tokyo Tatemono Company, Ltd.     45,990 561,502
Wharf Real Estate Investment Company, Ltd.     620,000 3,569,570
Residential REITs 5.8%      
American Homes 4 Rent, Class A     158,878 4,996,713
Apartment Income REIT Corp.     121,450 4,349,125
Boardwalk Real Estate Investment Trust     58,899 2,403,027
Comforia Residential REIT, Inc.     1,014 2,412,364
Equity Residential     212,977 12,778,620
Independence Realty Trust, Inc.     206,423 3,308,961
Sun Communities, Inc.     96,890 13,649,863
The UNITE Group PLC     81,243 962,501
UDR, Inc.     292,638 12,015,716
Veris Residential, Inc. (B)     335,247 4,908,016
Retail REITs 5.1%      
Ascencio     17,621 929,333
Brixmor Property Group, Inc.     421,837 9,077,932
CapitaLand Integrated Commercial Trust     771,300 1,150,340
Frontier Real Estate Investment Corp.     771 2,762,510
Getty Realty Corp.     156,916 5,653,683
Kimco Realty Corp.     162,036 3,164,563
Klepierre SA     75,950 1,721,960
NETSTREIT Corp.     231,296 4,228,091
NewRiver REIT PLC     1,669,325 1,628,336
Phillips Edison & Company, Inc.     142,084 4,634,780
RioCan Real Estate Investment Trust     97,774 1,475,111
Shaftesbury Capital PLC     1,101,506 1,556,294
Simon Property Group, Inc.     71,023 7,952,445
Spirit Realty Capital, Inc.     72,334 2,881,787
Tanger Factory Outlet Centers, Inc.     114,468 2,247,007
Vicinity, Ltd.     1,919,043 2,509,812
16 JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

        Shares Value
Real estate (continued)      
Specialized REITs 8.6%      
American Tower Corp.     53,088 $10,848,002
CubeSmart     194,688 8,998,479
Equinix, Inc.     33,396 24,079,852
Iron Mountain, Inc.     87,042 4,605,392
Keppel DC REIT     1,499,700 2,325,533
Life Storage, Inc.     68,248 8,946,630
National Storage REIT     1,196,522 2,026,553
Public Storage     54,605 16,498,355
Safestore Holdings PLC     175,578 2,060,861
VICI Properties, Inc.     327,429 10,680,734
Utilities 6.1%     64,643,771
Electric utilities 2.8%      
American Electric Power Company, Inc.     39,001 3,548,701
Constellation Energy Corp.     26,216 2,057,956
Duke Energy Corp.     31,968 3,083,953
Edison International     50,323 3,552,301
EDP - Energias de Portugal SA     190,526 1,038,164
Electricite de France SA     47 606
Enel SpA     491,119 2,995,324
Exelon Corp.     84,615 3,544,522
FirstEnergy Corp.     75,905 3,040,754
Iberdrola SA     280,593 3,495,588
NextEra Energy, Inc.     37,602 2,898,362
Gas utilities 0.5%      
Atmos Energy Corp.     28,145 3,162,372
ENN Energy Holdings, Ltd.     154,800 2,119,673
Independent power and renewable electricity producers 1.4%      
Brookfield Renewable Corp., Class A     19,299 674,500
Brookfield Renewable Partners LP     71,937 2,266,735
China Longyuan Power Group Corp., Ltd., H Shares     2,715,081 3,097,404
Ormat Technologies, Inc. (C)     5,705 483,613
Orron Energy AB     85,636 112,569
RWE AG     91,605 3,941,632
The AES Corp.     162,653 3,916,684
Multi-utilities 1.2%      
Engie SA     264,125 4,179,717
National Grid PLC     276,338 3,738,005
Public Service Enterprise Group, Inc.     25,401 1,586,292
Sempra Energy     24,655 3,726,850
Water utilities 0.2%      
Cia de Saneamento Basico do Estado de Sao Paulo     238,500 2,381,494
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND 17

        Shares Value
Warrants 0.1%         $669,612
(Cost $0)          
Occidental Petroleum Corp. (Expiration Date: 8-3-27; Strike Price: $22.00) (B)     16,332 669,612
    
  Yield* (%) Maturity date   Par value^ Value
Short-term investments 5.7%         $60,161,955
(Cost $60,142,192)          
U.S. Government Agency 0.1%         989,876
Federal Home Loan Bank Discount Note 4.200 04-04-23   990,000 989,876
    
    Yield (%)   Shares Value
Short-term funds 4.7%         49,272,079
John Hancock Collateral Trust (E) 4.9438(F)   4,928,736 49,272,079
    
