# EDGAR Filing Document

**Accession Number:** 0000857769
**File Stem:** 0001145549-25-047469
**Filing Date:** 2025-7
**Character Count:** 670552
**Document Hash:** 2752da8c2057b479e99ef8002b8f2d97
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-047469.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001145549-25-047469

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 53

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**EFFECTIVENESS DATE**: 20250724

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JOHN HANCOCK MUNICIPAL SECURITIES TRUST
- **CENTRAL INDEX KEY:** 0000857769

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05968
- **FILM NUMBER:** 251146419

**BUSINESS ADDRESS:**
- **STREET 1:** C/O JOHN HANCOCK FUNDS
- **STREET 2:** 200 BERKELEY STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116
- **BUSINESS PHONE:** 617-663-3000

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HANCOCK JOHN MUNICIPAL SECURITIES TRUST
- **DATE OF NAME CHANGE:** 20050323

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HANCOCK JOHN TAX FREE BOND TRUST
- **DATE OF NAME CHANGE:** 19970501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HANCOCK JOHN TAX FREE BOND FUND
- **DATE OF NAME CHANGE:** 19941227

## Series and Classes Contracts Data

### John Hancock High Yield Municipal Bond Fund (Series ID: S000000651)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000001874 | Class A      | JHTFX           |
| C000001876 | Class C      | JCTFX           |
| C000178765 | Class I      | JHYMX           |
| C000193018 | Class R6     | JCTRX           |

### John Hancock Municipal Opportunities Fund (Series ID: S000000652)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000001877 | Class A      | TAMBX           |
| C000001879 | Class C      | TBMBX           |
| C000178766 | Class I      | JTBDX           |
| C000193019 | Class R6     | JTMRX           |

### John Hancock Short Duration Municipal Opportunities Fund (Series ID: S000076502)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000236445 | Class R6     | JHSKX           |
| C000236446 | Class A      | JHSFX           |
| C000236447 | Class C      | JHSHX           |
| C000236448 | Class I      | JHSJX           |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-05968

#### JOHN HANCOCK MUNICIPAL SECURITIES TRUST
(Exact name of registrant as specified in charter)

------

200 BERKELEY STREET, BOSTON, MA 02116

(Address of principal executive offices) (Zip code)

SALVATORE SCHIAVONE

TREASURER

200 BERKELEY STREET

BOSTON, MA 02116

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(617) 543-9634

#### Date of fiscal year end:

#### May 31

#### Date of reporting period:

#### May 31, 2025
ITEM 1. REPORTS TO STOCKHOLDERS

The Registrant prepared the following annual reports to shareholders for the year ended May 31, 2025:

* John Hancock High Yield Municipal Bond Fund 

* John Hancock Municipal Opportunities Fund 

* John Hancock Short Duration Municipal Opportunities Fund 

![Manulife JH front rebranded logo-TSR and FS](images_5048.jpg)

## John Hancock Short Duration Municipal Opportunities Fund
Class A/JHSFX

#### Annual SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the John Hancock Short Duration Municipal Opportunities Fund (the fund) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs during the last year ?

#### (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Short Duration Municipal Opportunities Fund<br>(Class A/JHSFX) | $62 | 0.61% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Short Duration Municipal Opportunities Fund (Class A/JHSFX) returned 4.79% (excluding sales charges) for the year ended May 31, 2025. The most significant factors affecting fund performance during the period included declining short-term municipal bond yields, record levels of new municipal bond supply, and three short-term interest rate cuts by the U.S. Federal Reserve.

#### TOP PERFORMANCE CONTRIBUTORS
**Duration (interest rate sensitivity)** \| Falling short-term municipal bond yields led to rising bond prices during the period.

**Healthcare bonds** \| Bonds funding hospitals and continuing care retirement facilities added value.

**Local general obligation (GO) bonds** \| The fund's holdings among local GOs provided a boost to performance.

#### TOP PERFORMANCE DETRACTORS
**Electric power bonds** \| Bonds funding municipal power utilities detracted from fund performance.

**Longer-term municipal bonds** \| A small position in municipal bonds maturing in 5 to 10 years detracted from performance as this maturity sector declined overall during the period.

The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_5911335.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since inception** |
| Short Duration Municipal Opportunities Fund (Class A/JHSFX) | 2.44% | 3.43% |
| Short Duration Municipal Opportunities Fund (Class A/JHSFX)—excluding sales charge | 4.79% | 4.23% |
| Bloomberg Municipal Bond Index | 2.03% | 1.80% |
| Bloomberg Municipal 1-5 Year Index | 4.09% | 2.21% |

---

Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Figures reflect maximum sales charge on Class A shares of 2.25%. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown and can be found at **jhinvestments.com/investments** or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.

Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$53794541 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;181 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.

**Portfolio Composition**

---

| | |
|:---|:---|
| **General obligation bonds** | **14.3%** |
| **Revenue bonds** | **85.3%** |
| Other revenue | 21.3% |
| Health care | 12.8% |
| Development | 12.1% |
| Airport | 11.9% |
| Education | 8.1% |
| Utilities | 6.3% |
| Housing | 3.9% |
| Water and sewer | 3.6% |
| Transportation | 2.8% |
| Pollution | 2.5% |
| **Corporate bonds** | **0.2%** |
| **Short-term investments and other** | **0.2%** |

---

**Quality Composition**

![Graphical Representation - Allocation 1 Chart](chartimages_5911338.jpg)

Ratings are from Moody's Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. "Not rated" securities are those with no ratings available from these agencies. All ratings are as of 5-31-25 and do not reflect subsequent downgrades or upgrades, if any.

Holdings may not have been held by the fund for the entire period and are subject to change without notice. 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 and may change at any time.

*The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .* 

**Material Fund Changes**

Effective October 1, 2024, the Advisor has contractually agreed to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.39% of the fund's average daily net assets.

*This is a summary of certain changes to the fund since 6-1-24 . For more complete information, please refer to the fund's prospectus. The currently effective prospectus is available at* jhinvestments.com/documents *or by calling 800-225-5291.*

Availability of Additional Information

![TSR QR Code](images_5090.jpg)

At jhinvestments.com/documents, you can find additional information about the fund, including the fund's:

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

You can also request this information by contacting us at 800-225-5291.

**This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.**

![Manulife JH front rebranded logo-TSR and FS](images_5048.jpg)

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

Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.

NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.

MF4543953

489A-A

5/25

7/25 John Hancock Short Duration Municipal Opportunities Fund

![Manulife JH front rebranded logo-TSR and FS](images_5048.jpg)

## John Hancock Short Duration Municipal Opportunities Fund
Class C/JHSHX

#### Annual SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the John Hancock Short Duration Municipal Opportunities Fund (the fund) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs during the last year ?

#### (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Short Duration Municipal Opportunities Fund<br>(Class C/JHSHX) | $139 | 1.36% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Short Duration Municipal Opportunities Fund (Class C/JHSHX) returned 4.12% (excluding sales charges) for the year ended May 31, 2025. The most significant factors affecting fund performance during the period included declining short-term municipal bond yields, record levels of new municipal bond supply, and three short-term interest rate cuts by the U.S. Federal Reserve.

#### TOP PERFORMANCE CONTRIBUTORS
**Duration (interest rate sensitivity)** \| Falling short-term municipal bond yields led to rising bond prices during the period.

**Healthcare bonds** \| Bonds funding hospitals and continuing care retirement facilities added value.

**Local general obligation (GO) bonds** \| The fund's holdings among local GOs provided a boost to performance.

#### TOP PERFORMANCE DETRACTORS
**Electric power bonds** \| Bonds funding municipal power utilities detracted from fund performance.

**Longer-term municipal bonds** \| A small position in municipal bonds maturing in 5 to 10 years detracted from performance as this maturity sector declined overall during the period.

The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_5911310.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since inception** |
| Short Duration Municipal Opportunities Fund (Class C/JHSHX) | 3.12% | 3.45% |
| Short Duration Municipal Opportunities Fund (Class C/JHSHX)—excluding sales charge | 4.12% | 3.45% |
| Bloomberg Municipal Bond Index | 2.03% | 1.80% |
| Bloomberg Municipal 1-5 Year Index | 4.09% | 2.21% |

---

Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Class C shares sold within one year of purchase are subject to a 1.00% contingent deferred sales charge. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown and can be found at **jhinvestments.com/investments** or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.

Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$53794541 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;181 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.

**Portfolio Composition**

---

| | |
|:---|:---|
| **General obligation bonds** | **14.3%** |
| **Revenue bonds** | **85.3%** |
| Other revenue | 21.3% |
| Health care | 12.8% |
| Development | 12.1% |
| Airport | 11.9% |
| Education | 8.1% |
| Utilities | 6.3% |
| Housing | 3.9% |
| Water and sewer | 3.6% |
| Transportation | 2.8% |
| Pollution | 2.5% |
| **Corporate bonds** | **0.2%** |
| **Short-term investments and other** | **0.2%** |

---

**Quality Composition**

![Graphical Representation - Allocation 1 Chart](chartimages_5911307.jpg)

Ratings are from Moody's Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. "Not rated" securities are those with no ratings available from these agencies. All ratings are as of 5-31-25 and do not reflect subsequent downgrades or upgrades, if any.

Holdings may not have been held by the fund for the entire period and are subject to change without notice. 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 and may change at any time.

*The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .* 

**Material Fund Changes**

Effective October 1, 2024, the Advisor has contractually agreed to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.39% of the fund's average daily net assets.

*This is a summary of certain changes to the fund since 6-1-24 . For more complete information, please refer to the fund's prospectus. The currently effective prospectus is available at* jhinvestments.com/documents *or by calling 800-225-5291.*

Availability of Additional Information

![TSR QR Code](images_5090.jpg)

At jhinvestments.com/documents, you can find additional information about the fund, including the fund's:

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

You can also request this information by contacting us at 800-225-5291.

**This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.**

![Manulife JH front rebranded logo-TSR and FS](images_5048.jpg)

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

Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.

NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.

MF4543953

489A-C

5/25

7/25 John Hancock Short Duration Municipal Opportunities Fund

![Manulife JH front rebranded logo-TSR and FS](images_5048.jpg)

## John Hancock Short Duration Municipal Opportunities Fund
Class I/JHSJX

#### Annual SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the John Hancock Short Duration Municipal Opportunities Fund (the fund) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs during the last year ?

#### (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Short Duration Municipal Opportunities Fund<br>(Class I/JHSJX) | $48 | 0.47% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Short Duration Municipal Opportunities Fund (Class I/JHSJX) returned 5.05% for the year ended May 31, 2025. The most significant factors affecting fund performance during the period included declining short-term municipal bond yields, record levels of new municipal bond supply, and three short-term interest rate cuts by the U.S. Federal Reserve.

#### TOP PERFORMANCE CONTRIBUTORS
**Duration (interest rate sensitivity)** \| Falling short-term municipal bond yields led to rising bond prices during the period.

**Healthcare bonds** \| Bonds funding hospitals and continuing care retirement facilities added value.

**Local general obligation (GO) bonds** \| The fund's holdings among local GOs provided a boost to performance.

#### TOP PERFORMANCE DETRACTORS
**Electric power bonds** \| Bonds funding municipal power utilities detracted from fund performance.

**Longer-term municipal bonds** \| A small position in municipal bonds maturing in 5 to 10 years detracted from performance as this maturity sector declined overall during the period.

The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $250,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $250,000
![Fund Performance - Growth of 10K](chartimages_5911295.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since inception** |
| Short Duration Municipal Opportunities Fund (Class I/JHSJX) | 5.05% | 4.41% |
| Bloomberg Municipal Bond Index | 2.03% | 1.80% |
| Bloomberg Municipal 1-5 Year Index | 4.09% | 2.21% |

---

Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown and can be found at **jhinvestments.com/investments** or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.

Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$53794541 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;181 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.

**Portfolio Composition**

---

| | |
|:---|:---|
| **General obligation bonds** | **14.3%** |
| **Revenue bonds** | **85.3%** |
| Other revenue | 21.3% |
| Health care | 12.8% |
| Development | 12.1% |
| Airport | 11.9% |
| Education | 8.1% |
| Utilities | 6.3% |
| Housing | 3.9% |
| Water and sewer | 3.6% |
| Transportation | 2.8% |
| Pollution | 2.5% |
| **Corporate bonds** | **0.2%** |
| **Short-term investments and other** | **0.2%** |

---

**Quality Composition**

![Graphical Representation - Allocation 1 Chart](chartimages_5911298.jpg)

Ratings are from Moody's Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. "Not rated" securities are those with no ratings available from these agencies. All ratings are as of 5-31-25 and do not reflect subsequent downgrades or upgrades, if any.

Holdings may not have been held by the fund for the entire period and are subject to change without notice. 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 and may change at any time.

*The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .* 

**Material Fund Changes**

Effective October 1, 2024, the Advisor has contractually agreed to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.39% of the fund's average daily net assets.

*This is a summary of certain changes to the fund since 6-1-24 . For more complete information, please refer to the fund's prospectus. The currently effective prospectus is available at* jhinvestments.com/documents *or by calling 800-225-5291.*

Availability of Additional Information

![TSR QR Code](images_5090.jpg)

At jhinvestments.com/documents, you can find additional information about the fund, including the fund's:

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

You can also request this information by contacting us at 800-225-5291.

**This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.**

![Manulife JH front rebranded logo-TSR and FS](images_5048.jpg)

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

Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.

NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.

MF4543953

489A-I

5/25

7/25

John Hancock Short Duration Municipal Opportunities Fund

![Manulife JH front rebranded logo-TSR and FS](images_5048.jpg)

## John Hancock Short Duration Municipal Opportunities Fund
Class R6/JHSKX

#### Annual SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the John Hancock Short Duration Municipal Opportunities Fund (the fund) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs during the last year ?

#### (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Short Duration Municipal Opportunities Fund<br>(Class R6/JHSKX) | $42 | 0.41% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Short Duration Municipal Opportunities Fund (Class R6/JHSKX) returned 5.11% for the year ended May 31, 2025. The most significant factors affecting fund performance during the period included declining short-term municipal bond yields, record levels of new municipal bond supply, and three short-term interest rate cuts by the U.S. Federal Reserve.

#### TOP PERFORMANCE CONTRIBUTORS
**Duration (interest rate sensitivity)** \| Falling short-term municipal bond yields led to rising bond prices during the period.

**Healthcare bonds** \| Bonds funding hospitals and continuing care retirement facilities added value.

**Local general obligation (GO) bonds** \| The fund's holdings among local GOs provided a boost to performance.

#### TOP PERFORMANCE DETRACTORS
**Electric power bonds** \| Bonds funding municipal power utilities detracted from fund performance.

**Longer-term municipal bonds** \| A small position in municipal bonds maturing in 5 to 10 years detracted from performance as this maturity sector declined overall during the period.

The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $1,000,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_5911258.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since inception** |
| Short Duration Municipal Opportunities Fund (Class R6/JHSKX) | 5.11% | 4.44% |
| Bloomberg Municipal Bond Index | 2.03% | 1.80% |
| Bloomberg Municipal 1-5 Year Index | 4.09% | 2.21% |

---

Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown and can be found at **jhinvestments.com/investments** or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.

Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$53794541 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;181 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.

**Portfolio Composition**

---

| | |
|:---|:---|
| **General obligation bonds** | **14.3%** |
| **Revenue bonds** | **85.3%** |
| Other revenue | 21.3% |
| Health care | 12.8% |
| Development | 12.1% |
| Airport | 11.9% |
| Education | 8.1% |
| Utilities | 6.3% |
| Housing | 3.9% |
| Water and sewer | 3.6% |
| Transportation | 2.8% |
| Pollution | 2.5% |
| **Corporate bonds** | **0.2%** |
| **Short-term investments and other** | **0.2%** |

---

**Quality Composition**

![Graphical Representation - Allocation 1 Chart](chartimages_5911267.jpg)

Ratings are from Moody's Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. "Not rated" securities are those with no ratings available from these agencies. All ratings are as of 5-31-25 and do not reflect subsequent downgrades or upgrades, if any.

Holdings may not have been held by the fund for the entire period and are subject to change without notice. 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 and may change at any time.

*The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .* 

**Material Fund Changes**

Effective October 1, 2024, the Advisor has contractually agreed to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.39% of the fund's average daily net assets.

*This is a summary of certain changes to the fund since 6-1-24 . For more complete information, please refer to the fund's prospectus. The currently effective prospectus is available at* jhinvestments.com/documents *or by calling 800-225-5291.*

Availability of Additional Information

![TSR QR Code](images_5090.jpg)

At jhinvestments.com/documents, you can find additional information about the fund, including the fund's:

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

You can also request this information by contacting us at 800-225-5291.

**This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.**

![Manulife JH front rebranded logo-TSR and FS](images_5048.jpg)

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

Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.

NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.

MF4543953

489A-R6

5/25

7/25 John Hancock Short Duration Municipal Opportunities Fund

![Manulife JH front rebranded logo-TSR and FS](images_5048.jpg)

## John Hancock Municipal Opportunities Fund
Class A/TAMBX

#### Annual SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the John Hancock Municipal Opportunities Fund (the fund) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs during the last year ?

#### (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Municipal Opportunities Fund<br>(Class A/TAMBX) | $74 | 0.73% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Municipal Opportunities Fund (Class A/TAMBX) returned 2.55% (excluding sales charges) for the year ended May 31, 2025. The most significant factors affecting fund performance during the period included declining short- and intermediate-term municipal bond yields, rising longer-term municipal bond yields, record levels of new municipal bond supply, and three short-term interest rate cuts by the U.S. Federal Reserve.

#### TOP PERFORMANCE CONTRIBUTORS
**Healthcare bonds** \| Bonds funding several smaller regional hospitals that were acquired by larger healthcare providers performed well during the period.

**High-yield municipal bonds** \| The fund's allocation in high-yield securities aided fund performance as high-yield bonds outperformed investment-grade securities.

**Leasing-related municipal bonds** \| The fund's holdings of bonds that finance leased equipment or facilities contributed positively to performance.

#### TOP PERFORMANCE DETRACTORS
**Longer-term municipal bonds** \| A meaningful position in municipal bonds maturing in 10 to 20 years detracted from performance as this maturity sector declined.

**Industrial development bonds** \| The fund's holdings in this sector declined overall for the period.

The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_5911449.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| Municipal Opportunities Fund (Class A/TAMBX) | (1.54)% | 0.66% | 1.61% |
| Municipal Opportunities Fund (Class A/TAMBX)—excluding sales charge | 2.55% | 1.49% | 2.02% |
| Bloomberg Municipal Bond Index | 2.03% | 0.55% | 2.13% |

---

Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Figures reflect maximum sales charge on Class A shares of 4.00%. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown and can be found at **jhinvestments.com/investments** or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.

Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1309886047 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;969 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$5679876 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.

**Portfolio Composition**

---

| | |
|:---|:---|
| **General obligation bonds** | **14.0%** |
| **Revenue bonds** | **85.2%** |
| Other revenue | 20.7% |
| Health care | 19.8% |
| Education | 10.4% |
| Airport | 10.2% |
| Development | 9.1% |
| Water and sewer | 4.0% |
| Utilities | 3.6% |
| Transportation | 3.1% |
| Housing | 2.2% |
| Pollution | 1.2% |
| Tobacco | 0.6% |
| Facilities | 0.3% |
| **Corporate bonds** | **0.3%** |
| **Closed-end funds** | **0.2%** |
| **Short-term investments and other** | **0.3%** |

---

**Quality Composition**

![Graphical Representation - Allocation 1 Chart](chartimages_5911458.jpg)

Ratings are from Moody's Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. "Not rated" securities are those with no ratings available from these agencies. All ratings are as of 5-31-25 and do not reflect subsequent downgrades or upgrades, if any.

Holdings may not have been held by the fund for the entire period and are subject to change without notice. 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 and may change at any time.

*The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .* 

**Material Fund Changes**

Effective October 1, 2024, the Advisor has contractually agreed to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.51% of the fund's average daily net assets.

*This is a summary of certain changes to the fund since 6-1-24 . For more complete information, please refer to the fund's prospectus. The currently effective prospectus is available at* jhinvestments.com/documents *or by calling 800-225-5291.*

Availability of Additional Information

![TSR QR Code](images_5090.jpg)

At jhinvestments.com/documents, you can find additional information about the fund, including the fund's:

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

You can also request this information by contacting us at 800-225-5291.

**This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.**

![Manulife JH front rebranded logo-TSR and FS](images_5048.jpg)

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

Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.

NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.

MF4543934

52A-A

5/25

7/25

John Hancock Municipal Opportunities Fund

![Manulife JH front rebranded logo-TSR and FS](images_5048.jpg)

## John Hancock Municipal Opportunities Fund
Class C/TBMBX

#### Annual SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the John Hancock Municipal Opportunities Fund (the fund) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs during the last year ?

#### (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Municipal Opportunities Fund<br>(Class C/TBMBX) | $148 | 1.47% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Municipal Opportunities Fund (Class C/TBMBX) returned 1.79% (excluding sales charges) for the year ended May 31, 2025. The most significant factors affecting fund performance during the period included declining short- and intermediate-term municipal bond yields, rising longer-term municipal bond yields, record levels of new municipal bond supply, and three short-term interest rate cuts by the U.S. Federal Reserve.

#### TOP PERFORMANCE CONTRIBUTORS
**Healthcare bonds** \| Bonds funding several smaller regional hospitals that were acquired by larger healthcare providers performed well during the period.

**High-yield municipal bonds** \| The fund's allocation in high-yield securities aided fund performance as high-yield bonds outperformed investment-grade securities.

**Leasing-related municipal bonds** \| The fund's holdings of bonds that finance leased equipment or facilities contributed positively to performance.

#### TOP PERFORMANCE DETRACTORS
**Longer-term municipal bonds** \| A meaningful position in municipal bonds maturing in 10 to 20 years detracted from performance as this maturity sector declined.

**Industrial development bonds** \| The fund's holdings in this sector declined overall for the period.

The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_5911446.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| Municipal Opportunities Fund (Class C/TBMBX) | 0.80% | 0.73% | 1.26% |
| Municipal Opportunities Fund (Class C/TBMBX)—excluding sales charge | 1.79% | 0.73% | 1.26% |
| Bloomberg Municipal Bond Index | 2.03% | 0.55% | 2.13% |

---

Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Class C shares sold within one year of purchase are subject to a 1.00% contingent deferred sales charge. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown and can be found at **jhinvestments.com/investments** or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.

Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1309886047 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;969 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$5679876 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.

**Portfolio Composition**

---

| | |
|:---|:---|
| **General obligation bonds** | **14.0%** |
| **Revenue bonds** | **85.2%** |
| Other revenue | 20.7% |
| Health care | 19.8% |
| Education | 10.4% |
| Airport | 10.2% |
| Development | 9.1% |
| Water and sewer | 4.0% |
| Utilities | 3.6% |
| Transportation | 3.1% |
| Housing | 2.2% |
| Pollution | 1.2% |
| Tobacco | 0.6% |
| Facilities | 0.3% |
| **Corporate bonds** | **0.3%** |
| **Closed-end funds** | **0.2%** |
| **Short-term investments and other** | **0.3%** |

---

**Quality Composition**

![Graphical Representation - Allocation 1 Chart](chartimages_5911437.jpg)

Ratings are from Moody's Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. "Not rated" securities are those with no ratings available from these agencies. All ratings are as of 5-31-25 and do not reflect subsequent downgrades or upgrades, if any.

Holdings may not have been held by the fund for the entire period and are subject to change without notice. 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 and may change at any time.

*The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .* 

**Material Fund Changes**

Effective October 1, 2024, the Advisor has contractually agreed to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.51% of the fund's average daily net assets.

*This is a summary of certain changes to the fund since 6-1-24 . For more complete information, please refer to the fund's prospectus. The currently effective prospectus is available at* jhinvestments.com/documents *or by calling 800-225-5291.*

Availability of Additional Information

![TSR QR Code](images_5090.jpg)

At jhinvestments.com/documents, you can find additional information about the fund, including the fund's:

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

You can also request this information by contacting us at 800-225-5291.

**This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.**

![Manulife JH front rebranded logo-TSR and FS](images_5048.jpg)

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

Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.

NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.

MF4543934

52A-C

5/25

7/25

John Hancock Municipal Opportunities Fund

![Manulife JH front rebranded logo-TSR and FS](images_5048.jpg)

## John Hancock Municipal Opportunities Fund
Class I/JTBDX

#### Annual SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the John Hancock Municipal Opportunities Fund (the fund) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs during the last year ?

#### (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Municipal Opportunities Fund<br>(Class I/JTBDX) | $59 | 0.58% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Municipal Opportunities Fund (Class I/JTBDX) returned 2.71% for the year ended May 31, 2025. The most significant factors affecting fund performance during the period included declining short- and intermediate-term municipal bond yields, rising longer-term municipal bond yields, record levels of new municipal bond supply, and three short-term interest rate cuts by the U.S. Federal Reserve.

#### TOP PERFORMANCE CONTRIBUTORS
**Healthcare bonds** \| Bonds funding several smaller regional hospitals that were acquired by larger healthcare providers performed well during the period.

**High-yield municipal bonds** \| The fund's allocation in high-yield securities aided fund performance as high-yield bonds outperformed investment-grade securities.

**Leasing-related municipal bonds** \| The fund's holdings of bonds that finance leased equipment or facilities contributed positively to performance.

#### TOP PERFORMANCE DETRACTORS
**Longer-term municipal bonds** \| A meaningful position in municipal bonds maturing in 10 to 20 years detracted from performance as this maturity sector declined.

**Industrial development bonds** \| The fund's holdings in this sector declined overall for the period.

The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $250,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $250,000
![Fund Performance - Growth of 10K](chartimages_5911409.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| Municipal Opportunities Fund (Class I/JTBDX) | 2.71% | 1.62% | 2.16% |
| Bloomberg Municipal Bond Index | 2.03% | 0.55% | 2.13% |

---

 **Class I shares were first offered 2-13-17. Returns prior to this date are those of Class A shares that have not been adjusted for class-specific expenses; otherwise, returns would vary.** 

Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown and can be found at **jhinvestments.com/investments** or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.

Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1309886047 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;969 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$5679876 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.

**Portfolio Composition**

---

| | |
|:---|:---|
| **General obligation bonds** | **14.0%** |
| **Revenue bonds** | **85.2%** |
| Other revenue | 20.7% |
| Health care | 19.8% |
| Education | 10.4% |
| Airport | 10.2% |
| Development | 9.1% |
| Water and sewer | 4.0% |
| Utilities | 3.6% |
| Transportation | 3.1% |
| Housing | 2.2% |
| Pollution | 1.2% |
| Tobacco | 0.6% |
| Facilities | 0.3% |
| **Corporate bonds** | **0.3%** |
| **Closed-end funds** | **0.2%** |
| **Short-term investments and other** | **0.3%** |

---

**Quality Composition**

![Graphical Representation - Allocation 1 Chart](chartimages_5911418.jpg)

Ratings are from Moody's Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. "Not rated" securities are those with no ratings available from these agencies. All ratings are as of 5-31-25 and do not reflect subsequent downgrades or upgrades, if any.

Holdings may not have been held by the fund for the entire period and are subject to change without notice. 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 and may change at any time.

*The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .* 

**Material Fund Changes**

Effective October 1, 2024, the Advisor has contractually agreed to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.51% of the fund's average daily net assets.

*This is a summary of certain changes to the fund since 6-1-24 . For more complete information, please refer to the fund's prospectus. The currently effective prospectus is available at* jhinvestments.com/documents *or by calling 800-225-5291.*

Availability of Additional Information

![TSR QR Code](images_5090.jpg)

At jhinvestments.com/documents, you can find additional information about the fund, including the fund's:

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

You can also request this information by contacting us at 800-225-5291.

**This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.**

![Manulife JH front rebranded logo-TSR and FS](images_5048.jpg)

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

Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.

NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.

MF4543934

52A-I

5/25

7/25

John Hancock Municipal Opportunities Fund

![Manulife JH front rebranded logo-TSR and FS](images_5048.jpg)

## John Hancock Municipal Opportunities Fund
Class R6/JTMRX

#### Annual SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the John Hancock Municipal Opportunities Fund (the fund) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs during the last year ?

#### (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Municipal Opportunities Fund<br>(Class R6/JTMRX) | $53 | 0.52% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Municipal Opportunities Fund (Class R6/JTMRX) returned 2.65% for the year ended May 31, 2025. The most significant factors affecting fund performance during the period included declining short- and intermediate-term municipal bond yields, rising longer-term municipal bond yields, record levels of new municipal bond supply, and three short-term interest rate cuts by the U.S. Federal Reserve.

#### TOP PERFORMANCE CONTRIBUTORS
**Healthcare bonds** \| Bonds funding several smaller regional hospitals that were acquired by larger healthcare providers performed well during the period.

**High-yield municipal bonds** \| The fund's allocation in high-yield securities aided fund performance as high-yield bonds outperformed investment-grade securities.

**Leasing-related municipal bonds** \| The fund's holdings of bonds that finance leased equipment or facilities contributed positively to performance.

#### TOP PERFORMANCE DETRACTORS
**Longer-term municipal bonds** \| A meaningful position in municipal bonds maturing in 10 to 20 years detracted from performance as this maturity sector declined.

**Industrial development bonds** \| The fund's holdings in this sector declined overall for the period.

The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $1,000,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_5911406.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| Municipal Opportunities Fund (Class R6/JTMRX) | 2.65% | 1.65% | 2.16% |
| Bloomberg Municipal Bond Index | 2.03% | 0.55% | 2.13% |

---

 **Class R6 shares were first offered 8-30-17. Returns prior to this date are those of Class A shares that have not been adjusted for class-specific expenses; otherwise, returns would vary.** 

Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown and can be found at **jhinvestments.com/investments** or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.

Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1309886047 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;969 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$5679876 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.

**Portfolio Composition**

---

| | |
|:---|:---|
| **General obligation bonds** | **14.0%** |
| **Revenue bonds** | **85.2%** |
| Other revenue | 20.7% |
| Health care | 19.8% |
| Education | 10.4% |
| Airport | 10.2% |
| Development | 9.1% |
| Water and sewer | 4.0% |
| Utilities | 3.6% |
| Transportation | 3.1% |
| Housing | 2.2% |
| Pollution | 1.2% |
| Tobacco | 0.6% |
| Facilities | 0.3% |
| **Corporate bonds** | **0.3%** |
| **Closed-end funds** | **0.2%** |
| **Short-term investments and other** | **0.3%** |

---

**Quality Composition**

![Graphical Representation - Allocation 1 Chart](chartimages_5911397.jpg)

Ratings are from Moody's Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. "Not rated" securities are those with no ratings available from these agencies. All ratings are as of 5-31-25 and do not reflect subsequent downgrades or upgrades, if any.

Holdings may not have been held by the fund for the entire period and are subject to change without notice. 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 and may change at any time.

*The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .* 

**Material Fund Changes**

Effective October 1, 2024, the Advisor has contractually agreed to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.51% of the fund's average daily net assets.

*This is a summary of certain changes to the fund since 6-1-24 . For more complete information, please refer to the fund's prospectus. The currently effective prospectus is available at* jhinvestments.com/documents *or by calling 800-225-5291.*

Availability of Additional Information

![TSR QR Code](images_5090.jpg)

At jhinvestments.com/documents, you can find additional information about the fund, including the fund's:

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

You can also request this information by contacting us at 800-225-5291.

**This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.**

![Manulife JH front rebranded logo-TSR and FS](images_5048.jpg)

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

Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.

NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.

MF4543934

52A-R6

5/25

7/25

John Hancock Municipal Opportunities Fund

![Manulife JH front rebranded logo-TSR and FS](images_5048.jpg)

## John Hancock High Yield Municipal Bond Fund
Class A/JHTFX

#### Annual SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the John Hancock High Yield Municipal Bond Fund (the fund) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs during the last year ?

#### (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| High Yield Municipal Bond Fund<br>(Class A/JHTFX) | $89 | 0.88% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
High Yield Municipal Bond Fund (Class A/JHTFX) returned 2.94% (excluding sales charges) for the year ended May 31, 2025. The most significant factors affecting fund performance during the period included declining short- and intermediate-term municipal bond yields, rising longer-term municipal bond yields, record levels of new municipal bond supply, and three short-term interest rate cuts by the U.S. Federal Reserve. The outperformance of high-yield bonds within the municipal market was another key factor during the period.

#### TOP PERFORMANCE CONTRIBUTORS
**Healthcare bonds** \| Bonds funding several smaller regional hospitals that were acquired by larger healthcare providers performed well during the period.

**Special tax municipal bonds** \| The fund benefited from holdings of special tax bonds funding land development projects.

**Education-related municipal bonds** \| Bonds funding charter schools and higher education contributed the most in this sector.

#### TOP PERFORMANCE DETRACTORS
**Longer-term municipal bonds** \| The fund's position in municipal bonds maturing in 10 or more years detracted from performance as this maturity sector declined.

**Industrial development bonds** \| The fund's holdings in this sector declined overall for the period.

The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_5911210.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| High Yield Municipal Bond Fund (Class A/JHTFX) | (1.12)% | 1.61% | 2.09% |
| High Yield Municipal Bond Fund (Class A/JHTFX)—excluding sales charge | 2.94% | 2.46% | 2.51% |
| Bloomberg Municipal Bond Index | 2.03% | 0.55% | 2.13% |
| Bloomberg High Yield Municipal Bond Index | 3.64% | 3.83% | 4.00% |

---

Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Figures reflect maximum sales charge on Class A shares of 4.00%. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown and can be found at **jhinvestments.com/investments** or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.

Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$336882048 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;374 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$1038687 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total investments of the fund.

**Portfolio Composition**

---

| | |
|:---|:---|
| **General obligation bonds** | **11.3%** |
| **Revenue bonds** | **87.6%** |
| Health care | 20.2% |
| Education | 16.6% |
| Development | 16.1% |
| Other revenue | 10.4% |
| Airport | 8.9% |
| Tobacco | 6.1% |
| Housing | 3.4% |
| Transportation | 3.0% |
| Facilities | 1.2% |
| Pollution | 1.1% |
| Water and sewer | 0.4% |
| Utilities | 0.2% |
| **Corporate bonds** | **0.6%** |
| **Short-term investments** | **0.5%** |

---

**Quality Composition**

![Graphical Representation - Allocation 1 Chart](chartimages_5911588.jpg)

Ratings are from Moody's Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. "Not rated" securities are those with no ratings available from these agencies. All ratings are as of 5-31-25 and do not reflect subsequent downgrades or upgrades, if any.

Holdings may not have been held by the fund for the entire period and are subject to change without notice. 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 and may change at any time.

*The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .* 

**Material Fund Changes**

Effective October 1, 2024, the Advisor has contractually agreed to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.45% of the fund's average daily net assets.

*This is a summary of certain changes to the fund since 6-1-24 . For more complete information, please refer to the fund's prospectus. The currently effective prospectus is available at* jhinvestments.com/documents *or by calling 800-225-5291.*

Availability of Additional Information

![TSR QR Code](images_5090.jpg)

At jhinvestments.com/documents, you can find additional information about the fund, including the fund's:

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

You can also request this information by contacting us at 800-225-5291.

**This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.**

![Manulife JH front rebranded logo-TSR and FS](images_5048.jpg)

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

Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.

NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.

MF4543946

59A-A

5/25

7/25

John Hancock High Yield Municipal Bond Fund

![Manulife JH front rebranded logo-TSR and FS](images_5048.jpg)

## John Hancock High Yield Municipal Bond Fund
Class C/JCTFX

#### Annual SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the John Hancock High Yield Municipal Bond Fund (the fund) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs during the last year ?

#### (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| High Yield Municipal Bond Fund<br>(Class C/JCTFX) | $165 | 1.63% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
High Yield Municipal Bond Fund (Class C/JCTFX) returned 2.17% (excluding sales charges) for the year ended May 31, 2025. The most significant factors affecting fund performance during the period included declining short- and intermediate-term municipal bond yields, rising longer-term municipal bond yields, record levels of new municipal bond supply, and three short-term interest rate cuts by the U.S. Federal Reserve. The outperformance of high-yield bonds within the municipal market was another key factor during the period.

#### TOP PERFORMANCE CONTRIBUTORS
**Healthcare bonds** \| Bonds funding several smaller regional hospitals that were acquired by larger healthcare providers performed well during the period.

**Special tax municipal bonds** \| The fund benefited from holdings of special tax bonds funding land development projects.

**Education-related municipal bonds** \| Bonds funding charter schools and higher education contributed the most in this sector.

#### TOP PERFORMANCE DETRACTORS
**Longer-term municipal bonds** \| The fund's position in municipal bonds maturing in 10 or more years detracted from performance as this maturity sector declined.

**Industrial development bonds** \| The fund's holdings in this sector declined overall for the period.

The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_5911560.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| High Yield Municipal Bond Fund (Class C/JCTFX) | 1.19% | 1.69% | 1.74% |
| High Yield Municipal Bond Fund (Class C/JCTFX)—excluding sales charge | 2.17% | 1.69% | 1.74% |
| Bloomberg Municipal Bond Index | 2.03% | 0.55% | 2.13% |
| Bloomberg High Yield Municipal Bond Index | 3.64% | 3.83% | 4.00% |

---

Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Class C shares sold within one year of purchase are subject to a 1.00% contingent deferred sales charge. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown and can be found at **jhinvestments.com/investments** or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.

Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$336882048 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;374 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$1038687 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total investments of the fund.

**Portfolio Composition**

---

| | |
|:---|:---|
| **General obligation bonds** | **11.3%** |
| **Revenue bonds** | **87.6%** |
| Health care | 20.2% |
| Education | 16.6% |
| Development | 16.1% |
| Other revenue | 10.4% |
| Airport | 8.9% |
| Tobacco | 6.1% |
| Housing | 3.4% |
| Transportation | 3.0% |
| Facilities | 1.2% |
| Pollution | 1.1% |
| Water and sewer | 0.4% |
| Utilities | 0.2% |
| **Corporate bonds** | **0.6%** |
| **Short-term investments** | **0.5%** |

---

**Quality Composition**

![Graphical Representation - Allocation 1 Chart](chartimages_5911557.jpg)

Ratings are from Moody's Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. "Not rated" securities are those with no ratings available from these agencies. All ratings are as of 5-31-25 and do not reflect subsequent downgrades or upgrades, if any.

Holdings may not have been held by the fund for the entire period and are subject to change without notice. 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 and may change at any time.

*The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .* 

**Material Fund Changes**

Effective October 1, 2024, the Advisor has contractually agreed to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.45% of the fund's average daily net assets.

*This is a summary of certain changes to the fund since 6-1-24 . For more complete information, please refer to the fund's prospectus. The currently effective prospectus is available at* jhinvestments.com/documents *or by calling 800-225-5291.*

Availability of Additional Information

![TSR QR Code](images_5090.jpg)

At jhinvestments.com/documents, you can find additional information about the fund, including the fund's:

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

You can also request this information by contacting us at 800-225-5291.

**This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.**

![Manulife JH front rebranded logo-TSR and FS](images_5048.jpg)

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

Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.

NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.

MF4543946

59A-C

5/25

7/25

John Hancock High Yield Municipal Bond Fund

![Manulife JH front rebranded logo-TSR and FS](images_5048.jpg)

## John Hancock High Yield Municipal Bond Fund
Class I/JHYMX

#### Annual SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the John Hancock High Yield Municipal Bond Fund (the fund) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs during the last year ?

#### (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| High Yield Municipal Bond Fund<br>(Class I/JHYMX) | $75 | 0.74% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
High Yield Municipal Bond Fund (Class I/JHYMX) returned 3.09% for the year ended May 31, 2025. The most significant factors affecting fund performance during the period included declining short- and intermediate-term municipal bond yields, rising longer-term municipal bond yields, record levels of new municipal bond supply, and three short-term interest rate cuts by the U.S. Federal Reserve. The outperformance of high-yield bonds within the municipal market was another key factor during the period.

#### TOP PERFORMANCE CONTRIBUTORS
**Healthcare bonds** \| Bonds funding several smaller regional hospitals that were acquired by larger healthcare providers performed well during the period.

**Special tax municipal bonds** \| The fund benefited from holdings of special tax bonds funding land development projects.

**Education-related municipal bonds** \| Bonds funding charter schools and higher education contributed the most in this sector.

#### TOP PERFORMANCE DETRACTORS
**Longer-term municipal bonds** \| The fund's position in municipal bonds maturing in 10 or more years detracted from performance as this maturity sector declined.

**Industrial development bonds** \| The fund's holdings in this sector declined overall for the period.

The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $250,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $250,000
![Fund Performance - Growth of 10K](chartimages_5911545.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| High Yield Municipal Bond Fund (Class I/JHYMX) | 3.09% | 2.62% | 2.65% |
| Bloomberg Municipal Bond Index | 2.03% | 0.55% | 2.13% |
| Bloomberg High Yield Municipal Bond Index | 3.64% | 3.83% | 4.00% |

---

 **Class I shares were first offered 2-13-17. Returns prior to this date are those of Class A shares that have not been adjusted for class-specific expenses; otherwise, returns would vary.** 

Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown and can be found at **jhinvestments.com/investments** or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.

Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$336882048 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;374 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$1038687 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total investments of the fund.

**Portfolio Composition**

---

| | |
|:---|:---|
| **General obligation bonds** | **11.3%** |
| **Revenue bonds** | **87.6%** |
| Health care | 20.2% |
| Education | 16.6% |
| Development | 16.1% |
| Other revenue | 10.4% |
| Airport | 8.9% |
| Tobacco | 6.1% |
| Housing | 3.4% |
| Transportation | 3.0% |
| Facilities | 1.2% |
| Pollution | 1.1% |
| Water and sewer | 0.4% |
| Utilities | 0.2% |
| **Corporate bonds** | **0.6%** |
| **Short-term investments** | **0.5%** |

---

**Quality Composition**

![Graphical Representation - Allocation 1 Chart](chartimages_5911548.jpg)

Ratings are from Moody's Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. "Not rated" securities are those with no ratings available from these agencies. All ratings are as of 5-31-25 and do not reflect subsequent downgrades or upgrades, if any.

Holdings may not have been held by the fund for the entire period and are subject to change without notice. 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 and may change at any time.

*The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .* 

**Material Fund Changes**

Effective October 1, 2024, the Advisor has contractually agreed to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.45% of the fund's average daily net assets.

*This is a summary of certain changes to the fund since 6-1-24 . For more complete information, please refer to the fund's prospectus. The currently effective prospectus is available at* jhinvestments.com/documents *or by calling 800-225-5291.*

Availability of Additional Information

![TSR QR Code](images_5090.jpg)

At jhinvestments.com/documents, you can find additional information about the fund, including the fund's:

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

You can also request this information by contacting us at 800-225-5291.

**This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.**

![Manulife JH front rebranded logo-TSR and FS](images_5048.jpg)

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

Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.

NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.

MF4543946

59A-I

5/25

7/25

John Hancock High Yield Municipal Bond Fund

![Manulife JH front rebranded logo-TSR and FS](images_5048.jpg)

## John Hancock High Yield Municipal Bond Fund
Class R6/JCTRX

#### Annual SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the John Hancock High Yield Municipal Bond Fund (the fund) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs during the last year ?

#### (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| High Yield Municipal Bond Fund<br>(Class R6/JCTRX) | $69 | 0.68% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
High Yield Municipal Bond Fund (Class R6/JCTRX) returned 3.31% for the year ended May 31, 2025. The most significant factors affecting fund performance during the period included declining short- and intermediate-term municipal bond yields, rising longer-term municipal bond yields, record levels of new municipal bond supply, and three short-term interest rate cuts by the U.S. Federal Reserve. The outperformance of high-yield bonds within the municipal market was another key factor during the period.

#### TOP PERFORMANCE CONTRIBUTORS
**Healthcare bonds** \| Bonds funding several smaller regional hospitals that were acquired by larger healthcare providers performed well during the period.

**Special tax municipal bonds** \| The fund benefited from holdings of special tax bonds funding land development projects.

**Education-related municipal bonds** \| Bonds funding charter schools and higher education contributed the most in this sector.

#### TOP PERFORMANCE DETRACTORS
**Longer-term municipal bonds** \| The fund's position in municipal bonds maturing in 10 or more years detracted from performance as this maturity sector declined.

**Industrial development bonds** \| The fund's holdings in this sector declined overall for the period.

The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $1,000,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_5911520.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| High Yield Municipal Bond Fund (Class R6/JCTRX) | 3.31% | 2.65% | 2.67% |
| Bloomberg Municipal Bond Index | 2.03% | 0.55% | 2.13% |
| Bloomberg High Yield Municipal Bond Index | 3.64% | 3.83% | 4.00% |

---

 **Class R6 shares were first offered 8-30-17. Returns prior to this date are those of Class A shares that have not been adjusted for class-specific expenses; otherwise, returns would vary.** 

Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown and can be found at **jhinvestments.com/investments** or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.

Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$336882048 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;374 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$1038687 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total investments of the fund.

**Portfolio Composition**

---

| | |
|:---|:---|
| **General obligation bonds** | **11.3%** |
| **Revenue bonds** | **87.6%** |
| Health care | 20.2% |
| Education | 16.6% |
| Development | 16.1% |
| Other revenue | 10.4% |
| Airport | 8.9% |
| Tobacco | 6.1% |
| Housing | 3.4% |
| Transportation | 3.0% |
| Facilities | 1.2% |
| Pollution | 1.1% |
| Water and sewer | 0.4% |
| Utilities | 0.2% |
| **Corporate bonds** | **0.6%** |
| **Short-term investments** | **0.5%** |

---

**Quality Composition**

![Graphical Representation - Allocation 1 Chart](chartimages_5911517.jpg)

Ratings are from Moody's Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. "Not rated" securities are those with no ratings available from these agencies. All ratings are as of 5-31-25 and do not reflect subsequent downgrades or upgrades, if any.

Holdings may not have been held by the fund for the entire period and are subject to change without notice. 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 and may change at any time.

*The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .* 

**Material Fund Changes**

Effective October 1, 2024, the Advisor has contractually agreed to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.45% of the fund's average daily net assets.

*This is a summary of certain changes to the fund since 6-1-24 . For more complete information, please refer to the fund's prospectus. The currently effective prospectus is available at* jhinvestments.com/documents *or by calling 800-225-5291.*

Availability of Additional Information

![TSR QR Code](images_5090.jpg)

At jhinvestments.com/documents, you can find additional information about the fund, including the fund's:

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

You can also request this information by contacting us at 800-225-5291.

**This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.**

![Manulife JH front rebranded logo-TSR and FS](images_5048.jpg)

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

Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.

NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.

