# EDGAR Filing Document

**Accession Number:** 0001496749
**File Stem:** 0001683863-23-001118
**Filing Date:** 2023-2
**Character Count:** 281604
**Document Hash:** 75b505b8af2f204e0e19f303b01ef454
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-001118.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001683863-23-001118

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**EFFECTIVENESS DATE**: 20230222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** John Hancock Hedged Equity & Income Fund
- **CENTRAL INDEX KEY:** 0001496749
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22441
- **FILM NUMBER:** 23652742

**BUSINESS ADDRESS:**
- **STREET 1:** C/O JOHN HANCOCK FUNDS
- **STREET 2:** 200 BERKELEY STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116
- **BUSINESS PHONE:** 800-344-1029

**MAIL ADDRESS:**
- **STREET 1:** C/O JOHN HANCOCK FUNDS
- **STREET 2:** 200 BERKELEY STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811- 22441</u>

<u>John Hancock Hedged Equity & Income Fund</u> (Exact name of registrant as specified in charter)

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

Salvatore Schiavone

Treasurer

200 Berkeley Street

<u>Boston, Massachusetts 02116</u>

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

Date of fiscal year end: December 31 <br> Date of reporting period: December 31, 2022

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ITEM 1. REPORT TO STOCKHOLDERS

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![](img9ff7cd411.gif)

![](img115846b62.gif)

Annual report

## John Hancock

## Hedged Equity & Income Fund
Closed-end international equity

Ticker: HEQ

December 31, 2022

![](imgebf4560a3.gif)

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#### Managed distribution plan

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The fund has adopted a managed distribution plan (Plan). Under the Plan, the fund currently makes quarterly distributions of an amount equal to $0.2900 per share. The fund may make additional distributions: (i) for purposes of not incurring federal income tax at the fund level of investment company taxable income and net capital gain, if any, not included in such regular distributions; and (ii) for purposes of not incurring federal excise tax on ordinary income and capital gain net income, if any, not included in such regular distributions.

The Plan provides that the Board of Trustees of the fund may amend the terms of the Plan or terminate the Plan at any time without prior notice to the fund's shareholders. The Plan is subject to periodic review by the fund's Board of Trustees.

You should not draw any conclusions about the fund's investment performance from the amount of the fund's distributions or from the terms of the fund's Plan. The fund's total return at net asset value (NAV) is presented in the "Financial highlights" section.

With each distribution that does not consist solely of net income, the fund will issue a notice to shareholders and an accompanying press release that will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders are only estimates and are not provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income-tax purposes. The fund may, at times, distribute more than its net investment income and net realized capital gains; therefore, a portion of your distribution may result in a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital does not necessarily reflect the fund's investment performance and should not be confused with "yield" or "income".

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A *message* to shareholders

![](img7258f2824.gif)

Dear shareholder,

The world equity markets experienced poor performance during the 12 months ended December 31, 2022. Inflation, which had already been rising prior to Russia's invasion of Ukraine in February, took another leg higher in the months following the start of the conflict. The U.S. Federal Reserve and other central banks were forced to tighten monetary policy aggressively to contain price pressures, weighing on the outlook for economic growth and corporate earnings. These developments, together with slowing growth in China and mounting fears of a recession in Europe, weighed heavily on sentiment. Growth stocks, which tend to be adversely affected by rising rates, were particularly poor performers. On the other hand, the value category held up reasonably well thanks to the gains for energy stocks and relative strength for the healthcare sector. On a regional basis, Asia-Pacific outperformed but Europe lagged on concerns about slowing growth. The U.S. market, which was hurt by growth stocks' large representation in its major indexes, underperformed its developed-market peers. The emerging markets also suffered outsized losses, reflecting the collapse in Russia's market and the pronounced weakness in Chinese equities.

In these uncertain times, your financial professional can assist with positioning your portfolio so that it's sufficiently diversified to help meet your long-term objectives and to withstand the inevitable bouts of market volatility along the way.

On behalf of everyone at John Hancock Investment Management, I'd like to take this opportunity to welcome new shareholders and thank existing shareholders for the continued trust you've placed in us.

Sincerely,

![](img4770d39e5.jpg)

#### Andrew G. Arnott
Global Head of Retail,

Manulife Investment Management

President and CEO,

John Hancock Investment Management

Head of Wealth and Asset Management,

United States and Europe

This commentary reflects the CEO's views as of this report's period end and are subject to change at any time. Diversification does not guarantee investment returns and does not eliminate risk of loss. All investments entail risks, including the possible loss of principal. For more up-to-date information, you can visit our website at jhinvestments.com.

------

John Hancock

Hedged Equity & Income Fund

Table of contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;**2** | &nbsp;&nbsp;[Your fund at a glance](#xx_6db09211-7a14-40f2-a950-1441d9246d4d_1) |
| &nbsp;&nbsp;**4** | &nbsp;&nbsp;[Management's discussion of fund performance](#xx_d54ae446-eb74-4c70-ab08-23468d85b497_1) |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;[A look at performance](#xx_52d70925-5cf8-4f94-8d87-15b00566e60a_1) |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;[Fund's investments](#xx_feae65ec-153f-4b7d-a9c6-298259deea12_1) |
| **24** | &nbsp;&nbsp;[Financial statements](#xx_dd43b71f-7052-4bb2-a00b-d39149b33c9f_1) |
| **27** | &nbsp;&nbsp;[Financial highlights](#xx_71d6d3ae-8ca4-445f-8557-d4feba845098_1) |
| **28** | &nbsp;&nbsp;[Notes to financial statements](#xx_4580c58c-bfb9-4a98-b284-816684ff3903_1) |
| **37** | &nbsp;&nbsp;[Report of independent registered public accounting firm](#xx_be296596-8c89-4e3d-a2a1-3aac30ee0d04_1) |
| **38** | &nbsp;&nbsp;[Tax information](#xx_739378be-e643-476a-b177-b81b8ef1cb20_1) |
| **39** | &nbsp;&nbsp;[Investment objective, principal investment strategies, and principal risks](#xx_799f18d3-e80b-409d-a572-a1b9c28aefdf_1) |
| **43** | &nbsp;&nbsp;[Additional information](#xx_f61db01e-f998-449a-96de-e0feafc76767_1) |
| **45** | &nbsp;&nbsp;[Trustees and Officers](#xx_287f16f8-615c-43f1-ae8b-a07b57771ec2_1) |
| **49** | &nbsp;&nbsp;[More information](#xx_72c6ef26-4c44-43d3-8a54-3eee147019c0_1) |

---

1 JOHN HANCOCK HEDGED EQUITY & INCOME FUND \| ANNUAL REPORT

------

[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

Your fund at a glance

#### INVESTMENT OBJECTIVE

------

The fund seeks to provide total return with a focus on current income and gains and also consisting of long-term capital appreciation.

#### AVERAGE ANNUAL TOTAL RETURNS AS OF 12/31/2022 (%)

------

![](imgb49e12c36.gif)

The MSCI All Country World Index (ACWI) tracks the performance of publicly traded large- and mid-cap stocks of companies in both developed and emerging markets.

It is not possible to invest directly in an index. Index figures do not reflect expenses, which would result in lower returns.

#### The performance data contained within this material represents past performance, which does not guarantee future results.
Investment returns and principal value will fluctuate and a shareholder may sustain losses. Further, the fund's performance at net asset value (NAV) is different from the fund's performance at closing market price because the closing market price is subject to the dynamics of secondary market trading. Market risk may increase when shares are purchased at a premium to NAV or sold at a discount to NAV. Current month-end performance may be higher or lower than the performance cited. The fund's most recent performance can be found at jhinvestments.com or by calling 800-852-0218.

ANNUAL REPORT \| JOHN HANCOCK HEDGED EQUITY & INCOME FUND 2

------

[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

#### PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

------

#### Monetary tightening to stem inflation pressured equities
Markets declined sharply as steady interest rate increases meant to curb soaring inflation, supply chain disruptions from Russia's invasion of Ukraine and slowing global economic growth led to widespread equity losses.

#### The fund's equity strategy contributed to relative results
The fund had a negative absolute return but outperformed its comparative index, the MSCI All Country World Index, thanks to stock selection in the consumer discretionary, healthcare, industrials and communication services sectors.

#### Stock selection in other sectors detracted
Stock selection in the energy and real estate sectors and an overweight in the Middle East detracted from relative results.

#### SECTOR COMPOSITION AS OF 12/31/2022 (% of net assets)

------

![](imgedd09e007.gif)

3 JOHN HANCOCK HEDGED EQUITY & INCOME FUND \| ANNUAL REPORT

------

[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

Management's discussion of fund performance

#### What factors affected global equity markets during the 12 months ended December 31, 2022?
Global markets were rattled by slowing global economic growth, increased inflation, rising interest rates, and COVID-19 resurgences in some countries. Equities opened the period lower as volatility spiked sharply driven by rising geopolitical instability and tighter monetary policy to address accelerating inflation. Russia's invasion of Ukraine caused mass withdrawals from the country and severe economic sanctions by the United States and NATO allies, largely cutting off the Russian economy from global financial markets. Global equities further declined in the second and third quarters as investors grew increasingly concerned about the economic toll of persistent geopolitical instability, soaring inflation, constrained supply chains, and growing signs of economic slowdown. Energy prices continued to rise as the ongoing crisis in Ukraine severely pressured oil and natural gas supplies. Stocks reversed in the fourth quarter on optimism about milder inflation. Despite this rally, market sentiment continued to be dented by anxiety about tighter central bank policy amid weakening global economic growth and cautious corporate commentary that added to signs of recession.

#### How did the fund perform?
The fund generated a negative absolute return but outperformed its comparative index, the MSCI All Country World Index. Outperformance was driven by strong

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS<br> AS OF 12/31/2022 (% of net assets)** | **TOP 10 HOLDINGS<br> AS OF 12/31/2022 (% of net assets)** |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Merck & Company, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| The Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Iberdrola SA | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| **TOTAL** | &nbsp;&nbsp;**15.8** |
| Cash and cash equivalents are not included. | Cash and cash equivalents are not included. |

---

---

| | |
|:---|:---|
| **COUNTRY COMPOSITION<br> AS OF 12/31/2022 (% of net assets)** | **COUNTRY COMPOSITION<br> AS OF 12/31/2022 (% of net assets)** |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;42.9 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Other countries | &nbsp;&nbsp;&nbsp;&nbsp;15.6 |
| **TOTAL** | &nbsp;&nbsp;**100.0** |

---

ANNUAL REPORT \| JOHN HANCOCK HEDGED EQUITY & INCOME FUND 4

------

[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

performance from the fund's equity and beta hedge strategies. Within the fund's equity strategy, stock selection in the consumer discretionary, healthcare, industrials, and communication services sectors, an underweight allocation to the information technology (IT) sector, and an overweight allocation to the energy sector contributed to relative performance. Conversely, stock selection in the energy and real estate sectors detracted from relative results. From a regional perspective, exposures to North America and Europe contributed to relative performance, while exposure to the Middle East detracted.

The fund's hedging strategy, which is designed to reduce equity exposure by selling equity index futures, contributed to absolute results as global markets declined over the year. The top relative contributors were an overweight exposure to pharmaceutical maker Merck & Company, Inc. and a decision not to hold e-commerce marketplace and cloud services provider Amazon.com, Inc. The top relative detractors were an overweight exposure to healthcare real estate investment trust Medical Properties Trust, Inc. and a position in Russian energy exploration and production company PJSC Gazprom.

#### How was the fund positioned at the end of the period?
The fund's largest overweights were in utilities and financials, while the largest underweights were in IT and communication services. From a regional perspective, the fund ended the period most overweight Europe and most underweight North America.

#### MANAGED BY

------

Gregg R. Thomas, CFA

Roberto J. Isch, CFA

![](img36f0afe98.gif)

The views expressed in this report are exclusively those of Gregg R. Thomas, CFA, and Roberto J. Isch, CFA, Wellington Management Company LLP, and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.

5 JOHN HANCOCK HEDGED EQUITY & INCOME FUND \| ANNUAL REPORT

------

[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

A look at performance

#### TOTAL RETURNS FOR THE PERIOD ENDED DECEMBER 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average annual total returns (%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average annual total returns (%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average annual total returns (%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average annual total returns (%)** | **Cumulative total returns (%)** | **Cumulative total returns (%)** |
|  | **1-Year** | &nbsp;&nbsp;**5-Year** | &nbsp;&nbsp;**10-Year** | &nbsp;&nbsp;**5-year** | &nbsp;&nbsp;**10-Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Net asset value | &nbsp;&nbsp;&nbsp;-0.96 | &nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;5.74 | &nbsp;&nbsp;&nbsp;10.47 | &nbsp;&nbsp;&nbsp;&nbsp;74.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Market price | &nbsp;&nbsp;&nbsp;-2.68 | &nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;7.00 | &nbsp;&nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;&nbsp;&nbsp;96.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSCI ACWI | -18.36 | &nbsp;&nbsp;&nbsp;5.23 | &nbsp;&nbsp;&nbsp;7.98 | &nbsp;&nbsp;&nbsp;29.01 | &nbsp;&nbsp;&nbsp;115.45 |

---

*Performance figures assume all distributions have been reinvested.*

*The returns reflect past results and should not be considered indicative of future performance. Investment returns and principal value will fluctuate and a shareholder may sustain losses. Further, the fund's performance at net asset value (NAV) is different from the fund's performance at closing market price because the closing market price is subject to the dynamics of secondary market trading. Market risk may be augmented when shares are purchased at a premium to NAV or when shares need to be sold at a discount to NAV. Current month-end performance may be higher or lower than the performance cited. The fund's most recent performance can be found at jhinvestments.com or by calling 800-852-0218.*

*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 sale 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.*

ANNUAL REPORT \| JOHN HANCOCK HEDGED EQUITY & INCOME FUND 6

------

[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

This chart shows what happened to a hypothetical $10,000 investment in John Hancock Hedged Equity & Income Fund for the periods indicated, assuming all distributions were reinvested. For comparison, we've shown the same investment in the MSCI ACWI.

![](imgbd32835e9.gif)

The MSCI All Country World Index (ACWI) tracks the performance of publicly traded large- and mid-cap stocks of companies in both developed and emerging markets.

It is not possible to invest directly in an index. Index figures do not reflect expenses, which would result in lower returns.

The returns reflect past results and should not be considered indicative of future performance.

7 JOHN HANCOCK HEDGED EQUITY & INCOME FUND \| ANNUAL REPORT

------

[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

Fund's investments

#### AS OF 12-31-22

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| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Common stocks 96.3%** |  | &nbsp;&nbsp;**$138220985** |
| (Cost $142,812,847) |  |  |
| **Communication services 4.8%** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6941255** |
| **Diversified telecommunication services 2.4%** |  |  |
| AT&T, Inc. | 26119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480851 |
| BT Group PLC | 41982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56687 |
| Hellenic Telecommunications Organization SA | 40162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627295 |
| Koninklijke KPN NV | 160780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497655 |
| KT Corp. | 3628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97104 |
| Magyar Telekom Telecommunications PLC | 22405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20387 |
| Orange Polska SA | 30092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45767 |
| Orange SA | 8710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86422 |
| Proximus SADP | 2388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22996 |
| Telefonica Brasil SA | 8373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60482 |
| Telefonica Deutschland Holding AG | 41515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101961 |
| Telenor ASA | 6560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61290 |
| TELUS Corp. | 26215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505907 |
| Turk Telekomunikasyon AS | 18344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24069 |
| Verizon Communications, Inc. | 18555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731067 |
| **Entertainment 0.1%** |  |  |
| DeNA Company, Ltd. | 3950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52821 |
| Nintendo Company, Ltd. | 4351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182945 |
| **Interactive media and services 0.0%** |  |  |
| Baidu, Inc., Class A (A) | 4233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60366 |
| **Media 1.8%** |  |  |
| Cheil Worldwide, Inc. (A) | 31356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572723 |
| Comcast Corp., Class A | 25700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898729 |
| Criteo SA, ADR (A) | 364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9486 |
| Fuji Media Holdings, Inc. | 2665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21677 |
| Hakuhodo DY Holdings, Inc. | 3230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32416 |
| Megacable Holdings SAB de CV, Series CPO | 16204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43133 |
| Metropole Television SA | 3192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52455 |
| Nippon Television Holdings, Inc. | 5750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45357 |
| RTL Group SA | 1554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65448 |
| Television Francaise 1 | 7345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56386 |
| TV Asahi Holdings Corp. | 3950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40033 |
| WPP PLC | 72192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713256 |
| **Wireless telecommunication services 0.5%** |  |  |
| KDDI Corp. | 19300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585309 |
| MTN Group, Ltd. | 1772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13235 |
| SoftBank Corp. | 4732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53536 |
| Turkcell Iletisim Hizmetleri AS | 10913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22004 |

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SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT \| JOHN HANCOCK HEDGED EQUITY & INCOME FUND 8

------

[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Consumer discretionary 8.5%** |  | **$12211311** |
| **Auto components 0.5%** |  |  |
| Continental AG | 896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53415 |
| Hankook Tire & Technology Company, Ltd. (A) | 1918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47363 |
| Hyundai Mobis Company, Ltd. | 431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68364 |
| NOK Corp. | 5425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47736 |
| Stanley Electric Company, Ltd. | 4038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76374 |
| Sumitomo Electric Industries, Ltd. | 7450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84173 |
| Sumitomo Rubber Industries, Ltd. | 5980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51970 |
| Tachi-S Company, Ltd. | 2670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22274 |
| Tokai Rika Company, Ltd. | 4010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42578 |
| Toyoda Gosei Company, Ltd. | 2480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38247 |
| TS Tech Company, Ltd. | 4310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49293 |
| Unipres Corp. | 4220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24123 |
| Weifu High-Technology Group Company, Ltd., Class B | 29900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50409 |
| **Automobiles 2.4%** |  |  |
| Bayerische Motoren Werke AG | 3135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277557 |
| Dongfeng Motor Group Company, Ltd., H Shares | 184264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105285 |
| Ford Motor Company | 48773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567230 |
| Ford Otomotiv Sanayi AS | 28187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789594 |
| Great Wall Motor Company, Ltd., H Shares | 37948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48885 |
| Honda Motor Company, Ltd. | 6460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147346 |
| Isuzu Motors, Ltd. | 74292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861257 |
| Mercedes-Benz Group AG | 1369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89526 |
| Nissan Motor Company, Ltd. | 21180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66281 |
| Renault SA (A) | 2312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77148 |
| Stellantis NV | 7942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112859 |
| Subaru Corp. | 4504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68191 |
| Toyota Motor Corp. | 14217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193956 |
| **Diversified consumer services 0.0%** |  |  |
| Benesse Holdings, Inc. | 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5473 |
| **Hotels, restaurants and leisure 1.5%** |  |  |
| Darden Restaurants, Inc. | 1052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145523 |
| McDonald's Corp. | 1368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360509 |
| OPAP SA | 33307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471219 |
| Sands China, Ltd. (A) | 175600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576008 |
| Sodexo SA | 5988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572922 |
| **Household durables 0.6%** |  |  |
| Coway Company, Ltd. (A) | 1129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50127 |
| De' Longhi SpA | 2571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57820 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 35600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164974 |
| Nikon Corp. | 4235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37449 |
| Sekisui House, Ltd. | 31525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558908 |

---

9 JOHN HANCOCK HEDGED EQUITY & INCOME FUND \| ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

------

[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Consumer discretionary (continued)** |  |  |
| **Internet and direct marketing retail 0.0%** |  |  |
| ASKUL Corp. | 4090 | &nbsp;&nbsp;&nbsp;&nbsp;$53093 |
| **Specialty retail 3.0%** |  |  |
| Adastria Company, Ltd. | 1780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31552 |
| CECONOMY AG | 8478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16792 |
| Chow Tai Fook Jewellery Group, Ltd. | 319658 | &nbsp;&nbsp;&nbsp;&nbsp;649596 |
| Industria de Diseno Textil SA | 34052 | &nbsp;&nbsp;&nbsp;&nbsp;904456 |
| Kingfisher PLC | 13176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37436 |
| Pepkor Holdings, Ltd. (B) | 460575 | &nbsp;&nbsp;&nbsp;&nbsp;542569 |
| The Home Depot, Inc. | 6210 | &nbsp;&nbsp;&nbsp;1961491 |
| The TJX Companies, Inc. | 2487 | &nbsp;&nbsp;&nbsp;&nbsp;197965 |
| Xebio Holdings Company, Ltd. | 4285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29802 |
| **Textiles, apparel and luxury goods 0.5%** |  |  |
| Bosideng International Holdings, Ltd. | 1208950 | &nbsp;&nbsp;&nbsp;&nbsp;572886 |
| Sanyo Shokai, Ltd. (A) | 1510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15966 |
| The Swatch Group AG, Bearer Shares | 368 | &nbsp;&nbsp;&nbsp;&nbsp;104593 |
| Yue Yuen Industrial Holdings, Ltd. | 21971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30748 |
| **Consumer staples 7.7%** |  | **11056902** |
| **Beverages 0.8%** |  |  |
| Anadolu Efes Biracilik Ve Malt Sanayii AS | 7374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26681 |
| Cia Cervecerias Unidas SA, ADR | 2298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30150 |
| Coca-Cola Icecek AS | 4505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49302 |
| Embotelladora Andina SA, Series B, ADR | 5134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74494 |
| Kirin Holdings Company, Ltd. | 4580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69806 |
| PepsiCo, Inc. | 2139 | &nbsp;&nbsp;&nbsp;&nbsp;386432 |
| The Coca-Cola Company | 8273 | &nbsp;&nbsp;&nbsp;&nbsp;526246 |
| **Food and staples retailing 0.3%** |  |  |
| Atacadao SA | 6393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17916 |
| Carrefour SA | 5568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93130 |
| J Sainsbury PLC | 22267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58402 |
| Marks & Spencer Group PLC (A) | 7742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11421 |
| Sundrug Company, Ltd. | 1191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35392 |
| Sysco Corp. | 1770 | &nbsp;&nbsp;&nbsp;&nbsp;135317 |
| Tsuruha Holdings, Inc. | 1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84158 |
| **Food products 1.9%** |  |  |
| Archer-Daniels-Midland Company | 1763 | &nbsp;&nbsp;&nbsp;&nbsp;163695 |
| Astral Foods, Ltd. | 2927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28112 |
| General Mills, Inc. | 1289 | &nbsp;&nbsp;&nbsp;&nbsp;108083 |
| Kellogg Company | 13335 | &nbsp;&nbsp;&nbsp;&nbsp;949985 |
| Mondelez International, Inc., Class A | 2184 | &nbsp;&nbsp;&nbsp;&nbsp;145564 |
| Nestle SA | 10977 | &nbsp;&nbsp;&nbsp;1267946 |
| Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 88349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5760 |

---

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT \| JOHN HANCOCK HEDGED EQUITY & INCOME FUND 10