        Par value^ Value
Repurchase agreement 0.9%         9,900,000
Bank of America Corp. Tri-Party Repurchase Agreement dated 3-31-23 at 4.810% to be repurchased at $1,800,722 on 4-3-23, collateralized by $1,849,400 U.S. Treasury Notes, 0.125% due 5-31-23 (valued at $1,836,076)       1,800,000 1,800,000
Goldman Sachs Tri-Party Repurchase Agreement dated 3-31-23 at 4.760% to be repurchased at $8,103,213 on 4-3-23, collateralized by $1,885,528 Federal Home Loan Mortgage Corp., 3.000% due 12-1-51 (valued at $1,692,763), $968,819 Federal National Mortgage Association, 4.000% due 3-1-48 (valued at $948,720), $5,142,671 Government National Mortgage Association, 3.500% - 4.000% due to 7-15-41 to 7-20-46 (valued at $4,898,359) and $190,300 U.S. Treasury Bonds, 4.500% due 5-15-38 (valued at $212,287)       8,100,000 8,100,000
    
Total investments (Cost $938,814,445) 104.5%     $1,109,931,106
Other assets and liabilities, net (4.5%)       (47,440,737)
Total net assets 100.0%         $1,062,490,369
    
The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.
^All par values are denominated in U.S. dollars unless otherwise indicated.
Security Abbreviations and Legend
ADR American Depositary Receipt
CVR Contingent Value Right
(A) These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration.
(B) Non-income producing security.
(C) All or a portion of this security is on loan as of 3-31-23.
18 JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

(D) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements.
(E) Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.
(F) The rate shown is the annualized seven-day yield as of 3-31-23.
* Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end.
At 3-31-23, the aggregate cost of investments for federal income tax purposes was $971,117,622. Net unrealized appreciation aggregated to $138,813,484, of which $170,824,011 related to gross unrealized appreciation and $32,010,527 related to gross unrealized depreciation.
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND 19

Financial statements
STATEMENT OF ASSETS AND LIABILITIES 3-31-23

Assets  
Unaffiliated investments, at value (Cost $889,561,907) including $53,704,341 of securities loaned $1,060,659,027
Affiliated investments, at value (Cost $49,252,538) 49,272,079
Total investments, at value (Cost $938,814,445) 1,109,931,106
Cash 645,219
Foreign currency, at value (Cost $606,639) 606,495
Dividends and interest receivable 3,179,674
Receivable for investments sold 2,443,225
Other assets 104,907
Total assets 1,116,910,626
Liabilities  
Payable for investments purchased 4,895,810
Payable for fund shares repurchased 59,290
Payable upon return of securities loaned 49,258,454
Payable to affiliates  
Accounting and legal services fees 46,227
Trustees’ fees 60
Other liabilities and accrued expenses 160,416
Total liabilities 54,420,257
Net assets $1,062,490,369
Net assets consist of  
Paid-in capital $923,525,165
Total distributable earnings (loss) 138,965,204
Net assets $1,062,490,369
 
Net asset value per share  
Based on net asset value and shares outstanding - the fund has an unlimited number of shares authorized with no par value  
Class NAV ($1,062,490,369 ÷ 94,979,487 shares) $11.19
20 JOHN HANCOCK Diversified Real Assets Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

STATEMENT OF OPERATIONS For the year ended 3-31-23

Investment income  
Dividends $35,305,363
Interest 400,106
Non-cash dividends 2,036,905
Securities lending 535,928
Less foreign taxes withheld (1,685,693)
Total investment income 36,592,609
Expenses  
Investment management fees 8,844,369
Accounting and legal services fees 189,889
Trustees’ fees 21,033
Custodian fees 396,997
Printing and postage 19,076
Professional fees 95,041
Other 40,209
Total expenses 9,606,614
Less expense reductions (597,020)
Net expenses 9,009,594
Net investment income 27,583,015
Realized and unrealized gain (loss)  
Net realized gain (loss) on  
Unaffiliated investments and foreign currency transactions (1,126,267)
Affiliated investments (12,164)
  (1,138,431)
Change in net unrealized appreciation (depreciation) of  
Unaffiliated investments and translation of assets and liabilities in foreign currencies (134,033,227)
Affiliated investments 14,991
  (134,018,236)
Net realized and unrealized loss (135,156,667)
Decrease in net assets from operations $(107,573,652)
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Diversified Real Assets Fund 21

STATEMENTS OF CHANGES IN NET ASSETS  

  Year ended
3-31-23
Year ended
3-31-22
Increase (decrease) in net assets    
From operations    
Net investment income $27,583,015 $25,638,565
Net realized gain (loss) (1,138,431) 65,063,023
Change in net unrealized appreciation (depreciation) (134,018,236) 248,823,189
Increase (decrease) in net assets resulting from operations (107,573,652) 339,524,777
Distributions to shareholders    
From earnings    
Class NAV (58,975,191) (30,403,277)
Total distributions (58,975,191) (30,403,277)
From fund share transactions 78,262,845 (121,130,595)
Total increase (decrease) (88,285,998) 187,990,905
Net assets    
Beginning of year 1,150,776,367 962,785,462
End of year $1,062,490,369 $1,150,776,367
22 JOHN HANCOCK Diversified Real Assets Fund | ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

