John Hancock

Alternative Asset Allocation Fund

Annual report 8/31/2020

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund's shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change, and you do not need to take any action. You may elect to receive shareholder reports and other communications electronically by calling John Hancock Investment Management at 800-225-5291 (Class A and Class C shares) or 888-972-8696 (Class I and Class R Suite) or by contacting your financial intermediary.

You may elect to receive all reports in paper, free of charge, at any time. You can inform John Hancock Investment Management or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions listed above. Your election to receive reports in paper will apply to all funds held with John Hancock Investment Management or your financial intermediary.

Dear shareholder,

Despite the heightened fears over the coronavirus (COVID-19), which sent markets tumbling during the latter half of February and early March, global financial markets delivered positive returns for the 12-month period ended August 31, 2020. In response to the first-quarter sell-off, the U.S. Federal Reserve acted quickly, lowering interest rates to near zero and reinstating quantitative easing, as well as announcing its plans to shore up short-term debt. Many other nations followed suit and credit spreads rebounded off their highs as liquidity concerns eased. 

Of course, it would be a mistake to consider the market's turnaround a trustworthy signal of assured or swift economic recovery. While there has been economic growth in much of the developed world, the pace has slowed in many areas as spending remains far below prepandemic levels.

From an investment perspective, we continue to think that maintaining a focus on long-term objectives while pursuing a risk-aware strategy is a prudent way forward. Above all, we believe the counsel of a trusted financial professional continues to matter now more than ever. Periods of heightened uncertainty are precisely the time to review your financial goals and follow a plan that helps you make the most of what continues to be a challenging situation. 

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
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.

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       1

INVESTMENT OBJECTIVE

---

The fund seeks long-term growth of capital.

AVERAGE ANNUAL TOTAL RETURNS AS OF 8/31/2020 (%)

---

The HFRX Global Hedge Fund Index is composed of all eligible hedge fund strategies including four principal strategies: equity hedge, event driven, macro/managed futures, and relative value arbitrage.

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.

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       2

PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

---

Financial assets experienced elevated volatility

Higher-risk asset categories—after performing well through mid-February—sold off sharply in response to the economic slowdown caused by the coronavirus pandemic, but they regained the lost ground from April onward.

The fund delivered a positive return, but it underperformed its benchmark, the HFRX Global Hedge Fund Index

Absolute return strategies, while experiencing more limited downside than the broader financial markets in the February-March sell-off, detracted for the full period.

The Alternative Investment Approaches portfolio contributed

This segment of the portfolio, where the underlying managers use opportunistic techniques, was a positive driver of performance.

ASSET ALLOCATION AS OF 8/31/2020 (%)

---

Affiliated investment companies		74.8
	Absolute return strategies	35.3
	Alternative investment approaches	32.4
	Alternative markets	7.1
Unaffiliated investment companies		25.1
	Absolute return strategies	11.8
	Alternative investment approaches	9.4
	Alternative markets	3.9
Short-term investments and other		0.1

As a percentage of net assets.

A note about risks

The fund may be subject to various risks as described in the fund's prospectus. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect fund performance. For example, the novel coronavirus disease (COVID-19) has resulted in significant disruptions to global business activity. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing political, social, and economic risks. Any such impact could adversely affect the fund's performance, resulting in losses to your investment. For more information, please refer to the "Principal risks" section of the prospectus. 

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       3

What elements of the fund's positioning helped and hurt absolute performance during the period ended August 31, 2020?

The Alternative Investment Approaches portfolio, where the underlying managers use opportunistic techniques, accounted for the majority of the fund's positive return. Both Seaport Long/Short Fund (Wellington) and Hedged Equity Fund (JPMorgan) delivered robust gains due to their net long positions in equities. In addition, Short Duration Credit Opportunities Fund (Stone Harbor) and Strategic Income Opportunities Fund (MIM US)—both of which use a flexible approach to fixed-income investing—benefited from the strength in the credit-sensitive segments of the bond market. The Alternative Investment Approaches portfolio had a weighting of approximately 42% of total fund assets as of the end of August.

The Alternative Markets portfolio, which includes asset classes where the drivers of performance are often unrelated to those of traditional investments, was an additional contributor. This segment of the fund was invested in global infrastructure stocks, gold, real estate securities, and commodity futures. The majority of the portfolio's positive absolute return came from DB Gold Fund (Invesco), which benefited from the combination of a weaker U.S. dollar, investors' search for safe havens, and negative real interest rates in much of the developed world. The Alternative Markets portfolio was weighted at 11% as of period end.

Absolute Return strategies (those designed to generate positive performance across a variety of scenarios) detracted from results. These strategies typically have a low correlation to equities and other riskier segments of the financial markets, which was a headwind given the gains for stocks and the bond market's credit sectors over the full period. An allocation to Absolute Return Currency Fund (First Quadrant) added value, as did positions in merger arbitrage portfolios. However, holdings in Alternative Risk Premia Fund (Unigestion) and Diversified Macro Fund (Graham) detracted. At the close of the period, the Absolute Return portfolio's weighting stood at approximately 47%.

What changes did you make to the portfolio?

We continued to rotate the fund's holdings in an effort to optimize the investment mix and capitalize on what we see as the most compelling risk/return opportunities on a longer-term basis. We added Alternative Risk Premia Fund to the Absolute

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       4

Return portfolio, and we funded the purchase by eliminating Disciplined Alternative Yield Fund (Boston Partners) and closing out smaller positions in both commodity-related ETFs and non-U.S. REITs. We also continued to reduce the fund's position in strategies where we saw lower upside potential and/or diversification benefits. These shifts illustrate the fund's evolution, as we continue to seek a performance profile with low correlation to traditional equities and fixed income.

How was the fund positioned at period end?

While most segments of the financial markets performed well during the past 12 months, uncertainty remained prevalent and the major asset categories appear to be on track for muted returns in the coming years. Global equities have surged close to all-time highs even as earnings have fallen, indicating a sharp increase in valuations. At the same time, the near-zero level of global interest rates means that core bonds may offer little in terms of either yield or potential price appreciation. With this as background, we have sought to position the fund to act as a third lever for investors seeking a source of total return with a lower correlation to traditional equity and fixed-income investments.

MANAGED BY

---

Nathan W. Thooft, CFA, Manulife IM (US)

Christopher Walsh, CFA, Manulife IM (US)

The views expressed in this report are exclusively those of Nathan W. Thooft, CFA, Manulife Investment Management, 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 ALTERNATIVE ASSET ALLOCATION FUND       5

TOTAL RETURNS FOR THE PERIOD ENDED  AUGUST 31, 2020 

---

Average annual total returns (%) with maximum sales charge					Cumulative total returns (%) with maximum sales charge
	1-year	5-year	10-year1			5-year	10-year1
Class A	-2.39	1.62	2.77			8.37	31.42
Class C2	1.04	1.96	2.64			10.18	29.73
Class I2,3	3.04	2.96	3.62			15.73	42.69
Class R22,3	2.65	2.56	3.18			13.46	36.77
Class R42,3	2.91	2.83	3.40			14.96	39.69
Class R62,3	3.15	3.09	3.66			16.42	43.23
Index †	4.88	1.75	1.27			9.07	13.48

Performance figures assume all distributions are reinvested. Figures reflect maximum sales charges on Class A shares of 5% and the applicable contingent deferred sales charge (CDSC) on Class C shares. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable to Class I, Class R2, Class R4, and Class R6 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 prospectuses for the fund and may differ from those disclosed in the Financial highlights tables in this report. Net expenses reflect contractual expense limitations in effect until December 31, 2020 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply. The following expense ratios include expenses of the affiliated underlying funds in which the fund invests. The expense ratios are as follows:

	Class A	Class C	Class I	Class R2	Class R4	Class R6
Gross (%)	1.78	2.48	1.48	1.87	1.72	1.37
Net (%)	1.70	2.40	1.40	1.79	1.54	1.29

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. For current to the most recent month-end performance data, please call 800-225-5291 or visit the fund's website at jhinvestments.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or 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 HFRX Global Hedge Fund Index.

See the following page for footnotes.

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       6

This chart and table show what happened to a hypothetical $10,000 investment in John Hancock Alternative Asset Allocation Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we've shown the same investment in the HFRX Global Hedge Fund Index.

	Start date	With maximum sales charge ($)	Without sales charge ($)	Index ($)
Class C2,.4	8-31-10	12,973	12,973	11,348
Class I2,3	8-31-10	14,269	14,269	11,348
Class R22,3	8-31-10	13,677	13,677	11,348
Class R42,3	8-31-10	13,969	13,969	11,348
Class R62,3	8-31-10	14,323	14,323	11,348

The HFRX Global Hedge Fund Index is composed of all eligible hedge fund strategies, including four principal strategies: equity hedge, event driven, macro/managed futures, and relative value arbitrage.

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	Performance information prior to 12-20-10 reflects an allocation to a different mix of underlying funds, and would have been different if the fund's investments had been allocated to its current mix of underlying funds.
2	Class C shares were first offered on 6-14-11; Class I shares were first offered on 12-31-10; Class R2 shares were first offered on 3-1-12; Class R4 shares were first offered on 6-27-13; Class R6 shares were first offered on 9-1-11. Returns prior to these dates are those of Class A shares that have not been adjusted for class-specific expenses; otherwise, returns would vary.
3	For certain types of investors, as described in the fund's prospectus.
4	The contingent deferred sales charge is not applicable.

ANNUAL REPORT   |   JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND       7

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 March 1, 2020, with the same investment held until August 31, 2020.

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 August 31, 2020, 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 March 1, 2020, with the same investment held until August 31, 2020. 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 ALTERNATIVE ASSET ALLOCATION 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.

    

1	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
2	Ratios do not include fees and expenses indirectly incurred by the underlying funds and can vary based on mixed of underlying funds held by the fund.

