April 2024 SEC comments
John Hancock Group of Funds
200 Berkeley Street
Boston, Massachusetts 02116
May 8, 2024
VIA EDGAR
Division of Investment Management
Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549
Attention: Jeff Long
Re: Closed End Fund
John Hancock Financial Opportunities Fund Form N-CSR Annual Reports to Shareholders ("Form N-CSR") for the Period Ended December 31, 2023; File No. 811-08568
John Hancock Hedged Equity & Income Fund Form N-CSR Annual Reports to Shareholders ("Form N-CSR") for the Period Ended December 31, 2023; File No. 811-22441
John Hancock Income Securities Trust Form N-CSR Annual Reports to Shareholders ("Form N- CSR") for the Period Ended October 31, 2023; File No. 811-04186
John Hancock Investors Trust Form N-CSR Annual Reports to Shareholders ("Form N-CSR") for the Period Ended October 31, 2023; File No. 811-04173
John Hancock Premium Dividend Fund Form N-CSR Annual Reports to Shareholders ("Form N- CSR") for the Period Ended October 31, 2023; File No. 811-05908
John Hancock Tax-Advantaged Dividend Income Fund Form N-CSR Annual Reports to Shareholders ("Form N-CSR") for the Period Ended October 31, 2023; File No. 811-21416
John Hancock Tax-Advantaged Global Shareholder Yield Fund Form N-CSR Annual Reports to Shareholders ("Form N-CSR") for the Period Ended October 31, 2023; File No. 811-22056
John Hancock Preferred Income Fund Form N-CSR Annual Reports to Shareholders ("Form N- CSR") for the Period Ended July 31, 2023; File No. 811-21131
John Hancock Preferred Income Fund II Form N-CSR Annual Reports to Shareholders ("Form N- CSR") for the Period Ended July 31, 2023; File No. 811-21202
John Hancock Preferred Income Fund III Form N-CSR Annual Reports to Shareholders ("Form N-CSR") for the Period Ended July 31, 2023; File No. 811-21287
Open End Funds
John Hancock Capital Series Form N-CSR Annual Reports to Shareholders ("Form N-CSR") for the Period Ended October 31, 2023; File No. 811-01677
John Hancock Collateral Trust Form N-CSR Annual Reports to Shareholders ("Form N-CSR") for the Period Ended December 31, 2023; File No. 811-23027
Securities and Exchange Commission
April 28, 2021
Page 2 of 7
John Hancock Current Interest Form N-CSR Annual Reports to Shareholders ("Form N-CSR") for the Period Ended March 31, 2023; File No. 811-02485
John Hancock Exchange-Traded Fund Trust Form N-CSR Annual Reports to Shareholders ("Form N-CSR") for the Period Ended April 30, 2023; File No. 811-22733
John Hancock Funds II Form N-CSR Annual Reports to Shareholders ("Form N-CSR") for the Period Ended December 31, 2023; File No. 811-21779
John Hancock Funds III Form N-CSR Annual Reports to Shareholders ("Form N-CSR") for the Period Ended March 31, 2023; File No. 811-21777
John Hancock Investment Trust Form N-CSR Annual Reports to Shareholders ("Form N-CSR") for the Period Ended October 31, 2023; File No. 811-00560
John Hancock Investment Trust II Form N-CSR Annual Reports to Shareholders ("Form N-CSR") for the Period Ended October 31, 2023; File No. 811-03999
John Hancock Variable Insurance Trust Form N-CSR Annual Reports to Shareholders ("Form N- CSR") for the Period Ended December 31, 2023; File No. 811-04146
Dear Mr. Long:
This letter responds to the comments of the Staff of the Securities and Exchange Commission ("SEC"), which were conveyed to us by telephone on April 1, 2024 with respect to the filings on Form N-CSR for the John Hancock Funds listed on Annex A, attached hereto. The Staff's comments are set forth below, each followed by the respective fund's response.
1.Comment: For John Hancock Financial Opportunities Fund, registration statements rely on the short form (General Instructions A 2). Form N-2 requires 10 years of financial highlights to be presented in the registration statement. Noted that the 12-31-23 Form N-CSR filing only included 5 years of financial highlights. Options to extend financial highlights to 10 years include: 1) incorporate by reference historical financial statements filed in Form N-CSR, 2) file an amendment to the registration statement on Form 424B3, or 3) include the earliest 5 years of financial highlights in the additional information section of the shareholder report filed in Form N-CSR.