Financial highlights
CLASS NAV SHARES Period ended 3-31-23 3-31-22 3-31-21 3-31-20 3-31-19
Per share operating performance          
Net asset value, beginning of period $13.28 $10.10 $6.61 $10.01 $10.00
Net investment income1 0.31 0.25 0.18 0.20 0.21
Net realized and unrealized gain (loss) on investments (1.73) 3.23 3.54 (3.16) 0.07
Total from investment operations (1.42) 3.48 3.72 (2.96) 0.28
Less distributions          
From net investment income (0.28) (0.30) (0.23) (0.28) (0.19)
From net realized gain (0.39) (0.16) (0.08)
Total distributions (0.67) (0.30) (0.23) (0.44) (0.27)
Net asset value, end of period $11.19 $13.28 $10.10 $6.61 $10.01
Total return (%)2 (10.55) 34.95 56.64 (30.92) 3.07
Ratios and supplemental data          
Net assets, end of period (in millions) $1,062 $1,151 $963 $684 $998
Ratios (as a percentage of average net assets):          
Expenses before reductions 0.92 0.91 0.93 0.93 0.94
Expenses including reductions 0.87 0.85 0.87 0.87 0.88
Net investment income 2.65 2.20 2.07 2.05 2.07
Portfolio turnover (%) 60 49 82 61 73
    
1 Based on average daily shares outstanding.
2 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Diversified Real Assets Fund 23

Notes to financial statements
Note 1Organization
John Hancock Diversified Real Assets 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 a long-term total return in excess of inflation.
The fund may offer multiple classes of shares. The shares currently outstanding are detailed in the Statement of assets and liabilities. 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 Advisor’s Valuation Policies and Procedures.
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 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,
24 JOHN HANCOCK Diversified Real Assets Fund | ANNUAL REPORT  

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 March 31, 2023, by major security category or type:
  Total
value at
3-31-23
Level 1
quoted
price
Level 2
significant
observable
inputs
Level 3
significant
unobservable
inputs
Investments in securities:        
Assets        
Common stocks        
Communication services $15,587,312 $15,587,312
Consumer discretionary 23,137,063 $10,372,565 12,764,498
Energy 305,512,183 245,963,039 59,549,144
Financials 3,238,997 3,238,997
Industrials 23,360,821 10,518,445 12,842,376
Information technology 11,841,083 11,841,083
Materials 228,803,042 214,709,458 14,093,584
Real estate 372,975,267 300,944,112 72,031,155
Utilities 64,643,771 39,925,089 24,718,682
Warrants 669,612 669,612
Short-term investments 60,161,955 49,272,079 10,889,876
Total investments in securities $1,109,931,106 $887,454,479 $222,476,627
Level 3 includes securities valued at $0. Refer to Fund’s investments.
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 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
  ANNUAL REPORT | JOHN HANCOCK Diversified Real Assets Fund 25

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. 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.
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 prime money market fund and invests 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.
Obligations to repay collateral received by the fund are shown on the Statement of assets and liabilities as Payable upon return of securities loaned and are secured by the loaned securities. As of March 31, 2023, the fund loaned securities valued at $53,704,341 and received $49,258,454 of cash collateral.
26 JOHN HANCOCK Diversified Real Assets Fund | ANNUAL REPORT  

In addition, non-cash collateral of approximately $6,801,068 in the form of U.S. Treasuries was pledged to the fund. This non-cash collateral is not reflected in the fund’s net assets, however could be sold by the securities lending agent in the event of default by the borrower.
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.
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. 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 a combination of fixed and asset-based allocations and is reflected in Other expenses on the Statement of operations. For the year ended March 31, 2023, the fund had no borrowings under the line of credit. Commitment fees for the year ended March 31, 2023 were $6,548.
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.
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, net capital losses of $6,730,937 that are a result of security transactions occurring after October 31, 2022, are treated as occurring on April 1, 2023, the first day of the fund’s next taxable year.
  ANNUAL REPORT | JOHN HANCOCK Diversified Real Assets Fund 27