------

[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Consumer staples (continued)** |  |  |
| **Food products (continued)** |  |  |
| Ulker Biskuvi Sanayi AS (A) | 19050 | &nbsp;&nbsp;&nbsp;&nbsp;$44503 |
| WH Group, Ltd. (B) | 81352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47448 |
| **Household products 1.6%** |  |  |
| Colgate-Palmolive Company | 3888 | &nbsp;&nbsp;&nbsp;&nbsp;306336 |
| Kimberly-Clark Corp. | 1521 | &nbsp;&nbsp;&nbsp;&nbsp;206476 |
| The Procter & Gamble Company | 8274 | &nbsp;&nbsp;&nbsp;1254007 |
| Unilever Indonesia Tbk PT | 1889886 | &nbsp;&nbsp;&nbsp;&nbsp;570886 |
| **Personal products 0.2%** |  |  |
| Unilever PLC, ADR | 5356 | &nbsp;&nbsp;&nbsp;&nbsp;269675 |
| **Tobacco 2.9%** |  |  |
| Altria Group, Inc. | 14567 | &nbsp;&nbsp;&nbsp;&nbsp;665858 |
| Japan Tobacco, Inc. | 28632 | &nbsp;&nbsp;&nbsp;&nbsp;577227 |
| KT&G Corp. (A) | 8047 | &nbsp;&nbsp;&nbsp;&nbsp;581617 |
| Philip Morris International, Inc. | 22378 | &nbsp;&nbsp;&nbsp;2264877 |
| **Energy 9.7%** |  | **13894315** |
| **Energy equipment and services 0.0%** |  |  |
| Fugro NV (A) | 2633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31612 |
| Trican Well Service, Ltd. (A) | 8345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22557 |
| **Oil, gas and consumable fuels 9.7%** |  |  |
| Adaro Energy Indonesia Tbk PT | 204033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50542 |
| ARC Resources, Ltd. | 3141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42336 |
| BP PLC | 50920 | &nbsp;&nbsp;&nbsp;&nbsp;293805 |
| Bukit Asam Tbk PT | 1410337 | &nbsp;&nbsp;&nbsp;&nbsp;334480 |
| Cameco Corp. | 2404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54489 |
| Chevron Corp. | 5888 | &nbsp;&nbsp;&nbsp;1056837 |
| China Shenhua Energy Company, Ltd., H Shares | 53088 | &nbsp;&nbsp;&nbsp;&nbsp;152929 |
| ConocoPhillips | 4295 | &nbsp;&nbsp;&nbsp;&nbsp;506810 |
| Coterra Energy, Inc. | 39291 | &nbsp;&nbsp;&nbsp;&nbsp;965380 |
| Enbridge, Inc. | 26135 | &nbsp;&nbsp;&nbsp;1021465 |
| Eni SpA | 12670 | &nbsp;&nbsp;&nbsp;&nbsp;180161 |
| EOG Resources, Inc. | 7139 | &nbsp;&nbsp;&nbsp;&nbsp;924643 |
| Exxaro Resources, Ltd. | 4158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53308 |
| Exxon Mobil Corp. | 11015 | &nbsp;&nbsp;&nbsp;1214955 |
| Foresight Energy LLC (A) | 191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001 |
| Inpex Corp. | 6761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72650 |
| MOL Hungarian Oil & Gas PLC | 7472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52074 |
| Oil & Natural Gas Corp., Ltd. | 187044 | &nbsp;&nbsp;&nbsp;&nbsp;333520 |
| Oil India, Ltd. | 19797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49947 |
| OMV AG | 1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57099 |
| ONEOK, Inc. | 8440 | &nbsp;&nbsp;&nbsp;&nbsp;554508 |
| Phillips 66 | 1045 | &nbsp;&nbsp;&nbsp;&nbsp;108764 |

---

11 JOHN HANCOCK HEDGED EQUITY & INCOME FUND \| ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

------

[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Energy (continued)** |  |  |
| **Oil, gas and consumable fuels (continued)** |  |  |
| Polski Koncern Naftowy ORLEN SA | 19216 | &nbsp;&nbsp;&nbsp;&nbsp;$282309 |
| PTT PCL | 450911 | &nbsp;&nbsp;&nbsp;&nbsp;432688 |
| Repsol SA | 37545 | &nbsp;&nbsp;&nbsp;&nbsp;597604 |
| Shaanxi Coal Industry Company, Ltd., Class A | 45800 | &nbsp;&nbsp;&nbsp;&nbsp;122250 |
| Shell PLC | 13837 | &nbsp;&nbsp;&nbsp;&nbsp;390076 |
| TC Energy Corp. | 24413 | &nbsp;&nbsp;&nbsp;&nbsp;973275 |
| TotalEnergies SE | 37871 | &nbsp;&nbsp;&nbsp;2377281 |
| Ultrapar Participacoes SA | 21113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50128 |
| Var Energi ASA | 29791 | &nbsp;&nbsp;&nbsp;&nbsp;102849 |
| Woodside Energy Group, Ltd. | 8563 | &nbsp;&nbsp;&nbsp;&nbsp;207380 |
| Yankuang Energy Group Company, Ltd., H Shares | 65472 | &nbsp;&nbsp;&nbsp;&nbsp;199143 |
| YPF SA, ADR (A) | 2444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22460 |
| **Financials 19.2%** |  | **27499876** |
| **Banks 9.3%** |  |  |
| ABN AMRO Bank NV (B) | 9962 | &nbsp;&nbsp;&nbsp;&nbsp;137953 |
| AIB Group PLC | 22512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86410 |
| Banco Bradesco SA, ADR | 24917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71761 |
| Banco do Brasil SA | 77948 | &nbsp;&nbsp;&nbsp;&nbsp;504278 |
| Bank Mandiri Persero Tbk PT | 98745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62969 |
| Bank of America Corp. | 40133 | &nbsp;&nbsp;&nbsp;1329205 |
| Bank of Ireland Group PLC | 8424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80275 |
| Barclays PLC | 193872 | &nbsp;&nbsp;&nbsp;&nbsp;368902 |
| BNP Paribas SA | 2456 | &nbsp;&nbsp;&nbsp;&nbsp;139843 |
| BPER Banca | 33302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68275 |
| CaixaBank SA | 19173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75173 |
| Canara Bank | 14510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58262 |
| China CITIC Bank Corp., Ltd., H Shares | 187485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82966 |
| China Everbright Bank Company, Ltd., H Shares | 170031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51770 |
| Chongqing Rural Commercial Bank Company, Ltd., H Shares | 151790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51860 |
| CIMB Group Holdings BHD | 58645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77175 |
| Dah Sing Financial Holdings, Ltd. | 9965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23015 |
| DGB Financial Group, Inc. (A) | 7116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39373 |
| DNB Bank ASA | 38822 | &nbsp;&nbsp;&nbsp;&nbsp;766739 |
| Erste Group Bank AG | 3189 | &nbsp;&nbsp;&nbsp;&nbsp;102033 |
| FinecoBank Banca Fineco SpA | 81001 | &nbsp;&nbsp;&nbsp;1345111 |
| HSBC Holdings PLC | 120068 | &nbsp;&nbsp;&nbsp;&nbsp;744126 |
| Huntington Bancshares, Inc. | 7452 | &nbsp;&nbsp;&nbsp;&nbsp;105073 |
| Industrial Bank Company, Ltd., Class A | 58500 | &nbsp;&nbsp;&nbsp;&nbsp;147739 |
| Industrial Bank of Korea | 6036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46912 |
| ING Groep NV | 10725 | &nbsp;&nbsp;&nbsp;&nbsp;130643 |
| JPMorgan Chase & Co. | 11863 | &nbsp;&nbsp;&nbsp;1590828 |
| Kasikornbank PCL | 17152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72917 |

---

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT \| JOHN HANCOCK HEDGED EQUITY & INCOME FUND 12

------

[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Financials (continued)** |  |  |
| **Banks (continued)** |  |  |
| Kasikornbank PCL, NVDR | 5493 | &nbsp;&nbsp;&nbsp;$23352 |
| KB Financial Group, Inc. | 3176 | &nbsp;&nbsp;&nbsp;121681 |
| M&T Bank Corp. | 1329 | &nbsp;&nbsp;&nbsp;192785 |
| Mitsubishi UFJ Financial Group, Inc. | 153859 | 1032919 |
| Resona Holdings, Inc. | 24370 | &nbsp;&nbsp;&nbsp;133850 |
| Royal Bank of Canada | 10453 | &nbsp;&nbsp;&nbsp;982767 |
| Sberbank of Russia PJSC, ADR (A)(C) | 3353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761 |
| Security Bank Corp. | 22916 | &nbsp;&nbsp;&nbsp;&nbsp;35815 |
| Shinhan Financial Group Company, Ltd. | 3999 | &nbsp;&nbsp;&nbsp;111330 |
| Societe Generale SA | 4217 | &nbsp;&nbsp;&nbsp;105778 |
| Standard Chartered PLC | 19953 | &nbsp;&nbsp;&nbsp;148820 |
| Sumitomo Mitsui Financial Group, Inc. | 2790 | &nbsp;&nbsp;&nbsp;112248 |
| Sumitomo Mitsui Trust Holdings, Inc. | 3030 | &nbsp;&nbsp;&nbsp;105734 |
| The Bank of Nova Scotia | 18500 | &nbsp;&nbsp;&nbsp;906418 |
| The Tochigi Bank, Ltd. | 8590 | &nbsp;&nbsp;&nbsp;&nbsp;20298 |
| Truist Financial Corp. | 12866 | &nbsp;&nbsp;&nbsp;553624 |
| Unicaja Banco SA (B) | 53952 | &nbsp;&nbsp;&nbsp;&nbsp;59449 |
| UniCredit SpA | 12153 | &nbsp;&nbsp;&nbsp;172446 |
| VTB Bank PJSC, GDR (A)(C) | 55420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887 |
| Woori Financial Group, Inc. | 15559 | &nbsp;&nbsp;&nbsp;142137 |
| **Capital markets 3.2%** |  |  |
| Ares Management Corp., Class A | 15286 | 1046174 |
| BlackRock, Inc. | 803 | &nbsp;&nbsp;&nbsp;569030 |
| CME Group, Inc. | 1955 | &nbsp;&nbsp;&nbsp;328753 |
| Deutsche Boerse AG | 1028 | &nbsp;&nbsp;&nbsp;177011 |
| Ichiyoshi Securities Company, Ltd. | 3730 | &nbsp;&nbsp;&nbsp;&nbsp;17435 |
| Morgan Stanley | 4100 | &nbsp;&nbsp;&nbsp;348582 |
| Nomura Holdings, Inc. | 8493 | &nbsp;&nbsp;&nbsp;&nbsp;31471 |
| The Blackstone Group, Inc. | 6324 | &nbsp;&nbsp;&nbsp;469178 |
| The Goldman Sachs Group, Inc. | 401 | &nbsp;&nbsp;&nbsp;137695 |
| UBS Group AG | 77200 | 1434856 |
| **Consumer finance 0.0%** |  |  |
| Provident Financial PLC | 10913 | &nbsp;&nbsp;&nbsp;&nbsp;25271 |
| **Diversified financial services 0.4%** |  |  |
| Equitable Holdings, Inc. | 4744 | &nbsp;&nbsp;&nbsp;136153 |
| FirstRand, Ltd. | 57627 | &nbsp;&nbsp;&nbsp;209364 |
| REC, Ltd. | 170340 | &nbsp;&nbsp;&nbsp;240067 |
| **Insurance 6.0%** |  |  |
| Admiral Group PLC | 20907 | &nbsp;&nbsp;&nbsp;536702 |
| Ageas SA/NV | 1735 | &nbsp;&nbsp;&nbsp;&nbsp;76985 |
| American International Group, Inc. | 2386 | &nbsp;&nbsp;&nbsp;150891 |
| Assicurazioni Generali SpA | 17363 | &nbsp;&nbsp;&nbsp;308757 |

---

13 JOHN HANCOCK HEDGED EQUITY & INCOME FUND \| ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Financials (continued)** |  |  |
| **Insurance (continued)** |  |  |
| Aviva PLC | 26808 | &nbsp;&nbsp;&nbsp;&nbsp;$142207 |
| AXA SA | 61822 | &nbsp;&nbsp;&nbsp;1722083 |
| Caixa Seguridade Participacoes S/A | 36184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57229 |
| China Reinsurance Group Corp., H Shares | 583252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36871 |
| Chubb, Ltd. | 965 | &nbsp;&nbsp;&nbsp;&nbsp;212879 |
| Dai-ichi Life Holdings, Inc. | 5375 | &nbsp;&nbsp;&nbsp;&nbsp;121386 |
| Fairfax Financial Holdings, Ltd. | 973 | &nbsp;&nbsp;&nbsp;&nbsp;576377 |
| Japan Post Insurance Company, Ltd. | 32214 | &nbsp;&nbsp;&nbsp;&nbsp;566552 |
| Legal & General Group PLC | 111717 | &nbsp;&nbsp;&nbsp;&nbsp;334942 |
| MetLife, Inc. | 4959 | &nbsp;&nbsp;&nbsp;&nbsp;358883 |
| MS&AD Insurance Group Holdings, Inc. | 3410 | &nbsp;&nbsp;&nbsp;&nbsp;109017 |
| Old Mutual, Ltd. | 78544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48185 |
| Phoenix Group Holdings PLC | 58533 | &nbsp;&nbsp;&nbsp;&nbsp;428782 |
| Powszechny Zaklad Ubezpieczen SA | 32002 | &nbsp;&nbsp;&nbsp;&nbsp;259884 |
| Samsung Life Insurance Company, Ltd. (A) | 11492 | &nbsp;&nbsp;&nbsp;&nbsp;645335 |
| T&D Holdings, Inc. | 10645 | &nbsp;&nbsp;&nbsp;&nbsp;152380 |
| The Progressive Corp. | 3170 | &nbsp;&nbsp;&nbsp;&nbsp;411181 |
| Tokio Marine Holdings, Inc. | 38400 | &nbsp;&nbsp;&nbsp;&nbsp;820316 |
| Tongyang Life Insurance Company, Ltd. (A) | 4750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18255 |
| Zurich Insurance Group AG | 1046 | &nbsp;&nbsp;&nbsp;&nbsp;500069 |
| **Mortgage real estate investment trusts 0.3%** |  |  |
| Annaly Capital Management, Inc. | 19355 | &nbsp;&nbsp;&nbsp;&nbsp;408003 |
| **Health care 11.8%** |  | **16958081** |
| **Biotechnology 1.4%** |  |  |
| AbbVie, Inc. | 10273 | &nbsp;&nbsp;&nbsp;1660220 |
| Amgen, Inc. | 1224 | &nbsp;&nbsp;&nbsp;&nbsp;321471 |
| **Health care equipment and supplies 0.3%** |  |  |
| Abbott Laboratories | 792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86954 |
| Koninklijke Philips NV | 6497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97762 |
| Medtronic PLC | 3530 | &nbsp;&nbsp;&nbsp;&nbsp;274352 |
| Paramount Bed Holdings Company, Ltd. | 1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23620 |
| **Health care providers and services 0.4%** |  |  |
| Alfresa Holdings Corp. | 3950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50210 |
| CVS Health Corp. | 3594 | &nbsp;&nbsp;&nbsp;&nbsp;334925 |
| Fresenius SE & Company KGaA | 3764 | &nbsp;&nbsp;&nbsp;&nbsp;105136 |
| Netcare, Ltd. | 47313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40449 |
| UnitedHealth Group, Inc. | 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51427 |
| **Life sciences tools and services 0.0%** |  |  |
| CMIC Holdings Company, Ltd. | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16914 |
| **Pharmaceuticals 9.7%** |  |  |
| AstraZeneca PLC | 7771 | &nbsp;&nbsp;&nbsp;1051567 |

---

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT \| JOHN HANCOCK HEDGED EQUITY & INCOME FUND 14

------

[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Health care (continued)** |  |  |
| **Pharmaceuticals (continued)** |  |  |
| AstraZeneca PLC, ADR | 3494 | &nbsp;&nbsp;&nbsp;&nbsp;$236893 |
| Bristol-Myers Squibb Company | 11162 | &nbsp;&nbsp;&nbsp;&nbsp;803106 |
| Eisai Company, Ltd. | 660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43528 |
| Eli Lilly & Company | 557 | &nbsp;&nbsp;&nbsp;&nbsp;203773 |
| GSK PLC | 8879 | &nbsp;&nbsp;&nbsp;&nbsp;153458 |
| Johnson & Johnson | 17372 | &nbsp;&nbsp;&nbsp;3068764 |
| Kissei Pharmaceutical Company, Ltd. | 1560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30481 |
| Merck & Company, Inc. | 26963 | &nbsp;&nbsp;&nbsp;2991545 |
| Novartis AG | 15506 | &nbsp;&nbsp;&nbsp;1403253 |
| Ono Pharmaceutical Company, Ltd. | 3910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91391 |
| Pfizer, Inc. | 56187 | &nbsp;&nbsp;&nbsp;2879017 |
| Roche Holding AG | 2645 | &nbsp;&nbsp;&nbsp;&nbsp;831158 |
| Takeda Pharmaceutical Company, Ltd. | 3415 | &nbsp;&nbsp;&nbsp;&nbsp;106707 |
| **Industrials 9.3%** |  | **13406467** |
| **Aerospace and defense 2.4%** |  |  |
| Austal, Ltd. | 15217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21553 |
| Babcock International Group PLC (A) | 14618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49993 |
| BAE Systems PLC | 115496 | &nbsp;&nbsp;&nbsp;1192889 |
| Dassault Aviation SA | 401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68007 |
| General Dynamics Corp. | 893 | &nbsp;&nbsp;&nbsp;&nbsp;221562 |
| L3Harris Technologies, Inc. | 644 | &nbsp;&nbsp;&nbsp;&nbsp;134087 |
| Lockheed Martin Corp. | 3349 | &nbsp;&nbsp;&nbsp;1629255 |
| Raytheon Technologies Corp. | 1456 | &nbsp;&nbsp;&nbsp;&nbsp;146940 |
| **Air freight and logistics 0.2%** |  |  |
| bpost SA | 3859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19840 |
| PostNL NV | 5341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9739 |
| United Parcel Service, Inc., Class B | 1260 | &nbsp;&nbsp;&nbsp;&nbsp;219038 |
| Yamato Holdings Company, Ltd. | 5560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88105 |
| **Airlines 0.1%** |  |  |
| easyJet PLC (A) | 14610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57310 |
| Japan Airlines Company, Ltd. (A) | 3040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61918 |
| **Building products 0.8%** |  |  |
| Cie de Saint-Gobain | 2911 | &nbsp;&nbsp;&nbsp;&nbsp;142408 |
| Geberit AG | 415 | &nbsp;&nbsp;&nbsp;&nbsp;195913 |
| Johnson Controls International PLC | 12642 | &nbsp;&nbsp;&nbsp;&nbsp;809088 |
| **Commercial services and supplies 0.1%** |  |  |
| Aeon Delight Company, Ltd. | 1839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42164 |
| Prosegur Cia de Seguridad SA | 16998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32242 |
| Waste Management, Inc. | 312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48947 |
| **Construction and engineering 0.7%** |  |  |
| China State Construction Engineering Corp., Ltd., Class A | 63500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49476 |

---

15 JOHN HANCOCK HEDGED EQUITY & INCOME FUND \| ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Industrials (continued)** |  |  |
| **Construction and engineering (continued)** |  |  |
| Chiyoda Corp. (A) | 5495 | $14959 |
| Implenia AG (A) | 514 | &nbsp;&nbsp;21204 |
| JGC Holdings Corp. | 5415 | &nbsp;&nbsp;68640 |
| Vinci SA | 8377 | 835077 |
| **Electrical equipment 0.3%** |  |  |
| Cosel Company, Ltd. | 3610 | &nbsp;&nbsp;27724 |
| Eaton Corp. PLC | 1016 | 159461 |
| Emerson Electric Company | 1977 | 189911 |
| Ushio, Inc. | 2340 | &nbsp;&nbsp;28692 |
| Zumtobel Group AG | 2088 | &nbsp;&nbsp;15158 |
| **Industrial conglomerates 2.1%** |  |  |
| 3M Company | 2484 | 297881 |
| DMCI Holdings, Inc. | 273862 | &nbsp;&nbsp;59190 |
| GS Holdings Corp. | 16477 | 571798 |
| Honeywell International, Inc. | 644 | 138009 |
| LG Corp. (A) | 9101 | 563535 |
| Samsung C&T Corp. (A) | 6306 | 568116 |
| Siemens AG | 5530 | 762317 |
| **Machinery 0.7%** |  |  |
| Amada Company, Ltd. | 5490 | &nbsp;&nbsp;42753 |
| Daimler Truck Holding AG (A) | 4038 | 124135 |
| Duerr AG | 1409 | &nbsp;&nbsp;47205 |
| Hino Motors, Ltd. (A) | 10050 | &nbsp;&nbsp;38187 |
| Hisaka Works, Ltd. | 2340 | &nbsp;&nbsp;14453 |
| Makino Milling Machine Company, Ltd. | 1600 | &nbsp;&nbsp;52273 |
| Makita Corp. | 3517 | &nbsp;&nbsp;81929 |
| OKUMA Corp. | 1170 | &nbsp;&nbsp;41444 |
| OSG Corp. | 2070 | &nbsp;&nbsp;28343 |
| PACCAR, Inc. | 2131 | 210905 |
| SKF AB, B Shares | 6398 | &nbsp;&nbsp;97720 |
| Sumitomo Heavy Industries, Ltd. | 3050 | &nbsp;&nbsp;60891 |
| THK Company, Ltd. | 4030 | &nbsp;&nbsp;76200 |
| Wartsila OYJ ABP | 7676 | &nbsp;&nbsp;64724 |
| **Marine 0.0%** |  |  |
| SITC International Holdings Company, Ltd. | 35642 | &nbsp;&nbsp;78998 |
| **Professional services 0.7%** |  |  |
| Adecco Group AG | 2880 | &nbsp;&nbsp;94737 |
| Bureau Veritas SA | 28403 | 748532 |
| Hays PLC | 43582 | &nbsp;&nbsp;61095 |
| Pagegroup PLC | 8758 | &nbsp;&nbsp;48764 |
| SThree PLC | 4758 | &nbsp;&nbsp;23344 |

---

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT \| JOHN HANCOCK HEDGED EQUITY & INCOME FUND 16

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[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Industrials (continued)** |  |  |
| **Road and rail 0.3%** |  |  |
| ALD SA (B) | 30101 | &nbsp;&nbsp;&nbsp;&nbsp;$347304 |
| Canadian National Railway Company | 1156 | &nbsp;&nbsp;&nbsp;&nbsp;137320 |
| **Trading companies and distributors 0.9%** |  |  |
| Bunzl PLC | 8811 | &nbsp;&nbsp;&nbsp;&nbsp;293143 |
| Mitsui & Company, Ltd. | 2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65533 |
| Rexel SA (A) | 1480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29272 |
| SIG PLC (A) | 18295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6518 |
| Triton International, Ltd. | 13501 | &nbsp;&nbsp;&nbsp;&nbsp;928599 |
| **Information technology 9.8%** |  | **14064353** |
| **Communications equipment 1.6%** |  |  |
| Cisco Systems, Inc. | 38030 | &nbsp;&nbsp;&nbsp;1811749 |
| Nokia OYJ | 22640 | &nbsp;&nbsp;&nbsp;&nbsp;105179 |
| Telefonaktiebolaget LM Ericsson, B Shares | 65936 | &nbsp;&nbsp;&nbsp;&nbsp;386346 |
| **Electronic equipment, instruments and components 0.3%** |  |  |
| Alps Alpine Company, Ltd. | 4930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44561 |
| Citizen Watch Company, Ltd. | 2675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12011 |
| Corning, Inc. | 5900 | &nbsp;&nbsp;&nbsp;&nbsp;188446 |
| E Ink Holdings, Inc. | 8813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46151 |
| Foxconn Technology Company, Ltd. | 22710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38264 |
| Hon Hai Precision Industry Company, Ltd. | 18204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59003 |
| Maxell, Ltd. | 3890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39937 |
| Nippon Chemi-Con Corp. (A) | 2910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34126 |
| PAX Global Technology, Ltd. | 14114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12149 |
| **IT services 2.4%** |  |  |
| Accenture PLC, Class A | 489 | &nbsp;&nbsp;&nbsp;&nbsp;130485 |
| Automatic Data Processing, Inc. | 870 | &nbsp;&nbsp;&nbsp;&nbsp;207808 |
| Bechtle AG | 9644 | &nbsp;&nbsp;&nbsp;&nbsp;340898 |
| Fidelity National Information Services, Inc. | 3136 | &nbsp;&nbsp;&nbsp;&nbsp;212778 |
| IBM Corp. | 5233 | &nbsp;&nbsp;&nbsp;&nbsp;737277 |
| Itochu Techno-Solutions Corp. | 22339 | &nbsp;&nbsp;&nbsp;&nbsp;518170 |
| Obic Company, Ltd. | 3364 | &nbsp;&nbsp;&nbsp;&nbsp;493866 |
| Otsuka Corp. | 17194 | &nbsp;&nbsp;&nbsp;&nbsp;541961 |
| Paychex, Inc. | 2134 | &nbsp;&nbsp;&nbsp;&nbsp;246605 |
| Sopra Steria Group SACA | 117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17714 |
| Visa, Inc., Class A | 299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62120 |
| **Semiconductors and semiconductor equipment 4.0%** |  |  |
| ams AG (A) | 5740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42055 |
| Analog Devices, Inc. | 4490 | &nbsp;&nbsp;&nbsp;&nbsp;736495 |
| ASMPT, Ltd. | 8975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63742 |
| Broadcom, Inc. | 1253 | &nbsp;&nbsp;&nbsp;&nbsp;700590 |
| Intel Corp. | 20121 | &nbsp;&nbsp;&nbsp;&nbsp;531798 |