MF4543946

59A-R6

5/25

7/25

John Hancock High Yield Municipal Bond Fund

------

ITEM 2. CODE OF ETHICS.

As of the end of the year, May 31, 2025, 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 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 for the audits of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements amounted to $137,811 and $132,340 for the fiscal years ended May 31, 2025 and May 31, 2024, respectively. These fees were billed to the registrant and were approved by the registrant's audit committee.

(b) Audit-Related Services

Audit-related fees for assurance and related services by the principal accountant are 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 ("control affiliates") that provides ongoing services to the registrant. The nature of the services provided was affiliated service provider internal controls reviews and a software licensing fee. Amounts billed to the registrant were $2,086 and $239 for fiscal years ended May 31, 2025 and May 31, 2024, respectively.

Amounts billed to control affiliates were $132,464 and $127,986 for the fiscal years ended May 31, 2025 and May 31, 2024, respectively.

(c) Tax Fees

The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning ("tax fees") amounted to $12,968 and $12,590 for the fiscal years ended May 31, 2025 and May 31, 2024, respectively. 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

Other fees amounted to $0 and $1,108 for the fiscal years ended May 31, 2025 and May 31, 2024, respectively. 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 registrant'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 registrant'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 year ended May 31, 2025, 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 principal accountant for non-audit services rendered to the registrant and rendered to the registrant's control affiliates were $649,100 for the fiscal year ended May 31, 2025 and $983,076 for the fiscal year ended May 31, 2024.

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

(i) Not applicable.

(j) Not applicable.

------

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

William H. Cunningham

William K. Bacic - Member of the Audit Committee as of September 24, 2024.

------

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Refer to information included in Item 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

------

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The Registrant prepared financial statements and financial highlights for the year ended May 31, 2025 for the following funds:

* John Hancock High Yield Municipal Bond Fund

* John Hancock Municipal Opportunities Fund

* John Hancock Short Duration Municipal Opportunities Fund

------

![](img6f841e331.gif)

![](img3fa0da9c2.gif)

Annual Financial Statements & Other N-CSR Items

## John Hancock

## High Yield Municipal Bond Fund
Fixed income

May 31, 2025

------

John Hancock

High Yield Municipal Bond Fund

Table of contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;**2** | &nbsp;&nbsp;[Fund's investments](#xx_7439de90-f3bd-486e-bf8e-ce340755f9e9_1) |
| **24** | &nbsp;&nbsp;[Financial statements](#xx_1a0aa4a2-7291-4bc2-9b4a-c3a442e220fa_1) |
| **28** | &nbsp;&nbsp;[Financial highlights](#xx_1a2746e7-01f7-4a5b-840c-0a1c8aa863a6_1) |
| **32** | &nbsp;&nbsp;[Notes to financial statements](#xx_6b0bd175-fd8e-4574-b376-24a1467f39c0_1) |
| **41** | &nbsp;&nbsp;[Report of independent registered public accounting firm](#xx_f31b5204-e492-49e6-8774-dea637a84ef7_1) |
| **42** | &nbsp;&nbsp;[Tax information](#xx_39a38c40-0e00-4723-a494-316e42181fdc_1) |

---

1 JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND \|

------

[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

Fund's investments

#### AS OF 5-31-25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Municipal bonds 108.8%** |  |  |  | &nbsp;&nbsp;**$366608832** |
| (Cost $376,893,698) |  |  |  |  |
| **Alabama 1.1%** |  |  |  | &nbsp;&nbsp;**3832672** |
| Mobile County Industrial Development Authority<br> AM/NS Calvert LLC Project, Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-54 | 3000000 | &nbsp;&nbsp;2814429 |
| The Lower Alabama Gas District<br> Gas Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-46 | 1000000 | &nbsp;&nbsp;1018243 |
| **Alaska 0.4%** |  |  |  | &nbsp;&nbsp;**1247793** |
| Northern Tobacco Securitization Corp.<br> Alaska Tobacco Settlement, Senior Class 1, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-50 | 1500000 | &nbsp;&nbsp;1247793 |
| **Arizona 3.2%** |  |  |  | &nbsp;&nbsp;**10848858** |
| Arizona Industrial Development Authority<br> Benjamin Franklin Charter School Projects, Series A (A) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-53 | 685000 | &nbsp;&nbsp;632892 |
| Arizona Industrial Development Authority<br> Macombs Facility Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-61 | 2370000 | &nbsp;&nbsp;1848265 |
| Glendale Industrial Development Authority<br> Royal Oaks Inspirata Pointe Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-41 | 1000000 | &nbsp;&nbsp;927704 |
| Glendale Industrial Development Authority<br> Royal Oaks Inspirata Pointe Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-56 | 1000000 | &nbsp;&nbsp;832997 |
| Industrial Development Authority of the City of Phoenix<br> Legacy Traditional Schools Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-41 | 750000 | &nbsp;&nbsp;724273 |
| Maricopa County Industrial Development Authority<br> Arizona Autism Charter School Project (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-61 | 1000000 | &nbsp;&nbsp;719303 |
| Maricopa County Industrial Development Authority<br> Benjamin Franklin Charter School Projects, Series A (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;07-01-52 | 375000 | &nbsp;&nbsp;377695 |
| Maricopa County Industrial Development Authority<br> Valley Christian Schools Project, Series A (A) | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;07-01-53 | 510000 | &nbsp;&nbsp;485678 |
| Maricopa County Pollution Control Corp.<br> El Paso Electric Company Palo Verde Project, Series A | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;08-01-42 | 1000000 | &nbsp;&nbsp;939679 |
| Sierra Vista Industrial Development Authority<br> American Leadership Academy Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-64 | 1220000 | &nbsp;&nbsp;1074190 |
| Sierra Vista Industrial Development Authority<br> Champion Schools Project (A) | &nbsp;&nbsp;6.375 | &nbsp;&nbsp;06-15-64 | 1500000 | &nbsp;&nbsp;1528347 |
| The Industrial Development Authority of the County of Pima<br> American Leadership Academy (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-15-51 | 1000000 | &nbsp;&nbsp;757835 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND 2

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Arkansas 0.3%** |  |  |  | &nbsp;&nbsp;**$1071891** |
| Arkansas Development Finance Authority<br> Hybar Steel Project, Series A, AMT (A) | &nbsp;&nbsp;6.875 | &nbsp;&nbsp;07-01-48 | 1000000 | &nbsp;&nbsp;1071891 |
| **California 13.7%** |  |  |  | &nbsp;&nbsp;**46051778** |
| California Community College Financing Authority<br> Napa Valley College Project, Series A (A) | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;07-01-60 | 750000 | &nbsp;&nbsp;618660 |
| California Community Housing Agency<br> Exchange at Bayfront Apartments, Series A-1 (A) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;02-01-57 | 450000 | &nbsp;&nbsp;281876 |
| California County Tobacco Securitization Agency<br> Series B-2 (B) | &nbsp;&nbsp;5.452 | &nbsp;&nbsp;06-01-55 | 7500000 | &nbsp;&nbsp;1490352 |
| California Infrastructure & Economic Development Bank<br> Brightline West Passenger Project, Series A, AMT (A) | &nbsp;&nbsp;9.500 | &nbsp;&nbsp;01-01-65 | 4500000 | &nbsp;&nbsp;4359047 |
| California Municipal Finance Authority<br> NorthBay Healthcare Group | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-44 | 460000 | &nbsp;&nbsp;412230 |
| California Municipal Finance Authority<br> Northbay Healthcare, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-01-47 | 705000 | &nbsp;&nbsp;647505 |
| California Municipal Finance Authority<br> Turning Point Schools (A) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06-01-44 | 1000000 | &nbsp;&nbsp;932664 |
| California Municipal Finance Authority<br> Westside Neighborhood School Project (A) | &nbsp;&nbsp;6.200 | &nbsp;&nbsp;06-15-54 | 700000 | &nbsp;&nbsp;726998 |
| California Municipal Finance Authority<br> Westside Neighborhood School Project (A) | &nbsp;&nbsp;6.375 | &nbsp;&nbsp;06-15-64 | 1050000 | &nbsp;&nbsp;1095308 |
| California Public Finance Authority<br> Enso Village Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-51 | 250000 | &nbsp;&nbsp;217620 |
| California Public Finance Authority<br> Enso Village Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-56 | 700000 | &nbsp;&nbsp;599525 |
| California Public Finance Authority<br> Trinity Classical Academy, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-54 | 650000 | &nbsp;&nbsp;532923 |
| California School Finance Authority<br> Lighthouse Community Public Schools (A) | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;06-01-62 | 1000000 | &nbsp;&nbsp;1027383 |
| California School Finance Authority<br> Sonoma County Junior College Project, Series A (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-31 | 750000 | &nbsp;&nbsp;734840 |
| California Statewide Communities Development Authority<br> Community Facilities District No. 2020-02 | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;09-01-52 | 500000 | &nbsp;&nbsp;504761 |
| California Statewide Communities Development Authority<br> Improvement Area No. 3 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-49 | 375000 | &nbsp;&nbsp;374113 |
| California Statewide Financing Authority<br> Tobacco Securitization Program, Series C (A)(B) | &nbsp;&nbsp;9.485 | &nbsp;&nbsp;06-01-55 | 8000000 | &nbsp;&nbsp;507173 |
| City & County of San Francisco Community Facilities District No. 2016-1<br> Improvement Area No. 2, Treasure Island, Series A (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-42 | 1000000 | &nbsp;&nbsp;882686 |

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3 JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **California (continued)** |  |  |  |  |
| City of Oroville<br> Oroville Hospital | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;04-01-54 | 705000 | &nbsp;&nbsp;$535195 |
| City of Palm Desert<br> Community Facilities District No. 2021-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-49 | 585000 | &nbsp;&nbsp;585487 |
| CSCDA Community Improvement Authority<br> 1818 Platinum Triangle Anaheim, Series A-2 (A) | &nbsp;&nbsp;3.250 | &nbsp;&nbsp;04-01-57 | 1000000 | &nbsp;&nbsp;692738 |
| CSCDA Community Improvement Authority<br> Altana Glendale, Series A-1 (A) | &nbsp;&nbsp;3.500 | &nbsp;&nbsp;10-01-46 | 1000000 | &nbsp;&nbsp;779762 |
| CSCDA Community Improvement Authority<br> Altana Glendale, Series A-2 (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-56 | 500000 | &nbsp;&nbsp;369215 |
| CSCDA Community Improvement Authority<br> Monterey Station Apartments, Series A-2 (A) | &nbsp;&nbsp;3.125 | &nbsp;&nbsp;07-01-56 | 1000000 | &nbsp;&nbsp;635792 |
| CSCDA Community Improvement Authority<br> Orange City Portfolio, Series A-2 (A) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;03-01-57 | 1500000 | &nbsp;&nbsp;947056 |
| CSCDA Community Improvement Authority<br> Parallel Apartments Anaheim, Series A (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-56 | 1490000 | &nbsp;&nbsp;1252688 |
| CSCDA Community Improvement Authority<br> The Link-Glendale, Series A-2 (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-56 | 400000 | &nbsp;&nbsp;296138 |
| Golden State Tobacco Securitization Corp.<br> Series A-1 | &nbsp;&nbsp;3.714 | &nbsp;&nbsp;06-01-41 | 1500000 | &nbsp;&nbsp;1114139 |
| Golden State Tobacco Securitization Corp.<br> Series B-2 (B) | &nbsp;&nbsp;5.513 | &nbsp;&nbsp;06-01-66 | 7850000 | &nbsp;&nbsp;842092 |
| Inland Empire Tobacco Securitization Corp.<br> Series C-1 (B) | &nbsp;&nbsp;7.420 | &nbsp;&nbsp;06-01-36 | 3400000 | &nbsp;&nbsp;1529093 |
| Kaweah Delta Health Care District Guild<br> Series B | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-37 | 10000 | &nbsp;&nbsp;8931 |
| River Islands Public Financing Authority<br> Community Facilities District No. 2003-1, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-48 | 500000 | &nbsp;&nbsp;486408 |
| River Islands Public Financing Authority<br> Community Facilities District No. 2023-1 | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;09-01-44 | 500000 | &nbsp;&nbsp;461602 |
| River Islands Public Financing Authority<br> Community Facilities District No. 2023-1 | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;09-01-48 | 1000000 | &nbsp;&nbsp;1020342 |
| San Francisco Bay Area Rapid Transit District<br> Election of 2016, Series D1, GO (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-37 | 1885000 | &nbsp;&nbsp;1888053 |
| San Francisco City & County Airport Commission<br> Series A, AMT (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;05-01-55 | 15000000 | &nbsp;&nbsp;15167793 |
| Southern California Public Power Authority<br> Natural Gas Project, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-01-26 | 1470000 | &nbsp;&nbsp;1493590 |
| **Colorado 5.9%** |  |  |  | &nbsp;&nbsp;**19914183** |
| Aerotropolis Regional Transportation Authority<br> Special Revenue | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;12-01-41 | 1000000 | &nbsp;&nbsp;869773 |
| Aerotropolis Regional Transportation Authority<br> Special Revenue (A) | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;12-01-54 | 2000000 | &nbsp;&nbsp;2006294 |
| Colorado Health Facilities Authority<br> CommonSpirit Health, Series A-1 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-44 | 1575000 | &nbsp;&nbsp;1365509 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND 4

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Colorado (continued)** |  |  |  |  |
| Creekwalk Marketplace Business Improvement District<br> Series A | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;12-01-54 | 1500000 | &nbsp;&nbsp;$1385939 |
| Fiddlers Business Improvement District<br> Greenwood Village, GO (A) | &nbsp;&nbsp;5.550 | &nbsp;&nbsp;12-01-47 | 1265000 | &nbsp;&nbsp;1255553 |
| Gold Hill Mesa Metropolitan District No. 2<br> Series B, GO | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;12-15-39 | 1000000 | &nbsp;&nbsp;1008790 |
| Hess Ranch Metropolitan District No. 5<br> Series A-2 | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;12-01-43 | 1000000 | &nbsp;&nbsp;1000000 |
| Independence Metropolitan District No. 3<br> Series A, GO | &nbsp;&nbsp;5.375 | &nbsp;&nbsp;12-01-54 | 1640000 | &nbsp;&nbsp;1573833 |
| Lafferty Canyon Metropolitan District<br> Series A, GO | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;12-01-55 | 1440000 | &nbsp;&nbsp;1366099 |
| Orchard Park Place South Metropolitan District, GO (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;12-01-54 | 1775000 | &nbsp;&nbsp;1635720 |
| Pinery Commercial Metropolitan District No. 2<br> Colorado Special Revenue | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;12-01-54 | 500000 | &nbsp;&nbsp;480288 |
| Platte River Metropolitan District<br> Series A, GO (A) | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;08-01-53 | 601000 | &nbsp;&nbsp;598440 |
| Pueblo Urban Renewal Authority<br> EVRAZ Project, Series A (A) | &nbsp;&nbsp;4.750 | &nbsp;&nbsp;12-01-45 | 1000000 | &nbsp;&nbsp;865340 |
| Rampart Range Metropolitan District<br> No. 5 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-51 | 1500000 | &nbsp;&nbsp;1171946 |
| Sky Ranch Community Authority Board<br> Series B, GO | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;12-15-54 | 550000 | &nbsp;&nbsp;546288 |
| St. Vrain Lakes Metropolitan District No. 4<br> Series A, GO (0.000% to 12-1-30, then 6.750% thereafter) (A) | &nbsp;&nbsp;0.000 | &nbsp;&nbsp;09-20-54 | 1500000 | &nbsp;&nbsp;1003307 |
| Sterling Ranch Community Authority Board<br> Special Improvement District No. 1 | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;12-01-43 | 871000 | &nbsp;&nbsp;869801 |
| Villages at Castle Rock Metropolitan District<br> Cobblestone Ranch Project, Series 2, GO (B) | &nbsp;&nbsp;7.916 | &nbsp;&nbsp;12-01-37 | 1066667 | &nbsp;&nbsp;405774 |
| West Meadow Metropolitan District<br> Series A, GO (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;12-01-38 | 500000 | &nbsp;&nbsp;505489 |
| **Connecticut 1.3%** |  |  |  | &nbsp;&nbsp;**4518230** |
| Connecticut State Health & Educational Facilities Authority<br> Goodwin University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-44 | 500000 | &nbsp;&nbsp;469638 |
| Great Pond Improvement District<br> Great Pond Phase 1 Project (A) | &nbsp;&nbsp;4.750 | &nbsp;&nbsp;10-01-48 | 965000 | &nbsp;&nbsp;867032 |
| Stamford Housing Authority<br> Mozaic Concierge Living Project, Series A | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;10-01-60 | 1500000 | &nbsp;&nbsp;1421969 |
| Town of Hamden<br> Whitney Center Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-50 | 2060000 | &nbsp;&nbsp;1759591 |
| **Delaware 0.2%** |  |  |  | &nbsp;&nbsp;**728807** |
| Delaware State Economic Development Authority<br> Aspira of Delaware Charter Operations, Inc. Project, Series A | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;06-01-32 | 450000 | &nbsp;&nbsp;404160 |

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5 JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Delaware (continued)** |  |  |  |  |
| Delaware State Economic Development Authority<br> Aspira of Delaware Charter Operations, Inc. Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-42 | 390000 | &nbsp;&nbsp;$324647 |
| **District of Columbia 4.3%** |  |  |  | &nbsp;&nbsp;**14627394** |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue<br> Series C (D) | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;10-01-41 | 3000000 | &nbsp;&nbsp;3137366 |
| Metropolitan Washington District of Columbia Airports Authority<br> Series A, AMT (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;10-01-49 | 11320000 | &nbsp;&nbsp;11490028 |
| **Florida 6.3%** |  |  |  | &nbsp;&nbsp;**21233688** |
| Cabot Citrus Farms<br> Community Development District | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;03-01-29 | 1000000 | &nbsp;&nbsp;1005945 |
| Capital Projects Finance Authority<br> Kissimmee Charter Academy Project (A) | &nbsp;&nbsp;6.625 | &nbsp;&nbsp;06-15-59 | 445000 | &nbsp;&nbsp;452269 |
| Capital Projects Finance Authority<br> Navigator Academy of Leadership Obligated Group Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-64 | 1890000 | &nbsp;&nbsp;1651041 |
| Capital Trust Authority<br> KIPP Miami - North Campus Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-34 | 310000 | &nbsp;&nbsp;316648 |
| Capital Trust Authority<br> KIPP Miami - North Campus Project, Series A (A) | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;06-15-44 | 250000 | &nbsp;&nbsp;250876 |
| Capital Trust Authority<br> KIPP Miami - North Campus Project, Series A (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;06-15-54 | 250000 | &nbsp;&nbsp;251944 |
| Capital Trust Authority<br> The Classical Academy of Sarasota Project, Series A (A) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-54 | 500000 | &nbsp;&nbsp;446321 |
| Charlotte County Industrial Development Authority<br> Town and Country Utilities Project, Series A, AMT (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-51 | 1800000 | &nbsp;&nbsp;1407685 |
| City of Jacksonville<br> Jacksonville University Project, Series B (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-53 | 750000 | &nbsp;&nbsp;612822 |
| City of Pompano Beach<br> John Knox Village Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-56 | 400000 | &nbsp;&nbsp;301164 |
| City of Venice<br> Village on the Isle Project, Series A (A) | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;01-01-60 | 1100000 | &nbsp;&nbsp;1038198 |
| County of Lake<br> Imagine South Lake Charter School Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-15-49 | 950000 | &nbsp;&nbsp;831157 |
| Escambia County Health Facilities Authority<br> Baptist Health Care Corp. Health Facilities, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-15-50 | 1640000 | &nbsp;&nbsp;1330710 |
| Florida Development Finance Corp.<br> Brightline Passenger Rail Expansion Project, Series A, AMT (A) | &nbsp;&nbsp;8.250 | &nbsp;&nbsp;07-01-57 | 500000 | &nbsp;&nbsp;509116 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND 6

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Florida (continued)** |  |  |  |  |
| Florida Development Finance Corp.<br> River City Science Academy | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-57 | 670000 | &nbsp;&nbsp;$617808 |
| Florida Higher Educational Facilities Financial Authority<br> Jacksonville University, Series A-1 (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-48 | 750000 | &nbsp;&nbsp;634363 |
| Hillsborough County Industrial Development Authority<br> Tampa General Hospital Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-50 | 1000000 | &nbsp;&nbsp;839468 |
| Lakewood Ranch Stewardship District<br> The Isles at Lakewood Ranch Project, Phase 2 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-51 | 925000 | &nbsp;&nbsp;734082 |
| Middleton Community Development District A<br> Special Assessment Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-34 | 200000 | &nbsp;&nbsp;196366 |
| Middleton Community Development District A<br> Special Assessment Revenue | &nbsp;&nbsp;4.200 | &nbsp;&nbsp;05-01-39 | 655000 | &nbsp;&nbsp;622663 |
| Middleton Community Development District A<br> Special Assessment Revenue | &nbsp;&nbsp;4.550 | &nbsp;&nbsp;05-01-44 | 550000 | &nbsp;&nbsp;511856 |
| Middleton Community Development District A<br> Special Assessment Revenue | &nbsp;&nbsp;4.750 | &nbsp;&nbsp;05-01-55 | 200000 | &nbsp;&nbsp;182637 |
| Middleton Community Development District A<br> Special Assessment Revenue | &nbsp;&nbsp;6.200 | &nbsp;&nbsp;05-01-53 | 995000 | &nbsp;&nbsp;1028554 |
| Palm Beach County Health Facilities Authority<br> Jupiter Medical Center Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-47 | 1000000 | &nbsp;&nbsp;968418 |
| Palm Beach County Health Facilities Authority<br> Toby & Leon Cooperman Sinai Residences | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-55 | 145000 | &nbsp;&nbsp;130637 |
| Palm Beach County Health Facilities Authority<br> Toby and Leon Cooperman Sinai Residences | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-31 | 1750000 | &nbsp;&nbsp;1723639 |
| Polk County Industrial Development Authority<br> Mineral Development LLC, AMT (A)(E) | &nbsp;&nbsp;5.875 | &nbsp;&nbsp;01-01-33 | 950000 | &nbsp;&nbsp;551000 |
| Portico Community Development District<br> Series 1 | &nbsp;&nbsp;3.200 | &nbsp;&nbsp;05-01-31 | 995000 | &nbsp;&nbsp;933228 |
| St. Johns County Industrial Development Authority<br> Vicar's Landing Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-15-25 | 180000 | &nbsp;&nbsp;178828 |
| St. Johns County Industrial Development Authority<br> Vicar's Landing Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-15-41 | 130000 | &nbsp;&nbsp;106038 |
| St. Johns County Industrial Development Authority<br> Vicar's Landing Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-15-46 | 50000 | &nbsp;&nbsp;37855 |
| St. Johns County Industrial Development Authority<br> Vicar's Landing Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-15-50 | 1155000 | &nbsp;&nbsp;830352 |
| **Georgia 0.4%** |  |  |  | &nbsp;&nbsp;**1297781** |
| Augusta Development Authority<br> AU Health System, Inc. Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-37 | 45000 | &nbsp;&nbsp;43793 |
| Augusta Development Authority<br> AU Health System, Inc. Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-33 | 245000 | &nbsp;&nbsp;254681 |

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7 JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Georgia (continued)** |  |  |  |  |
| The Development Authority of Cobb County<br> Northwest Classical Academy Project, Series A (A) | &nbsp;&nbsp;5.200 | &nbsp;&nbsp;06-15-33 | 500000 | &nbsp;&nbsp;$503461 |
| The Development Authority of Cobb County<br> Northwest Classical Academy Project, Series A (A) | &nbsp;&nbsp;5.700 | &nbsp;&nbsp;06-15-38 | 500000 | &nbsp;&nbsp;495846 |
| **Idaho 0.7%** |  |  |  | &nbsp;&nbsp;**2290923** |
| Avimor Community Infrastructure District No. 1<br> Assessment Area 5 (A) | &nbsp;&nbsp;5.875 | &nbsp;&nbsp;09-01-53 | 933000 | &nbsp;&nbsp;938395 |
| Avimor Community Infrastructure District No. 1<br> Assessment Area 6, Series B (A) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;09-01-53 | 1400000 | &nbsp;&nbsp;1352528 |
| **Illinois 4.1%** |  |  |  | &nbsp;&nbsp;**13698609** |
| Chicago Board of Education<br> Series A, GO | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;12-01-44 | 1000000 | &nbsp;&nbsp;1006268 |
| Chicago Board of Education<br> Series D, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-46 | 500000 | &nbsp;&nbsp;454446 |
| City of Chicago<br> Series A, GO | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;01-01-38 | 1000000 | &nbsp;&nbsp;1017673 |
| Illinois Finance Authority<br> Clark-Lindsey Village, Series A | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;06-01-57 | 1250000 | &nbsp;&nbsp;1030482 |
| Illinois Finance Authority<br> DePaul College Prep Foundation, Series A (A) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;08-01-38 | 500000 | &nbsp;&nbsp;518730 |
| Illinois Finance Authority<br> Goodman Theatre Project, Series A (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;10-01-45 | 1000000 | &nbsp;&nbsp;980962 |
| Illinois Finance Authority<br> Goodman Theatre Project, Series A (A) | &nbsp;&nbsp;6.125 | &nbsp;&nbsp;10-01-50 | 1000000 | &nbsp;&nbsp;980382 |
| Illinois Finance Authority<br> LRS Holdings LLC Project, Series B, AMT (A) | &nbsp;&nbsp;7.375 | &nbsp;&nbsp;09-01-42 | 750000 | &nbsp;&nbsp;826377 |
| Illinois Finance Authority<br> Navy Pier, Inc., Series B (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-49 | 550000 | &nbsp;&nbsp;504777 |
| Illinois Finance Authority<br> Westminster Village, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;05-01-38 | 1085000 | &nbsp;&nbsp;1036860 |
| Upper Illinois River Valley Development Authority<br> Elgin Math & Science Academy Charter School Project, Series A (A) | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;03-01-53 | 1000000 | &nbsp;&nbsp;965276 |
| Upper Illinois River Valley Development Authority<br> Prairie Crossing Charter School Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-55 | 2000000 | &nbsp;&nbsp;1762312 |
| Village of Lincolnwood<br> Certificates of Participation, District 1860 Development Project, Series A (A) | &nbsp;&nbsp;4.820 | &nbsp;&nbsp;01-01-41 | 1500000 | &nbsp;&nbsp;1425790 |
| Village of Lincolnwood<br> Certificates of Participation, District 1860 Development Project, Series B (A) | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;12-01-43 | 1200000 | &nbsp;&nbsp;1188274 |
| **Indiana 2.1%** |  |  |  | &nbsp;&nbsp;**6946208** |
| City of Valparaiso<br> Pratt Paper LLC Project, AMT (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-54 | 500000 | &nbsp;&nbsp;462590 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND 8

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Indiana (continued)** |  |  |  |  |
| Indiana Finance Authority<br> BHI Senior Living | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-38 | 1000000 | &nbsp;&nbsp;$1004731 |
| Indiana Finance Authority<br> Marquette Project, Series A (F) | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;03-01-45 | 1000000 | &nbsp;&nbsp;972669 |
| Indiana Finance Authority<br> Polyflow Industry Project, AMT (A)(E) | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;03-01-39 | 2830000 | &nbsp;&nbsp;435776 |
| Indiana Finance Authority<br> Student Housing Project, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-64 | 750000 | &nbsp;&nbsp;726583 |
| Indiana Finance Authority<br> The Methodist Hospital Inc., Series A | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;09-15-44 | 1420000 | &nbsp;&nbsp;1438488 |
| Indiana Finance Authority<br> Tippecanoe LLC Student Housing Project, Series A | &nbsp;&nbsp;5.375 | &nbsp;&nbsp;06-01-64 | 1000000 | &nbsp;&nbsp;987385 |
| Indianapolis Local Public Improvement Bond Bank<br> Convention Center Hotel, Series E | &nbsp;&nbsp;6.125 | &nbsp;&nbsp;03-01-57 | 885000 | &nbsp;&nbsp;917986 |
| **Iowa 1.2%** |  |  |  | &nbsp;&nbsp;**4160099** |
| Iowa Finance Authority<br> Alcoa, Inc. Project | &nbsp;&nbsp;4.750 | &nbsp;&nbsp;08-01-42 | 830000 | &nbsp;&nbsp;792118 |
| Iowa Finance Authority<br> Lifespace Communities, Inc., Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-15-46 | 2000000 | &nbsp;&nbsp;1656331 |
| Iowa Finance Authority<br> Northcrest, Inc. Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-48 | 1090000 | &nbsp;&nbsp;976205 |
| Iowa Tobacco Settlement Authority<br> Series B-2 (B) | &nbsp;&nbsp;4.836 | &nbsp;&nbsp;06-01-65 | 5000000 | &nbsp;&nbsp;735445 |
| **Kansas 0.8%** |  |  |  | &nbsp;&nbsp;**2567524** |
| Wyandotte County-Kansas City Unified Government<br> Legends Apartments Garage & West Lawn Project | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;06-01-40 | 625000 | &nbsp;&nbsp;588738 |
| Wyandotte County-Kansas City Unified Government<br> Village East Project Areas 2B (A) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;09-01-35 | 1960000 | &nbsp;&nbsp;1978786 |
| **Kentucky 0.2%** |  |  |  | &nbsp;&nbsp;**608110** |
| Kentucky Municipal Power Agency<br> Prairie State Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-45 | 720000 | &nbsp;&nbsp;608110 |
| **Louisiana 0.6%** |  |  |  | &nbsp;&nbsp;**2038222** |
| Louisiana Local Government Environmental Facilities & Community Development Authority<br> Downsville Community Charter School Project (A) | &nbsp;&nbsp;6.375 | &nbsp;&nbsp;06-15-53 | 1000000 | &nbsp;&nbsp;974969 |
| St. James Parish<br> NuStar Logistics LP Project (A) | &nbsp;&nbsp;6.100 | &nbsp;&nbsp;12-01-40 | 1000000 | &nbsp;&nbsp;1063253 |
| **Maryland 0.6%** |  |  |  | &nbsp;&nbsp;**2172239** |
| City of Rockville<br> Ingleside at King Farm Project, Series B | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;11-01-37 | 20000 | &nbsp;&nbsp;17971 |

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9 JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Maryland (continued)** |  |  |  |  |
| County of Howard<br> Downtown Columbia Project, Series A (A) | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;02-15-47 | 750000 | &nbsp;&nbsp;$662000 |
| County of Prince George's<br> Collington Episcopal Life | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;04-01-47 | 225000 | &nbsp;&nbsp;194073 |
| Maryland Economic Development Corp.<br> Morgan St. University Project, Series A | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;07-01-58 | 1000000 | &nbsp;&nbsp;1047833 |
| Maryland Health & Higher Educational Facilities Authority<br> Monocacy Montessori Communities (A) | &nbsp;&nbsp;5.875 | &nbsp;&nbsp;07-01-43 | 250000 | &nbsp;&nbsp;250362 |
| **Massachusetts 1.8%** |  |  |  | &nbsp;&nbsp;**6147759** |
| Massachusetts Development Finance Agency<br> Gingercare Living Issue, Series A (A) | &nbsp;&nbsp;5.875 | &nbsp;&nbsp;12-01-60 | 1850000 | &nbsp;&nbsp;1687541 |
| Massachusetts Development Finance Agency<br> Merrimack College | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-42 | 250000 | &nbsp;&nbsp;241886 |
| Massachusetts Development Finance Agency<br> Merrimack College Student Housing Project, Series A (A) | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;07-01-34 | 200000 | &nbsp;&nbsp;195386 |
| Massachusetts Development Finance Agency<br> Merrimack College Student Housing Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-44 | 500000 | &nbsp;&nbsp;476117 |
| Massachusetts Development Finance Agency<br> Merrimack College Student Housing Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-60 | 1980000 | &nbsp;&nbsp;1786487 |
| Massachusetts Development Finance Agency<br> Tufts Medicine, Series E | &nbsp;&nbsp;8.500 | &nbsp;&nbsp;10-01-26 | 1750000 | &nbsp;&nbsp;1760342 |
| **Michigan 1.3%** |  |  |  | &nbsp;&nbsp;**4397459** |
| City of Detroit, GO | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;04-01-37 | 450000 | &nbsp;&nbsp;474473 |
| Michigan Finance Authority<br> Capital Appreciation Tobacco Settlement, Series B-2, Class 2 (B) | &nbsp;&nbsp;5.817 | &nbsp;&nbsp;06-01-65 | 15000000 | &nbsp;&nbsp;1511961 |
| Michigan Mathematics & Science Initiative<br> Public School Academy | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-41 | 1000000 | &nbsp;&nbsp;832268 |
| Michigan Mathematics & Science Initiative<br> Public School Academy | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-51 | 1000000 | &nbsp;&nbsp;760266 |
| Summit Academy<br> North Michigan Public School Academy | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-41 | 1000000 | &nbsp;&nbsp;818491 |
| **Minnesota 0.4%** |  |  |  | &nbsp;&nbsp;**1502008** |
| City of Apple Valley<br> PHS Apple Valley Senior Housing, Inc. - Orchard Path Phase III Project, Series A | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;09-01-65 | 1000000 | &nbsp;&nbsp;992268 |
| Duluth Economic Development Authority<br> St. Luke Hospital of Duluth, Series B | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06-15-47 | 500000 | &nbsp;&nbsp;509740 |
| **Mississippi 0.4%** |  |  |  | &nbsp;&nbsp;**1429392** |
| City of Gulfport<br> Memorial Hospital at Gulfport Project | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;07-01-50 | 1400000 | &nbsp;&nbsp;1429392 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND 10

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Missouri 2.0%** |  |  |  | &nbsp;&nbsp;**$6751480** |
| Health & Educational Facilities Authority of the State of Missouri<br> Lutheran Senior Service Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-42 | 1000000 | &nbsp;&nbsp;990471 |
| Kansas City Industrial Development Authority<br> Historic Northeast Redevelopment Plan, Series A-1 (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-46 | 1000000 | &nbsp;&nbsp;927608 |
| Kansas City Industrial Development Authority<br> Historic Northeast Redevelopment Plan, Series A-1 (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-54 | 650000 | &nbsp;&nbsp;580580 |
| Lee's Summit Industrial Development Authority<br> John Knox Village Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-32 | 500000 | &nbsp;&nbsp;501619 |
| Lee's Summit Industrial Development Authority<br> John Knox Village Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-46 | 1265000 | &nbsp;&nbsp;1090254 |
| St. Louis Land Clearance for Redevelopment Authority<br> Kiel Opera House Renovation Project | &nbsp;&nbsp;3.875 | &nbsp;&nbsp;10-01-35 | 2000000 | &nbsp;&nbsp;1900567 |
| Taney County Industrial Development Authority<br> Big Cedar Infrastructure Project (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;10-01-49 | 800000 | &nbsp;&nbsp;760381 |
| **Montana 0.2%** |  |  |  | &nbsp;&nbsp;**508414** |
| Montana Facility Finance Authority<br> Montana Children's Home and Hospital | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-50 | 800000 | &nbsp;&nbsp;508414 |
| **Nevada 0.1%** |  |  |  | &nbsp;&nbsp;**486283** |
| City of Las Vegas Special Improvement District No. 816<br> Summerlin Village 22 | &nbsp;&nbsp;3.125 | &nbsp;&nbsp;06-01-46 | 700000 | &nbsp;&nbsp;486283 |
| **New Hampshire 1.8%** |  |  |  | &nbsp;&nbsp;**6138799** |
| New Hampshire Business Finance Authority<br> Megatel Projects (A)(B) | &nbsp;&nbsp;6.239 | &nbsp;&nbsp;12-15-33 | 3000000 | &nbsp;&nbsp;1775488 |
| New Hampshire Business Finance Authority<br> Pennichuck Water Works, Inc., Series A, AMT | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;04-01-59 | 35000 | &nbsp;&nbsp;33917 |
| New Hampshire Business Finance Authority<br> Princeton Area Project (A) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;12-01-30 | 1000000 | &nbsp;&nbsp;1005853 |
| New Hampshire Business Finance Authority<br> Series A (A) | &nbsp;&nbsp;3.625 | &nbsp;&nbsp;07-01-43 | 500000 | &nbsp;&nbsp;401457 |
| New Hampshire Business Finance Authority<br> Silverado Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-28 | 2000000 | &nbsp;&nbsp;1991321 |
| New Hampshire Business Finance Authority<br> Springpoint Senior Living | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-41 | 1000000 | &nbsp;&nbsp;850084 |
| New Hampshire Health & Education Facilities Authority<br> Catholic Medical Center | &nbsp;&nbsp;3.375 | &nbsp;&nbsp;07-01-33 | 80000 | &nbsp;&nbsp;80679 |
| **New Jersey 1.3%** |  |  |  | &nbsp;&nbsp;**4382023** |
| New Jersey Economic Development Authority<br> Repauno Port and Rail Terminal Project, AMT (A) | &nbsp;&nbsp;6.625 | &nbsp;&nbsp;01-01-45 | 3000000 | &nbsp;&nbsp;3040778 |
| New Jersey Health Care Facilities Financing Authority<br> St. Joseph's Healthcare System | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-48 | 440000 | &nbsp;&nbsp;362009 |

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11 JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **New Jersey (continued)** |  |  |  |  |
| The Passaic County Improvement Authority<br> Paterson Charter School for Science & Technology, Inc. | &nbsp;&nbsp;4.125 | &nbsp;&nbsp;07-01-33 | 500000 | &nbsp;&nbsp;$495259 |
| The Passaic County Improvement Authority<br> Paterson Charter School for Science & Technology, Inc. | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;07-01-40 | 100000 | &nbsp;&nbsp;95405 |
| The Passaic County Improvement Authority<br> Paterson Charter School for Science & Technology, Inc. | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-44 | 400000 | &nbsp;&nbsp;388572 |
| **New York 11.2%** |  |  |  | &nbsp;&nbsp;**37817698** |
| Albany Capital Resource Corp.<br> KIPP Capital Region Public Charter Schools Project | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;06-01-44 | 200000 | &nbsp;&nbsp;182367 |
| Build NYC Resource Corp.<br> Bold Charter School Project (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;07-01-60 | 1500000 | &nbsp;&nbsp;1496897 |
| Build NYC Resource Corp.<br> Seton Education Partners Brilla Project, Series A (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-41 | 1000000 | &nbsp;&nbsp;848902 |
| Build NYC Resource Corp.<br> Shefa School Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-51 | 250000 | &nbsp;&nbsp;222044 |
| Build NYC Resource Corp.<br> South Bronx Charter School for International Culture and the Arts Project, Series A (A) | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;04-15-53 | 750000 | &nbsp;&nbsp;778843 |
| City of New York<br> Series G-1, GO (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;02-01-53 | 20000000 | &nbsp;&nbsp;20746528 |
| Dutchess County Local Development Corp.<br> Health Quest Systems, Inc., Series B | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-41 | 1550000 | &nbsp;&nbsp;1399669 |
| Erie Tobacco Asset Securitization Corp.<br> Series A (A)(B) | &nbsp;&nbsp;8.993 | &nbsp;&nbsp;06-01-60 | 15000000 | &nbsp;&nbsp;704519 |
| Nassau County Tobacco Settlement Corp.<br> Series D (B) | &nbsp;&nbsp;8.350 | &nbsp;&nbsp;06-01-60 | 12000000 | &nbsp;&nbsp;695383 |
| New York Counties Tobacco Trust IV<br> Series F (B) | &nbsp;&nbsp;8.447 | &nbsp;&nbsp;06-01-60 | 17000000 | &nbsp;&nbsp;954499 |
| New York Liberty Development Corp.<br> World Trade Center, Class 1-3 (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-44 | 850000 | &nbsp;&nbsp;825217 |
| New York Liberty Development Corp.<br> World Trade Center, Class 2-3 (A) | &nbsp;&nbsp;5.150 | &nbsp;&nbsp;11-15-34 | 1000000 | &nbsp;&nbsp;1000179 |
| New York State Environmental Facilities Corp.<br> Casella Waste System, Inc. Project, Series R-2, AMT (A) | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;09-01-50 | 1000000 | &nbsp;&nbsp;1021317 |
| New York Transportation Development Corp.<br> American Airlines Inc., John F. Kennedy International Airport, AMT | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;08-01-31 | 200000 | &nbsp;&nbsp;183082 |
| New York Transportation Development Corp.<br> Delta Airlines, Inc., Laguardia Airport Terminals C&D Redevelopment, AMT | &nbsp;&nbsp;4.375 | &nbsp;&nbsp;10-01-45 | 1000000 | &nbsp;&nbsp;885663 |
| New York Transportation Development Corp.<br> John F. Kennedy International Airport Project, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-30-60 | 1000000 | &nbsp;&nbsp;936802 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND 12

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **New York (continued)** |  |  |  |  |
| New York Transportation Development Corp.<br> New York State Thruway Service Areas Project, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;04-30-53 | 500000 | &nbsp;&nbsp;$392990 |
| Niagara Area Development Corp.<br> Covanta Project, Series A, AMT (A) | &nbsp;&nbsp;4.750 | &nbsp;&nbsp;11-01-42 | 500000 | &nbsp;&nbsp;453042 |
| Oneida Indian Nation of New York<br> Series A (A) | &nbsp;&nbsp;7.250 | &nbsp;&nbsp;09-01-34 | 1000000 | &nbsp;&nbsp;994762 |
| Oneida Indian Nation of New York<br> Series B (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;09-01-43 | 250000 | &nbsp;&nbsp;263159 |
| Suffolk Regional Off-Track Betting Company | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;12-01-53 | 500000 | &nbsp;&nbsp;511047 |
| Westchester County Local Development Corp.<br> The Knolls Project, Series A | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;07-01-55 | 300000 | &nbsp;&nbsp;228788 |
| Westchester County Local Development Corp.<br> Westchester Medical Center Obligated Group Project (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-51 | 1025000 | &nbsp;&nbsp;1025297 |
| Westchester County Local Development Corp.<br> Westchester Medical Center Obligated Group Project | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;11-01-52 | 1000000 | &nbsp;&nbsp;1066702 |
| **North Carolina 0.6%** |  |  |  | &nbsp;&nbsp;**2053774** |
| North Carolina Medical Care Commission<br> Penick Village Project, Series A | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;09-01-54 | 1665000 | &nbsp;&nbsp;1536960 |
| North Carolina Medical Care Commission<br> The United Methodist Retirement Homes Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-44 | 525000 | &nbsp;&nbsp;516814 |
| **Ohio 5.8%** |  |  |  | &nbsp;&nbsp;**19610597** |
| Buckeye Tobacco Settlement Financing Authority<br> Series A-2, Class 1 | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;06-01-48 | 1770000 | &nbsp;&nbsp;1234241 |
| Buckeye Tobacco Settlement Financing Authority<br> Series A-2, Class 1 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-48 | 1550000 | &nbsp;&nbsp;1294696 |
| Buckeye Tobacco Settlement Financing Authority<br> Series B-2, Class 2 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-55 | 7465000 | &nbsp;&nbsp;6459047 |
| Buckeye Tobacco Settlement Financing Authority<br> Series B-3, Class 2 (B) | &nbsp;&nbsp;7.485 | &nbsp;&nbsp;06-01-57 | 15000000 | &nbsp;&nbsp;1439792 |
| Cleveland-Cuyahoga County Port Authority<br> Constellation Schools Project, Series A (A) | &nbsp;&nbsp;5.875 | &nbsp;&nbsp;01-01-49 | 500000 | &nbsp;&nbsp;466192 |
| County of Lucas<br> Promedica Healthcare, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-15-48 | 665000 | &nbsp;&nbsp;639367 |
| County of Lucas<br> Promedica Healthcare, Series B | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-15-45 | 950000 | &nbsp;&nbsp;767353 |
| County of Montgomery<br> Solvita Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;09-01-49 | 1000000 | &nbsp;&nbsp;1010551 |
| Dayton-Montgomery County Port Authority<br> Dayton Regional STEM School, Inc. Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 375000 | &nbsp;&nbsp;396965 |
| Dayton-Montgomery County Port Authority<br> Dayton Regional STEM School, Inc. Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-44 | 500000 | &nbsp;&nbsp;490945 |

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13 JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Ohio (continued)** |  |  |  |  |
| Dayton-Montgomery County Port Authority<br> Dayton Regional STEM School, Inc. Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-60 | 665000 | &nbsp;&nbsp;$618182 |
| Greene County Port Authority<br> Community First Solutions Obligated Group, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-55 | 1000000 | &nbsp;&nbsp;921201 |
| Northeast Ohio Medical University<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-45 | 335000 | &nbsp;&nbsp;280852 |
| Ohio Air Quality Development Authority<br> Pratt Paper LLC Project, AMT (A) | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;01-15-48 | 1000000 | &nbsp;&nbsp;878720 |
| Ohio Higher Educational Facility Commission<br> Judson Obligated Group 2020 Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-42 | 485000 | &nbsp;&nbsp;462041 |
| Ohio Higher Educational Facility Commission<br> Otterbein University 2022 Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-46 | 500000 | &nbsp;&nbsp;400876 |
| Port of Greater Cincinnati Development Authority<br> RBM Phase 3 Garage Project | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;12-01-55 | 1000000 | &nbsp;&nbsp;923603 |
| Southeastern Ohio Port Authority<br> Marietta Memorial Hospital | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-35 | 1000000 | &nbsp;&nbsp;925973 |
| **Oklahoma 0.9%** |  |  |  | &nbsp;&nbsp;**2863792** |
| Oklahoma Development Finance Authority<br> OU Medicine Project, Series B | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;08-15-52 | 1000000 | &nbsp;&nbsp;984233 |
| Tulsa Authority for Economic Opportunity<br> Vast Bank Project (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-43 | 965000 | &nbsp;&nbsp;805491 |
| Tulsa Municipal Airport Trust<br> American Airlines, Inc. Project, AMT | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;12-01-40 | 1000000 | &nbsp;&nbsp;1074068 |
| **Oregon 1.3%** |  |  |  | &nbsp;&nbsp;**4475941** |
| Oregon State Facilities Authority<br> Redmond Proficiency Academy Project, Series A (A) | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;06-15-55 | 710000 | &nbsp;&nbsp;692030 |
| Oregon State Facilities Authority<br> Redmond Proficiency Academy Project, Series A (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;06-15-65 | 1000000 | &nbsp;&nbsp;1007329 |
| Oregon State Facilities Authority<br> Southern Oregon Goodwill Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-40 | 420000 | &nbsp;&nbsp;406009 |
| Oregon State Facilities Authority<br> Southern Oregon Goodwill Project, Series A | &nbsp;&nbsp;5.375 | &nbsp;&nbsp;12-01-45 | 415000 | &nbsp;&nbsp;395372 |
| Oregon State Facilities Authority<br> Southern Oregon Goodwill Project, Series A | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;12-01-54 | 1145000 | &nbsp;&nbsp;1078783 |
| Salem Hospital Facility Authority<br> Capital Manor Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-53 | 1000000 | &nbsp;&nbsp;896418 |
| **Pennsylvania 4.4%** |  |  |  | &nbsp;&nbsp;**14797557** |
| Allentown Commercial and Industrial Development Authority<br> Lincoln Leadership Academy Charter School Project | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;06-15-38 | 600000 | &nbsp;&nbsp;618084 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND 14