AS OF 8-31-20

				Shares	Value
Affiliated investment companies (A) 74.8%					$346,180,079
(Cost $337,236,242)
Absolute return strategies 35.3%					163,177,706
Absolute Return Currency, Class NAV, JHF II (First Quadrant)				2,171,854	23,151,965
Alternative Risk Premia, Class NAV, JHIT (Unigestion)				3,199,338	26,554,507
Credit Suisse Managed Futures Strategy Fund (B)				2,427,291	23,059,268
Diversified Macro, Class NAV, JHIT (Graham)				3,910,520	37,189,046
Multi-Asset Absolute Return, Class NAV, JHF II (NIMNAI) (C)				5,772,551	53,222,920
Alternative investment approaches 32.4%					149,922,776
Seaport Long/Short, Class NAV, JHIT (Wellington)				4,927,628	60,117,066
Short Duration Credit Opportunities, Class NAV, JHF II (Stone Harbor)				3,688,812	35,265,044
Strategic Income Opportunities, Class NAV, JHF II (MIM US) (D)				4,962,754	54,540,666
Alternative markets 7.1%					33,079,597
Infrastructure, Class NAV, JHIT (Wellington)				1,805,414	22,603,789
Invesco DB Gold Fund (B)				181,211	10,475,808
Unaffiliated investment companies 25.1%					$116,311,050
(Cost $108,908,551)
Absolute return strategies 11.8%					54,474,802
IQ Merger Arbitrage ETF (C)				550,783	17,801,307
The Arbitrage Fund, Class I				2,688,673	36,673,495
Alternative investment approaches 9.4%					43,783,062
JPMorgan Hedged Equity Fund				1,900,307	43,783,062
Alternative markets 3.9%					18,053,186
Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF (E)				865,699	12,301,583
Vanguard Real Estate ETF (E)				70,356	5,751,603

    

		Yield (%)		Shares	Value
Short-term investments 1.2%					$5,286,668
(Cost $5,280,309)
Short-term funds 1.2%					5,286,668
John Hancock Collateral Trust (F)		0.2611(G)		495,545	4,960,751
State Street Institutional U.S. Government Money Market Fund, Premier Class		0.0399(G)		325,917	325,917

    

Total investments (Cost $451,425,102) 101.1%					$467,777,797
Other assets and liabilities, net (1.1%)					(5,002,992)
Total net assets 100.0%					$462,774,805

    

10

JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND  | ANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.
Security Abbreviations and Legend
JHF II	John Hancock Funds II
JHIT	John Hancock Investment Trust
(A)	The underlying funds' subadvisor is shown parenthetically.
(B)	The fund owns 5% or more of the outstanding voting shares of the issuer and the security is considered an affiliate of the fund. For more information on this security refer to the Notes to financial statements.
(C)	Non-income producing.
(D)	The subadvisor is an affiliate of the advisor.
(E)	All or a portion of this security is on loan as of 8-31-20.
(F)	Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.
(G)	The rate shown is the annualized seven-day yield as of 8-31-20.

At 8-31-20, the aggregate cost of investments for federal income tax purposes was $463,567,942. Net unrealized appreciation aggregated to $4,209,855, of which $14,051,698 related to gross unrealized appreciation and $9,841,843 related to gross unrealized depreciation.

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND

11

    

1	Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
2	On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

STATEMENT OF OPERATIONS For the year ended 8-31-20

Investment income
Income distributions received from affiliated investments	$5,587,111
Dividends	1,071,832
Interest	56,033
Securities lending	25,924
Total investment income	6,740,900
Expenses
Investment management fees	1,922,959
Distribution and service fees	574,003
Accounting and legal services fees	95,333
Transfer agent fees	626,389
Trustees' fees	8,999
Custodian fees	47,936
State registration fees	101,294
Printing and postage	62,510
Professional fees	57,345
Other	38,382
Total expenses	3,535,150
Less expense reductions	(1,115,295)
Net expenses	2,419,855
Net investment income	4,321,045
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments	175,952
Affiliated investments	(4,595,944)
Capital gain distributions received from unaffiliated investments	780,190
Capital gain distributions received from affiliated investments	9,639,956
	6,000,154
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments	3,740,693
Affiliated investments	(2,939,131)
	801,562
Net realized and unrealized gain	6,801,716
Increase in net assets from operations	$11,122,761

CLASS A SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$14.66	$14.51	$14.55	$13.96	$14.12
Net investment income1,2	0.09	0.25	0.13	0.10	0.22
Net realized and unrealized gain (loss) on investments	0.31	0.17	0.01	0.60	— 3
Total from investment operations	0.40	0.42	0.14	0.70	0.22
Less distributions
From net investment income	(0.27)	(0.17)	(0.11)	(0.08)	(0.21)
From net realized gain	(0.22)	(0.10)	(0.07)	(0.03)	(0.17)
Total distributions	(0.49)	(0.27)	(0.18)	(0.11)	(0.38)
Net asset value, end of period	$14.57	$14.66	$14.51	$14.55	$13.96
Total return (%)4,5	2.74	3.05	0.95	5.03	1.60
Ratios and supplemental data
Net assets, end of period (in millions)	$62	$73	$95	$136	$278
Ratios (as a percentage of average net assets):
Expenses before reductions6	0.88	0.77	0.72	0.72	0.73
Expenses including reductions6	0.66	0.64	0.59	0.59	0.59
Net investment income2	0.63	1.73	0.86	0.71	1.56
Portfolio turnover (%)	37	39	18	10	17

    

1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the fund invests.
3	Less than $0.005 per share.
4	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
5	Does not reflect the effect of sales charges, if any.
6	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund.

CLASS C SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$14.67	$14.51	$14.56	$13.97	$14.12
Net investment income (loss)1,2	(0.01)	0.15	0.02	— 3	0.12
Net realized and unrealized gain (loss) on investments	0.31	0.18	0.01	0.60	0.01
Total from investment operations	0.30	0.33	0.03	0.60	0.13
Less distributions
From net investment income	(0.17)	(0.07)	(0.01)	—	(0.11)
From net realized gain	(0.22)	(0.10)	(0.07)	(0.01)	(0.17)
Total distributions	(0.39)	(0.17)	(0.08)	(0.01)	(0.28)
Net asset value, end of period	$14.58	$14.67	$14.51	$14.56	$13.97
Total return (%)4,5	2.04	2.37	0.19	4.30	0.94
Ratios and supplemental data
Net assets, end of period (in millions)	$31	$42	$57	$72	$99
Ratios (as a percentage of average net assets):
Expenses before reductions6	1.58	1.47	1.42	1.42	1.43
Expenses including reductions6	1.36	1.34	1.29	1.29	1.29
Net investment income (loss)2	(0.06)	1.02	0.17	— 7	0.85
Portfolio turnover (%)	37	39	18	10	17

    

1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the fund invests.
3	Less than $0.005 per share.
4	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
5	Does not reflect the effect of sales charges, if any.
6	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund.
7	Less than 0.005%.

CLASS I SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$14.68	$14.53	$14.58	$13.99	$14.15
Net investment income1,2	0.14	0.29	0.17	0.14	0.26
Net realized and unrealized gain (loss) on investments	0.30	0.18	— 3	0.60	— 3
Total from investment operations	0.44	0.47	0.17	0.74	0.26
Less distributions
From net investment income	(0.31)	(0.22)	(0.15)	(0.12)	(0.25)
From net realized gain	(0.22)	(0.10)	(0.07)	(0.03)	(0.17)
Total distributions	(0.53)	(0.32)	(0.22)	(0.15)	(0.42)
Net asset value, end of period	$14.59	$14.68	$14.53	$14.58	$13.99
Total return (%)4	3.04	3.39	1.18	5.34	1.93
Ratios and supplemental data
Net assets, end of period (in millions)	$347	$423	$510	$495	$433
Ratios (as a percentage of average net assets):
Expenses before reductions5	0.58	0.49	0.42	0.40	0.42
Expenses including reductions5	0.36	0.35	0.30	0.28	0.28
Net investment income2	0.95	2.04	1.16	1.01	1.88
Portfolio turnover (%)	37	39	18	10	17

    

1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the fund invests.
3	Less than $0.005 per share.
4	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
5	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund.

CLASS R2 SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$14.64	$14.49	$14.53	$13.95	$14.11
Net investment income1,2	0.08	0.24	0.11	0.08	0.20
Net realized and unrealized gain (loss) on investments	0.31	0.17	0.01	0.60	0.01
Total from investment operations	0.39	0.41	0.12	0.68	0.21
Less distributions
From net investment income	(0.26)	(0.16)	(0.09)	(0.07)	(0.20)
From net realized gain	(0.22)	(0.10)	(0.07)	(0.03)	(0.17)
Total distributions	(0.48)	(0.26)	(0.16)	(0.10)	(0.37)
Net asset value, end of period	$14.55	$14.64	$14.49	$14.53	$13.95
Total return (%)3	2.65	2.95	0.85	4.87	1.51
Ratios and supplemental data
Net assets, end of period (in millions)	$1	$2	$3	$4	$7
Ratios (as a percentage of average net assets):
Expenses before reductions4	0.96	0.87	0.83	0.82	0.81
Expenses including reductions4	0.75	0.74	0.70	0.69	0.67
Net investment income2	0.54	1.67	0.78	0.60	1.43
Portfolio turnover (%)	37	39	18	10	17

    

1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the fund invests.
3	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
4	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund.

CLASS R4 SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$14.69	$14.54	$14.58	$13.99	$14.15
Net investment income1,2	0.07	0.27	0.15	0.12	0.14
Net realized and unrealized gain (loss) on investments	0.35	0.18	0.01	0.60	0.10
Total from investment operations	0.42	0.45	0.16	0.72	0.24
Less distributions
From net investment income	(0.29)	(0.20)	(0.13)	(0.10)	(0.23)
From net realized gain	(0.22)	(0.10)	(0.07)	(0.03)	(0.17)
Total distributions	(0.51)	(0.30)	(0.20)	(0.13)	(0.40)
Net asset value, end of period	$14.60	$14.69	$14.54	$14.58	$13.99
Total return (%)3	2.91	3.22	1.10	5.18	1.79
Ratios and supplemental data
Net assets, end of period (in millions)	$— 4	$— 4	$1	$5	$4
Ratios (as a percentage of average net assets):
Expenses before reductions5	0.81	0.73	0.67	0.66	0.67
Expenses including reductions5	0.50	0.50	0.44	0.44	0.43
Net investment income2	0.45	1.76	1.05	0.85	1.00
Portfolio turnover (%)	37	39	18	10	17

    

1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the fund invests.
3	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
4	Less than $500,000.
5	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund.

CLASS R6 SHARES Period ended	8-31-20	8-31-19	8-31-18	8-31-17	8-31-16
Per share operating performance
Net asset value, beginning of period	$14.69	$14.54	$14.58	$13.99	$14.15
Net investment income1,2	0.14	0.32	0.18	0.16	0.21
Net realized and unrealized gain (loss) on investments	0.32	0.16	0.02	0.60	0.07
Total from investment operations	0.46	0.48	0.20	0.76	0.28
Less distributions
From net investment income	(0.33)	(0.23)	(0.17)	(0.14)	(0.27)
From net realized gain	(0.22)	(0.10)	(0.07)	(0.03)	(0.17)
Total distributions	(0.55)	(0.33)	(0.24)	(0.17)	(0.44)
Net asset value, end of period	$14.60	$14.69	$14.54	$14.58	$13.99
Total return (%)3	3.15	3.49	1.34	5.45	2.05
Ratios and supplemental data
Net assets, end of period (in millions)	$22	$26	$18	$15	$16
Ratios (as a percentage of average net assets):
Expenses before reductions4	0.46	0.37	0.32	0.31	0.32
Expenses including reductions4	0.25	0.24	0.20	0.18	0.17
Net investment income2	1.01	2.23	1.26	1.11	1.52
Portfolio turnover (%)	37	39	18	10	17

    

1	Based on average daily shares outstanding.
2	Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the fund invests.
3	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
4	Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund.