---

17 JOHN HANCOCK HEDGED EQUITY & INCOME FUND \| ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

------

[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Information technology (continued)** |  |  |
| **Semiconductors and semiconductor equipment (continued)** |  |  |
| MediaTek, Inc. | 4250 | &nbsp;&nbsp;&nbsp;&nbsp;$85930 |
| Miraial Company, Ltd. | 1740 | &nbsp;&nbsp;&nbsp;&nbsp;18771 |
| Novatek Microelectronics Corp. | 6937 | &nbsp;&nbsp;&nbsp;&nbsp;70915 |
| NVIDIA Corp. | 955 | &nbsp;&nbsp;&nbsp;&nbsp;139564 |
| NXP Semiconductors NV | 959 | &nbsp;&nbsp;&nbsp;&nbsp;151551 |
| Qualcomm, Inc. | 7365 | &nbsp;&nbsp;&nbsp;&nbsp;809708 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 41000 | &nbsp;&nbsp;&nbsp;&nbsp;595462 |
| Texas Instruments, Inc. | 10396 | 1717627 |
| Tokyo Seimitsu Company, Ltd. | 695 | &nbsp;&nbsp;&nbsp;&nbsp;22454 |
| **Software 0.8%** |  |  |
| The Sage Group PLC | 61688 | &nbsp;&nbsp;&nbsp;&nbsp;555482 |
| Trend Micro, Inc. | 11659 | &nbsp;&nbsp;&nbsp;&nbsp;545261 |
| **Technology hardware, storage and peripherals 0.7%** |  |  |
| Apple, Inc. | 1311 | &nbsp;&nbsp;&nbsp;&nbsp;170338 |
| Catcher Technology Company, Ltd. | 9178 | &nbsp;&nbsp;&nbsp;&nbsp;50405 |
| Chicony Electronics Company, Ltd. | 18438 | &nbsp;&nbsp;&nbsp;&nbsp;51638 |
| HP, Inc. | 6654 | &nbsp;&nbsp;&nbsp;&nbsp;178793 |
| Quadient SA | 2462 | &nbsp;&nbsp;&nbsp;&nbsp;36339 |
| Samsung Electronics Company, Ltd. | 11433 | &nbsp;&nbsp;&nbsp;&nbsp;501831 |
| **Materials 5.3%** |  | **7554117** |
| **Chemicals 1.7%** |  |  |
| BASF SE | 4138 | &nbsp;&nbsp;&nbsp;&nbsp;203749 |
| China BlueChemical, Ltd., H Shares | 71962 | &nbsp;&nbsp;&nbsp;&nbsp;17015 |
| ICL Group, Ltd. | 12823 | &nbsp;&nbsp;&nbsp;&nbsp;92652 |
| International Flavors & Fragrances, Inc. | 907 | &nbsp;&nbsp;&nbsp;&nbsp;95090 |
| LyondellBasell Industries NV, Class A | 3524 | &nbsp;&nbsp;&nbsp;&nbsp;292598 |
| Nissan Chemical Corp. | 9798 | &nbsp;&nbsp;&nbsp;&nbsp;427263 |
| OCI NV | 2250 | &nbsp;&nbsp;&nbsp;&nbsp;80443 |
| PPG Industries, Inc. | 1635 | &nbsp;&nbsp;&nbsp;&nbsp;205585 |
| Solvay SA | 5447 | &nbsp;&nbsp;&nbsp;&nbsp;550724 |
| Yara International ASA | 9222 | &nbsp;&nbsp;&nbsp;&nbsp;405002 |
| **Construction materials 0.3%** |  |  |
| CSG Holding Company, Ltd., Class B | 153200 | &nbsp;&nbsp;&nbsp;&nbsp;58703 |
| HeidelbergCement AG | 2133 | &nbsp;&nbsp;&nbsp;&nbsp;120866 |
| Holcim, Ltd. (A) | 2173 | &nbsp;&nbsp;&nbsp;&nbsp;112482 |
| Imerys SA | 1163 | &nbsp;&nbsp;&nbsp;&nbsp;45309 |
| Taiheiyo Cement Corp. | 3020 | &nbsp;&nbsp;&nbsp;&nbsp;46967 |
| Vicat SA | 1038 | &nbsp;&nbsp;&nbsp;&nbsp;26047 |
| **Containers and packaging 0.0%** |  |  |
| Nampak, Ltd. (A) | 43391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2636 |

---

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT \| JOHN HANCOCK HEDGED EQUITY & INCOME FUND 18

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[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Materials (continued)** |  |  |
| **Metals and mining 3.3%** |  |  |
| African Rainbow Minerals, Ltd. | 7985 | &nbsp;&nbsp;$134926 |
| Anglo American Platinum, Ltd. | 710 | &nbsp;&nbsp;&nbsp;&nbsp;59254 |
| Anglo American PLC | 2874 | &nbsp;&nbsp;&nbsp;&nbsp;112545 |
| Barrick Gold Corp. | 5072 | &nbsp;&nbsp;&nbsp;&nbsp;86943 |
| BHP Group, Ltd. | 21136 | &nbsp;&nbsp;&nbsp;&nbsp;654729 |
| Centamin PLC | 35637 | &nbsp;&nbsp;&nbsp;&nbsp;48699 |
| Centerra Gold, Inc. | 7207 | &nbsp;&nbsp;&nbsp;&nbsp;37312 |
| Eldorado Gold Corp. (A) | 4937 | &nbsp;&nbsp;&nbsp;&nbsp;41273 |
| Endeavour Mining PLC | 2647 | &nbsp;&nbsp;&nbsp;&nbsp;56654 |
| Eregli Demir ve Celik Fabrikalari TAS | 54979 | &nbsp;&nbsp;&nbsp;&nbsp;120810 |
| Fortescue Metals Group, Ltd. | 11818 | &nbsp;&nbsp;&nbsp;&nbsp;165182 |
| Fresnillo PLC | 3168 | &nbsp;&nbsp;&nbsp;&nbsp;34614 |
| Harmony Gold Mining Company, Ltd., ADR | 8745 | &nbsp;&nbsp;&nbsp;&nbsp;29733 |
| Impala Platinum Holdings, Ltd. | 14412 | &nbsp;&nbsp;&nbsp;&nbsp;181114 |
| Kinross Gold Corp. | 3729 | &nbsp;&nbsp;&nbsp;&nbsp;15252 |
| Korea Zinc Company, Ltd. (A) | 1210 | &nbsp;&nbsp;&nbsp;&nbsp;542263 |
| Kyoei Steel, Ltd. | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;33247 |
| Maruichi Steel Tube, Ltd. | 2090 | &nbsp;&nbsp;&nbsp;&nbsp;42728 |
| Neturen Company, Ltd. | 3480 | &nbsp;&nbsp;&nbsp;&nbsp;17349 |
| Norsk Hydro ASA | 2397 | &nbsp;&nbsp;&nbsp;&nbsp;17911 |
| OceanaGold Corp. (A) | 18248 | &nbsp;&nbsp;&nbsp;&nbsp;34771 |
| Resolute Mining, Ltd. (A) | 57077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7718 |
| Rio Tinto PLC | 22748 | 1601095 |
| Rio Tinto PLC, ADR | 2588 | &nbsp;&nbsp;&nbsp;&nbsp;184266 |
| Rio Tinto, Ltd. | 4427 | &nbsp;&nbsp;&nbsp;&nbsp;349404 |
| Shougang Fushan Resources Group, Ltd. | 149499 | &nbsp;&nbsp;&nbsp;&nbsp;47680 |
| Vedanta, Ltd. | 24552 | &nbsp;&nbsp;&nbsp;&nbsp;91410 |
| Yodogawa Steel Works, Ltd. | 1150 | &nbsp;&nbsp;&nbsp;&nbsp;22104 |
| **Real estate 2.5%** |  | **3555366** |
| **Equity real estate investment trusts 2.0%** |  |  |
| Crown Castle, Inc. | 1722 | &nbsp;&nbsp;&nbsp;&nbsp;233572 |
| Gaming and Leisure Properties, Inc. | 4670 | &nbsp;&nbsp;&nbsp;&nbsp;243260 |
| Iron Mountain, Inc. | 10886 | &nbsp;&nbsp;&nbsp;&nbsp;542667 |
| Land Securities Group PLC | 5912 | &nbsp;&nbsp;&nbsp;&nbsp;44169 |
| Medical Properties Trust, Inc. | 16922 | &nbsp;&nbsp;&nbsp;&nbsp;188511 |
| Nippon Building Fund, Inc. | 75 | &nbsp;&nbsp;&nbsp;&nbsp;335386 |
| Simon Property Group, Inc. | 1458 | &nbsp;&nbsp;&nbsp;&nbsp;171286 |
| Stockland | 145040 | &nbsp;&nbsp;&nbsp;&nbsp;357213 |
| The British Land Company PLC | 8628 | &nbsp;&nbsp;&nbsp;&nbsp;40964 |
| VICI Properties, Inc. | 18033 | &nbsp;&nbsp;&nbsp;&nbsp;584269 |
| Welltower, Inc. | 2277 | &nbsp;&nbsp;&nbsp;&nbsp;149257 |

---

19 JOHN HANCOCK HEDGED EQUITY & INCOME FUND \| ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Real estate (continued)** |  |  |
| **Real estate management and development 0.5%** |  |  |
| CK Asset Holdings, Ltd. | 14804 | &nbsp;&nbsp;&nbsp;&nbsp;$90795 |
| Hulic Company, Ltd. | 62212 | &nbsp;&nbsp;&nbsp;&nbsp;488523 |
| Mitsubishi Estate Company, Ltd. | 6600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85494 |
| **Utilities 7.7%** |  | **11078942** |
| **Electric utilities 5.0%** |  |  |
| American Electric Power Company, Inc. | 3131 | &nbsp;&nbsp;&nbsp;&nbsp;297288 |
| CEZ AS | 4329 | &nbsp;&nbsp;&nbsp;&nbsp;147217 |
| Duke Energy Corp. | 12587 | &nbsp;&nbsp;&nbsp;1296335 |
| Edison International | 10633 | &nbsp;&nbsp;&nbsp;&nbsp;676471 |
| Exelon Corp. | 23714 | &nbsp;&nbsp;&nbsp;1025156 |
| Iberdrola SA | 162812 | &nbsp;&nbsp;&nbsp;1900584 |
| NextEra Energy, Inc. | 3342 | &nbsp;&nbsp;&nbsp;&nbsp;279391 |
| SSE PLC | 27317 | &nbsp;&nbsp;&nbsp;&nbsp;561827 |
| Terna - Rete Elettrica Nazionale | 69021 | &nbsp;&nbsp;&nbsp;&nbsp;509733 |
| The Southern Company | 2138 | &nbsp;&nbsp;&nbsp;&nbsp;152675 |
| Verbund AG | 3837 | &nbsp;&nbsp;&nbsp;&nbsp;322537 |
| **Gas utilities 1.2%** |  |  |
| APA Group | 84277 | &nbsp;&nbsp;&nbsp;&nbsp;616015 |
| ENN Energy Holdings, Ltd. | 39200 | &nbsp;&nbsp;&nbsp;&nbsp;547547 |
| Snam SpA | 111284 | &nbsp;&nbsp;&nbsp;&nbsp;549876 |
| **Independent power and renewable electricity producers 0.4%** |  |  |
| NTPC, Ltd. | 281373 | &nbsp;&nbsp;&nbsp;&nbsp;567054 |
| **Multi-utilities 1.1%** |  |  |
| Algonquin Power & Utilities Corp. | 30271 | &nbsp;&nbsp;&nbsp;&nbsp;197186 |
| Dominion Energy, Inc. | 1404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86093 |
| Engie SA | 11643 | &nbsp;&nbsp;&nbsp;&nbsp;166566 |
| National Grid PLC | 75680 | &nbsp;&nbsp;&nbsp;&nbsp;906597 |
| Sempra Energy | 1415 | &nbsp;&nbsp;&nbsp;&nbsp;218674 |
| **Water utilities 0.0%** |  |  |
| Cia de Saneamento Basico do Estado de Sao Paulo | 5027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54120 |
| **Preferred securities 1.0%** |  | &nbsp;&nbsp;**$1381631** |
| (Cost $1,472,305) |  |  |
| **Consumer discretionary 0.5%** |  | &nbsp;&nbsp;&nbsp;&nbsp;**705947** |
| **Automobiles 0.5%** |  |  |
| Hyundai Motor Company | &nbsp;&nbsp;6394 | &nbsp;&nbsp;&nbsp;&nbsp;374453 |
| Hyundai Motor Company, 2nd Preferred | &nbsp;&nbsp;5664 | &nbsp;&nbsp;&nbsp;&nbsp;331494 |
| **Consumer staples 0.1%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**81581** |
| **Household products 0.1%** |  |  |
| Henkel AG & Company KGaA | &nbsp;&nbsp;1177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81581 |

---

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT \| JOHN HANCOCK HEDGED EQUITY & INCOME FUND 20

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[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Materials 0.4%** |  | **$594103** |
| **Chemicals 0.4%** |  |  |
| Fuchs Petrolub SE | &nbsp;&nbsp;2056 | &nbsp;&nbsp;&nbsp;&nbsp;71867 |
| LG Chem, Ltd. (A) | &nbsp;&nbsp;2367 | &nbsp;&nbsp;&nbsp;522236 |
| **Exchange-traded funds 0.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp;**$42038** |
| (Cost $46,372) |  |  |
| iShares Core MSCI EAFE ETF | 682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42038 |
| **Closed-end funds 0.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp;**$33788** |
| (Cost $27,436) |  |  |
| Sprott Physical Uranium Trust (A) | 2890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33788 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Term loans (D) 0.0%** |  |  |  | &nbsp;&nbsp;**$320** |
| (Cost $323) |  |  |  |  |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;320 |
| **Insurance 0.0%** | **Insurance 0.0%** | **Insurance 0.0%** | **Insurance 0.0%** | **Insurance 0.0%** |
| HUB International, Ltd., 2018 Term Loan B (3 month LIBOR + 3.000%) | &nbsp;&nbsp;7.327 | &nbsp;&nbsp;04-25-25 | 323 | &nbsp;&nbsp;&nbsp;&nbsp;320 |

---

---

| | | |
|:---|:---|:---|
|  | **Par value^** | &nbsp;&nbsp;**Value** |
| **Escrow certificates 0.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$0** |
| (Cost $194) |  |  |
| Texas Competitive Electric Holdings Company LLC (A)(C) | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| **Short-term investments 0.7%** |  | &nbsp;&nbsp;**$1000000** |
| (Cost $1,000,000) |  |  |
| **Repurchase agreement 0.7%** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1000000** |
| Goldman Sachs Tri-Party Repurchase Agreement dated 12-30-22 at 4.240% to be repurchased at $1,000,471 on 1-3-23, collateralized by $1,025,747 Federal Home Loan Mortgage Corp., 5.000% due 11-1-52 (valued at $1,020,000) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 |

---

---

| | |
|:---|:---|
| **Total investments (Cost $145,359,477) 98.0%** | **$140678762** |
| **Other assets and liabilities, net 2.0%** | &nbsp;&nbsp;&nbsp;&nbsp;**2851548** |
| **Total net assets 100.0%** | &nbsp;&nbsp;**$143530310** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund unless otherwise indicated. | The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund unless otherwise indicated. |
| ^All par values are denominated in U.S. dollars unless otherwise indicated. | ^All par values are denominated in U.S. dollars unless otherwise indicated. |
| **Security Abbreviations and Legend** | **Security Abbreviations and Legend** |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| LIBOR | London Interbank Offered Rate |
| NVDR | Non-Voting Depositary Receipt |

---

21 JOHN HANCOCK HEDGED EQUITY & INCOME FUND \| ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

(A) Non-income producing security.

(B) These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from
registration.

(C) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements.

(D) Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT \| JOHN HANCOCK HEDGED EQUITY & INCOME FUND 22

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[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

#### DERIVATIVES

#### FUTURES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open contracts** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Position** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Notional<br> basis^** | &nbsp;&nbsp;**Notional<br> value^** | &nbsp;&nbsp;**Unrealized<br> appreciation<br> (depreciation)** |
| S&P 500 Index E-Mini Futures | &nbsp;&nbsp;30 | &nbsp;&nbsp;Long | &nbsp;&nbsp;Mar 2023 | &nbsp;&nbsp;$5905919 | &nbsp;&nbsp;$5791507 | &nbsp;&nbsp;$(114412) |
| Euro STOXX 50 Index Futures | &nbsp;&nbsp;151 | &nbsp;&nbsp;Short | &nbsp;&nbsp;Mar 2023 | &nbsp;&nbsp;&nbsp;(6353969) | &nbsp;&nbsp;&nbsp;(6117994) | &nbsp;&nbsp;&nbsp;&nbsp;235975 |
| FTSE 100 Index Futures | &nbsp;&nbsp;61 | &nbsp;&nbsp;Short | &nbsp;&nbsp;Mar 2023 | &nbsp;&nbsp;&nbsp;(5498668) | &nbsp;&nbsp;&nbsp;(5505873) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7205) |
| MSCI EAFE Index Futures | &nbsp;&nbsp;99 | &nbsp;&nbsp;Short | &nbsp;&nbsp;Mar 2023 | &nbsp;&nbsp;&nbsp;(9775140) | &nbsp;&nbsp;&nbsp;(9649530) | &nbsp;&nbsp;&nbsp;&nbsp;125610 |
| MSCI Emerging Markets Index Futures | &nbsp;&nbsp;28 | &nbsp;&nbsp;Short | &nbsp;&nbsp;Mar 2023 | &nbsp;&nbsp;&nbsp;(1356032) | &nbsp;&nbsp;&nbsp;(1343160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12872 |
| TOPIX Index Futures | &nbsp;&nbsp;30 | &nbsp;&nbsp;Short | &nbsp;&nbsp;Mar 2023 | &nbsp;&nbsp;&nbsp;(4437211) | &nbsp;&nbsp;&nbsp;(4323758) | &nbsp;&nbsp;&nbsp;&nbsp;113453 |
|  |  |  |  |  |  | &nbsp;&nbsp;**$366293** |

---

^ Notional basis refers to the contractual amount agreed upon at inception of open contracts; notional value represents the current value of the open contract.

#### FORWARD FOREIGN CURRENCY CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contract to buy** | **Contract to buy** | **Contract to sell** | **Contract to sell** | **Counterparty (OTC)** | **Contractual<br> settlement<br> date** | **Unrealized<br> appreciation** | **Unrealized<br> depreciation** |
| USD | 2528701 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;3435000 | MSI | 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(9648) |
| USD | 2198260 | CHF | &nbsp;&nbsp;&nbsp;&nbsp;2050000 | MSI | 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35735) |
| USD | 9189205 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;8671000 | DB | 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(137181) |
| USD | 8596496 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;7008000 | BNP | 3/15/2023 | &nbsp;&nbsp;$109438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| USD | 1662595 | JPY | 224400000 | BNP | 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63280) |
| USD | 2960285 | JPY | 400400000 | DB | 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(119217) |
|  |  |  |  |  |  | **$109438** | **$(365061)** |

---

---

| | |
|:---|:---|
| **Derivatives Currency Abbreviations** | **Derivatives Currency Abbreviations** |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | Pound Sterling |
| JPY | Japanese Yen |
| USD | U.S. Dollar |

---

---

| | |
|:---|:---|
| **Derivatives Abbreviations** | **Derivatives Abbreviations** |
| BNP | BNP Paribas |
| DB | Deutsche Bank AG |
| MSI | Morgan Stanley & Co. International PLC |
| OTC | Over-the-counter |

---

At 12-31-22, the aggregate cost of investments for federal income tax purposes was $145,729,804. Net unrealized depreciation aggregated to $4,940,372, of which $6,365,969 related to gross unrealized appreciation and $11,306,341 related to gross unrealized depreciation.

See Notes to financial statements regarding investment transactions and other derivatives information.

23 JOHN HANCOCK HEDGED EQUITY & INCOME FUND \| ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

Financial statements

#### STATEMENT OF ASSETS AND LIABILITIES 12-31-2022

------

---

| | |
|:---|:---|
| **Assets** |  |
| Unaffiliated investments, at value (Cost $145,359,477) | &nbsp;&nbsp;&nbsp;&nbsp;$140678762 |
| Unrealized appreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109438 |
| Receivable for futures variation margin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250283 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91128 |
| Foreign currency, at value (Cost $46,131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42280 |
| Collateral held at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876960 |
| Collateral segregated at custodian for OTC derivative contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589550 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841826 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4073 |
| **Total assets** | &nbsp;&nbsp;&nbsp;&nbsp;**144554300** |
| **Liabilities** |  |
| Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365061 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602182 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting and legal services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Other liabilities and accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48795 |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1023990** |
| **Net assets** | &nbsp;&nbsp;**$143530310** |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;$167835367 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24305057) |
| **Net assets** | &nbsp;&nbsp;**$143530310** |
| **Net asset value per share** |  |
| Based on 12,231,087 shares of beneficial interest outstanding - unlimited number of shares authorized with $0.01 par value | &nbsp;&nbsp;$11.73 |

---

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT \| JOHN HANCOCK Hedged Equity & Income Fund 24

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[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

#### STATEMENT OF OPERATIONS For the year ended 12-31-22

------

---

| | |
|:---|:---|
| **Investment income** |  |
| Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8699647 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103153 |
| Non-cash dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451908 |
| Less foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(706223) |
| **Total investment income** | &nbsp;&nbsp;&nbsp;&nbsp;**8548485** |
| **Expenses** |  |
| Investment management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428483 |
| Accounting and legal services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24379 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16351 |
| Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42563 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70844 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50339 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81845 |
| Stock exchange listing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23751 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19585 |
| **Total expenses** | &nbsp;&nbsp;&nbsp;&nbsp;**1758140** |
| Less expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11729) |
| **Net expenses** | &nbsp;&nbsp;&nbsp;&nbsp;**1746411** |
| **Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;**6802074** |
| **Realized and unrealized gain (loss)** |  |
| **Net realized gain (loss) on** |  |
| Unaffiliated investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(462920) |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699736 |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2438873 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**3675689** |
| **Change in net unrealized appreciation (depreciation) of** |  |
| Unaffiliated investments and translation of assets and liabilities in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;(12863955) |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823106 |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155540) |
|  | &nbsp;&nbsp;**(12196389)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;&nbsp;&nbsp;**(8520700)** |
| **Decrease in net assets from operations** | &nbsp;&nbsp;**$(1718626)** |

---

25 JOHN HANCOCK Hedged Equity & Income Fund \| ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended<br> 12-31-22** | &nbsp;&nbsp;**Year ended<br> 12-31-21** |
| **Increase (decrease) in net assets** |  |  |
| **From operations** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6802074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6430890 |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7901981 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(12196389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3203344 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;**(1718626)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17536215** |
| **Distributions to shareholders** |  |  |
| From earnings | &nbsp;&nbsp;&nbsp;&nbsp;(9282645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7598557) |
| From tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;(4899088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6581066) |
| **Total distributions** | &nbsp;&nbsp;**(14181733)** | &nbsp;&nbsp;&nbsp;&nbsp;**(14179623)** |
| **Fund share transactions** |  |  |
| Issued pursuant to Dividend Reinvestment Plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total increase (decrease)** | &nbsp;&nbsp;**(15818956)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3356592** |
| **Net assets** |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;159349266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155992674 |
| **End of year** | **$143530310** | &nbsp;&nbsp;**$159349266** |
| **Share activity** |  |  |
| **Shares outstanding** |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;12223813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12223813 |
| Issued pursuant to Dividend Reinvestment Plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **End of year** | &nbsp;&nbsp;&nbsp;**12231087** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12223813** |

---

SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT \| JOHN HANCOCK Hedged Equity & Income Fund 26

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[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

Financial highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12-31-22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12-31-21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12-31-20** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12-31-19** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12-31-18** |
| **Per share operating performance** |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.04** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.76** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$14.85** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$14.46** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$17.64** |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.31) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.15)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.44** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.76)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.89** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.68)** |
| **Less distributions** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| From tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.16)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.16)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.33)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.50)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.50)** |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$11.73** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.04** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12.76** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$14.85** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$14.46** |
| **Per share market value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$11.50** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.00** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$11.44** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$14.91** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.08** |
| **Total return at net asset value (%)<sup>2,3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.96)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.69** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.99)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.89** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9.61)** |
| **Total return at market value (%)<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.68)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.20** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13.37)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.41** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(17.16)** |
| **Ratios and supplemental data** |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$177 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83 |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 |

---

<sup>1</sup> Based on average daily shares outstanding.