As of March 31, 2023, 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 March 31, 2023 and 2022 was as follows:
  March 31, 2023 March 31, 2022
Ordinary income $24,583,516 $30,403,277
Long-term capital gains 34,391,675
Total $58,975,191 $30,403,277
As of March 31, 2023, the components of distributable earnings on a tax basis consisted of $6,880,013 of undistributed ordinary income.
Such distributions and distributable earnings, on a tax basis, 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. 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 and investments in passive foreign investment companies.
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) 0.850% of the first $2 billion of the fund’s average daily net assets and (b) 0.800% of the fund’s average daily net assets in excess of $2 billion. The Advisor has subadvisory agreements with Manulife Investment Management (North America) Limited and 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
28 JOHN HANCOCK Diversified Real Assets Fund | ANNUAL REPORT  

fund. During the year ended March 31, 2023, this waiver amounted to 0.01% of the fund’s average daily net assets. This arrangement expires on July 31, 2024, 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 agrees to reduce its management fee by an annual rate of 0.05% of the fund’s average daily net assets. This agreement expires on July 31, 2023, 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 expense reductions described above amounted to $597,020 for the year ended March 31, 2023.
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 March 31, 2023, were equivalent to a net annual effective rate of 0.79% 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 accounting and legal services fees incurred, for the year ended March 31, 2023, amounted to an annual rate of 0.02% of the fund’s average daily net assets.
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. Interest expense is inlcuded in Other expenses on the Statement of operations. 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)
Borrower $4,880,000 5 0.665% $(451)
Lender $5,500,000 4 2.855% $1,745
Note 5Fund share transactions
Transactions in fund shares for the years ended March 31, 2023 and 2022 were as follows:
  Year Ended 3-31-23 Year Ended 3-31-22
  Shares Amount Shares Amount
Class NAV shares        
Sold 11,853,285 $132,278,372 15,250,197 $170,297,846
Distributions reinvested 5,435,501 58,975,191 2,657,629 30,403,277
Repurchased (8,994,273) (112,990,718) (26,525,726) (321,831,718)
Net increase (decrease) 8,294,513 $78,262,845 (8,617,900) $(121,130,595)
Total net increase (decrease) 8,294,513 $78,262,845 (8,617,900) $(121,130,595)
  ANNUAL REPORT | JOHN HANCOCK Diversified Real Assets Fund 29

Affiliates of the fund owned 100% of shares of Class NAV on March 31, 2023. 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 $644,854,971 and $619,557,116, respectively, for the year ended March 31, 2023.
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.
REITs, pooled investment vehicles that typically invest in real estate directly or in loans collateralized by real estate, carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions. Securities of companies in the real estate industry carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.
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 March 31, 2023, funds within the John Hancock group of funds complex held 100.0% 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 33.4%
John Hancock Funds II Multimanager Lifestyle Balanced Portfolio 22.7%
John Hancock Funds II Multimanager Lifestyle Aggressive Portfolio 14.1%
John Hancock Funds II Multimanager 2025 Lifetime Portfolio 6.5%
John Hancock Funds II Multimanager 2030 Lifetime Portfolio 6.2%
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* 4,928,736 $43,836,586 $295,638,545 $(290,205,879) $(12,164) $14,991 $535,928 $49,272,079
    
* Refer to the Securities lending note within Note 2 for details regarding this investment.
30 JOHN HANCOCK Diversified Real Assets Fund | ANNUAL REPORT  

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Investment Trust and Shareholders of John Hancock Diversified Real Assets Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of John Hancock Diversified Real Assets Fund (one of the funds constituting John Hancock Investment Trust, referred to hereafter the "Fund") as of March 31, 2023, the related statement of operations for the year ended March 31, 2023, the statements of changes in net assets for each of the two years in the period ended March 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2023 (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 March 31, 2023, 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 March 31, 2023 and the financial highlights for each of the five years in the period ended March 31, 2023 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 March 31, 2023 by correspondence with the custodian 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
May 4, 2023
We have served as the auditor of one or more investment companies in the John Hancock group of funds since 1988.
  ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND 31

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 March 31, 2023.
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 $34,391,675 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 2023 Form 1099-DIV in early 2024. This will reflect the tax character of all distributions paid in calendar year 2023.
Please consult a tax advisor regarding the tax consequences of your investment in the fund.
32 JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT  