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND

21

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 fund's Pricing Committee following procedures established by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.

The fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities, including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, 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 fund's own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.

As of August 31, 2020, all investments are categorized as Level 1 under the hierarchy described above.

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. Income and capital gain distributions from underlying funds are recorded on ex-date. Dividend income is recorded on the 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. Return of capital distributions from underlying funds, if any, are treated as a reduction of cost.

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 will invest its cash collateral in JHCT, an affiliate of the fund, which has a floating NAV and is registered with the SEC as an investment company. JHCT 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. The fund receives compensation for lending its securities by retaining a portion of the return on the investment of the collateral and

ANNUAL REPORT | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND

23

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 August 31, 2020, the fund loaned securities valued at $4,820,712 and received $4,951,650 of cash collateral.

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. Overdrafts at period end are presented under the caption Due to custodian in the Statement of assets and liabilities.

Line of credit. Effective June 25, 2020, 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 $850 million, subject to asset coverage and other limitations as specified in the agreement. Each participating fund paid an upfront fee in connection with this line of credit agreement, which is charged based on a combination of fixed and asset based allocations and amortized over 365 days. Prior to June 25, 2020, the fund and other affiliated funds had a similar agreement that enabled them to participate in a $750 million unsecured committed line of credit. 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 August 31, 2020, the fund had no borrowings under the line of credit. Commitment fees for the year ended August 31, 2020 were $4,072.

Expenses. Within the John Hancock group of funds complex, expenses that are directly attributable to an individual fund are allocated to such fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Class allocations. Income, common expenses and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net assets of the class. Class-specific expenses, such as distribution and service fees, if any, and transfer agent fees, for all classes, are charged daily at the class level based on the net assets of each class and the specific expense rates applicable to each class.

Federal income taxes. The fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

For federal income tax purposes, as of August 31, 2020, the fund has a short-term capital loss carryforward of $12,159,629 and a long-term capital loss carryforward of $33,120,920 available to offset future net realized capital gains. These carryforwards do not expire.

As of August 31, 2020, 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.

24

JOHN HANCOCK Alternative Asset Allocation Fund  | ANNUAL REPORT

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 August 31, 2020 and 2019 was as follows:

	August 31, 2020	August 31, 2019
Ordinary income	$19,505,805	$12,695,639

Distributions paid by the fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of August 31, 2020, there were no distributable earnings on a tax basis.

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. Short-term gains from underlying funds are treated as ordinary income for tax purposes.

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 partnerships and wash sale loss deferrals.

Note 3—Guarantees 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 4—Fees 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 Manulife Financial Corporation.

Management fee. The fund pays the Advisor a management fee for its services to the fund. Manulife Investment Management (US) LLC, a division of Manulife Asset Management (US) LLC, acts as the fund’s sole subadvisor. The fund is not responsible for payment of the subadvisory fees.

The management fee has two components: (1) a fee on assets invested in a fund of the Trust or John Hancock Funds III (JHF III); and (2) a fee on assets invested in investments other than a fund of the Trust or JHF III (Other assets).

Management fees are determined in accordance with the following schedule:

ANNUAL REPORT | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND

25

The Advisor has contractually agreed to reduce its management fee and/or make payment to the fund in an amount equal to the amount by which “Other expenses” of the fund exceed 0.04% of the average net assets of the fund. “Other expenses” means all of the expenses of the fund, excluding: advisory fees, taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, class specific expenses, underlying fund expenses (acquired fund fees), and short dividend expense. The current expense limitation agreement expires on December 31, 2020, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

The Advisor has contractually agreed to reduce its management fee by 0.05% of the fund’s average daily net assets up to $5 billion, and by 0.025% of the fund’s average daily net assets over $5 billion. The current expense limitation agreement expires on December 31, 2020, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

The Advisor has voluntarily agreed to waive its management fee for the fund so that the aggregate advisory fee retained by the Advisor with respect to both the fund and its underlying investments (after payment of subadvisory fees) does not exceed 0.55% of the fund’s first $5 billion of average daily net assets and 0.525% of the fund’s average daily net assets in excess of $5 billion. The Advisor may terminate this voluntary waiver at any time upon notice to the Trust.

For the year ended August 31, 2020, the expense reductions described above amounted to the following:

Class	Rule 12b-1 Fee	Service fee
Class A	0.30%	—
Class C	1.00%	—
Class R2	0.25%	0.25%
Class R4	0.25%	0.10%

26

JOHN HANCOCK Alternative Asset Allocation Fund  | ANNUAL REPORT

The fund's Distributor has contractually agreed to waive 0.10% of Rule12b-1 fees for Class R4 shares. The current waiver agreement expires on December 31, 2020, unless renewed by mutual agreement of the fund and the Distributor based upon a determination that this is appropriate under the circumstances at the time. This contractual waiver amounted to $109 for Class R4 shares for the year ended August 31, 2020.

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $54,949 for the year ended August 31, 2020. Of this amount, $8,961 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $45,988 was paid as sales commissions to broker-dealers.

Class A and Class C shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares that are acquired through purchases of $1 million or more and are redeemed within one year of purchase are subject to a 1.00% sales charge. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended August 31, 2020, CDSCs received by the Distributor amounted to $1,609 and $257 for Class A and Class C shares, respectively.

Transfer agent fees. The John Hancock group of funds has a complex-wide transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an affiliate of the Advisor. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. It also includes out-of-pocket expenses, including payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain fees that Signature Services receives in connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to five categories of share classes: Retail Share and Institutional Share Classes of Non-Municipal Bond Funds, Class R6 Shares, Retirement Share Classes and Municipal Bond Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.

Class level expenses. Class level expenses for the year ended August 31, 2020 were as follows:

Class	Distribution and service fees	Transfer agent fees
Class A	$200,756	$84,456
Class C	365,796	46,164
Class I	—	492,631
Class R2	7,070	190
Class R4	381	14
Class R6	—	2,934
Total	$574,003	$626,389

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.

ANNUAL REPORT | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND

27

Note 6—Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to $190,209,024 and $285,595,633, respectively, for the year ended August 31, 2020.

28

JOHN HANCOCK Alternative Asset Allocation Fund  | ANNUAL REPORT

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:

    

*	Refer to the Securities lending note within Note 2 for details regarding this investment.

Note 8—Transactions in securities of affiliated issuers

Affiliated issuers, as defined by the 1940 Act, are those in which the fund's holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the fund's transactions in the securities of these issuers during the year ended August 31, 2020, is set forth below:

							Dividends and distributions
Affiliate	Ending share amount	Beginning value	Cost of purchases	Proceeds from shares sold	Realized gain (loss)	Change in unrealized appreciation (depreciation)	Income distributions received	Capital gain distributions received	Ending value
Credit Suisse Managed Futures Strategy Fund	2,427,291	$24,056,171	$9,172,788	$(7,610,079)	$(186,296)	$(2,373,316)	$428,413	—	$23,059,268
Invesco DB Gold Fund	181,211	10,651,123	4,253,006	(6,663,026)	1,447,013	787,692	195,898	—	10,475,808
					$1,260,717	$(1,585,624)	$624,311	—	$33,535,076

Note 9—Coronavirus (COVID-19) pandemic

The novel 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, impact the ability to complete redemptions, and affect fund performance.

30

JOHN HANCOCK Alternative Asset Allocation Fund  | ANNUAL REPORT

Independent Trustees (continued)

Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since1	Number of John Hancock funds overseen by Trustee
Deborah C. Jackson, Born: 1952	2012	195
Trustee President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, Massachusetts Women's Forum (since 2018); Board of Directors, National Association of Corporate Directors/New England (since 2015); Board of Directors, Association of Independent Colleges and Universities of Massachusetts (2014-2017); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002-2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of American Student Assistance Corporation (1996-2009); Board of Directors of Boston Stock Exchange (2002-2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007-2011). Trustee of various trusts within the John Hancock Fund Complex (since 2008).

James M. Oates,2 Born: 1946	2005	195
Trustee Managing Director, Wydown Group (financial consulting firm) (since 1994); Chairman and Director, Emerson Investment Management, Inc. (2000-2015); Independent Chairman, Hudson Castle Group, Inc. (formerly IBEX Capital Markets, Inc.) (financial services company) (1997-2011); Director, Stifel Financial (since 1996); Director, Investor Financial Services Corporation (1995-2007); Director, Connecticut River Bancorp (1998-2014); Director/Trustee, Virtus Funds (since 1988). Trustee (since 2004) and Chairperson of the Board (2005-2016) of various trusts within the John Hancock Fund Complex.

Steven R. Pruchansky, Born: 1944	2012	195
Trustee and Vice Chairperson of the Board Managing Director, Pru Realty (since 2017); Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (2014-2020); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real estate) (since 2000); Partner, Right Funding, LLC (2014-2017); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President, Maxwell Building Corp. (until 1991). Trustee (since 1992), Chairperson of the Board (2011-2012), and Vice Chairperson of the Board (since 2012) of various trusts within the John Hancock Fund Complex.

Frances G. Rathke,2,* Born: 1960	2020	195
Trustee Director, Northern New England Energy Corporation (since 2017); Director, Audit Committee Chair and Compensation Committee Member, Green Mountain Power Corporation (since 2016); Director, Treasurer and Finance & Audit Committee Chair, Flynn Center for Performing Arts (since 2016); Director, Audit Committee Chair and Compensation Committee Member, Planet Fitness (since 2016); Director, Citizen Cider, Inc. (high-end hard cider and hard seltzer company) (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003-retired 2015); Independent Financial Consultant, Frances Rathke Consulting (strategic and financial consulting services) (2001-2003); Chief Financial Officer and Secretary, Ben & Jerry's Homemade, Inc. (1989-2000, including prior positions); Senior Manager, Coopers & Lybrand, LLC (independent public accounting firm) (1982-1989). Trustee of various trusts within the John Hancock Fund Complex (since 2020).

Independent Trustees (continued)

Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since1	Number of John Hancock funds overseen by Trustee
Gregory A. Russo, Born: 1949	2012	195
Trustee Director and Audit Committee Chairman (2012-2020), and Member, Audit Committee and Finance Committee (2011-2020), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Director and Member (2012-2018) and Finance Committee Chairman (2014-2018), The Moorings, Inc. (nonprofit continuing care community); Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002-2006); Vice Chairman, Industrial Markets, KPMG (1998-2002); Chairman and Treasurer, Westchester County, New York, Chamber of Commerce (1986-1992); Director, Treasurer, and Chairman of Audit and Finance Committees, Putnam Hospital Center (1989-1995); Director and Chairman of Fundraising Campaign, United Way of Westchester and Putnam Counties, New York (1990-1995). Trustee of various trusts within the John Hancock Fund Complex (since 2008).