<sup>2</sup> Total return based on net asset value reflects changes in the fund's net asset value during each period. Total return based on market value reflects changes in market value. Each figure assumes that distributions from income, capital gains and tax return of capital, if any, were reinvested.

<sup>3</sup> Total returns would have been lower had certain expenses not been reduced during the applicable periods.

27 JOHN HANCOCK Hedged Equity & Income Fund \| ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

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Notes to financial statements

#### Note 1 — Organization
John Hancock Hedged Equity & Income Fund (the fund) is a closed-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act).

#### Note 2 — Significant accounting policies
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. The fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of US GAAP.

Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the fund:

**Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the NYSE pursuant to the Advisor's Valuation Policies and Procedures.**

In order to value the securities, the fund uses the following valuation techniques: Equity securities, including exchange-traded or closed-end funds, are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Futures contracts whose settlement prices are determined as of the close of the NYSE are typically valued based on the settlement price while other futures contracts are typically valued at the last traded price on the exchange on which they trade. Foreign equity index futures that trade in the electronic trading market subsequent to the close of regular trading may be valued at the last traded price in the electronic trading market as of 4:00 P.M. ET, or may be fair valued based on fair value adjustment factors provided by an independent pricing vendor in order to adjust for events that may occur between the close of foreign exchanges or markets and the close of the NYSE. Forward foreign currency contracts are valued at the prevailing forward rates which are based on foreign currency exchange spot rates and forward points supplied by an independent pricing vendor. Foreign securities and currencies are valued in U.S. dollars based on foreign currency exchange rates supplied by an independent pricing vendor.

In certain instances, the Pricing Committee of the Advisor may determine to value equity securities using prices obtained from another exchange or market if trading on the exchange or market on which prices are typically obtained did not open for trading as scheduled, or if trading closed earlier than scheduled, and trading occurred as normal on another exchange or market.

Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the Pricing Committee following procedures established by the Advisor and adopted by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed. Trading in foreign securities may be completed before the scheduled daily close of trading on the NYSE. Significant events at the issuer or market level may affect the values of securities between the time when the valuation of the securities is generally determined and the close of the NYSE. If a

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significant event occurs, these securities may be fair valued, as determined in good faith by the Pricing Committee, following procedures established by the Advisor and adopted by the Board of Trustees. The Advisor uses fair value adjustment factors provided by an independent pricing vendor to value certain foreign securities in order to adjust for events that may occur between the close of foreign exchanges or markets and the close of the NYSE.

The fund uses a three tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities, including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Advisor's assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.

The following is a summary of the values by input classification of the fund's investments as of December 31, 2022, by major security category or type:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total<br> value at<br> 12-31-22** | **Level 1<br> quoted<br> price** | **Level 2<br> significant<br> observable<br> inputs** | **Level 3<br> significant<br> unobservable<br> inputs** |
| **Investments in securities:** |  |  |  |  |
| **Assets** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6941255** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2669173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4272082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12211311** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3232718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8978593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11056902** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7487195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3569707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13894315** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7468479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6425836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27499876** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10886240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16611988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16958081** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12912447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4045634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13406467** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5271003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8135464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14064353** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8733732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5330621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7554117** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6474640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3555366** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11078942** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4229269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6849673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Preferred securities** | **1381631** |  | 1381631 |  |
| **Exchange-traded funds** | **42038** | 42038 |  |  |
| **Closed-end funds** | **33788** | 33788 |  |  |
| **Term loans** | **320** |  | 320 |  |
| **Short-term investments** | **1000000** |  | 1000000 |  |
| **Total investments in securities** | **$140678762** | **$66158381** | **$74518733** | **$1648** |

---

29 JOHN HANCOCK Hedged Equity & Income Fund \| ANNUAL REPORT

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total<br> value at<br> 12-31-22** | **Level 1<br> quoted<br> price** | **Level 2<br> significant<br> observable<br> inputs** | **Level 3<br> significant<br> unobservable<br> inputs** |
| **Derivatives:** |  |  |  |  |
| **Assets** |  |  |  |  |
| Futures | **$487910** | $487910 |  |  |
| Forward foreign currency contracts | **109438** |  | $109438 |  |
| **Liabilities** |  |  |  |  |
| Futures | **(121617)** | (121617) |  |  |
| Forward foreign currency contracts | **(365061)** |  | (365061) |  |
| *Level 3 includes securities valued at $0. Refer to Fund's investments.* | *Level 3 includes securities valued at $0. Refer to Fund's investments.* | *Level 3 includes securities valued at $0. Refer to Fund's investments.* | *Level 3 includes securities valued at $0. Refer to Fund's investments.* | *Level 3 includes securities valued at $0. Refer to Fund's investments.* |

---

**Repurchase agreements. The fund may enter into repurchase agreements. When the fund enters into a repurchase agreement, it receives collateral that is held in a segregated account by the fund's custodian, or for tri-party repurchase agreements, collateral is held at a third-party custodian bank in a segregated account for the benefit of the fund. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. Collateral received by the fund for repurchase agreements is disclosed in the Fund's investments as part of the caption related to the repurchase agreement.**

Repurchase agreements are typically governed by the terms and conditions of the Master Repurchase Agreement and/or Global Master Repurchase Agreement (collectively, MRA). Upon an event of default, the non-defaulting party may close out all transactions traded under the MRA and net amounts owed. Absent an event of default, assets and liabilities resulting from repurchase agreements are not offset in the Statement of assets and liabilities. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline or the counterparty may have insufficient assets to pay claims resulting from close-out of the transactions.

**Real estate investment trusts. The fund may invest in real estate investment trusts (REITs). Distributions from REITs may be recorded as income and subsequently characterized by the REIT at the end of their fiscal year as a reduction of cost of investments and/or as a realized gain. As a result, the fund will estimate the components of distributions from these securities. Such estimates are revised when the actual components of the distributions are known.**

**Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income is recorded on ex-date, except for dividends of certain foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the fund becomes aware of the dividends. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a tax return of capital and/or capital gain, if any, are recorded as a reduction of cost of investments and/or as a realized gain, if amounts are estimable. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.**

**Foreign investing. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on the value of securities is reflected as a component of the realized and unrealized gains (losses) on investments. Foreign investments are subject to a decline in the value of a foreign**

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currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency.

Funds that invest internationally generally carry more risk than funds that invest strictly in U.S. securities. These risks are heightened for investments in emerging markets. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs), accounting standards and other factors.

**Foreign taxes. The fund may be subject to withholding tax on income, capital gains or repatriations imposed by certain countries, a portion of which may be recoverable. Foreign taxes are accrued based upon the fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Taxes are accrued based on gains realized by the fund as a result of certain foreign security sales. In certain circumstances, estimated taxes are accrued based on unrealized appreciation of such securities. Investment income is recorded net of foreign withholding taxes.**

**Overdrafts. Pursuant to the custodian agreement, the fund's custodian may, in its discretion, advance funds to the fund to make properly authorized payments. When such payments result in an overdraft, the fund is obligated to repay the custodian for any overdraft, including any costs or expenses associated with the overdraft. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.**

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

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

For federal income tax purposes, as of December 31, 2022, the fund has a short-term capital loss carryforward of $12,155,839 and a long-term capital loss carryforward of $6,570,298 available to offset future net realized capital gains. These carryforwards do not expire.

Qualified late year ordinary losses of $620,756 are treated as occurring on January 1, 2023, the first day of the fund's next taxable year.

As of December 31, 2022, 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.

**Managed distribution plan. The fund has adopted a managed distribution plan (Plan). Under the current Plan, the fund makes quarterly distributions of an amount equal to $0.2900 per share, which will be paid quarterly until further notice.**

Distributions under the Plan may consist of net investment income, net realized capital gains and, to the extent necessary, return of capital. Return of capital distributions may be necessary when the fund's net investment income and net capital gains are insufficient to meet the minimum distribution. In addition, the fund may also make additional distributions for the purpose of not incurring federal income and excise taxes.

The Board of Trustees may terminate or reduce the amount paid under the Plan at any time. The termination or reduction may have an adverse effect on the market price of the fund's shares.

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**Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The fund generally declares and pays dividends quarterly pursuant to the Managed Distribution Plan described above. Capital gain distributions, if any, are typically distributed annually.**

The tax character of distributions for the years ended December 31, 2022 and 2021 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2022** | &nbsp;&nbsp;&nbsp;**December 31, 2021** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$9282645 | &nbsp;&nbsp;&nbsp;&nbsp;$7598557 |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4899088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6581066 |
| **Total** | &nbsp;&nbsp;**$14181733** | &nbsp;&nbsp;**$14179623** |

---

As of December 31, 2022, 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.

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 foreign currency transactions, investments in passive foreign investment companies, derivative transactions, partnerships and wash sale loss deferrals.

#### Note 3 — Derivative instruments
The fund may invest in derivatives in order to meet its investment objective. Derivatives include a variety of different instruments that may be traded in the over-the-counter (OTC) market, on a regulated exchange or through a clearing facility. The risks in using derivatives vary depending upon the structure of the instruments, including the use of leverage, optionality, the liquidity or lack of liquidity of the contract, the creditworthiness of the counterparty or clearing organization and the volatility of the position. Some derivatives involve risks that are potentially greater than the risks associated with investing directly in the referenced securities or other referenced underlying instrument. Specifically, the fund is exposed to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction.

Derivatives which are typically traded through the OTC market are regulated by the Commodity Futures Trading Commission (the CFTC). Derivative counterparty risk is managed through an ongoing evaluation of the creditworthiness of all potential counterparties and, if applicable, designated clearing organizations. The fund attempts to reduce its exposure to counterparty risk for derivatives traded in the OTC market, whenever possible, by entering into an International Swaps and Derivatives Association (ISDA) Master Agreement with each of its OTC counterparties. The ISDA gives each party to the agreement the right to terminate all transactions traded under the agreement if there is certain deterioration in the credit quality or contractual default of the other party, as defined in the ISDA. Upon an event of default or a termination of the ISDA, the non-defaulting party has the right to close out all transactions and to net amounts owed.

As defined by the ISDA, the fund may have collateral agreements with certain counterparties to mitigate counterparty risk on OTC derivatives. Subject to established minimum levels, collateral for OTC transactions is generally determined based on the net aggregate unrealized gain or loss on contracts with a particular counterparty. Collateral pledged to the fund, if any, is held in a segregated account by a third-party agent or held by the custodian bank for the benefit of the fund and can be in the form of cash or debt securities issued by the U.S. government or related agencies; collateral posted by the fund, if any, for OTC transactions is held in a

ANNUAL REPORT \| JOHN HANCOCK Hedged Equity & Income Fund 32

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segregated account at the fund's custodian and is noted in the accompanying Fund's investments, or if cash is posted, on the Statement of assets and liabilities. The fund's risk of loss due to counterparty risk is equal to the asset value of outstanding contracts offset by collateral received.

Certain derivatives are traded or cleared on an exchange or central clearinghouse. Exchange-traded or centrally-cleared transactions generally present less counterparty risk to a fund than OTC transactions. The exchange or clearinghouse stands between the fund and the broker to the contract and therefore, credit risk is generally limited to the failure of the exchange or clearinghouse and the clearing member.

**Futures. A futures contract is a contractual agreement to buy or sell a particular currency or financial instrument at a pre-determined price in the future. Futures are traded on an exchange and cleared through a central clearinghouse. Risks related to the use of futures contracts include possible illiquidity of the futures markets and contract prices that can be highly volatile and imperfectly correlated to movements in the underlying financial instrument and potential losses in excess of the amounts recognized on the Statement of assets and liabilities. Use of long futures contracts subjects the fund to the risk of loss up to the notional value of the futures contracts. Use of short futures contracts subjects the fund to unlimited risk of loss.**

Upon entering into a futures contract, the fund is required to deposit initial margin with the broker in the form of cash or securities. The amount of required margin is set by the broker and is generally based on a percentage of the contract value. The margin deposit must then be maintained at the established level over the life of the contract. Cash that has been pledged by the fund, if any, is detailed in the Statement of assets and liabilities as Collateral held at broker for futures contracts. Securities pledged by the fund, if any, are identified in the Fund's investments. Subsequent payments, referred to as variation margin, are made or received by the fund periodically and are based on changes in the market value of open futures contracts. Futures contracts are marked-to-market daily and unrealized gain or loss is recorded by the fund. Receivable for futures variation margin is included on the Statement of assets and liabilities. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

During the year ended December 31, 2022, the fund used futures contracts to manage against changes in certain securities markets. The fund held futures contracts with USD notional values ranging from $24.3 million to $32.7 million, as measured at each quarter end.

**Forward foreign currency contracts. A forward foreign currency contract is an agreement between two parties to buy and sell specific currencies at a price that is set on the date of the contract. The forward contract calls for delivery of the currencies on a future date that is specified in the contract. Forwards are typically traded OTC. Risks related to the use of forwards include the possible failure of counterparties to meet the terms of the forward agreement, the failure of the counterparties to timely post collateral if applicable, and the risk that currency movements will not favor the fund thereby reducing the fund's total return, and the potential for losses in excess of the amounts recognized on the Statement of assets and liabilities.** 

The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked-to-market daily and the change in value is recorded by the fund as an unrealized gain or loss. Realized gains or losses, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, are recorded upon delivery or receipt of the currency or settlement with the counterparty.

During the year ended December 31, 2022, the fund used forward foreign currency contracts to manage against changes in foreign currency exchange rates and to gain exposure to foreign currencies. The fund held forward foreign currency contracts with USD notional values ranging from $14.9 million to $27.1 million, as measured at each quarter end.

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#### Fair value of derivative instruments by risk category
The table below summarizes the fair value of derivatives held by the fund at December 31, 2022 by risk category:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk** | &nbsp;&nbsp;**Statement of assets<br> and liabilities<br> location** | &nbsp;&nbsp;**Financial<br> instruments<br> location** | &nbsp;&nbsp;**Assets<br> derivatives<br> fair value** | &nbsp;&nbsp;**Liabilities<br> derivatives<br> fair value** |
| Equity | Receivable/payable for futures variation margin<sup>1</sup> | Futures | &nbsp;&nbsp;$487910 | &nbsp;&nbsp;&nbsp;$(121617) |
| Currency | Unrealized appreciation (depreciation) on forward foreign currency contracts | Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;109438 | &nbsp;&nbsp;&nbsp;&nbsp;(365061) |
|  |  |  | **$597348** | **$(486678)** |

---

<sup>1</sup> Reflects cumulative appreciation/depreciation on open futures as disclosed in the Derivatives section of Fund's investments. Only the year end variation margin receivable/payable is separately reported on the Statement of assets and liabilities.

For financial reporting purposes, the fund does not offset OTC derivative assets or liabilities that are subject to master netting arrangements, as defined by the ISDAs, in the Statement of assets and liabilities. In the event of default by the counterparty or a termination of the agreement, the ISDA allows an offset of amounts across the various transactions between the fund and the applicable counterparty.

#### Effect of derivative instruments on the Statement of operations
The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Statement of operations location - Net realized gain (loss) on:** | &nbsp;&nbsp;&nbsp;**Statement of operations location - Net realized gain (loss) on:** | &nbsp;&nbsp;&nbsp;**Statement of operations location - Net realized gain (loss) on:** |
| **Risk** | &nbsp;&nbsp;&nbsp;**Futures contracts** | &nbsp;&nbsp;&nbsp;**Forward foreign<br> currency contracts** | &nbsp;&nbsp;&nbsp;**Total** |
| Currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;$2438873 | &nbsp;&nbsp;&nbsp;&nbsp;$2438873 |
| Equity | &nbsp;&nbsp;&nbsp;&nbsp;$1699736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699736 |
| **Total** | &nbsp;&nbsp;&nbsp;**$1699736** | &nbsp;&nbsp;&nbsp;**$2438873** | &nbsp;&nbsp;&nbsp;**$4138609** |

---

The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Statement of operations location - Change in net unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;&nbsp;**Statement of operations location - Change in net unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;&nbsp;**Statement of operations location - Change in net unrealized appreciation (depreciation) of:** |
| **Risk** | &nbsp;&nbsp;&nbsp;**Futures contracts** | &nbsp;&nbsp;&nbsp;**Forward foreign<br> currency contracts** | &nbsp;&nbsp;&nbsp;**Total** |
| Currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;$(155540) | &nbsp;&nbsp;&nbsp;$(155540) |
| Equity | &nbsp;&nbsp;&nbsp;&nbsp;$823106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;823106 |
| **Total** | &nbsp;&nbsp;&nbsp;**$823106** | &nbsp;&nbsp;&nbsp;**$(155540)** | &nbsp;&nbsp;&nbsp;**$667566** |

---

#### Note 4 — Guarantees and indemnifications
Under the fund's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to 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.

ANNUAL REPORT \| JOHN HANCOCK Hedged Equity & Income Fund 34

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#### Note 5 — Fees and transactions with affiliates
John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the fund. The Advisor is an indirect, principally owned subsidiary of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation (MFC).

**Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor equivalent on an annual basis to 0.95% of the fund's average daily gross assets. The Advisor has a subadvisory agreement with Wellington Management Company LLP. The fund is not responsible for payment of the subadvisory fees.**

The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the year ended December 31, 2022, this waiver amounted to 0.01% of the fund's average daily net assets. This arrangement expires on July 31, 2024, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

The expense reductions described above amounted to $11,729 for the year ended December 31, 2022.

Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.

The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the year ended December 31, 2022, were equivalent to a net annual effective rate of 0.94% of the fund's average daily managed net assets.

**Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These accounting and legal services fees incurred, for the year ended December 31, 2022, amounted to an annual rate of 0.02% of the fund's average daily managed net assets.**

**Trustee expenses. The fund compensates each Trustee who is not an employee of the Advisor or its affiliates. These Trustees receive from the fund and the other John Hancock closed-end funds an annual retainer. In addition, Trustee out-of-pocket expenses are allocated to each fund based on its net assets relative to other funds within the John Hancock group of funds complex.**

#### Note 6 — Fund share transactions
On December 6, 2011, the Board of Trustees approved a share repurchase plan, which is subsequently reviewed by the Board of Trustees each year in December. Under the current share repurchase plan, the fund may purchase in the open market, between January 1, 2023 and December 31, 2023, up to 10% of its outstanding common shares as of December 31, 2022. The share repurchase plan will remain in effect between January 1, 2023 and December 31, 2023.

During the years ended December 31, 2022 and 2021, the fund had no activities under the repurchase program. Shares repurchased and corresponding dollar amounts, if any, are included on the Statements of changes in net assets. The anti-dilutive impacts of these share repurchases, if any, are included on the Financial highlights.

#### Note 7 — Purchase and sale of securities
Purchases and sales of securities, other than short-term investments, amounted to $236,751,543 and $239,352,110, respectively, for the year ended December 31, 2022.

35 JOHN HANCOCK Hedged Equity & Income Fund \| ANNUAL REPORT

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#### Note 8 — New accounting pronouncement
In March 2020, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the LIBOR and other IBOR-based reference rates as of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management expects that the adoption of the guidance will not have a material impact to the financial statements.

ANNUAL REPORT \| JOHN HANCOCK Hedged Equity & Income Fund 36

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#### Report of Independent Registered Public Accounting Firm

------

#### To the Board of Trustees and Shareholders of John Hancock Hedged Equity & Income Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the fund's investments, of John Hancock Hedged Equity & Income Fund (the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 10, 2023

We have served as the auditor of one or more investment companies in the John Hancock group of funds since 1988.

37 JOHN HANCOCK HEDGED EQUITY & INCOME FUND \| ANNUAL REPORT

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Tax information

(Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended December 31, 2022.

The fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.

The fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The fund reports the maximum amount allowable as Section 163(j) Interest Dividends.

Income derived from foreign sources was $6,973,844. The fund intends to pass through foreign tax credits of $700,657.

The fund reports the maximum amount allowable of its Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).

Eligible shareholders will be mailed a 2022 Form 1099-DIV in early 2023. This will reflect the tax character of all distributions paid in calendar year 2022.

#### Please consult a tax advisor regarding the tax consequences of your investment in the fund.
ANNUAL REPORT \| JOHN HANCOCK HEDGED EQUITY & INCOME FUND 38

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#### Investment objective, principal investment strategies, and principal risks

------

Unaudited

#### Investment Objective
The Fund's investment objective is to provide total return with a focus on current income and gains and also consisting of long-term capital appreciation.

#### Principal Investment Strategies
Under normal circumstances, the Fund will invest at least 80% of its net assets (assets plus borrowings for investment purposes) in equity and equity-related securities, including common stock, preferred stock, depositary receipts (including American Depositary Receipts and Global Depositary Receipts), index-related securities (including exchange traded funds ("ETFs"), options on equity securities and equity indexes, real estate investment structures (including real estate investment trusts ("REITs")), convertible securities, private placements, convertible preferred stock, rights, warrants, derivatives linked to equity securities or indexes and other similar equity equivalents. The Fund may invest in listed and unlisted domestic and foreign equity and equity-related securities or instruments. These equity and equity-related instruments may include equity securities of, or derivatives linked to, foreign issuers and indexes (including emerging market issuers or indexes). The Fund may invest in foreign issuers and foreign-currency securities without any limitation. The Fund will notify shareholders at least 60 days prior to any change in this 80% policy.

The Fund uses an equity strategy (the "Equity Strategy") and an actively managed option overlay strategy (the "Option Strategy") to pursue its investment objective. By combining these two strategies, the Fund seeks to provide investors with a portfolio that will generate attractive long-term total returns with significant downside equity market protection.

The Equity Strategy will seek to provide broad-based exposure to equity markets, while emphasizing downside equity market protection. The goal of the Equity Strategy is a broadly diversified equity portfolio that is generally fully invested and seeks value across all market capitalization ranges, industries and sectors that seeks to participate in and capture the broader equity market returns in rising market conditions, while limiting losses relative to the broader equity markets in declining market circumstances through an effective combination of equity investment strategies.