Response: We agree and will file Form 424B3 for John Hancock Financial Opportunities Fund in response to this comment.
2.Comment: For the John Hancock Variable Insurance Trust Form N-CSR filing, annual shareholder reports include summary schedules of investments and Item 6 of Form N-SCR includes full schedules of investments with the independent auditor opinions on full schedules. For the equity funds, the independent auditor opinion on the full schedules of investments incorrectly references summary schedules.
Response: We agree and will file an amended Form N-CSR for John Hancock Variable Insurance Trust, which will include an updated independent auditor opinion referencing the full schedule of investments for the equity funds.
3.Comment: For John Hancock Income Securities Trust, John Hancock Investors Trust, and John Hancock Financial Opportunities Fund, noted the expense ratios included on the Fact Sheets as of December 31, 2023 do not agree to the financial highlights in the most current financial statements.
Securities and Exchange Commission
April 28, 2021
Page 3 of 7
Response: The expense ratios per the Fact Sheets are generally updated annually following the effective date of the prospectus update (e.g. Fact Sheet expense ratios for October 31, 2023 fiscal year end funds with a March 1, 2024 prospectus update would be updated for the March 31, 2024 quarter end Fact Sheet).
4.Comment: For John Hancock Tax-Advantaged Dividend Income Fund (HTD), the performance section of the annual report compares performance to two blended indices (primary and secondary) however Form N-2 states that performance should be compared to a broad-based securities index. Please explain how the fund is meeting this requirement.
5.Response: The Fund respectfully disagrees that the fund's blended benchmark is not an "appropriate broad-based securities market index" as used in Instruction 4.g.(2)(F) to Item 24 in Form N-2. The blended benchmark used by the fund, consistent with Form N-2, is "one that is administered by an organization that is not an affiliated person of the Fund, its investment adviser, or principal underwriter, unless the index is widely recognized and used." The Fund uses blended benchmarks comprised of constituent asset class indices that are calculated and administered by organizations that are not affiliated persons of the Fund, its investment adviser, or principal underwriter, and each of these constituent indices qualifies as an "appropriate broad-based securities market index." Moreover, the benchmark blend is static and not "administered" by the adviser on an ongoing
basis. Notwithstanding the foregoing, in response to the Staff's request, the Fund will include the performance of the ICE BofA U.S. All Capital Securities Index first in the performance section of its annual report, in addition to the Primary and Secondary Blended Indexes, which will be renamed the Blended Benchmark and Additional Blended Benchmark, respectively.
We hope that these foregoing responses adequately address the Staff's comments. If you have any questions, please do not hesitate to contact me via e-mail at sschiavone@jhancock.com .
Sincerely,
/s/ Salvatore Schiavone Salvatore Schiavone Treasurer
John Hancock Group of Funds
Securities and Exchange Commission
April 28, 2021
Page 4 of 7
Annex A
Count |
Series ID |
FYE |
File # |
Series Name |
Registrant Name |
|
|
|
|
|
|
1 |
S000000620 |
10/31/2023 |
811-01677 |
U.S. Global Leaders Growth Fund |
John Hancock Capital Series |
|
|
|
|
|
|
2 |
S000000617 |
10/31/2023 |
811-01677 |
Classic Value Fund |
John Hancock Capital Series |
|
|
|
|
|
|
3 |
S000048934 |
12/31/2023 |
811-23027 |
John Hancock Collateral Trust |
John Hancock Collateral Trust |
|
|
|
|
|
|
4 |
S000000623 |
3/31/2023 |
811-02485 |
John Hancock Money Market Fund |
John Hancock Current Interest |
|
|
|
|
|
|
5 |
S000050077 |
4/30/2023 |
811-22733 |
John Hancock Multifactor Large Cap |