Non-Independent Trustees³

Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since1	Number of John Hancock funds overseen by Trustee
Andrew G. Arnott, Born: 1971	2017	195
President and Non-Independent Trustee Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2018); Executive Vice President, John Hancock Financial Services (since 2009, including prior positions); Director and Executive Vice President, John Hancock Investment Management LLC (since 2005, including prior positions); Director and Executive Vice President, John Hancock Variable Trust Advisers LLC (since 2006, including prior positions); President, John Hancock Investment Management Distributors LLC (since 2004, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017).

Marianne Harrison, Born: 1963	2018	195
Non-Independent Trustee President and CEO, John Hancock (since 2017); President and CEO, Manulife Canadian Division (2013-2017); Member, Board of Directors, CAE Inc. (since 2019); Member, Board of Directors, MA Competitive Partnership Board (since 2018); Member, Board of Directors, American Council of Life Insurers (ACLI) (since 2018); Member, Board of Directors, Communitech, an industry-led innovation center that fosters technology companies in Canada (2017-2019); Member, Board of Directors, Manulife Assurance Canada (2015-2017); Board Member, St. Mary's General Hospital Foundation (2014-2017); Member, Board of Directors, Manulife Bank of Canada (2013-2017); Member, Standing Committee of the Canadian Life & Health Assurance Association (2013-2017); Member, Board of Directors, John Hancock USA, John Hancock Life & Health, John Hancock New York (2012-2013). Trustee of various trusts within the John Hancock Fund Complex (since 2018).

Principal officers who are not Trustees

Name, year of birth Position(s) held with Trust Principal occupation(s) during past 5 years	Officer of the Trust since
Charles A. Rizzo, Born: 1957	2007
Chief Financial Officer Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2008); Chief Financial Officer of various trusts within the John Hancock Fund Complex (since 2007).

Salvatore Schiavone, Born: 1965	2009
Treasurer Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2007); Treasurer of various trusts within the John Hancock Fund Complex (since 2007, including prior positions).

Christopher (Kit) Sechler, Born: 1973	2018
Chief Legal Officer and Secretary Vice President and Deputy Chief Counsel, John Hancock Investments (since 2015); Assistant Vice President and Senior Counsel (2009-2015), John Hancock Investment Management; Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2018); Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009).

Trevor Swanberg, Born: 1979	2020
Chief Compliance Officer Chief Compliance Officer, various trusts within the John Hancock Fund Complex, John Hancock Investment Management LLC, and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, various trusts within the John Hancock Fund Complex (2018-2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019-2020); Assistant Chief Compliance Officer, various trusts within the John Hancock Fund Complex (2016-2018); Assistant Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2016-2019); Vice President, State Street Global Advisors (2015-2016).

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 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.
*	Appointed as Independent Trustee effective as of September 15, 2020.

Trustees Hassell H. McClellan, Chairperson Steven R. Pruchansky, Vice Chairperson Andrew G. Arnott† Charles L. Bardelis* James R. Boyle Peter S. Burgess* William H. Cunningham Grace K. Fey Marianne Harrison† Deborah C. Jackson James M. Oates* Frances G. Rathke*,1 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 Swanberg2 Chief Compliance Officer

Investment advisor John Hancock Investment Management LLC Subadvisor Manulife Investment Management (US) LLC Portfolio Managers Nathan W. Thooft, CFA Christopher Walsh, CFA Principal distributor John Hancock Investment Management Distributors LLC Custodian State Street Bank and Trust Company Transfer agent John Hancock Signature Services, Inc. Legal counsel K&L Gates LLP Independent registered public accounting firm PricewaterhouseCoopers LLP

* Member of the Audit Committee
† Non-Independent Trustee
¹ Appointed as Independent Trustee effective as of September 15, 2020
² Effective July 31, 2020

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 jhinvestments.com	Regular mail: John Hancock Signature Services, Inc. PO Box 219909 Kansas City, MO 64121-9909	Express mail: John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407

 

DOMESTIC 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 New Opportunities Regional Bank Small Cap Core Small Cap Growth Small Cap Value U.S. Global Leaders Growth U.S. Quality Growth GLOBAL AND INTERNATIONAL EQUITY FUNDS Disciplined Value International Emerging Markets Emerging Markets Equity Fundamental Global Franchise Global Equity Global Shareholder Yield Global Thematic Opportunities International Dynamic Growth International Growth International Small Company		INCOME FUNDS Bond California Tax-Free Income Emerging Markets Debt Floating Rate Income Government Income High Yield High Yield Municipal Bond Income Investment Grade Bond Money Market Short Duration Bond Short Duration Credit Opportunities Strategic Income Opportunities Tax-Free Bond ALTERNATIVE AND SPECIALTY FUNDS Absolute Return Currency Alternative Asset Allocation Alternative Risk Premia Diversified Macro Infrastructure Multi-Asset Absolute Return 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.

ASSET ALLOCATION Balanced Multi-Asset High Income Multi-Index Lifetime Portfolios Multi-Index Preservation Portfolios Multimanager Lifestyle Portfolios Multimanager Lifetime Portfolios Retirement Income 2040 EXCHANGE-TRADED FUNDS John Hancock Multifactor Consumer Discretionary ETF John Hancock Multifactor Consumer Staples ETF John Hancock Multifactor Developed International ETF John Hancock Multifactor Emerging Markets ETF John Hancock Multifactor Energy ETF John Hancock Multifactor Financials ETF John Hancock Multifactor Healthcare ETF John Hancock Multifactor Industrials ETF John Hancock Multifactor Large Cap ETF John Hancock Multifactor Materials ETF John Hancock Multifactor Media and Communications ETF John Hancock Multifactor Mid Cap ETF John Hancock Multifactor Small Cap ETF John Hancock Multifactor Technology ETF John Hancock Multifactor Utilities ETF		ENVIRONMENTAL, SOCIAL, AND GOVERNANCE FUNDS ESG All Cap Core ESG Core Bond ESG International Equity ESG Large Cap Core CLOSED-END FUNDS 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 Multifactor 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 Dimensional Fund Advisors LP.
Foreside is not affiliated with John Hancock Investment Management Distributors 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.

John Hancock Investment Management

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.

John Hancock Investment Management Distributors LLC n Member FINRA, SIPC
200 Berkeley Street n Boston, MA 02116-5010 n 800-225-5291 n jhinvestments.com

This report is for the information of the shareholders of John Hancock Alternative Asset Allocation Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

MF1324469	345A 8/20 10/2020

John Hancock

Floating Rate Income Fund

Annual report 8/31/2020

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund's shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change, and you do not need to take any action. You may elect to receive shareholder reports and other communications electronically by calling John Hancock Investment Management at 800-225-5291 (Class A, Class B and Class C shares) or 888-972-8696 (Class I and Class R Suite) or by contacting your financial intermediary.

You may elect to receive all reports in paper, free of charge, at any time. You can inform John Hancock Investment Management or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions listed above. Your election to receive reports in paper will apply to all funds held with John Hancock Investment Management or your financial intermediary.

Dear shareholder,

Despite heightened fears over the coronavirus (COVID-19), which sent markets tumbling during the latter half of February and early March, global financial markets delivered positive returns for the 12-month period ended August 31, 2020.

During the first-quarter sell-off, many investors reacted by exiting higher-risk assets and moving into cash, leading to a liquidity crunch in the fixed-income markets. In response to the sell-off, the U.S. Federal Reserve acted quickly, lowering interest rates to near zero and reinstating quantitative easing, as well as announcing its plans to shore up short-term debt. Many other nations followed suit and credit spreads rebounded off their highs as liquidity concerns eased. 

The continued spread of COVID-19, trade disputes, rising unemployment, and other geopolitical tensions may continue to create uncertainty among businesses and investors. Your financial professional can help position your portfolio so that it's sufficiently diversified to seek to 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
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.

ANNUAL REPORT   |   JOHN HANCOCK FLOATING RATE INCOME FUND       1

INVESTMENT OBJECTIVE

---

The fund seeks a high level of current income.

AVERAGE ANNUAL TOTAL RETURNS AS OF 8/31/2020 (%)

---

The S&P/LSTA Leveraged Loan Index tracks returns in the leveraged loan market and captures a broad cross-section of the U.S. leveraged loan market, including dollar-denominated, U.S.-syndicated loans to overseas issuers.

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.

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.

ANNUAL REPORT   |   JOHN HANCOCK FLOATING RATE INCOME FUND       2

PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

---

Bank loans positive despite significant drawdown in 2020

The U.S. bank loan market declined over 13% in the first quarter of 2020 amid the COVID-19 pandemic, but loans still eked out a positive return over the full period.

High-yield corporate bonds outperformed loans

High-yield bonds outperformed bank loans in the period as favorable technicals and a lower rate environment benefited the high-yield asset class.

The fund underperformed the S&P/LSTA Leveraged Loan Index

The fund's underweight to outperforming BB-rated debt was a detractor, but it benefited from an underweight to CCC credits.

PORTFOLIO COMPOSITION AS OF 8/31/2020 (%)

---

ANNUAL REPORT   |   JOHN HANCOCK FLOATING RATE INCOME FUND       3

SECTOR COMPOSITION AS OF 8/31/2020 (%)

---

---

QUALITY COMPOSITION AS OF 8/31/2020 (%)

---

---

A note about risks

The fund may be subject to various risks as described in the fund's prospectus. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect fund performance. For example, the novel coronavirus disease (COVID-19) has resulted in significant disruptions to global business activity. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing political, social, and economic risks. Any such impact could adversely affect the fund's performance, resulting in losses to your investment. For more information, please refer to the "Principal risks" section of the prospectus. 

ANNUAL REPORT   |   JOHN HANCOCK FLOATING RATE INCOME FUND       4

Can you discuss the performance of the bank loan market during the 12 months ended August 31, 2020?

The fund's benchmark, the S&P/LSTA Leveraged Loan Index, delivered a positive return of for the reporting period, despite the significant drawdown that occurred in the first quarter of 2020. The drawdown in loans, which at its lowest eclipsed a 20% year-to-date loss, was offset by the pre-COVID-19 rally in credit and the substantial recovery in pricing since the first quarter. U.S. Federal Reserve stimulus and improved market sentiment has led to an increase in liquidity, which benefited loans and other high-yield credit sectors following the COVID-19 selloff. However, many industries—such as transportation, retail, and energy—that are directly or indirectly exposed to COVID-19 continue to lag the broader market.