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Pennsylvania (continued)** |  |  |  |  |
| Allentown Commercial and Industrial Development Authority<br> Lincoln Leadership Academy Charter School Project | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;06-15-53 | 500000 | &nbsp;&nbsp;$510176 |
| Allentown Neighborhood Improvement Zone Development Authority<br> City Center Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-42 | 1450000 | &nbsp;&nbsp;1398040 |
| Beaver County Industrial Development Authority<br> FirstEnergy Generation Project, Series B | &nbsp;&nbsp;3.750 | &nbsp;&nbsp;10-01-47 | 3030000 | &nbsp;&nbsp;2406860 |
| Berks County Municipal Authority<br> Tower Health Project, Series A-3 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-30-39 | 679000 | &nbsp;&nbsp;628218 |
| Berks County Municipal Authority<br> Tower Health Project, Series A-4 | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;06-30-39 | 1091000 | &nbsp;&nbsp;942984 |
| Berks County Municipal Authority<br> Tower Health Project, Series B-2 (0.000% to 11-15-29, then 8.000% thereafter) | &nbsp;&nbsp;0.000 | &nbsp;&nbsp;06-30-44 | 1216000 | &nbsp;&nbsp;686372 |
| Bucks County Industrial Development Authority<br> Grand View Hospital Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-46 | 350000 | &nbsp;&nbsp;287057 |
| Chester County Industrial Development Authority<br> Collegium Charter School Project (A) | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;10-15-42 | 650000 | &nbsp;&nbsp;647167 |
| Lancaster County Hospital Authority<br> Brethren Village Project | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;07-01-28 | 150000 | &nbsp;&nbsp;147757 |
| Lancaster County Hospital Authority<br> Brethren Village Project | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;07-01-37 | 1035000 | &nbsp;&nbsp;1008483 |
| Lancaster Industrial Development Authority<br> Landis Homes Retirement Community Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-46 | 1425000 | &nbsp;&nbsp;1158274 |
| Lancaster Industrial Development Authority<br> Landis Homes Retirement Community Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-51 | 1000000 | &nbsp;&nbsp;774413 |
| Lancaster Municipal Authority<br> Garden Spot Village Project, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-59 | 560000 | &nbsp;&nbsp;528417 |
| Lancaster Municipal Authority<br> Luthercare Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-55 | 500000 | &nbsp;&nbsp;464457 |
| Pennsylvania Economic Development Financing Authority<br> Presbyterian Senior Living Project, Series B-1 | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-49 | 1000000 | &nbsp;&nbsp;993688 |
| Philadelphia Authority for Industrial Development<br> Discovery Charter School, Inc. Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-15-42 | 625000 | &nbsp;&nbsp;564747 |
| Philadelphia Authority for Industrial Development<br> Philadelphia E&T Charter High School, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-56 | 1400000 | &nbsp;&nbsp;1032363 |
| **Puerto Rico 2.1%** |  |  |  | &nbsp;&nbsp;**6947675** |
| Puerto Rico Commonwealth<br> CW Guarantee Bond Claims, GO (B) | &nbsp;&nbsp;2.771 | &nbsp;&nbsp;11-01-43 | 3302904 | &nbsp;&nbsp;1981742 |
| Puerto Rico Commonwealth<br> Series A-1, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-41 | 1550000 | &nbsp;&nbsp;1327489 |

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15 JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Puerto Rico (continued)** |  |  |  |  |
| Puerto Rico Commonwealth<br> Series A-1, GO | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-46 | 1615 | &nbsp;&nbsp;$1327 |
| Puerto Rico Highway & Transportation Authority<br> Teodoro Moscoso Bridge, Series A (B) | &nbsp;&nbsp;&nbsp;8.115 | &nbsp;&nbsp;07-01-26 | 1343000 | &nbsp;&nbsp;1232538 |
| Puerto Rico Sales Tax Financing Corp.<br> Sales Tax Revenue, Series A-1 (B) | &nbsp;&nbsp;&nbsp;5.485 | &nbsp;&nbsp;07-01-46 | 2475000 | &nbsp;&nbsp;789684 |
| Puerto Rico Sales Tax Financing Corp.<br> Sales Tax Revenue, Series A-1 (B) | &nbsp;&nbsp;&nbsp;5.631 | &nbsp;&nbsp;07-01-51 | 3450000 | &nbsp;&nbsp;809423 |
| Puerto Rico Sales Tax Financing Corp.<br> Sales Tax Revenue, Series A-2 | &nbsp;&nbsp;&nbsp;4.784 | &nbsp;&nbsp;07-01-58 | 900000 | &nbsp;&nbsp;805472 |
| **South Carolina 1.3%** |  |  |  | &nbsp;&nbsp;**4323876** |
| South Carolina Jobs-Economic Development Authority<br> Beaufort Memorial Hospital & South of Broad Healthcare Project | &nbsp;&nbsp;&nbsp;5.750 | &nbsp;&nbsp;11-15-54 | 1375000 | &nbsp;&nbsp;1384795 |
| South Carolina Jobs-Economic Development Authority<br> Bishop Gadsden Episcopal Retirement Community, Series A | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;04-01-34 | 25000 | &nbsp;&nbsp;24388 |
| South Carolina Jobs-Economic Development Authority<br> Charleston Southern University, Series C | &nbsp;&nbsp;&nbsp;5.750 | &nbsp;&nbsp;09-01-55 | 2000000 | &nbsp;&nbsp;1979839 |
| South Carolina Jobs-Economic Development Authority<br> Last Step Recycling Project, Series A, AMT (A)(E) | &nbsp;&nbsp;&nbsp;6.250 | &nbsp;&nbsp;06-01-40 | 1000000 | &nbsp;&nbsp;150000 |
| South Carolina Jobs-Economic Development Authority<br> Last Step Recycling Project, Series A, AMT (A)(E) | &nbsp;&nbsp;&nbsp;6.500 | &nbsp;&nbsp;06-01-51 | 2000000 | &nbsp;&nbsp;300000 |
| South Carolina Jobs-Economic Development Authority<br> Ocean Collegiate Academy Project, Series A (A) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-44 | 500000 | &nbsp;&nbsp;475341 |
| South Carolina Jobs-Economic Development Authority<br> Still Hopes Episcopal Retirement Community | &nbsp;&nbsp;&nbsp;4.500 | &nbsp;&nbsp;04-01-37 | 10000 | &nbsp;&nbsp;9513 |
| **Texas 7.7%** |  |  |  | &nbsp;&nbsp;**25817166** |
| Arlington Higher Education Finance Corp.<br> Magellan International School (A) | &nbsp;&nbsp;&nbsp;6.250 | &nbsp;&nbsp;06-01-52 | 1000000 | &nbsp;&nbsp;1000384 |
| Board of Managers Joint Guadalupe County<br> City of Seguin Hospital | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-45 | 1000000 | &nbsp;&nbsp;924064 |
| Brazoria County Industrial Development Corp.<br> Aleon Renewable Metals LLC Project, AMT (A) | &nbsp;&nbsp;10.000 | &nbsp;&nbsp;06-01-42 | 2000000 | &nbsp;&nbsp;1700000 |
| Brazoria County Industrial Development Corp.<br> Aleon Renewable Metals LLC Project, AMT (A) | &nbsp;&nbsp;12.000 | &nbsp;&nbsp;06-01-43 | 1000000 | &nbsp;&nbsp;850000 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND 16

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Texas (continued)** |  |  |  |  |
| Brazoria County Industrial Development Corp.<br> Gladieux Metals Recycling LLC Project, AMT (E) | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;03-01-39 | 1255000 | &nbsp;&nbsp;$1004000 |
| Brazoria County Industrial Development Corp.<br> Gladieux Metals Recycling LLC Project, AMT (A)(E) | &nbsp;&nbsp;8.500 | &nbsp;&nbsp;03-01-39 | 1900000 | &nbsp;&nbsp;1520000 |
| City of Houston Airport System Revenue<br> United Airlines, Inc. Terminal Project, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-15-41 | 1000000 | &nbsp;&nbsp;866109 |
| City of Houston Airport System Revenue<br> United Airlines, Inc. Terminal Project, AMT | &nbsp;&nbsp;6.625 | &nbsp;&nbsp;07-15-38 | 800000 | &nbsp;&nbsp;801697 |
| City of Houston Airport System Revenue<br> United Airlines, Inc. Terminal Project, Series B, AMT | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;07-15-38 | 1850000 | &nbsp;&nbsp;1901926 |
| City of Houston Airport System Revenue<br> United Airlines, Inc. Terminal Project, Series C, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-15-28 | 1100000 | &nbsp;&nbsp;1104557 |
| City of Pflugerville<br> Meadowlark Preserve Public Improvement District Project (A) | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;09-01-45 | 500000 | &nbsp;&nbsp;462316 |
| City of Pflugerville<br> Meadowlark Preserve Public Improvement District Project (A) | &nbsp;&nbsp;5.375 | &nbsp;&nbsp;09-01-55 | 640000 | &nbsp;&nbsp;594206 |
| Clifton Higher Education Finance Corp.<br> Valor Education, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-34 | 325000 | &nbsp;&nbsp;314239 |
| Clifton Higher Education Finance Corp.<br> Valor Education, Series A (A) | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;06-15-44 | 575000 | &nbsp;&nbsp;542403 |
| Clifton Higher Education Finance Corp.<br> Valor Education, Series A (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;06-15-54 | 450000 | &nbsp;&nbsp;416753 |
| Gulf Coast Industrial Development Authority<br> CITGO Petroleum Corp. Project, AMT | &nbsp;&nbsp;8.000 | &nbsp;&nbsp;04-01-28 | 1000000 | &nbsp;&nbsp;1001072 |
| Harris County Cultural Education Facilities Finance Corp.<br> Brazos Presbyterian Homes Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-37 | 150000 | &nbsp;&nbsp;150491 |
| Houston Higher Education Finance Corp.<br> Houston Christian University Project | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;10-01-51 | 425000 | &nbsp;&nbsp;395519 |
| Houston Higher Education Finance Corp.<br> Houston Christian University Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;10-01-54 | 1145000 | &nbsp;&nbsp;1076664 |
| New Hope Cultural Education Facilities Finance Corp.<br> Legacy Midtown Park Project, Series A | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;07-01-54 | 500000 | &nbsp;&nbsp;348271 |
| New Hope Cultural Education Facilities Finance Corp.<br> Sanctuary LTC Project, Series A-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-32 | 1150000 | &nbsp;&nbsp;1152236 |
| New Hope Cultural Education Facilities Finance Corp.<br> Sanctuary LTC Project, Series A-1 | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;01-01-42 | 1000000 | &nbsp;&nbsp;950488 |
| New Hope Cultural Education Facilities Finance Corp.<br> Sanctuary LTC Project, Series A-1 | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;01-01-57 | 1000000 | &nbsp;&nbsp;917320 |

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17 JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Texas (continued)** |  |  |  |  |
| New Hope Cultural Education Facilities Finance Corp.<br> Series A | &nbsp;&nbsp;&nbsp;5.500 | &nbsp;&nbsp;10-01-35 | 600000 | &nbsp;&nbsp;$596324 |
| New Hope Cultural Education Facilities Finance Corp.<br> Series A | &nbsp;&nbsp;&nbsp;6.500 | &nbsp;&nbsp;10-01-60 | 890000 | &nbsp;&nbsp;848354 |
| Port Beaumont Navigation District<br> Jefferson Gulf Coast Energy Project, Series A, AMT (A) | &nbsp;&nbsp;&nbsp;2.750 | &nbsp;&nbsp;01-01-36 | 1000000 | &nbsp;&nbsp;818005 |
| Port Beaumont Navigation District<br> Jefferson Gulf Coast Energy Project, Series A, AMT (A) | &nbsp;&nbsp;&nbsp;5.125 | &nbsp;&nbsp;01-01-44 | 500000 | &nbsp;&nbsp;472879 |
| Port of Beaumont Navigation District<br> Jefferson Gulf Coast Energy Project, Series A, AMT (A) | &nbsp;&nbsp;&nbsp;2.875 | &nbsp;&nbsp;01-01-41 | 500000 | &nbsp;&nbsp;366607 |
| Port of Beaumont Navigation District<br> Jefferson Gulf Coast Energy Project, Series A, AMT (A) | &nbsp;&nbsp;&nbsp;3.625 | &nbsp;&nbsp;01-01-35 | 1000000 | &nbsp;&nbsp;905106 |
| Port of Beaumont Navigation District<br> Jefferson Gulf Coast Energy Project, Series B (A) | &nbsp;&nbsp;10.000 | &nbsp;&nbsp;07-01-26 | 700000 | &nbsp;&nbsp;716216 |
| San Antonio Education Facilities Corp.<br> Hallmark University Project, Series A | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-51 | 615000 | &nbsp;&nbsp;455368 |
| Texas Municipal Gas Acquisition & Supply Corp.<br> Series D | &nbsp;&nbsp;&nbsp;6.250 | &nbsp;&nbsp;12-15-26 | 380000 | &nbsp;&nbsp;389263 |
| Texas Private Activity Bond Surface Transportation Corp.<br> Bond Surface Transportation Corp., AMT | &nbsp;&nbsp;&nbsp;5.500 | &nbsp;&nbsp;06-30-43 | 250000 | &nbsp;&nbsp;254329 |
| **Utah 1.8%** |  |  |  | &nbsp;&nbsp;**5908432** |
| Mida Cormont Public Infrastructure District<br> Series A-1, GO (A) | &nbsp;&nbsp;&nbsp;6.250 | &nbsp;&nbsp;06-01-55 | 1000000 | &nbsp;&nbsp;1022859 |
| Mida Cormont Public Infrastructure District<br> Series A-2, GO (0.000% to 6-1-29, then 6.750% thereafter) (A) | &nbsp;&nbsp;&nbsp;0.000 | &nbsp;&nbsp;06-01-55 | 1500000 | &nbsp;&nbsp;1211913 |
| Mida Mountain Village Public Infrastructure District<br> Series 2 (A) | &nbsp;&nbsp;&nbsp;6.000 | &nbsp;&nbsp;06-15-54 | 500000 | &nbsp;&nbsp;502014 |
| Utah Infrastructure Agency<br> Telecommunication Revenue | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-15-35 | 300000 | &nbsp;&nbsp;285652 |
| Utah Infrastructure Agency<br> Telecommunication Revenue | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-15-41 | 500000 | &nbsp;&nbsp;438139 |
| Wolf Creek Infrastructure Financing District No. 1<br> Wolf Creek Assessment Area No. 1 | &nbsp;&nbsp;&nbsp;5.750 | &nbsp;&nbsp;12-01-44 | 2000000 | &nbsp;&nbsp;1963791 |
| Wood Ranch Public Infrastructure District<br> Assessment Area No. 1 (A) | &nbsp;&nbsp;&nbsp;5.625 | &nbsp;&nbsp;12-01-53 | 500000 | &nbsp;&nbsp;484064 |
| **Vermont 0.4%** |  |  |  | &nbsp;&nbsp;**1211247** |
| Vermont Economic Development Authority<br> Wake Robin Corp. Project, Series A | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-45 | 55000 | &nbsp;&nbsp;44691 |

---

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND 18

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Vermont (continued)** |  |  |  |  |
| Vermont Economic Development Authority<br> Wake Robin Corp. Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-47 | 1270000 | &nbsp;&nbsp;$1166556 |
| **Virgin Islands 0.7%** |  |  |  | &nbsp;&nbsp;**2493131** |
| Matching Fund Special Purpose Securitization Corp.<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-28 | 500000 | &nbsp;&nbsp;508962 |
| Virgin Islands Public Finance Authority<br> Frenchman's Reef Hotel Development, Series A (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;04-01-53 | 2000000 | &nbsp;&nbsp;1984169 |
| **Virginia 1.6%** |  |  |  | &nbsp;&nbsp;**5394195** |
| Tobacco Settlement Financing Corp.<br> Series D (B) | &nbsp;&nbsp;6.445 | &nbsp;&nbsp;06-01-47 | 4000000 | &nbsp;&nbsp;992035 |
| Virginia College Building Authority<br> Regent University Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-46 | 1755000 | &nbsp;&nbsp;1439606 |
| Virginia Small Business Financing Authority<br> 95 Express Lanes LLC Project, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-39 | 1210000 | &nbsp;&nbsp;1105760 |
| Virginia Small Business Financing Authority<br> 95 Express Lanes LLC Project, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-48 | 2250000 | &nbsp;&nbsp;1856794 |
| **Washington 1.6%** |  |  |  | &nbsp;&nbsp;**5546021** |
| Skagit County Public Hospital District<br> Skagit Regional Health | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;12-01-54 | 1000000 | &nbsp;&nbsp;1015494 |
| Washington State Convention Center Public Facilities District<br> Series B | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;07-01-34 | 1000000 | &nbsp;&nbsp;911266 |
| Washington State Convention Center Public Facilities District<br> Series B | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;07-01-58 | 1000000 | &nbsp;&nbsp;617178 |
| Washington State Housing Finance Commission<br> Bayview Manor Project (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;07-01-59 | 1000000 | &nbsp;&nbsp;1000466 |
| Washington State Housing Finance Commission<br> Parkshore Juanita Bay Project, Series A (A) | &nbsp;&nbsp;5.875 | &nbsp;&nbsp;01-01-59 | 1000000 | &nbsp;&nbsp;939242 |
| Washington State Housing Finance Commission<br> Seattle Academy of Arts and Sciences Project (A) | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;07-01-59 | 1000000 | &nbsp;&nbsp;1062375 |
| **West Virginia 0.6%** |  |  |  | &nbsp;&nbsp;**1868323** |
| County of Ohio<br> The Highlands Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06-01-53 | 1950000 | &nbsp;&nbsp;1868323 |
| **Wisconsin 10.1%** |  |  |  | &nbsp;&nbsp;**33880781** |
| Public Finance Authority<br> A Challenge Foundation Academy (A) | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;07-01-58 | 1030000 | &nbsp;&nbsp;1043315 |
| Public Finance Authority<br> Air Cargo Facilities Project, AMT | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;07-01-37 | 500000 | &nbsp;&nbsp;525795 |
| Public Finance Authority<br> Air Cargo Facilities Project, AMT | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;07-01-38 | 250000 | &nbsp;&nbsp;260550 |
| Public Finance Authority<br> Alpha Ranch Project, GO (A)(B) | &nbsp;&nbsp;6.089 | &nbsp;&nbsp;12-15-38 | 2065000 | &nbsp;&nbsp;916758 |

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19 JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Wisconsin (continued)** |  |  |  |  |
| Public Finance Authority<br> Campus Real Estate Holding Corp. LLC Project, Series A | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;06-01-55 | 305000 | &nbsp;&nbsp;$300008 |
| Public Finance Authority<br> Cincinnati Classical Academy, Series A (A) | &nbsp;&nbsp;5.875 | &nbsp;&nbsp;06-15-54 | 400000 | &nbsp;&nbsp;375790 |
| Public Finance Authority<br> Cincinnati Classical Academy, Series A (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;06-15-64 | 1000000 | &nbsp;&nbsp;936887 |
| Public Finance Authority<br> College Achieve Paterson Charter School (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-15-42 | 1000000 | &nbsp;&nbsp;833797 |
| Public Finance Authority<br> Cornerstone Charter Academy Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-54 | 555000 | &nbsp;&nbsp;515214 |
| Public Finance Authority<br> Cornerstone Charter Academy Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-64 | 1255000 | &nbsp;&nbsp;1138068 |
| Public Finance Authority<br> Founders Academy of Las Vegas Project, Series A (A) | &nbsp;&nbsp;6.625 | &nbsp;&nbsp;07-01-53 | 250000 | &nbsp;&nbsp;252757 |
| Public Finance Authority<br> Friends Homes, Inc. (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-54 | 1000000 | &nbsp;&nbsp;874717 |
| Public Finance Authority<br> Gardner-Webb University (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-31 | 1000000 | &nbsp;&nbsp;972314 |
| Public Finance Authority<br> Mary's Woods at Marylhurst Project, Series A (A) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;05-15-52 | 1000000 | &nbsp;&nbsp;887351 |
| Public Finance Authority<br> McLemore Hotel (A) | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;06-01-56 | 1000000 | &nbsp;&nbsp;730000 |
| Public Finance Authority<br> Midtown Project (A)(B) | &nbsp;&nbsp;6.232 | &nbsp;&nbsp;12-15-34 | 2150000 | &nbsp;&nbsp;1197473 |
| Public Finance Authority<br> Million Air Three LLC General Aviation Facilities Project, Series A, AMT (A) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;09-01-30 | 500000 | &nbsp;&nbsp;514413 |
| Public Finance Authority<br> Million Air Three LLC General Aviation Facilities Project, Series A, AMT (A) | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;09-01-46 | 700000 | &nbsp;&nbsp;708453 |
| Public Finance Authority<br> Northspur Project (A)(B) | &nbsp;&nbsp;6.383 | &nbsp;&nbsp;12-15-32 | 3000000 | &nbsp;&nbsp;1868427 |
| Public Finance Authority<br> Quality Education Academy Project, Series A (A) | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;07-15-63 | 500000 | &nbsp;&nbsp;517339 |
| Public Finance Authority<br> Revolution Academy, Series A (A) | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;10-01-53 | 1000000 | &nbsp;&nbsp;1013182 |
| Public Finance Authority<br> Roseman University of Health Sciences Project (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;04-01-42 | 490000 | &nbsp;&nbsp;412361 |
| Public Finance Authority<br> Roseman University of Health Sciences Project (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;04-01-42 | 10000 | &nbsp;&nbsp;10407 |
| Public Finance Authority<br> Roseman University of Health Sciences Project (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;04-01-52 | 780000 | &nbsp;&nbsp;601385 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND 20

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Wisconsin (continued)** |  |  |  |  |
| Public Finance Authority<br> Roseman University of Health Sciences Project (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;04-01-52 | 20000 | &nbsp;&nbsp;$20814 |
| Public Finance Authority<br> Shining Rock Classical Academy | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;06-15-52 | 2000000 | &nbsp;&nbsp;1849633 |
| Public Finance Authority<br> Sky Harbor Capital LLC, AMT | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;07-01-54 | 2000000 | &nbsp;&nbsp;1578021 |
| Public Finance Authority<br> Southminster, Inc. (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-53 | 225000 | &nbsp;&nbsp;198016 |
| Public Finance Authority<br> Town of Scarborough - The Downs Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-39 | 1600000 | &nbsp;&nbsp;1542431 |
| Public Finance Authority<br> Two Step Project (A)(B) | &nbsp;&nbsp;6.106 | &nbsp;&nbsp;12-15-34 | 2550000 | &nbsp;&nbsp;1436633 |
| Public Finance Authority<br> University of Hawaii Foundation Project (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-61 | 500000 | &nbsp;&nbsp;362048 |
| Public Finance Authority<br> University of Hawaii Foundation Project (A) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-61 | 250000 | &nbsp;&nbsp;202539 |
| Public Finance Authority<br> Viticus Group Project, Series A (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-41 | 1500000 | &nbsp;&nbsp;1240524 |
| Public Finance Authority<br> Viticus Group Project, Series A (A) | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;12-01-51 | 500000 | &nbsp;&nbsp;381540 |
| Public Finance Authority<br> WFCS Portfolio Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-56 | 200000 | &nbsp;&nbsp;171534 |
| Wisconsin Health & Educational Facilities Authority<br> Cedar Crest, Inc., Series A | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;04-01-57 | 900000 | &nbsp;&nbsp;750841 |
| Wisconsin Health & Educational Facilities Authority<br> Chiara Housing and Services, Inc. Project | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;07-01-60 | 1850000 | &nbsp;&nbsp;1746350 |
| Wisconsin Health & Educational Facilities Authority<br> Chiara Housing and Services, Inc. Project | &nbsp;&nbsp;6.625 | &nbsp;&nbsp;07-01-60 | 1500000 | &nbsp;&nbsp;1522619 |
| Wisconsin Health & Educational Facilities Authority<br> Dickson Hollow Phase II Project | &nbsp;&nbsp;6.125 | &nbsp;&nbsp;10-01-59 | 1000000 | &nbsp;&nbsp;977836 |
| Wisconsin Health & Educational Facilities Authority<br> Hope Christian Schools | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-51 | 750000 | &nbsp;&nbsp;504857 |
| Wisconsin Health & Educational Facilities Authority<br> Hope Christian Schools | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-56 | 1500000 | &nbsp;&nbsp;973070 |
| Wisconsin Health & Educational Facilities Authority<br> Three Pillars Senior Living Communities, Series A | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;08-15-59 | 1000000 | &nbsp;&nbsp;1014714 |

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21 JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Corporate bonds 0.7%** |  |  |  | &nbsp;&nbsp;**$2216428** |
| (Cost $3,492,926) |  |  |  |  |
| **Industrials 0.6%** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1969568** |
| **Construction and engineering 0.6%** |  |  |  |  |
| LBJ Infrastructure Group LLC (A) | &nbsp;&nbsp;3.797 | &nbsp;&nbsp;12-31-57 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;1969568 |
| **Materials 0.1%** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**246860** |
| **Paper and forest products 0.1%** |  |  |  |  |
| Domtar Corp. (A) | &nbsp;&nbsp;6.750 | &nbsp;&nbsp;10-01-28 | &nbsp;&nbsp;&nbsp;281000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246860 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Yield (%)** | **Shares** | &nbsp;&nbsp;**Value** |
| **Short-term investments 0.5%** |  |  | **$1819147** |
| (Cost $1,819,147) |  |  |  |
| **Short-term funds 0.5%** |  |  |  |
| John Hancock Collateral Trust (G) | &nbsp;&nbsp;4.2439(H) | 181867 | &nbsp;&nbsp;1819147 |
| **Total investments (Cost $382,205,771) 110.0%** | **Total investments (Cost $382,205,771) 110.0%** |  | **$370644407** |
| **Other assets and liabilities, net (10.0%)** |  |  | &nbsp;&nbsp;**(33762359)** |
| **Total net assets 100.0%** |  |  | &nbsp;&nbsp;**$336882048** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. | The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. |
| ^All par values are denominated in U.S. dollars unless otherwise indicated. | ^All par values are denominated in U.S. dollars unless otherwise indicated. |
| **Security Abbreviations and Legend** | **Security Abbreviations and Legend** |
| AMT | Interest earned from these securities may be considered a tax preference item for purpose of the Federal Alternative Minimum Tax. |
| GO | General Obligation |
| (A) | This security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $131,230,010 or 39.0% of the fund's net assets as of 5-31-25. |
| (B) | Zero coupon bonds are issued at a discount from their principal amount in lieu of paying interest periodically. Rate shown is the effective yield at period end. |
| (C) | All or a portion of this security represents the municipal bond held by a trust that issues residual inverse floating rate interests. See Note 2 for more information. |
| (D) | Bond is insured by one or more of the companies listed in the insurance coverage table below. |
| (E) | Non-income producing - Issuer is in default. |
| (F) | Security purchased or sold on a when-issued or delayed-delivery basis. |
| (G) | Investment is an affiliate of the fund, the advisor and/or subadvisor. |
| (H) | The rate shown is the annualized seven-day yield as of 5-31-25. |

---

At 5-31-25, the aggregate cost of investments for federal income tax purposes was $381,017,259. Net unrealized depreciation aggregated to $10,372,852, of which $7,143,344 related to gross unrealized appreciation and $17,516,196 related to gross unrealized depreciation.

---

| | |
|:---|:---|
| **Insurance coverage** | &nbsp;&nbsp;**As a % of total<br> investments** |
| Assured Guaranty Corp. | &nbsp;&nbsp;&nbsp;0.8 |
| Assured Guaranty Municipal Corp. | &nbsp;&nbsp;&nbsp;0.3 |
| **TOTAL** | &nbsp;&nbsp;**1.1** |

---

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND 22

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

The fund had the following portfolio composition as a percentage of total investments on 5-31-25:

---

| | |
|:---|:---|
| **General obligation bonds** | &nbsp;&nbsp;&nbsp;**11.3%** |
| **Revenue bonds** | &nbsp;&nbsp;&nbsp;**87.6%** |
| Health care | &nbsp;&nbsp;&nbsp;&nbsp;20.2% |
| Education | &nbsp;&nbsp;&nbsp;&nbsp;16.6% |
| Development | &nbsp;&nbsp;&nbsp;&nbsp;16.1% |
| Other revenue | &nbsp;&nbsp;&nbsp;&nbsp;10.4% |
| Airport | &nbsp;&nbsp;&nbsp;&nbsp;8.9% |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;6.1% |
| Housing | &nbsp;&nbsp;&nbsp;&nbsp;3.4% |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;3.0% |
| Facilities | &nbsp;&nbsp;&nbsp;&nbsp;1.2% |
| Pollution | &nbsp;&nbsp;&nbsp;&nbsp;1.1% |
| Water and sewer | &nbsp;&nbsp;&nbsp;&nbsp;0.4% |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| **Corporate bonds** | &nbsp;&nbsp;&nbsp;&nbsp;**0.6%** |
| **Short-term investments** | &nbsp;&nbsp;&nbsp;&nbsp;**0.5%** |
| **TOTAL** | **100.0%** |

---

23 JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

Financial statements

#### STATEMENT OF ASSETS AND LIABILITIES 5-31-25

------

---

| | |
|:---|:---|
| **Assets** |  |
| Unaffiliated investments, at value (Cost $380,386,624) | &nbsp;&nbsp;&nbsp;&nbsp;$368825260 |
| Affiliated investments, at value (Cost $1,819,147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1819147 |
| **Total investments, at value (Cost $382,205,771)** | &nbsp;&nbsp;&nbsp;&nbsp;**370644407** |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5415710 |
| Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822186 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5017 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4759 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66286 |
| **Total assets** | &nbsp;&nbsp;&nbsp;&nbsp;**376958365** |
| **Liabilities** |  |
| Payable for floating rate interests issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38310000 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53561 |
| Payable for delayed-delivery securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983460 |
| Payable for fund shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604727 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting and legal services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 |
| Other liabilities and accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81585 |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40076317** |
| **Net assets** | &nbsp;&nbsp;**$336882048** |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;$356097004 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19214956) |
| **Net assets** | &nbsp;&nbsp;**$336882048** |
| **Net asset value per share** |  |
| Based on net asset value and shares outstanding - the fund has an unlimited number of shares authorized with no par value |  |
| Class A ($157,835,151 ÷ 23,479,288 shares)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.72 |
| Class C ($10,719,568 ÷ 1,594,338 shares)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.72 |
| Class I ($154,319,416 ÷ 22,923,235 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.73 |
| Class R6 ($14,007,913 ÷ 2,079,012 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.74 |
| **Maximum offering price per share** |  |
| Class A (net asset value per share ÷ 96%)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

<sup>2</sup> On single retail sales of less than $100,000. On sales of $100,000 or more and on group sales the offering price is reduced.

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK High Yield Municipal Bond Fund 24

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

#### STATEMENT OF OPERATIONS For the year ended 5-31-25

------

---

| | |
|:---|:---|
| **Investment income** |  |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15603163 |
| Dividends from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170163 |
| **Total investment income** | &nbsp;&nbsp;&nbsp;**15773326** |
| **Expenses** |  |
| Investment management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450147 |
| Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455429 |
| Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507224 |
| Accounting and legal services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54052 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172400 |
| Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6686 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54040 |
| State registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95119 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29014 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81022 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42949 |
| **Total expenses** | &nbsp;&nbsp;&nbsp;&nbsp;**2948082** |
| Less expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(562223) |
| **Net expenses** | &nbsp;&nbsp;&nbsp;&nbsp;**2385859** |
| **Net investment income** | &nbsp;&nbsp;&nbsp;**13387467** |
| **Realized and unrealized gain (loss)** |  |
| **Net realized gain (loss) on** |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;(3532622) |
| Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**(3532328)** |
| **Change in net unrealized appreciation (depreciation) of** |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;(5288502) |
| Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**(5288481)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;&nbsp;&nbsp;**(8820809)** |
| **Increase in net assets from operations** | &nbsp;&nbsp;&nbsp;**$4566658** |

---

25 JOHN HANCOCK High Yield Municipal Bond Fund \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended<br> 5-31-25** | &nbsp;&nbsp;**Year ended<br> 5-31-24** |
| **Increase (decrease) in net assets** |  |  |
| **From operations** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13387467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8962896 |
| Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(3532328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4193006) |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(5288481) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9180540 |
| **Increase in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;**4566658** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13950430** |
| **Distributions to shareholders** |  |  |
| From earnings |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;(6387346) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4827140) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(396492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(341676) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;(5808562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3006434) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(491614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(337637) |
| **Total distributions** | &nbsp;&nbsp;**(13084014)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8512887)** |
| **From fund share transactions** | &nbsp;&nbsp;**116516129** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**60157691** |
| **Total increase** | &nbsp;&nbsp;**107998773** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65595234** |
| **Net assets** |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;228883275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163288041 |
| **End of year** | **$336882048** | &nbsp;&nbsp;**$228883275** |

---

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK High Yield Municipal Bond Fund 26

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

#### STATEMENT OF CASH FLOWS 5-31-25

------

---

| | |
|:---|:---|
| **Cash flows from operating activities** |  |
| Net increase in net assets from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4566658 |
| **Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:** |  |
| Long-term investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243964615) |
| Long-term investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98533836 |
| Net purchases and sales of short-term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2436925 |
| Net amortization (accretion) of premium (discount) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1400745) |
| (Increase) Decrease in assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1814338) |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3124) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15488) |
| Increase (Decrease) in liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2774055) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for delayed delivery securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(788228) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities and accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3661 |
| Net change in unrealized (appreciation) depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5288481 |
| Net realized (gain) loss on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3532328 |
| **Net cash used in operating activities** | &nbsp;&nbsp;**$(136224346)** |
| **Cash flows provided by (used in) financing activities** |  |
| Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(476594) |
| Proceeds from floating rate interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37055000 |
| Repayments of floating rate interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3995000) |
| Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185532819 |
| Fund shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81891879) |
| **Net cash flows provided by financing activities** | &nbsp;&nbsp;&nbsp;**$136224346** |
| **Cash at beginning of year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Cash at end of year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Supplemental disclosure of cash flow information:** |  |
| **Cash paid for interest** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(507224)** |
| **Noncash financing activities not included herein consists of reinvestment of distributions** | &nbsp;&nbsp;&nbsp;&nbsp;**$12585954** |

---

27 JOHN HANCOCK High Yield Municipal Bond Fund \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

Financial highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CLASS A SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-21** |
| **Per share operating performance** |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.83** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.66** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.26** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.32** |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.47** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.28)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.72)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.22** |
| **Less distributions** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) |
| 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;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.32)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.30)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.29)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.31)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.28)** |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.72** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.83** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.66** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.26** |
| **Total return (%)<sup>2,3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.94** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.30** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.81)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9.03)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.83** |
| **Ratios and supplemental data** |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$125 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| &nbsp;&nbsp;&nbsp;Expenses including reductions<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48 |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>2</sup> Total returns would have been lower had certain expenses not been reduced during the applicable periods.

<sup>3</sup> Does not reflect the effect of sales charges, if any.

<sup>4</sup> Includes interest expense of 0.18%, 0.06% and 0.05% for the periods ended 5-31-25, 5-31-24 and 5-31-23, respectively.

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK High Yield Municipal Bond Fund 28

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[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CLASS C SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-21** |
| **Per share operating performance** |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.83** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.66** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.26** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.32** |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.16** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.42** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.33)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.78)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.16** |
| **Less distributions** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| 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;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.27)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.24)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.22)** |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.72** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.83** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.66** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.26** |
| **Total return (%)<sup>2,3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.17** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.50** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.53)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9.71)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.96** |
| **Ratios and supplemental data** |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 |
| &nbsp;&nbsp;&nbsp;Expenses including reductions<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75 |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>2</sup> Total returns would have been lower had certain expenses not been reduced during the applicable periods.

<sup>3</sup> Does not reflect the effect of sales charges, if any.

<sup>4</sup> Includes interest expense of 0.18%, 0.06% and 0.05% for the periods ended 5-31-25, 5-31-24 and 5-31-23, respectively.

29 JOHN HANCOCK High Yield Municipal Bond Fund \| SEE NOTES TO FINANCIAL STATEMENTS

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CLASS I SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-21** |
| **Per share operating performance** |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.84** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.67** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.27** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.33** |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.48** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.27)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.71)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.23** |
| **Less distributions** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| 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;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.33)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.31)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.30)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.32)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.29)** |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.73** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.84** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.67** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.27** |
| **Total return (%)<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.09** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.45** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.65)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.88)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.99** |
| **Ratios and supplemental data** |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| &nbsp;&nbsp;&nbsp;Expenses including reductions<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62 |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>2</sup> Total returns would have been lower had certain expenses not been reduced during the applicable periods.

<sup>3</sup> Includes interest expense of 0.18%, 0.06% and 0.05% for the periods ended 5-31-25, 5-31-24 and 5-31-23, respectively.

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK High Yield Municipal Bond Fund 30

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CLASS R6 SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-21** |
| **Per share operating performance** |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.84** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.68** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.28** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.34** |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.47** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.27)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.71)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.23** |
| **Less distributions** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| 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;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.33)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.31)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.30)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.32)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.29)** |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.74** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.84** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.68** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.28** |
| **Total return (%)<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.31** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.30** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.62)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.83)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.01** |
| **Ratios and supplemental data** |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| &nbsp;&nbsp;&nbsp;Expenses including reductions<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66 |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>2</sup> Total returns would have been lower had certain expenses not been reduced during the applicable periods.

<sup>3</sup> Includes interest expense of 0.18%, 0.06% and 0.05% for the periods ended 5-31-25, 5-31-24 and 5-31-23, respectively.

31 JOHN HANCOCK High Yield Municipal Bond Fund \| SEE NOTES TO FINANCIAL STATEMENTS

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Notes to financial statements

#### Note 1 — Organization
John Hancock High Yield Municipal Bond Fund (the fund) is a series of John Hancock Municipal Securities Trust (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the fund is to seek a high level of income that is largely exempt from federal income taxes. Under normal market conditions, the fund invests in medium-and lower-quality municipal securities. Investments in high yield securities involve greater degrees of credit and market risk than investments in higher rated securities and tend to be more sensitive to market conditions.

The fund may offer multiple classes of shares. The shares currently outstanding are detailed in the Statement of assets and liabilities. Class A and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class R6 shares are only available to certain retirement plans, institutions and other investors. Class C shares convert to Class A shares eight years after purchase (certain exclusions may apply). Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, and transfer agent fees for each class may differ.

#### Note 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 Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC, the fund's valuation designee.**

In order to value the securities, the fund uses the following valuation techniques: 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. Investments by the fund in open-end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day.

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.

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

\| JOHN HANCOCK High Yield Municipal Bond Fund 32

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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 May 31, 2025, by major security category or type:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total<br> value at<br> 5-31-25** | **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** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$366608832** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$366608832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2216428** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2216428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1819147** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1819147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total investments in securities** | **$370644407** | **$1819147** | **$368825260** | **—** |

---

The fund holds liabilities for which the fair value approximates the carrying amount for financial statement purposes. As of May 31, 2025, the liability for the fund's Payable for floating rate interests issued on the Statement of assets and liabilities is categorized as Level 2 within the disclosure hierarchy.

**When-issued/delayed-delivery securities. The fund may purchase or sell securities on a when-issued or delayed-delivery basis, or in a "To Be Announced" (TBA) or "forward commitment" transaction, with delivery or payment to occur at a later date beyond the normal settlement period. TBA securities resulting from these transactions are included in the portfolio or in a schedule to the portfolio (Sale Commitments Outstanding). At the time a fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the security is reflected in its NAV. The price of such security and the date that the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. No interest accrues on debt securities until settlement takes place. At the time that the fund enters into this type of transaction, the fund is required to have sufficient cash and/or liquid securities to cover its commitments.** 

Certain risks may arise upon entering into when-issued or delayed-delivery securities transactions, including the potential inability of counterparties to meet the terms of their contracts, and the issuer's failure to issue the securities due to political, economic or other factors. Additionally, losses may arise due to changes in the value of the securities purchased or sold prior to settlement date.

**Tender option bond transactions. The fund may use tender option bond transactions to seek to enhance potential gains. In a tender option bond transaction, the fund transfers fixed rate long-term municipal bonds or other municipal securities into a special purpose entity (TOB trust). A TOB trust typically issues two classes of beneficial interest - 1) floating rate interests (TOB floaters), which are sold to third party investors, and 2) residual inverse floating rate interests (TOB inverse residuals), which are generally issued to the fund. The fund may invest in TOB inverse residuals and may also invest in TOB floaters. The fund establishes and is the sponsor of the TOB trust that issues TOB floaters and TOB inverse residuals. The fund's participation in tender option bond transactions may increase volatility and/or reduce the fund's returns. Tender option bond transactions create leverage. Leverage magnifies returns, both positive and negative, and risk by magnifying the volatility of returns. An investment in a tender option bond transaction typically involves greater risk than investing in the underlying municipal fixed rate bonds, including the risk of loss of principal. Distributions on TOB inverse residuals will bear an inverse relationship to short-term municipal security interest rates. Distributions on TOB inverse residuals paid to the fund will be reduced or, in the extreme, eliminated as short-term municipal interest rates rise and will increase when short-term**

33 JOHN HANCOCK High Yield Municipal Bond Fund \|

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municipal interest rates fall. TOB inverse residuals generally will underperform the market for fixed rate municipal securities in a rising interest rate environment. The interest payment on TOB inverse residuals generally will decrease when short-term interest rates increase.

Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the fund accounts for the transaction described above as a secured borrowing by including the bond transferred to the TOB trust in the Fund's investments and the TOB floaters as a liability under the caption Payable for floating rate interests issued on the Statement of assets and liabilities. The TOB floaters have interest rates that generally reset daily or weekly and their holders have the option to tender their notes to the TOB trust for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. The fund recognizes earnings of bonds transferred to the TOB Trust as Interest income. The fund recognizes interest paid to holders of the TOB floaters, and expenses related to remarketing, administration, trustee, liquidity and other services to the TOB trust, as Interest expense on the Statement of operations.

At May 31, 2025, the amount of the fund's TOB floaters and related interest rates and collateral were as follows:

---

| | |
|:---|:---|
| TOB floaters outstanding | &nbsp;&nbsp;$38310000 |
| Interest rate (%) | &nbsp;&nbsp;2.77% |
| Collateral for TOB floaters outstanding | &nbsp;&nbsp;$49292402 |

---

For the year ended May 31, 2025, the fund's average settled TOB Floaters outstanding and the average interest rate, including fees, were as follows:

---

| | |
|:---|:---|
| Average TOB floaters outstanding | &nbsp;&nbsp;$14671329 |
| Average interest rate (%) | &nbsp;&nbsp;3.46% |

---

TOB trusts are typically supported by a liquidity facility provided by a third-party bank or other financial institution (the liquidity provider) that allows the holders of the TOB floaters to tender their certificates in exchange for payment of par plus accrued interest on any business day, subject to the non-occurrence of tender option termination events. The fund may invest in TOB inverse residuals on a non-recourse or recourse basis. When the fund invests in a TOB trust on a non-recourse basis, and the liquidity provider is required to make a payment under the liquidity facility, the liquidity provider will typically liquidate all or a portion of the municipal securities held in the TOB trust and then fund the balance, if any, of the amount owed under the liquidity facility over the liquidation proceeds (the liquidation shortfall). If the fund invests in a TOB trust on a recourse basis, the fund will typically enter into a reimbursement agreement with the liquidity provider where the fund is required to reimburse the liquidity provider the amount of any liquidation shortfall. As a result, if the fund invests in a TOB trust on a recourse basis, the fund will bear the risk of loss with respect to any liquidation shortfall. The fund had no shortfalls as of May 31, 2025.

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

\| JOHN HANCOCK High Yield Municipal Bond Fund 34

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**Overdraft. The fund may have the ability to borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the fund's custodian agreement, the custodian may loan money to the fund to make properly authorized payments. The fund is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the extent of any overdraft, and to the maximum extent permitted by law.**

**Line of credit. The fund and other affiliated funds have entered into a syndicated line of credit agreement with Citibank, N.A. as the administrative agent that enables them to participate in a $1 billion unsecured committed line of credit, which is in effect through July 14, 2025 unless extended or renewed. Excluding commitments designated for certain funds and subject to the needs of all other affiliated funds, the fund can borrow up to an aggregate commitment amount of $750 million, subject to asset coverage and other limitations as specified in the agreement. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund based on an asset-based allocation and is reflected in Other expenses on the Statement of operations. For the year ended May 31, 2025, the fund had no borrowings under the line of credit. Commitment fees for the year ended May 31, 2025 were $2,254.**

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

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

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

For federal income tax purposes, as of May 31, 2025, the fund has a short-term capital loss carryforward of $2,251,982 and a long-term capital loss carryforward of $7,603,855 available to offset future net realized capital gains. These carryforwards do not expire.

As of May 31, 2025, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund's federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

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

The tax character of distributions for the years ended May 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**May 31, 2025** | &nbsp;&nbsp;&nbsp;**May 31, 2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$433627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$309160 |
| Exempt Income | &nbsp;&nbsp;&nbsp;&nbsp;12650387 | &nbsp;&nbsp;&nbsp;&nbsp;8203727 |
| **Total** | &nbsp;&nbsp;**$13084014** | &nbsp;&nbsp;**$8512887** |

---

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Distributions paid by the fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of May 31, 2025, the components of distributable earnings on a tax basis consisted of $1,039,158 of undistributed exempt interest.

Such distributions and distributable earnings, on a tax basis, if any, 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 at fiscal year end. 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 defaulted bonds and accretion on debt securities.

#### Note 3 — Guarantees and indemnifications
Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust, including the fund. Additionally, in the normal course of business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.

#### Note 4 — Fees and transactions with affiliates
John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the fund. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as principal underwriter of the fund. The Advisor and the Distributor are indirect, principally owned subsidiaries of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation.

**Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor equivalent on an annual basis to the sum of: (a) 0.59% of the first $75 million of the fund's average daily net assets, (b) 0.52% of the next $75 million of the fund's average daily net assets, (c) 0.46% of the next $1.85 billion of the fund's average daily net assets, (d) 0.44% of the next $2 billion of the fund's average daily net assets; and (e) 0.41% of the fund's average daily net assets in excess of $4 billion. The Advisor has a subadvisory agreement with Manulife Investment Management (US) LLC, an indirectly owned subsidiary of Manulife Financial Corporation and an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.**

The Advisor contractually agreed to reduce its management fee or, if necessary, make payment to the fund, in an amount equal to the amount by which the expenses of the fund exceed 0.45% of average daily net assets attributable to the fund, excluding taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund's business, class-specific expenses, borrowing costs, prime brokerage fees, acquired fund fees and expenses paid indirectly, and short dividend expense. This agreement expires on September 30, 2025, 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. Prior to October 1, 2024, the expense limitation was 0.58% of the fund's average daily net assets.

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 May 31, 2025, this waiver amounted to 0.01% of the fund's average daily net assets. This agreement expires on July 31, 2026, 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.

\| JOHN HANCOCK High Yield Municipal Bond Fund 36

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For the year ended May 31, 2025, the expense reductions described above amounted to the following:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Expense reduction** |
| Class A | &nbsp;&nbsp;$201394 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;14759 |
| Class I | &nbsp;&nbsp;&nbsp;180131 |

---

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Expense reduction** |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;$15176 |
| **Total** | &nbsp;&nbsp;**$411460** |

---

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 May 31, 2025, were equivalent to a net annual effective rate of 0.37% of the fund's average daily net assets.

**Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred, for the year ended May 31, 2025, amounted to an annual rate of 0.02% of the fund's average daily net assets.**

**Distribution and service plans. The fund has a distribution agreement with the Distributor. The fund has adopted distribution and service plans for certain classes as detailed below pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the fund. The fund may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the fund's shares:**

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;**Rule 12b-1 Fee** |
| Class A | &nbsp;&nbsp;0.25% |
| Class C | &nbsp;&nbsp;1.00% |

---

The fund's Distributor has contractually agreed to waive 0.10% of Rule 12b-1 fees for Class A and Class C shares. The current waiver agreement expires on September 30, 2025, unless renewed by mutual agreement of the fund and the Distributor based upon a determination that this is appropriate under the circumstances at the time. This contractual waiver amounted to $140,294 and $10,469 for Class A and Class C shares, respectively, for the year ended May 31, 2025.

**Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $118,359 for the year ended May 31, 2025. Of this amount, $15,317 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $103,042 was paid as sales commissions to broker-dealers.**

Class A and Class C shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares purchased, including those that are acquired through purchases of $250,000 or more, and redeemed within 18 months of purchase are subject to a 1.00% CDSC. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended May 31, 2025, CDSCs received by the Distributor amounted to $8,769 and $2,579 for Class A and Class C shares, respectively.

**Transfer agent fees. The John Hancock group of funds has a complex-wide transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an affiliate of the Advisor. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. It also includes out-of-pocket expenses, including payments made to third-parties for**

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recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain fees that Signature Services receives in connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to three categories of share classes: Retail Share Classes of Non-Municipal Bond Funds, Retirement Share Classes and Retail Share Classes of Municipal Bond Funds. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.

#### Class level expenses. Class level expenses for the year ended May 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;**Distribution and service fees** | &nbsp;&nbsp;&nbsp;**Transfer agent fees** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$350735 | &nbsp;&nbsp;&nbsp;&nbsp;$87110 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;104694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6359 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78433 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 |
| **Total** | &nbsp;&nbsp;**$455429** | &nbsp;&nbsp;**$172400** |

---

**Trustee expenses. The fund compensates each Trustee who is not an employee of the Advisor or its affiliates. The costs of paying Trustee compensation and expenses are allocated to the fund based on its net assets relative to other funds within the John Hancock group of funds complex.**

#### Note 5 — Fund share transactions
Transactions in fund shares for the years ended May 31, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-25** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-25** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-24** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-24** |
|  | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class A shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9145569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$64084420 | &nbsp;&nbsp;&nbsp;&nbsp;4985163 | &nbsp;&nbsp;&nbsp;&nbsp;$33620267 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6158409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4617226 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3799193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26441045) | &nbsp;&nbsp;&nbsp;&nbsp;(3506421) | &nbsp;&nbsp;&nbsp;&nbsp;(23518181) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**6224991** | &nbsp;&nbsp;&nbsp;&nbsp;**$43801784** | &nbsp;&nbsp;&nbsp;**2168485** | &nbsp;&nbsp;&nbsp;**$14719312** |
| **Class C shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3440399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3602384 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340428 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(359509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2520154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(445532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2973376) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**185135** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1316012** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**143421** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$969436** |
| **Class I shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;15604619 | &nbsp;&nbsp;&nbsp;&nbsp;$108956197 | &nbsp;&nbsp;&nbsp;&nbsp;9531294 | &nbsp;&nbsp;&nbsp;&nbsp;$63200662 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5540353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2856806 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7168357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49720733) | &nbsp;&nbsp;&nbsp;&nbsp;(3346004) | &nbsp;&nbsp;&nbsp;&nbsp;(22146289) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**9226313** | &nbsp;&nbsp;&nbsp;&nbsp;**$64775817** | &nbsp;&nbsp;&nbsp;**6609931** | &nbsp;&nbsp;&nbsp;**$43911179** |

---

\| JOHN HANCOCK High Yield Municipal Bond Fund 38

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-25** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-25** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-24** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-24** |
|  | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class R6 shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9378477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3874849 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337625 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(465126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3247386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(553461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3654710) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**941573** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6622516** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**77762** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$557764** |
| **Total net increase** | &nbsp;&nbsp;**16578012** | &nbsp;&nbsp;**$116516129** | &nbsp;&nbsp;**8999599** | &nbsp;&nbsp;**$60157691** |

---

Affiliates of the fund owned 7% of shares of Class R6 on May 31, 2025. Such concentration of shareholders' capital could have a material effect on the fund if such shareholders redeem from the fund.

#### Note 6 — Purchase and sale of securities
Purchases and sales of securities, other than short-term investments, amounted to $243,964,615 and $98,533,836, respectively, for the year ended May 31, 2025.

#### Note 7 — State or region risk
To the extent that the fund invests heavily in bonds from any given state or region, its performance could be disproportionately affected by factors particular to that state or region. These factors may include economic or political changes, tax-base erosion, possible state constitutional limits on tax increases, detrimental budget deficits and other financial difficulties, and changes to the credit ratings assigned to those states' municipal issuers.

#### Note 8 — Investment in affiliated underlying funds
The fund may invest in affiliated underlying funds that are managed by the Advisor and its affiliates. Information regarding the fund's fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital gains earned by the fund, if any, is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Dividends and distributions** | **Dividends and distributions** |  |
| **Affiliate** | **Ending<br> share<br> amount** | **Beginning<br> value** | **Cost of<br> purchases** | **Proceeds<br> from shares<br> sold** | **Realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Income<br> distributions<br> received** | **Capital gain<br> distributions<br> received** | **Ending<br> value** |
| John Hancock Collateral Trust | 181867 | $4255757 | $113321174 | $(115758099) | $294 | $21 | $170163 |  | $1819147 |

---

#### Note 9 — New accounting pronouncement
In this reporting period, the fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-07). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. The management committee of the Advisor acts as the fund's chief operating decision maker (the CODM), assessing performance and making decisions about resource allocation. The fund represents a single operating segment, as the CODM monitors and assesses the operating results of the fund as a whole, and the fund's long-term strategic asset allocation is managed in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the portfolio management team of the fund's subadvisor. Segment assets are reflected in the Statement of assets and liabilities as "Total assets", which consists primarily of total investments at value. The financial information, including the measurement of profit and loss and significant expenses, provided to and reviewed by the CODM is consistent with that presented within the

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Statement of operations, which includes "Increase (decrease) in net assets from operations", Statements of changes in net assets, which includes "Increase (decrease) in net assets from fund share transactions", and Financial highlights, which includes total return and income and expense ratios.

\| JOHN HANCOCK High Yield Municipal Bond Fund 40

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#### Report of Independent Registered Public Accounting Firm

------

#### To the Board of Trustees of John Hancock Municipal Securities Trust and Shareholders of John Hancock High Yield Municipal Bond Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the Fund's investments, of John Hancock High Yield Municipal Bond Fund (one of the funds constituting John Hancock Municipal Securities Trust, referred to hereafter as the "Fund") as of May 31, 2025, the related statement of operations and cash flows for the year ended May 31, 2025, the statements of changes in net assets for each of the two years in the period ended May 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2025 (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 May 31, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended May 31, 2025 and the financial highlights for each of the five years in the period ended May 31, 2025 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 May 31, 2025 by correspondence with the custodian, transfer agent 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

July 11, 2025

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

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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 May 31, 2025.

96.88% of dividends from net investment income are exempt-interest dividends.

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

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

Eligible shareholders will be mailed a 2025 Form 1099-DIV in early 2026. This will reflect the tax character of all distributions paid in calendar year 2025.

#### Please consult a tax advisor regarding the tax consequences of your investment in the fund.
\| JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND 42

------

[**Table of Contents**](#JOB_JHF_H_0738fe06-7274-44c9-8778-7a21396ebcae_TofC)

![](img56357a423.jpg)

John Hancock Investment Management Distributors LLC, Member FINRA, SIPC

200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com

Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.

NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.

This report is for the information of the shareholders of John Hancock High Yield Municipal Bond Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

MF4543946 59A 5/25

7/25

------

![](img213e41d51.gif)

![](img9f1004312.gif)

Annual Financial Statements & Other N-CSR Items

## John Hancock

## Municipal Opportunities Fund
Fixed income

May 31, 2025

------

John Hancock

Municipal Opportunities Fund

Table of contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;**2** | &nbsp;&nbsp;[Fund's investments](#xx_d817b199-7d8e-4a0f-b31e-c8e7fe89bd59_1) |
| **51** | &nbsp;&nbsp;[Financial statements](#xx_6819f2dd-59b5-4783-94fc-6255f3024e7c_1) |
| **54** | &nbsp;&nbsp;[Financial highlights](#xx_5d72ab36-e5e9-4cf6-a3d5-72e8a28bab52_1) |
| **58** | &nbsp;&nbsp;[Notes to financial statements](#xx_5070a9a7-4a64-49ca-aece-0392432f23db_1) |
| **66** | &nbsp;&nbsp;[Report of independent registered public accounting firm](#xx_56f1a333-aa3b-4283-a2fe-37c512aa4d4b_1) |
| **67** | &nbsp;&nbsp;[Tax information](#xx_a1abfb87-3243-4b0a-9ac9-8805afa14568_1) |

---

1 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \|

------

[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

Fund's investments

#### AS OF 5-31-25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Municipal bonds 99.2%** |  |  |  | &nbsp;&nbsp;**$1299948601** |
| (Cost $1,312,538,915) |  |  |  |  |
| **Alabama 1.7%** |  |  |  | &nbsp;&nbsp;**22258129** |
| Black Belt Energy Gas District<br> Gas Project, Series D-1 | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;06-01-49 | 1000000 | &nbsp;&nbsp;1046779 |
| Black Belt Energy Gas District<br> Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;05-01-55 | 2180000 | &nbsp;&nbsp;2297337 |
| Black Belt Energy Gas District<br> Series D1 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-52 | 500000 | &nbsp;&nbsp;499529 |
| City of Birmingham<br> Birmingham Water Works Board (A) | &nbsp;&nbsp;3.750 | &nbsp;&nbsp;09-01-26 | 2215000 | &nbsp;&nbsp;2205224 |
| Energy Southeast, a Cooperative District<br> Series B | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-54 | 4125000 | &nbsp;&nbsp;4364674 |
| Southeast Energy Authority, a Cooperative District<br> Project No. 4, Series B-2 (Overnight SOFR + 1.790%) (B) | &nbsp;&nbsp;4.678 | &nbsp;&nbsp;05-01-53 | 2000000 | &nbsp;&nbsp;2032842 |
| Southeast Energy Authority, a Cooperative District<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-56 | 1500000 | &nbsp;&nbsp;1512426 |
| Southeast Energy Authority, a Cooperative District<br> Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-55 | 3000000 | &nbsp;&nbsp;3142145 |
| Southeast Energy Authority, a Cooperative District<br> Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-55 | 4935000 | &nbsp;&nbsp;5157173 |
| **Alaska 0.3%** |  |  |  | &nbsp;&nbsp;**4342225** |
| Alaska Municipal Bond Bank Authority<br> Series 2 | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;12-01-42 | 2120000 | &nbsp;&nbsp;2015430 |
| Alaska Municipal Bond Bank Authority<br> Series 2, AMT | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;12-01-47 | 1400000 | &nbsp;&nbsp;1413259 |
| State of Alaska<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-35 | 810000 | &nbsp;&nbsp;913536 |
| **Arizona 2.4%** |  |  |  | &nbsp;&nbsp;**31571847** |
| Arizona Industrial Development Authority<br> Benjamin Franklin Charter School Projects, Series A (A) | &nbsp;&nbsp;4.430 | &nbsp;&nbsp;07-01-33 | 850000 | &nbsp;&nbsp;835285 |
| Arizona Industrial Development Authority<br> Benjamin Franklin Charter School Projects, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-43 | 750000 | &nbsp;&nbsp;710610 |
| Arizona Industrial Development Authority<br> Equitable School Revolving Fund, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-44 | 1000000 | &nbsp;&nbsp;989149 |
| Arizona Industrial Development Authority<br> Macombs Facility Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-61 | 500000 | &nbsp;&nbsp;389929 |
| Chandler Industrial Development Authority<br> Intel Corp. Project, Series 2, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-49 | 3500000 | &nbsp;&nbsp;3447050 |
| Chandler Industrial Development Authority<br> Intel Corp. Project, Series 2, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-52 | 2200000 | &nbsp;&nbsp;2241090 |

---

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 2

------

[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Arizona (continued)** |  |  |  |  |
| City of Phoenix Civic Improvement Corp.<br> Civic Plaza, Series B (C) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;07-01-28 | 1000000 | &nbsp;&nbsp;$1076443 |
| Glendale Industrial Development Authority<br> Royal Oaks Life Care Community | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-39 | 3025000 | &nbsp;&nbsp;2854068 |
| Maricopa County Industrial Development Authority<br> Arizona Autism Charter Schools Project, Series A (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-31 | 250000 | &nbsp;&nbsp;244236 |
| Maricopa County Industrial Development Authority<br> Choice Academies, Inc. Project (A) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;09-01-32 | 960000 | &nbsp;&nbsp;975046 |
| Maricopa County Industrial Development Authority<br> Choice Academies, Inc. Project (A) | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;09-01-45 | 975000 | &nbsp;&nbsp;969246 |
| Maricopa County Industrial Development Authority<br> HonorHealth, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-37 | 515000 | &nbsp;&nbsp;501648 |
| Maricopa County Industrial Development Authority<br> HonorHealth, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-36 | 555000 | &nbsp;&nbsp;585652 |
| Maricopa County Industrial Development Authority<br> HonorHealth, Series D | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-40 | 1400000 | &nbsp;&nbsp;1454346 |
| Maricopa County Industrial Development Authority<br> Legacy Cares Project (A) | &nbsp;&nbsp;2.100 | &nbsp;&nbsp;07-01-26 | 550000 | &nbsp;&nbsp;534300 |
| Maricopa County Industrial Development Authority<br> Legacy Traditional School | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-34 | 4000000 | &nbsp;&nbsp;3832464 |
| Phenix City Industrial Development Board<br> MeadWestvaco Coated Board Project, Series A, AMT | &nbsp;&nbsp;4.125 | &nbsp;&nbsp;05-15-35 | 4550000 | &nbsp;&nbsp;4329495 |
| Salt River Project Agricultural Improvement & Power District<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-39 | 960000 | &nbsp;&nbsp;979779 |
| Salt Verde Financial Corp.<br> Gas Revenue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-37 | 1605000 | &nbsp;&nbsp;1659463 |
| Sierra Vista Industrial Development Authority<br> American Leadership Academy Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-34 | 500000 | &nbsp;&nbsp;509928 |
| Sierra Vista Industrial Development Authority<br> Champion Schools Project (A) | &nbsp;&nbsp;5.375 | &nbsp;&nbsp;06-15-34 | 330000 | &nbsp;&nbsp;339443 |
| Sierra Vista Industrial Development Authority<br> Champion Schools Project (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;06-15-44 | 550000 | &nbsp;&nbsp;557545 |
| Sierra Vista Industrial Development Authority<br> Champion Schools Project (A) | &nbsp;&nbsp;6.300 | &nbsp;&nbsp;06-15-54 | 1110000 | &nbsp;&nbsp;1132863 |
| Yuma Industrial Development Authority<br> Yuma Regional Medical Center, Series A (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-54 | 500000 | &nbsp;&nbsp;422769 |
| **Arkansas 0.8%** |  |  |  | &nbsp;&nbsp;**10260704** |
| Arkansas Development Finance Authority<br> Hybar Steel Project, Series A, AMT (A) | &nbsp;&nbsp;6.875 | &nbsp;&nbsp;07-01-48 | 500000 | &nbsp;&nbsp;535945 |

---

3 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

------

[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Arkansas (continued)** |  |  |  |  |
| Arkansas Development Finance Authority<br> Hybar Steel Project, Series B, AMT (A) | &nbsp;&nbsp;7.375 | &nbsp;&nbsp;07-01-48 | 2500000 | &nbsp;&nbsp;$2710600 |
| Arkansas Development Finance Authority<br> Washington Regional Medical Center | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-27 | 500000 | &nbsp;&nbsp;509629 |
| Arkansas Development Finance Authority<br> Washington Regional Medical Center | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-29 | 250000 | &nbsp;&nbsp;259011 |
| Arkansas Development Finance Authority<br> Washington Regional Medical Center | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-30 | 500000 | &nbsp;&nbsp;519011 |
| Arkansas Development Finance Authority<br> Washington Regional Medical Center | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-31 | 500000 | &nbsp;&nbsp;520003 |
| Arkansas Development Finance Authority<br> Washington Regional Medical Center | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-32 | 1255000 | &nbsp;&nbsp;1297636 |
| Arkansas Development Finance Authority<br> Washington Regional Medical Center | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-33 | 1250000 | &nbsp;&nbsp;1286847 |
| Arkansas Development Finance Authority<br> Washington Regional Medical Center | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-34 | 1000000 | &nbsp;&nbsp;1022247 |
| County of Pulaski<br> Arkansas Children's Hospital | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-35 | 1000000 | &nbsp;&nbsp;1087549 |
| Little Rock School District<br> Construction Bonds, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;02-01-28 | 520000 | &nbsp;&nbsp;512226 |
| **California 5.7%** |  |  |  | &nbsp;&nbsp;**74501274** |
| California Community Choice Financing Authority<br> Clean Energy Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-52 | 2140000 | &nbsp;&nbsp;2138010 |
| California Community Choice Financing Authority<br> Clean Energy Project, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-55 | 6500000 | &nbsp;&nbsp;6682296 |
| California Community Choice Financing Authority<br> Clean Energy Project, Series E | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-55 | 5000000 | &nbsp;&nbsp;5249231 |
| California Community Choice Financing Authority<br> Series D | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;05-01-54 | 3560000 | &nbsp;&nbsp;3735041 |
| California County Tobacco Securitization Agency<br> Kern County Tobacco Funding Corp. | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-40 | 1000000 | &nbsp;&nbsp;966015 |
| California Health Facilities Financing Authority<br> Episcopal Communities & Services, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-29 | 180000 | &nbsp;&nbsp;189843 |
| California Health Facilities Financing Authority<br> Episcopal Communities & Services, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-30 | 135000 | &nbsp;&nbsp;143434 |
| California Housing Finance Agency<br> Power Station Block 7B, Series L (A) | &nbsp;&nbsp;5.200 | &nbsp;&nbsp;12-01-27 | 2500000 | &nbsp;&nbsp;2540078 |
| California Infrastructure & Economic Development Bank<br> Brightline West Passenger Project, Series A, AMT (A) | &nbsp;&nbsp;9.500 | &nbsp;&nbsp;01-01-65 | 12700000 | &nbsp;&nbsp;12302185 |

---

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 4

------

[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **California (continued)** |  |  |  |  |
| California Municipal Finance Authority<br> Certificates of Participation, Palomar Health, Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-27 | 100000 | &nbsp;&nbsp;$103465 |
| California Municipal Finance Authority<br> Certificates of Participation, Palomar Health, Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-28 | 115000 | &nbsp;&nbsp;120023 |
| California Municipal Finance Authority<br> Community Facilities District No. 2023-7 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-39 | 580000 | &nbsp;&nbsp;590844 |
| California Municipal Finance Authority<br> NorthBay Healthcare, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-01-41 | 980000 | &nbsp;&nbsp;923680 |
| California Municipal Finance Authority<br> Paradise Valley Estates Project, Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-49 | 1500000 | &nbsp;&nbsp;1520594 |
| California Municipal Finance Authority<br> United Airlines, Inc. Project, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-15-29 | 3000000 | &nbsp;&nbsp;2920900 |
| California Municipal Finance Authority<br> Westside Neighborhood School Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-34 | 250000 | &nbsp;&nbsp;258275 |
| California Municipal Finance Authority<br> Westside Neighborhood School Project (A) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;06-15-39 | 600000 | &nbsp;&nbsp;619408 |
| California Municipal Finance Authority<br> Westside Neighborhood School Project (A) | &nbsp;&nbsp;5.900 | &nbsp;&nbsp;06-15-44 | 600000 | &nbsp;&nbsp;622980 |
| California Pollution Control Financing Authority<br> San Diego County Water Authority Desalination Project Pipeline (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-21-45 | 500000 | &nbsp;&nbsp;493866 |
| California Pollution Control Financing Authority<br> Waste Management, Inc., Series A3, AMT | &nbsp;&nbsp;4.300 | &nbsp;&nbsp;07-01-40 | 1000000 | &nbsp;&nbsp;1000112 |
| California Public Finance Authority<br> Henry Mayo Newhall Hospital | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-15-30 | 500000 | &nbsp;&nbsp;507339 |
| California Public Finance Authority<br> Henry Mayo Newhall Hospital | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-15-31 | 500000 | &nbsp;&nbsp;506939 |
| California School Finance Authority<br> John Adams Academies, Series A (A) | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;07-01-32 | 800000 | &nbsp;&nbsp;793019 |
| City & County of San Francisco<br> Transbay Transit Center, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-42 | 1300000 | &nbsp;&nbsp;1356927 |
| City of Los Angeles Department of Airports<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-33 | 5000000 | &nbsp;&nbsp;5363924 |
| City of Los Angeles Department of Airports<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-34 | 1000000 | &nbsp;&nbsp;1073176 |
| City of Los Angeles Wastewater System Revenue<br> Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-35 | 3300000 | &nbsp;&nbsp;3756862 |
| City of Oroville<br> Oroville Hospital | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;04-01-54 | 3000000 | &nbsp;&nbsp;2277425 |
| Compton Community Redevelopment Agency Successor Agency<br> Series A (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;08-01-32 | 900000 | &nbsp;&nbsp;998899 |
| CSCDA Community Improvement Authority<br> 1818 Platinum Triangle Anaheim, Series A-2 (A) | &nbsp;&nbsp;3.250 | &nbsp;&nbsp;04-01-57 | 425000 | &nbsp;&nbsp;294414 |

---

5 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

------

[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **California (continued)** |  |  |  |  |
| Golden State Tobacco Securitization Corp.<br> Tobacco Settlement, Series A-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-51 | 1000000 | &nbsp;&nbsp;$977125 |
| Mount Diablo Unified School District<br> Series B, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-33 | 1445000 | &nbsp;&nbsp;1501274 |
| M-S-R Energy Authority<br> Series B | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;11-01-39 | 945000 | &nbsp;&nbsp;1114185 |
| M-S-R Energy Authority<br> Series B | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;11-01-34 | 2220000 | &nbsp;&nbsp;2612838 |
| River Islands Public Financing Authority<br> Community Facilities District No. 2023-1 | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;09-01-53 | 600000 | &nbsp;&nbsp;612372 |
| San Bernardino Community College District<br> Election of 2002, Series D, GO (D) | &nbsp;&nbsp;3.421 | &nbsp;&nbsp;08-01-33 | 1900000 | &nbsp;&nbsp;1437709 |
| San Francisco City & County Airport Commission<br> Series C, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-33 | 3000000 | &nbsp;&nbsp;3216091 |
| State of California, GO | &nbsp;&nbsp;3.500 | &nbsp;&nbsp;12-01-27 | 285000 | &nbsp;&nbsp;287905 |
| State of California, GO | &nbsp;&nbsp;3.650 | &nbsp;&nbsp;12-01-28 | 300000 | &nbsp;&nbsp;305286 |
| Windsor Unified School District<br> Election of 2016, GO (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-46 | 2595000 | &nbsp;&nbsp;2387285 |
| **Colorado 2.8%** |  |  |  | &nbsp;&nbsp;**36792982** |
| Adams County School District No. 1<br> Certificates of Participation (C)(E) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-36 | 875000 | &nbsp;&nbsp;943369 |
| Adams County School District No. 1<br> Certificates of Participation (C)(E) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-37 | 1120000 | &nbsp;&nbsp;1198200 |
| Aerotropolis Regional Transportation Authority (A) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;12-01-44 | 2500000 | &nbsp;&nbsp;2465434 |
| City & County of Denver Pledged Excise Tax Revenue<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-38 | 2000000 | &nbsp;&nbsp;1974955 |
| City of Boulder Water & Sewer Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-42 | 950000 | &nbsp;&nbsp;908831 |
| Colorado Bridge & Tunnel Enterprise<br> Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-44 | 1000000 | &nbsp;&nbsp;1030299 |
| Colorado Bridge Enterprise<br> Central 70 Project, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-31-26 | 3950000 | &nbsp;&nbsp;3968444 |
| Colorado Health Facilities Authority<br> AdventHealth Obligated Group | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-15-38 | 1000000 | &nbsp;&nbsp;962929 |
| Colorado Health Facilities Authority<br> Commonspirit Health, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-26 | 350000 | &nbsp;&nbsp;358192 |
| Colorado Health Facilities Authority<br> Commonspirit Health, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-28 | 1000000 | &nbsp;&nbsp;1054118 |
| Colorado Health Facilities Authority<br> Commonspirit Health, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-29 | 800000 | &nbsp;&nbsp;851304 |
| Colorado Health Facilities Authority<br> Commonspirit Health, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;12-01-54 | 500000 | &nbsp;&nbsp;503436 |
| Colorado Health Facilities Authority<br> Frasier Meadows Retirement Community Project, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;05-15-37 | 500000 | &nbsp;&nbsp;505273 |

---

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 6

------

[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Colorado (continued)** |  |  |  |  |
| Colorado Health Facilities Authority<br> Frasier Meadows Retirement Community Project, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;05-15-47 | 1500000 | &nbsp;&nbsp;$1464834 |
| Creekwalk Marketplace Business Improvement District<br> Series A | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;12-01-54 | 1125000 | &nbsp;&nbsp;1039454 |
| Denver Convention Center Hotel Authority | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-33 | 1620000 | &nbsp;&nbsp;1635033 |
| Denver Convention Center Hotel Authority | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-36 | 1000000 | &nbsp;&nbsp;1004554 |
| Fiddler's Business Improvement District<br> Greenwood Village, GO (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 250000 | &nbsp;&nbsp;252747 |
| Gold Hill Mesa Metropolitan District No. 2<br> Series A, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-25 | 135000 | &nbsp;&nbsp;136100 |
| Gold Hill Mesa Metropolitan District No. 2<br> Series A, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-26 | 145000 | &nbsp;&nbsp;148812 |
| Gold Hill Mesa Metropolitan District No. 2<br> Series A, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-28 | 70000 | &nbsp;&nbsp;73396 |
| Gold Hill Mesa Metropolitan District No. 2<br> Series A, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-29 | 45000 | &nbsp;&nbsp;47641 |
| Gold Hill Mesa Metropolitan District No. 2<br> Series A, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-30 | 15000 | &nbsp;&nbsp;16015 |
| Heritage Ridge Metropolitan District<br> Series A, GO (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-34 | 125000 | &nbsp;&nbsp;126092 |
| Heritage Ridge Metropolitan District<br> Series A, GO (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-42 | 100000 | &nbsp;&nbsp;92915 |
| Hess Ranch Metropolitan District No. 5<br> Series A-1 | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;12-01-43 | 1000000 | &nbsp;&nbsp;1000000 |
| Hess Ranch Metropolitan District No. 5<br> Series A-2 | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;12-01-43 | 500000 | &nbsp;&nbsp;500000 |
| Hunters Overlook Metropolitan District No. 5, GO (C) | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;12-01-54 | 1000000 | &nbsp;&nbsp;901391 |
| Park Creek Metropolitan District<br> Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 470000 | &nbsp;&nbsp;513435 |
| Park Creek Metropolitan District<br> Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-43 | 1355000 | &nbsp;&nbsp;1385208 |
| Public Authority for Colorado Energy<br> Natural Gas Revenue | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;11-15-28 | 725000 | &nbsp;&nbsp;757391 |
| Rendezvous Residential Metropolitan District, GO (C) | &nbsp;&nbsp;2.125 | &nbsp;&nbsp;12-01-30 | 170000 | &nbsp;&nbsp;152420 |
| Rendezvous Residential Metropolitan District, GO (C) | &nbsp;&nbsp;2.250 | &nbsp;&nbsp;12-01-32 | 400000 | &nbsp;&nbsp;340533 |
| South Suburban Park & Recreation District<br> Certificates of Participation | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-15-41 | 80000 | &nbsp;&nbsp;74924 |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado<br> Series A, GO (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-35 | 3900000 | &nbsp;&nbsp;4106851 |
| Trails at Crowfoot Metropolitan District No. 3<br> Series A, GO (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-44 | 2925000 | &nbsp;&nbsp;2580814 |
| Trails at Crowfoot Metropolitan District No. 3<br> Series A, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-39 | 600000 | &nbsp;&nbsp;627122 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Colorado (continued)** |  |  |  |  |
| Villages at Castle Rock Metropolitan District<br> Cobblestone Ranch Project, Series 2, GO (D) | &nbsp;&nbsp;7.916 | &nbsp;&nbsp;12-01-37 | 2866667 | &nbsp;&nbsp;$1090516 |
| **Connecticut 1.2%** |  |  |  | &nbsp;&nbsp;**15106496** |
| Connecticut State Health & Educational Facilities Authority<br> Connecticut Children's Medical Center, Series E | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-15-39 | 550000 | &nbsp;&nbsp;568310 |
| Connecticut State Health & Educational Facilities Authority<br> Connecticut Children's Medical Center, Series E | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-15-40 | 425000 | &nbsp;&nbsp;436584 |
| Connecticut State Health & Educational Facilities Authority<br> Goodwin University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-44 | 750000 | &nbsp;&nbsp;704457 |
| Connecticut State Health & Educational Facilities Authority<br> Stamford Hospital, Series M | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-39 | 1500000 | &nbsp;&nbsp;1419464 |
| Connecticut State Health & Educational Facilities Authority<br> Stamford Hospital, Series M | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-34 | 325000 | &nbsp;&nbsp;344066 |
| Harbor Point Infrastructure Improvement District<br> Harbor Point Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-39 | 3500000 | &nbsp;&nbsp;3505543 |
| Stamford Housing Authority<br> Mozaic Concierge Living Project, Series C | &nbsp;&nbsp;4.750 | &nbsp;&nbsp;10-01-32 | 3600000 | &nbsp;&nbsp;3606354 |
| State of Connecticut Special Tax Revenue<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-36 | 1000000 | &nbsp;&nbsp;1034811 |
| State of Connecticut Special Tax Revenue<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-37 | 1000000 | &nbsp;&nbsp;1029189 |
| Town of Hamden<br> Whitney Center Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-50 | 1075000 | &nbsp;&nbsp;918233 |
| Town of Hamden, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-33 | 1390000 | &nbsp;&nbsp;1539485 |
| **Delaware 0.2%** |  |  |  | &nbsp;&nbsp;**2975459** |
| Delaware State Economic Development Authority<br> Acts Retirement Life Communities, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-38 | 1540000 | &nbsp;&nbsp;1569469 |
| Delaware State Economic Development Authority<br> NRG Energy Project, Series B | &nbsp;&nbsp;1.250 | &nbsp;&nbsp;10-01-40 | 500000 | &nbsp;&nbsp;492494 |
| Delaware Transportation Authority<br> Transportation System Revenue | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;07-01-35 | 1000000 | &nbsp;&nbsp;913496 |
| **District of Columbia 1.7%** |  |  |  | &nbsp;&nbsp;**21648871** |
| District of Columbia<br> DC Smart Street Lighting Project, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-31-28 | 2000000 | &nbsp;&nbsp;2078831 |
| District of Columbia<br> KIPP DC Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-39 | 1750000 | &nbsp;&nbsp;1614556 |
| District of Columbia<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-35 | 1320000 | &nbsp;&nbsp;1473200 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 8

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **District of Columbia (continued)** |  |  |  |  |
| District of Columbia<br> Union Market Project, Series A (A) | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;06-01-34 | 5000000 | &nbsp;&nbsp;$4911952 |
| District of Columbia Income Tax Revenue<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-36 | 2900000 | &nbsp;&nbsp;3233537 |
| District of Columbia Income Tax Revenue<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-45 | 1950000 | &nbsp;&nbsp;2023355 |
| Metropolitan Washington Airports Authority Aviation Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-26 | 315000 | &nbsp;&nbsp;321214 |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue<br> Series C (C) | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;10-01-41 | 1815000 | &nbsp;&nbsp;1898106 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue<br> Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-15-53 | 4000000 | &nbsp;&nbsp;4094120 |
| **Florida 10.6%** |  |  |  | &nbsp;&nbsp;**139055460** |
| Alachua County Health Facilities Authority<br> Shands Teaching Hospital & Clinics | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-44 | 175000 | &nbsp;&nbsp;172345 |
| Cabot Citrus Farms<br> Community Development District | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;03-01-29 | 1500000 | &nbsp;&nbsp;1508918 |
| Capital Projects Finance Authority<br> Navigator Academy of Leadership Obligated Group Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-34 | 780000 | &nbsp;&nbsp;785109 |
| City of Atlantic Beach<br> Fleet Landing Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-48 | 1000000 | &nbsp;&nbsp;901526 |
| City of Pompano Beach<br> John Knox Village Project | &nbsp;&nbsp;3.500 | &nbsp;&nbsp;09-01-30 | 1900000 | &nbsp;&nbsp;1833587 |
| Collier County Industrial Development Authority<br> NCH Healthcare System Projects | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-54 | 1250000 | &nbsp;&nbsp;1322704 |
| Collier County Industrial Development Authority<br> NCH Healthcare System Projects | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-54 | 1200000 | &nbsp;&nbsp;1282003 |
| County of Broward<br> Airport System Revenue, Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-27 | 1500000 | &nbsp;&nbsp;1551245 |
| County of Lee Airport Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-30 | 3500000 | &nbsp;&nbsp;3713850 |
| County of Lee Airport Revenue<br> Series B, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-28 | 4060000 | &nbsp;&nbsp;4236135 |
| County of Lee Airport Revenue, AMT | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;10-01-41 | 2000000 | &nbsp;&nbsp;2077130 |
| County of Miami-Dade Aviation Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-30 | 2250000 | &nbsp;&nbsp;2388592 |
| County of Miami-Dade Aviation Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-34 | 5500000 | &nbsp;&nbsp;5877029 |
| County of Miami-Dade Seaport Department<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-36 | 1300000 | &nbsp;&nbsp;1348442 |
| County of Miami-Dade Seaport Department<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-39 | 3000000 | &nbsp;&nbsp;3041213 |
| County of Miami-Dade Seaport Department<br> Series B-2 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-41 | 2000000 | &nbsp;&nbsp;1867065 |

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9 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Florida (continued)** |  |  |  |  |
| County of Miami-Dade Water & Sewer System Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-46 | 1850000 | &nbsp;&nbsp;$1657773 |
| County of Monroe Airport Revenue<br> Key West International Airport, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-25 | 130000 | &nbsp;&nbsp;130464 |
| County of Monroe Airport Revenue<br> Key West International Airport, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-26 | 150000 | &nbsp;&nbsp;152398 |
| County of Monroe Airport Revenue<br> Key West International Airport, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-28 | 180000 | &nbsp;&nbsp;187015 |
| County of Monroe Airport Revenue<br> Key West International Airport, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-29 | 325000 | &nbsp;&nbsp;339694 |
| County of Monroe Airport Revenue<br> Key West International Airport, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-33 | 1000000 | &nbsp;&nbsp;1053282 |
| County of Palm Beach Airport System Revenue<br> Series B, AMT | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;10-01-38 | 550000 | &nbsp;&nbsp;582906 |
| County of Palm Beach Airport System Revenue<br> Series B, AMT | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;10-01-39 | 1000000 | &nbsp;&nbsp;1053512 |
| Duval County Public Schools<br> School Board Certificates of Participation, Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-30 | 500000 | &nbsp;&nbsp;542505 |
| Duval County Public Schools<br> School Board Certificates of Participation, Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-31 | 250000 | &nbsp;&nbsp;269885 |
| Florida Atlantic University Finance Corp.<br> Student Housing Project, Series B | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-35 | 1280000 | &nbsp;&nbsp;1270858 |
| Florida Department of Management Services<br> Certificates of Participation, Series A | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;11-01-36 | 2250000 | &nbsp;&nbsp;1976855 |
| Florida Department of Management Services<br> Certificates of Participation, Series A | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;11-01-37 | 2010000 | &nbsp;&nbsp;1728579 |
| Florida Development Finance Corp.<br> Imagine School at Broward Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-15-34 | 330000 | &nbsp;&nbsp;336071 |
| Florida Development Finance Corp.<br> River City Science Academy | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-31 | 325000 | &nbsp;&nbsp;335163 |
| Florida Development Finance Corp.<br> River City Science Academy | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-42 | 635000 | &nbsp;&nbsp;621375 |
| Florida Development Finance Corp.<br> Solid Waste Southeast LLC Project, Series A, AMT (A) | &nbsp;&nbsp;4.375 | &nbsp;&nbsp;10-01-54 | 6250000 | &nbsp;&nbsp;6220804 |
| Florida Development Finance Corp.<br> Tampa General Hospital Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-41 | 1010000 | &nbsp;&nbsp;1027723 |
| Florida Development Finance Corp.<br> UF Health Jacksonville Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-33 | 1000000 | &nbsp;&nbsp;1044556 |
| Florida Development Finance Corp.<br> Waste Pro USA, Inc. Project, AMT | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;06-01-32 | 3000000 | &nbsp;&nbsp;2681533 |
| Florida Development Finance Corp.<br> Waste Pro USA, Inc. Project, AMT (A) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;08-01-29 | 1000000 | &nbsp;&nbsp;1025733 |
| Florida Development Finance Corp.<br> Waste Pro USA, Inc. Project, AMT (A) | &nbsp;&nbsp;6.125 | &nbsp;&nbsp;07-01-32 | 1000000 | &nbsp;&nbsp;1012882 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 10

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Florida (continued)** |  |  |  |  |
| Florida Gulf Coast University Financing Corp.<br> Housing Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-27 | 805000 | &nbsp;&nbsp;$825754 |
| Florida Gulf Coast University Financing Corp.<br> Housing Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-28 | 400000 | &nbsp;&nbsp;419511 |
| Florida Gulf Coast University Financing Corp.<br> Housing Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-29 | 435000 | &nbsp;&nbsp;462227 |
| Florida Gulf Coast University Financing Corp.<br> Housing Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-30 | 440000 | &nbsp;&nbsp;472304 |
| Florida Gulf Coast University Financing Corp.<br> Housing Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-31 | 460000 | &nbsp;&nbsp;497821 |
| Florida Gulf Coast University Financing Corp.<br> Housing Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-32 | 485000 | &nbsp;&nbsp;527596 |
| Florida Higher Educational Facilities Financial Authority<br> Jacksonville University (A) | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;06-01-33 | 4035000 | &nbsp;&nbsp;3775228 |
| Florida Higher Educational Facilities Financial Authority<br> Nova Southeastern University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-30 | 890000 | &nbsp;&nbsp;897220 |
| Florida Higher Educational Facilities Financial Authority<br> Rollins College Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-49 | 1900000 | &nbsp;&nbsp;1610194 |
| Florida State Board of Governors<br> Polytech University, Series A (C) | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;07-01-38 | 1000000 | &nbsp;&nbsp;988822 |
| Florida State Board of Governors<br> University Athletics Association, Series A (C) | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;10-01-53 | 1245000 | &nbsp;&nbsp;1106690 |
| Florida State Board of Governors Florida International University Dormitory Revenue<br> Series A (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;07-01-35 | 2140000 | &nbsp;&nbsp;1906903 |
| Greater Orlando Aviation Authority, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-38 | 5510000 | &nbsp;&nbsp;5726931 |
| Greater Orlando Aviation Authority, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-39 | 5785000 | &nbsp;&nbsp;5967791 |
| Greater Orlando Aviation Authority, AMT | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;10-01-41 | 1200000 | &nbsp;&nbsp;1261996 |
| Halifax Hospital Medical Center<br> Daytona Beach | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06-01-54 | 1500000 | &nbsp;&nbsp;1511449 |
| Hillsborough County Industrial Development Authority<br> Tampa General Hospital Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-50 | 2075000 | &nbsp;&nbsp;1741897 |
| Jacksonville Housing Authority<br> Westwood Apartments | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-34 | 2450000 | &nbsp;&nbsp;2550060 |
| Lee County Industrial Development Authority<br> Shell Point Obligated Group | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-15-28 | 100000 | &nbsp;&nbsp;100955 |
| Lee County Industrial Development Authority<br> Shell Point Obligated Group, Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-44 | 3445000 | &nbsp;&nbsp;3375948 |
| Miami Beach Health Facilities Authority<br> Mt. Sinai Medical Center of Florida, Series B | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-15-46 | 1500000 | &nbsp;&nbsp;1283996 |
| Miami Beach Redevelopment Agency<br> City Center/Historic Convention Village (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-44 | 5020000 | &nbsp;&nbsp;5042296 |

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11 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Florida (continued)** |  |  |  |  |
| Middleton Community Development District A<br> Special Assessment Revenue | &nbsp;&nbsp;5.200 | &nbsp;&nbsp;05-01-27 | 250000 | &nbsp;&nbsp;$253637 |
| Middleton Community Development District A<br> Special Assessment Revenue | &nbsp;&nbsp;5.450 | &nbsp;&nbsp;05-01-32 | 240000 | &nbsp;&nbsp;254012 |
| Midtown Miami Community Development District<br> Infrastructure Project, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-37 | 3670000 | &nbsp;&nbsp;3669918 |
| North Miami Community Redevelopment Agency<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-31 | 100000 | &nbsp;&nbsp;107220 |
| North Miami Community Redevelopment Agency<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-32 | 500000 | &nbsp;&nbsp;537300 |
| North Miami Community Redevelopment Agency<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-33 | 1500000 | &nbsp;&nbsp;1614731 |
| North Miami Community Redevelopment Agency<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-35 | 1665000 | &nbsp;&nbsp;1757745 |
| North Miami Community Redevelopment Agency<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-36 | 1600000 | &nbsp;&nbsp;1679782 |
| Orange County Health Facilities Authority<br> Orlando Health Obligated Group, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-41 | 2260000 | &nbsp;&nbsp;2328190 |
| Orange County Health Facilities Authority<br> Orlando Health Obligated Group, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;10-01-56 | 1000000 | &nbsp;&nbsp;1004178 |
| Orange County Health Facilities Authority<br> Presbyterian Retirement Communities | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-36 | 3500000 | &nbsp;&nbsp;3333538 |
| Palm Beach County Health Facilities Authority<br> Acts Retirement-Life Communities | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-32 | 3145000 | &nbsp;&nbsp;3187864 |
| Palm Beach County Health Facilities Authority<br> Acts Retirement-Life Communities, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-45 | 2090000 | &nbsp;&nbsp;1999861 |
| Palm Beach County Health Facilities Authority<br> Jupiter Medical Center Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-31 | 1065000 | &nbsp;&nbsp;1131077 |
| Palm Beach County Health Facilities Authority<br> Jupiter Medical Center Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-32 | 600000 | &nbsp;&nbsp;638093 |
| Palm Beach County Health Facilities Authority<br> Jupiter Medical Center Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-35 | 880000 | &nbsp;&nbsp;915312 |
| Palm Beach County Health Facilities Authority<br> Toby and Leon Cooperman Sinai Residences | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-26 | 300000 | &nbsp;&nbsp;299521 |
| Palm Beach County Health Facilities Authority<br> Toby and Leon Cooperman Sinai Residences | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-31 | 3550000 | &nbsp;&nbsp;3496526 |
| Palm Beach County Health Facilities Authority<br> Toby and Leon Cooperman Sinai Residences | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-36 | 1610000 | &nbsp;&nbsp;1511910 |
| Polk County Industrial Development Authority<br> Mineral Development LLC, AMT (A)(F) | &nbsp;&nbsp;5.875 | &nbsp;&nbsp;01-01-33 | 1665000 | &nbsp;&nbsp;965700 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 12