John Hancock Exchange-Traded Fund |
|
|
|
|
ETF |
Trust |
6 |
S000074603 |
4/30/2023 |
811-22733 |
John Hancock Preferred Income ETF |
John Hancock Exchange-Traded Fund |
|
|
|
|
|
Trust |
7 |
S000055737 |
4/30/2023 |
811-22733 |
John Hancock Multifactor Developed |
John Hancock Exchange-Traded Fund |
|
|
|
|
International ETF |
Trust |
8 |
S000072179 |
4/30/2023 |
811-22733 |
John Hancock Mortgage-Backed |
John Hancock Exchange-Traded Fund |
|
|
|
|
Securities ETF |
Trust |
9 |
S000063017 |
4/30/2023 |
811-22733 |
John Hancock Multifactor Emerging |
John Hancock Exchange-Traded Fund |
|
|
|
|
Markets ETF |
Trust |
10 |
S000077441 |
4/30/2023 |
811-22733 |
John Hancock U.S. High Dividend |
John Hancock Exchange-Traded Fund |
|
|
|
|
ETF |
Trust |
11 |
S000071291 |
4/30/2023 |
811-22733 |
John Hancock Corporate Bond ETF |
John Hancock Exchange-Traded Fund |
|
|
|
|
|
Trust |
12 |
S000050079 |
4/30/2023 |
811-22733 |
John Hancock Multifactor Mid Cap |
John Hancock Exchange-Traded Fund |
|
|
|
|
ETF |
Trust |
13 |
S000059464 |
4/30/2023 |
811-22733 |
John Hancock Multifactor Small Cap |
John Hancock Exchange-Traded Fund |
|
|
|
|
ETF |
Trust |
14 |
S000079041 |
4/30/2023 |
811-22733 |
John Hancock International High |
John Hancock Exchange-Traded Fund |
|
|
|
|
Dividend ETF |
Trust |
15 |
|
12/31/2023 |
811-08568 |
John Hancock Financial |
John Hancock Financial Opportunities |
|
|
|
|
Opportunities Fund |
Fund |
16 |
S000003339 |
12/31/2023 |
811-21779 |
Multimanager Lifestyle Growth |
John Hancock Funds II |
|
|
|
|
Portfolio |
|
17 |
S000003337 |
12/31/2023 |
811-21779 |
Multimanager Lifestyle Balanced |
John Hancock Funds II |
|
|
|
|
Portfolio |
|
18 |
S000003342 |
12/31/2023 |
811-21779 |
Multimanager Lifestyle Moderate |
John Hancock Funds II |
|
|
|
|
Portfolio |
|
19 |
S000003338 |
12/31/2023 |
811-21779 |
Multimanager Lifestyle Conservative |
John Hancock Funds II |
|
|
|
|
Portfolio |
|
20 |
S000003335 |
12/31/2023 |
811-21779 |
Multimanager Lifestyle Aggressive |
John Hancock Funds II |
|
|
|
|
Portfolio |
|
21 |
S000023715 |
3/31/2023 |
811-21777 |
John Hancock Disciplined Value |
John Hancock Funds III |
|
|
|
|
Fund |
|
22 |
S000001412 |
3/31/2023 |
811-21777 |
John Hancock International Growth |
John Hancock Funds III |
|
|
|
|
Fund |
|
23 |
S000035055 |
3/31/2023 |
811-21777 |
John Hancock U.S. Growth Fund |
John Hancock Funds III |
|
|
|
|
|
|
24 |
S000028882 |
3/31/2023 |
811-21777 |
John Hancock Disciplined Value Mid |
John Hancock Funds III |
|
|
|
|
Cap Fund |
|
25 |
S000015906 |
3/31/2023 |
811-21777 |
John Hancock Global Shareholder |
John Hancock Funds III |
|
|
|
|
Yield Fund |
|
26 |
|
12/31/2023 |
811-22441 |
John Hancock Hedged Equity & |
John Hancock Hedged Equity & Income |
|
|
|
|
Income Fund |
Fund |
Securities and Exchange Commission
April 28, 2021
Page 5 of 7
27 |
|
10/31/2023 |
811-04186 |
John Hancock Income Securities |
John Hancock Income Securities |
|
|
|
|
|
|
28 |
S000066059 |
10/31/2023 |
811-00560 |
John Hancock Diversified Macro |
John Hancock Investment Trust |
|
|
|
|
Fund |
|
29 |
S000053961 |
10/31/2023 |
811-00560 |
John Hancock ESG Large Cap Core |
John Hancock Investment Trust |
|
|
|
|
Fund |
|
30 |
S000043448 |
10/31/2023 |
811-00560 |
John Hancock Infrastructure Fund |
John Hancock Investment Trust |
|
|
|
|
|
|
31 |
S000045751 |
10/31/2023 |
811-00560 |
John Hancock Disciplined Value |
John Hancock Investment Trust |
|
|
|
|
International Fund |
|
32 |
S000049614 |
10/31/2023 |
811-00560 |
John Hancock Emerging Markets |
John Hancock Investment Trust |
|
|
|
|
Equity Fund |
|
33 |
S000043449 |
10/31/2023 |
811-00560 |
John Hancock Seaport Long/Short |
John Hancock Investment Trust |
|
|
|
|
Fund |
|
34 |
S000065244 |
10/31/2023 |
811-00560 |
John Hancock International Dynamic |
John Hancock Investment Trust |
|
|
|
|
Growth Fund |
|
35 |
S000055868 |
10/31/2023 |
811-00560 |
John Hancock ESG International |