What contributed to the fund's underperformance of the benchmark?

From a quality standpoint, the underweight to BB-rated debt was the top detractor from performance as BBs outperformed all other quality segments in the period. At the industry level, metals and mining, technology, and gaming/leisure were the largest detractors from relative returns.

What positioning decisions aided fund performance?

The fund's performance was aided by its underweight to CCC credits, which underperformed higher-quality debt. The fund's off-benchmark exposure to high-yield bonds was also beneficial, as high yield performed well during the period. From an industry perspective, the fund's underweight to the energy sector was the top contributor to returns.

ANNUAL REPORT   |   JOHN HANCOCK FLOATING RATE INCOME FUND       5

Based on your outlook for the bank loan market, how was the fund positioned at the end of the period?

We have seen a significant recovery in assets since the drawdown in March 2020, though we believe there remains a large swath of good companies in strong competitive positions that are still priced at what we view as attractive discounts. As we look forward, we anticipate that volatility will remain elevated in the coming months, which should present even more attractive entry points and trading opportunities. For these reasons we remain underweight many of the most COVID-19-sensitive industries, such as retail, airlines, and energy. In instances where we invest in industries most impacted by COVID-19, we are focusing on senior positions in companies with strong balance sheets.

From a quality perspective, the fund continues to be underweight BB-rated loans, which generally offer lower coupons and have limited potential price upside. Instead, we favor B-rated credits and select CCC opportunities, which we view as mispriced and, in some cases, misrated. The downgrade wave, which peaked in April, created such opportunities. Collateralized loan obligations (CLOs), which are major buyers of leveraged loans, operate within ratings constraints and are often incentivized to sell CCC names irrespective of their fundamental views. Given the fund is less ratings sensitive, we were able to take advantage of this negative technical and selectively invest in credits we believe were mispriced and can provide attractive upside potential for portfolio. Overall, we believe today is a great time to be investing in leveraged loans and that the fund is well positioned to deliver attractive returns in the current environment.

MANAGED BY

---

Kim Harris, BCSF Advisors, LP (Bain Capital Credit)

Nate Whittier, BCSF Advisors, LP (Bain Capital Credit)

Andrew Carlino, BCSF Advisors, LP (Bain Capital Credit)

The views expressed in this report are exclusively those of the portfolio management team BCSF Advisors, LP (Bain Capital Credit), 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 FLOATING RATE INCOME FUND       6

TOTAL RETURNS FOR THE PERIOD ENDED  AUGUST 31, 2020 

---

Average annual total returns (%) with maximum sales charge					Cumulative total returns (%) with maximum sales charge				SEC 30-day yield (%) subsidized		SEC 30-day yield (%) unsubsidized1
	1-year	5-year	10-year			5-year	10-year		as of 8-31-20		as of 8-31-20
Class A	-2.36	2.27	3.22			11.88	37.29		3.64		3.45
Class B	-5.51	1.70	2.73			8.78	30.91		2.97		2.78
Class C	-1.69	2.04	2.75			10.63	31.11		2.98		2.79
Class I2	0.34	3.08	3.81			16.36	45.40		3.95		3.78
Class R62,3	0.33	3.16	3.76			16.85	44.67		4.03		3.85
Class 12	0.29	3.12	3.88			16.60	46.36		4.07		3.90
Class NAV2	0.34	3.17	3.93			16.88	47.08		4.07		3.89
Index†	0.91	3.74	4.34			20.17	52.89		—		—

Performance figures assume all distributions are reinvested. Figures reflect maximum sales charges on Class A shares of 2.5%, and the applicable contingent deferred sales charge (CDSC) on Class B and Class C shares. The returns for Class A shares have been adjusted to reflect the reduction in the maximum sales charge from 3.0% to 2.5%, effective 2-3-14. The Class B shares' CDSC declines annually between years 1 to 6 according to the following schedule: 5%, 4%, 3%, 3%, 2%, and 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable to Class I, Class R6, Class 1, and 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 prospectuses for the fund and may differ from those disclosed in the Financial highlights tables in this report. Net expenses reflect contractual expense limitations in effect until December 31, 2020 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 A	Class B	Class C	Class I	Class R6	Class 1	Class NAV
Gross (%)	1.16	1.91	1.91	0.91	0.80	0.84	0.79
Net (%)	1.01	1.76	1.76	0.78	0.67	0.71	0.67

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. For current to the most recent month-end performance data, please call 800-225-5291 or visit the fund's website at jhinvestments.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or 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 S&P/LSTA Leveraged Loan Index.

See the following page for footnotes.

ANNUAL REPORT   |   JOHN HANCOCK FLOATING RATE INCOME FUND       7

This chart and table show what happened to a hypothetical $10,000 investment in John Hancock Floating Rate Income Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we've shown the same investment in the S&P/LSTA Leveraged Loan Index.

	Start date	With maximum sales charge ($)	Without sales charge ($)	Index ($)
Class B4	8-31-10	13,091	13,091	15,289
Class C4	8-31-10	13,111	13,111	15,289
Class I2	8-31-10	14,540	14,540	15,289
Class R62,3	8-31-10	14,467	14,467	15,289
Class 12	8-31-10	14,636	14,636	15,289
Class NAV2	8-31-10	14,708	14,708	15,289

The values shown in the chart for "Class A shares with maximum sales charge" have been adjusted to reflect the reduction in the Class A maximum sales charge from 3.0% to 2.5%, which became effective on 2-3-14.

S&P/LSTA Leveraged Loan Index tracks returns in the leveraged loan market and captures a broad cross-section of the U.S. leveraged loan market, including dollar-denominated, U.S.-syndicated loans to overseas issuers.

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	Unsubsidized yields reflect what the yields would have been without the effect of reimbursements and waivers.
2	For certain types of investors, as described in the fund's prospectuses.
3	Class R6 shares were first offered on 9-1-11. Returns prior to this date are those of Class C shares that have not been adjusted for class-specific expenses; otherwise, returns would vary.
4	The contingent deferred sales charge is not applicable.

ANNUAL REPORT   |   JOHN HANCOCK FLOATING RATE INCOME FUND       8

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 March 1, 2020, with the same investment held until August 31, 2020.

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 August 31, 2020, 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 March 1, 2020, with the same investment held until August 31, 2020. 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.

ANNUAL REPORT | JOHN HANCOCK FLOATING RATE INCOME FUND

9

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 prospectuses for details regarding transaction costs.

    

1	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

AS OF 8-31-20

	Rate (%)	Maturity date		Par value^	Value
Term loans (A) 90.1%					$702,372,687
(Cost $728,356,318)
Communication services 14.4%					112,584,495
Diversified telecommunication services 5.2%
CenturyLink, Inc., 2020 Term Loan B (1 month LIBOR + 2.250%)	2.406	03-15-27		4,582,301	4,420,958
Cincinnati Bell, Inc., 2017 Term Loan (1 month LIBOR + 3.250%)	4.250	10-02-24		2,833,371	2,830,424
Crown Subsea Communications Holding, Inc., Term Loan B (1 month LIBOR + 6.000%)	6.156	11-02-25		953,823	945,477
Cyxtera DC Holdings, Inc., Term Loan B (1 month LIBOR + 3.000%)	4.000	05-01-24		2,429,210	2,113,413
Eircom Finco Sarl, 2019 EUR Term Loan B (1 month EURIBOR + 3.250%)	3.250	05-15-26	EUR	1,800,000	2,118,044
Frontier Communications Corp., 2017 Term Loan B1 (B)	0.000	06-15-24		7,525,255	7,583,576
Intelsat Jackson Holdings SA, 2017 Term Loan B5 (B)	0.000	01-02-24		3,627,551	3,662,702
Intelsat Jackson Holdings SA, 2020 DIP Term Loan (3 month LIBOR + 5.500%)	6.500	07-13-22		136,944	139,227
Iridium Satellite LLC, Term Loan (1 month LIBOR + 3.750%)	4.750	11-04-26		1,843,632	1,847,098
Level 3 Financing, Inc., 2019 Term Loan B (1 month LIBOR + 1.750%)	1.906	03-01-27		4,498,066	4,352,824
Masmovil Holdphone SA, 2019 EUR Term Loan B (6 month EURIBOR + 2.625%)	2.625	05-07-26	EUR	2,400,488	2,843,739
Radiate Holdco LLC, 1st Lien Term Loan (1 month LIBOR + 3.000%)	3.750	02-01-24		4,876,492	4,794,518
Telesat LLC, Term Loan B5 (1 month LIBOR + 2.750%)	2.910	12-07-26		1,489,461	1,438,566
Zayo Group Holdings, Inc., USD Term Loan (1 month LIBOR + 3.000%)	3.156	03-09-27		1,574,160	1,526,636
Entertainment 0.7%
Technicolor SA, 2017 USD Term Loan B (B)	0.000	12-06-23		3,645,309	1,736,078
Technicolor SA, 2020 EUR Delayed Draw Term Loan B2 (C)	TBD	06-30-24	EUR	330,379	406,085
Technicolor SA, 2020 EUR Super Senior Term Loan (6 month EURIBOR + 6.000% or 6.000% PIK)	6.000	06-03-24	EUR	281,804	345,818
Technicolor SA, 2020 PIK USD New Money Term Loan (6 month LIBOR + 6.000% or 6.000% PIK)	6.340	06-03-24		84,942	87,596