The Option Strategy will pursue two goals: (i) to generate earnings for current distribution from option premiums; and (ii) downside equity market protection (through the use of U.S. equity index put options). The Option Strategy will seek to enhance risk-adjusted returns, generate earnings from option premiums and reduce overall portfolio volatility. The Fund expects to write index call options on a substantial portion of the Fund's common stock portfolio, although this amount is expected to vary over time based upon U.S. equity market conditions and other factors, including the Advisor's and Subadvisor's assessment of market conditions and the liquidity needs of the Fund to meet quarterly distributions.

The Fund anticipates writing index call options on the S&P 500 Index (the "S&P 500") with a typical expiration of approximately one month and with call strikes typically set slightly "out-of-the-money" (ranging from approximately 0%-7% above the then-current value of the index). The Fund typically will limit notional exposure of the index call options from 0%-50% of the value of the Fund's portfolio securities. In certain circumstances or market conditions (including to meet distribution payments), the Subadvisor may write index call options on a lower percentage of the Fund's portfolio.

The Option Strategy typically will maintain an overall short position on the S&P 500 through its use of index call options. In certain circumstances, the Fund may trade out of its index option positions during an intra-month period to lock in a gain, to limit risk, or to meet distribution payments. The Subadvisor retains the discretion to write call options on indices other than the S&P 500 if it deems this appropriate in particular market circumstances or based upon the Fund's stock holdings. A meaningful portion of the Fund's stock holdings will normally consist

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of stocks not included in the indices on which it writes call options. The Fund expects to primarily use listed/exchange-traded options contracts but may also use over-the-counter ("OTC") options. OTC options may be utilized to obtain exposure to specific strike prices, expiration dates and/or exposure to underlying indices not available in the exchange-traded options market. The Fund may also invest in derivatives such as futures contracts and foreign currency forward contracts.

The Fund may also invest up to 20% of its net assets (plus borrowings for investment purposes) in fixed-income securities and fixed-income related instruments. These fixed-income securities may include non-investment grade ("high yield" or "junk bond") instruments."

The manager may also take into consideration environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment selection process. The ESG characteristics utilized in the Fund's investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible Fund investments.

#### Principal Risks
As is the case with all exchange-listed closed-end funds, shares of this fund may trade at a discount or a premium to the fund's net asset value (NAV). An investment in the fund is subject to investment and market risks, including the possible loss of the entire principal invested.

The fund's main risks are listed below in alphabetical order, not in order of importance.

**Changing distribution level & return of capital risk. There is no guarantee prior distribution levels will be maintained, and distributions may include a substantial tax return of capital. A return of capital is the return of all or a portion of a shareholder's investment in the fund. For the fiscal year ended December 31, 2022, the fund's aggregate distributions included a return of capital of $0.40 per share, or 34.55% of aggregate distributions, which could impact the tax treatment of a subsequent sale of fund shares.**

**Credit and counterparty risk. The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. A downgrade or default affecting any of the fund's securities could affect the fund's performance.**

**Economic and market events risk. Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.**

A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, and affect fund performance. For example, the coronavirus (COVID-19) pandemic has resulted and may continue to result in significant disruptions to global business activity and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. 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 preexisting political, social, and economic risks. Any such impact could adversely affect the fund's performance, resulting in losses to your investment.

**Equity securities risk. The price of equity securities may decline due to changes in a company's financial condition or overall market conditions. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.**

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**ESG integration risk. The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. The portion of the fund's investments for which the manager considers these ESG factors may vary, and could increase or decrease over time. In certain situations, the extent to which these ESG factors may be applied according to the manager's integrated investment process may not include U.S. Treasuries, government securities, or other asset classes. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. Incorporating ESG criteria and investing in instruments that have certain ESG characteristics, as determined by the Advisor, carries the risk that the fund may perform differently, including underperforming funds that do not utilize ESG criteria or funds that utilize different ESG criteria. Integration of ESG factors into the fund's investment process may result in a manager making different investments for the fund than for a fund with a similar investment universe and/or investment style that does not incorporate such considerations in its investment strategy or processes, and the fund's investment performance may be affected. Because ESG factors are one of many considerations for the fund, the manager may nonetheless include companies with low ESG scores or exclude companies with high ESG scores in the fund's investments.**

**Exchange-traded funds (ETFs) risk. The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF's shares could trade at a significant premium or discount to its NAV. A fund bears ETF fees and expenses indirectly.**

**Fixed-income securities risk. A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payment or repay all or any of the principal borrowed. Changes in a security's credit qualify may adversely affect fund performance. Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease and the fund's value may decline as a result of this exposure to these securities.**

**Foreign securities risk. Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. If applicable, depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.**

**Hedging, derivatives, and other strategic transactions risk. Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: foreign currency forward contracts, futures contracts and options. Foreign currency forward contracts, futures contracts and options generally are subject to counterparty risk. Derivatives associated with foreign currency transactions are subject to currency risk.**

**Illiquid and restricted securities risk. Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security's market price and the fund's ability to sell the security.**

**Large company risk. Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.**

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**LIBOR discontinuation risk. The publication of the London Interbank Offered Rate (LIBOR), which many debt securities, derivatives and other financial instruments use as the reference or benchmark rate for interest rate calculations, was discontinued for certain maturities as of December 31, 2021, and is expected to be discontinued on June 30, 2023 for the remaining maturities. The transition process away from LIBOR may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates, and the eventual use of an alternative reference rate may adversely affect the fund's performance. In addition, the usefulness of LIBOR may deteriorate in the period leading up to its discontinuation, which could adversely affect the liquidity or market value of securities that use LIBOR.**

**Liquidity risk. The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities.**

**Lower-rated and high-yield fixed-income securities risk. Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.**

**Operational and cybersecurity risk. Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.**

**Preferred and convertible securities risk. Preferred stock dividends are payable only if declared by the issuer's board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock's value can depend heavily upon the underlying common stock's value.**

**Real estate investment trust risk. REITs, pooled investment vehicles that typically invest in real estate directly or in loans collateralized by real estate, carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.**

**Real estate securities risk. Securities of companies in the real estate industry carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.**

**Small and mid-sized company risk. Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.**

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#### ADDITIONAL INFORMATION

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Unaudited

The fund is a closed-end, diversified management investment company, common shares of which were initially offered to the public on May 26, 2011 and are publicly traded on the New York Stock Exchange (the NYSE).

#### Dividends and distributions
During the year ended December 31, 2022, distributions from net investment income totaling $0.7592 per share and tax return of capital totalling $0.4008 per share were paid to shareholders. The dates of payments and the amounts per share were as follows:

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| | |
|:---|:---|
| **Payment Date** | &nbsp;&nbsp;&nbsp;**Income Distributions** |
| March 31, 2022 | &nbsp;&nbsp;$0.2900 |
| June 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;0.2900 |
| September 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;0.2900 |
| December 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;0.2900 |
| **Total** | &nbsp;&nbsp;**$1.1600** |

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#### Dividend reinvestment plan
The fund's Dividend Reinvestment Plan (the Plan) provides that distributions of dividends and capital gains are automatically reinvested in common shares of the fund by Computershare Trust Company, N.A. (the Plan Agent). Every shareholder holding at least one full share of the fund is entitled to participate in the Plan. In addition, every shareholder who became a shareholder of the fund after June 30, 2011, and holds at least one full share of the fund will be automatically enrolled in the Plan. Shareholders may withdraw from the Plan at any time and shareholders who do not participate in the Plan will receive all distributions in cash.

If the fund declares a dividend or distribution payable either in cash or in common shares of the fund and the market price of shares on the payment date for the distribution or dividend equals or exceeds the fund's net asset value per share (NAV), the fund will issue common shares to participants at a value equal to the higher of NAV or 95% of the market price. The number of additional shares to be credited to each participant's account will be determined by dividing the dollar amount of the distribution or dividend by the higher of NAV or 95% of the market price. If the market price is lower than NAV, or if dividends or distributions are payable only in cash, then participants will receive shares purchased by the Plan Agent on participants' behalf on the NYSE or otherwise on the open market. If the market price exceeds NAV before the Plan Agent has completed its purchases, the average per share purchase price may exceed NAV, resulting in fewer shares being acquired than if the fund had issued new shares.

There are no brokerage charges with respect to common shares issued directly by the fund. However, whenever shares are purchased or sold on the NYSE or otherwise on the open market, each participant will pay a pro rata portion of brokerage trading fees, currently $0.05 per share purchased or sold. Brokerage trading fees will be deducted from amounts to be invested.

The reinvestment of dividends and net capital gains distributions does not relieve participants of any income tax that may be payable on such dividends or distributions.

Shareholders participating in the Plan may buy additional shares of the fund through the Plan at any time in amounts of at least $50 per investment, up to a maximum of $10,000, with a total calendar year limit of $100,000. Shareholders will be charged a $5 transaction fee plus $0.05 per share brokerage trading fee for each order. Purchases of additional shares of the fund will be made on the open market. Shareholders who elect to utilize monthly electronic fund transfers to buy additional shares of the fund will be charged a $2 transaction fee plus $0.05 per share brokerage trading fee for each automatic purchase. Shareholders can also sell fund shares held in the Plan account at any time by contacting the Plan Agent by telephone, in writing or by visiting the Plan

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Agent's website at www.computershare.com/investor. The Plan Agent will mail a check (less applicable brokerage trading fees) on settlement date. Pursuant to regulatory changes, effective September 5, 2017, the settlement date is changed from three business days after the shares have been sold to two business days after the shares have been sold. If shareholders choose to sell shares through their stockbroker, they will need to request that the Plan Agent electronically transfer those shares to their stockbroker through the Direct Registration System.

Shareholders participating in the Plan may withdraw from the Plan at any time by contacting the Plan Agent by telephone, in writing or by visiting the Plan Agent's website at www.computershare.com/investor. Such termination will be effective immediately if the notice is received by the Plan Agent prior to any dividend or distribution record date; otherwise, such termination will be effective on the first trading day after the payment date for such dividend or distribution, with respect to any subsequent dividend or distribution. If shareholders withdraw from the Plan, their shares will be credited to their account; or, if they wish, the Plan Agent will sell their full and fractional shares and send the shareholders the proceeds, less a transaction fee of $5 and less brokerage trading fees of $0.05 per share. If a shareholder does not maintain at least one whole share of common stock in the Plan account, the Plan Agent may terminate such shareholder's participation in the Plan after written notice. Upon termination, shareholders will be sent a check for the cash value of any fractional share in the Plan account, less any applicable broker commissions and taxes.

Shareholders who hold at least one full share of the fund may join the Plan by notifying the Plan Agent by telephone, in writing or by visiting the Plan Agent's website at www.computershare.com/investor. If received in proper form by the Plan Agent before the record date of a dividend, the election will be effective with respect to all dividends paid after such record date. If shareholders wish to participate in the Plan and their shares are held in the name of a brokerage firm, bank or other nominee, shareholders should contact their nominee to see if it will participate in the Plan. If shareholders wish to participate in the Plan, but their brokerage firm, bank or other nominee is unable to participate on their behalf, they will need to request that their shares be re-registered in their own name, or they will not be able to participate. The Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by shareholders as representing the total amount registered in their name and held for their account by their nominee.

Experience under the Plan may indicate that changes are desirable. Accordingly, the fund and the Plan Agent reserve the right to amend or terminate the Plan. Participants generally will receive written notice at least 90 days before the effective date of any amendment. In the case of termination, participants will receive written notice at least 90 days before the record date for the payment of any dividend or distribution by the fund.

All correspondence or requests for additional information about the Plan should be directed to Computershare Trust Company, N.A., at the address stated below, or by calling 800-852-0218, 201-680-6578 (For International Telephone Inquiries) and 800-952-9245 (For the Hearing Impaired (TDD)).

#### Shareholder communication and assistance
If you have any questions concerning the fund, we will be pleased to assist you. If you hold shares in your own name and not with a brokerage firm, please address all notices, correspondence, questions or other communications regarding the fund to the transfer agent at:

#### Regular Mail: Computershare P.O. Box 43006 Providence, RI 02940-3078

#### Registered or Overnight Mail: Computershare 150 Royall Street, Suite 101 Canton, MA 02021
If your shares are held with a brokerage firm, you should contact that firm, bank or other nominee for assistance.

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Trustees and Officers

This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the fund and execute policies formulated by the Trustees.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Independent Trustees** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Name, year of birth<br> Position(s) held with fund<br> Principal occupation(s) and other<br> directorships during past 5 years** | &nbsp;&nbsp;&nbsp;**Trustee<br> of the<br> Trust<br> since<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Number of John<br> Hancock funds<br> overseen by<br> Trustee** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Hassell H. McClellan, Born: 1945** | &nbsp;&nbsp;&nbsp;**2012** | &nbsp;&nbsp;&nbsp;**186** |
| &nbsp;&nbsp;&nbsp;*Trustee and Chairperson of the Board* |  |  |
| &nbsp;&nbsp;&nbsp;Director/Trustee, Virtus Funds (2008-2020); Director, The Barnes Group (2010-2021); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2005) and Chairperson of the Board (since 2017) of various trusts within the John Hancock Fund Complex. | &nbsp;&nbsp;&nbsp;Director/Trustee, Virtus Funds (2008-2020); Director, The Barnes Group (2010-2021); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2005) and Chairperson of the Board (since 2017) of various trusts within the John Hancock Fund Complex. | &nbsp;&nbsp;&nbsp;Director/Trustee, Virtus Funds (2008-2020); Director, The Barnes Group (2010-2021); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2005) and Chairperson of the Board (since 2017) of various trusts within the John Hancock Fund Complex. |
| &nbsp;&nbsp;&nbsp;&nbsp;**James R. Boyle, Born: 1959** | &nbsp;&nbsp;&nbsp;**2015** | &nbsp;&nbsp;&nbsp;**183** |
| &nbsp;&nbsp;&nbsp;*Trustee* |  |  |
| &nbsp;&nbsp;&nbsp;Board Member, United of Omaha Life Insurance Company (since 2022). Board Member, Mutual of Omaha Investor Services, Inc. (since 2022). Foresters Financial, Chief Executive Officer (2018–2022) and board member (2017–2022). Manulife Financial and John Hancock, more than 20 years, retiring in 2012 as Chief Executive Officer, John Hancock and Senior Executive Vice President, Manulife Financial. Trustee of various trusts within the John Hancock Fund Complex (2005–2014 and since 2015). | &nbsp;&nbsp;&nbsp;Board Member, United of Omaha Life Insurance Company (since 2022). Board Member, Mutual of Omaha Investor Services, Inc. (since 2022). Foresters Financial, Chief Executive Officer (2018–2022) and board member (2017–2022). Manulife Financial and John Hancock, more than 20 years, retiring in 2012 as Chief Executive Officer, John Hancock and Senior Executive Vice President, Manulife Financial. Trustee of various trusts within the John Hancock Fund Complex (2005–2014 and since 2015). | &nbsp;&nbsp;&nbsp;Board Member, United of Omaha Life Insurance Company (since 2022). Board Member, Mutual of Omaha Investor Services, Inc. (since 2022). Foresters Financial, Chief Executive Officer (2018–2022) and board member (2017–2022). Manulife Financial and John Hancock, more than 20 years, retiring in 2012 as Chief Executive Officer, John Hancock and Senior Executive Vice President, Manulife Financial. Trustee of various trusts within the John Hancock Fund Complex (2005–2014 and since 2015). |
| &nbsp;&nbsp;&nbsp;&nbsp;**William H. Cunningham,<sup>2</sup> Born: 1944** | &nbsp;&nbsp;&nbsp;**2011** | &nbsp;&nbsp;&nbsp;**184** |
| &nbsp;&nbsp;&nbsp;*Trustee* |  |  |
| &nbsp;&nbsp;&nbsp;Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000). Trustee of various trusts within the John Hancock Fund Complex (since 1986). | &nbsp;&nbsp;&nbsp;Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000). Trustee of various trusts within the John Hancock Fund Complex (since 1986). | &nbsp;&nbsp;&nbsp;Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000). Trustee of various trusts within the John Hancock Fund Complex (since 1986). |
| &nbsp;&nbsp;&nbsp;&nbsp;**Noni L. Ellison,<sup>\*</sup> Born: 1971** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**183** |
| &nbsp;&nbsp;&nbsp;*Trustee* |  |  |
| &nbsp;&nbsp;&nbsp;Senior Vice President, General Counsel & Corporate Secretary, Tractor Supply Company (rural lifestyle retailer) (since 2021); General Counsel, Chief Compliance Officer & Corporate Secretary, Carestream Dental, L.L.C.(2017–2021); Associate General Counsel & Assistant Corporate Secretary, W.W. Grainger, Inc. (global industrial supplier) (2015–2017); Board Member, Goodwill of North Georgia, 2018 (FY2019)–2020 (FY2021); Board Member, Howard University School of Law Board of Visitors (since 2021); Board Member, University of Chicago Law School Board of Visitors (since 2016); Board member, Children's Healthcare of Atlanta Foundation Board (2021–present). Trustee of various trusts within the John Hancock Fund Complex (since 2022). | &nbsp;&nbsp;&nbsp;Senior Vice President, General Counsel & Corporate Secretary, Tractor Supply Company (rural lifestyle retailer) (since 2021); General Counsel, Chief Compliance Officer & Corporate Secretary, Carestream Dental, L.L.C.(2017–2021); Associate General Counsel & Assistant Corporate Secretary, W.W. Grainger, Inc. (global industrial supplier) (2015–2017); Board Member, Goodwill of North Georgia, 2018 (FY2019)–2020 (FY2021); Board Member, Howard University School of Law Board of Visitors (since 2021); Board Member, University of Chicago Law School Board of Visitors (since 2016); Board member, Children's Healthcare of Atlanta Foundation Board (2021–present). Trustee of various trusts within the John Hancock Fund Complex (since 2022). | &nbsp;&nbsp;&nbsp;Senior Vice President, General Counsel & Corporate Secretary, Tractor Supply Company (rural lifestyle retailer) (since 2021); General Counsel, Chief Compliance Officer & Corporate Secretary, Carestream Dental, L.L.C.(2017–2021); Associate General Counsel & Assistant Corporate Secretary, W.W. Grainger, Inc. (global industrial supplier) (2015–2017); Board Member, Goodwill of North Georgia, 2018 (FY2019)–2020 (FY2021); Board Member, Howard University School of Law Board of Visitors (since 2021); Board Member, University of Chicago Law School Board of Visitors (since 2016); Board member, Children's Healthcare of Atlanta Foundation Board (2021–present). Trustee of various trusts within the John Hancock Fund Complex (since 2022). |
| &nbsp;&nbsp;&nbsp;&nbsp;**Grace K. Fey, Born: 1946** | &nbsp;&nbsp;&nbsp;**2012** | &nbsp;&nbsp;&nbsp;**186** |
| &nbsp;&nbsp;&nbsp;*Trustee* |  |  |
| &nbsp;&nbsp;&nbsp;Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988–2007); Director, Fiduciary Trust (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2008). | &nbsp;&nbsp;&nbsp;Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988–2007); Director, Fiduciary Trust (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2008). | &nbsp;&nbsp;&nbsp;Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988–2007); Director, Fiduciary Trust (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2008). |
| &nbsp;&nbsp;&nbsp;&nbsp;**Dean C. Garfield,<sup>\*</sup> Born: 1968** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**183** |
| &nbsp;&nbsp;&nbsp;*Trustee* |  |  |
| &nbsp;&nbsp;&nbsp;Vice President, Netflix, Inc. (since 2019); President & Chief Executive Officer, Information Technology Industry Council (2009–2019); NYU School of Law Board of Trustees (since 2021); Member, U.S. Department of Transportation, Advisory Committee on Automation (since 2021); President of the United States Trade Advisory Council (2010–2018); Board Member, College for Every Student (2017–2021); Board Member, The Seed School of Washington, D.C. (2012–2017). Trustee of various trusts within the John Hancock Fund Complex (since 2022). | &nbsp;&nbsp;&nbsp;Vice President, Netflix, Inc. (since 2019); President & Chief Executive Officer, Information Technology Industry Council (2009–2019); NYU School of Law Board of Trustees (since 2021); Member, U.S. Department of Transportation, Advisory Committee on Automation (since 2021); President of the United States Trade Advisory Council (2010–2018); Board Member, College for Every Student (2017–2021); Board Member, The Seed School of Washington, D.C. (2012–2017). Trustee of various trusts within the John Hancock Fund Complex (since 2022). | &nbsp;&nbsp;&nbsp;Vice President, Netflix, Inc. (since 2019); President & Chief Executive Officer, Information Technology Industry Council (2009–2019); NYU School of Law Board of Trustees (since 2021); Member, U.S. Department of Transportation, Advisory Committee on Automation (since 2021); President of the United States Trade Advisory Council (2010–2018); Board Member, College for Every Student (2017–2021); Board Member, The Seed School of Washington, D.C. (2012–2017). Trustee of various trusts within the John Hancock Fund Complex (since 2022). |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Independent Trustees (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Name, year of birth<br> Position(s) held with fund<br> Principal occupation(s) and other<br> directorships during past 5 years** | &nbsp;&nbsp;&nbsp;**Trustee<br> of the<br> Trust<br> since<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Number of John<br> Hancock funds<br> overseen by<br> Trustee** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Deborah C. Jackson, Born: 1952** | &nbsp;&nbsp;&nbsp;**2011** | &nbsp;&nbsp;&nbsp;**185** |
| &nbsp;&nbsp;&nbsp;*Trustee* |  |  |
| &nbsp;&nbsp;&nbsp;President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, Amwell Corporation (since 2020); Board of Directors, Massachusetts Women's Forum (2018-2020); Board of Directors, National Association of Corporate Directors/New England (2015-2020); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002–2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007–2011). Trustee of various trusts within the John Hancock Fund Complex (since 2008). | &nbsp;&nbsp;&nbsp;President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, Amwell Corporation (since 2020); Board of Directors, Massachusetts Women's Forum (2018-2020); Board of Directors, National Association of Corporate Directors/New England (2015-2020); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002–2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007–2011). Trustee of various trusts within the John Hancock Fund Complex (since 2008). | &nbsp;&nbsp;&nbsp;President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, Amwell Corporation (since 2020); Board of Directors, Massachusetts Women's Forum (2018-2020); Board of Directors, National Association of Corporate Directors/New England (2015-2020); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002–2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007–2011). Trustee of various trusts within the John Hancock Fund Complex (since 2008). |
| &nbsp;&nbsp;&nbsp;&nbsp;**Patricia Lizarraga,<sup>2,\*</sup> Born: 1966** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**183** |
| &nbsp;&nbsp;&nbsp;*Trustee* |  |  |
| &nbsp;&nbsp;&nbsp;Founder, Chief Executive Officer, Hypatia Capital Group (advisory and asset management company) (since 2007); Independent Director, Audit Committee Chair, and Risk Committee Member, Credicorp, Ltd. (since 2017); Independent Director, Audit Committee Chair, Banco De Credito Del Peru (since 2017); Trustee, Museum of Art of Lima (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2022). | &nbsp;&nbsp;&nbsp;Founder, Chief Executive Officer, Hypatia Capital Group (advisory and asset management company) (since 2007); Independent Director, Audit Committee Chair, and Risk Committee Member, Credicorp, Ltd. (since 2017); Independent Director, Audit Committee Chair, Banco De Credito Del Peru (since 2017); Trustee, Museum of Art of Lima (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2022). | &nbsp;&nbsp;&nbsp;Founder, Chief Executive Officer, Hypatia Capital Group (advisory and asset management company) (since 2007); Independent Director, Audit Committee Chair, and Risk Committee Member, Credicorp, Ltd. (since 2017); Independent Director, Audit Committee Chair, Banco De Credito Del Peru (since 2017); Trustee, Museum of Art of Lima (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2022). |
| &nbsp;&nbsp;&nbsp;&nbsp;**Steven R. Pruchansky, Born: 1944** | &nbsp;&nbsp;&nbsp;**2011** | &nbsp;&nbsp;&nbsp;**183** |
| &nbsp;&nbsp;&nbsp;*Trustee and Vice Chairperson of the Board* |  |  |
| &nbsp;&nbsp;&nbsp;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. | &nbsp;&nbsp;&nbsp;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. | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Frances G. Rathke,<sup>2</sup> Born: 1960** | &nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;**183** |
| &nbsp;&nbsp;&nbsp;*Trustee* |  |  |
| &nbsp;&nbsp;&nbsp;Director, Audit Committee Chair, Oatly Group AB (plant-based drink company) (since 2021); Director, Audit Committee Chair and Compensation Committee Member, Green Mountain Power Corporation (since 2016); Director, Treasurer and Finance & Audit Committee Chair, Flynn Center for Performing Arts (since 2016); Director and Audit Committee Chair, Planet Fitness (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003-retired 2015). Trustee of various trusts within the John Hancock Fund Complex (since 2020). | &nbsp;&nbsp;&nbsp;Director, Audit Committee Chair, Oatly Group AB (plant-based drink company) (since 2021); Director, Audit Committee Chair and Compensation Committee Member, Green Mountain Power Corporation (since 2016); Director, Treasurer and Finance & Audit Committee Chair, Flynn Center for Performing Arts (since 2016); Director and Audit Committee Chair, Planet Fitness (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003-retired 2015). Trustee of various trusts within the John Hancock Fund Complex (since 2020). | &nbsp;&nbsp;&nbsp;Director, Audit Committee Chair, Oatly Group AB (plant-based drink company) (since 2021); Director, Audit Committee Chair and Compensation Committee Member, Green Mountain Power Corporation (since 2016); Director, Treasurer and Finance & Audit Committee Chair, Flynn Center for Performing Arts (since 2016); Director and Audit Committee Chair, Planet Fitness (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003-retired 2015). Trustee of various trusts within the John Hancock Fund Complex (since 2020). |
| &nbsp;&nbsp;&nbsp;&nbsp;**Gregory A. Russo, Born: 1949** | &nbsp;&nbsp;&nbsp;**2011** | &nbsp;&nbsp;&nbsp;**183** |
| &nbsp;&nbsp;&nbsp;*Trustee* |  |  |
| &nbsp;&nbsp;&nbsp;Director and Audit Committee Chairman (2012-2020), and Member, Audit Committee and Finance Committee (2011-2020), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Director and Member (2012-2018), and Finance Committee Chairman (2014-2018), The Moorings, Inc. (nonprofit continuing care community); Global Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial Markets, KPMG (1998–2002). Trustee of various trusts within the John Hancock Fund Complex (since 2008). | &nbsp;&nbsp;&nbsp;Director and Audit Committee Chairman (2012-2020), and Member, Audit Committee and Finance Committee (2011-2020), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Director and Member (2012-2018), and Finance Committee Chairman (2014-2018), The Moorings, Inc. (nonprofit continuing care community); Global Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial Markets, KPMG (1998–2002). Trustee of various trusts within the John Hancock Fund Complex (since 2008). | &nbsp;&nbsp;&nbsp;Director and Audit Committee Chairman (2012-2020), and Member, Audit Committee and Finance Committee (2011-2020), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Director and Member (2012-2018), and Finance Committee Chairman (2014-2018), The Moorings, Inc. (nonprofit continuing care community); Global Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial Markets, KPMG (1998–2002). Trustee of various trusts within the John Hancock Fund Complex (since 2008). |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Non-Independent Trustees<sup>3</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Name, year of birth<br> Position(s) held with fund<br> Principal occupation(s) and other<br> directorships during past 5 years** | &nbsp;&nbsp;&nbsp;**Trustee<br> of the<br> Trust<br> since<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Number of John<br> Hancock funds<br> overseen by<br> Trustee** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Andrew G. Arnott, Born: 1971** | &nbsp;&nbsp;&nbsp;**2017** | &nbsp;&nbsp;&nbsp;**184** |
| &nbsp;&nbsp;&nbsp;*President and Non-Independent Trustee* |  |  |
| &nbsp;&nbsp;&nbsp;Global Head of Retail for Manulife (since 2022); Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2018); Director and Executive Vice President, John Hancock Investment Management LLC (since 2005, including prior positions); Director and Executive Vice President, John Hancock Variable Trust Advisers LLC (since 2006, including prior positions); President, John Hancock Investment Management Distributors LLC (since 2004, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017). | &nbsp;&nbsp;&nbsp;Global Head of Retail for Manulife (since 2022); Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2018); Director and Executive Vice President, John Hancock Investment Management LLC (since 2005, including prior positions); Director and Executive Vice President, John Hancock Variable Trust Advisers LLC (since 2006, including prior positions); President, John Hancock Investment Management Distributors LLC (since 2004, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017). | &nbsp;&nbsp;&nbsp;Global Head of Retail for Manulife (since 2022); Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2018); Director and Executive Vice President, John Hancock Investment Management LLC (since 2005, including prior positions); Director and Executive Vice President, John Hancock Variable Trust Advisers LLC (since 2006, including prior positions); President, John Hancock Investment Management Distributors LLC (since 2004, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017). |
| &nbsp;&nbsp;&nbsp;&nbsp;**Marianne Harrison, Born: 1963** | &nbsp;&nbsp;&nbsp;**2018** | &nbsp;&nbsp;&nbsp;**183** |
| &nbsp;&nbsp;&nbsp;*Non-Independent Trustee* |  |  |
| &nbsp;&nbsp;&nbsp;President and CEO, John Hancock (since 2017); President and CEO, Manulife Canadian Division (2013–2017); Member, Board of Directors, Boston Medical Center (since 2021); Member, Board of Directors, CAE Inc. (since 2019); Member, Board of Directors, MA Competitive Partnership Board (since 2018); Member, Board of Directors, American Council of Life Insurers (ACLI) (since 2018); Member, Board of Directors, Communitech, an industry-led innovation center that fosters technology companies in Canada (2017-2019); Member, Board of Directors, Manulife Assurance Canada (2015-2017); Board Member, St. Mary's General Hospital Foundation (2014-2017); Member, Board of Directors, Manulife Bank of Canada (2013-2017); Member, Standing Committee of the Canadian Life & Health Assurance Association (2013-2017); Member, Board of Directors, John Hancock USA, John Hancock Life & Health, John Hancock New York (2012–2013 and since 2017). Trustee of various trusts within the John Hancock Fund Complex (since 2018). | &nbsp;&nbsp;&nbsp;President and CEO, John Hancock (since 2017); President and CEO, Manulife Canadian Division (2013–2017); Member, Board of Directors, Boston Medical Center (since 2021); Member, Board of Directors, CAE Inc. (since 2019); Member, Board of Directors, MA Competitive Partnership Board (since 2018); Member, Board of Directors, American Council of Life Insurers (ACLI) (since 2018); Member, Board of Directors, Communitech, an industry-led innovation center that fosters technology companies in Canada (2017-2019); Member, Board of Directors, Manulife Assurance Canada (2015-2017); Board Member, St. Mary's General Hospital Foundation (2014-2017); Member, Board of Directors, Manulife Bank of Canada (2013-2017); Member, Standing Committee of the Canadian Life & Health Assurance Association (2013-2017); Member, Board of Directors, John Hancock USA, John Hancock Life & Health, John Hancock New York (2012–2013 and since 2017). Trustee of various trusts within the John Hancock Fund Complex (since 2018). | &nbsp;&nbsp;&nbsp;President and CEO, John Hancock (since 2017); President and CEO, Manulife Canadian Division (2013–2017); Member, Board of Directors, Boston Medical Center (since 2021); Member, Board of Directors, CAE Inc. (since 2019); Member, Board of Directors, MA Competitive Partnership Board (since 2018); Member, Board of Directors, American Council of Life Insurers (ACLI) (since 2018); Member, Board of Directors, Communitech, an industry-led innovation center that fosters technology companies in Canada (2017-2019); Member, Board of Directors, Manulife Assurance Canada (2015-2017); Board Member, St. Mary's General Hospital Foundation (2014-2017); Member, Board of Directors, Manulife Bank of Canada (2013-2017); Member, Standing Committee of the Canadian Life & Health Assurance Association (2013-2017); Member, Board of Directors, John Hancock USA, John Hancock Life & Health, John Hancock New York (2012–2013 and since 2017). Trustee of various trusts within the John Hancock Fund Complex (since 2018). |
| &nbsp;&nbsp;&nbsp;&nbsp;**Paul Lorentz,<sup>†</sup> Born: 1968** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**183** |
| &nbsp;&nbsp;&nbsp;*Non-Independent Trustee* |  |  |
| &nbsp;&nbsp;&nbsp;Global Head, Manulife Wealth and Asset Management (since 2017); General Manager, Manulife, Individual Wealth Management and Insurance (2013–2017); President, Manulife Investments (2010–2016). Trustee of various trusts within the John Hancock Fund Complex (since 2022). | &nbsp;&nbsp;&nbsp;Global Head, Manulife Wealth and Asset Management (since 2017); General Manager, Manulife, Individual Wealth Management and Insurance (2013–2017); President, Manulife Investments (2010–2016). Trustee of various trusts within the John Hancock Fund Complex (since 2022). | &nbsp;&nbsp;&nbsp;Global Head, Manulife Wealth and Asset Management (since 2017); General Manager, Manulife, Individual Wealth Management and Insurance (2013–2017); President, Manulife Investments (2010–2016). Trustee of various trusts within the John Hancock Fund Complex (since 2022). |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Principal officers who are not Trustees** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Name, year of birth<br> Position(s) held with fund<br> Principal occupation(s)<br> during past 5 years** | &nbsp;&nbsp;&nbsp;**Current<br> Position(s)<br> with the<br> Trust<br> since** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Charles A. Rizzo, Born: 1957** | &nbsp;&nbsp;&nbsp;**2011** |
| &nbsp;&nbsp;&nbsp;*Chief Financial Officer* |  |
| &nbsp;&nbsp;&nbsp;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). | &nbsp;&nbsp;&nbsp;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). |
| &nbsp;&nbsp;&nbsp;&nbsp;**Salvatore Schiavone, Born: 1965** | &nbsp;&nbsp;&nbsp;**2011** |
| &nbsp;&nbsp;&nbsp;*Treasurer* |  |
| &nbsp;&nbsp;&nbsp;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). | &nbsp;&nbsp;&nbsp;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). |