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT

Operation of the Liquidity Risk Management Program
This section describes the operation and effectiveness of the Liquidity Risk Management Program (LRMP) established in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the Liquidity Rule). The Board of Trustees (the Board) of each Fund in the John Hancock Group of Funds (each a Fund and collectively, the Funds) that is subject to the requirements of the Liquidity Rule has appointed John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (together, the Advisor) to serve as Administrator of the LRMP with respect to each of the Funds, including John Hancock Diversified Real Assets Fund, subject to the oversight of the Board. In order to provide a mechanism and process to perform the functions necessary to administer the LRMP, the Advisor established the Liquidity Risk Management Committee (the Committee). The Fund’s subadvisors, Manulife Investment Management (North America) Limited (Manulife IM (NA)) and Wellington Management Company LLP (Wellington) (the Subadvisor) executes the day-to-day investment management and security-level activities of the Fund in accordance with the requirements of the LRMP, subject to the supervision of the Advisor and the Board.
The Committee receives monthly reports and holds quarterly in person meetings to: (1) review the day-to-day operations of the LRMP; (2) monitor current market and liquidity conditions and assess liquidity risks; (3) review and approve month-end liquidity classifications; (4) monitor illiquid investment levels against the 15% limit on illiquid investments and established Highly Liquid Investment Minimums (HLIMs), if any; (5) review quarterly testing and determinations, as applicable; (6) review redemption-in-kind activities; and (7) review other LRMP related material. The Advisor also conducts daily, monthly, quarterly, and annual quantitative and qualitative assessments of each subadvisor to a Fund that is subject to the requirements of the Liquidity Rule and is a part of the LRMP to monitor investment performance issues, risks and trends. In addition, the Advisor may conduct ad-hoc reviews and meetings with subadvisors as issues and trends are identified, including potential liquidity issues. The Committee also monitors global events, such as the ongoing Russian invasion of Ukraine and related U.S. imposed sanctions on the Russian government, companies and oligarchs, and other amendments to the Office of Foreign Assets Control sanctioned company lists, that could impact the markets and liquidity of portfolio investments and their classifications. In addition, the Committee monitors macro events and assesses their potential impact on liquidity brought on by fear of contagion (e.g. regional banking crisis).
The Committee provided the Board at a meeting held on March 28-30, 2023 with a written report which addressed the Committee’s assessment of the adequacy and effectiveness of the implementation and operation of the LRMP and any material changes to the LRMP. The report, which covered the period January 1, 2022 through December 31, 2022, included an assessment of important aspects of the LRMP including, but not limited to: (1) Security-level liquidity classifications; (2) Fund-level liquidity risk assessment; (3) Reasonably Anticipated Trade Size (RATS) determination; (4) HLIM determination and daily monitoring; (5) Daily compliance with the 15% limit on illiquid investments; (6) Operation of the Fund’s Redemption-In-Kind Procedures; and (7) Review of liquidity management facilities.
The report provided an update on Committee activities over the previous year. Additionally, the report included a discussion of notable changes and enhancements to the LRMP implemented during 2022 and key initiatives for 2023.
The report also covered material liquidity matters which occurred or were reported during this period applicable to the Fund, if any, and the Committee’s actions to address such matters.
The report stated, in relevant part, that during the period covered by the report:
The Fund’s investment strategy remained appropriate for an open-end fund structure;
The Fund was able to meet requests for redemption without significant dilution of remaining shareholders’ interests in the Fund;
  ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND 33

The Fund did not experience any breaches of the 15% limit on illiquid investments, or any applicable HLIM, that would require reporting to the Securities and Exchange Commission;
The Fund continued to qualify as a Primarily Highly Liquid Fund under the Liquidity Rule and therefore is not required to establish a HLIM; and
The Chief Compliance Officer’s office, as a part of their annual Rule 38a-1 assessment of the Fund’s policies and procedures, reviewed the LRMP’s control environment and deemed it to be operating effectively and in compliance with the Board approved procedures.
Adequacy and Effectiveness
Based on the annual review and assessment conducted by the Committee, the Committee has determined that the LRMP and its controls have been implemented and are operating in a manner that is adequately and effectively managing the liquidity risk of the Fund.
34 JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT  

Trustees and Officers
This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the fund and execute policies formulated by the Trustees.
Independent Trustees    
Name, year of birth
Position(s) held with Trust
Principal occupation(s) and other
directorships during past 5 years
Trustee
of the
Trust
since1
Number of John
Hancock funds
overseen by
Trustee
Hassell H. McClellan, Born: 1945 2012 186
Trustee and Chairperson of the Board    
Director/Trustee, Virtus Funds (2008-2020); Director, The Barnes Group (2010-2021); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2005) and Chairperson of the Board (since 2017) of various trusts within the John Hancock Fund Complex.
James R. Boyle, Born: 1959 2015 183
Trustee    
Board Member, United of Omaha Life Insurance Company (since 2022). Board Member, Mutual of Omaha Investor Services, Inc. (since 2022). Foresters Financial, Chief Executive Officer (2018–2022) and board member (2017–2022). Manulife Financial and John Hancock, more than 20 years, retiring in 2012 as Chief Executive Officer, John Hancock and Senior Executive Vice President, Manulife Financial. Trustee of various trusts within the John Hancock Fund Complex (2005–2014 and since 2015).
William H. Cunningham,2 Born: 1944 1986 184
Trustee    
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000). Trustee of various trusts within the John Hancock Fund Complex (since 1986).
Noni L. Ellison,* Born: 1971 2022 183
Trustee    
Senior Vice President, General Counsel & Corporate Secretary, Tractor Supply Company (rural lifestyle retailer) (since 2021); General Counsel, Chief Compliance Officer & Corporate Secretary, Carestream Dental, L.L.C.(2017–2021); Associate General Counsel & Assistant Corporate Secretary, W.W. Grainger, Inc. (global industrial supplier) (2015–2017); Board Member, Goodwill of North Georgia, 2018 (FY2019)–2020 (FY2021); Board Member, Howard University School of Law Board of Visitors (since 2021); Board Member, University of Chicago Law School Board of Visitors (since 2016); Board member, Children’s Healthcare of Atlanta Foundation Board (2021–present). Trustee of various trusts within the John Hancock Fund Complex (since 2022).
Grace K. Fey, Born: 1946 2012 186
Trustee    
Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988–2007); Director, Fiduciary Trust (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2008).
Dean C. Garfield,* Born: 1968 2022 183
Trustee    
Vice President, Netflix, Inc. (since 2019); President & Chief Executive Officer, Information Technology Industry Council (2009–2019); NYU School of Law Board of Trustees (since 2021); Member, U.S. Department of Transportation, Advisory Committee on Automation (since 2021); President of the United States Trade Advisory Council (2010–2018); Board Member, College for Every Student (2017–2021); Board Member, The Seed School of Washington, D.C. (2012–2017). Trustee of various trusts within the John Hancock Fund Complex (since 2022).
  ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND 35