	Rate (%)	Maturity date		Par value^	Value
Communication services (continued)
Entertainment (continued)
Technicolor SA, EUR Term Loan B (B)	0.000	12-06-23	EUR	530,772	$303,239
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan (1 month LIBOR + 2.750%)	2.910	05-18-25		2,733,482	2,207,287
Interactive media and services 2.1%
Ancestry.com Operations, Inc., 2019 Extended Term Loan B (1 month LIBOR + 4.250%)	4.410	08-27-26		4,418,278	4,409,441
MH Sub I LLC, 2017 1st Lien Term Loan (3 month LIBOR + 3.500%)	4.572	09-13-24		5,713,831	5,559,900
MH Sub I LLC, 2020 Incremental Term Loan (1 month LIBOR + 3.750%)	4.750	09-13-24		668,670	660,733
National CineMedia LLC, 2018 Term Loan B (1 month LIBOR + 3.000%)	4.000	06-20-25		386,254	307,416
Rackspace Hosting, Inc., 2017 Incremental 1st Lien Term Loan (2 and 3 month LIBOR + 3.000%)	4.000	11-03-23		3,530,637	3,488,729
The Knot Worldwide, Inc., 1st Lien Term Loan (1 month LIBOR + 4.500%)	4.808	12-19-25		2,373,517	2,266,709
Media 5.3%
Advantage Sales & Marketing, Inc., 2014 1st Lien Term Loan (3 month LIBOR + 3.250%)	4.250	07-23-21		1,683,229	1,599,068
Alchemy Copyrights LLC, Term Loan B (Prime rate + 2.250%)	5.500	08-16-27		475,956	473,576
Altice Financing SA, 2017 USD Term Loan B (1 month LIBOR + 2.750%)	2.912	07-15-25		4,167,730	3,966,804
Altice France SA, USD Term Loan B12 (1 month LIBOR + 3.688%)	4.438	01-31-26		2,506,188	2,456,064
AppLovin Corp., 2018 Term Loan B (1 month LIBOR + 3.500%)	3.656	08-15-25		1,732,148	1,715,364
AppLovin Corp., 2020 Incremental Term Loan B (1 month LIBOR + 4.000%)	4.156	08-15-25		305,592	301,772
CSC Holdings LLC, 2017 Term Loan B1 (1 month LIBOR + 2.250%)	2.408	07-17-25		2,199,313	2,119,588
CSC Holdings LLC, 2018 Incremental Term Loan (1 month LIBOR + 2.250%)	2.408	01-15-26		1,549,465	1,493,297
CSC Holdings LLC, 2019 Term Loan B5 (1 month LIBOR + 2.500%)	2.658	04-15-27		4,559,081	4,406,033
iHeartCommunications, Inc., 2020 Term Loan (1 month LIBOR + 3.000%)	3.156	05-01-26		388,733	368,184

	Rate (%)	Maturity date		Par value^	Value
Communication services (continued)
Media (continued)
Lorca Finco PLC, EUR Term Loan B (C)	TBD	07-01-27	EUR	375,177	$438,553
Mediaocean LLC, Term Loan B (1 month LIBOR + 3.750%)	3.906	08-18-25		1,371,443	1,356,014
Newco Financing Partnership, 2020 USD Term Loan B1 (C)	TBD	01-31-29		585,644	579,934
Recorded Books, Inc., 2018 Term Loan B (1 month LIBOR + 4.250%)	4.408	08-29-25		896,433	881,866
Research Now Group LLC, 2017 1st Lien Term Loan (6 month LIBOR + 5.500%)	6.500	12-20-24		3,270,843	3,090,685
Sinclair Television Group, Inc., Term Loan B2B (1 month LIBOR + 2.500%)	2.660	09-30-26		1,016,035	987,586
Tele Columbus AG, 2018 EUR Term Loan A2 (6 month EURIBOR + 3.000%)	3.000	10-15-24	EUR	1,657,943	1,898,892
Telenet Financing USD LLC, 2020 USD Term Loan AR (1 month LIBOR + 2.000%)	2.162	04-30-28		3,364,642	3,234,262
Terrier Media Buyer, Inc., Term Loan B (1 month LIBOR + 4.250%)	4.406	12-17-26		704,307	689,559
Townsquare Media, Inc., Term Loan B (C)	TBD	04-01-22		165,662	156,620
UPC Broadband Holding BV, 2020 EUR Term Loan B (6 month EURIBOR + 2.500%)	2.500	04-30-29	EUR	663,626	773,003
UPC Financing Partnership, 2020 USD Term Loan B (1 month LIBOR + 2.250%)	2.412	04-30-28		1,153,790	1,121,772
UPC Financing Partnership, 2020 USD Term Loan B2 (C)	TBD	01-31-29		585,644	579,934
WideOpenWest Finance LLC, 2017 Term Loan B (1 month LIBOR + 3.250%)	4.250	08-18-23		3,423,790	3,365,482
Ziggo Financing Partnership, USD Term Loan I (1 month LIBOR + 2.500%)	2.662	04-30-28		3,753,885	3,624,864
Wireless telecommunication services 1.1%
Matterhorn Telecom SA, 2020 EUR Term Loan B (3 month EURIBOR + 2.875%)	2.875	09-15-26	EUR	1,392,778	1,605,977
SBA Senior Finance II LLC, 2018 Term Loan B (1 month LIBOR + 1.750%)	1.910	04-11-25		5,536,156	5,401,240
T-Mobile USA, Inc., 2020 Term Loan (1 month LIBOR + 3.000%)	3.156	04-01-27		1,499,076	1,502,269

	Rate (%)	Maturity date		Par value^	Value
Consumer discretionary 12.8%					$99,444,401
Auto components 0.5%
IXS Holdings, Inc., 2020 Term Loan B (3 month LIBOR + 5.000%)	6.000	03-05-27		1,535,679	1,493,448
Truck Hero, Inc., 1st Lien Term Loan (1 month LIBOR + 3.750%)	3.906	04-22-24		2,763,621	2,661,892
Automobiles 1.5%
BBD Bidco, Ltd., GBP Term Loan B1 (6 month GBP LIBOR + 4.750%)	5.451	11-13-26	GBP	2,103,138	2,677,830
Drive Chassis Holdco LLC, 2019 2nd Lien Term Loan (3 month LIBOR + 8.250%)	8.518	04-10-26		3,303,662	3,055,887
OEConnection LLC, 2019 Term Loan B (3 month LIBOR + 4.000%)	5.072	09-25-26		1,545,272	1,483,461
Thor Industries, Inc., EUR Term Loan B (1 month EURIBOR + 4.000%)	4.000	02-01-26	EUR	822,564	966,275
Thor Industries, Inc., USD Term Loan B (1 month LIBOR + 3.750%)	3.938	02-01-26		530,090	523,463
Wheel Pros, Inc., 1st Lien Term Loan (1 month LIBOR + 4.750%)	5.452	04-04-25		2,816,030	2,679,931
Distributors 0.8%
Northwest Fiber LLC, Term Loan B (1 month LIBOR + 5.500%)	5.656	05-21-27		3,736,009	3,726,669
Polyconcept North America Holdings, Inc., USD 2016 Term Loan B (3 month LIBOR + 4.500%)	5.500	08-16-23		2,974,389	2,342,331
Diversified consumer services 2.4%
Cambium Learning Group, Inc., Term Loan B (3 month LIBOR + 4.500%)	4.808	12-18-25		3,001,619	2,979,107
Midas Intermediate Holdco II LLC, Incremental Term Loan B (3 month LIBOR + 2.750%)	3.750	08-18-21		2,902,615	2,584,953
PCI Gaming Authority, Term Loan (1 month LIBOR + 2.500%)	2.656	05-29-26		1,891,892	1,829,876
Safe Fleet Holdings LLC, 2018 1st Lien Term Loan (6 month LIBOR + 3.000%)	4.000	02-03-25		1,778,277	1,666,388
SRS Distribution, Inc., 2018 1st Lien Term Loan (3 month LIBOR + 3.000%)	4.072	05-23-25		6,079,139	5,900,595
Verisure Holding AB, 2020 EUR Term Loan B (3 month EURIBOR + 4.000%)	4.000	07-20-26	EUR	706,977	840,406
Verisure Holding AB, EUR Term Loan B1E (6 month EURIBOR + 3.000%)	3.000	10-20-22	EUR	2,785,890	3,293,192

	Rate (%)	Maturity date		Par value^	Value
Consumer discretionary (continued)
Hotels, restaurants and leisure 4.2%
Aimbridge Acquisition Company, Inc., 2019 Term Loan B (1 month LIBOR + 3.750%)	3.906	02-02-26		2,859,025	$2,465,909
Aristocrat International Pty, Ltd., 2018 1st Lien Term Loan (3 month LIBOR + 1.750%)	2.021	10-19-24		2,380,635	2,322,453
Aristocrat International Pty, Ltd., 2020 Incremental Term Loan B (3 month LIBOR + 3.750%)	4.750	10-19-24		305,849	306,614
Caesars Resort Collection LLC, 2017 1st Lien Term Loan B (1 month LIBOR + 2.750%)	2.906	12-23-24		2,079,523	1,950,863
Caesars Resort Collection LLC, 2020 Term Loan B1 (3 month LIBOR + 4.500%)	4.726	07-21-25		652,814	632,009
Carrols Restaurant Group, Inc., Term Loan B (1 and 3 month LIBOR + 3.250%)	3.482	04-30-26		1,819,940	1,693,199
CityCenter Holdings LLC, 2017 Term Loan B (1 month LIBOR + 2.250%)	3.000	04-18-24		2,033,851	1,925,264
Connect Finco SARL, Term Loan B (1 month LIBOR + 4.500%)	5.500	12-11-26		2,682,155	2,606,733
HNVR Holdco, Ltd., EUR Term Loan B (6 month EURIBOR + 4.250%)	4.250	09-12-23	EUR	1,605,335	1,369,744
HNVR Holdco, Ltd., Term Loan C (6 month EURIBOR + 4.500%)	4.500	09-12-25	EUR	2,352,406	2,007,180
Hurtigruten Group AS, EUR Term Loan B (6 month EURIBOR + 3.750%)	3.750	02-24-25	EUR	1,777,599	1,608,389
IRB Holding Corp., 2020 Term Loan B (3 month LIBOR + 2.750%)	3.750	02-05-25		1,900,354	1,827,665
Lakeland Tours LLC, 2017 1st Lien Term Loan B (3 month LIBOR + 4.250%)	5.250	12-15-24		1,215,673	608,845
Lakeland Tours LLC, 2020 DIP Lender New Money Term Loan (3 month LIBOR + 12.000%)	13.250	01-20-21		193,645	186,867
Motion Finco LLC, Delayed Draw Term Loan B2 (6 month LIBOR + 3.250%)	4.322	11-12-26		102,546	94,770
Motion Finco LLC, USD Term Loan B1 (6 month LIBOR + 3.250%)	4.322	11-12-26		780,242	721,076
Motion Finco Sarl, EUR Term Loan B (6 month EURIBOR + 3.000%)	3.000	11-12-26	EUR	686,801	744,920
New Red Finance, Term Loan B4 (1 month LIBOR + 1.750%)	1.906	11-19-26		3,851,582	3,702,333
Scientific Games International, Inc., 2018 Term Loan B5 (1, 3 and 6 month LIBOR + 2.750%)	3.472	08-14-24		2,565,526	2,393,739