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47 JOHN HANCOCK HEDGED EQUITY & INCOME FUND \| ANNUAL REPORT

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Principal officers who are not Trustees (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Name, year of birth<br> Position(s) held with fund<br> Principal occupation(s)<br> during past 5 years** | &nbsp;&nbsp;&nbsp;**Current<br> Position(s)<br> with the<br> Trust<br> since** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Christopher (Kit) Sechler, Born: 1973** | &nbsp;&nbsp;&nbsp;**2018** |
| &nbsp;&nbsp;&nbsp;*Secretary and Chief Legal Officer* |  |
| &nbsp;&nbsp;&nbsp;Vice President and Deputy Chief Counsel, John Hancock Investment Management (since 2015); Assistant Vice President and Senior Counsel (2009–2015), John Hancock Investment Management; Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009); Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2009, including prior positions). | &nbsp;&nbsp;&nbsp;Vice President and Deputy Chief Counsel, John Hancock Investment Management (since 2015); Assistant Vice President and Senior Counsel (2009–2015), John Hancock Investment Management; Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009); Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2009, including prior positions). |
| &nbsp;&nbsp;&nbsp;&nbsp;**Trevor Swanberg, Born: 1979** | &nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;*Chief Compliance Officer* |  |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019–2020); Assistant Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2016–2019); Vice President, State Street Global Advisors (2015–2016); Chief Compliance Officer of various trusts within the John Hancock Fund Complex (since 2016, including prior positions). | &nbsp;&nbsp;&nbsp;Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019–2020); Assistant Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2016–2019); Vice President, State Street Global Advisors (2015–2016); Chief Compliance Officer of various trusts within the John Hancock Fund Complex (since 2016, including prior positions). |

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The business address for all Trustees and Officers is 200 Berkeley Street, Boston, Massachusetts 02116-5023.

The Fund does not make available copies of its Statement of Additional Information because the Fund's shares are not continuously offered and the Statement of Additional Information has not been updated since the Fund's last public offering, therefore the information contained in the Statement of Additional Information may be outdated.

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| | |
|:---|:---|
| <sup>1</sup> | Mr. Boyle, Dr. Cunningham, Ms. Fey, Dr. McClellan and Mr. Russo serve as Trustees for a term expiring in 2023; Ms. Harrison and Ms. Rathke serve as Trustees for a term expiring in 2024; Mr. Arnott, Ms. Jackson and Mr. Pruchansky serve as Trustees for a term expiring in 2025; Ms. Ellison, Mr. Garfield, Ms. Lizarraga, and Mr. Lorentz will stand for election in 2023. Mr. Boyle has served as Trustee at various times prior to the date listed in the table. |
| <sup>2</sup> | Member of the Audit Committee. |
| <sup>3</sup> | The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain of its affiliates. |
| <sup>\*</sup> | Appointed to serve as Independent Trustee effective as of September 20, 2022. |
| <sup>†</sup> | Appointed to serve as Non-Independent Trustee effective as of September 20, 2022. |

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ANNUAL REPORT \| JOHN HANCOCK HEDGED EQUITY & INCOME FUND 48

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[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

More information

#### Trustees
Hassell H. McClellan, *Chairperson* Steven R. Pruchansky, *Vice Chairperson* Andrew G. Arnott<sup>†</sup>

James R. Boyle

William H. Cunningham<sup>\*</sup>

Noni L. Ellison

<sup>^</sup>Grace K. Fey

Dean C. Garfield<sup>^</sup>

Marianne Harrison<sup>†</sup>

Deborah C. Jackson

Patricia Lizarraga<sup>\*,^</sup>

Paul Lorentz<sup>‡</sup>

Frances G. Rathke<sup>\*</sup>

Gregory A. Russo

#### Officers
Andrew G. Arnott

*President*

Charles A. Rizzo

*Chief Financial Officer*

Salvatore Schiavone

*Treasurer*

Christopher (Kit) Sechler

*Secretary and Chief Legal Officer*

Trevor Swanberg

*Chief Compliance Officer*

#### Investment advisor
John Hancock Investment Management LLC

#### Subadvisor
Wellington Management Company LLP

#### Portfolio Managers
Robert J. Isch, CFA

Gregg R. Thomas, CFA

#### Custodian
State Street Bank and Trust Company

#### Transfer agent
Computershare Shareowner Services, LLC

#### Legal counsel
K&L Gates LLP

#### Independent registered public accounting firm
PricewaterhouseCoopers LLP

#### Stock symbol
Listed New York Stock Exchange: HEQ

<sup>†</sup> Non-Independent Trustee

\* Member of the Audit Committee

^ Appointed to serve as Independent Trustee effective as of September 20, 2022.

‡ Appointed to serve as Non-Independent Trustee effective as of September 20, 2022.

The fund's proxy voting policies and procedures, as well as the fund proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) website at sec.gov or on our website.

All of the fund's holdings as of the end of the third month of every fiscal quarter are filed with the SEC on Form N-PORT within 60 days of the end of the fiscal quarter. The fund's Form N-PORT filings are available on our website and the SEC's website, sec.gov.

We make this information on your fund, as well as **monthly portfolio holdings**, and other fund details available on our website at jhinvestments.com or by calling 800-852-0218.

The report is certified under the Sarbanes-Oxley Act, which requires closed-end funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;You can also contact us: |  |  |
| &nbsp;&nbsp;**800-852-0218** | &nbsp;&nbsp;**Regular mail:** | &nbsp;&nbsp;**Express mail:** |
| &nbsp;&nbsp;**jhinvestments.com** | &nbsp;&nbsp;Computershare<br> P.O. Box 43006<br> Providence, RI 02940-3078 | &nbsp;&nbsp;Computershare<br> 150 Royall St., Suite 101<br> Canton, MA 02021 |

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49 JOHN HANCOCK HEDGED EQUITY & INCOME FUND \| ANNUAL REPORT

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[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

John Hancock family of funds

#### U.S. EQUITY FUNDS

------

Blue Chip Growth

Classic Value

Disciplined Value

Disciplined Value Mid Cap

Equity Income

Financial Industries

Fundamental All Cap Core

Fundamental Large Cap Core

Mid Cap Growth

New Opportunities

Regional Bank

Small Cap Core

Small Cap Growth

Small Cap Value

U.S. Global Leaders Growth

U.S. Growth

#### INTERNATIONAL EQUITY FUNDS

------

Disciplined Value International

Emerging Markets

Emerging Markets Equity

Fundamental Global Franchise

Global Environmental Opportunities

Global Equity

Global Shareholder Yield

Global Thematic Opportunities

International Dynamic Growth

International Growth

International Small Company

#### FIXED-INCOME FUNDS

------

Bond

California Municipal Bond

Emerging Markets Debt

Floating Rate Income

Government Income

High Yield

High Yield Municipal Bond

Income

Investment Grade Bond

Money Market

Municipal Opportunities

Opportunistic Fixed Income

Short Duration Bond

Short Duration Municipal Opportunities

Strategic Income Opportunities

#### ALTERNATIVE FUNDS

------

Alternative Asset Allocation

Diversified Macro

Infrastructure

Multi-Asset Absolute Return

Real Estate Securities

Seaport Long/Short

**The fund's investment objectives, risks, charges, and expenses are included in the prospectus and should be considered carefully before investing. For a prospectus, contact your financial professional, call John Hancock Investment Management at 800-852-0218, or visit the fund's website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.**

#### The John Hancock funds are distributed by John Hancock Investment Management Distributors LLC. Member FINRA SIPC.

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[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

#### EXCHANGE-TRADED FUNDS

------

John Hancock Corporate Bond ETF

John Hancock International High Dividend ETF

John Hancock Mortgage-Backed Securities ETF

John Hancock Multifactor Developed International ETF

John Hancock Multifactor Emerging Markets ETF

John Hancock Multifactor Large Cap ETF

John Hancock Multifactor Mid Cap ETF

John Hancock Multifactor Small Cap ETF

John Hancock Preferred Income ETF

John Hancock U.S. High Dividend ETF

#### ENVIRONMENTAL,SOCIAL, AND GOVERNANCE FUNDS

------

ESG Core Bond

ESG International Equity

ESG Large Cap Core

#### ASSET ALLOCATION/TARGET DATE FUNDS

------

Balanced

Multi-Asset High Income

Multi-Index Lifetime Portfolios

Multi-Index Preservation Portfolios

Multimanager Lifestyle Portfolios

Multimanager Lifetime Portfolios

#### CLOSED-END FUNDS

------

Asset-Based Lending

Financial Opportunities

Hedged Equity & Income

Income Securities Trust

Investors Trust

Preferred Income

Preferred Income II

Preferred Income III

Premium Dividend

Tax-Advantaged Dividend Income

Tax-Advantaged Global Shareholder Yield

*John Hancock ETF shares are bought and sold at market price (not NAV), and are not individually redeemed from the fund. Brokerage commissions will reduce returns.*

*John Hancock ETFs are distributed by Foreside Fund Services, LLC, and are subadvised by Manulife Investment Management (US) LLC or Dimensional Fund Advisors LP. Foreside is not affiliated with John Hancock Investment Management Distributors LLC, Manulife Investment Management (US) LLC or Dimensional Fund Advisors LP.*

*Dimensional Fund Advisors LP receives compensation from John Hancock in connection with licensing rights to the John Hancock Dimensional indexes. Dimensional Fund Advisors LP does not sponsor, endorse, or sell, and makes no representation as to the advisability of investing in, John Hancock Multifactor ETFs.*

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[**Table of Contents**](#JOB_Hedge_552fad93-783b-475a-90d3-c3c668ade409_TofC)

A *trusted* brand

John Hancock Investment Management is a premier asset manager

with a heritage of financial stewardship dating back to 1862. Helping

our shareholders pursue their financial goals is at the core of everything

we do. It's why we support the role of professional financial advice

and operate with the highest standards of conduct and integrity.

A *better way* to invest

We serve investors globally through a unique multimanager approach:

We search the world to find proven portfolio teams with specialized

expertise for every strategy we offer, then we apply robust investment

oversight to ensure they continue to meet our uncompromising

standards and serve the best interests of our shareholders.

*Results for investors*

Our unique approach to asset management enables us to provide

a diverse set of investments backed by some of the world's best

managers, along with strong risk-adjusted returns across asset classes.

"A trusted brand" is based on a survey of 6,651 respondents conducted by Medallia between 3/18/20 and 5/13/20.

![](img115846b62.gif)

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

Manulife Investment Management, the Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by its affiliates under license.

![](imgebf4560a3.gif)

MF2674461 P15A 12/22

2/2023

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ITEM 2. CODE OF ETHICS.

As of the end of the period, December 31, 2022, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Chief Executive Officer, Chief Financial Officer and Treasurer (respectively, the principal executive officer, the principal financial officer and the principal accounting officer, the "Covered Officers"). A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Frances G. Rathke is the audit committee financial expert, effective March 25, 2022, and is "independent", pursuant to general instructions on Form N-CSR Item 3

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees

The aggregate fees billed for professional services rendered by the principal accountant(s) for John Hancock Hedged Equity & Income Fund for the audit of the registrant's annual financial statements or services that are normally provided by the accountant(s) in connection with statutory and regulatory filings or engagements amounted to $51,788 for the year ended December 31, 2022 and $49,154 for the year ended December 31, 2021. These fees were billed to the registrant and were approved by the registrant's audit committee.

(b) Audit-Related Services

The aggregate fees for John Hancock Hedged Equity & Income Fund for audit-related

fees amounted to $5 for the fiscal year ended December 31, 2022 and $212 for the fiscal year ended December 31, 2021. These fees were billed to the registrant or to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant ("control affiliates"). The nature of the services provided was related to software licensing fee and internal controls reviews.

(c) Tax Fees

The aggregate fees billed for John Hancock Hedged Equity & Income Fund for professional services rendered by the principal accountant(s) for the tax compliance, tax advice and tax planning ("tax fees") amounted to $4,192 for the fiscal year ended December 31, 2022 and $3,992 for the fiscal year ended December 31, 2021. The nature of the services comprising the tax fees was the review of the registrant's tax returns and tax distribution requirements. These fees were billed to the registrant and were approved by the registrant's audit committee.

(d) All Other Fees

The all other fees for John Hancock Hedged Equity & Income Fund billed to the registrant or control affiliates for products and services provided by the principal accountant were $163 for the year ended December 31, 2022 and $289 and for the year ended December 31, 2021. The nature of the services comprising all other fees is advisory services provided to the investment manager. These fees were approved by the registrant's audit committee.

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

The trust's Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm (the "Auditor") relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The trust's Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of audit-related and non-audit services by the Auditor. The policies and procedures require that any audit-related and non-audit service provided by the Auditor and any non-audit service provided by the Auditor to a fund service provider that relates directly to the operations and financial reporting of a fund are subject to approval by the Audit Committee before such service is provided. Audit-related services provided by the Auditor that are expected to exceed $25,000 per instance/per fund are subject to specific pre-approval by the Audit Committee. Tax services provided by the Auditor that are expected to exceed $30,000 per instance/per fund are subject to specific pre-approval by the Audit Committee.

All audit services, as well as the audit-related and non-audit services that are expected to exceed the amounts stated above, must be approved in advance of provision of the service by formal resolution of the Audit Committee. At the regularly scheduled Audit Committee meetings, the Committee reviews a report summarizing the services, including fees, provided by the Auditor.