Independent Trustees (continued)    
Name, year of birth
Position(s) held with Trust
Principal occupation(s) and other
directorships during past 5 years
Trustee
of the
Trust
since1
Number of John
Hancock funds
overseen by
Trustee
Deborah C. Jackson, Born: 1952 2008 185
Trustee    
President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, Amwell Corporation (since 2020); Board of Directors, Massachusetts Women’s Forum (2018-2020); Board of Directors, National Association of Corporate Directors/New England (2015-2020); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002–2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007–2011). Trustee of various trusts within the John Hancock Fund Complex (since 2008).
Patricia Lizarraga,2,* Born: 1966 2022 183
Trustee    
Founder, Chief Executive Officer, Hypatia Capital Group (advisory and asset management company) (since 2007); Independent Director, Audit Committee Chair, and Risk Committee Member, Credicorp, Ltd. (since 2017); Independent Director, Audit Committee Chair, Banco De Credito Del Peru (since 2017); Trustee, Museum of Art of Lima (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2022).
Steven R. Pruchansky, Born: 1944 1994 183
Trustee and Vice Chairperson of the Board    
Managing Director, Pru Realty (since 2017); Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (2014-2020); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real estate) (since 2000); Partner, Right Funding, LLC (2014-2017); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President, Maxwell Building Corp. (until 1991). Trustee (since 1992), Chairperson of the Board (2011–2012), and Vice Chairperson of the Board (since 2012) of various trusts within the John Hancock Fund Complex.
Frances G. Rathke,2 Born: 1960 2020 183
Trustee    
Director, Audit Committee Chair, Oatly Group AB (plant-based drink company) (since 2021); Director, Audit Committee Chair and Compensation Committee Member, Green Mountain Power Corporation (since 2016); Director, Treasurer and Finance & Audit Committee Chair, Flynn Center for Performing Arts (since 2016); Director and Audit Committee Chair, Planet Fitness (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003-retired 2015). Trustee of various trusts within the John Hancock Fund Complex (since 2020).
Gregory A. Russo, Born: 1949 2009 183
Trustee    
Director and Audit Committee Chairman (2012-2020), and Member, Audit Committee and Finance Committee (2011-2020), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Director and Member (2012-2018), and Finance Committee Chairman (2014-2018), The Moorings, Inc. (nonprofit continuing care community); Global Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial Markets, KPMG (1998–2002). Trustee of various trusts within the John Hancock Fund Complex (since 2008).
    
36 JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT  

Non-Independent Trustees3    
Name, year of birth
Position(s) held with Trust
Principal occupation(s) and other
directorships during past 5 years
Trustee
of the
Trust
since1
Number of John
Hancock funds
overseen by
Trustee
Andrew G. Arnott, Born: 1971 2017 184
President and Non-Independent Trustee    
Global Head of Retail for Manulife (since 2022); Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2018); Director and Executive Vice President, John Hancock Investment Management LLC (since 2005, including prior positions); Director and Executive Vice President, John Hancock Variable Trust Advisers LLC (since 2006, including prior positions); President, John Hancock Investment Management Distributors LLC (since 2004, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017).
Marianne Harrison,^ Born: 1963 2018 183
Non-Independent Trustee    
President and CEO, John Hancock (since 2017); President and CEO, Manulife Canadian Division (2013–2017); Member, Board of Directors, Boston Medical Center (since 2021); Member, Board of Directors, CAE Inc. (since 2019); Member, Board of Directors, MA Competitive Partnership Board (since 2018); Member, Board of Directors, American Council of Life Insurers (ACLI) (since 2018); Member, Board of Directors, Communitech, an industry-led innovation center that fosters technology companies in Canada (2017-2019); Member, Board of Directors, Manulife Assurance Canada (2015-2017); Board Member, St. Mary’s General Hospital Foundation (2014-2017); Member, Board of Directors, Manulife Bank of Canada (2013-2017); Member, Standing Committee of the Canadian Life & Health Assurance Association (2013-2017); Member, Board of Directors, John Hancock USA, John Hancock Life & Health, John Hancock New York (2012–2013 and since 2017). Trustee of various trusts within the John Hancock Fund Complex (since 2018).
Paul Lorentz, Born: 1968 2022 183
Non-Independent Trustee    
Global Head, Manulife Wealth and Asset Management (since 2017); General Manager, Manulife, Individual Wealth Management and Insurance (2013–2017); President, Manulife Investments (2010–2016). Trustee of various trusts within the John Hancock Fund Complex (since 2022).
    