	Rate (%)	Maturity date		Par value^	Value
Consumer discretionary (continued)
Hotels, restaurants and leisure (continued)
Station Casinos LLC, 2020 Term Loan B (1 month LIBOR + 2.250%)	2.500	02-08-27		423,743	$400,788
Travel Leaders Group LLC, 2018 Term Loan B (1 month LIBOR + 4.000%)	4.156	01-25-24		2,498,453	1,773,902
Wyndham Hotels & Resorts, Inc., Term Loan B (1 month LIBOR + 1.750%)	1.906	05-30-25		1,833,801	1,760,834
Household durables 0.6%
Acproducts, Inc., 2020 Term Loan B (3 month LIBOR + 6.500%)	7.500	08-18-25		2,841,870	2,843,660
LSFX Flavum Bidco SA, 2020 EUR Term Loan (C)	TBD	02-12-27	EUR	1,410,972	1,536,453
Leisure products 0.8%
Abe Investment Holdings, Inc., 2019 EUR Term Loan B (1 month EURIBOR + 5.000%)	5.000	02-19-26	EUR	841,432	934,256
Abe Investment Holdings, Inc., 2019 USD Term Loan B (1 month LIBOR + 4.500%)	4.688	02-19-26		2,478,968	2,343,145
Hayward Industries, Inc., 1st Lien Term Loan (1 month LIBOR + 3.500%)	3.656	08-05-24		2,891,292	2,840,694
Specialty retail 1.8%
Ascena Retail Group, Inc., 2015 Term Loan B (B)	0.000	08-21-22		3,325,984	1,183,950
CWGS Group LLC, 2016 Term Loan (1 month LIBOR + 2.750%)	3.500	11-08-23		1,677,934	1,623,670
Douglas GmbH, 2017 EUR Term Loan B1 (6 month EURIBOR + 3.500%)	3.500	08-12-22	EUR	196,061	199,557
Douglas GmbH, 2017 EUR Term Loan B2 (6 month EURIBOR + 3.500%)	3.500	08-12-22	EUR	45,753	46,569
Douglas GmbH, 2017 EUR Term Loan B3 (6 month EURIBOR + 3.500%)	3.500	08-12-22	EUR	181,496	184,733
Douglas GmbH, 2017 EUR Term Loan B4 (6 month EURIBOR + 3.500%)	3.500	08-12-22	EUR	105,409	107,289
Douglas GmbH, 2017 EUR Term Loan B5 (6 month EURIBOR + 3.500%)	3.500	08-12-22	EUR	15,566	15,844
Douglas GmbH, 2017 EUR Term Loan B6 (6 month EURIBOR + 3.500%)	3.500	08-12-22	EUR	68,895	70,124
Douglas GmbH, 2017 EUR Term Loan B7 (6 month EURIBOR + 3.500%)	3.500	08-12-22	EUR	54,760	55,736
Douglas GmbH, 2017 EUR Term Loan B8 (6 month EURIBOR + 3.250%)	3.250	08-12-22	EUR	846,330	847,868
Eyemart Express LLC, 2017 Term Loan B (1 month LIBOR + 3.000%)	3.156	08-04-24		1,270,989	1,223,327

	Rate (%)	Maturity date		Par value^	Value
Consumer discretionary (continued)
Specialty retail (continued)
Harbor Freight Tools USA, Inc., 2018 Term Loan B (1 month LIBOR + 2.500%)	3.250	08-18-23		3,306,299	$3,251,381
Mavis Tire Express Services Corp., 2018 1st Lien Term Loan (3 month LIBOR + 3.250%)	3.558	03-20-25		5,078,304	4,867,554
Textiles, apparel and luxury goods 0.2%
Calceus Acquisition, Inc., Term Loan B (1 month LIBOR + 5.500%)	5.756	02-12-25		1,496,196	1,458,791
Consumer staples 3.1%					24,139,387
Beverages 0.2%
Refresco Holding BV, EUR Term Loan B1 (3 month EURIBOR + 3.250%)	3.250	03-28-25	EUR	1,425,082	1,670,334
Food and staples retailing 0.9%
Casino Guichard Perrachon SA, EUR Term Loan B (3 month EURIBOR + 5.500%)	5.500	01-31-24	EUR	2,874,451	3,242,353
H-Food Holdings LLC, 2018 Term Loan B (1 month LIBOR + 3.688%)	3.844	05-23-25		3,772,522	3,664,062
Food products 1.0%
Cookie Acquisition SASU, EUR Term Loan (3 month EURIBOR + 4.000%)	4.000	02-15-27	EUR	1,563,396	1,785,921
Froneri Lux FinCo SARL, 2020 EUR Term Loan (3 month EURIBOR + 2.625%)	2.625	01-31-27	EUR	1,752,602	2,028,473
Froneri US, Inc., 2020 USD Term Loan (1 month LIBOR + 2.250%)	2.406	01-31-27		621,457	597,817
Upfield BV, 2018 EUR Term Loan B1 (1 and 6 month EURIBOR + 3.500%)	3.500	07-02-25	EUR	3,100,258	3,579,010
Household products 0.5%
KIK Custom Products, Inc., 2015 Term Loan B (3 month LIBOR + 4.000%)	5.000	05-15-23		1,954,742	1,935,195
Reynolds Consumer Products LLC, Term Loan (1 month LIBOR + 1.750%)	1.906	02-04-27		890,587	875,189
Reynolds Group Holdings, Inc., USD 2017 Term Loan (1 month LIBOR + 2.750%)	2.906	02-05-23		1,130,743	1,113,375
Personal products 0.5%
Coty, Inc., 2018 USD Term Loan B (1 month LIBOR + 2.250%)	2.405	04-07-25		2,058,183	1,803,483

	Rate (%)	Maturity date		Par value^	Value
Consumer staples (continued)
Personal products (continued)
Sunshine Luxembourg VII Sarl, USD Term Loan B1 (6 month LIBOR + 4.250%)	5.322	10-01-26		1,850,727	$1,844,175
Energy 1.4%					10,961,598
Energy equipment and services 0.2%
Keane Group Holdings LLC, 2018 1st Lien Term Loan (1 month LIBOR + 3.500%)	4.500	05-25-25		1,372,000	1,188,495
Traverse Midstream Partners LLC, 2017 Term Loan (1 month LIBOR + 4.000%)	5.000	09-27-24		619,012	564,465
Oil, gas and consumable fuels 1.2%
Delek US Holdings, Inc., 2018 Term Loan B (1 month LIBOR + 2.250%)	2.406	03-31-25		2,333,118	2,196,888
Granite Acquisition, Inc., Term Loan B (3 month LIBOR + 3.500%)	4.500	12-19-21		1,013,655	1,005,627
Lower Cadence Holdings LLC, Term Loan B (1 month LIBOR + 4.000%)	4.000	05-22-26		1,201,428	1,102,310
Lucid Energy Group II Borrower LLC, 2018 1st Lien Term Loan (1 month LIBOR + 3.000%)	4.000	02-17-25		598,290	505,256
Murray Energy Corp., 2018 Term Loan B2 (B)	0.000	10-17-22		7,312,904	95,068
Northriver Midstream Finance LP, 2018 Term Loan B (3 month LIBOR + 3.250%)	3.552	10-01-25		1,901,218	1,840,455
Quicksilver Resources, Inc., New 2nd Lien Term Loan (B)(D)	0.000	06-21-21		20,001,303	20,001
Ultra Resources, Inc., 1st Lien Term Loan (B)	0.000	04-12-24		3,320,364	2,394,813
Ultra Resources, Inc., 2020 DIP Term Loan (C)	TBD	11-19-20		48,220	48,220
Financials 6.0%					47,096,628
Capital markets 2.0%
AqGen Ascensus, Inc., 2017 Repriced Term Loan (3 month LIBOR + 4.000%)	5.072	12-03-22		4,386,774	4,384,054
AqGen Ascensus, Inc., 2020 Term Loan (C)	TBD	12-13-26		381,003	378,146
Emerald TopCo, Inc., Term Loan (1 and 3 month LIBOR + 3.500%)	3.760	07-24-26		1,196,325	1,161,931
ION Trading Finance, Ltd., USD Incremental Term Loan B (3 month LIBOR + 4.000%)	5.072	11-21-24		4,763,224	4,648,382

	Rate (%)	Maturity date		Par value^	Value
Financials (continued)
Capital markets (continued)
Jane Street Group LLC, 2020 Term Loan (1 month LIBOR + 3.000%)	3.156	01-31-25		3,838,256	$3,780,682
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan (3 month LIBOR + 6.750%)	7.750	11-28-23		1,654,015	1,565,111
Consumer finance 0.1%
Fiserv Investment Solutions, Inc., 2020 Term Loan B (3 month LIBOR + 4.750%)	5.020	02-18-27		640,636	636,363
Diversified financial services 1.6%
Advisor Group Holdings, Inc., 2019 Term Loan B (1 month LIBOR + 5.000%)	5.156	07-31-26		2,950,357	2,850,783
Citadel Securities LP, 2020 Term Loan B (1 month LIBOR + 2.750%)	2.906	02-27-26		3,985,303	3,950,432
Crown Finance US, Inc., 2018 USD Term Loan (3 month LIBOR + 2.250%)	3.322	02-28-25		2,493,567	1,948,099
GT Polaris, Inc., Term Loan B (C)	TBD	08-04-27		653,022	647,308
Marnix SAS, 2019 EUR Term Loan B (6 month EURIBOR + 3.500%)	3.500	11-19-26	EUR	1,576,303	1,822,297
Nexus Buyer LLC, Term Loan B (1 month LIBOR + 3.750%)	3.912	11-09-26		1,052,739	1,045,896
Insurance 1.5%
Alliant Holdings Intermediate LLC, 2018 Term Loan B (1 month LIBOR + 2.750%)	2.906	05-09-25		1,646,167	1,590,379
Alliant Holdings Intermediate LLC, Term Loan B (1 month LIBOR + 3.250%)	3.433	05-09-25		1,024,502	997,978
Amerilife Holdings LLC, 2020 Delayed Draw Term Loan (3 month LIBOR + 4.000%)	4.158	03-18-27		66,073	64,917
Amerilife Holdings LLC, 2020 Term Loan (1 month LIBOR + 4.000%)	4.156	03-18-27		1,955,837	1,921,610
Asurion LLC, 2017 Term Loan B4 (1 month LIBOR + 3.000%)	3.156	08-04-22		3,484,425	3,443,762
Asurion LLC, 2018 Term Loan B6 (1 month LIBOR + 3.000%)	3.156	11-03-23		513,499	504,087
Cross Financial Corp., Term Loan (C)	TBD	08-20-27		644,160	640,939
HUB International, Ltd., 2018 Term Loan B (3 month LIBOR + 3.000%)	3.263	04-25-25		3,144,768	3,059,985
Mortgage real estate investment trusts 0.8%
Apollo Commercial Real Estate Finance, Inc., Term Loan B (1 month LIBOR + 2.750%)	2.912	05-15-26		818,023	775,077