(e)(2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X: Audit-Related Fees, Tax Fees and All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

(f)According to the registrant's principal accountant, for the fiscal period ended December 31, 2022, the percentage of hours spent on the audit of the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons who were not full-time, permanent employees of principal accountant was less than 50%.

(g)The aggregate non-audit fees billed by the registrant's accountant(s) for services rendered to the registrant and rendered to the registrant's control affiliates of the registrant were $1,328,471 for the year ended December 31, 2022 and $1,166,225 for the year ended December 31, 2021.

(h)The audit committee of the registrant has considered the non-audit services provided by the registrant's principal accountant(s) to the control affiliates and has determined that the services that were not pre-approved are compatible with maintaining the principal accountant(s)' independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant has a separately-designated standing audit committee comprised of independent trustees. The members of the audit committee are as follows:

Frances G. Rathke – Chairperson, effective March 25, 2022 Peter S. Burgess - retired effective December 31, 2022. William H. Cunningham

Patricia Lizarraga, effective September 20, 2022

ITEM 6. SCHEDULE OF INVESTMENTS.

(a)Not applicable.

(b)Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED END MANAGEMENT INVESTMENT COMPANIES.

See attached exhibit "Proxy Voting Policies and Procedures".

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Information about the Wellington Management Company LLP ("Wellington Management") portfolio managers

Management Biographies

Below is a list of the portfolio managers who share joint responsibility for the day-to-day investment management of the Fund. It provides a brief summary of their business careers over the past five years. The information provided is as of the filing date of this N-CSR.

Gregg R. Thomas, CFA

Senior Managing Director and Director of Investment Strategy,

Wellington Management Company LLP since 2002

On Fund team since its inception (2011)

Roberto J. Isch, CFA

Senior Managing Director and Portfolio Manager,

Wellington Management Company LLP since 2012

Joined Fund team in 2019

Other Accounts the Portfolio Managers are Managing

The table below indicates for each portfolio manager information about the accounts over which the portfolio manager has day-to-day investment responsibility. All information on the number of accounts and total assets in the table is as of December 31, 2022. For purposes of the table, "Other Pooled Investment Vehicles" may include investment partnerships and group trusts, and "Other Accounts" may include separate accounts for institutions or individuals, insurance company general or separate accounts, pension funds and other similar institutional accounts.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; PORTFOLIO | &nbsp;&nbsp;&nbsp;&nbsp; Registered Investment | &nbsp;&nbsp;&nbsp;&nbsp; Registered Investment | &nbsp;&nbsp;&nbsp; Other Pooled Investment | &nbsp;&nbsp;&nbsp; Other Pooled Investment |  |  |
| MANAGER | &nbsp;&nbsp;&nbsp;&nbsp; Registered Investment | &nbsp;&nbsp;&nbsp;&nbsp; Registered Investment | &nbsp;&nbsp;&nbsp; Other Pooled Investment | &nbsp;&nbsp;&nbsp; Other Pooled Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accounts |
| MANAGER | Companies | Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vehicles |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accounts |
| NAME | Companies | Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vehicles |  |  |  |
| NAME |  |  |  |  |  |  |
|  | Number of | Total | &nbsp;&nbsp; Number of | Total | Number of | Total |
|  | Number of | Assets | &nbsp;&nbsp; Number of | Assets | Number of | Assets |
|  | Accounts | Assets | &nbsp;&nbsp;&nbsp;&nbsp; Accounts | Assets | Accounts | Assets |
|  | Accounts | $Million | &nbsp;&nbsp;&nbsp;&nbsp; Accounts | $Million | Accounts | $Million |
|  |  | $Million |  | $Million |  | $Million |
| &nbsp;&nbsp; Gregg R. | 8 | 11876 | 10 | 1461 | 6 | 3063 |
| &nbsp;&nbsp; Thomas, | 0\* | 0\* | 0\* | 0\* | 0\* | 0\* |
| &nbsp;&nbsp; CFA | 0\* | 0\* | 0\* | 0\* | 0\* | 0\* |
| &nbsp;&nbsp; Roberto J. | 4 | 2042 | 13 | 4515 | 3 | 1414 |
| &nbsp;&nbsp; Isch, CFA | 0\* | 0\* | 8\* | 3,051\* | 0\* | 0\* |

---

Note: (\*) represents the number and value of accounts, within the total accounts that are subject to a performance-based advisory fee.

Conflicts of Interest. Individual investment professionals at Wellington Management manage multiple accounts for multiple clients. These accounts may include mutual funds, separate accounts (assets managed on behalf of institutions, such as pension funds, insurance companies, foundations, or separately managed account programs sponsored by financial intermediaries), bank common trust accounts, and hedge funds. The Fund's managers listed in

the prospectus who are primarily responsible for the day-to-day management of the Fund ("Investment Professionals") generally manage accounts in several different investment styles. These accounts may have investment objectives, strategies, time horizons, tax considerations and risk profiles that differ from those of the Fund. The Investment Professionals make investment decisions for each account, including the Fund, based on the investment objectives, policies, practices, benchmarks, cash flows, tax and other relevant investment considerations applicable to that account. Consequently, Investment Professionals may purchase or sell securities, including IPOs, for one account and not another account, and the performance of securities purchased for one account may vary from the performance of securities purchased for other accounts. Alternatively, these accounts may be managed in a similar fashion to the Fund and thus the accounts may have similar, and in some cases nearly identical, objectives, strategies and/or holdings to that of the Fund.

Wellington Management's goal is to meet its fiduciary obligation to treat all clients fairly and provide high quality investment services to all of its clients. Wellington Management has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, which it believes address the conflicts associated with

managing multiple accounts for multiple clients. In addition, Wellington Management monitors a variety of areas, including compliance with primary account guidelines, the allocation of IPOs, and compliance with the firm's Code of Ethics, and places additional investment restrictions on investment professionals who manage hedge funds and certain other accounts. Furthermore, senior investment and business personnel at Wellington Management periodically review the performance of Wellington Management's investment professionals. Although Wellington Management does not track the time an investment professional spends on a single account, Wellington Management does periodically assess whether an investment professional has adequate time and resources to effectively manage the investment professional's various client mandates.

Compensation. Wellington Management receives a fee based on the assets under management of the Fund as set forth in the Subadvisory Agreement between Wellington Management and the Adviser on behalf of the Fund. Wellington Management pays its investment professionals out of its total revenues, including the advisory fees earned with respect to the Fund. The following information relates to the fiscal year ended December 31, 2021. Wellington Management's compensation structure is designed to attract and retain high-caliber investment professional's necessary to deliver high quality investment management services to its clients. Wellington Management's compensation of the Fund's manager listed in the Prospectus who is primarily responsible for the day-to-day management of the Fund (the "Investment Professional") includes a base salary. The base salary for each Investment Professional who is a partner (a "Partner") of Wellington Management Group LLP, the ultimate holding company of Wellington Management, is generally a fixed amount that is determined by the managing partners of Wellington Management Group LLP. The base salary for the other Investment Professional is determined by the Investment Professional's experience and performance in his role as an Investment Professional. Base salaries for Wellington Management's employees are reviewed annually and may be adjusted based on the recommendation of an Investment Professional's manager, using guidelines established by Wellington Management's Compensation Committee, which has final oversight responsibility for base salaries of employees of the firm. The Investment Professionals may also be eligible for bonus payments based on their overall contribution to Wellington Management's business operations. Senior management at Wellington Management may reward individuals as it deems appropriate based on other factors. Each Partner is eligible to participate in a Partner-funded tax qualified retirement plan, the contributions to which are made pursuant to an actuarial formula. Messrs. Thomas and Isch are Partners.

Each Portfolio Manager's incentive payment relating to the Hedged Equity & Income Fund Fund is linked to the gross pre-tax performance of the Fund managed by the Portfolio Managers compared to the benchmark index and/or peer group identified below over one, three and five year periods, with an emphasis on five year results. Wellington Management applies similar incentive compensation structures (although the benchmarks or peer groups, time periods and rates may differ) to other accounts managed by these Portfolio Managers, including accounts with performance fees.

Share Ownership by Portfolio Managers. The following table indicates as of December 31, 2022, the value of shares beneficially owned by the portfolio managers in the Fund.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Range of** |
| &nbsp;&nbsp; **Portfolio Manager** | **Beneficial** |
| &nbsp;&nbsp; **Portfolio Manager** | **Ownership** |
| &nbsp;&nbsp; Gregg R. Thomas, CFA | none |
| &nbsp;&nbsp; Gregg R. Thomas, CFA |  |
| &nbsp;&nbsp; Roberto J. Isch, CFA | none |
| &nbsp;&nbsp; Roberto J. Isch, CFA |  |

---

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) Not applicable.

(b) **REGISTRANT PURCHASES OF EQUITY SECURITIES**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Period** | <br>**Total**<br>**Number of Shares**<br>**Purchased** | <br>**Average**<br>**Price per**<br>**Share** | <br>**Total Number of**<br>**Shares Purchased**<br>**as Part of Publicly**<br>**Announced Plans\*** | **Maximum**<br>**Number of**<br>**Shares that May**<br>**Yet Be**<br>**Purchased**<br>**Under the Plans** |
| Jan 22 | - | - | - | 1222381 |
| Feb 22 | - | - | - | 1222381 |
| Feb 22 | - | - | - | 1222381 |
| Mar 22 | - | - | - | 1222381 |
| Mar 22 | - | - | - | 1222381 |
| Apr 22 | - | - | - | 1222381 |
| Apr 22 | - | - | - | 1222381 |
| May 22 | - | - | - | 1222381 |
| May 22 | - | - | - | 1222381 |
| Jun 22 | - | - | - | 1222381 |
| Jun 22 | - | - | - | 1222381 |
| Jul 22 | - | - | - | 1222381 |
| Jul 22 | - | - | - | 1222381 |
| Aug 22 | - | - | - | 1222381 |
| Aug 22 | - | - | - | 1222381 |
| Sep 22 | - | - | - | 1222381 |
| Sep 22 | - | - | - | 1222381 |
| Oct 22 | - | - | - | 1222381 |
| Oct 22 | - | - | - | 1222381 |
| Nov 22 | - | - | - | 1222381 |
| Nov 22 | - | - | - | 1222381 |
| Dec 22 | - | - | - | 1222381 |
| Total | - | - | - |  |
| Total | - | - |  |  |
|  | - | - |  |  |

---

\*On December 6, 2011, the Board of Trustees approved a share repurchase plan which was subsequently reviewed and approved by the Board of Trustees each year in December. Under the current share repurchase plan, the Fund may purchase in the open market up to 10% of its outstanding common shares as of December 31, 2022 (shares that may yet be purchased under the current plan are 1,223,109 shares). The current plan is in effect between January 1, 2023 and December 31, 2023.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

(a)The registrant has adopted procedures by which shareholders may recommend nominees to the registrant's Board of Trustees. A copy of the procedures is filed as an exhibit to this Form N-CSR. See attached "John Hancock Funds – Nominating and Governance Committee Charter".

ITEM 11. CONTROLS AND PROCEDURES.

(a)Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-CSR, the registrant's principal executive officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b)There were no changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

[(a)(1) Code of Ethics for Covered Officers is attached.](f24235d2.htm)

[(a)(2) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](f24235d3.htm)

[(b)Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.](f24235d4.htm)

[(c)(1) Proxy Voting Policies and Procedures are attached.](f24235d5.htm)

[(c)(2) Submission of Matters to a Vote of Security Holders is attached. See attached "John Hancock Funds - Governance Committee Charter".](f24235d6.htm)

[(c)(3) Registrant's notice to shareholders pursuant to Registrant's exemptive order granting an exemption from Section 19(b) of the Investment Company Act of 1940, as amended and Rule 19b-1 thereunder regarding distributions made pursuant to the Registrant's Managed Distribution Plan.](f24235d7.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

John Hancock Hedged Equity & Income Fund

---

| | |
|:---|:---|
| By: | &nbsp;&nbsp; /s/ Andrew Arnott |
|  | &nbsp;&nbsp; ------------------------------ |
|  | &nbsp;&nbsp; Andrew Arnott |
|  | &nbsp;&nbsp; President |
| Date: | &nbsp;&nbsp; February 10, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | &nbsp;&nbsp; /s/ Andrew Arnott |
|  | &nbsp;&nbsp; ------------------------------- |
|  | &nbsp;&nbsp; Andrew Arnott |
|  | &nbsp;&nbsp; President |
| Date: | February 10, 2023 |
| By: | &nbsp;&nbsp; /s/ Charles A. Rizzo |
|  | &nbsp;&nbsp; -------------------------------- |
|  | &nbsp;&nbsp; Charles A. Rizzo |
|  | &nbsp;&nbsp; Chief Financial Officer |
| Date: | &nbsp;&nbsp; February 10, 2023 |

---

------

## Ex-99.(A)(1)

![](g4ghupqfsdfhto4jqikdl.jpg)

**JOHN HANCOCK VARIABLE INSURANCE TRUST**

**JOHN HANCOCK FUNDS**

**JOHN HANCOCK FUNDS II**

**JOHN HANCOCK EXCHANGE-TRADED FUND TRUST**

**<u><u>S</u>ARBANES<u>-O</u>XLEY <u>C</u>ODE OF <u>E</u>THICS</u>**

**<u>FOR</u>**

**<u><u>P</u>RINCIPAL <u>E</u>XECUTIVE<u>, P</u>RINCIPAL <u>F</u>INANCIAL <u>O</u>FFICER <u>& T</u>REASURER</u>**

**I.Covered Officers/Purpose of the Code**

This code of ethics (this "Code") for John Hancock Variable Insurance Trust, John Hancock Funds[<sup>1</sup>](#page_1), and John Hancock Funds II, John Hancock Exchange-Traded Fund Trust and, each a registered management investment company under the Investment Company Act of 1940, as amended ("1940 Act"), which may issue shares in separate and distinct series (each investment company and series thereunder to be hereinafter referred to as a "Fund"), applies to each Fund's Principal Executive Officer ("President"), Principal Financial Officer ("Chief Financial Officer") and Treasurer ("Treasurer") (the "Covered Officers" as set forth in <u>Exhibit A</u>) for the purpose of promoting:

****honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

****full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Fund;

****compliance with applicable laws and governmental rules and regulations;

****the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

****accountability for adherence to the Code.

1John Hancock Funds includes the following trusts: John Hancock Financial Opportunities Fund; John Hancock Bond Trust; John Hancock California Tax-Free Income Fund; John Hancock Capital Series; John Hancock Funds III; John

Hancock Income Securities Trust; John Hancock Investment Trust; John Hancock Investment Trust II; John Hancock Investors Trust; John Hancock Municipal Securities Trust; John Hancock Premium Dividend Fund ; John Hancock Preferred Income Fund; John Hancock Preferred Income Fund II; John Hancock Preferred Income Fund III; John Hancock Sovereign Bond Fund; John Hancock Strategic Series; John Hancock Tax-Advantaged Dividend Income Fund; John Hancock Tax-Advantaged Global Shareholder Yield Fund; John Hancock Hedged Equity and Income Fund; and John Hancock Collateral Trust.

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Each of the Covered Officers should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest Overview**

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund. Certain conflicts of interest arise out of the relationships between the Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "Investment Company Act") and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. Each of the Covered Officers is an officer or employee of the investment adviser or a service provider ("Service Provider") to the Fund. The Fund's, the investment adviser's and the Service Provider's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the investment adviser and the Service Provider of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund, for the investment adviser or for the Service Provider), be involved in establishing policies and implementing decisions which will have different effects on the investment adviser, the Service Provider and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the investment adviser and the Service Provider and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if such participation is performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically. In addition, it is recognized by the Fund's Board of Trustees/Directors (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by other Codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but the Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.

\*\*\*

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Each Covered Officer must:

****not use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

****not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than for the benefit of the Fund; and

****not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

Additionally, conflicts of interest may arise in other situations, the propriety of which may be discussed, if material, with the Fund's Chief Compliance Officer ("CCO"). Examples of these include:

****serve as a director/trustee on the board of any public or private company;

****the receipt of any non-nominal gifts;

****the receipt of any entertainment from any company with which the Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety (or other formulation as the Fund already uses in another code of conduct);

****any ownership interest in, or any consulting or employment relationship with, any of the Fund's service providers, other than its investment adviser, any sub-adviser, principal underwriter, administrator or any affiliated person thereof; and

****a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.Disclosure & Compliance**

****Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Fund;

****Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's directors and auditors, and to governmental regulators and self- regulatory organizations;

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****Each Covered Officer should, to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Fund and the Fund's adviser or any sub-adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

****It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. Reporting & Accountability

Each Covered Officer must:

****upon adoption of the Code (or thereafter as applicable, upon becoming an Covered Officer), affirm in writing to the Fund's CCO that he/she has received, read, and understands the Code;

****annually thereafter affirm to the Fund's CCO that he/she has complied with the requirements of the Code;

****not retaliate against any employee or Covered Officer or their affiliated persons for reports of potential violations that are made in good faith;

****notify the Fund's CCO promptly if he/she knows of any violation of this Code (Note: failure to do so is itself a violation of this Code); and

****report at least annually any change in his/her affiliations from the prior year.

The Fund's CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Principal Executive Officer will be considered by the Fund's Board or the Compliance Committee thereof (the "Committee").

The Fund will follow these procedures in investigating and enforcing this Code:

****the Fund's CCO will take all appropriate action to investigate any potential violations reported to him/her;

****if, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take any further action;

****any matter that the CCO believes is a violation will be reported to the Board or, if applicable, Compliance Committee;

****if the Board or, if applicable, Compliance Committee concurs that a violation has occurred, the Board, either upon its determination of a violation or upon

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recommendation of the Compliance Committee, if applicable, will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Service Provider or the investment adviser or its board; or a recommendation to dismiss the Registrant's Executive Officer;

****the Board, or if applicable the Compliance Committee, will be responsible for granting waivers, as appropriate; and

****any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.Other Policies & Procedures**

This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, the Fund's adviser, any sub- adviser, principal underwriter or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund's and its investment adviser's codes of ethics under Rule 204A-1 under the Investment Advisers Act and Rule 17j-1 under the Investment Company Act, respectively, are separate requirements applying to the Covered Officers and others and are not part of this Code.

VI. Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Fund's Board, including a majority of independent directors.

VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund's Board and its counsel, the investment adviser and the relevant Service Providers.

VIII. Internal Use

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

5 of 6

**<u>Exhibit A</u>**

**Persons Covered by this Code of Ethics**

**(As of December 31, 2022)**

**John Hancock Variable Insurance Trust**

****Principal Executive Officer and President – Andrew Arnott

****Principal Financial Officer and Chief Financial Officer – Charles Rizzo

****Treasurer – Salvatore Schiavone

**John Hancock Funds**

****Principal Executive Officer and President – Andrew Arnott

****Principal Financial Officer and Chief Financial Officer – Charles Rizzo

****Treasurer – Salvatore Schiavone

**John Hancock Funds II**

****Principal Executive Officer and President – Andrew Arnott

****Principal Financial Officer and Chief Financial Officer – Charles Rizzo

****Treasurer – Salvatore Schiavone

**John Hancock Exchange-Traded Trust**

****Principal Executive Officer and President – Andrew Arnott

****Principal Financial Officer and Chief Financial Officer – Charles Rizzo

****Treasurer – Salvatore Schiavone

6 of 6

## Ex-99.(A)(2)

**<u>CERTIFICATION</u>**

I, Andrew Arnott, certify that:

1. I have reviewed this report on Form N-CSR of the John Hancock Hedged Equity & Income Fund (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting, and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>February 10, 2023</u> | <u>/s/ Andrew Arnott</u> |
|  | Andrew Arnott |
|  | President |

---

------

**<u>CERTIFICATION</u>**

I, Charles A. Rizzo, certify that:

1. I have reviewed this report on Form N-CSR of the John Hancock Hedged Equity & Income Fund (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting, and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>February 10, 2023</u> | <u>/s/ Charles A. Rizzo</u> |
|  | Charles A. Rizzo |
|  | Chief Financial Officer |

---

------

## Ex-99.(B)

**Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of**

**the Sarbanes-Oxley Act of 2002\***

In connection with the attached Report of John Hancock Hedged Equity & Income Fund (the "registrant") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the registrant does hereby certify that, to the best of such officer's knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report.

<u>/s/ Andrew Arnott</u> Andrew Arnott President

Dated: February 10, 2023

<u>/s/ Charles A. Rizzo</u> Charles A. Rizzo Chief Financial Officer

Dated: February 10, 2023

A signed original of this written statement, required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.

\*These certifications are being furnished solely pursuant to 18 U.S.C. Section 1350 and are not being filed as part of this Form N-CSR or as a separate disclosure document.

## Ex-99.(C)(1)

![](gsrx64uuafs89d0c4233u.jpg)

**WELLINGTON MANAGEMENT**

**GLOBAL PROXY POLICY AND PROCEDURES**

...........................................................................................................................................................................................................................................................

INTRODUCTION

Wellington Management has adopted and implemented policies and procedures that it believes are reasonably designed to ensure that proxies are voted in the best interests of clients for whom it exercises proxy-voting discretion.

Wellington Management's Proxy Voting Guidelines (the "Guidelines") set forth broad guidelines and positions on common proxy issues that Wellington Management uses in voting on proxies In addition, Wellington Management also considers each proposal in the context of the issuer, industry and country or countries in which the issuer's business is conducted. The Guidelines are not rigid rules and the merits of a particular proposal may cause Wellington Management to enter a vote that differs from the Guidelines. Wellington Management seeks to vote all proxies with the goal of increasing long-term client value and, while client investment strategies may differ, applying this common set of guidelines is consistent with the investment objective of achieving positive long- term investment performance for each client.

STATEMENT OF POLICY

Wellington Management:

1)Votes client proxies for which clients have affirmatively delegated proxy-voting authority, in writing, unless it has arranged in advance with the client to limit the circumstances in which it would exercise voting authority or determines that it is in the best interest of one or more clients to refrain from voting a givenproxy.

2)Votes all proxies in the best interests of the client for whom it is voting.

3)Identifies and resolves all material proxy-related conflicts of interest between the firm and its clients in the best interests of the client.

RESPONSIBILITY AND OVERSIGHT

The Investment Research Group ("Investment Research") monitors regulatory requirements with respect to proxy voting and works with the firm's Legal and Compliance Group and the Investment Stewardship Committee to develop practices that implement those requirements. Investment Research also acts as a resource for portfolio managers and research analysts on proxy matters as needed. Day-to-day administration of the proxy voting process is the responsibility of Investment Research. The Investment Stewardship Committee is responsible for oversight of the implementation of the Global Proxy Policy and Procedures, review and approval of the Guidelines, identification and resolution of conflicts of interest, and for providing advice and guidance on specific proxy votes for individual issuers. The Investment Stewardship Committee reviews the Global Proxy Policy and Procedures annually.

...........................................................................................................................................................................................................................................................

**WELLINGTON MANAGEMENT**

**GLOBAL PROXY POLICY AND PROCEDURES**

...........................................................................................................................................................................................................................................................

PROCEDURES

Use of Third-Party Voting Agent

Wellington Management uses the services of a third-party voting agent for research, voting recommendations, and to manage the administrative aspects of proxy voting. The voting agent processes proxies for client accounts, casts votes based on the Guidelines and maintains records of proxies voted. Wellington Management complements the research received by its primary voting agent with research from another voting agent.

Receipt of Proxy

If a client requests that Wellington Management votes proxies on its behalf, the client must instruct its custodian bank to deliver all relevant voting material to Wellington Management or its voting agent.

Reconciliation

Each public security proxy received by electronic means is matched to the securities eligible to be voted and a reminder is sent to any custodian or trustee that has not forwarded the proxies as due. This reconciliation is performed at the ballot level. Although proxies received for private securities, as well as those received in non- electronic format, are voted as received, Wellington Management is not able to reconcile these ballots, nor does it notify custodians of non-receipt.