Principal officers who are not Trustees  
Name, year of birth
Position(s) held with Trust
Principal occupation(s)
during past 5 years
Current
Position(s)
with the
Trust
since
Charles A. Rizzo, Born: 1957 2007
Chief Financial Officer  
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2008); Chief Financial Officer of various trusts within the John Hancock Fund Complex (since 2007).
Salvatore Schiavone, Born: 1965 2010
Treasurer  
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2007); Treasurer of various trusts within the John Hancock Fund Complex (since 2007, including prior positions).
  ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND 37

Principal officers who are not Trustees (continued)  
Name, year of birth
Position(s) held with Trust
Principal occupation(s)
during past 5 years
Current
Position(s)
with the
Trust
since
Christopher (Kit) Sechler, Born: 1973 2018
Secretary and Chief Legal Officer  
Vice President and Deputy Chief Counsel, John Hancock Investment Management (since 2015); Assistant Vice President and Senior Counsel (2009–2015), John Hancock Investment Management; Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009); Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2009, including prior positions).
Trevor Swanberg, Born: 1979 2020
Chief Compliance Officer  
Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019–2020); Assistant Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2016–2019); Vice President, State Street Global Advisors (2015–2016); Chief Compliance Officer of various trusts within the John Hancock Fund Complex (since 2016, including prior positions).
The business address for all Trustees and Officers is 200 Berkeley Street, Boston, Massachusetts 02116-5023.
The Statement of Additional Information of the fund includes additional information about members of the Board of Trustees of the Trust and is available without charge, upon request, by calling 800-225-5291.
1 Each Trustee holds office until his or her successor is duly elected and qualified, or until the Trustee’s death, retirement, resignation, or removal. Mr. Boyle has served as Trustee at various times prior to the date listed in the table.
2 Member of the Audit Committee.
3 The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain affiliates.
* Elected to serve as Independent Trustee effective as of September 9, 2022.
^ Ms. Harrison is retiring effective May 1, 2023.
Elected to serve as Non-Independent Trustee effective as of September 9, 2022.
38 JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND | ANNUAL REPORT  

More information
Trustees
Hassell H. McClellan, Chairperson
Steven R. Pruchansky, Vice Chairperson
Andrew G. Arnott
James R. Boyle
William H. Cunningham*
Grace K. Fey
Noni L. Ellison^
Dean C. Garfield^
Marianne Harrison†,#
Deborah C. Jackson
Patricia Lizarraga*,^
Paul Lorentz
Frances G. Rathke*
Gregory A. Russo
Officers
Andrew G. Arnott
President
Charles A. Rizzo
Chief Financial Officer
Salvatore Schiavone
Treasurer
Christopher (Kit) Sechler
Secretary and Chief Legal Officer
Trevor Swanberg
Chief Compliance Officer
Investment advisor
John Hancock Investment Management LLC
Subadvisor
Manulife Investment Management (North America) Limited (Manulife IM (NA))
Wellington Management Company LLP (Wellington)
Portfolio Managers
The Investment Management Teams at
Manulife IM (NA) and Wellington
Principal distributor
John Hancock Investment Management Distributors LLC
Custodian
Citibank, N.A.
Legal counsel
K&L Gates LLP
Independent registered public accounting firm
PricewaterhouseCoopers LLP
 
 Non-Independent Trustee
* Member of the Audit Committee
^ Elected to serve as Independent Trustee effective as of September 9, 2022.
# Ms. Harrison is retiring effective May 1, 2023.
Elected to serve as Non-Independent Trustee effective as of September 9, 2022.
The fund’s proxy voting policies and procedures, as well as the fund proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) website at sec.gov or on our website.
All of the fund’s holdings as of the end of the third month of every fiscal quarter are filed with the SEC on Form N-PORT within 60 days of the end of the fiscal quarter. The fund’s Form N-PORT filings are available on our website and the SEC’s website, sec.gov.
We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-225-5291.
You can also contact us:    
800-225-5291 Regular mail: Express mail:
jhinvestments.com John Hancock Signature Services, Inc.
P.O. Box 219909
Kansas City, MO 64121-9909
John Hancock Signature Services, Inc.
430 W 7th Street
Suite 219909
Kansas City, MO 64105-1407
  ANNUAL REPORT | JOHN HANCOCK DIVERSIFIED REAL ASSETS FUND 39