	Rate (%)	Maturity date		Par value^	Value
Financials (continued)
Mortgage real estate investment trusts (continued)
Blackstone Mortgage Trust, Inc., 2020 Term Loan B (1 month LIBOR + 4.750%)	5.750	04-23-26		1,753,286	$1,740,136
Claros Mortgage Trust, Inc., Term Loan B (1 month LIBOR + 3.250%)	3.405	08-09-26		2,316,062	2,188,678
KREF Holdings X LLC, Term Loan B (C)	TBD	08-05-27		1,363,229	1,349,596
Health care 13.7%					106,423,467
Biotechnology 0.2%
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B (1 week LIBOR + 2.000%)	2.113	11-15-27		1,232,009	1,206,001
Health care equipment and supplies 1.2%
Auris Luxembourg III Sarl, 2019 USD Term Loan B2 (1 month LIBOR + 3.750%)	3.906	02-27-26		2,467,887	2,255,032
Ortho-Clinical Diagnostics SA, 2018 Term Loan B (1 month LIBOR + 3.250%)	3.406	06-30-25		1,613,135	1,553,143
Ortho-Clinical Diagnostics SA, EUR Term Loan B (3 month EURIBOR + 3.500%)	3.500	06-30-25	EUR	1,378,841	1,574,144
Solenis International LLC, 2018 1st Lien Term Loan (1 and 3 month LIBOR + 4.000%)	4.256	06-26-25		2,434,623	2,388,585
Solenis International LLC, 2018 2nd Lien Term Loan (3 month LIBOR + 8.500%)	8.756	06-26-26		2,100,000	1,883,028
Health care providers and services 6.3%
21st Century Oncology Holdings, Inc., 2020 EUR Term Loan B4 (3 month EURIBOR + 4.750%)	4.750	05-14-27	EUR	1,782,202	2,082,490
21st Century Oncology Holdings, Inc., 2020 USD Term Loan B5 (C)	TBD	05-14-27		526,385	498,750
Bio Lam LCD SELAS, 2020 EUR Add On Term Loan B (C)	TBD	04-25-26	EUR	1,226,561	1,416,146
Da Vinci Purchaser Corp., 2019 Term Loan (3 month LIBOR + 4.000%)	5.238	01-08-27		1,129,439	1,121,443
DaVita, Inc., 2020 Term Loan B (1 month LIBOR + 1.750%)	1.906	08-12-26		1,698,188	1,661,524
Dentalcorp Health Services ULC, 1st Lien Term Loan (1 month LIBOR + 3.750%)	4.750	06-06-25		4,735,962	4,428,124
Ensemble RCM LLC, Term Loan (3 month LIBOR + 3.750%)	4.011	08-03-26		1,674,031	1,657,709

	Rate (%)	Maturity date		Par value^	Value
Health care (continued)
Health care providers and services (continued)
eResearchTechnology, Inc., 2020 1st Lien Term Loan (1 month LIBOR + 4.500%)	5.500	02-04-27		3,239,807	$3,229,019
HCA, Inc., Term Loan B12 (1 month LIBOR + 1.750%)	1.906	03-13-25		1,774,717	1,759,472
Jaguar Holding Company II, 2018 Term Loan (1 month LIBOR + 2.500%)	3.500	08-18-22		3,879,542	3,869,843
MED ParentCo LP, 1st Lien Delayed Draw Term Loan (1 month LIBOR + 4.250%)	4.406	08-31-26		208,419	195,047
MED ParentCo LP, 1st Lien Term Loan (1 month LIBOR + 4.250%)	4.406	08-31-26		1,187,874	1,111,648
MPH Acquisition Holdings LLC, 2016 Term Loan B (3 month LIBOR + 2.750%)	3.750	06-07-23		2,042,057	2,019,084
National Mentor Holdings, Inc., 2019 Term Loan B (1 month LIBOR + 4.250%)	4.410	03-09-26		3,130,138	3,097,272
National Mentor Holdings, Inc., 2019 Term Loan C (1 month LIBOR + 4.250%)	4.410	03-09-26		142,519	141,022
Option Care Health, Inc., Term Loan B (1 month LIBOR + 4.500%)	4.656	08-06-26		2,455,040	2,444,803
Pathway Vet Alliance LLC, 2020 Term Loan (1 month LIBOR + 4.000%)	4.156	03-31-27		1,777,743	1,742,740
PetVet Care Centers LLC, 2018 1st Lien Term Loan (1 month LIBOR + 2.750%)	2.906	02-14-25		4,698,711	4,526,926
Select Medical Corp., 2017 Term Loan B (1 month LIBOR + 2.500%)	2.680	03-06-25		2,311,885	2,244,447
Team Health Holdings, Inc., 1st Lien Term Loan (1 month LIBOR + 2.750%)	3.750	02-06-24		1,204,466	1,000,213
U.S. Anesthesia Partners, Inc., 2017 Term Loan (3 month LIBOR + 3.000%)	4.000	06-23-24		1,670,396	1,608,591
Upstream Newco, Inc., 2019 Term Loan (1 month LIBOR + 4.500%)	4.656	11-20-26		1,770,790	1,666,756
Versant Health Holdco, Inc., 1st Lien Term Loan B (1 month LIBOR + 3.000%)	4.000	12-02-24		3,749,739	3,661,845
VetCor Professional Practices LLC, 2018 1st Lien Term Loan (3 month LIBOR + 3.000%)	4.072	07-02-25		2,050,769	1,968,738
Health care technology 2.3%
Bioclinica-Synowledge Holdings Corp., 1st Lien Term Loan (1 month LIBOR + 4.250%)	5.250	10-20-23		3,975,681	3,810,014

	Rate (%)	Maturity date		Par value^	Value
Health care (continued)
Health care technology (continued)
Change Healthcare Holdings LLC, 2017 Term Loan B (1 and 3 month LIBOR + 2.500%)	3.500	03-01-24		2,305,507	$2,260,042
GHX Ultimate Parent Corp., 2017 1st Lien Term Loan (3 month LIBOR + 3.250%)	4.250	06-28-24		2,938,676	2,879,902
Netsmart Technologies, Inc., Term Loan D1 (3 month LIBOR + 3.750%)	4.750	04-19-23		4,087,028	4,005,288
VVC Holding Corp., 2019 Term Loan B (3 month LIBOR + 4.500%)	4.818	02-11-26		4,803,035	4,758,030
Life sciences tools and services 0.8%
Packaging Coordinators Midco, Inc., 1st Lien Term Loan (3 month LIBOR + 4.000%)	5.080	06-30-23		3,289,680	3,281,456
PAREXEL International Corp., Term Loan B (1 month LIBOR + 2.750%)	2.906	09-27-24		1,346,350	1,299,564
Syneos Health, Inc., 2018 Term Loan B (1 month LIBOR + 1.750%)	1.906	08-01-24		1,536,492	1,496,159
Pharmaceuticals 2.9%
AI Sirona Luxembourg Acquisition Sarl, EUR 1st Lien Term Loan B (1 month EURIBOR + 4.000%)	4.000	09-29-25	EUR	1,440,813	1,666,626
Amneal Pharmaceuticals LLC, 2018 Term Loan B (1 month LIBOR + 3.500%)	3.688	05-04-25		4,872,605	4,565,046
Bausch Health Americas, Inc., 2018 Term Loan B (1 month LIBOR + 3.000%)	3.183	06-02-25		6,422,730	6,313,030
Curium Bidco Sarl, USD Term Loan B (6 month LIBOR + 3.750%)	4.822	07-09-26		1,524,971	1,509,721
Elanco Animal Health, Inc., Term Loan B (1 month LIBOR + 1.750%)	1.906	08-01-27		1,213,300	1,188,524
Endo International PLC, 2017 Term Loan B (3 month LIBOR + 4.250%)	5.000	04-29-24		2,805,334	2,699,544
McAfee LLC, 2018 USD Term Loan B (1 month LIBOR + 3.750%)	3.906	09-30-24		2,316,260	2,292,240
RPI 2019 Intermediate Finance Trust, 2020 Term Loan B1 (1 week LIBOR + 1.750%)	1.906	02-11-27		1,541,144	1,534,887
RPI Intermediate Finance Trust, 2020 Term Loan B1 (1 month LIBOR + 1.750%)	1.906	02-11-27		854,079	849,809

	Rate (%)	Maturity date		Par value^	Value
Industrials 12.8%					$99,462,738
Aerospace and defense 1.7%
Bleriot US Bidco, Inc., Delayed Draw Term Loan (3 month LIBOR + 4.750%)	5.058	10-31-26		155,932	153,658
Bleriot US Bidco, Inc., Term Loan B (3 month LIBOR + 4.750%)	5.058	10-31-26		997,963	983,413
Maxar Technologies, Ltd., Term Loan B (1 month LIBOR + 2.750%)	2.906	10-04-24		1,178,668	1,136,436
Standard Aero, Ltd., 2020 CAD Term Loan B2 (3 month LIBOR + 3.500%)	3.808	04-06-26		1,147,664	1,013,766
The NORDAM Group, Inc., Term Loan B (1 month LIBOR + 4.500% and 5.500%)	5.688	04-09-26		2,048,487	1,700,244
TransDigm, Inc., 2020 Term Loan E (1 month LIBOR + 2.250%)	2.406	05-30-25		950,347	900,321
TransDigm, Inc., 2020 Term Loan F (1 month LIBOR + 2.250%)	2.406	12-09-25		3,864,407	3,658,512
TransDigm, Inc., 2020 Term Loan G (1 month LIBOR + 2.250%)	2.406	08-22-24		1,091,648	1,035,090
WP CPP Holdings LLC, 2018 Term Loan (1 and 3 month LIBOR + 3.500%)	4.500	04-30-25		3,307,390	2,827,818
Air freight and logistics 0.3%
XPO Logistics, Inc., 2018 Term Loan B (1 month LIBOR + 2.000%)	2.156	02-24-25		2,051,577	2,009,622
Airlines 0.3%
Allegiant Travel Company, 2020 Term Loan (3 month LIBOR + 3.000%)	3.254	02-05-24		733,445	679,353
WestJet Airlines, Ltd., Term Loan B (6 month LIBOR + 3.000%)	4.000	12-11-26		1,682,423	1,393,265
Building products 2.0%
Cornerstone Building Brands, Inc., 2018 Term Loan (1 month LIBOR + 3.750%)	3.918	04-12-25		2,280,439	2,234,830
LSF10 XL Bidco SCA, EUR Term Loan B3 (C)	TBD	10-12-26	EUR	1,228,877	1,370,543
Resideo Funding, Inc., Term Loan B (3 month LIBOR + 2.250%)	2.560	10-24-25		891,142	863,294
Specialty Building Products Holdings LLC, 2018 Term Loan B (1 month LIBOR + 5.750%)	5.906	10-01-25		2,159,118	2,142,924
The AZEK Company LLC, 2017 Term Loan (3 month LIBOR + 3.750%)	4.750	05-05-24		3,204,221	3,193,198
Wilsonart LLC, 2017 Term Loan B (3 month LIBOR + 3.250%)	4.250	12-19-23		5,893,628	5,817,482