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Florida (continued)** |  |  |  |  |
| St. Johns County Industrial Development Authority<br> Vicar's Landing Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-15-50 | 900000 | &nbsp;&nbsp;$647028 |
| Tampa Bay Water<br> Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;10-01-54 | 5395000 | &nbsp;&nbsp;5631309 |
| Village Community Development District<br> CDD No. 15 (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-34 | 500000 | &nbsp;&nbsp;486571 |
| Village Community Development District<br> CDD No. 6 (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-37 | 400000 | &nbsp;&nbsp;392389 |
| **Georgia 3.8%** |  |  |  | &nbsp;&nbsp;**49409913** |
| Athens Housing Authority<br> University of Georgia Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-15-49 | 615000 | &nbsp;&nbsp;548792 |
| Athens-Clarke County Unified Government Development Authority<br> University of Georgia Athletic Association Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-40 | 530000 | &nbsp;&nbsp;558336 |
| Athens-Clarke County Unified Government Development Authority<br> University of Georgia West Precinct LLC | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-15-56 | 1900000 | &nbsp;&nbsp;1586344 |
| Augusta Development Authority<br> AU Health System, Inc. Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-38 | 150000 | &nbsp;&nbsp;144605 |
| Augusta Development Authority<br> AU Health System, Inc. Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-39 | 15000 | &nbsp;&nbsp;14369 |
| Augusta Development Authority<br> AU Health System, Inc. Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-26 | 1775000 | &nbsp;&nbsp;1805663 |
| Augusta Development Authority<br> AU Health System, Inc. Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-33 | 1790000 | &nbsp;&nbsp;1860732 |
| Augusta Development Authority<br> AU Health System, Inc. Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-35 | 1500000 | &nbsp;&nbsp;1549671 |
| Development Authority for Fulton County<br> Curran Street Residence Hall Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-56 | 3000000 | &nbsp;&nbsp;3055982 |
| Development Authority of Burke County<br> Georgia Power Company Vogtle Project, Fifth Series 1995 | &nbsp;&nbsp;2.200 | &nbsp;&nbsp;10-01-32 | 1910000 | &nbsp;&nbsp;1590104 |
| Development Authority of Burke County<br> Georgia Power Company Vogtle Project, Fourth Series 1994 | &nbsp;&nbsp;3.800 | &nbsp;&nbsp;10-01-32 | 1015000 | &nbsp;&nbsp;1018405 |
| Development Authority of Burke County<br> Oglethorpe Power Corp. Vogtle Project, Series A | &nbsp;&nbsp;3.600 | &nbsp;&nbsp;01-01-40 | 3500000 | &nbsp;&nbsp;3490253 |
| Development Authority of Monroe County<br> Georgia Power Company Plant Scherer Project | &nbsp;&nbsp;3.875 | &nbsp;&nbsp;06-01-42 | 250000 | &nbsp;&nbsp;250690 |
| Development Authority of Rockdale County<br> Pratt Paper LLC Project, AMT (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-38 | 1000000 | &nbsp;&nbsp;920087 |
| Fulton County Residential Care Facilities for the Elderly Authority<br> Canterbury Court Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-37 | 1500000 | &nbsp;&nbsp;1511770 |

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13 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Georgia (continued)** |  |  |  |  |
| Fulton County Residential Care Facilities for the Elderly Authority<br> Lenbrook Square Foundation, Inc. | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-42 | 4765000 | &nbsp;&nbsp;$4534237 |
| Georgia State Road & Tollway Authority<br> Managed Lane System, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-15-38 | 3375000 | &nbsp;&nbsp;3341400 |
| Main Street Natural Gas, Inc.<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-27 | 3660000 | &nbsp;&nbsp;3748386 |
| Main Street Natural Gas, Inc.<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-35 | 340000 | &nbsp;&nbsp;356215 |
| Main Street Natural Gas, Inc.<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-43 | 710000 | &nbsp;&nbsp;711370 |
| Main Street Natural Gas, Inc.<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-53 | 2750000 | &nbsp;&nbsp;2861491 |
| Main Street Natural Gas, Inc.<br> Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-53 | 750000 | &nbsp;&nbsp;783537 |
| Main Street Natural Gas, Inc.<br> Series D | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-54 | 4500000 | &nbsp;&nbsp;4707198 |
| Main Street Natural Gas, Inc.<br> Series E-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-53 | 4780000 | &nbsp;&nbsp;5003300 |
| Municipal Electric Authority of Georgia<br> Series HH | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-29 | 3000000 | &nbsp;&nbsp;3134899 |
| Private Colleges & Universities Authority<br> Mercer University Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-50 | 385000 | &nbsp;&nbsp;322077 |
| **Hawaii 0.1%** |  |  |  | &nbsp;&nbsp;**1226907** |
| City & County Honolulu Wastewater System Revenue<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-36 | 500000 | &nbsp;&nbsp;560598 |
| City & County Honolulu Wastewater System Revenue<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-37 | 600000 | &nbsp;&nbsp;666309 |
| **Illinois 8.3%** |  |  |  | &nbsp;&nbsp;**109155854** |
| Bureau, Whiteside & Lee Counties<br> Bureau Valley Community Unit School District No. 340, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-31 | 325000 | &nbsp;&nbsp;351945 |
| Bureau, Whiteside & Lee Counties<br> Bureau Valley Community Unit School District No. 340, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-33 | 170000 | &nbsp;&nbsp;185220 |
| Chicago Board of Education<br> Dedicated Capital Improvement | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-42 | 1400000 | &nbsp;&nbsp;1402489 |
| Chicago Board of Education<br> Dedicated Capital Improvement | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;04-01-46 | 3500000 | &nbsp;&nbsp;3556182 |
| Chicago Board of Education<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-34 | 3000000 | &nbsp;&nbsp;3076026 |
| Chicago Board of Education<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-37 | 1050000 | &nbsp;&nbsp;1053035 |
| Chicago Board of Education<br> Series B, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-38 | 2000000 | &nbsp;&nbsp;1805332 |
| Chicago Board of Education<br> Series B, GO (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-41 | 1800000 | &nbsp;&nbsp;1601717 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 14

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Illinois (continued)** |  |  |  |  |
| Chicago Board of Education<br> Series B, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-30 | 1000000 | &nbsp;&nbsp;$1031776 |
| Chicago Midway International Airport<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-35 | 500000 | &nbsp;&nbsp;529907 |
| Chicago Midway International Airport<br> Series C, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-36 | 750000 | &nbsp;&nbsp;785064 |
| Chicago O'Hare International Airport<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-38 | 1505000 | &nbsp;&nbsp;1455490 |
| Chicago O'Hare International Airport<br> Series A, AMT | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;01-01-42 | 2450000 | &nbsp;&nbsp;2524277 |
| Chicago O'Hare International Airport<br> Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-38 | 1545000 | &nbsp;&nbsp;1549832 |
| Chicago O'Hare International Airport<br> Series C, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-34 | 2000000 | &nbsp;&nbsp;2130010 |
| Chicago O'Hare International Airport<br> Series D | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-52 | 3670000 | &nbsp;&nbsp;3638138 |
| City of Chicago<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-29 | 4000000 | &nbsp;&nbsp;4149465 |
| City of Chicago<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-31 | 1000000 | &nbsp;&nbsp;1027651 |
| City of Chicago Wastewater Transmission Revenue<br> Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-38 | 1000000 | &nbsp;&nbsp;1067756 |
| City of Chicago Wastewater Transmission Revenue<br> Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-39 | 250000 | &nbsp;&nbsp;265087 |
| Cook County Community College District No. 508<br> City Colleges of Chicago, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-34 | 1000000 | &nbsp;&nbsp;1077004 |
| Cook County Community College District No. 508<br> City Colleges of Chicago, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-35 | 1000000 | &nbsp;&nbsp;1069030 |
| Cook County Community College District No. 508<br> City Colleges of Chicago, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-36 | 1000000 | &nbsp;&nbsp;1060687 |
| Cook County Community College District No. 508<br> City Colleges of Chicago, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-37 | 1000000 | &nbsp;&nbsp;1050875 |
| Cook County Community College District No. 535<br> Series B, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;12-01-32 | 1055000 | &nbsp;&nbsp;996268 |
| Cook County Community Consolidated School District No. 34 Glenview<br> Series A, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;12-01-36 | 1265000 | &nbsp;&nbsp;1103619 |
| Cook County School District No. 143 Midlothian<br> Series A, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-30 | 790000 | &nbsp;&nbsp;842897 |
| Cook County School District No. 143 Midlothian<br> Series A, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-31 | 730000 | &nbsp;&nbsp;783998 |

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15 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Illinois (continued)** |  |  |  |  |
| Cook County School District No. 143 Midlothian<br> Series A, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 785000 | &nbsp;&nbsp;$846250 |
| Cook County School District No. 143 Midlothian<br> Series A, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-33 | 895000 | &nbsp;&nbsp;966416 |
| Cook County School District No. 86 Harwood Heights, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-42 | 585000 | &nbsp;&nbsp;598310 |
| Cook County School District No. 86 Harwood Heights, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-43 | 550000 | &nbsp;&nbsp;559662 |
| Cook County School District No. 86 Harwood Heights, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-44 | 410000 | &nbsp;&nbsp;415612 |
| Illinois Finance Authority<br> Clark-Lindsey Village, Series A | &nbsp;&nbsp;4.600 | &nbsp;&nbsp;06-01-27 | 525000 | &nbsp;&nbsp;519331 |
| Illinois Finance Authority<br> Clark-Lindsey Village, Series A | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;06-01-32 | 725000 | &nbsp;&nbsp;709566 |
| Illinois Finance Authority<br> Clark-Lindsey Village, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06-01-37 | 1015000 | &nbsp;&nbsp;952804 |
| Illinois Finance Authority<br> DePaul College Prep Foundation, Series A (A) | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;08-01-33 | 1155000 | &nbsp;&nbsp;1171065 |
| Illinois Finance Authority<br> Dominican University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-27 | 360000 | &nbsp;&nbsp;363782 |
| Illinois Finance Authority<br> Dominican University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-29 | 235000 | &nbsp;&nbsp;238694 |
| Illinois Finance Authority<br> Dominican University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-31 | 595000 | &nbsp;&nbsp;603189 |
| Illinois Finance Authority<br> LRS Holdings LLC Project, Series A, AMT (A) | &nbsp;&nbsp;7.250 | &nbsp;&nbsp;09-01-52 | 1000000 | &nbsp;&nbsp;1069100 |
| Illinois Finance Authority<br> LRS Holdings LLC Project, Series B, AMT (A) | &nbsp;&nbsp;7.375 | &nbsp;&nbsp;09-01-42 | 1250000 | &nbsp;&nbsp;1377295 |
| Illinois Finance Authority<br> Navy Pier, Inc., Series B (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-34 | 1150000 | &nbsp;&nbsp;1177404 |
| Illinois Finance Authority<br> Navy Pier, Inc., Series B (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-44 | 500000 | &nbsp;&nbsp;467470 |
| Illinois Finance Authority<br> Shedd Aquarium Society Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-31 | 600000 | &nbsp;&nbsp;653711 |
| Illinois Finance Authority<br> UChicago Medicine, Series B-2 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-52 | 2000000 | &nbsp;&nbsp;2064991 |
| Illinois Finance Authority<br> Westminster Village, Series A | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;05-01-28 | 1155000 | &nbsp;&nbsp;1134921 |
| Illinois State Toll Highway Authority<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-43 | 1525000 | &nbsp;&nbsp;1552446 |
| Lake County School District No. 38, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-34 | 430000 | &nbsp;&nbsp;453678 |
| Lake County School District No. 38, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-35 | 350000 | &nbsp;&nbsp;368216 |
| Moultrie Shelby & Coles Counties Community Unit School<br> District No. 300, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-40 | 1000000 | &nbsp;&nbsp;1044578 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 16

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[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Illinois (continued)** |  |  |  |  |
| Moultrie Shelby & Coles Counties Community Unit School<br> District No. 300, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-41 | 1000000 | &nbsp;&nbsp;$1042346 |
| Northern Illinois University<br> Series B (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-28 | 110000 | &nbsp;&nbsp;114162 |
| Sales Tax Securitization Corp.<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-39 | 550000 | &nbsp;&nbsp;510457 |
| Sales Tax Securitization Corp.<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-42 | 1950000 | &nbsp;&nbsp;1824938 |
| Sales Tax Securitization Corp.<br> Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-37 | 1000000 | &nbsp;&nbsp;1038273 |
| Sales Tax Securitization Corp.<br> Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-35 | 1250000 | &nbsp;&nbsp;1326058 |
| Sales Tax Securitization Corp.<br> Series D | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-36 | 1100000 | &nbsp;&nbsp;1176485 |
| Sales Tax Securitization Corp.<br> Series D | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-37 | 1310000 | &nbsp;&nbsp;1393722 |
| Sales Tax Securitization Corp.<br> Series D | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-38 | 1385000 | &nbsp;&nbsp;1464636 |
| Sales Tax Securitization Corp.<br> Series D | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-39 | 1520000 | &nbsp;&nbsp;1598583 |
| South Suburban College Community School<br> District No. 510, GO (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;12-01-37 | 1190000 | &nbsp;&nbsp;1255069 |
| South Suburban College Community School<br> District No. 510, GO (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;12-01-39 | 1315000 | &nbsp;&nbsp;1372315 |
| South Suburban College Community School<br> District No. 510, GO (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;12-01-41 | 1490000 | &nbsp;&nbsp;1543724 |
| St. Clair County Community Unit School District No. 187 Cahokia<br> Series B, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-43 | 1350000 | &nbsp;&nbsp;1376963 |
| State of Illinois<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-28 | 1750000 | &nbsp;&nbsp;1829382 |
| State of Illinois<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-34 | 2000000 | &nbsp;&nbsp;2056608 |
| State of Illinois<br> Series B, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-35 | 1750000 | &nbsp;&nbsp;1701487 |
| State of Illinois<br> Series B, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-30 | 2000000 | &nbsp;&nbsp;2132495 |
| State of Illinois<br> Series C, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-39 | 3000000 | &nbsp;&nbsp;2727758 |
| State of Illinois<br> Series C, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-43 | 4390000 | &nbsp;&nbsp;3810147 |
| State of Illinois<br> Series D, GO | &nbsp;&nbsp;3.250 | &nbsp;&nbsp;11-01-26 | 2815000 | &nbsp;&nbsp;2805806 |
| State of Illinois, GO (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;02-01-31 | 1050000 | &nbsp;&nbsp;1050277 |
| Upper Illinois River Valley Development Authority<br> Prairie Crossing Charter School Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-55 | 625000 | &nbsp;&nbsp;550722 |

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17 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Illinois (continued)** |  |  |  |  |
| Village of Bedford Park Hotel/Motel Tax Revenue<br> Series A (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-42 | 200000 | &nbsp;&nbsp;$180392 |
| Village of Bedford Park Hotel/Motel Tax Revenue<br> Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-40 | 270000 | &nbsp;&nbsp;277464 |
| Village of Lincolnwood<br> Certificates of Participation, District 1860 Development Project, Series A (A) | &nbsp;&nbsp;4.820 | &nbsp;&nbsp;01-01-41 | 5790000 | &nbsp;&nbsp;5503550 |
| Village of Morton Grove Tax Increment Revenue<br> Samwill Station Redevelopment Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-39 | 2000000 | &nbsp;&nbsp;1891431 |
| Village of Westchester, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-15-35 | 800000 | &nbsp;&nbsp;859299 |
| Village of Westchester, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-15-43 | 500000 | &nbsp;&nbsp;509927 |
| Winnebago & Boone Counties School District No. 205 Rockford, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-32 | 3500000 | &nbsp;&nbsp;3752110 |
| **Indiana 2.4%** |  |  |  | &nbsp;&nbsp;**31340722** |
| City of Valparaiso<br> Pratt Paper LLC Project, AMT (A) | &nbsp;&nbsp;4.875 | &nbsp;&nbsp;01-01-44 | 500000 | &nbsp;&nbsp;473378 |
| City of Whiting<br> BP Products North America, Inc., Series A, AMT | &nbsp;&nbsp;4.400 | &nbsp;&nbsp;03-01-46 | 3825000 | &nbsp;&nbsp;3870922 |
| Greensburg Building Corp.<br> Fire Station Project, Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-15-33 | 1500000 | &nbsp;&nbsp;1623030 |
| Greensburg Building Corp.<br> Public Works Building Project, Series B (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-15-33 | 1195000 | &nbsp;&nbsp;1293014 |
| Indiana Bond Bank<br> Hamilton County Projects | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;07-15-36 | 740000 | &nbsp;&nbsp;654175 |
| Indiana Finance Authority<br> Hendricks Regional Health | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-42 | 1315000 | &nbsp;&nbsp;1322402 |
| Indiana Finance Authority<br> Hendricks Regional Health | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-43 | 1200000 | &nbsp;&nbsp;1200742 |
| Indiana Finance Authority<br> Hendricks Regional Health | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;03-01-54 | 6755000 | &nbsp;&nbsp;6678880 |
| Indiana Finance Authority<br> Indiana Masonic Home Project, Series A | &nbsp;&nbsp;4.300 | &nbsp;&nbsp;05-01-29 | 520000 | &nbsp;&nbsp;522079 |
| Indiana Finance Authority<br> Marquette Project, Series A (E) | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;03-01-45 | 2210000 | &nbsp;&nbsp;2149599 |
| Indiana Finance Authority<br> Ohio Valley Electric Corp. Project, Series A | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;11-01-30 | 1000000 | &nbsp;&nbsp;1011856 |
| Indiana Finance Authority<br> Polyflow Industry Project, AMT (A)(F) | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;03-01-39 | 1165000 | &nbsp;&nbsp;179392 |
| Indiana Finance Authority<br> State Revolving Fund Program, Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-36 | 1150000 | &nbsp;&nbsp;1293349 |
| Indiana Finance Authority<br> The Methodist Hospitals, Inc., Series A | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;09-15-39 | 2000000 | &nbsp;&nbsp;2079148 |
| Indiana Finance Authority<br> University Evansville Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-25 | 500000 | &nbsp;&nbsp;500344 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 18

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Indiana (continued)** |  |  |  |  |
| Indiana Municipal Power Agency<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-42 | 815000 | &nbsp;&nbsp;$824205 |
| Indianapolis Local Public Improvement Bond Bank<br> Convention Center Hotel, Series E | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;03-01-38 | 800000 | &nbsp;&nbsp;843440 |
| Indianapolis Local Public Improvement Bond Bank<br> Indianapolis Airport Authority Project, Series G-2, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-30 | 330000 | &nbsp;&nbsp;346891 |
| Indianapolis Local Public Improvement Bond Bank<br> Indianapolis Airport Authority Project, Series G-2, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-31 | 1095000 | &nbsp;&nbsp;1158407 |
| Indianapolis Local Public Improvement Bond Bank<br> Indianapolis Airport Authority Project, Series G-2, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-32 | 305000 | &nbsp;&nbsp;323702 |
| Indianapolis Local Public Improvement Bond Bank<br> Indianapolis Airport Authority Project, Series G-2, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-33 | 595000 | &nbsp;&nbsp;629101 |
| Indianapolis Local Public Improvement Bond Bank<br> Indianapolis Airport Authority Project, Series G-2, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-34 | 205000 | &nbsp;&nbsp;214415 |
| North Lawrence Community Schools Building Corp.<br> First Mortgage | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-15-32 | 250000 | &nbsp;&nbsp;275811 |
| North Lawrence Community Schools Building Corp.<br> First Mortgage | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-15-33 | 275000 | &nbsp;&nbsp;304229 |
| North Lawrence Community Schools Building Corp.<br> First Mortgage | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-15-33 | 200000 | &nbsp;&nbsp;221768 |
| North Lawrence Community Schools Building Corp.<br> First Mortgage | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-15-34 | 245000 | &nbsp;&nbsp;272185 |
| Westfield-Washington Multi-School Building Corp.<br> Series B (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-15-40 | 1000000 | &nbsp;&nbsp;1074258 |
| **Iowa 0.5%** |  |  |  | &nbsp;&nbsp;**6393147** |
| City of Johnston<br> Certificates of Participation, Series B, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;06-01-38 | 25000 | &nbsp;&nbsp;21103 |
| Harlan Community School District, GO (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-32 | 515000 | &nbsp;&nbsp;528910 |
| Harlan Community School District, GO (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-33 | 540000 | &nbsp;&nbsp;551992 |
| Iowa Finance Authority<br> Lifespace Communities, Inc., Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-15-46 | 1500000 | &nbsp;&nbsp;1242248 |
| Iowa Great Lakes Sanitation District, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-33 | 1145000 | &nbsp;&nbsp;1165641 |
| PEFA, Inc.<br> Gas Project Revenue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-49 | 2000000 | &nbsp;&nbsp;2021883 |

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19 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Iowa (continued)** |  |  |  |  |
| Rock Valley Community School District, GO (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-44 | 955000 | &nbsp;&nbsp;$861370 |
| **Kansas 0.5%** |  |  |  | &nbsp;&nbsp;**6377654** |
| City of Prairie Village<br> Meadowbrook TIF Project | &nbsp;&nbsp;2.875 | &nbsp;&nbsp;04-01-30 | 545000 | &nbsp;&nbsp;532728 |
| City of Prairie Village<br> Meadowbrook TIF Project | &nbsp;&nbsp;3.125 | &nbsp;&nbsp;04-01-36 | 1650000 | &nbsp;&nbsp;1513425 |
| Kansas Development Finance Authority<br> Adventhealth Obligated Group, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-54 | 3000000 | &nbsp;&nbsp;3262353 |
| Wyandotte County-Kansas City Unified Government<br> Legends Apartments Garage & West Lawn Project | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;06-01-40 | 1135000 | &nbsp;&nbsp;1069148 |
| **Kentucky 1.7%** |  |  |  | &nbsp;&nbsp;**22746674** |
| County of Trimble<br> Louisville Gas and Electric Company Project, Series A | &nbsp;&nbsp;3.750 | &nbsp;&nbsp;06-01-33 | 2500000 | &nbsp;&nbsp;2506130 |
| Eastern Kentucky University<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-27 | 480000 | &nbsp;&nbsp;495418 |
| Kenton County Airport Board<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-29 | 300000 | &nbsp;&nbsp;314710 |
| Kenton County Airport Board<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-30 | 550000 | &nbsp;&nbsp;581709 |
| Kenton County Airport Board<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-31 | 750000 | &nbsp;&nbsp;798858 |
| Kenton County Airport Board<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-32 | 1350000 | &nbsp;&nbsp;1444085 |
| Kenton County Airport Board<br> Series A, AMT | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;01-01-40 | 1200000 | &nbsp;&nbsp;1258364 |
| Kentucky Municipal Power Agency<br> Prairie State Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-45 | 395000 | &nbsp;&nbsp;333616 |
| Kentucky Public Energy Authority<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-55 | 10000000 | &nbsp;&nbsp;10512563 |
| Kentucky Turnpike Authority<br> Revitalization Projects, Series 2022-A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-32 | 2000000 | &nbsp;&nbsp;2193157 |
| Louisville Water Company<br> Water System Revenue | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;11-15-35 | 600000 | &nbsp;&nbsp;537896 |
| Stamford Housing Authority<br> Mozaic Concierge Living Project, Series A | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;10-01-35 | 625000 | &nbsp;&nbsp;629263 |
| Woodford County School District Finance Corp.<br> Series A (C) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;08-01-31 | 1000000 | &nbsp;&nbsp;1140905 |
| **Louisiana 1.6%** |  |  |  | &nbsp;&nbsp;**20490922** |
| Louisiana Local Government Environmental Facilities & Community Development Authority<br> Downsville Community Charter School Project (A) | &nbsp;&nbsp;6.375 | &nbsp;&nbsp;06-15-53 | 3500000 | &nbsp;&nbsp;3412393 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 20

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Louisiana (continued)** |  |  |  |  |
| Louisiana Local Government Environmental Facilities & Community Development Authority<br> Entergy Louisiana LLC Project, Series A | &nbsp;&nbsp;2.000 | &nbsp;&nbsp;06-01-30 | 770000 | &nbsp;&nbsp;$694977 |
| Louisiana Local Government Environmental Facilities & Community Development Authority<br> Louisiana Insurance Guaranty Association Project, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-32 | 4545000 | &nbsp;&nbsp;4663128 |
| Louisiana Local Government Environmental Facilities & Community Development Authority<br> Westlake Chemical Corp. Project | &nbsp;&nbsp;3.500 | &nbsp;&nbsp;11-01-32 | 5085000 | &nbsp;&nbsp;4817254 |
| New Orleans Aviation Board<br> Parking Facilities Corp. Consolidated Garage System (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-48 | 1000000 | &nbsp;&nbsp;1005514 |
| New Orleans Aviation Board<br> Series B, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-41 | 1490000 | &nbsp;&nbsp;1498060 |
| New Orleans Aviation Board<br> Series B, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-42 | 685000 | &nbsp;&nbsp;683907 |
| St. James Parish<br> NuStar Logistics LP Project (A) | &nbsp;&nbsp;5.850 | &nbsp;&nbsp;08-01-41 | 1000000 | &nbsp;&nbsp;1000000 |
| State of Louisiana<br> Series B, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-36 | 1400000 | &nbsp;&nbsp;1566256 |
| State of Louisiana Gasoline & Fuels Tax Revenue<br> Series B | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;05-01-41 | 1420000 | &nbsp;&nbsp;1149433 |
| **Maine 0.1%** |  |  |  | &nbsp;&nbsp;**944520** |
| City of Lewiston, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-15-32 | 860000 | &nbsp;&nbsp;944520 |
| **Maryland 1.5%** |  |  |  | &nbsp;&nbsp;**19891449** |
| City of Gaithersburg<br> Asbury Maryland Obligated Group | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-37 | 2000000 | &nbsp;&nbsp;2010479 |
| County of Baltimore, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-44 | 6945000 | &nbsp;&nbsp;7306185 |
| County of Howard<br> Annapolis Junction Town Center Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-15-44 | 365000 | &nbsp;&nbsp;371472 |
| County of Howard<br> Consolidated Public Improvement Project, Series A, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-15-37 | 1000000 | &nbsp;&nbsp;1000676 |
| Maryland Department of Housing & Community Development<br> Series A-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-44 | 1000000 | &nbsp;&nbsp;1032800 |
| Maryland Economic Development Corp.<br> Morgan St. University Project, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-31 | 500000 | &nbsp;&nbsp;539209 |
| Maryland Economic Development Corp.<br> Morgan St. University Project, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-32 | 500000 | &nbsp;&nbsp;541318 |
| Maryland Economic Development Corp.<br> Morgan St. University Project, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-33 | 475000 | &nbsp;&nbsp;510484 |
| Maryland Health & Higher Educational Facilities Authority<br> Broadmead Issue, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-43 | 1240000 | &nbsp;&nbsp;1240709 |

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21 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Maryland (continued)** |  |  |  |  |
| Maryland Stadium Authority<br> Built to Learn | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-27 | 845000 | &nbsp;&nbsp;$879339 |
| State of Maryland Department of Transportation<br> Series A | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;10-01-33 | 4755000 | &nbsp;&nbsp;4458778 |
| **Massachusetts 3.6%** |  |  |  | &nbsp;&nbsp;**47225787** |
| Commonwealth of Massachusetts<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-45 | 900000 | &nbsp;&nbsp;938674 |
| Commonwealth of Massachusetts Transportation Fund Revenue<br> Rail Enhancement and Accelerated Bridge Programs, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-42 | 3185000 | &nbsp;&nbsp;3211224 |
| Massachusetts Bay Transportation Authority Sales Tax Revenue<br> Series A-1 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-36 | 2700000 | &nbsp;&nbsp;2707697 |
| Massachusetts Development Finance Agency<br> Bentley University Issue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-38 | 1000000 | &nbsp;&nbsp;1060638 |
| Massachusetts Development Finance Agency<br> Bentley University Issue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-39 | 1000000 | &nbsp;&nbsp;1051382 |
| Massachusetts Development Finance Agency<br> Bentley University Issue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-42 | 1100000 | &nbsp;&nbsp;1128017 |
| Massachusetts Development Finance Agency<br> Bentley University Issue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-44 | 1100000 | &nbsp;&nbsp;1114370 |
| Massachusetts Development Finance Agency<br> Bentley University Issue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-50 | 4000000 | &nbsp;&nbsp;3969891 |
| Massachusetts Development Finance Agency<br> Boston Medical Center, Series G | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-48 | 2000000 | &nbsp;&nbsp;1977360 |
| Massachusetts Development Finance Agency<br> Boston University, Series FF | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-48 | 1000000 | &nbsp;&nbsp;1022549 |
| Massachusetts Development Finance Agency<br> Brandeis University Issue, Series T-2 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-55 | 1350000 | &nbsp;&nbsp;1447697 |
| Massachusetts Development Finance Agency<br> Dana Farber Cancer Institute, Series N | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-41 | 2450000 | &nbsp;&nbsp;2457390 |
| Massachusetts Development Finance Agency<br> Gingercare Living Issue, Series B-1 (A) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;12-01-30 | 1400000 | &nbsp;&nbsp;1400990 |
| Massachusetts Development Finance Agency<br> Gingercare Living Issue, Series B-2 (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-29 | 850000 | &nbsp;&nbsp;850608 |
| Massachusetts Development Finance Agency<br> Mass General Brigham, Series D | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-54 | 865000 | &nbsp;&nbsp;864330 |
| Massachusetts Development Finance Agency<br> Merrimack College | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-37 | 725000 | &nbsp;&nbsp;740892 |
| Massachusetts Development Finance Agency<br> Merrimack College | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-52 | 1075000 | &nbsp;&nbsp;997461 |
| Massachusetts Development Finance Agency<br> Merrimack College | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;07-01-44 | 3800000 | &nbsp;&nbsp;3690296 |
| Massachusetts Development Finance Agency<br> NewBridge on the Charles, Inc. (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-37 | 2000000 | &nbsp;&nbsp;2011355 |
| Massachusetts Development Finance Agency<br> Suffolk University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-32 | 620000 | &nbsp;&nbsp;627946 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 22

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[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Massachusetts (continued)** |  |  |  |  |
| Massachusetts Development Finance Agency<br> Tufts Medicine, Series E | &nbsp;&nbsp;8.500 | &nbsp;&nbsp;10-01-26 | 4000000 | &nbsp;&nbsp;$4023638 |
| Massachusetts Development Finance Agency<br> UMass Memorial Health Care, Series I | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-46 | 1150000 | &nbsp;&nbsp;1105845 |
| Massachusetts Development Finance Agency<br> Worcester Polytechnic Institute | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;09-01-36 | 85000 | &nbsp;&nbsp;73990 |
| Massachusetts Development Finance Agency<br> Worcester Polytechnic Institute | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-59 | 7130000 | &nbsp;&nbsp;6920876 |
| Massachusetts Housing Finance Agency<br> Series A | &nbsp;&nbsp;3.800 | &nbsp;&nbsp;12-01-43 | 460000 | &nbsp;&nbsp;402739 |
| Massachusetts Port Authority<br> BOSFuel Project, Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-39 | 1000000 | &nbsp;&nbsp;1006438 |
| Massachusetts Port Authority<br> Series C, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-30 | 400000 | &nbsp;&nbsp;421494 |
| **Michigan 2.5%** |  |  |  | &nbsp;&nbsp;**33150313** |
| City of Detroit, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-26 | 660000 | &nbsp;&nbsp;667520 |
| City of Detroit, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-30 | 800000 | &nbsp;&nbsp;848036 |
| City of Detroit, GO | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;04-01-32 | 295000 | &nbsp;&nbsp;317589 |
| City of Detroit, GO | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;04-01-33 | 470000 | &nbsp;&nbsp;504026 |
| City of Detroit, GO | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;04-01-34 | 325000 | &nbsp;&nbsp;347145 |
| City of Detroit, GO | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;04-01-39 | 1290000 | &nbsp;&nbsp;1345733 |
| City of Grand Rapids, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-46 | 1060000 | &nbsp;&nbsp;1089430 |
| City of Lansing<br> Series B, GO (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-39 | 2250000 | &nbsp;&nbsp;2139143 |
| Gerald R. Ford International Airport Authority, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-34 | 1285000 | &nbsp;&nbsp;1398591 |
| Gerald R. Ford International Airport Authority, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-36 | 710000 | &nbsp;&nbsp;760528 |
| Gerald R. Ford International Airport Authority, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-41 | 1600000 | &nbsp;&nbsp;1641125 |
| Great Lakes Water Authority Sewage Disposal System Revenue<br> Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-35 | 4000000 | &nbsp;&nbsp;4044176 |
| Michigan Finance Authority<br> Henry Ford Health Utility Plant Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-29-36 | 1000000 | &nbsp;&nbsp;1075744 |
| Michigan Finance Authority<br> Henry Ford Health Utility Plant Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-28-38 | 1000000 | &nbsp;&nbsp;1056094 |
| Michigan Finance Authority<br> Lawrence Technological University | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;02-01-32 | 490000 | &nbsp;&nbsp;473085 |
| Michigan Finance Authority<br> Lawrence Technological University | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;02-01-42 | 515000 | &nbsp;&nbsp;425927 |
| Michigan Finance Authority<br> McLaren Healthcare, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-38 | 1200000 | &nbsp;&nbsp;1199961 |
| Michigan Finance Authority<br> McLaren Healthcare, Series D-2 | &nbsp;&nbsp;1.200 | &nbsp;&nbsp;10-15-38 | 8300000 | &nbsp;&nbsp;7733869 |
| Michigan Finance Authority<br> Series A-1 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-49 | 1800000 | &nbsp;&nbsp;1501292 |

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23 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Michigan (continued)** |  |  |  |  |
| Michigan Mathematics & Science Initiative<br> Public School Academy | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-31 | 705000 | &nbsp;&nbsp;$675454 |
| Michigan State Hospital Finance Authority<br> Corewell Health, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-55 | 1200000 | &nbsp;&nbsp;1285662 |
| State of Michigan Trunk Line Revenue<br> Rebuilding Michigan Program, Series B | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-15-39 | 2750000 | &nbsp;&nbsp;2620183 |
| **Minnesota 0.2%** |  |  |  | &nbsp;&nbsp;**2266987** |
| Duluth Economic Development Authority<br> St. Luke Hospital of Duluth, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-15-34 | 215000 | &nbsp;&nbsp;217196 |
| Duluth Economic Development Authority<br> St. Luke Hospital of Duluth, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-15-36 | 590000 | &nbsp;&nbsp;590514 |
| Duluth Economic Development Authority<br> St. Luke Hospital of Duluth, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-15-36 | 400000 | &nbsp;&nbsp;399521 |
| Edina Independent School District No. 273<br> Series A, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;02-01-35 | 480000 | &nbsp;&nbsp;448024 |
| Minnesota Housing Finance Agency<br> Series A | &nbsp;&nbsp;2.950 | &nbsp;&nbsp;02-01-46 | 722461 | &nbsp;&nbsp;611732 |
| **Mississippi 0.6%** |  |  |  | &nbsp;&nbsp;**7271447** |
| City of Gulfport<br> Memorial Hospital at Gulfport Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-35 | 500000 | &nbsp;&nbsp;534996 |
| City of Gulfport<br> Memorial Hospital at Gulfport Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-36 | 500000 | &nbsp;&nbsp;540927 |
| City of Gulfport<br> Memorial Hospital at Gulfport Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-37 | 500000 | &nbsp;&nbsp;537557 |
| City of Gulfport<br> Memorial Hospital at Gulfport Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-38 | 590000 | &nbsp;&nbsp;628464 |
| City of Gulfport<br> Memorial Hospital at Gulfport Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-39 | 750000 | &nbsp;&nbsp;793285 |
| Mississippi Business Finance Corp.<br> System Energy Resources, Inc. Project | &nbsp;&nbsp;2.375 | &nbsp;&nbsp;06-01-44 | 1595000 | &nbsp;&nbsp;958800 |
| Mississippi Development Bank<br> Magnolia Regional Health Center Project (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-41 | 1000000 | &nbsp;&nbsp;776275 |
| Mississippi State University Educational Building Corp.<br> New Residence Hall and Facilities Refinancing, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-41 | 1395000 | &nbsp;&nbsp;1478889 |
| State of Mississippi Gaming Tax Revenue<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-15-36 | 1000000 | &nbsp;&nbsp;1022254 |
| **Missouri 1.9%** |  |  |  | &nbsp;&nbsp;**24850322** |
| City of Kansas City Water Revenue<br> Series A | &nbsp;&nbsp;3.500 | &nbsp;&nbsp;12-01-37 | 3380000 | &nbsp;&nbsp;3021971 |
| Health & Educational Facilities Authority of the State of Missouri<br> Lutheran Senior Service Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-42 | 250000 | &nbsp;&nbsp;247618 |
| Health & Educational Facilities Authority of the State of Missouri<br> Mercy Health | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;12-01-48 | 1000000 | &nbsp;&nbsp;1032590 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 24

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[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Missouri (continued)** |  |  |  |  |
| I-470 Western Gateway Transportation Development District<br> Series A (A) | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;12-01-29 | 1125000 | &nbsp;&nbsp;$1114614 |
| Lee's Summit Industrial Development Authority<br> John Knox Village Project, Series A | &nbsp;&nbsp;4.825 | &nbsp;&nbsp;08-15-47 | 1385000 | &nbsp;&nbsp;1354330 |
| Lee's Summit Industrial Development Authority<br> John Knox Village Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-32 | 2125000 | &nbsp;&nbsp;2131880 |
| Lee's Summit Industrial Development Authority<br> John Knox Village Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-36 | 100000 | &nbsp;&nbsp;98539 |
| Lee's Summit Industrial Development Authority<br> John Knox Village Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-39 | 1000000 | &nbsp;&nbsp;1010287 |
| Missouri Development Finance Board<br> Infrastructure Facilities Revenue (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-28 | 1250000 | &nbsp;&nbsp;1321998 |
| Missouri Development Finance Board<br> St. Louis Zoo Projects | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-31 | 955000 | &nbsp;&nbsp;1038008 |
| Missouri Development Finance Board<br> St. Louis Zoo Projects | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-32 | 1125000 | &nbsp;&nbsp;1231277 |
| Missouri Joint Municipal Electric Utility Commission<br> MoPEP Facilities | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-28 | 750000 | &nbsp;&nbsp;799242 |
| Missouri Joint Municipal Electric Utility Commission<br> MoPEP Facilities | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-31 | 1000000 | &nbsp;&nbsp;1104258 |
| Missouri Joint Municipal Electric Utility Commission<br> MoPEP Facilities | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 500000 | &nbsp;&nbsp;556557 |
| Missouri Joint Municipal Electric Utility Commission<br> MoPEP Facilities | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-34 | 735000 | &nbsp;&nbsp;797666 |
| Orchard Farm R-V School District<br> Certificates of Participation, Series A | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;04-01-47 | 1220000 | &nbsp;&nbsp;1323043 |
| St. Louis County Industrial Development Authority<br> Manchester Ballas Community Improvement Disctrict Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-38 | 1720000 | &nbsp;&nbsp;1652993 |
| St. Louis Land Clearance for Redevelopment Authority<br> Kiel Opera House Renovation Project | &nbsp;&nbsp;3.875 | &nbsp;&nbsp;10-01-35 | 2620000 | &nbsp;&nbsp;2489743 |
| Taney County Industrial Development Authority<br> Big Cedar Infrastructure Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-33 | 1000000 | &nbsp;&nbsp;976953 |
| Waynesville R-VI School District<br> Certificates of Participation | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-15-34 | 370000 | &nbsp;&nbsp;406254 |
| Waynesville R-VI School District<br> Certificates of Participation | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-15-36 | 550000 | &nbsp;&nbsp;588804 |
| Waynesville R-VI School District<br> Certificates of Participation | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-15-37 | 520000 | &nbsp;&nbsp;551697 |

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25 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Montana 0.3%** |  |  |  | &nbsp;&nbsp;**$3378367** |
| City of Forsyth<br> NorthWestern Corp. Colstrip Project | &nbsp;&nbsp;3.875 | &nbsp;&nbsp;07-01-28 | 3000000 | &nbsp;&nbsp;3028833 |
| Montana Facility Finance Authority<br> Montana Children's Home and Hospital | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-50 | 550000 | &nbsp;&nbsp;349534 |
| **Nebraska 0.5%** |  |  |  | &nbsp;&nbsp;**6108805** |
| Nebraska State Colleges<br> Student Fees & Facilities Revenue (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-48 | 895000 | &nbsp;&nbsp;907245 |
| Omaha Public Power District<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-43 | 5000000 | &nbsp;&nbsp;5201560 |
| **Nevada 0.7%** |  |  |  | &nbsp;&nbsp;**9400802** |
| County of Clark | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-35 | 180000 | &nbsp;&nbsp;199000 |
| County of Clark Department of Aviation<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-26 | 1000000 | &nbsp;&nbsp;1016955 |
| Las Vegas Convention & Visitors Authority<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-37 | 700000 | &nbsp;&nbsp;754581 |
| Las Vegas Convention & Visitors Authority<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-38 | 1350000 | &nbsp;&nbsp;1440898 |
| Las Vegas Valley Water District<br> Series C, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-39 | 3000000 | &nbsp;&nbsp;2922562 |
| Reno-Tahoe Airport Authority<br> Tahoe International Airport, Series A, AMT | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-38 | 1025000 | &nbsp;&nbsp;1086180 |
| Washoe County School District<br> School Improvement, Series A, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;06-01-34 | 2150000 | &nbsp;&nbsp;1980626 |
| **New Hampshire 1.0%** |  |  |  | &nbsp;&nbsp;**13102057** |
| New Hampshire Business Finance Authority<br> Pennichuck Water Works, Inc., Series A, AMT | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;04-01-43 | 190000 | &nbsp;&nbsp;188403 |
| New Hampshire Business Finance Authority<br> Princeton Area Project (A) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;12-01-30 | 4000000 | &nbsp;&nbsp;4023411 |
| New Hampshire Business Finance Authority<br> Series A (A) | &nbsp;&nbsp;3.625 | &nbsp;&nbsp;07-01-43 | 1500000 | &nbsp;&nbsp;1204371 |
| New Hampshire Business Finance Authority<br> Silverado Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-28 | 2550000 | &nbsp;&nbsp;2538934 |
| New Hampshire Business Finance Authority<br> Springpoint Senior Living | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-41 | 1000000 | &nbsp;&nbsp;850084 |
| New Hampshire Health & Education Facilities Authority<br> Catholic Medical Center | &nbsp;&nbsp;3.375 | &nbsp;&nbsp;07-01-33 | 10000 | &nbsp;&nbsp;10085 |
| New Hampshire Health & Education Facilities Authority<br> Catholic Medical Center | &nbsp;&nbsp;3.500 | &nbsp;&nbsp;07-01-34 | 245000 | &nbsp;&nbsp;247692 |
| New Hampshire Health & Education Facilities Authority<br> Catholic Medical Center | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-37 | 50000 | &nbsp;&nbsp;52083 |
| New Hampshire Health & Education Facilities Authority<br> Darmouth College, Series B | &nbsp;&nbsp;3.300 | &nbsp;&nbsp;06-01-40 | 500000 | &nbsp;&nbsp;500986 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 26

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[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **New Hampshire (continued)** |  |  |  |  |
| New Hampshire Health & Education Facilities Authority<br> Dartmouth Hitchcock Group, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-34 | 3405000 | &nbsp;&nbsp;$3486008 |
| **New Jersey 2.2%** |  |  |  | &nbsp;&nbsp;**29404531** |
| Casino Reinvestment Development Authority, Inc.<br> Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-40 | 750000 | &nbsp;&nbsp;785577 |
| Casino Reinvestment Development Authority, Inc.<br> Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-41 | 500000 | &nbsp;&nbsp;519229 |
| Casino Reinvestment Development Authority, Inc.<br> Series B (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-40 | 840000 | &nbsp;&nbsp;879846 |
| Casino Reinvestment Development Authority, Inc.<br> Series B (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-41 | 860000 | &nbsp;&nbsp;893074 |
| County of Somerset<br> Series A & C, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;07-15-30 | 225000 | &nbsp;&nbsp;222423 |
| New Jersey Economic Development Authority<br> Repauno Port and Rail Terminal Project, AMT (A) | &nbsp;&nbsp;6.375 | &nbsp;&nbsp;01-01-35 | 3400000 | &nbsp;&nbsp;3440663 |
| New Jersey Economic Development Authority<br> Series RRR | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-28 | 2265000 | &nbsp;&nbsp;2381915 |
| New Jersey Economic Development Authority<br> Series SSS | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06-15-36 | 1000000 | &nbsp;&nbsp;1093957 |
| New Jersey Economic Development Authority<br> Series SSS | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06-15-37 | 1000000 | &nbsp;&nbsp;1083827 |
| New Jersey Economic Development Authority<br> Series SSS | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06-15-39 | 1000000 | &nbsp;&nbsp;1065258 |
| New Jersey Educational Facilities Authority<br> Princeton University, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-64 | 4900000 | &nbsp;&nbsp;5414084 |
| New Jersey Institute of Technology<br> Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-36 | 250000 | &nbsp;&nbsp;276959 |
| New Jersey Transportation Trust Fund Authority<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-15-35 | 2205000 | &nbsp;&nbsp;2181573 |
| New Jersey Transportation Trust Fund Authority<br> Series A | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;06-15-40 | 1315000 | &nbsp;&nbsp;1252026 |
| New Jersey Transportation Trust Fund Authority<br> Series AA | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-30 | 500000 | &nbsp;&nbsp;540571 |
| New Jersey Transportation Trust Fund Authority<br> Series BB-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-29 | 1700000 | &nbsp;&nbsp;1801169 |
| New Jersey Transportation Trust Fund Authority<br> Series C (C)(D) | &nbsp;&nbsp;3.654 | &nbsp;&nbsp;12-15-31 | 750000 | &nbsp;&nbsp;591070 |
| State of New Jersey, GO | &nbsp;&nbsp;2.000 | &nbsp;&nbsp;06-01-27 | 1135000 | &nbsp;&nbsp;1099041 |
| State of New Jersey, GO | &nbsp;&nbsp;2.000 | &nbsp;&nbsp;06-01-29 | 1795000 | &nbsp;&nbsp;1672440 |