John Hancock Investment Trust |
|
|
|
|
Equity Fund |
|
36 |
S000043450 |
10/31/2023 |
811-00560 |
John Hancock Small Cap Core Fund |
John Hancock Investment Trust |
|
|
|
|
|
|
37 |
S000000630 |
10/31/2023 |
811-00560 |
Fundamental Large Cap Core Fund |
John Hancock Investment Trust |
|
|
|
|
|
|
38 |
S000063662 |
10/31/2023 |
811-00560 |
John Hancock Global Thematic |
John Hancock Investment Trust |
|
|
|
|
Opportunities Fund |
|
39 |
S000000629 |
10/31/2023 |
811-00560 |
Balanced Fund |
John Hancock Investment Trust |
|
|
|
|
|
|
40 |
S000072387 |
10/31/2023 |
811-00560 |
John Hancock Global Environmental |
John Hancock Investment Trust |
|
|
|
|
Opportunities Fund |
|
41 |
S000000635 |
10/31/2023 |
811-03999 |
Regional Bank Fund |
John Hancock Investment Trust II |
|
|
|
|
|
|
42 |
S000000634 |
10/31/2023 |
811-03999 |
Financial Industries Fund |
John Hancock Investment Trust II |
|
|
|
|
|
|
43 |
|
10/31/2023 |
811-04173 |
John Hancock Investors Trust |
John Hancock Investors Trust |
|
|
|
|
|
|
44 |
|
7/31/2023 |
811-21131 |
John Hancock Preferred Income Fund |
John Hancock Preferred Income Fund |
|
|
|
|
|
|
45 |
|
7/31/2023 |
811-21202 |
John Hancock Preferred Income Fund |
John Hancock Preferred Income Fund II |
|
|
|
|
II |
|
46 |
|
7/31/2023 |
811-21287 |
John Hancock Preferred Income Fund |
John Hancock Preferred Income Fund |
|
|
|
|
III |
III |
47 |
|
10/31/2023 |
811-05908 |
John Hancock Premium Dividend |
John Hancock Premium Dividend Fund |
|
|
|
|
Fund |
|
48 |
|
10/31/2023 |
811-21416 |
John Hancock Tax-Advantaged |
John Hancock Tax-Advantaged |
|
|
|
|
Dividend Income Fund |
Dividend Income Fund |
49 |
|
10/31/2023 |
811-22056 |
John Hancock Tax-Advantaged |
John Hancock Tax-Advantaged Global |
|
|
|
|
Global Shareholder Yield Fund |
Shareholder Yield Fund |
50 |
S000008231 |
12/31/2023 |
811-04146 |
Global Equity Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
51 |
S000029542 |
12/31/2023 |
811-04146 |
Ultra Short Term Bond Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
52 |
S000024662 |
12/31/2023 |
811-04146 |
Short Term Government Income |
John Hancock Variable Insurance Trust |
|
|
|
|
Trust |
|
53 |
S000008296 |
12/31/2023 |
811-04146 |
Fundamental All Cap Core Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
54 |
S000008273 |
12/31/2023 |
811-04146 |
Investment Quality Bond Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
55 |
S000008278 |
12/31/2023 |
811-04146 |
Managed Volatility Growth Portfolio |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
56 |
S000008216 |
12/31/2023 |
811-04146 |
American International Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
57 |
S000008281 |
12/31/2023 |
811-04146 |
Managed Volatility Conservative |
John Hancock Variable Insurance Trust |
|
|
|
|
Portfolio |
|
Securities and Exchange Commission
April 28, 2021
Page 6 of 7
58 |
S000008280 |
12/31/2023 |
811-04146 |
Managed Volatility Moderate |
John Hancock Variable Insurance Trust |
|
|
|
|
Portfolio |
|
59 |
S000021933 |
12/31/2023 |
811-04146 |
Capital Appreciation Value Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
60 |
S000008312 |
12/31/2023 |
811-04146 |
Small Cap Opportunities Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
61 |
S000008302 |
12/31/2023 |
811-04146 |
Disciplined Value International Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
62 |
S000008316 |
12/31/2023 |
811-04146 |
Small Company Value Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
63 |
S000008278 |
12/31/2023 |
811-04146 |
Managed Volatility Balanced |
John Hancock Variable Insurance Trust |
|
|
|
|
Portfolio |
|
64 |
S000008313 |
12/31/2023 |
811-04146 |
Small Cap Value Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
65 |
S000008222 |
12/31/2023 |
811-04146 |
Core Bond Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
66 |
S000008219 |
12/31/2023 |
811-04146 |
500 Index Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