Research

In addition to proprietary investment research undertaken by Wellington Management investment professionals, Investment Research conducts proxy research internally, and uses the resources of a number of external sources including third-party voting agents to keep abreast of developments in corporate governance and of current practices of specific companies.

Proxy Voting

Following the reconciliation process, each proxy is compared against the Guidelines, and handled as follows:

• Generally, issues for which explicit proxy voting guidance is provided in the Guidelines (i.e., "For", "Against", "Abstain") are voted in accordance with the Guidelines.

• Issues identified as "case-by-case" in the Guidelines are further reviewed by Investment Research. In certain circumstances, further input is needed, so the issues are forwarded to the relevant research analyst and/or portfolio manager(s) for their input.

• Absent a material conflict of interest, the portfolio manager has the authority to decide the final vote. Different portfolio managers holding the same securities may arrive at different voting conclusions for their clients' proxies.

Wellington Management reviews a subset of the voting record to ensure that proxies are voted in accordance with these Global Proxy Policy and Procedures and the Guidelines; and ensures that documentation and reports, for clients and for internal purposes, relating to the voting of proxies are promptly and properly prepared and disseminated.

Material Conflict of Interest Identification and Resolution Processes

Wellington Management's broadly diversified client base and functional lines of responsibility serve to minimize the number of, but not prevent, material conflicts of interest it faces in voting proxies. Annually, the Investment

...........................................................................................................................................................................................................................................................

**WELLINGTON MANAGEMENT**

**GLOBAL PROXY POLICY AND PROCEDURES**

...........................................................................................................................................................................................................................................................

Stewardship Committee sets standards for identifying material conflicts based on client, vendor, and lender relationships, and publishes those standards to individuals involved in the proxy voting process. In addition, the Investment Stewardship Committee encourages all personnel to contact Investment Research about apparent conflicts of interest, even if the apparent conflict does not meet the published materiality criteria. Apparent conflicts are reviewed by designated members of the Investment Stewardship Committee to determine if there is a conflict and if so whether the conflict is material.

If a proxy is identified as presenting a material conflict of interest, the matter must be reviewed by designated members of the Investment Stewardship Committee, who will resolve the conflict and direct the vote. In certain circumstances, the designated members may determine that the full Investment Stewardship Committee should convene.

OTHER CONSIDERATIONS

In certain instances, Wellington Management may be unable to vote or may determine not to vote a proxy on behalf of one or more clients. While not exhaustive, the following are potential instances in which a proxy vote might not be entered.

Securities Lending

In general, Wellington Management does not know when securities have been lent out pursuant to a client's securities lending program and are therefore unavailable to be voted. Efforts to recall loaned securities are not always effective, but, in rare circumstances, Wellington Management may determine voting would outweigh the benefit to the client resulting from use of securities for lending and recommend that a client attempt to have its custodian recall the security to permit voting of related proxies.

Share Blocking and Re-registration

Certain countries impose trading restrictions or requirements regarding re-registration of securities held in omnibus accounts in order for shareholders to vote a proxy. The potential impact of such requirements is evaluated when determining whether to vote such proxies.

Lack of Adequate Information, Untimely Receipt of Proxy Materials, or Excessive Costs

Wellington Management may abstain from voting a proxy when the proxy statement or other available information is inadequate to allow for an informed vote, when the proxy materials are not delivered in a timely fashion or when, in Wellington Management's judgment, the costs exceed the expected benefits to clients (such as when powers of attorney or consularization are required).

ADDITIONAL INFORMATION

Wellington Management maintains records related to proxies pursuant to Rule 204-2 of the Investment Advisers Act of 1940 (the "Advisers Act"), the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and other applicable laws. In addition, Wellington Management discloses annually how it has exercised its voting rights for significant votes, as require by the EU Shareholder Rights Directive II ("SRD II").

...........................................................................................................................................................................................................................................................

**WELLINGTON MANAGEMENT**

**GLOBAL PROXY POLICY AND PROCEDURES**

...........................................................................................................................................................................................................................................................

Wellington Management provides clients with a copy of its Global Proxy Policy and Procedures, including the Guidelines, upon written request. In addition, Wellington Management will provide specific client information relating to proxy voting to a client upon written request.

Dated: 1 September 2020

...........................................................................................................................................................................................................................................................

## Ex-99.(C)(2)

![](gsyh5k74mm48cul9i1jet.jpg)

**JOHN HANCOCK FUNDS[<sup>1</sup>](#page_1)**

**<u>NOMINATING AND GOVERNANCE COMMITTEE CHARTER</u>**

**Overall Role and Responsibility**

The Nominating and Governance Committee (the "Committee") of each of the Trusts shall (1) make determinations and recommendations to the Board of Trustees (the "Board") regarding issues related to (a) the composition of the Board and (b) corporate governance matters applicable to the Trustees who are not "interested persons" as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), of any of the Trusts, or of any Fund's investment adviser, subadviser or principal underwriter and who are "independent" as defined in the rules of the New York Stock Exchange ("NYSE") (the "Independent Trustees") and (2) discharge such additional duties, responsibilities and functions as are delegated to it from time to time.

**Membership**

The Nominating and Governance Committee (the "Committee") shall be composed of all of the Independent Trustees of the Board. One member of the Committee shall be appointed by the Board as Chair of the Committee. The chair shall be responsible for leadership of the Committee, including scheduling meetings or reviewing and approving the schedule for them, preparing agendas or reviewing and approving them before meetings, presiding over meetings of the Committee and making reports to the full Board, as appropriate.

**Structure, Operations and Governance**

<u>Meetings and Actions by Written Consent</u>. The Committee shall meet as often as required or as the Committee deems appropriate, with or without management present. Meetings may be called and notice given by the Committee chair or a majority of the members of the Committee. Members may attend meetings in person or by telephone. The Committee may act by written consent to the extent permitted by law and the Funds' governing documents. The Committee shall report to the Board on any significant action it takes not later than the next following Board meeting.

<u>Required Vote and Quorum</u>. The affirmative vote of a majority of the members of the Committee participating in any meeting of the Committee at which a quorum is present is necessary for the adoption of any resolution. At least a majority of the Committee members present at the meeting in person or by telephone shall constitute a quorum for the transaction of business.

1"John Hancock Funds" includes each trust and series as may be amended from time to time (each individually, a "Trust," and collectively, the "Trusts," and each series thereof, a "Portfolio" or "Fund," and collectively, the "Portfolios" or "Funds").

<u>Delegation to Subcommittees</u>. The Committee may delegate any portion of its authority to a subcommittee of one or more members.

<u>Appropriate Resources and Authority</u>. The Committee shall have the resources and authority appropriate to discharge its responsibilities, including the authority to retain special counsel and other advisers, experts or consultants, at the Funds' expense, as it determines necessary or appropriate to carry out its duties and responsibilities. In addition, the Committee shall have direct access to such officers of and service providers to the Funds as it deems desirable.

<u>Review of Charter</u>. The Committee Charter shall be approved by at least a majority of the Independent Trustees of the Trust. The Committee shall review and assess the adequacy of this Charter periodically and, where necessary or as it deems desirable, will recommend changes to the Board for its approval. The Board may amend this Charter at any time in response to recommendations from the Committee or on its own motion.

<u>Executive Sessions</u>. The Committee may meet privately and may invite non-members to attend such meetings. The Committee may meet with representatives of the Investment Management Services department of the Funds' advisers, internal legal counsel of the Funds' advisers, members of the John Hancock Funds Risk & Investment Operations Committee (the "RIO Committee") and with representatives of the Funds' service providers, including the subadvisers, to discuss matters that relate to the areas for which the Committee has responsibility.

**Specific Duties and Responsibilities**

The Committee shall have the following duties and powers, to be exercised at such times and in such manner as the Committee shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Except where a Trust is legally required to nominate individuals recommended by another, to identify individuals qualified to serve as Independent Trustees of the Trusts, and to consider and recommend to the full Board nominations of individuals to serve as Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.To consider, as it deems necessary or appropriate, the criteria for persons to fill existing or newly created Trustee vacancies. The Committee shall use the criteria and principles set forth in Annex A to guide its Trustee selection process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.To consider and recommend changes to the Board regarding the size, structure, and composition of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.To evaluate, from time to time, and determine changes to the retirement policies for the Independent Trustees, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.To periodically review the Board's committee structure and, in collaboration with the Chairs of the various Committees, the charters of the Board's committees, and

recommend to the Board of Trustees changes to the committee structure and charters as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.To retain and terminate any firm(s) to be used to identify or evaluate or assist in identifying or evaluating potential Independent Board nominees, subject to the Board's sole authority to approve the firm's fees and other retention terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.To consider and determine the amount of compensation to be paid by the Trusts to the Independent Trustees, including the compensation of the Chair of the Board or any Vice-Chair of the Board and of Committee Chairs, and to address compensation-related matters. The Chair of the Board has been granted the authority to approve special compensation to Independent Trustees in recognition of any significant amount of additional time and service to the Trusts provided by them, subject to ratification of any such special compensation by the Committee at the next regular meeting of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.To coordinate and administer an annual self-evaluation of the Board, which will include, at a minimum, a review of its effectiveness in overseeing the number of Funds in the Fund complex and the effectiveness of its committee structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.To review the Board Governance Procedures and recommend to the Board of Trustees changes to the Procedures as the Committee deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.To report its activities to the full Board and to make such recommendations with respect to the matters described above and other matters as the Committee may deem necessary or appropriate.

**Additional Responsibilities**

The Committee will also perform other tasks assigned to it from time to time by the Chair of the Board or by the Board, and will report findings and recommendations to the Board, as appropriate.

Last revised: December 12, 2018

<u>ANNEX A</u>

The Committee may take into account a wide variety of factors in considering Trustee candidates, including (but not limited to) the criteria set forth below. The Committee may determine that a candidate who does not satisfy these criteria in one or more respects should nevertheless be considered as a nominee if the Committee finds that the criteria satisfied by the candidate and the candidate's other qualifications demonstrate the appropriate level of fitness to serve.

**General Criteria**

1. Nominees should have a reputation for integrity, honesty and adherence to high ethical standards, and such other personal characteristics as a capacity for leadership and the ability to work well with others.

2. Nominees should have business, professional, academic, financial, accounting or other experience and qualifications which demonstrate that they will make a valuable contribution as Trustees.

3. Nominees should have a commitment to understand the Funds, and the responsibilities of a trustee/director of an investment company and to regularly attend and participate in meetings of the Board and its committees.

4. Nominees should have the ability to understand the sometimes conflicting interests of the various constituencies of the Funds, including shareholders and the investment adviser, and to act in the interests of all shareholders.

5. Nominees should not have, nor appear to have, a conflict of interest that would impair their ability to represent the interests of all the shareholders and to fulfill the responsibilities of a trustee.

6. Nominees should have experience on corporate or other institutional bodies having oversight responsibilities.

It is the intent of the Committee that at least one Independent Trustee be an "audit committee financial expert" as that term is defined in Item 3 of Form N-CSR.

Application of Criteria to Current Trustees

The re-nomination of current Trustees should not be viewed as automatic, but should be based on continuing qualification under the criteria set forth above based on, among other things, the current Trustee's contribution to the Board and any committee on which he or she serves.

**Review of Nominations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Committee believes that it is in the best interests of each Trust and its shareholders to obtain highly-qualified candidates to serve as members of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.In nominating candidates who would be Independent Trustees, the Committee believes that no particular qualities or skills nor any specific minimum qualifications or disqualifications are controlling or paramount. The Committee shall take into consideration any such factors as it deems appropriate; however, the appropriate mix of skills, expertise and attributes needed to maintain an effective board are sought in the applicant pool as part of every search the Board undertakes for new trustees, including but not limited to the diversity of thought, as well as of gender, race, ethnic background and geographic origin. These factors may also include (but are not limited to) the person's character, integrity, judgment, skill and experience with investment companies and other organizations of comparable purpose, complexity and size and subject to similar legal restrictions and oversight; the interplay of the candidate's experience with the experience of other Board members; and the extent to which the candidate would be a desirable addition to the Board and any Committees thereof. Other factors that the Committee may take into consideration include a person's availability and commitment to attend meetings and perform his or her responsibilities; whether or not the person has or had any relationships that might impair or appear to impair his or her independence, such as any business, financial or family relationships with Fund management, the investment adviser and/or any subadviser of the Funds, as applicable, Fund service providers, or their affiliates or with Fund shareholders. The Committee will strive to achieve a group that reflects a diversity of experiences in respect of industries, professions and other experiences, and that is diversified as to thought, gender, race, ethnic background and geographic origin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.While the Committee is solely responsible for the selection and recommendation to the Board of Independent Trustee candidates, the Committee may consider nominees recommended by any source, including shareholders, management, legal counsel and Board members, as it deems appropriate. The Committee may retain a professional search firm or a consultant to assist the Committee in a search for a qualified candidate. Any recommendations from shareholders shall be directed to the Secretary of the relevant Trust at such address as is set forth in the Trust's disclosure documents. Recommendations from management may be submitted to the Committee Chair. All recommendations shall include all information relating to such person that is required to be disclosed in solicitations of proxies for the election of Board members and as specified

in the relevant Trust's By-Laws, and must be accompanied by a written consent of the proposed candidate to stand for election if nominated for the Board and to serve if elected by shareholders.

4. Any shareholder nomination must be submitted in compliance with all of the pertinent provisions of Rule 14a-8 under the Securities Exchange Act of 1934 in order to be considered by the Committee. In evaluating a nominee recommended by a shareholder, the Committee, in addition to the criteria discussed above, may consider the objectives of the shareholder in submitting that nomination and whether such objectives are consistent with the interests of all shareholders. If the Board determines to include a shareholder's candidate among the slate of its designated nominees, the candidate's name will be placed on the Trust's proxy card. If the Board determines not to include such candidate among its designated nominees, and the shareholder has satisfied the requirements of Rule 14a-8, the shareholder's candidate will be treated as a nominee of the shareholder who originally nominated the candidate. In that case, the candidate will not be named on the proxy card distributed with the Trust's proxy statement.

5. As long as a current Independent Trustee continues, in the opinion of the Committee, to satisfy the criteria listed above, the Committee generally would favor the re-nomination of a current Trustee rather than a new candidate. Consequently, while the Committee will consider nominees recommended by shareholders to serve as trustees, the Committee may only act upon such recommendations if there is a vacancy on the Board, or the Committee determines that the selection of a new or additional Trustee is in the best interests of the relevant Trust. In the event that a vacancy arises or a change in Board membership is determined to be advisable, the Committee will, in addition to any shareholder recommendations, consider candidates identified by other means as discussed in this Annex A.

6. With respect to candidates for Independent Trustee, a biography of each candidate shall be acquired and shall be reviewed by counsel to the Independent Trustees and counsel to the Trust to determine the candidate's eligibility to serve as an Independent Trustee.

7. The Committee may from time to time establish specific requirements and/or additional factors to be considered for Independent Trustee candidates as it deems necessary or appropriate.

8. After its consideration of relevant factors, the Committee shall present its recommendation(s) to the full Board for its consideration.

## Ex-99.(C)(3)

![](g7gh2ky5cu0ww9rru5u7k.jpg)

**John Hancock Investment Management LLC**

601 Congress Street

Boston, Massachusetts 02210-2805

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| | | |
|:---|:---|:---|
|  | Media Contact: | Gordon Haight |
| **<u>NEWS</u>** |  | (617) 572-0034 |
| **<u>NEWS</u>** |  |  |
| FOR IMMEDIATE RELEASE | Investor Contact: | (800) 843-0090 |
| FOR IMMEDIATE RELEASE |  |  |

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**JOHN HANCOCK HEDGED EQUITY & INCOME FUND**

**REQUIRED NOTICE TO SHAREHOLDERS – SOURCES OF DISTRIBUTION UNDER**

**SECTION 19(a)**

**BOSTON, MA (September 30, 2022)** – John Hancock Hedged Equity & Income Fund (NYSE: HEQ) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC (the "Adviser") and subadvised by Wellington Management Company LLP (the "Subadviser"), announced today sources of its quarterly distribution of $0.2900 per share paid to all shareholders of record as of September 12, 2022, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.

**John Hancock Hedged Equity & Income Fund**

**Notification of Sources of Distribution**

This notice provides shareholders of the John Hancock Hedged Equity & Income Fund (NYSE: HEQ) with important information concerning the distribution declared on September 1, 2022, and payable on September 30, 2022. No action is required on your part.

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| | |
|:---|:---|
| Distribution Period: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 2022 |
| Distribution Amount Per Common Share: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.2900 |

---

The following table sets forth the estimated sources of the current distribution, payable September 30, 2022, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>For the fiscal year-to-date period</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>For the fiscal year-to-date period</u> |
|  | <u>For the period 07/1/2022-09/30/2022</u> | <u>For the period 07/1/2022-09/30/2022</u> | <u>1/1/2022-09/30/2022 <sup>1</sup></u> | <u>1/1/2022-09/30/2022 <sup>1</sup></u> |
|  |  |  |  | % Breakdown |
|  |  | % Breakdown |  | of the Total |
|  | Current | of the Current | Total Cumulative | Cumulative |
| &nbsp;&nbsp;Source | Distribution ($) | Distribution | Distributions ($) | Distributions |
| &nbsp;&nbsp;Net Investment Income | 0.1461 | 50% | 0.4978 | 57% |
| &nbsp;&nbsp;Net Realized Short- |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Capital Gains | 0.0000 | 0% | 0.0000 | 0% |
| &nbsp;&nbsp;Net Realized Long- |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Capital Gains | 0.0000 | 0% | 0.3722 | 43% |
| &nbsp;&nbsp;Return of Capital or |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Capital Source | 0.1439 | 50% | 0.0000 | 0% |
| &nbsp;&nbsp;Total per common share | 0.2900 | 100% | 0.8700 | 100% |

---

1The Fund's current fiscal year began on January 1, 2022 and will end on December 31, 2022.

![](g1ggmzo4l45556tddyssb.jpg)

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| | |
|:---|:---|
| Average annual total return (in relation to NAV) for the 5 years ended on August 31, 2022 | 1.94% |
| Annualized current distribution rate expressed as a percentage of NAV as of August 31, 2022 | 9.78% |
| Cumulative total return (in relation to NAV) for the fiscal year through August 31, 2022 | -4.82% |
|  | -4.82% |
| Cumulative fiscal year-to-date distribution rate expressed as a percentage of NAV as of |  |
| August 31, 2022 | 7.34% |

---

You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution plan.

The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

The Fund has declared the September 2022 distribution pursuant to the Fund's managed distribution plan (the "Plan"). Under the Plan, the Fund makes fixed quarterly distributions in the amount of $0.2900 per share, which will continue to be paid quarterly until further notice.

If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.

**Effective October 1, 2021, copies of all notices informing shareholders of distributions made by the fund in excess of accumulated net investment income will be posted on John Hancock Investment Management's public website (jhinvestments.com) and on the Legal Notice System (LENS), a service offering of the Depository Trust Company (DTC) accessible by broker-dealer firms. To the extent required, notice may also be provided via press release. John Hancock Investment Management will continue to distribute paper copies of these notices by mail until March 30, 2022, after which date the notices will be delivered exclusively via the methods described above.**

Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.

An investor should consider a Fund's investment objectives, risks, charges and expenses carefully before investing.

Wellington Management Company LLP is an independent and unaffiliated investment subadviser to John Hancock Hedged Equity & Income Fund.

**About John Hancock Investment Management**

A company of Manulife Investment Management, we serve investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time- tested investments from a premier asset manager with a heritage of financial stewardship.

**About Manulife Investment Management**

Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.

------

![](gg4107gzqsaal4ikzjxj6.jpg)

**John Hancock Investment Management LLC**

601 Congress Street

Boston, Massachusetts 02210-2805

---

| | | |
|:---|:---|:---|
|  | Media Contact: | Gordon Haight |
| **<u>NEWS</u>** |  | (617) 572-0034 |
| **<u>NEWS</u>** |  |  |
| FOR IMMEDIATE RELEASE | Investor Contact: | (800) 843-0090 |
| FOR IMMEDIATE RELEASE |  |  |

---

**JOHN HANCOCK HEDGED EQUITY & INCOME FUND**

**REQUIRED NOTICE TO SHAREHOLDERS – SOURCES OF DISTRIBUTION UNDER**

**SECTION 19(a)**

**BOSTON, MA (December 30, 2022)** – John Hancock Hedged Equity & Income Fund (NYSE: HEQ) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC (the "Adviser") and subadvised by Wellington Management Company LLP (the "Subadviser"), announced today sources of its quarterly distribution of $0.2900 per share paid to all shareholders of record as of December 12, 2022, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.

**John Hancock Hedged Equity & Income Fund**

**Notification of Sources of Distribution**

This notice provides shareholders of the John Hancock Hedged Equity & Income Fund (NYSE: HEQ) with important information concerning the distribution declared on December 1, 2022, and payable on December 30, 2022. No action is required on your part.

---

| | |
|:---|:---|
| Distribution Period: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 2022 |
| Distribution Amount Per Common Share: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.2900 |

---

The following table sets forth the estimated sources of the current distribution, payable December 30, 2022, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>For the fiscal year-to-date period</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>For the fiscal year-to-date period</u> |
|  | <u>For the period 10/1/2022-12/31/2022</u> | <u>For the period 10/1/2022-12/31/2022</u> | <u>1/1/2022-12/31/2022 <sup>1</sup></u> | <u>1/1/2022-12/31/2022 <sup>1</sup></u> |
|  |  |  |  | % Breakdown |
|  |  | % Breakdown |  | of the Total |
|  | Current | of the Current | Total Cumulative | Cumulative |
| &nbsp;&nbsp;Source | Distribution ($) | Distribution | Distributions ($) | Distributions |
| &nbsp;&nbsp;Net Investment Income | 0.0753 | 26% | 0.5662 | 49% |
| &nbsp;&nbsp;Net Realized Short- |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Capital Gains | 0.0000 | 0% | 0.0000 | 0% |
| &nbsp;&nbsp;Net Realized Long- |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Capital Gains | 0.0000 | 0% | 0.3333 | 29% |
| &nbsp;&nbsp;Return of Capital or |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Capital Source | 0.2147 | 74% | 0.2600 | 22% |
| &nbsp;&nbsp;Total per common share | 0.2900 | 100% | 1.1595 | 100% |

---

1The Fund's current fiscal year began on January 1, 2022 and will end on December 31, 2022.

![](g4v0dw6alrljs9o2is9u6.jpg)

---

| | |
|:---|:---|
| Average annual total return (in relation to NAV) for the 5 years ended on November 30, 2022 | 2.66% |
| Annualized current distribution rate expressed as a percentage of NAV as of November 30, |  |
| 2022 | 9.47% |
| Cumulative total return (in relation to NAV) for the fiscal year through November 30, 2022 | 0.86% |
|  | 0.86% |
| Cumulative fiscal year-to-date distribution rate expressed as a percentage of NAV as of |  |
| November 30, 2022 | 9.47% |

---

You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution plan.

The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

The Fund has declared the December 2022 distribution pursuant to the Fund's managed distribution plan (the "Plan"). Under the Plan, the Fund makes fixed quarterly distributions in the amount of $0.2900 per share, which will continue to be paid quarterly until further notice.

If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.

Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.

An investor should consider a Fund's investment objectives, risks, charges and expenses carefully before investing.

Wellington Management Company LLP is an independent and unaffiliated investment subadviser to John Hancock Hedged Equity & Income Fund.

**About John Hancock Investment Management**

A company of Manulife Investment Management, we serve investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time- tested investments from a premier asset manager with a heritage of financial stewardship.

**About Manulife Investment Management**

Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that

spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.

------