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27 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **New Jersey (continued)** |  |  |  |  |
| Tobacco Settlement Financing Corp.<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-46 | 2305000 | &nbsp;&nbsp;$2209829 |
| **New Mexico 0.1%** |  |  |  | &nbsp;&nbsp;**1037282** |
| City of Albuquerque<br> Transportation Infrastructure | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-33 | 1000000 | &nbsp;&nbsp;1012412 |
| New Mexico Educational Assistance Foundation<br> Education Loan, Series A-1, AMT | &nbsp;&nbsp;3.875 | &nbsp;&nbsp;04-01-34 | 25000 | &nbsp;&nbsp;24870 |
| **New York 4.8%** |  |  |  | &nbsp;&nbsp;**62706628** |
| Albany County Airport Authority<br> Series B, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-15-26 | 600000 | &nbsp;&nbsp;614601 |
| Build NYC Resource Corp.<br> Bay Ridge Preparatory School Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-39 | 1105000 | &nbsp;&nbsp;1067581 |
| Build NYC Resource Corp.<br> KIPP NYC Public Charter Schools - Canal West Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-52 | 1000000 | &nbsp;&nbsp;991988 |
| Build NYC Resource Corp.<br> KIPP NYC Public Charter Schools - Canal West Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-62 | 2000000 | &nbsp;&nbsp;1951894 |
| Build NYC Resource Corp.<br> Seton Education Partners Brilla Project, Series A (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-41 | 250000 | &nbsp;&nbsp;212226 |
| Build NYC Resource Corp.<br> Seton Education Partners Brilla Project, Series A (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-51 | 255000 | &nbsp;&nbsp;198440 |
| Build NYC Resource Corp.<br> TrIPs Obligated Group, AMT (E) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;07-01-42 | 900000 | &nbsp;&nbsp;938671 |
| Build NYC Resource Corp.<br> TrIPs Obligated Group, AMT (E) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;07-01-43 | 1000000 | &nbsp;&nbsp;1038864 |
| City of New York<br> Fiscal 2021, Series C, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-37 | 1320000 | &nbsp;&nbsp;1302628 |
| City of New York<br> Series F-1, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-50 | 1390000 | &nbsp;&nbsp;1400892 |
| City of Yonkers<br> Series F, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-28 | 205000 | &nbsp;&nbsp;219766 |
| City of Yonkers<br> Series F, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-30 | 80000 | &nbsp;&nbsp;88268 |
| City of Yonkers<br> Series F, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-31 | 300000 | &nbsp;&nbsp;334823 |
| City of Yonkers<br> Series F, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-32 | 250000 | &nbsp;&nbsp;281343 |
| City of Yonkers<br> Series G, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-30 | 410000 | &nbsp;&nbsp;452372 |
| City of Yonkers<br> Series G, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-31 | 10000 | &nbsp;&nbsp;11161 |
| Dutchess County Local Development Corp.<br> Health Quest Systems, Inc., Series B | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-41 | 2000000 | &nbsp;&nbsp;1806024 |
| Dutchess County Local Development Corp.<br> Nuvance Health Issue, Series B (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-49 | 1000000 | &nbsp;&nbsp;874875 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 28

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[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **New York (continued)** |  |  |  |  |
| Metropolitan Transportation Authority<br> Series A (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-15-46 | 1735000 | &nbsp;&nbsp;$1486201 |
| Metropolitan Transportation Authority<br> Series C-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-30 | 500000 | &nbsp;&nbsp;511090 |
| Monroe County Industrial Development Corp.<br> St. John Fisher University Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06-01-49 | 350000 | &nbsp;&nbsp;359974 |
| New York City Industrial Development Agency<br> Yankee Stadium Project, Series A (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;03-01-45 | 1000000 | &nbsp;&nbsp;898991 |
| New York City Industrial Development Agency<br> Yankee Stadium Project, Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-28 | 350000 | &nbsp;&nbsp;367677 |
| New York City Municipal Water Finance Authority<br> Fiscal 2025, Series DD | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-35 | 1700000 | &nbsp;&nbsp;1928114 |
| New York City Municipal Water Finance Authority<br> Series GG | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-50 | 2795000 | &nbsp;&nbsp;2824542 |
| New York City Transitional Finance Authority<br> Fiscal 2025, Series D | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-36 | 1000000 | &nbsp;&nbsp;1103732 |
| New York City Transitional Finance Authority<br> Future Tax Subordinated Bonds, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-38 | 500000 | &nbsp;&nbsp;480767 |
| New York City Transitional Finance Authority<br> Future Tax Subordinated Bonds, Series C-1 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-38 | 3010000 | &nbsp;&nbsp;2920211 |
| New York City Transitional Finance Authority<br> Series E-1 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;02-01-39 | 1710000 | &nbsp;&nbsp;1637859 |
| New York Liberty Development Corp.<br> World Trade Center, Class 2-3 (A) | &nbsp;&nbsp;5.150 | &nbsp;&nbsp;11-15-34 | 2500000 | &nbsp;&nbsp;2500448 |
| New York State Dormitory Authority<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;03-15-37 | 2295000 | &nbsp;&nbsp;2262133 |
| New York State Dormitory Authority<br> Series C (C)(E) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-31 | 1195000 | &nbsp;&nbsp;1305172 |
| New York State Dormitory Authority<br> Series C (C)(E) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-32 | 1255000 | &nbsp;&nbsp;1374973 |
| New York State Dormitory Authority<br> Series C (C)(E) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-35 | 1405000 | &nbsp;&nbsp;1529439 |
| New York State Dormitory Authority<br> Series C (C)(E) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-36 | 1335000 | &nbsp;&nbsp;1436909 |
| New York State Dormitory Authority<br> Series D | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;02-15-39 | 2450000 | &nbsp;&nbsp;2330451 |
| New York State Dormitory Authority<br> Series E | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;03-15-39 | 365000 | &nbsp;&nbsp;350313 |
| New York State Dormitory Authority<br> White Plains Hospital Obligated Group (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-38 | 1000000 | &nbsp;&nbsp;1067122 |
| New York State Dormitory Authority<br> White Plains Hospital Obligated Group (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-39 | 1000000 | &nbsp;&nbsp;1058308 |
| New York State Environmental Facilities Corp.<br> Series B | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-15-37 | 495000 | &nbsp;&nbsp;499632 |
| New York State Urban Development Corp.<br> Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-15-31 | 1745000 | &nbsp;&nbsp;1893876 |

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29 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **New York (continued)** |  |  |  |  |
| New York Transportation Development Corp.<br> American Airlines, Inc., John F. Kennedy International Airport, AMT | &nbsp;&nbsp;2.250 | &nbsp;&nbsp;08-01-26 | 80000 | &nbsp;&nbsp;$78598 |
| New York Transportation Development Corp.<br> Delta Airlines, Inc., Laguardia Airport, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-36 | 2000000 | &nbsp;&nbsp;1863978 |
| New York Transportation Development Corp.<br> John F. Kennedy International Airport Project, Terminal 4, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-25 | 1100000 | &nbsp;&nbsp;1105876 |
| New York Transportation Development Corp.<br> New York State Thruway Service Areas Project, AMT | &nbsp;&nbsp;2.500 | &nbsp;&nbsp;10-31-31 | 500000 | &nbsp;&nbsp;425972 |
| Onondaga Civic Development Corp.<br> Crouse Health Hospital, Inc. | &nbsp;&nbsp;5.375 | &nbsp;&nbsp;08-01-54 | 1000000 | &nbsp;&nbsp;859812 |
| Onondaga Civic Development Corp.<br> Syracuse University Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-39 | 1000000 | &nbsp;&nbsp;1082888 |
| Onondaga Civic Development Corp.<br> Syracuse University Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-40 | 1000000 | &nbsp;&nbsp;1074212 |
| Onondaga Civic Development Corp.<br> Syracuse University Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-41 | 900000 | &nbsp;&nbsp;958907 |
| Onondaga Civic Development Corp.<br> Syracuse University Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;12-01-42 | 1000000 | &nbsp;&nbsp;1077152 |
| Port Authority of New York & New Jersey<br> 194th Series | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;10-15-55 | 3000000 | &nbsp;&nbsp;3008984 |
| Port Authority of New York & New Jersey<br> Series 248 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-15-45 | 1350000 | &nbsp;&nbsp;1402739 |
| Schenectady County Capital Resource Corp.<br> Union College Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-32 | 100000 | &nbsp;&nbsp;111835 |
| Suffolk Regional Off-Track Betting Company | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;12-01-44 | 500000 | &nbsp;&nbsp;511626 |
| Suffolk Tobacco Asset Securitization Corp.<br> New York Tobacco Settlement Asset Backed Subordinated, Series B-1 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-50 | 430000 | &nbsp;&nbsp;387658 |
| Troy Capital Resource Corp.<br> Rensselaer Polytechnic Institute, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-30 | 1365000 | &nbsp;&nbsp;1459511 |
| Troy Capital Resource Corp.<br> Rensselaer Polytechnic Institute, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-39 | 1350000 | &nbsp;&nbsp;1382529 |
| **North Carolina 0.5%** |  |  |  | &nbsp;&nbsp;**7144881** |
| City of Charlotte<br> Series B, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-36 | 1545000 | &nbsp;&nbsp;1718648 |
| City of Charlotte Airport Revenue<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-51 | 5000 | &nbsp;&nbsp;4438 |
| Greater Asheville Regional Airport Authority<br> North Carolina Airport System Revenue, AMT (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-40 | 980000 | &nbsp;&nbsp;1025361 |
| North Carolina Capital Facilities Finance Agency<br> High Point University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-31 | 20000 | &nbsp;&nbsp;21336 |
| North Carolina Medical Care Commission<br> Every Age, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-44 | 1260000 | &nbsp;&nbsp;1217146 |
| North Carolina Medical Care Commission<br> Penick Village Project, Series B-1 | &nbsp;&nbsp;4.750 | &nbsp;&nbsp;09-01-29 | 410000 | &nbsp;&nbsp;408054 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 30

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[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **North Carolina (continued)** |  |  |  |  |
| North Carolina Medical Care Commission<br> Presbyterian Homes, Series C | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-31 | 115000 | &nbsp;&nbsp;$113384 |
| State of North Carolina<br> Series C | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;05-01-28 | 550000 | &nbsp;&nbsp;547213 |
| University of North Carolina at Charlotte<br> UNC Board of Governors | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-42 | 2065000 | &nbsp;&nbsp;2089301 |
| **North Dakota 0.3%** |  |  |  | &nbsp;&nbsp;**3964778** |
| Cass County Joint Water Resource District<br> Series A, GO | &nbsp;&nbsp;3.450 | &nbsp;&nbsp;04-01-27 | 1625000 | &nbsp;&nbsp;1621626 |
| City of Bismarck<br> Series T, GO | &nbsp;&nbsp;2.500 | &nbsp;&nbsp;05-01-26 | 355000 | &nbsp;&nbsp;352448 |
| City of Bismarck<br> Series T, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;05-01-34 | 415000 | &nbsp;&nbsp;393631 |
| City of Bismarck<br> Series T, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;05-01-35 | 315000 | &nbsp;&nbsp;291709 |
| City of Bismarck<br> Series T, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;05-01-36 | 330000 | &nbsp;&nbsp;299323 |
| City of Bismarck<br> Series T, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;05-01-37 | 45000 | &nbsp;&nbsp;40215 |
| City of Grand Forks<br> Altru Health System, Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-39 | 675000 | &nbsp;&nbsp;697953 |
| City of Grand Forks<br> Altru Health System, Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-43 | 265000 | &nbsp;&nbsp;267873 |
| **Ohio 1.8%** |  |  |  | &nbsp;&nbsp;**24067578** |
| American Municipal Power, Inc.<br> Prairie State Energy Campus Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;02-15-35 | 840000 | &nbsp;&nbsp;840047 |
| City of Cleveland<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-47 | 1000000 | &nbsp;&nbsp;1024714 |
| Cleveland-Cuyahoga County Port Authority<br> Cleveland Museum of Natural History | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-51 | 905000 | &nbsp;&nbsp;744645 |
| Columbus Metropolitan Housing Authority<br> Waldren Woods Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-34 | 845000 | &nbsp;&nbsp;807308 |
| Columbus Regional Airport Authority<br> John Glenn Columbus International Airport, Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-35 | 1190000 | &nbsp;&nbsp;1258296 |
| Copley-Fairlawn City School District, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-42 | 885000 | &nbsp;&nbsp;893497 |
| Copley-Fairlawn City School District, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-43 | 700000 | &nbsp;&nbsp;705284 |
| County of Hamilton<br> Life Enriching Communities Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-46 | 770000 | &nbsp;&nbsp;735100 |
| County of Hamilton<br> Life Enriching Communities Project, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;01-01-38 | 500000 | &nbsp;&nbsp;515852 |
| County of Hamilton<br> Life Enriching Communities Project, Series A | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;01-01-43 | 500000 | &nbsp;&nbsp;511191 |
| County of Hamilton<br> TriHealth, Inc. Obligation Group Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-42 | 4000000 | &nbsp;&nbsp;4006716 |

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31 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Ohio (continued)** |  |  |  |  |
| County of Lucas<br> Promedica Healthcare, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-15-48 | 515000 | &nbsp;&nbsp;$495149 |
| County of Montgomery<br> Solvita Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-37 | 1020000 | &nbsp;&nbsp;1074896 |
| County of Montgomery<br> Solvita Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-38 | 1070000 | &nbsp;&nbsp;1116866 |
| County of Montgomery<br> Solvita Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;09-01-40 | 360000 | &nbsp;&nbsp;377015 |
| County of Montgomery<br> Solvita Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;09-01-42 | 360000 | &nbsp;&nbsp;372184 |
| County of Montgomery<br> Solvita Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;09-01-43 | 400000 | &nbsp;&nbsp;412000 |
| County of Warren<br> Community First Solutions Obligated Group, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-44 | 500000 | &nbsp;&nbsp;487641 |
| Jefferson County Port Authority<br> JSW Steel Project, AMT (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-53 | 3550000 | &nbsp;&nbsp;3552647 |
| Northeast Ohio Regional Sewer District | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;11-15-34 | 2270000 | &nbsp;&nbsp;2066508 |
| Ohio Air Quality Development Authority<br> Duke Energy Corp. Project, AMT | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;11-01-39 | 1000000 | &nbsp;&nbsp;1007397 |
| Ohio Air Quality Development Authority<br> Duke Energy Corp. Project, Series 2022-B | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-30 | 1055000 | &nbsp;&nbsp;1062625 |
| **Oklahoma 1.0%** |  |  |  | &nbsp;&nbsp;**13447375** |
| Blaine County Educational Facilities Authority<br> Watonga Public Schools Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-30 | 800000 | &nbsp;&nbsp;847841 |
| Kay County Public Buildings Authority<br> Ponca City Public Schools Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-27 | 2000000 | &nbsp;&nbsp;2068573 |
| McClain County Economic Development Authority<br> Washington Public Schools Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-34 | 1810000 | &nbsp;&nbsp;1818606 |
| Oklahoma Development Finance Authority<br> OU Medicine Project, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-38 | 2150000 | &nbsp;&nbsp;2160919 |
| Oklahoma Turnpike Authority<br> Series B (E) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-37 | 1000000 | &nbsp;&nbsp;1083556 |
| Stephens County Educational Facilities Authority<br> Marlow Public Schools Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-27 | 500000 | &nbsp;&nbsp;517802 |
| Tulsa Authority for Economic Opportunity<br> Vast Bank Project (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-43 | 1005000 | &nbsp;&nbsp;838880 |
| Tulsa County Industrial Authority<br> Montereau, Inc. Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-15-37 | 1000000 | &nbsp;&nbsp;1002999 |
| Tulsa County Industrial Authority<br> Montereau, Inc. Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-15-45 | 500000 | &nbsp;&nbsp;484203 |
| Tulsa Municipal Airport Trust<br> American Airlines, Inc. Project, AMT | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;12-01-35 | 2400000 | &nbsp;&nbsp;2623996 |
| **Oregon 0.8%** |  |  |  | &nbsp;&nbsp;**10533364** |
| Astoria Hospital Facilities Authority<br> Columbia Memorial Hospital Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;08-01-54 | 1180000 | &nbsp;&nbsp;1185521 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 32

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[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Oregon (continued)** |  |  |  |  |
| City of Forest Grove<br> Pacific University, Series 2022-A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-34 | 1290000 | &nbsp;&nbsp;$1216566 |
| City of Newport<br> Series B, GO (C)(D) | &nbsp;&nbsp;3.281 | &nbsp;&nbsp;06-01-27 | 190000 | &nbsp;&nbsp;177945 |
| Oregon State Facilities Authority<br> Redmond Proficiency Academy Project, Series A (A) | &nbsp;&nbsp;4.625 | &nbsp;&nbsp;06-15-35 | 265000 | &nbsp;&nbsp;263550 |
| Oregon State Facilities Authority<br> Redmond Proficiency Academy Project, Series A (A) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;06-15-45 | 475000 | &nbsp;&nbsp;469451 |
| Oregon State Facilities Authority<br> Southern Oregon Goodwill Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-27 | 305000 | &nbsp;&nbsp;311877 |
| Oregon State Facilities Authority<br> Southern Oregon Goodwill Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-29 | 335000 | &nbsp;&nbsp;345478 |
| Oregon State Facilities Authority<br> Southern Oregon Goodwill Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-31 | 370000 | &nbsp;&nbsp;382184 |
| Oregon State Facilities Authority<br> Southern Oregon Goodwill Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 385000 | &nbsp;&nbsp;395469 |
| Oregon State Facilities Authority<br> Southern Oregon Goodwill Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-33 | 405000 | &nbsp;&nbsp;414531 |
| Oregon State Facilities Authority<br> Southern Oregon Goodwill Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-34 | 400000 | &nbsp;&nbsp;405722 |
| Oregon State Facilities Authority<br> Southern Oregon Goodwill Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-35 | 450000 | &nbsp;&nbsp;452193 |
| Port of Portland Airport Revenue<br> Series 28, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-35 | 1690000 | &nbsp;&nbsp;1665636 |
| Salem Hospital Facility Authority<br> Capital Manor Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-53 | 190000 | &nbsp;&nbsp;170319 |
| Salem-Keizer School District No. 24J, GO (D) | &nbsp;&nbsp;3.660 | &nbsp;&nbsp;06-15-29 | 1105000 | &nbsp;&nbsp;953571 |
| Union County Hospital Facility Authority<br> Grande Ronde Hospital Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-28 | 30000 | &nbsp;&nbsp;31013 |
| Union County Hospital Facility Authority<br> Grande Ronde Hospital Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-29 | 185000 | &nbsp;&nbsp;192331 |
| Union County Hospital Facility Authority<br> Grande Ronde Hospital Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-40 | 1000000 | &nbsp;&nbsp;995329 |
| Union County Hospital Facility Authority<br> Grande Ronde Hospital Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-42 | 515000 | &nbsp;&nbsp;504678 |
| **Pennsylvania 4.1%** |  |  |  | &nbsp;&nbsp;**54303868** |
| Allegheny County Airport Authority<br> Pittsburgh International Airport, AMT (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;01-01-44 | 4250000 | &nbsp;&nbsp;4361946 |
| Allegheny County Airport Authority<br> Pittsburgh International Airport, AMT (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;01-01-45 | 4000000 | &nbsp;&nbsp;4088647 |

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33 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Pennsylvania (continued)** |  |  |  |  |
| Allegheny County Higher Education Building Authority<br> Duquesne University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-43 | 2100000 | &nbsp;&nbsp;$2133133 |
| Allegheny County Higher Education Building Authority<br> Duquesne University, Series 2022-A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-34 | 640000 | &nbsp;&nbsp;693182 |
| Allentown Commercial and Industrial Development Authority<br> Lincoln Leadership Academy Charter School Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-33 | 3140000 | &nbsp;&nbsp;3213686 |
| Berks County Municipal Authority<br> Tower Health Project, Series A-3 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-30-39 | 518000 | &nbsp;&nbsp;479259 |
| Berks County Municipal Authority<br> Tower Health Project, Series A-4 | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;06-30-39 | 3500000 | &nbsp;&nbsp;3025155 |
| Berks County Municipal Authority<br> Tower Health Project, Series B-2 (0.000% to 11-15-29, then 8.000% thereafter) | &nbsp;&nbsp;0.000 | &nbsp;&nbsp;06-30-44 | 2000000 | &nbsp;&nbsp;1128902 |
| Chester County Industrial Development Authority<br> Avon Grove Charter School | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-27 | 1000000 | &nbsp;&nbsp;1013510 |
| Chester County Industrial Development Authority<br> Longwood Gardens Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-49 | 1220000 | &nbsp;&nbsp;1052815 |
| City of Philadelphia<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-34 | 2010000 | &nbsp;&nbsp;2157056 |
| City of Philadelphia Airport Revenue<br> Private Activity, AMT (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-46 | 545000 | &nbsp;&nbsp;476999 |
| City of Philadelphia Airport Revenue<br> Private Activity, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-31 | 500000 | &nbsp;&nbsp;534422 |
| Delaware County Authority<br> Cabrini University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-42 | 200000 | &nbsp;&nbsp;207101 |
| Delaware River Port Authority<br> Pennsylvania and New Jersey Port District Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-27 | 1050000 | &nbsp;&nbsp;1086177 |
| Doylestown Hospital Authority (A) | &nbsp;&nbsp;5.375 | &nbsp;&nbsp;07-01-39 | 1500000 | &nbsp;&nbsp;1583718 |
| Greater Greensburg Sewer Authority<br> Series C (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-15-34 | 195000 | &nbsp;&nbsp;212710 |
| Lancaster County Hospital Authority<br> Brethren Village Project | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;07-01-37 | 575000 | &nbsp;&nbsp;560268 |
| Lancaster County Hospital Authority<br> Brethren Village Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-41 | 1420000 | &nbsp;&nbsp;1348908 |
| Lancaster County Hospital Authority<br> Masonic Villages Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-30 | 2485000 | &nbsp;&nbsp;2631875 |
| Lancaster County Hospital Authority<br> Masonic Villages Project | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;11-01-38 | 1045000 | &nbsp;&nbsp;1093249 |
| Lancaster Municipal Authority<br> Luthercare Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-45 | 700000 | &nbsp;&nbsp;678063 |
| Montgomery County Industrial Development Authority<br> Acts Retirement-Life Communities, Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-45 | 2415000 | &nbsp;&nbsp;2357773 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 34

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Pennsylvania (continued)** |  |  |  |  |
| Pennsylvania Economic Development Financing Authority<br> Energy Supply LLC Project, Series B | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;12-01-38 | 450000 | &nbsp;&nbsp;$450232 |
| Pennsylvania Economic Development Financing Authority<br> Energy Supply LLC Project, Series C | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;12-01-37 | 1000000 | &nbsp;&nbsp;1001383 |
| Pennsylvania Economic Development Financing Authority<br> Presbyterian Senior Living | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-38 | 2500000 | &nbsp;&nbsp;2557634 |
| Pennsylvania Higher Educational Facilities Authority<br> Thomas Jefferson University, Series B-1 | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-01-44 | 1880000 | &nbsp;&nbsp;1931884 |
| Pennsylvania Higher Educational Facilities Authority<br> Thomas Jefferson University, Series B-2 (C) | &nbsp;&nbsp;4.375 | &nbsp;&nbsp;11-01-54 | 1000000 | &nbsp;&nbsp;884855 |
| Pennsylvania Turnpike Commission<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-44 | 1000000 | &nbsp;&nbsp;1008167 |
| Pennsylvania Turnpike Commission<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-29 | 250000 | &nbsp;&nbsp;271121 |
| Pennsylvania Turnpike Commission<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-30 | 250000 | &nbsp;&nbsp;273775 |
| Pennsylvania Turnpike Commission<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-31 | 250000 | &nbsp;&nbsp;276389 |
| Pennsylvania Turnpike Commission<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 250000 | &nbsp;&nbsp;278121 |
| Pennsylvania Turnpike Commission<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-33 | 250000 | &nbsp;&nbsp;278668 |
| Pennsylvania Turnpike Commission<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-34 | 150000 | &nbsp;&nbsp;166164 |
| Pennsylvania Turnpike Commission<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-35 | 250000 | &nbsp;&nbsp;274732 |
| Philadelphia Authority for Industrial Development<br> Holy Family University Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-27 | 1225000 | &nbsp;&nbsp;1257141 |
| Philadelphia Authority for Industrial Development<br> Holy Family University Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-28 | 645000 | &nbsp;&nbsp;665413 |
| Philadelphia Authority for Industrial Development<br> Holy Family University Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-29 | 1135000 | &nbsp;&nbsp;1176076 |
| Philadelphia Authority for Industrial Development<br> Philadelphia E&T Charter High School, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-31 | 205000 | &nbsp;&nbsp;198838 |
| Pittsburgh Water & Sewer Authority<br> Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-43 | 1530000 | &nbsp;&nbsp;1582520 |
| Sports & Exhibition Authority of Pittsburgh and Allegheny County<br> Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-34 | 1895000 | &nbsp;&nbsp;2051628 |

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35 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Pennsylvania (continued)** |  |  |  |  |
| Sports & Exhibition Authority of Pittsburgh and Allegheny County<br> Series B (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-28 | 1530000 | &nbsp;&nbsp;$1600573 |
| **Puerto Rico 1.1%** |  |  |  | &nbsp;&nbsp;**14681477** |
| Puerto Rico Commonwealth<br> CW Guarantee Bond Claims, GO (D) | &nbsp;&nbsp;2.771 | &nbsp;&nbsp;11-01-43 | 8982646 | &nbsp;&nbsp;5389587 |
| Puerto Rico Sales Tax Financing Corp.<br> Sales Tax Revenue, Series A-1 (D) | &nbsp;&nbsp;4.202 | &nbsp;&nbsp;07-01-31 | 2989000 | &nbsp;&nbsp;2318426 |
| Puerto Rico Sales Tax Financing Corp.<br> Sales Tax Revenue, Series A-1 | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;07-01-34 | 2000000 | &nbsp;&nbsp;1984761 |
| Puerto Rico Sales Tax Financing Corp.<br> Sales Tax Revenue, Series A-1 (D) | &nbsp;&nbsp;5.631 | &nbsp;&nbsp;07-01-51 | 1400000 | &nbsp;&nbsp;328461 |
| Puerto Rico Sales Tax Financing Corp.<br> Sales Tax Revenue, Series A-2 | &nbsp;&nbsp;4.329 | &nbsp;&nbsp;07-01-40 | 1736000 | &nbsp;&nbsp;1619177 |
| Puerto Rico Sales Tax Financing Corp.<br> Sales Tax Revenue, Series A-2 | &nbsp;&nbsp;4.329 | &nbsp;&nbsp;07-01-40 | 3264000 | &nbsp;&nbsp;3041065 |
| **Rhode Island 0.3%** |  |  |  | &nbsp;&nbsp;**4408539** |
| Providence Public Building Authority<br> Capital Improvement Program, Series A (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;09-15-43 | 1000000 | &nbsp;&nbsp;1047335 |
| Rhode Island Health and Educational Building Corp.<br> University of Rhode Island | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-15-40 | 290000 | &nbsp;&nbsp;271113 |
| Rhode Island Health and Educational Building Corp.<br> University of Rhode Island | &nbsp;&nbsp;4.125 | &nbsp;&nbsp;09-15-43 | 400000 | &nbsp;&nbsp;375690 |
| Rhode Island Health and Educational Building Corp.<br> University of Rhode Island | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-15-41 | 1095000 | &nbsp;&nbsp;1134506 |
| Tobacco Settlement Financing Corp.<br> Series B | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;06-01-45 | 1580000 | &nbsp;&nbsp;1579895 |
| **South Carolina 2.2%** |  |  |  | &nbsp;&nbsp;**29191141** |
| Charleston County Airport District<br> Series A, AMT | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-41 | 700000 | &nbsp;&nbsp;730109 |
| Charleston County Airport District<br> Series A, AMT | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-42 | 1000000 | &nbsp;&nbsp;1034708 |
| Charleston County Airport District<br> Series A, AMT | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-44 | 2250000 | &nbsp;&nbsp;2298528 |
| City of Columbia Waterworks & Sewer System Revenue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-34 | 35000 | &nbsp;&nbsp;39018 |
| City of Columbia Waterworks & Sewer System Revenue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-35 | 250000 | &nbsp;&nbsp;276896 |
| City of Columbia Waterworks & Sewer System Revenue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-36 | 300000 | &nbsp;&nbsp;329982 |
| City of Myrtle Beach<br> Water & Sewer Revenue, Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-45 | 730000 | &nbsp;&nbsp;756601 |
| Fort Mill Public Facilities Corp.<br> Town of Fort Mill Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-42 | 750000 | &nbsp;&nbsp;704956 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 36

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **South Carolina (continued)** |  |  |  |  |
| Greenville-Spartanburg Airport District<br> Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-54 | 1150000 | &nbsp;&nbsp;$1179767 |
| Patriots Energy Group Financing Agency<br> Series A-1 | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;10-01-54 | 3000000 | &nbsp;&nbsp;3158011 |
| Scago Public Facilities Corp for Georgetown County<br> Georgetown County Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-40 | 1000000 | &nbsp;&nbsp;1054877 |
| South Carolina Jobs-Economic Development Authority<br> Beaufort Memorial Hospital & South of Broad Healthcare Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-15-39 | 800000 | &nbsp;&nbsp;821619 |
| South Carolina Jobs-Economic Development Authority<br> Beaufort Memorial Hospital & South of Broad Healthcare Project | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;11-15-44 | 1000000 | &nbsp;&nbsp;998867 |
| South Carolina Jobs-Economic Development Authority<br> Charleston Southern University, Series C | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;09-01-45 | 1100000 | &nbsp;&nbsp;1090261 |
| South Carolina Jobs-Economic Development Authority<br> Charleston Southern University, Series C | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;09-01-50 | 1200000 | &nbsp;&nbsp;1182074 |
| South Carolina Jobs-Economic Development Authority<br> Episcopal Home at Still Hopes, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-27 | 1555000 | &nbsp;&nbsp;1569227 |
| South Carolina Jobs-Economic Development Authority<br> Episcopal Home at Still Hopes, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-30 | 1945000 | &nbsp;&nbsp;1961706 |
| South Carolina Jobs-Economic Development Authority<br> Episcopal Home at Still Hopes, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-33 | 125000 | &nbsp;&nbsp;125637 |
| South Carolina Jobs-Economic Development Authority<br> Last Step Recycling Project, Series A, AMT (A)(F) | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;06-01-40 | 1000000 | &nbsp;&nbsp;150000 |
| South Carolina Jobs-Economic Development Authority<br> Last Step Recycling Project, Series A, AMT (A)(F) | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;06-01-51 | 4000000 | &nbsp;&nbsp;600000 |
| South Carolina Jobs-Economic Development Authority<br> Novant Health Obligated Group, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-01-41 | 2500000 | &nbsp;&nbsp;2623920 |
| South Carolina Jobs-Economic Development Authority<br> Ocean Collegiate Academy Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-34 | 1350000 | &nbsp;&nbsp;1404837 |
| South Carolina Jobs-Economic Development Authority<br> Ocean Collegiate Academy Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-44 | 2500000 | &nbsp;&nbsp;2376707 |
| South Carolina Transportation Infrastructure Bank<br> Series A | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;10-01-33 | 1650000 | &nbsp;&nbsp;1553055 |

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37 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **South Carolina (continued)** |  |  |  |  |
| Town of Summerville<br> Limited Obligation Tax Increment | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-31 | 265000 | &nbsp;&nbsp;$293804 |
| Town of Summerville<br> Limited Obligation Tax Increment | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-32 | 220000 | &nbsp;&nbsp;244639 |
| Town of Summerville<br> Limited Obligation Tax Increment | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-33 | 570000 | &nbsp;&nbsp;631335 |
| **Tennessee 2.3%** |  |  |  | &nbsp;&nbsp;**30045525** |
| Chattanooga Health Educational & Housing Facility Board<br> Erlanger Health System (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-34 | 500000 | &nbsp;&nbsp;545176 |
| City of Knoxville, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;05-01-35 | 1700000 | &nbsp;&nbsp;1553749 |
| City of Lenoir<br> Electric System Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-36 | 500000 | &nbsp;&nbsp;492188 |
| City of Lenoir<br> Electric System Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-37 | 500000 | &nbsp;&nbsp;488579 |
| Hamilton County & Chattanooga Sports Authority<br> Stadium Project, Series A | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;12-01-50 | 800000 | &nbsp;&nbsp;877082 |
| Hamilton County & Chattanooga Sports Authority<br> Stadium Project, Series A | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;12-01-55 | 1780000 | &nbsp;&nbsp;1973475 |
| Johnson City Health & Educational Facilities Board<br> Ballad Health, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-34 | 1415000 | &nbsp;&nbsp;1513557 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board<br> Belmont University | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-37 | 1620000 | &nbsp;&nbsp;1598390 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board<br> Vanderbilt University Medical Center, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-46 | 8400000 | &nbsp;&nbsp;8130609 |
| Metropolitan Government Nashville & Davidson County Sports Authority<br> Stadium Project, Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-37 | 1000000 | &nbsp;&nbsp;1075181 |
| Metropolitan Government Nashville & Davidson County Sports Authority<br> Stadium Project, Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-40 | 2000000 | &nbsp;&nbsp;2099474 |
| Metropolitan Government Nashville & Davidson County Sports Authority<br> Stadium Project, Series A (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-53 | 1000000 | &nbsp;&nbsp;1032513 |
| Metropolitan Government of Nashville & Davidson County<br> Series C, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-45 | 3635000 | &nbsp;&nbsp;3347015 |
| Metropolitan Nashville Airport Authority<br> Series B, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-30 | 1605000 | &nbsp;&nbsp;1702135 |
| Metropolitan Nashville Airport Authority<br> Series B, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-31 | 1600000 | &nbsp;&nbsp;1709251 |
| Metropolitan Nashville Airport Authority<br> Series B, AMT | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-32 | 850000 | &nbsp;&nbsp;928994 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 38

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Tennessee (continued)** |  |  |  |  |
| Metropolitan Nashville Airport Authority<br> Series B, AMT | &nbsp;&nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-33 | 900000 | &nbsp;&nbsp;$978157 |
| **Texas 8.3%** |  |  |  | &nbsp;&nbsp;**108795452** |
| Alief Independent School District, GO (E) | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;02-15-42 | 1000000 | &nbsp;&nbsp;935155 |
| Arlington Higher Education Finance Corp.<br> Kipp Texas, Inc. | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-15-37 | 120000 | &nbsp;&nbsp;116451 |
| Arlington Higher Education Finance Corp.<br> Leadership Prep School | &nbsp;&nbsp;&nbsp;4.250 | &nbsp;&nbsp;06-15-59 | 1000000 | &nbsp;&nbsp;892093 |
| Arlington Higher Education Finance Corp.<br> Trinity Basin Preparatory, Inc. | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-28 | 150000 | &nbsp;&nbsp;159620 |
| Arlington Higher Education Finance Corp.<br> Trinity Basin Preparatory, Inc. | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-29 | 130000 | &nbsp;&nbsp;139820 |
| Arlington Higher Education Finance Corp.<br> Trinity Basin Preparatory, Inc. | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-30 | 100000 | &nbsp;&nbsp;108712 |
| Arlington Higher Education Finance Corp.<br> Trinity Basin Preparatory, Inc. | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-31 | 120000 | &nbsp;&nbsp;131886 |
| Arlington Higher Education Finance Corp.<br> Trinity Basin Preparatory, Inc. | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-32 | 120000 | &nbsp;&nbsp;131086 |
| Arlington Higher Education Finance Corp.<br> Trinity Basin Preparatory, Inc. | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-48 | 1000000 | &nbsp;&nbsp;1020301 |
| Brazoria County Industrial Development Corp.<br> Aleon Renewable Metals LLC Project, AMT (A) | &nbsp;&nbsp;12.000 | &nbsp;&nbsp;06-01-43 | 1900000 | &nbsp;&nbsp;1615000 |
| Cedar Port Navigation & Improvement District<br> District No. 1, GO | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-45 | 325000 | &nbsp;&nbsp;277321 |
| Central Texas Regional Mobility Authority<br> Series A | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-45 | 500000 | &nbsp;&nbsp;500778 |
| City of Arlington<br> Water & Wastewater System Revenue | &nbsp;&nbsp;&nbsp;3.000 | &nbsp;&nbsp;06-01-35 | 670000 | &nbsp;&nbsp;614113 |
| City of Austin Water & Wastewater System Revenue<br> Series A | &nbsp;&nbsp;&nbsp;3.200 | &nbsp;&nbsp;05-15-28 | 120000 | &nbsp;&nbsp;119380 |
| City of Denton, GO | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-15-43 | 1425000 | &nbsp;&nbsp;1434841 |
| City of Georgetown<br> Utility System Revenue (C) | &nbsp;&nbsp;&nbsp;5.250 | &nbsp;&nbsp;08-15-53 | 1525000 | &nbsp;&nbsp;1562022 |
| City of Houston Airport System Revenue<br> Series A, AMT | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-47 | 1070000 | &nbsp;&nbsp;920534 |
| City of Houston Airport System Revenue<br> United Airlines, Inc. Terminal Project, Series B, AMT | &nbsp;&nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-15-33 | 7750000 | &nbsp;&nbsp;7955319 |
| City of Houston Airport System Revenue<br> United Airlines, Inc. Terminal Project, Series B, AMT | &nbsp;&nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-15-34 | 1250000 | &nbsp;&nbsp;1279938 |
| City of Houston Airport System Revenue<br> United Airlines, Inc. Terminal Project, Series B, AMT | &nbsp;&nbsp;&nbsp;5.500 | &nbsp;&nbsp;07-15-38 | 2500000 | &nbsp;&nbsp;2570170 |
| City of Houston Airport System Revenue<br> United Airlines, Inc. Terminal Project, Series C, AMT | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-15-28 | 4400000 | &nbsp;&nbsp;4418229 |

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39 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Texas (continued)** |  |  |  |  |
| City of Pearland<br> Series C, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-44 | 850000 | &nbsp;&nbsp;$877614 |
| City of San Antonio<br> Electric and Gas Revenue, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-54 | 1000000 | &nbsp;&nbsp;1005430 |
| City of Temple<br> CTFS Obligated, Series B, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-47 | 2770000 | &nbsp;&nbsp;2424671 |
| Clifton Higher Education Finance Corp.<br> Idea Public Shools, Series T | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-15-42 | 780000 | &nbsp;&nbsp;716230 |
| Clifton Higher Education Finance Corp.<br> International Leadership of Texas, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-38 | 900000 | &nbsp;&nbsp;961268 |
| Comal County Water Control & Improvement District No. 6<br> Series A, GO (C) | &nbsp;&nbsp;4.375 | &nbsp;&nbsp;03-01-32 | 1480000 | &nbsp;&nbsp;1506448 |
| Comal Independent School District, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;02-15-40 | 1000000 | &nbsp;&nbsp;841917 |
| Dallas Independent School District<br> Series A-6, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-15-55 | 3395000 | &nbsp;&nbsp;3673058 |
| Decatur Hospital Authority<br> Wise Health System, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-26 | 100000 | &nbsp;&nbsp;102083 |
| Fort Bend County Municipal Utility<br> District No. 182, GO (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;09-01-28 | 1090000 | &nbsp;&nbsp;1153989 |
| Fort Bend County Municipal Utility<br> District No. 50, GO (C) | &nbsp;&nbsp;4.125 | &nbsp;&nbsp;09-01-52 | 420000 | &nbsp;&nbsp;363315 |
| Gulf Coast Authority<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-32 | 450000 | &nbsp;&nbsp;498851 |
| Gulf Coast Authority<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-33 | 520000 | &nbsp;&nbsp;577399 |
| Gulf Coast Industrial Development Authority<br> CITGO Petroleum Corp. Project, AMT | &nbsp;&nbsp;8.000 | &nbsp;&nbsp;04-01-28 | 2030000 | &nbsp;&nbsp;2032176 |
| Harris County Municipal Utility District No. 171<br> Series A, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;12-01-32 | 1700000 | &nbsp;&nbsp;1620584 |
| Harris County Municipal Utility District No. 171<br> Series A, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;12-01-34 | 1950000 | &nbsp;&nbsp;1802614 |
| Harris County Municipal Utility District No. 171<br> Series A, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;12-01-36 | 1945000 | &nbsp;&nbsp;1715454 |
| Harris County Municipal Utility District No. 171<br> Series A, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;12-01-38 | 1940000 | &nbsp;&nbsp;1626075 |
| Harris County Municipal Utility District No. 202, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;02-15-35 | 1000000 | &nbsp;&nbsp;907034 |
| Harris County Municipal Utility District No. 202, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;02-15-37 | 1115000 | &nbsp;&nbsp;970530 |
| Harris County Municipal Utility District No. 24, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;03-01-32 | 1000000 | &nbsp;&nbsp;975568 |
| Harris County Municipal Utility District No. 24, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;03-01-34 | 1000000 | &nbsp;&nbsp;950865 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Texas (continued)** |  |  |  |  |
| Harris County Municipal Utility District No. 489<br> Series A, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;09-01-33 | 1490000 | &nbsp;&nbsp;$1396130 |
| Harris County Municipal Utility District No. 489<br> Series A, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;09-01-35 | 1375000 | &nbsp;&nbsp;1245932 |
| Harris County Municipal Utility District No. 489, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;09-01-33 | 930000 | &nbsp;&nbsp;871410 |
| Harris County Municipal Utility District No. 489, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;09-01-35 | 1130000 | &nbsp;&nbsp;1023930 |
| Harris County Municipal Utility District No. 489, GO (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-30 | 600000 | &nbsp;&nbsp;616066 |
| Harris County Municipal Utility District No. 489, GO (C) | &nbsp;&nbsp;4.125 | &nbsp;&nbsp;09-01-31 | 740000 | &nbsp;&nbsp;760924 |
| Harris County Municipal Utility District No. 489, GO (C) | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;09-01-32 | 730000 | &nbsp;&nbsp;750920 |
| Harris County Municipal Utility District No. 503, GO (C) | &nbsp;&nbsp;3.250 | &nbsp;&nbsp;09-01-34 | 10000 | &nbsp;&nbsp;9356 |
| Harrisburg Redevelopment Authority (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-31 | 300000 | &nbsp;&nbsp;322413 |
| Harrisburg Redevelopment Authority (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-32 | 250000 | &nbsp;&nbsp;269611 |
| Harrisburg Redevelopment Authority (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-33 | 300000 | &nbsp;&nbsp;324677 |
| Harrisburg Redevelopment Authority (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-34 | 275000 | &nbsp;&nbsp;298656 |
| Harrisburg Redevelopment Authority (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-35 | 500000 | &nbsp;&nbsp;539546 |
| Harrisburg Redevelopment Authority (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-36 | 550000 | &nbsp;&nbsp;587784 |
| Highway 380 Municipal Management District No. 1, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;05-01-37 | 1105000 | &nbsp;&nbsp;964285 |
| Lake Houston Redevelopment Authority<br> Tax Increment Contract Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-33 | 170000 | &nbsp;&nbsp;161914 |
| Lower Colorado River Authority<br> LCRA Transmission Services Corp. | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-44 | 1000000 | &nbsp;&nbsp;1002553 |
| Matagorda County Navigation District No. 1<br> AEP Texas Central Company Project, Series B-2 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-30 | 1125000 | &nbsp;&nbsp;1125038 |
| Mission Economic Development Corp.<br> Graphic Packaging International LLC Project, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-64 | 1000000 | &nbsp;&nbsp;1021283 |
| New Hope Cultural Education Facilities Finance Corp.<br> Bella Vida Facility Living Project, Series B-1 | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;10-01-30 | 1750000 | &nbsp;&nbsp;1741378 |
| New Hope Cultural Education Facilities Finance Corp.<br> Sanctuary LTC Project, Series A-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-32 | 5000000 | &nbsp;&nbsp;5009722 |
| Newark Higher Education Finance Corp.<br> Village Tech Schools, Series A | &nbsp;&nbsp;4.375 | &nbsp;&nbsp;08-15-29 | 2115000 | &nbsp;&nbsp;2081900 |
| Northlake Municipal Management District No. 2, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-32 | 120000 | &nbsp;&nbsp;125284 |
| Northlake Municipal Management District No. 2, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-33 | 100000 | &nbsp;&nbsp;104032 |
| Northlake Municipal Management District No. 2, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-35 | 725000 | &nbsp;&nbsp;751987 |

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41 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Texas (continued)** |  |  |  |  |
| Northlake Municipal Management District No. 2, GO (C) | &nbsp;&nbsp;&nbsp;6.625 | &nbsp;&nbsp;03-01-27 | 25000 | &nbsp;&nbsp;$26267 |
| Northlake Municipal Management District No. 2, GO (C) | &nbsp;&nbsp;&nbsp;6.625 | &nbsp;&nbsp;03-01-28 | 225000 | &nbsp;&nbsp;242676 |
| Northwest Harris County Municipal Utility District No. 5, GO (C) | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-32 | 1060000 | &nbsp;&nbsp;1073436 |
| Northwest Harris County Municipal Utility District No. 5, GO (C) | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-33 | 760000 | &nbsp;&nbsp;766508 |
| Northwest Harris County Municipal Utility District No. 5, GO (C) | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-34 | 1060000 | &nbsp;&nbsp;1063769 |
| Port Authority of Houston<br> Series A, AMT, GO | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-32 | 1750000 | &nbsp;&nbsp;1804344 |
| Port of Beaumont Navigation District<br> Jefferson Gulf Coast Energy Project, Series A, AMT (A) | &nbsp;&nbsp;&nbsp;2.875 | &nbsp;&nbsp;01-01-41 | 2200000 | &nbsp;&nbsp;1613071 |
| Port of Beaumont Navigation District<br> Jefferson Gulf Coast Energy Project, Series A, AMT (A) | &nbsp;&nbsp;&nbsp;3.625 | &nbsp;&nbsp;01-01-35 | 2200000 | &nbsp;&nbsp;1991234 |
| Port of Beaumont Navigation District<br> Jefferson Gulf Coast Energy Project, Series A, AMT (A) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-39 | 750000 | &nbsp;&nbsp;724790 |
| Port of Beaumont Navigation District<br> Jefferson Gulf Coast Energy Project, Series B (A) | &nbsp;&nbsp;10.000 | &nbsp;&nbsp;07-01-26 | 2000000 | &nbsp;&nbsp;2046330 |
| Prosper Independent School District, GO | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;02-15-52 | 25000 | &nbsp;&nbsp;21847 |
| Sunfield Municipal Utility<br> District No. 4, GO (C) | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-34 | 1460000 | &nbsp;&nbsp;1466729 |
| Sunfield Municipal Utility<br> District No. 4, GO (C) | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-48 | 700000 | &nbsp;&nbsp;594752 |
| Tarrant County Cultural Education Facilities Finance Corp.<br> Baylor Scott & White Health Project, Series F | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-52 | 3000000 | &nbsp;&nbsp;3205600 |
| Tarrant County Housing Finance Corp.<br> The Meridian Apartments, Series A | &nbsp;&nbsp;&nbsp;4.600 | &nbsp;&nbsp;03-01-43 | 3500000 | &nbsp;&nbsp;3390655 |
| Texas Department of Housing & Community Affairs<br> Series A | &nbsp;&nbsp;&nbsp;3.625 | &nbsp;&nbsp;09-01-44 | 1000000 | &nbsp;&nbsp;838544 |
| Texas Municipal Gas Acquisition & Supply Corp. V | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-55 | 2500000 | &nbsp;&nbsp;2631524 |
| Texas Tech University System<br> Series A | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-15-34 | 5000 | &nbsp;&nbsp;5553 |
| Texas Water Development Board<br> Series A | &nbsp;&nbsp;&nbsp;4.875 | &nbsp;&nbsp;10-15-48 | 5000000 | &nbsp;&nbsp;5024049 |
| Texas Water Development Board<br> State Water Implementation Fund | &nbsp;&nbsp;&nbsp;3.000 | &nbsp;&nbsp;10-15-34 | 1575000 | &nbsp;&nbsp;1459706 |
| Texas Water Development Board<br> Water Implementation Reserve Fund | &nbsp;&nbsp;&nbsp;4.750 | &nbsp;&nbsp;10-15-42 | 500000 | &nbsp;&nbsp;507035 |
| Viridian Municipal Management District<br> Texas Utility Improvement, GO (C) | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-30 | 965000 | &nbsp;&nbsp;984360 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 42