John Hancock family of funds
U.S. EQUITY FUNDS

Blue Chip Growth
Classic Value
Disciplined Value
Disciplined Value Mid Cap
Equity Income
Financial Industries
Fundamental All Cap Core
Fundamental Large Cap Core
Mid Cap Growth
New Opportunities
Regional Bank
Small Cap Core
Small Cap Growth
Small Cap Value
U.S. Global Leaders Growth
U.S. Growth
INTERNATIONAL EQUITY FUNDS

Disciplined Value International
Emerging Markets
Emerging Markets Equity
Fundamental Global Franchise
Global Environmental Opportunities
Global Equity
Global Shareholder Yield
Global Thematic Opportunities
International Dynamic Growth
International Growth
International Small Company
FIXED-INCOME FUNDS

Bond
California Municipal Bond
Emerging Markets Debt
Floating Rate Income
Government Income
High Yield
High Yield Municipal Bond
Income
Investment Grade Bond
Money Market
Municipal Opportunities
Opportunistic Fixed Income
Short Duration Bond
Short Duration Municipal Opportunities
Strategic Income Opportunities
ALTERNATIVE FUNDS

Alternative Asset Allocation
Diversified Macro
Infrastructure
Multi-Asset Absolute Return
Real Estate Securities
Seaport Long/Short
 
A fund’s investment objectives, risks, charges, and expenses should be considered carefully before investing. The prospectus contains this and other important information about the fund. To obtain a prospectus, contact your financial professional, call John Hancock Investment Management at 800-225-5291, or visit our website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.

EXCHANGE-TRADED FUNDS

John Hancock Corporate Bond ETF
John Hancock International High Dividend ETF
John Hancock Mortgage-Backed Securities ETF
John Hancock Multifactor Developed International ETF
John Hancock Multifactor Emerging Markets ETF
John Hancock Multifactor Large Cap ETF
John Hancock Multifactor Mid Cap ETF
John Hancock Multifactor Small Cap ETF
John Hancock Preferred Income ETF
Johh Hancock U.S. High Dividend ETF
ASSET ALLOCATION/TARGET DATE FUNDS

Balanced
Multi-Asset High Income
Lifestyle Blend Portfolios
Lifetime Blend Portfolios
Multimanager Lifestyle Portfolios
Multimanager Lifetime Portfolios
Preservation Blend Portfolios
ENVIRONMENTAL, SOCIAL, AND
GOVERNANCE FUNDS

ESG Core Bond
ESG International Equity
ESG Large Cap Core
CLOSED-END FUNDS

Asset-Based Lending
Financial Opportunities
Hedged Equity & Income
Income Securities Trust
Investors Trust
Preferred Income
Preferred Income II
Preferred Income III
Premium Dividend
Tax-Advantaged Dividend Income
Tax-Advantaged Global Shareholder Yield
John Hancock ETF shares are bought and sold at market price (not NAV), and are not individually redeemed from the fund. Brokerage commissions will reduce returns.
John Hancock ETFs are distributed by Foreside Fund Services, LLC, and are subadvised by Manulife Investment Management (US) LLC or Dimensional Fund Advisors LP. Foreside is not affiliated with John Hancock Investment Management Distributors LLC, Manulife Investment Management (US) LLC or Dimensional Fund Advisors LP.
Dimensional Fund Advisors LP receives compensation from John Hancock in connection with licensing rights to the John Hancock Dimensional indexes. Dimensional Fund Advisors LP does not sponsor, endorse, or sell, and makes no representation as to the advisability of investing in, John Hancock Multifactor ETFs.

A trusted brand
John Hancock Investment Management is a premier asset manager
with a heritage of financial stewardship dating back to 1862. Helping
our shareholders pursue their financial goals is at the core of everything
we do. It’s why we support the role of professional financial advice
and operate with the highest standards of conduct and integrity.
A better way to invest
We serve investors globally through a unique multimanager approach:
We search the world to find proven portfolio teams with specialized
expertise for every strategy we offer, then we apply robust investment
oversight to ensure they continue to meet our uncompromising
standards and serve the best interests of our shareholders.
Results for investors
Our unique approach to asset management enables us to provide
a diverse set of investments backed by some of the world’s best
managers, along with strong risk-adjusted returns across asset classes.
“A trusted brand” is based on a survey of 6,651 respondents conducted by Medallia between 3/18/20 and 5/13/20.
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 Diversified Real Assets Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
  DRAA 3/23
5/2023