67 |
S000032004 |
12/31/2023 |
811-04146 |
Lifestyle Balanced Portfolio |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
68 |
S000017250 |
12/31/2023 |
811-04146 |
American Asset Allocation Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
69 |
S000008214 |
12/31/2023 |
811-04146 |
Total Bond Market Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
70 |
S000032005 |
12/31/2023 |
811-04146 |
Lifestyle Conservative Portfolio |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
71 |
S000008286 |
12/31/2023 |
811-04146 |
Mid Cap Growth Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
72 |
S000008240 |
12/31/2023 |
811-04146 |
High Yield Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
73 |
S000008343 |
12/31/2023 |
811-04146 |
Small Cap Stock Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
74 |
S000008311 |
12/31/2023 |
811-04146 |
Small Cap Index Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
75 |
S000008297 |
12/31/2023 |
811-04146 |
International Equity Index Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
76 |
S000008290 |
12/31/2023 |
811-04146 |
Money Market Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
77 |
S000008239 |
12/31/2023 |
811-04146 |
Health Sciences Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
78 |
S000032006 |
12/31/2023 |
811-04146 |
Lifestyle Growth Portfolio |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
79 |
S000017256 |
12/31/2023 |
811-04146 |
American Global Growth Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
80 |
S000008301 |
12/31/2023 |
811-04146 |
International Small Company Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
81 |
S000008285 |
12/31/2023 |
811-04146 |
Mid Cap Index Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
82 |
S000008233 |
12/31/2023 |
811-04146 |
Opportunistic Fixed Income Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
83 |
S000008340 |
12/31/2023 |
811-04146 |
Science & Technology Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
84 |
S000032007 |
12/31/2023 |
811-04146 |
Lifestyle Moderate Portfolio |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
85 |
S000008320 |
12/31/2023 |
811-04146 |
Strategic Income Opportunities Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
86 |
S000008289 |
12/31/2023 |
811-04146 |
Mid Value Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
87 |
S000008236 |
12/31/2023 |
811-04146 |
Active Bond Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
88 |
S000008217 |
12/31/2023 |
811-04146 |
Blue Chip Growth Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
89 |
S000008215 |
12/31/2023 |
811-04146 |
American Growth Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
90 |
S000026132 |
12/31/2023 |
811-04146 |
Select Bond Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
91 |
S000008247 |
12/31/2023 |
811-04146 |
American Growth-Income Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
92 |
S000008228 |
12/31/2023 |
811-04146 |
Equity Income Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
93 |
S000008325 |
12/31/2023 |
811-04146 |
Total Stock Market Index Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
94 |
S000008220 |
12/31/2023 |
811-04146 |
Capital Appreciation Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
Securities and Exchange Commission
April 28, 2021
Page 7 of 7
95 |
S000036499 |
12/31/2023 |
811-04146 |
Strategic Equity Allocation Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
96 |
S000008338 |
12/31/2023 |
811-04146 |
Real Estate Securities Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
97 |
S000008229 |
12/31/2023 |
811-04146 |
Financial Industries Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
98 |
S000017255 |
12/31/2023 |
811-04146 |
Emerging Markets Value Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|
99 |
S000008321 |
12/31/2023 |
811-04146 |
Fundamental Large Cap Value Trust |
John Hancock Variable Insurance Trust |
|
|
|
|
|
|