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Utah 0.9%** |  |  |  | &nbsp;&nbsp;**$11339856** |
| Alpine School District<br> Series B, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;03-15-34 | 1810000 | &nbsp;&nbsp;1665721 |
| City of Salt Lake City Airport Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-36 | 2000000 | &nbsp;&nbsp;2060510 |
| Intermountain Power Agency<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-41 | 1000000 | &nbsp;&nbsp;1029721 |
| Salt Lake City Airport Revenue<br> Series A, AMT | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-36 | 1700000 | &nbsp;&nbsp;1827655 |
| Utah Infrastructure Agency<br> Pleasant Grove City Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-15-44 | 1000000 | &nbsp;&nbsp;886498 |
| Utah Infrastructure Agency<br> Telecommunication Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-15-27 | 1120000 | &nbsp;&nbsp;1122967 |
| Utah Infrastructure Agency<br> Telecommunication Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-15-30 | 400000 | &nbsp;&nbsp;396170 |
| Utah Infrastructure Agency<br> Telecommunication Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-15-33 | 1185000 | &nbsp;&nbsp;1163460 |
| Utah Infrastructure Agency<br> Telecommunication Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-15-35 | 250000 | &nbsp;&nbsp;238043 |
| Utah Telecommunication Open Infrastructure Agency<br> Sales Tax and Telecommunications Revenue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-28 | 100000 | &nbsp;&nbsp;105743 |
| Utah Telecommunication Open Infrastructure Agency<br> Sales Tax and Telecommunications Revenue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-29 | 100000 | &nbsp;&nbsp;107309 |
| Utah Telecommunication Open Infrastructure Agency<br> Sales Tax and Telecommunications Revenue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-30 | 100000 | &nbsp;&nbsp;108699 |
| Utah Telecommunication Open Infrastructure Agency<br> Sales Tax and Telecommunications Revenue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-31 | 100000 | &nbsp;&nbsp;110003 |
| Utah Telecommunication Open Infrastructure Agency<br> Sales Tax and Telecommunications Revenue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-32 | 30000 | &nbsp;&nbsp;33293 |
| Wood Ranch Public Infrastructure District<br> Assessment Area No. 1 (A) | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;12-01-53 | 500000 | &nbsp;&nbsp;484064 |
| **Vermont 0.2%** |  |  |  | &nbsp;&nbsp;**2368811** |
| City of Burlington<br> Airport Revenue, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-27 | 475000 | &nbsp;&nbsp;487599 |
| City of Burlington<br> Airport Revenue, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-28 | 540000 | &nbsp;&nbsp;560449 |
| Vermont Economic Development Authority<br> Casella Waste Systems, Inc. Project, Series A-2, AMT (A) | &nbsp;&nbsp;4.375 | &nbsp;&nbsp;06-01-52 | 1350000 | &nbsp;&nbsp;1320763 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Virgin Islands 0.6%** |  |  |  | &nbsp;&nbsp;**$8151193** |
| Matching Fund Special Purpose Securitization Corp.<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-28 | 1460000 | &nbsp;&nbsp;1486168 |
| Matching Fund Special Purpose Securitization Corp.<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-30 | 4650000 | &nbsp;&nbsp;4747164 |
| Matching Fund Special Purpose Securitization Corp.<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-39 | 2000000 | &nbsp;&nbsp;1917861 |
| **Virginia 2.7%** |  |  |  | &nbsp;&nbsp;**35597041** |
| Arlington County Industrial Development Authority<br> VHC Health, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-53 | 1000000 | &nbsp;&nbsp;1069504 |
| Arlington County Industrial Development Authority<br> Virginia Hospital Center | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-38 | 1000000 | &nbsp;&nbsp;977687 |
| Chesapeake Economic Development Authority<br> Virginia Electric & Power Company Project, Series A | &nbsp;&nbsp;3.650 | &nbsp;&nbsp;02-01-32 | 1075000 | &nbsp;&nbsp;1082409 |
| City of Norfolk Water Revenue<br> Series 2025 (E) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-34 | 1600000 | &nbsp;&nbsp;1777503 |
| City of Norfolk Water Revenue<br> Series 2025 (E) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-35 | 1900000 | &nbsp;&nbsp;2097148 |
| City of Norfolk Water Revenue<br> Series 2025 (E) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-36 | 1395000 | &nbsp;&nbsp;1528039 |
| City of Norfolk Water Revenue<br> Series 2025 (E) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-37 | 1250000 | &nbsp;&nbsp;1358900 |
| City of Norfolk Water Revenue<br> Series 2025 (E) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-38 | 1000000 | &nbsp;&nbsp;1079847 |
| City of Richmond Public Utility Revenue<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-15-38 | 1775000 | &nbsp;&nbsp;1754136 |
| County of Arlington, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-36 | 2400000 | &nbsp;&nbsp;2626923 |
| County of Fairfax<br> Series A, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-33 | 1525000 | &nbsp;&nbsp;1540363 |
| Loudoun County Economic Development Authority<br> Loudoun County Public Facilities Project, Series A | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;12-01-36 | 3300000 | &nbsp;&nbsp;2881014 |
| Louisa Industrial Development Authority<br> Virginia Electric & Power Company Project, Series A | &nbsp;&nbsp;3.650 | &nbsp;&nbsp;11-01-35 | 1000000 | &nbsp;&nbsp;1007116 |
| Newport News Economic Development Authority<br> LifeSpire of Virginia Obligated Group | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-31 | 2000000 | &nbsp;&nbsp;2005623 |
| Virginia Beach Development Authority<br> Westminster-Canterbury on Chesapeake Bay, Series B-1 | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;09-01-30 | 3600000 | &nbsp;&nbsp;3625737 |
| Virginia College Building Authority<br> Higher Education Financing, Series C | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;09-01-34 | 20000 | &nbsp;&nbsp;18518 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Virginia (continued)** |  |  |  |  |
| Virginia College Building Authority<br> Regent University Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-46 | 3500000 | &nbsp;&nbsp;$2871009 |
| Virginia Commonwealth Transportation Board<br> Capital Projects | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-15-37 | 650000 | &nbsp;&nbsp;653952 |
| Virginia Small Business Financing Authority<br> 95 Express Lanes LLC Project, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-39 | 140000 | &nbsp;&nbsp;128637 |
| Virginia Small Business Financing Authority<br> 95 Express Lanes LLC Project, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-40 | 840000 | &nbsp;&nbsp;758094 |
| Virginia Small Business Financing Authority<br> Elizabeth River Crossings OpCo LLC Project, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-36 | 3000000 | &nbsp;&nbsp;2855401 |
| Virginia Small Business Financing Authority<br> Elizabeth River Crossings OpCo LLC Project, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-40 | 45000 | &nbsp;&nbsp;40612 |
| Virginia Small Business Financing Authority<br> Lifespire Virginia | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-41 | 1000000 | &nbsp;&nbsp;892038 |
| York County Economic Development Authority<br> Virginia Electric & Power Company Project, Series A | &nbsp;&nbsp;3.650 | &nbsp;&nbsp;05-01-33 | 960000 | &nbsp;&nbsp;966831 |
| **Washington 1.8%** |  |  |  | &nbsp;&nbsp;**23399252** |
| City of Seattle<br> Municipal Light & Power Revenue, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-38 | 705000 | &nbsp;&nbsp;691213 |
| County of King<br> Sewer Revenue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-49 | 1950000 | &nbsp;&nbsp;1972534 |
| King County Public Hospital District No. 2, GO | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;12-01-45 | 1000000 | &nbsp;&nbsp;1032521 |
| Klickitat County Public Utility District No. 1<br> Electric Revenue Refunding (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 200000 | &nbsp;&nbsp;219862 |
| Metropolitan Washington Airports Authority<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-30 | 9400000 | &nbsp;&nbsp;10002392 |
| Port of Seattle<br> Series B, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-41 | 1570000 | &nbsp;&nbsp;1587534 |
| Skagit County Public Hospital District No. 1<br> Skagit Regional Health | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;12-01-38 | 300000 | &nbsp;&nbsp;317041 |
| Skagit County Public Hospital District No. 1<br> Skagit Regional Health | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;12-01-39 | 330000 | &nbsp;&nbsp;346346 |
| Skagit County Public Hospital District No. 1<br> Skagit Regional Health | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;12-01-40 | 485000 | &nbsp;&nbsp;505182 |
| Skagit County Public Hospital District No. 1<br> Skagit Regional Health | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;12-01-41 | 150000 | &nbsp;&nbsp;155131 |
| Skagit County Public Hospital District No. 1<br> Skagit Regional Health | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;12-01-42 | 200000 | &nbsp;&nbsp;205853 |
| Snohomish County Housing Authority<br> Carvel Apartments Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;04-01-44 | 1250000 | &nbsp;&nbsp;1088715 |
| Three Rivers Regional Wastewater Authority (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-43 | 900000 | &nbsp;&nbsp;833730 |
| Washington State Housing Finance Commission<br> Municipal Certificates, Series A-1 | &nbsp;&nbsp;3.500 | &nbsp;&nbsp;12-20-35 | 939122 | &nbsp;&nbsp;871381 |

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45 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Washington (continued)** |  |  |  |  |
| Washington State Housing Finance Commission<br> Parkshore Juanita Bay Project, Series B-1 (A) | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;07-01-30 | 2535000 | &nbsp;&nbsp;$2512678 |
| Washington State Housing Finance Commission<br> Seattle Academy of Arts and Sciences Project (A) | &nbsp;&nbsp;6.125 | &nbsp;&nbsp;07-01-53 | 1000000 | &nbsp;&nbsp;1057139 |
| **West Virginia 0.9%** |  |  |  | &nbsp;&nbsp;**11210915** |
| County of Ohio<br> The Highlands Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-33 | 400000 | &nbsp;&nbsp;413901 |
| County of Ohio<br> The Highlands Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06-01-44 | 750000 | &nbsp;&nbsp;740487 |
| West Virginia Economic Development Authority<br> Appalachian Power - Amos Project, Series A, AMT | &nbsp;&nbsp;1.000 | &nbsp;&nbsp;01-01-41 | 750000 | &nbsp;&nbsp;743311 |
| West Virginia Economic Development Authority<br> Commercial Metals Company Project, AMT | &nbsp;&nbsp;4.625 | &nbsp;&nbsp;04-15-55 | 1150000 | &nbsp;&nbsp;1143022 |
| West Virginia Economic Development Authority<br> Mitchell Project, Series A, AMT | &nbsp;&nbsp;4.700 | &nbsp;&nbsp;04-01-36 | 3000000 | &nbsp;&nbsp;3014389 |
| West Virginia Hospital Finance Authority<br> Vandalia Health Group, Series B (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-40 | 1125000 | &nbsp;&nbsp;1159765 |
| West Virginia Hospital Finance Authority<br> Vandalia Health Group, Series B (C) | &nbsp;&nbsp;5.375 | &nbsp;&nbsp;09-01-53 | 2925000 | &nbsp;&nbsp;3026196 |
| West Virginia Hospital Finance Authority<br> West Virginia University Health System Obligated Group, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-41 | 945000 | &nbsp;&nbsp;969844 |
| **Wisconsin 2.8%** |  |  |  | &nbsp;&nbsp;**36606923** |
| County of Milwaukee<br> Series B, GO | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;08-01-38 | 735000 | &nbsp;&nbsp;391105 |
| County of Milwaukee<br> Series B, GO | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;08-01-39 | 735000 | &nbsp;&nbsp;368109 |
| County of Milwaukee Airport Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-35 | 445000 | &nbsp;&nbsp;471503 |
| County of Milwaukee Airport Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-37 | 445000 | &nbsp;&nbsp;463469 |
| County of Milwaukee Airport Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-38 | 200000 | &nbsp;&nbsp;206958 |
| Milwaukee Metropolitan Sewerage District<br> Series A, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;10-01-34 | 2490000 | &nbsp;&nbsp;2291964 |
| Milwaukee Metropolitan Sewerage District<br> Series A, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;10-01-35 | 445000 | &nbsp;&nbsp;401291 |
| Public Finance Authority<br> A Challenge Foundation Academy (A) | &nbsp;&nbsp;6.875 | &nbsp;&nbsp;07-01-53 | 50000 | &nbsp;&nbsp;50664 |
| Public Finance Authority<br> Campus Real Estate Holding Corp. LLC Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-30 | 300000 | &nbsp;&nbsp;310576 |

---

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 46

------

[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Wisconsin (continued)** |  |  |  |  |
| Public Finance Authority<br> Campus Real Estate Holding Corp. LLC Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-35 | 900000 | &nbsp;&nbsp;$927841 |
| Public Finance Authority<br> CHF Manoa LLC, Series A (A) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-38 | 1000000 | &nbsp;&nbsp;1008300 |
| Public Finance Authority<br> CHF Manoa LLC, Series A (A) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;07-01-43 | 1000000 | &nbsp;&nbsp;996147 |
| Public Finance Authority<br> Duke Energy Progress Project | &nbsp;&nbsp;3.300 | &nbsp;&nbsp;10-01-46 | 2530000 | &nbsp;&nbsp;2504241 |
| Public Finance Authority<br> Gardner-Webb University (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-31 | 3000000 | &nbsp;&nbsp;2916943 |
| Public Finance Authority<br> KSU Bixby Real Estate Foundation LLC Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-28 | 200000 | &nbsp;&nbsp;209120 |
| Public Finance Authority<br> KSU Bixby Real Estate Foundation LLC Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-30 | 405000 | &nbsp;&nbsp;430898 |
| Public Finance Authority<br> KSU Bixby Real Estate Foundation LLC Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-33 | 350000 | &nbsp;&nbsp;376025 |
| Public Finance Authority<br> KSU Bixby Real Estate Foundation LLC Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-35 | 100000 | &nbsp;&nbsp;106400 |
| Public Finance Authority<br> Lenoir-Rhyne University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-32 | 1335000 | &nbsp;&nbsp;1383360 |
| Public Finance Authority<br> Mary's Woods at Marylhurst Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-29 | 2000000 | &nbsp;&nbsp;2013536 |
| Public Finance Authority<br> Mary's Woods at Marylhurst Project, Series A (A) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;05-15-42 | 2610000 | &nbsp;&nbsp;2489601 |
| Public Finance Authority<br> Pinecrest Academy Sloan Canyon Campus Project, Series A (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-15-34 | 1000000 | &nbsp;&nbsp;952210 |
| Public Finance Authority<br> Sky Harbor Capital LLC, AMT | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;07-01-54 | 500000 | &nbsp;&nbsp;394505 |
| Public Finance Authority<br> Viticus Group Project, Series A (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-41 | 750000 | &nbsp;&nbsp;620262 |
| Public Finance Authority<br> Viticus Group Project, Series A (A) | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;12-01-51 | 400000 | &nbsp;&nbsp;305232 |
| Public Finance Authority<br> WakeMed Hospital, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-44 | 1000000 | &nbsp;&nbsp;977719 |
| Public Finance Authority<br> Waste Management, Inc. Project, Series A2, AMT | &nbsp;&nbsp;2.875 | &nbsp;&nbsp;05-01-27 | 3000000 | &nbsp;&nbsp;2932680 |
| Sparta Area School District<br> Promissory Notes, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;03-01-37 | 975000 | &nbsp;&nbsp;865820 |
| Sparta Area School District<br> Promissory Notes, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;03-01-38 | 1110000 | &nbsp;&nbsp;958207 |

---

47 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Wisconsin (continued)** |  |  |  |  |
| Wisconsin Health & Educational Facilities Authority<br> Bellin Memorial Hospital, Inc., Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-37 | 800000 | &nbsp;&nbsp;$841366 |
| Wisconsin Health & Educational Facilities Authority<br> Cedar Crest, Inc., Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-42 | 1100000 | &nbsp;&nbsp;994813 |
| Wisconsin Health & Educational Facilities Authority<br> Chiara Housing and Services, Inc. Project | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;07-01-35 | 475000 | &nbsp;&nbsp;483407 |
| Wisconsin Health & Educational Facilities Authority<br> Chiara Housing and Services, Inc. Project | &nbsp;&nbsp;6.375 | &nbsp;&nbsp;07-01-45 | 1030000 | &nbsp;&nbsp;1041706 |
| Wisconsin Health & Educational Facilities Authority<br> Hope Christian Schools | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-51 | 250000 | &nbsp;&nbsp;168286 |
| Wisconsin Health & Educational Facilities Authority<br> Hope Christian Schools | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-56 | 450000 | &nbsp;&nbsp;291921 |
| Wisconsin Health & Educational Facilities Authority<br> St. John's Communities, Inc. | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-15-41 | 1000000 | &nbsp;&nbsp;866872 |
| Wisconsin Health & Educational Facilities Authority<br> Three Pillars Senior Living Communities, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-15-30 | 1200000 | &nbsp;&nbsp;1164479 |
| Wisconsin Health & Educational Facilities Authority<br> Three Pillars Senior Living Communities, Series B-1 | &nbsp;&nbsp;4.400 | &nbsp;&nbsp;08-15-29 | 1450000 | &nbsp;&nbsp;1440105 |
| Wisconsin Health & Educational Facilities Authority<br> Three Pillars Senior Living Communities, Series B-2 | &nbsp;&nbsp;4.200 | &nbsp;&nbsp;08-15-28 | 1000000 | &nbsp;&nbsp;989282 |
| **Wyoming 0.3%** |  |  |  | &nbsp;&nbsp;**4296095** |
| County of Campbell<br> Basin Electric Power Cooperative | &nbsp;&nbsp;3.625 | &nbsp;&nbsp;07-15-39 | 4970000 | &nbsp;&nbsp;4296095 |
| **Corporate bonds 0.3%** |  |  |  | &nbsp;&nbsp;**$3382243** |
| (Cost $3,531,243) |  |  |  |  |
| **Materials 0.3%** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3382243** |
| **Paper and forest products 0.3%** |  |  |  |  |
| Domtar Corp. (A) | &nbsp;&nbsp;6.750 | &nbsp;&nbsp;10-01-28 | 3850000 | &nbsp;&nbsp;&nbsp;&nbsp;3382243 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Closed-end funds 0.2%** |  | &nbsp;&nbsp;**$2988250** |
| (Cost $3,219,144) |  |  |
| BlackRock Municipal Income Trust | &nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719250 |
| BlackRock MuniYield Fund, Inc. | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;1247500 |
| PIMCO Municipal Income Fund III | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;1021500 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 48

------

[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Yield (%)** | **Shares** | &nbsp;&nbsp;**Value** |
| **Short-term investments 0.6%** |  |  | **$7238898** |
| (Cost $7,238,798) |  |  |  |
| **Short-term funds 0.6%** |  |  |  |
| John Hancock Collateral Trust (G) | &nbsp;&nbsp;4.2439(H) | 723702 | &nbsp;&nbsp;7238898 |
| **Total investments (Cost $1,326,528,100) 100.3%** | **Total investments (Cost $1,326,528,100) 100.3%** |  | **$1313557992** |
| **Other assets and liabilities, net (0.3%)** |  |  | &nbsp;&nbsp;**(3671945)** |
| **Total net assets 100.0%** |  |  | &nbsp;&nbsp;**$1309886047** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. | The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. |
| ^All par values are denominated in U.S. dollars unless otherwise indicated. | ^All par values are denominated in U.S. dollars unless otherwise indicated. |
| **Security Abbreviations and Legend** | **Security Abbreviations and Legend** |
| AMT | Interest earned from these securities may be considered a tax preference item for purpose of the Federal Alternative Minimum Tax. |
| GO | General Obligation |
| SOFR | Secured Overnight Financing Rate |
| (A) | This security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $142,158,606 or 10.9% of the fund's net assets as of 5-31-25. |
| (B) | Variable rate obligation. The coupon rate shown represents the rate at period end. |
| (C) | Bond is insured by one or more of the companies listed in the insurance coverage table below. |
| (D) | Zero coupon bonds are issued at a discount from their principal amount in lieu of paying interest periodically. Rate shown is the effective yield at period end. |
| (E) | Security purchased or sold on a when-issued or delayed-delivery basis. |
| (F) | Non-income producing - Issuer is in default. |
| (G) | Investment is an affiliate of the fund, the advisor and/or subadvisor. |
| (H) | The rate shown is the annualized seven-day yield as of 5-31-25. |

---

At 5-31-25, the aggregate cost of investments for federal income tax purposes was $1,324,679,828. Net unrealized depreciation aggregated to $11,121,836, of which $14,926,092 related to gross unrealized appreciation and $26,047,928 related to gross unrealized depreciation.

---

| | |
|:---|:---|
| **Insurance Coverage** | &nbsp;&nbsp;**As a % of total<br> investments** |
| Build America Mutual Assurance Company | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Assured Guaranty Municipal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Assured Guaranty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| National Public Finance Guarantee Corp. | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| California Mortgage Insurance | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| **TOTAL** | &nbsp;&nbsp;**11.5** |

---

The fund had the following portfolio composition as a percentage of net assets on 5-31-25:

---

| | |
|:---|:---|
| **General obligation bonds** | &nbsp;&nbsp;&nbsp;**14.0%** |
| **Revenue bonds** | &nbsp;&nbsp;&nbsp;**85.2%** |
| Other revenue | &nbsp;&nbsp;&nbsp;&nbsp;20.7% |
| Health care | &nbsp;&nbsp;&nbsp;&nbsp;19.8% |
| Education | &nbsp;&nbsp;&nbsp;&nbsp;10.4% |
| Airport | &nbsp;&nbsp;&nbsp;&nbsp;10.2% |

---

49 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

---

| | |
|:---|:---|
| Development | &nbsp;&nbsp;&nbsp;&nbsp;9.1% |
| Water and sewer | &nbsp;&nbsp;&nbsp;&nbsp;4.0% |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;3.6% |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| Housing | &nbsp;&nbsp;&nbsp;&nbsp;2.2% |
| Pollution | &nbsp;&nbsp;&nbsp;&nbsp;1.2% |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| Facilities | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |
| **Corporate bonds** | &nbsp;&nbsp;&nbsp;&nbsp;**0.3%** |
| **Closed-end funds** | &nbsp;&nbsp;&nbsp;&nbsp;**0.2%** |
| **Short-term investments and other** | &nbsp;&nbsp;&nbsp;&nbsp;**0.3%** |
| **TOTAL** | **100.0%** |

---

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 50

------

[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

Financial statements

#### STATEMENT OF ASSETS AND LIABILITIES 5-31-25

------

---

| | |
|:---|:---|
| **Assets** |  |
| Unaffiliated investments, at value (Cost $1,319,289,302) | &nbsp;&nbsp;&nbsp;&nbsp;$1306319094 |
| Affiliated investments, at value (Cost $7,238,798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7238898 |
| **Total investments, at value (Cost $1,326,528,100)** | &nbsp;&nbsp;&nbsp;&nbsp;**1313557992** |
| Receivable for futures variation margin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18845 |
| Collateral held at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17935460 |
| Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3108276 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59738 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5427 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110043 |
| **Total assets** | &nbsp;&nbsp;&nbsp;&nbsp;**1335295781** |
| **Liabilities** |  |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95203 |
| Payable for delayed-delivery securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22053692 |
| Payable for fund shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2993103 |
| 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;&nbsp;42892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755 |
| Other liabilities and accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137244 |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25409734** |
| **Net assets** | &nbsp;&nbsp;**$1309886047** |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;$1350187362 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40301315) |
| **Net assets** | &nbsp;&nbsp;**$1309886047** |
| **Net asset value per share** |  |
| Based on net asset value and shares outstanding - the fund has an unlimited number of shares authorized with no par value |  |
| Class A ($577,453,173 ÷ 65,556,759 shares)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.81 |
| Class C ($6,543,267 ÷ 742,919 shares)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.81 |
| Class I ($548,714,934 ÷ 62,194,320 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.82 |
| Class R6 ($177,174,673 ÷ 20,076,979 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.82 |
| **Maximum offering price per share** |  |
| Class A (net asset value per share ÷ 96%)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.18 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

<sup>2</sup> On single retail sales of less than $100,000. On sales of $100,000 or more and on group sales the offering price is reduced.

51 JOHN HANCOCK Municipal Opportunities Fund \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

#### STATEMENT OF OPERATIONS For the year ended 5-31-25

------

---

| | |
|:---|:---|
| **Investment income** |  |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53170830 |
| Dividends from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328063 |
| Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185150 |
| **Total investment income** | &nbsp;&nbsp;&nbsp;&nbsp;**53684043** |
| **Expenses** |  |
| Investment management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5918019 |
| Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493637 |
| Accounting and legal services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239189 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672789 |
| Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29094 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151475 |
| State registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131088 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53181 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116724 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92005 |
| **Total expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8897201** |
| Less expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(813478) |
| **Net expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8083723** |
| **Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;**45600320** |
| **Realized and unrealized gain (loss)** |  |
| **Net realized gain (loss) on** |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8668496) |
| Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4246 |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397241 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**(6267009)** |
| **Change in net unrealized appreciation (depreciation) of** |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;(11194040) |
| Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
|  | &nbsp;&nbsp;&nbsp;**(11193940)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;&nbsp;**(17460949)** |
| **Increase in net assets from operations** | &nbsp;&nbsp;**$28139371** |

---

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK Municipal Opportunities Fund 52

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[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended<br> 5-31-25** | &nbsp;&nbsp;**Year ended<br> 5-31-24** |
| **Increase (decrease) in net assets** |  |  |
| **From operations** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45600320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36046554 |
| Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6267009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13985438) |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11193940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12820832 |
| **Increase in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28139371** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34881948** |
| **Distributions to shareholders** |  |  |
| From earnings |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19487329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16373521) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210608) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18338751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13552031) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6289119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4794549) |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(44312419)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(34930709)** |
| **From fund share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**192694540** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**219709297** |
| **Total increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**176521492** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**219660536** |
| **Net assets** |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133364555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913704019 |
| **End of year** | &nbsp;&nbsp;**$1309886047** | &nbsp;&nbsp;**$1133364555** |

---

53 JOHN HANCOCK Municipal Opportunities Fund \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

Financial highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CLASS A SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-21** |
| **Per share operating performance** |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.89** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.87** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.19** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.14** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.55** |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.32** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.04)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.68)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.87** |
| **Less distributions** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.81** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.89** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.87** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.19** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.14** |
| **Total return (%)<sup>2,3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.55** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.64** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.44)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.94)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.34** |
| **Ratios and supplemental data** |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$450 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75 |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>2</sup> Total returns would have been lower had certain expenses not been reduced during the applicable periods.

<sup>3</sup> Does not reflect the effect of sales charges, if any.

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK Municipal Opportunities Fund 54

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[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CLASS C SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-21** |
| **Per share operating performance** |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.89** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.87** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.19** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.14** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.55** |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.16** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.11)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.75)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.80** |
| **Less distributions** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.81** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.89** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.87** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.19** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.14** |
| **Total return (%)<sup>2,3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.79** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.86** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.18)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.55)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.42** |
| **Ratios and supplemental data** |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>2</sup> Total returns would have been lower had certain expenses not been reduced during the applicable periods.

<sup>3</sup> Does not reflect the effect of sales charges, if any.

55 JOHN HANCOCK Municipal Opportunities Fund \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CLASS I SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-21** |
| **Per share operating performance** |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.90** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.88** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.16** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.57** |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.33** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.04)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.67)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.89** |
| **Less distributions** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.82** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.90** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.88** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.16** |
| **Total return (%)<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.71** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.79** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.39)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.69)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.38** |
| **Ratios and supplemental data** |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>2</sup> Total returns would have been lower had certain expenses not been reduced during the applicable periods.

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK Municipal Opportunities Fund 56

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[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CLASS R6 SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-21** |
| **Per share operating performance** |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.91** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.88** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.16** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.57** |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.34** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.04)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.66)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.89** |
| **Less distributions** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.82** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.91** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.88** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.16** |
| **Total return (%)<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.65** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.92** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.37)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.66)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.42** |
| **Ratios and supplemental data** |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92 |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>2</sup> Total returns would have been lower had certain expenses not been reduced during the applicable periods.

57 JOHN HANCOCK Municipal Opportunities Fund \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

Notes to financial statements

#### Note 1 — Organization
John Hancock Municipal Opportunities Fund (the fund) is a series of John Hancock Municipal Securities Trust (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the fund is to seek as high a level of interest income exempt from federal income tax as is consistent with preservation of capital.

The fund may offer multiple classes of shares. The shares currently outstanding are detailed in the Statement of assets and liabilities. Class A and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class R6 shares are only available to certain retirement plans, institutions and other investors. Class C shares convert to Class A shares eight years after purchase (certain exclusions may apply). Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, and transfer agent fees for each class may differ.

#### Note 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 Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC, the fund's valuation designee.**

In order to value the securities, the fund uses the following valuation techniques: 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. Equity securities, including exchange-traded or closed-end funds, are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Investments by the fund in open-end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day. 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.

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.

\| JOHN HANCOCK Municipal Opportunities Fund 58

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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 May 31, 2025, by major security category or type:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total<br> value at<br> 5-31-25** | **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** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1299948601** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1299948601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3382243** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3382243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closed-end funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2988250** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2988250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7238898** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7238898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total investments in securities** | **$1313557992** | **$10227148** | **$1303330844** | **—** |

---

**When-issued/delayed-delivery securities. The fund may purchase or sell securities on a when-issued or delayed-delivery basis, or in a "To Be Announced" (TBA) or "forward commitment" transaction, with delivery or payment to occur at a later date beyond the normal settlement period. TBA securities resulting from these transactions are included in the portfolio or in a schedule to the portfolio (Sale Commitments Outstanding). At the time a fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the security is reflected in its NAV. The price of such security and the date that the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. No interest accrues on debt securities until settlement takes place. At the time that the fund enters into this type of transaction, the fund is required to have sufficient cash and/or liquid securities to cover its commitments.** 

Certain risks may arise upon entering into when-issued or delayed-delivery securities transactions, including the potential inability of counterparties to meet the terms of their contracts, and the issuer's failure to issue the securities due to political, economic or other factors. Additionally, losses may arise due to changes in the value of the securities purchased or sold prior to settlement date.

**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**

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after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the fund becomes aware of the dividends. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

**Overdraft. The fund may have the ability to borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the fund's custodian agreement, the custodian may loan money to the fund to make properly authorized payments. The fund is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the extent of any overdraft, and to the maximum extent permitted by law.**

**Line of credit. The fund and other affiliated funds have entered into a syndicated line of credit agreement with Citibank, N.A. as the administrative agent that enables them to participate in a $1 billion unsecured committed line of credit, which is in effect through July 14, 2025 unless extended or renewed. Excluding commitments designated for certain funds and subject to the needs of all other affiliated funds, the fund can borrow up to an aggregate commitment amount of $750 million, subject to asset coverage and other limitations as specified in the agreement. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund based on an asset-based allocation and is reflected in Other expenses on the Statement of operations. Commitment fees for the year ended May 31, 2025 were $6,729.**

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

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

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

For federal income tax purposes, as of May 31, 2025, the fund has a short-term capital loss carryforward of $16,559,345 and a long-term capital loss carryforward of $14,281,604 available to offset future net realized capital gains. These carryforwards do not expire.

As of May 31, 2025, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund's federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

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

The tax character of distributions for the years ended May 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**May 31, 2025** | &nbsp;&nbsp;&nbsp;**May 31, 2024** |
| Ordinary income | &nbsp;&nbsp;$539283 | &nbsp;&nbsp;$481003 |

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**May 31, 2025** | &nbsp;&nbsp;&nbsp;**May 31, 2024** |
| Exempt Income | &nbsp;&nbsp;&nbsp;&nbsp;$43773136 | &nbsp;&nbsp;&nbsp;&nbsp;$34449706 |
| **Total** | &nbsp;&nbsp;**$44312419** | &nbsp;&nbsp;**$34930709** |

---

Distributions paid by the fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of May 31, 2025, the components of distributable earnings on a tax basis consisted of $1,756,674 of undistributed exempt interest.

Such distributions and distributable earnings, on a tax basis, if any, 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 at fiscal year end. 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 accretion on debt securities.

#### 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.

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.

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During the year ended May 31, 2025, the fund used futures contracts to manage the duration of the fund. The fund held futures contracts with USD notional values ranging up to $172.2 million, as measured at each quarter end. There were no open futures contracts as of May 31, 2025.

#### 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 May 31, 2025:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Statement of operations location - Net realized gain (loss) on:** |
| **Risk** | &nbsp;&nbsp;&nbsp;**Futures contracts** |
| Interest rate | &nbsp;&nbsp;&nbsp;$2397241 |

---

#### Note 4 — Guarantees and indemnifications
Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust, including the fund. Additionally, in the normal course of business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.

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

**Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor equivalent on an annual basis to the sum of: (a) 0.510% of the first $500 million of the fund's average daily net assets; (b) 0.460% of the next $500 million of the fund's average daily net assets; (c) 0.410% of the next $2 billion of the fund's average daily net assets; and (d) 0.385% of the fund's average daily net assets in excess of $3 billion. The Advisor has a subadvisory agreement with Manulife Investment Management (US) LLC, an indirectly owned subsidiary of Manulife Financial Corporation and an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.**

The Advisor has contractually agreed to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.51% of average daily net assets of the fund. For purposes of this agreement, "expenses of the fund" means all fund expenses, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund's business, (e) class-specific expenses, (f) borrowing costs, (g) prime brokerage fees, (h) acquired fund fees and expenses paid indirectly, and (i) short dividend expense. This agreement expires on September 30, 2025, unless renewed by mutual agreement of the Advisor and the fund based upon a determination that this is appropriate under the circumstances at that time. Prior to October 1, 2024, the expense limitation was 0.55% of the fund's average daily net assets.

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 May 31, 2025, this waiver amounted to 0.01% of the fund's average daily net assets. This agreement expires on July 31, 2026, 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.

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For the year ended May 31, 2025, the expense reductions described above amounted to the following:

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| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Expense reduction** |
| Class A | &nbsp;&nbsp;$106617 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;97619 |

---

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Expense reduction** |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;$32569 |
| **Total** | &nbsp;&nbsp;**$238143** |

---

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 May 31, 2025, were equivalent to a net annual effective rate of 0.45% of the fund's average daily net assets.

**Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred, for the year ended May 31, 2025, amounted to an annual rate of 0.02% of the fund's average daily net assets.**

**Distribution and service plans. The fund has a distribution agreement with the Distributor. The fund has adopted distribution and service plans for certain classes as detailed below pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the fund. The fund may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the fund's shares:**

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;**Rule 12b-1 Fee** |
| Class A | &nbsp;&nbsp;0.25% |
| Class C | &nbsp;&nbsp;1.00% |

---

The fund's Distributor has contractually agreed to waive 0.10% of Rule 12b-1 fees for Class A and Class C shares. The current waiver agreement expires on September 30, 2025, unless renewed by mutual agreement of the fund and the Distributor based upon a determination that this is appropriate under the circumstances at the time. This contractual waiver amounted to $567,962 and $7,373 for Class A and Class C shares, respectively, for the year ended May 31, 2025.

**Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $221,747 for the year ended May 31, 2025. Of this amount, $28,959 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $192,788 was paid as sales commissions to broker-dealers.**

Class A and Class C shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares purchased, including those that are acquired through purchases of $250,000 or more, and redeemed within 18 months of purchase are subject to a 1.00% CDSC. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended May 31, 2025, CDSCs received by the Distributor amounted to $45,949 and $1,515 for Class A and Class C shares, respectively.

**Transfer agent fees. The John Hancock group of funds has a complex-wide transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an affiliate of the Advisor. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. It also includes out-of-pocket expenses, including payments made to third-parties for**

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recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain fees that Signature Services receives in connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to three categories of share classes: Retail Share Classes of Non-Municipal Bond Funds, Retirement Share Classes and Retail Share Classes of Municipal Bond Funds. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.

#### Class level expenses. Class level expenses for the year ended May 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;**Distribution and service fees** | &nbsp;&nbsp;&nbsp;**Transfer agent fees** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$1419905 | &nbsp;&nbsp;&nbsp;&nbsp;$344400 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4347 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;315716 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8326 |
| **Total** | &nbsp;&nbsp;**$1493637** | &nbsp;&nbsp;**$672789** |

---

**Trustee expenses. The fund compensates each Trustee who is not an employee of the Advisor or its affiliates. The costs of paying Trustee compensation and expenses are allocated to the fund based on its net assets relative to other funds within the John Hancock group of funds complex.**

#### Note 6 — Fund share transactions
Transactions in fund shares for the years ended May 31, 2025 and 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-25** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-25** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-24** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-24** |
|  | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class A shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;16804783 | &nbsp;&nbsp;&nbsp;&nbsp;$151257108 | &nbsp;&nbsp;&nbsp;&nbsp;16536355 | &nbsp;&nbsp;&nbsp;&nbsp;$147257841 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18579025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15403659 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(12693480) | &nbsp;&nbsp;&nbsp;&nbsp;(113706615) | &nbsp;&nbsp;&nbsp;&nbsp;(10057107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89124200) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**6173094** | &nbsp;&nbsp;&nbsp;&nbsp;**$56129518** | &nbsp;&nbsp;&nbsp;&nbsp;**8214587** | &nbsp;&nbsp;&nbsp;&nbsp;**$73537300** |
| **Class C shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1345840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2150153 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205718 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(271986) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2453055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(454684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4022028) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(102255)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(913938)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(190707)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(1666157)** |
| **Class I shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;29287530 | &nbsp;&nbsp;&nbsp;&nbsp;$263985626 | &nbsp;&nbsp;&nbsp;&nbsp;29216666 | &nbsp;&nbsp;&nbsp;&nbsp;$260041019 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18113175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13431049 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(18775968) | &nbsp;&nbsp;&nbsp;&nbsp;(168309401) | &nbsp;&nbsp;&nbsp;&nbsp;(18570523) | &nbsp;&nbsp;&nbsp;&nbsp;(163661729) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**12518431** | &nbsp;&nbsp;&nbsp;**$113789400** | &nbsp;&nbsp;&nbsp;&nbsp;**12157399** | &nbsp;&nbsp;&nbsp;**$109810339** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-25** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-25** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-24** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-24** |
|  | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class R6 shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7504505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$67636041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8841215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$78406201 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6288187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4794304 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5610093) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50234668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5132575) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45172690) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**2590878** | &nbsp;&nbsp;&nbsp;&nbsp;**$23689560** | &nbsp;&nbsp;&nbsp;&nbsp;**4247725** | &nbsp;&nbsp;&nbsp;&nbsp;**$38027815** |
| **Total net increase** | &nbsp;&nbsp;**21180148** | &nbsp;&nbsp;**$192694540** | &nbsp;&nbsp;**24429004** | &nbsp;&nbsp;**$219709297** |

---

#### Note 7 — Purchase and sale of securities
Purchases and sales of securities, other than short-term investments, amounted to $877,615,905 and $688,120,442, respectively, for the year ended May 31, 2025.

#### Note 8 — State or region risk
To the extent that the fund invests heavily in bonds from any given state or region, its performance could be disproportionately affected by factors particular to that state or region. These factors may include economic or political changes, tax-base erosion, possible state constitutional limits on tax increases, detrimental budget deficits and other financial difficulties, and changes to the credit ratings assigned to those states' municipal issuers.

#### Note 9 — Investment in affiliated underlying funds
The fund may invest in affiliated underlying funds that are managed by the Advisor and its affiliates. Information regarding the fund's fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital gains earned by the fund, if any, is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Dividends and distributions** | **Dividends and distributions** |  |
| **Affiliate** | **Ending<br> share<br> amount** | **Beginning<br> value** | **Cost of<br> purchases** | **Proceeds<br> from shares<br> sold** | **Realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Income<br> distributions<br> received** | **Capital gain<br> distributions<br> received** | **Ending<br> value** |
| John Hancock Collateral Trust | 723702 | $12 | $279924553 | $(272690013) | $4246 | $100 | $328063 |  | $7238898 |

---

#### Note 10 — New accounting pronouncement
In this reporting period, the fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-07). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. The management committee of the Advisor acts as the fund's chief operating decision maker (the CODM), assessing performance and making decisions about resource allocation. The fund represents a single operating segment, as the CODM monitors and assesses the operating results of the fund as a whole, and the fund's long-term strategic asset allocation is managed in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the portfolio management team of the fund's subadvisor. Segment assets are reflected in the Statement of assets and liabilities as "Total assets", which consists primarily of total investments at value. The financial information, including the measurement of profit and loss and significant expenses, provided to and reviewed by the CODM is consistent with that presented within the Statement of operations, which includes "Increase (decrease) in net assets from operations", Statements of changes in net assets, which includes "Increase (decrease) in net assets from fund share transactions", and Financial highlights, which includes total return and income and expense ratios.

65 JOHN HANCOCK Municipal Opportunities Fund \|

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[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

#### Report of Independent Registered Public Accounting Firm

------

#### To the Board of Trustees of John Hancock Municipal Securities Trust and Shareholders of John Hancock Municipal Opportunities Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the Fund's investments, of John Hancock Municipal Opportunities Fund (one of the funds constituting John Hancock Municipal Securities Trust, referred to hereafter as the "Fund") as of May 31, 2025, the related statement of operations for the year ended May 31, 2025, the statements of changes in net assets for each of the two years in the period ended May 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2025 (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 May 31, 2025, 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 May 31, 2025 and the financial highlights for each of the five years in the period ended May 31, 2025 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 May 31, 2025 by correspondence with the custodian, transfer agent 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

July 11, 2025

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

\| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 66

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[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

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 May 31, 2025.

98.92% of dividends from net investment income are exempt-interest dividends.

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

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

Eligible shareholders will be mailed a 2025 Form 1099-DIV in early 2026. This will reflect the tax character of all distributions paid in calendar year 2025.

#### Please consult a tax advisor regarding the tax consequences of your investment in the fund.
67 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \|

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[**Table of Contents**](#JOB_Munic_62143e64-6314-4566-8b12-8b555826491b_TofC)

![](img420af8fa3.jpg)

John Hancock Investment Management Distributors LLC, Member FINRA, SIPC

200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com

Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.

NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.

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

MF4543934 52A 5/25

7/25

------

![](img069026dc1.gif)

![](imgd617ebfe2.gif)

Annual Financial Statements & Other N-CSR Items

## John Hancock

## Short Duration Municipal Opportunities Fund
Fixed income

May 31, 2025

------

John Hancock

Short Duration Municipal Opportunities Fund

Table of contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;**2** | &nbsp;&nbsp;[Fund's investments](#xx_32fe8044-75f8-44d4-b714-47c72154aff1_1) |
| **13** | &nbsp;&nbsp;[Financial statements](#xx_65e04564-210e-489c-a7c1-ffc4dfc05cb8_1) |
| **16** | &nbsp;&nbsp;[Financial highlights](#xx_f47dbd34-e383-42ae-9b71-f309e14a57c2_1) |
| **20** | &nbsp;&nbsp;[Notes to financial statements](#xx_a69d0b12-1237-4cdf-93d6-26f5b2b90f46_1) |
| **27** | &nbsp;&nbsp;[Report of independent registered public accounting firm](#xx_43455719-b8f3-42fc-bfb9-315c3baad954_1) |
| **28** | &nbsp;&nbsp;[Tax information](#xx_150c8012-2e65-4629-ae73-1a09a6f0e0ac_1) |

---

1 JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND \|

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[**Table of Contents**](#JOB_Short_ec2a55c4-b2d1-4ddf-9687-3afb7075b7cb_TofC)

Fund's investments

#### AS OF 5-31-25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Municipal bonds 99.6%** |  |  |  | &nbsp;&nbsp;**$53563863** |
| (Cost $53,550,358) |  |  |  |  |
| **Alabama 4.4%** |  |  |  | &nbsp;&nbsp;**2391107** |
| Black Belt Energy Gas District<br> Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;05-01-55 | 500000 | &nbsp;&nbsp;526912 |
| City of Birmingham<br> Birmingham Water Works Board (A) | &nbsp;&nbsp;3.750 | &nbsp;&nbsp;09-01-26 | 500000 | &nbsp;&nbsp;497793 |
| Energy Southeast, a Cooperative District<br> Series B | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-54 | 500000 | &nbsp;&nbsp;529051 |
| Lower Alabama Gas District<br> Gas Project No. 2, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-50 | 250000 | &nbsp;&nbsp;249439 |
| Southeast Energy Authority, a Cooperative District<br> Commodity Supply Project No. 5, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;01-01-54 | 265000 | &nbsp;&nbsp;273697 |
| Southeast Energy Authority, a Cooperative District<br> Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-55 | 300000 | &nbsp;&nbsp;314215 |
| **Arizona 2.0%** |  |  |  | &nbsp;&nbsp;**1054570** |
| Chandler Industrial Development Authority<br> Intel Corp. Project, Series 2, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-49 | 300000 | &nbsp;&nbsp;295461 |
| Chandler Industrial Development Authority<br> Intel Corp. Project, Series 2, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-52 | 450000 | &nbsp;&nbsp;458405 |
| Phenix City Industrial Development Board<br> MeadWestvaco Coated Board Project, Series A, AMT | &nbsp;&nbsp;4.125 | &nbsp;&nbsp;05-15-35 | 300000 | &nbsp;&nbsp;285461 |
| University of Arizona<br> Board of Regents | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-37 | 15000 | &nbsp;&nbsp;15243 |
| **Arkansas 0.6%** |  |  |  | &nbsp;&nbsp;**344768** |
| Little Rock School District<br> Construction Bonds, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;02-01-28 | 350000 | &nbsp;&nbsp;344768 |
| **California 13.8%** |  |  |  | &nbsp;&nbsp;**7436693** |
| California Community Choice Financing Authority<br> Clean Energy Project, Series E | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-55 | 640000 | &nbsp;&nbsp;671902 |
| California Community Choice Financing Authority<br> Clean Energy Project, Series H | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-56 | 515000 | &nbsp;&nbsp;547803 |
| California Housing Finance Agency<br> Power Station Block 7B, Series L (A) | &nbsp;&nbsp;5.200 | &nbsp;&nbsp;12-01-27 | 500000 | &nbsp;&nbsp;508016 |
| California Infrastructure & Economic Development Bank<br> Brightline West Passenger Project, Series A, AMT (A) | &nbsp;&nbsp;9.500 | &nbsp;&nbsp;01-01-65 | 700000 | &nbsp;&nbsp;678074 |
| California Infrastructure & Economic Development Bank<br> California Academy of Sciences, Series A | &nbsp;&nbsp;3.250 | &nbsp;&nbsp;08-01-29 | 300000 | &nbsp;&nbsp;299733 |

---

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND 2

------

[**Table of Contents**](#JOB_Short_ec2a55c4-b2d1-4ddf-9687-3afb7075b7cb_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **California (continued)** |  |  |  |  |
| California Municipal Finance Authority<br> Northbay Healthcare, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-25 | 250000 | &nbsp;&nbsp;$250172 |
| California Municipal Finance Authority<br> United Airlines, Inc. Project, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-15-29 | 100000 | &nbsp;&nbsp;97363 |
| California Municipal Finance Authority<br> Westside Neighborhood School Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-34 | 250000 | &nbsp;&nbsp;258275 |
| California Pollution Control Financing Authority<br> Waste Management, Inc., Series B-1, AMT | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;11-01-25 | 350000 | &nbsp;&nbsp;348368 |
| California School Finance Authority<br> Alliance for College Ready Public Schools Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-36 | 300000 | &nbsp;&nbsp;300114 |
| California Statewide Communities Development Authority<br> Kaiser Permanente, Series 2003-D | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-33 | 480000 | &nbsp;&nbsp;516650 |
| Independent Cities Finance Authority<br> Union City Tropics | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-15-32 | 300000 | &nbsp;&nbsp;304609 |
| Los Angeles Department Water And Power<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-28 | 1000000 | &nbsp;&nbsp;1037259 |
| Pacheco Union Elementary School District<br> Certificates of Participation (B)(C) | &nbsp;&nbsp;3.236 | &nbsp;&nbsp;02-01-27 | 140000 | &nbsp;&nbsp;132634 |
| Patterson Joint Unified School District<br> 2008 Election, Series A, GO (B)(C) | &nbsp;&nbsp;3.162 | &nbsp;&nbsp;08-01-26 | 535000 | &nbsp;&nbsp;515607 |
| San Francisco City & County Airport Commission<br> Series C, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-32 | 400000 | &nbsp;&nbsp;428461 |
| San Joaquin Valley Clean Energy Authority<br> Clean Energy Project, Series A | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;01-01-56 | 500000 | &nbsp;&nbsp;541653 |
| **Colorado 1.7%** |  |  |  | &nbsp;&nbsp;**905825** |
| City of Longmont<br> Water Enterprise Revenue | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;11-01-33 | 65000 | &nbsp;&nbsp;60560 |
| Colorado Housing and Finance Authority<br> Series E-2, Class I | &nbsp;&nbsp;3.350 | &nbsp;&nbsp;10-01-29 | 450000 | &nbsp;&nbsp;448397 |
| South Maryland Creek Ranch Metropolitan District, GO (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-29 | 195000 | &nbsp;&nbsp;206849 |
| Trails at Crowfoot Metropolitan District No. 3<br> Series A, GO (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-34 | 175000 | &nbsp;&nbsp;190019 |
| **Connecticut 1.2%** |  |  |  | &nbsp;&nbsp;**640953** |
| City of Bridgeport<br> Series B, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-27 | 220000 | &nbsp;&nbsp;229115 |
| Stamford Housing Authority<br> Mozaic Concierge Living Project, Series C | &nbsp;&nbsp;4.750 | &nbsp;&nbsp;10-01-32 | 215000 | &nbsp;&nbsp;215379 |
| Town of Hamden<br> Whitney Center Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-50 | 230000 | &nbsp;&nbsp;196459 |
| **Delaware 1.9%** |  |  |  | &nbsp;&nbsp;**1021832** |
| Delaware County Authority<br> Cabrini University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-31 | 30000 | &nbsp;&nbsp;31065 |
| Delaware State Economic Development Authority<br> NRG Energy Project, Series B | &nbsp;&nbsp;1.250 | &nbsp;&nbsp;10-01-40 | 500000 | &nbsp;&nbsp;492494 |

---

3 JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

------

[**Table of Contents**](#JOB_Short_ec2a55c4-b2d1-4ddf-9687-3afb7075b7cb_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Delaware (continued)** |  |  |  |  |
| Delaware Transportation Authority<br> Transportation System Revenue | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;07-01-28 | 500000 | &nbsp;&nbsp;$498273 |
| **District of Columbia 0.9%** |  |  |  | &nbsp;&nbsp;**509863** |
| Metropolitan Washington Airports Authority Aviation Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-26 | 500000 | &nbsp;&nbsp;509863 |
| **Florida 10.2%** |  |  |  | &nbsp;&nbsp;**5472637** |
| Cabot Citrus Farms<br> Community Development District | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;03-01-29 | 300000 | &nbsp;&nbsp;301784 |
| Capital Trust Authority<br> KIPP Miami - North Campus Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-34 | 300000 | &nbsp;&nbsp;306434 |
| County of Broward Port Facilities Revenue<br> Series B, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-28 | 500000 | &nbsp;&nbsp;522941 |
| County of Miami-Dade Aviation Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-30 | 255000 | &nbsp;&nbsp;270707 |
| County of Miami-Dade Aviation Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-34 | 500000 | &nbsp;&nbsp;534275 |
| Florida Development Finance Corp.<br> Brightline Passenger Rail Expansion Project, Series A, AMT (A) | &nbsp;&nbsp;8.250 | &nbsp;&nbsp;07-01-57 | 500000 | &nbsp;&nbsp;509116 |
| Florida Development Finance Corp.<br> Imagine School at Broward Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-15-34 | 200000 | &nbsp;&nbsp;203679 |
| Florida Development Finance Corp.<br> Nova Southeastern University Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-27 | 25000 | &nbsp;&nbsp;25803 |
| Florida Development Finance Corp.<br> Solid Waste Southeast LLC Project, Series A, AMT (A) | &nbsp;&nbsp;4.375 | &nbsp;&nbsp;10-01-54 | 500000 | &nbsp;&nbsp;497664 |
| Jacksonville Housing Authority<br> Westwood Apartments | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-34 | 300000 | &nbsp;&nbsp;312252 |
| North Miami Community Redevelopment Agency<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-31 | 500000 | &nbsp;&nbsp;536102 |
| Palm Beach County Health Facilities Authority<br> Acts Retirement-Life Communities | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-32 | 50000 | &nbsp;&nbsp;50681 |
| Palm Beach County Health Facilities Authority<br> Jupiter Medical Center Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-28 | 15000 | &nbsp;&nbsp;15611 |
| Palm Beach County Health Facilities Authority<br> Jupiter Medical Center Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-29 | 70000 | &nbsp;&nbsp;73441 |
| Palm Beach County Health Facilities Authority<br> Jupiter Medical Center Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-30 | 200000 | &nbsp;&nbsp;211275 |
| Palm Beach County Health Facilities Authority<br> Toby and Leon Cooperman Sinai Residences | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-26 | 300000 | &nbsp;&nbsp;299521 |
| Town of Davie<br> Nova Southeastern University Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-31 | 330000 | &nbsp;&nbsp;342570 |
| Village Community Development District<br> CDD No. 15 (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-34 | 250000 | &nbsp;&nbsp;243285 |
| Winter Garden Village at Fowler Groves<br> Community Development District | &nbsp;&nbsp;3.750 | &nbsp;&nbsp;05-01-31 | 220000 | &nbsp;&nbsp;215496 |

---

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND 4

------

[**Table of Contents**](#JOB_Short_ec2a55c4-b2d1-4ddf-9687-3afb7075b7cb_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Georgia 6.6%** |  |  |  | &nbsp;&nbsp;**$3536884** |
| Augusta Development Authority<br> AU Health System, Inc. Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-26 | 250000 | &nbsp;&nbsp;254319 |
| City of Atlanta Airport Passenger Facility Charge<br> Series D, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-26 | 500000 | &nbsp;&nbsp;509118 |
| Development Authority of Burke County<br> Oglethorpe Power Corp. Vogtle Project, Series A | &nbsp;&nbsp;3.600 | &nbsp;&nbsp;01-01-40 | 500000 | &nbsp;&nbsp;498608 |
| Georgia State Road & Tollway Authority<br> Managed Lane System, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-15-38 | 5000 | &nbsp;&nbsp;4950 |
| Main Street Natural Gas, Inc.<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-52 | 400000 | &nbsp;&nbsp;396599 |
| Main Street Natural Gas, Inc.<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-26 | 550000 | &nbsp;&nbsp;556177 |
| Main Street Natural Gas, Inc.<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-53 | 250000 | &nbsp;&nbsp;260136 |
| Main Street Natural Gas, Inc.<br> Series D | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-54 | 500000 | &nbsp;&nbsp;523022 |
| Main Street Natural Gas, Inc.<br> Series E-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-53 | 500000 | &nbsp;&nbsp;523358 |
| Municipal Electric Authority of Georgia<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-29 | 10000 | &nbsp;&nbsp;10597 |
| **Illinois 6.7%** |  |  |  | &nbsp;&nbsp;**3615566** |
| Chicago Midway International Airport<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-30 | 550000 | &nbsp;&nbsp;552723 |
| Chicago O'Hare International Airport<br> Series E, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-27 | 500000 | &nbsp;&nbsp;512452 |
| City of Chicago Wastewater Transmission Revenue<br> Series B (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-30 | 250000 | &nbsp;&nbsp;255809 |
| Illinois Finance Authority<br> Clark-Lindsey Village, Series A | &nbsp;&nbsp;4.600 | &nbsp;&nbsp;06-01-27 | 220000 | &nbsp;&nbsp;217624 |
| Madison County Capital Resource Corp.<br> Colgate University Refunding Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-36 | 300000 | &nbsp;&nbsp;339112 |
| Metropolitan Pier & Exposition Authority<br> McCormick Place Expansion Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-15-28 | 500000 | &nbsp;&nbsp;516595 |
| State of Illinois<br> Series B, GO | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;10-01-29 | 500000 | &nbsp;&nbsp;533523 |
| State of Illinois, GO | &nbsp;&nbsp;4.125 | &nbsp;&nbsp;11-01-31 | 525000 | &nbsp;&nbsp;522678 |
| Village of Bedford Park Hotel/Motel Tax Revenue<br> Series A (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-35 | 155000 | &nbsp;&nbsp;165050 |
| **Indiana 1.5%** |  |  |  | &nbsp;&nbsp;**797541** |
| City of Whiting<br> BP Products North America, Inc., Series A, AMT | &nbsp;&nbsp;4.400 | &nbsp;&nbsp;03-01-46 | 175000 | &nbsp;&nbsp;177101 |
| Indiana Finance Authority<br> Indiana Masonic Home Project, Series A | &nbsp;&nbsp;4.300 | &nbsp;&nbsp;05-01-29 | 500000 | &nbsp;&nbsp;501999 |
| Indiana Finance Authority<br> Indiana University Health, Series B-2 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-60 | 110000 | &nbsp;&nbsp;118441 |

---

5 JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

------

[**Table of Contents**](#JOB_Short_ec2a55c4-b2d1-4ddf-9687-3afb7075b7cb_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Iowa 0.9%** |  |  |  | &nbsp;&nbsp;**$499023** |
| Iowa Finance Authority<br> Gevo NW Iowa RNG Project, AMT | &nbsp;&nbsp;3.875 | &nbsp;&nbsp;01-01-42 | 500000 | &nbsp;&nbsp;499023 |
| **Kansas 1.1%** |  |  |  | &nbsp;&nbsp;**568663** |
| City of Prairie Village<br> Meadowbrook TIF Project | &nbsp;&nbsp;3.125 | &nbsp;&nbsp;04-01-36 | 350000 | &nbsp;&nbsp;321029 |
| City of Topeka Combined Utility Revenue<br> Series A | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;08-01-27 | 250000 | &nbsp;&nbsp;247634 |
| **Kentucky 1.8%** |  |  |  | &nbsp;&nbsp;**981450** |
| County of Trimble<br> Louisville Gas and Electric Company Project, Series A | &nbsp;&nbsp;3.750 | &nbsp;&nbsp;06-01-33 | 500000 | &nbsp;&nbsp;501226 |
| Kentucky Public Energy Authority<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-55 | 250000 | &nbsp;&nbsp;259179 |
| Northern Kentucky Water District<br> Series B | &nbsp;&nbsp;3.125 | &nbsp;&nbsp;02-01-29 | 225000 | &nbsp;&nbsp;221045 |
| **Maryland 0.1%** |  |  |  | &nbsp;&nbsp;**51067** |
| Maryland Health & Higher Educational Facilities Authority<br> University of Maryland Medical System, Series B-2 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-45 | 50000 | &nbsp;&nbsp;51067 |
| **Massachusetts 1.4%** |  |  |  | &nbsp;&nbsp;**774302** |
| City of Fall River, GO | &nbsp;&nbsp;2.000 | &nbsp;&nbsp;12-01-32 | 400000 | &nbsp;&nbsp;346878 |
| Massachusetts Development Finance Agency<br> Gingercare Living Issue, Series B-2 (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-29 | 150000 | &nbsp;&nbsp;150107 |
| Massachusetts Development Finance Agency<br> Tufts Medicine, Series E | &nbsp;&nbsp;8.500 | &nbsp;&nbsp;10-01-26 | 250000 | &nbsp;&nbsp;251477 |
| Massachusetts Development Finance Agency<br> Worcester Polytechnic Institute | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-30 | 15000 | &nbsp;&nbsp;15526 |
| Massachusetts Development Finance Agency<br> Worcester Polytechnic Institute | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-37 | 10000 | &nbsp;&nbsp;10314 |
| **Michigan 2.5%** |  |  |  | &nbsp;&nbsp;**1328746** |
| Canyon Falls Municipal Utility District No. 1, GO (B) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;02-15-31 | 100000 | &nbsp;&nbsp;102571 |
| Canyon Falls Municipal Utility District No. 1, GO (B) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;02-15-31 | 145000 | &nbsp;&nbsp;148728 |
| Grand Valley State University<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 500000 | &nbsp;&nbsp;505733 |
| Michigan Finance Authority<br> McLaren Healthcare, Series D-2 | &nbsp;&nbsp;1.200 | &nbsp;&nbsp;10-15-38 | 345000 | &nbsp;&nbsp;321468 |
| Michigan State Hospital Finance Authority<br> Corewell Health, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-55 | 200000 | &nbsp;&nbsp;214277 |
| Michigan Strategic Fund<br> I-75 Improvement Project, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-31-32 | 35000 | &nbsp;&nbsp;35969 |

---

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND 6

------

[**Table of Contents**](#JOB_Short_ec2a55c4-b2d1-4ddf-9687-3afb7075b7cb_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Missouri 2.2%** |  |  |  | &nbsp;&nbsp;**$1173040** |
| I-470 Western Gateway Transportation Development District<br> Series A (A) | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;12-01-29 | 300000 | &nbsp;&nbsp;297231 |
| Industrial Development Authority of the City of St. Louis<br> Union Station Phase 2 Redevelopment Project, Series A | &nbsp;&nbsp;4.875 | &nbsp;&nbsp;06-15-34 | 385000 | &nbsp;&nbsp;380175 |
| Lee's Summit Industrial Development Authority<br> John Knox Village Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-27 | 200000 | &nbsp;&nbsp;200089 |
| Lee's Summit Industrial Development Authority<br> John Knox Village Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-32 | 145000 | &nbsp;&nbsp;145469 |
| Waynesville R-VI School District<br> Certificates of Participation | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-15-30 | 140000 | &nbsp;&nbsp;150076 |
| **Montana 0.5%** |  |  |  | &nbsp;&nbsp;**252403** |
| City of Forsyth<br> NorthWestern Corp. Colstrip Project | &nbsp;&nbsp;3.875 | &nbsp;&nbsp;07-01-28 | 250000 | &nbsp;&nbsp;252403 |
| **New Hampshire 1.2%** |  |  |  | &nbsp;&nbsp;**636234** |
| New Hampshire Business Finance Authority<br> Pennichuck Water Works, Inc., Series A, AMT | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;04-01-34 | 75000 | &nbsp;&nbsp;79986 |
| New Hampshire Business Finance Authority<br> Pennichuck Water Works, Inc., Series A, AMT | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;04-01-38 | 100000 | &nbsp;&nbsp;103620 |
| New Hampshire Health & Education Facilities Authority<br> Catholic Medical Center | &nbsp;&nbsp;3.375 | &nbsp;&nbsp;07-01-33 | 25000 | &nbsp;&nbsp;25212 |
| New Hampshire Health & Education Facilities Authority<br> Catholic Medical Center | &nbsp;&nbsp;3.500 | &nbsp;&nbsp;07-01-34 | 175000 | &nbsp;&nbsp;176923 |
| New Hampshire Health & Education Facilities Authority<br> Darmouth College, Series B | &nbsp;&nbsp;3.300 | &nbsp;&nbsp;06-01-40 | 250000 | &nbsp;&nbsp;250493 |
| **New Jersey 2.9%** |  |  |  | &nbsp;&nbsp;**1578648** |
| New Jersey Institute of Technology<br> Series A (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-36 | 500000 | &nbsp;&nbsp;553918 |
| New Jersey Transportation Trust Fund Authority<br> Series AA | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-30 | 500000 | &nbsp;&nbsp;540571 |
| State of New Jersey, GO | &nbsp;&nbsp;2.000 | &nbsp;&nbsp;06-01-27 | 500000 | &nbsp;&nbsp;484159 |
| **New York 1.8%** |  |  |  | &nbsp;&nbsp;**944060** |
| Albany County Airport Authority<br> Series B, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-15-26 | 500000 | &nbsp;&nbsp;512168 |
| Dutchess County Local Development Corp.<br> Marist College Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-45 | 45000 | &nbsp;&nbsp;45065 |
| Farmingdale Union Free School District, GO | &nbsp;&nbsp;2.000 | &nbsp;&nbsp;09-15-34 | 225000 | &nbsp;&nbsp;181013 |
| New York City Municipal Water Finance Authority<br> Fiscal 2025, Series DD | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-35 | 150000 | &nbsp;&nbsp;170128 |
| New York City Transitional Finance Authority Future Tax Secured Revenue<br> Series D-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-26 | 5000 | &nbsp;&nbsp;5149 |

---

7 JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

------

[**Table of Contents**](#JOB_Short_ec2a55c4-b2d1-4ddf-9687-3afb7075b7cb_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **New York (continued)** |  |  |  |  |
| New York Transportation Development Corp.<br> John F. Kennedy International Airport Project, Terminal 4, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-26 | 30000 | &nbsp;&nbsp;$30537 |
| **North Carolina 1.0%** |  |  |  | &nbsp;&nbsp;**548490** |
| North Carolina Medical Care Commission<br> The United Methodist Retirement Homes Project, Series 2024B-1 | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;10-01-28 | 250000 | &nbsp;&nbsp;250010 |
| State of North Carolina<br> Series C | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;05-01-28 | 300000 | &nbsp;&nbsp;298480 |
| **North Dakota 1.2%** |  |  |  | &nbsp;&nbsp;**621146** |
| Cass County Joint Water Resource District<br> Series A, GO | &nbsp;&nbsp;3.450 | &nbsp;&nbsp;04-01-27 | 125000 | &nbsp;&nbsp;124740 |
| City of Bismarck<br> Series T, GO | &nbsp;&nbsp;2.500 | &nbsp;&nbsp;05-01-26 | 500000 | &nbsp;&nbsp;496406 |
| **Ohio 2.0%** |  |  |  | &nbsp;&nbsp;**1098420** |
| County of Ohio<br> The Highlands Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-32 | 365000 | &nbsp;&nbsp;379084 |
| Jefferson County Port Authority<br> JSW Steel Project, AMT (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-53 | 300000 | &nbsp;&nbsp;300224 |
| North Lawrence Community Schools Building Corp.<br> First Mortgage | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-15-32 | 250000 | &nbsp;&nbsp;274830 |
| Ohio Air Quality Development Authority<br> FirstEnergy, Series D | &nbsp;&nbsp;3.375 | &nbsp;&nbsp;08-01-29 | 150000 | &nbsp;&nbsp;144282 |
| **Oklahoma 0.5%** |  |  |  | &nbsp;&nbsp;**249053** |
| Blaine County Educational Facilities Authority<br> Watonga Public Schools Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-30 | 235000 | &nbsp;&nbsp;249053 |
| **Oregon 2.9%** |  |  |  | &nbsp;&nbsp;**1549662** |
| City of Newport<br> Series B, GO (B)(C) | &nbsp;&nbsp;3.281 | &nbsp;&nbsp;06-01-27 | 400000 | &nbsp;&nbsp;374621 |
| Oregon City School District No. 62<br> Series A, GO (C) | &nbsp;&nbsp;3.160 | &nbsp;&nbsp;06-15-29 | 450000 | &nbsp;&nbsp;396113 |
| Oregon State Facilities Authority<br> Southern Oregon Goodwill Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-28 | 320000 | &nbsp;&nbsp;329007 |
| Oregon State Lottery<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-28 | 190000 | &nbsp;&nbsp;201351 |
| Washington County Oregon School District No.48<br> Series A, GO (C) | &nbsp;&nbsp;3.595 | &nbsp;&nbsp;06-15-31 | 165000 | &nbsp;&nbsp;132889 |
| Washington County Oregon School District No.48<br> Series A, GO (C) | &nbsp;&nbsp;3.703 | &nbsp;&nbsp;06-15-32 | 150000 | &nbsp;&nbsp;115681 |
| **Pennsylvania 3.9%** |  |  |  | &nbsp;&nbsp;**2120930** |
| Berks County Municipal Authority<br> Tower Health Project, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-40 | 500000 | &nbsp;&nbsp;427739 |
| Boyertown Area School District, GO (B) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-27 | 425000 | &nbsp;&nbsp;426576 |

---

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND 8

------

[**Table of Contents**](#JOB_Short_ec2a55c4-b2d1-4ddf-9687-3afb7075b7cb_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Pennsylvania (continued)** |  |  |  |  |
| Chester County Industrial Development Authority<br> Avon Grove Charter School | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-27 | 220000 | &nbsp;&nbsp;$222972 |
| City of Philadelphia Airport Revenue<br> Private Activity, AMT | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-31 | 500000 | &nbsp;&nbsp;534422 |
| Lancaster County Hospital Authority<br> Brethren Village Project | &nbsp;&nbsp;&nbsp;4.250 | &nbsp;&nbsp;07-01-28 | 35000 | &nbsp;&nbsp;34477 |
| Pennsylvania Economic Development Financing Authority<br> Energy Supply LLC Project, Series B | &nbsp;&nbsp;&nbsp;5.250 | &nbsp;&nbsp;12-01-38 | 300000 | &nbsp;&nbsp;300155 |
| Philadelphia Authority for Industrial Development<br> Philadelphia E&T Charter High School, Series A | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-31 | 180000 | &nbsp;&nbsp;174589 |
| **Puerto Rico 0.3%** |  |  |  | &nbsp;&nbsp;**174000** |
| Puerto Rico Commonwealth<br> CW Guarantee Bond Claims, GO (C) | &nbsp;&nbsp;&nbsp;2.771 | &nbsp;&nbsp;11-01-43 | 290000 | &nbsp;&nbsp;174000 |
| **South Carolina 1.7%** |  |  |  | &nbsp;&nbsp;**924834** |
| Fort Mill School District No. 4<br> Series E, GO | &nbsp;&nbsp;&nbsp;3.000 | &nbsp;&nbsp;03-01-31 | 220000 | &nbsp;&nbsp;213712 |
| Laurens County Public Facilities Authority<br> Laurens County Public Facilities Project | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-44 | 65000 | &nbsp;&nbsp;59017 |
| South Carolina Jobs-Economic Development Authority<br> Wofford College | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-27 | 25000 | &nbsp;&nbsp;25341 |
| South Carolina Public Service Authority<br> Series A | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-30 | 295000 | &nbsp;&nbsp;297328 |
| South Carolina Transportation Infrastructure Bank<br> Series A | &nbsp;&nbsp;&nbsp;3.000 | &nbsp;&nbsp;10-01-33 | 350000 | &nbsp;&nbsp;329436 |
| **Tennessee 0.6%** |  |  |  | &nbsp;&nbsp;**318131** |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board<br> Vanderbilt University Medical Center, Series A | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-29 | 300000 | &nbsp;&nbsp;318131 |
| **Texas 10.6%** |  |  |  | &nbsp;&nbsp;**5693884** |
| Brazoria County Industrial Development Corp.<br> Aleon Renewable Metals LLC Project, AMT (A) | &nbsp;&nbsp;12.000 | &nbsp;&nbsp;06-01-43 | 100000 | &nbsp;&nbsp;85000 |
| City of Houston Airport System Revenue<br> United Airlines, Inc. Terminal Project, Series B, AMT | &nbsp;&nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-15-33 | 500000 | &nbsp;&nbsp;513246 |
| City of Pflugerville<br> Meadowlark Preserve Public Improvement District Project (A) | &nbsp;&nbsp;&nbsp;4.250 | &nbsp;&nbsp;09-01-33 | 350000 | &nbsp;&nbsp;338228 |
| Dallas Fort Worth International Airport<br> Series C, AMT | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-30 | 500000 | &nbsp;&nbsp;532149 |
| Decatur Hospital Authority<br> Wise Health System, Series B | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-30 | 225000 | &nbsp;&nbsp;242417 |
| Elevon Municipal Utility District No. 1-A, GO (B) | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-33 | 310000 | &nbsp;&nbsp;313141 |

---

9 JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

------

[**Table of Contents**](#JOB_Short_ec2a55c4-b2d1-4ddf-9687-3afb7075b7cb_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Texas (continued)** |  |  |  |  |
| Gulf Coast Industrial Development Authority<br> CITGO Petroleum Corp. Project, AMT | &nbsp;&nbsp;&nbsp;8.000 | &nbsp;&nbsp;04-01-28 | 500000 | &nbsp;&nbsp;$500536 |
| Harris County Municipal Utility District No. 171<br> Series A, GO (B) | &nbsp;&nbsp;&nbsp;3.000 | &nbsp;&nbsp;12-01-32 | 250000 | &nbsp;&nbsp;238321 |
| Harrisburg Redevelopment Authority (B) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-30 | 450000 | &nbsp;&nbsp;480510 |
| League City, GO | &nbsp;&nbsp;&nbsp;3.000 | &nbsp;&nbsp;02-15-32 | 215000 | &nbsp;&nbsp;200778 |
| Montgomery County Higher Education and Health Authority<br> Thomas Jefferson University Project | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-26 | 230000 | &nbsp;&nbsp;234069 |
| Montgomery County Municipal Utility District No. 111, GO (B) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-29 | 120000 | &nbsp;&nbsp;127292 |
| Montgomery County Municipal Utility District No. 111, GO (B) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-30 | 130000 | &nbsp;&nbsp;139216 |
| New Hope Cultural Education Facilities Finance Corp.<br> Bella Vida Facility Living Project, Series B-1 | &nbsp;&nbsp;&nbsp;5.250 | &nbsp;&nbsp;10-01-30 | 250000 | &nbsp;&nbsp;248768 |
| Newark Higher Education Finance Corp.<br> Village Tech Schools, Series A | &nbsp;&nbsp;&nbsp;4.375 | &nbsp;&nbsp;08-15-29 | 260000 | &nbsp;&nbsp;255931 |
| Port Authority of Houston<br> Series A, AMT, GO | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-32 | 345000 | &nbsp;&nbsp;355714 |
| Port of Beaumont Navigation District<br> Jefferson Gulf Coast Energy Project, Series B (A) | &nbsp;&nbsp;10.000 | &nbsp;&nbsp;07-01-26 | 300000 | &nbsp;&nbsp;306950 |
| Texas Municipal Gas Acquisition & Supply Corp.<br> Series D | &nbsp;&nbsp;&nbsp;6.250 | &nbsp;&nbsp;12-15-26 | 55000 | &nbsp;&nbsp;56341 |
| Texas Public Finance Authority<br> Texas Southern University | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-26 | 520000 | &nbsp;&nbsp;525277 |
| **Vermont 0.5%** |  |  |  | &nbsp;&nbsp;**244586** |
| Vermont Economic Development Authority<br> Casella Waste Systems, Inc. Project, Series A-2, AMT (A) | &nbsp;&nbsp;&nbsp;4.375 | &nbsp;&nbsp;06-01-52 | 250000 | &nbsp;&nbsp;244586 |
| **Virgin Islands 0.0%** |  |  |  | &nbsp;&nbsp;**25448** |
| Matching Fund Special Purpose Securitization Corp.<br> Series A | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-28 | 25000 | &nbsp;&nbsp;25448 |
| **Virginia 0.9%** |  |  |  | &nbsp;&nbsp;**495829** |
| City of Norfolk Water Revenue<br> Series 2025 (D) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-34 | 265000 | &nbsp;&nbsp;294399 |
| Virginia Beach Development Authority<br> Westminster-Canterbury on Chesapeake Bay, Series B-1 | &nbsp;&nbsp;&nbsp;6.250 | &nbsp;&nbsp;09-01-30 | 200000 | &nbsp;&nbsp;201430 |
| **Washington 2.4%** |  |  |  | &nbsp;&nbsp;**1266014** |
| Klickitat County Public Utility District No. 1<br> Electric Revenue Refunding (B) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 300000 | &nbsp;&nbsp;329794 |
| Metropolitan Washington Airports Authority<br> Series A, AMT | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-30 | 400000 | &nbsp;&nbsp;425634 |

---

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND 10

------

[**Table of Contents**](#JOB_Short_ec2a55c4-b2d1-4ddf-9687-3afb7075b7cb_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Washington (continued)** |  |  |  |  |
| Port of Seattle<br> Series B, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-26 | 500000 | &nbsp;&nbsp;$510586 |
| **West Virginia 1.2%** |  |  |  | &nbsp;&nbsp;**639960** |
| West Virginia Economic Development Authority<br> Appalachian Power - Amos Project, Series A, AMT | &nbsp;&nbsp;1.000 | &nbsp;&nbsp;01-01-41 | 395000 | &nbsp;&nbsp;391477 |
| West Virginia Economic Development Authority<br> Commercial Metals Company Project, AMT | &nbsp;&nbsp;4.625 | &nbsp;&nbsp;04-15-55 | 250000 | &nbsp;&nbsp;248483 |
| **Wisconsin 2.0%** |  |  |  | &nbsp;&nbsp;**1077601** |
| Public Finance Authority<br> Campus Real Estate Holding Corp. LLC Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-30 | 200000 | &nbsp;&nbsp;207051 |
| Public Finance Authority<br> KSU Bixby Real Estate Foundation LLC Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-28 | 315000 | &nbsp;&nbsp;329364 |
| Public Finance Authority<br> Midtown Project (A)(C) | &nbsp;&nbsp;6.232 | &nbsp;&nbsp;12-15-34 | 350000 | &nbsp;&nbsp;194937 |
| Wisconsin Health & Educational Facilities Authority<br> Three Pillars Senior Living Communities, Series B-2 | &nbsp;&nbsp;4.200 | &nbsp;&nbsp;08-15-28 | 350000 | &nbsp;&nbsp;346249 |
| **Corporate bonds 0.2%** |  |  |  | &nbsp;&nbsp;**$131776** |
| (Cost $137,389) |  |  |  |  |
| **Materials 0.2%** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**131776** |
| **Paper and forest products 0.2%** |  |  |  |  |
| Domtar Corp. (A) | &nbsp;&nbsp;6.750 | &nbsp;&nbsp;10-01-28 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;131776 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Yield (%)** | **Shares** | &nbsp;&nbsp;**Value** |
| **Short-term investments 0.0%** |  |  | **$195** |
| (Cost $195) |  |  |  |
| **Short-term funds 0.0%** |  |  |  |
| John Hancock Collateral Trust (E) | &nbsp;&nbsp;4.2439(F) | 19 | &nbsp;&nbsp;195 |
| **Total investments (Cost $53,687,942) 99.8%** | **Total investments (Cost $53,687,942) 99.8%** |  | **$53695834** |
| **Other assets and liabilities, net 0.2%** |  |  | &nbsp;&nbsp;**98707** |
| **Total net assets 100.0%** |  |  | &nbsp;&nbsp;**$53794541** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. | The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. |
| ^All par values are denominated in U.S. dollars unless otherwise indicated. | ^All par values are denominated in U.S. dollars unless otherwise indicated. |
| **Security Abbreviations and Legend** | **Security Abbreviations and Legend** |
| AMT | Interest earned from these securities may be considered a tax preference item for purpose of the Federal Alternative Minimum Tax. |
| GO | General Obligation |
| (A) | This security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $6,051,489 or 11.2% of the fund's net assets as of 5-31-25. |
| (B) | Bond is insured by one or more of the companies listed in the insurance coverage table below. |

---

11 JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_Short_ec2a55c4-b2d1-4ddf-9687-3afb7075b7cb_TofC)

(C) Zero coupon bonds are issued at a discount from their principal amount in lieu of paying interest periodically. Rate shown is the effective yield at period end.

(D) Security purchased or sold on a when-issued or delayed-delivery basis.

(E) Investment is an affiliate of the fund, the advisor and/or subadvisor.

(F) The rate shown is the annualized seven-day yield as of 5-31-25.

At 5-31-25, the aggregate cost of investments for federal income tax purposes was $53,654,249. Net unrealized appreciation aggregated to $41,585, of which $421,495 related to gross unrealized appreciation and $379,910 related to gross unrealized depreciation.

---

| | |
|:---|:---|
| **Insurance Coverage** | &nbsp;&nbsp;**As a % of total<br> investments** |
| Build America Mutual Assurance Company | &nbsp;&nbsp;&nbsp;3.3 |
| Assured Guaranty Corp. | &nbsp;&nbsp;&nbsp;2.9 |
| Assured Guaranty Municipal Corp. | &nbsp;&nbsp;&nbsp;2.6 |
| **TOTAL** | &nbsp;&nbsp;**8.8** |

---

The fund had the following portfolio composition as a percentage of net assets on 5-31-25:

---

| | |
|:---|:---|
| **General obligation bonds** | &nbsp;&nbsp;&nbsp;**14.3%** |
| **Revenue bonds** | &nbsp;&nbsp;&nbsp;**85.3%** |
| Other revenue | &nbsp;&nbsp;&nbsp;&nbsp;21.3% |
| Health care | &nbsp;&nbsp;&nbsp;&nbsp;12.8% |
| Development | &nbsp;&nbsp;&nbsp;&nbsp;12.1% |
| Airport | &nbsp;&nbsp;&nbsp;&nbsp;11.9% |
| Education | &nbsp;&nbsp;&nbsp;&nbsp;8.1% |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;6.3% |
| Housing | &nbsp;&nbsp;&nbsp;&nbsp;3.9% |
| Water and sewer | &nbsp;&nbsp;&nbsp;&nbsp;3.6% |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;2.8% |
| Pollution | &nbsp;&nbsp;&nbsp;&nbsp;2.5% |
| **Corporate bonds** | &nbsp;&nbsp;&nbsp;&nbsp;**0.2%** |
| **Short-term investments and other** | &nbsp;&nbsp;&nbsp;&nbsp;**0.2%** |
| **TOTAL** | **100.0%** |

---

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND 12

------

[**Table of Contents**](#JOB_Short_ec2a55c4-b2d1-4ddf-9687-3afb7075b7cb_TofC)

Financial statements

#### STATEMENT OF ASSETS AND LIABILITIES 5-31-25

------

---

| | |
|:---|:---|
| **Assets** |  |
| Unaffiliated investments, at value (Cost $53,687,747) | &nbsp;&nbsp;&nbsp;&nbsp;$53695639 |
| Affiliated investments, at value (Cost $195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 |
| **Total investments, at value (Cost $53,687,942)** | &nbsp;&nbsp;&nbsp;&nbsp;**53695834** |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675396 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51897 |
| **Total assets** | &nbsp;&nbsp;&nbsp;&nbsp;**54424249** |
| **Liabilities** |  |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126163 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62190 |
| Payable for delayed-delivery securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300825 |
| Payable for fund shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83583 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting and legal services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 |
| Other liabilities and accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52731 |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**629708** |
| **Net assets** | &nbsp;&nbsp;**$53794541** |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;$53971868 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177327) |
| **Net assets** | &nbsp;&nbsp;**$53794541** |
| **Net asset value per share** |  |
| Based on net asset value and shares outstanding - the fund has an unlimited number of shares authorized with no par value |  |
| Class A ($364,995 ÷ 36,375 shares)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.03 |
| Class C ($90,222 ÷ 8,991 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.03 |
| Class I ($33,088,370 ÷ 3,296,656 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.04 |
| Class R6 ($20,250,954 ÷ 2,017,846 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.04 |
| **Maximum offering price per share** |  |
| Class A (net asset value per share ÷ 97.75%)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.26 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

<sup>2</sup> On single retail sales of less than $100,000. On sales of $100,000 or more and on group sales the offering price is reduced.

13 JOHN HANCOCK Short Duration Municipal Opportunities Fund \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_Short_ec2a55c4-b2d1-4ddf-9687-3afb7075b7cb_TofC)

#### STATEMENT OF OPERATIONS For the year ended 5-31-25

------

---

| | |
|:---|:---|
| **Investment income** |  |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1690496 |
| Dividends from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42416 |
| **Total investment income** | &nbsp;&nbsp;&nbsp;&nbsp;**1732912** |
| **Expenses** |  |
| Investment management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152670 |
| Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704 |
| Accounting and legal services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7869 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14941 |
| Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19669 |
| State registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74173 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19484 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60385 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14082 |
| **Total expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**366189** |
| Less expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183662) |
| **Net expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**182527** |
| **Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;**1550385** |
| **Realized and unrealized gain (loss)** |  |
| **Net realized gain (loss) on** |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43073) |
| Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(43083)** |
| **Change in net unrealized appreciation (depreciation) of** |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321512 |
| Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**321510** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**278427** |
| **Increase in net assets from operations** | &nbsp;&nbsp;**$1828812** |

---

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK Short Duration Municipal Opportunities Fund 14

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[**Table of Contents**](#JOB_Short_ec2a55c4-b2d1-4ddf-9687-3afb7075b7cb_TofC)

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended<br> 5-31-25** | &nbsp;&nbsp;**Year ended<br> 5-31-24** |
| **Increase (decrease) in net assets** |  |  |
| **From operations** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1550385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$873494 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261386 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97269 |
| **Increase in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1828812** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1232149** |
| **Distributions to shareholders** |  |  |
| From earnings |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14903) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7382) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3469) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3099) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(933159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128696) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(977840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(884403) |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;**(1929371)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1023580)** |
| **From fund share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;**20549591** | &nbsp;&nbsp;&nbsp;&nbsp;**13358375** |
| **Total increase** | &nbsp;&nbsp;&nbsp;&nbsp;**20449032** | &nbsp;&nbsp;&nbsp;&nbsp;**13566944** |
| **Net assets** |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;33345509 | &nbsp;&nbsp;&nbsp;&nbsp;19778565 |
| **End of year** | &nbsp;&nbsp;**$53794541** | &nbsp;&nbsp;**$33345509** |

---

15 JOHN HANCOCK Short Duration Municipal Opportunities Fund \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_Short_ec2a55c4-b2d1-4ddf-9687-3afb7075b7cb_TofC)

Financial highlights

---

| | | | |
|:---|:---|:---|:---|
| **CLASS A SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-23<sup>1</sup>** |
| **Per share operating performance** |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.02** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.85** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.00** |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.48** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.60** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.16** |
| **Less distributions** |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.47)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.43)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.31)** |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.03** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.02** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.85** |
| **Total return (%)<sup>3,4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.79** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.16** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.68<sup>5</sup>** |
| **Ratios and supplemental data** |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>6</sup> |
| Ratios (as a percentage of average net assets): |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87<sup>7</sup> |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Period from 6-9-22 (commencement of operations) to 5-31-23.

<sup>2</sup> Based on average daily shares outstanding.

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

<sup>4</sup> Does not reflect the effect of sales charges, if any.

<sup>5</sup> Not annualized.

<sup>6</sup> Less than $500,000.

<sup>7</sup> Annualized.

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK Short Duration Municipal Opportunities Fund 16

------

[**Table of Contents**](#JOB_Short_ec2a55c4-b2d1-4ddf-9687-3afb7075b7cb_TofC)

---

| | | | |
|:---|:---|:---|:---|
| **CLASS C SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-23<sup>1</sup>** |
| **Per share operating performance** |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.01** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.85** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.00** |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.41** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.51** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.09** |
| **Less distributions** |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.39)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.35)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.24)** |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.03** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.01** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.85** |
| **Total return (%)<sup>3,4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.12** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.27** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.94<sup>5</sup>** |
| **Ratios and supplemental data** |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>6</sup> |
| Ratios (as a percentage of average net assets): |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97<sup>7</sup> |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Period from 6-9-22 (commencement of operations) to 5-31-23.

<sup>2</sup> Based on average daily shares outstanding.

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

<sup>4</sup> Does not reflect the effect of sales charges, if any.

<sup>5</sup> Not annualized.

<sup>6</sup> Less than $500,000.

<sup>7</sup> Annualized.

17 JOHN HANCOCK Short Duration Municipal Opportunities Fund \| SEE NOTES TO FINANCIAL STATEMENTS

------

[**Table of Contents**](#JOB_Short_ec2a55c4-b2d1-4ddf-9687-3afb7075b7cb_TofC)

---

| | | | |
|:---|:---|:---|:---|
| **CLASS I SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-23<sup>1</sup>** |
| **Per share operating performance** |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.02** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.85** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.00** |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.50** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.61** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.18** |
| **Less distributions** |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.48)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.44)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.33)** |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.04** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.02** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.85** |
| **Total return (%)<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.05** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.32** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.83<sup>4</sup>** |
| **Ratios and supplemental data** |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>5</sup> |
| Ratios (as a percentage of average net assets): |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97<sup>6</sup> |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Period from 6-9-22 (commencement of operations) to 5-31-23.

<sup>2</sup> Based on average daily shares outstanding.

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

<sup>4</sup> Not annualized.

<sup>5</sup> Less than $500,000.

<sup>6</sup> Annualized.

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK Short Duration Municipal Opportunities Fund 18

------

[**Table of Contents**](#JOB_Short_ec2a55c4-b2d1-4ddf-9687-3afb7075b7cb_TofC)

---

| | | | |
|:---|:---|:---|:---|
| **CLASS R6 SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-23<sup>1</sup>** |
| **Per share operating performance** |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.02** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.85** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.00** |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.51** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.61** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.18** |
| **Less distributions** |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.49)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.44)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.33)** |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.04** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.02** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.85** |
| **Total return (%)<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.11** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.33** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.84<sup>4</sup>** |
| **Ratios and supplemental data** |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20 |
| Ratios (as a percentage of average net assets): |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99<sup>5</sup> |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Period from 6-9-22 (commencement of operations) to 5-31-23.

<sup>2</sup> Based on average daily shares outstanding.

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

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

19 JOHN HANCOCK Short Duration Municipal Opportunities Fund \| SEE NOTES TO FINANCIAL STATEMENTS

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Notes to financial statements

#### Note 1 — Organization
John Hancock Short Duration Municipal Opportunities Fund (the fund) is a series of John Hancock Municipal Securities Trust (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the fund is to seek total return exempt from federal income tax as is consistent with preservation of capital.

The fund may offer multiple classes of shares. The shares currently outstanding are detailed in the Statement of assets and liabilities. Class A and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class R6 shares are only available to certain retirement plans, institutions and other investors. Class C shares convert to Class A shares eight years after purchase (certain exclusions may apply). Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, and transfer agent fees for each class may differ.

#### Note 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 Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC, the fund's valuation designee.**

In order to value the securities, the fund uses the following valuation techniques: 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. Investments by the fund in open-end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day.

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.

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

\| JOHN HANCOCK Short Duration Municipal Opportunities Fund 20

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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 May 31, 2025, by major security category or type:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total<br> value at<br> 5-31-25** | **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** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$53563863** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53563863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**131776** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**195** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total investments in securities** | **$53695834** | **$195** | **$53695639** | **—** |

---

**When-issued/delayed-delivery securities. The fund may purchase or sell securities on a when-issued or delayed-delivery basis, or in a "To Be Announced" (TBA) or "forward commitment" transaction, with delivery or payment to occur at a later date beyond the normal settlement period. TBA securities resulting from these transactions are included in the portfolio or in a schedule to the portfolio (Sale Commitments Outstanding). At the time a fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the security is reflected in its NAV. The price of such security and the date that the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. No interest accrues on debt securities until settlement takes place. At the time that the fund enters into this type of transaction, the fund is required to have sufficient cash and/or liquid securities to cover its commitments.** 

Certain risks may arise upon entering into when-issued or delayed-delivery securities transactions, including the potential inability of counterparties to meet the terms of their contracts, and the issuer's failure to issue the securities due to political, economic or other factors. Additionally, losses may arise due to changes in the value of the securities purchased or sold prior to settlement date.

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

**Overdraft. The fund may have the ability to borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the fund's custodian agreement, the custodian may loan money to the fund to make properly authorized payments. The fund is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the extent of any overdraft, and to the maximum extent permitted by law. Overdrafts at period end are presented under the caption Due to custodian in the Statement of assets and liabilities.**

21 JOHN HANCOCK Short Duration Municipal Opportunities Fund \|

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**Line of credit. The fund and other affiliated funds have entered into a syndicated line of credit agreement with Citibank, N.A. as the administrative agent that enables them to participate in a $1 billion unsecured committed line of credit, which is in effect through July 14, 2025 unless extended or renewed. Excluding commitments designated for certain funds and subject to the needs of all other affiliated funds, the fund can borrow up to an aggregate commitment amount of $750 million, subject to asset coverage and other limitations as specified in the agreement. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund based on an asset-based allocation and is reflected in Other expenses on the Statement of operations. For the year ended May 31, 2025, the fund had no borrowings under the line of credit. Commitment fees for the year ended May 31, 2025 were $1,174.**

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

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

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

For federal income tax purposes, net capital losses of $181,812 that are a result of security transactions occurring after October 31, 2024, are treated as occurring on June 1, 2025, the first day of the fund's next taxable year.

As of May 31, 2025, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund's federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

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

The tax character of distributions for the years ended May 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**May 31, 2025** | &nbsp;&nbsp;&nbsp;**May 31, 2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$430659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$177163 |
| Exempt Income | &nbsp;&nbsp;&nbsp;&nbsp;1498712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846417 |
| **Total** | &nbsp;&nbsp;**$1929371** | &nbsp;&nbsp;**$1023580** |

---

Distributions paid by the fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of May 31, 2025, the components of distributable earnings on a tax basis consisted of $25,090 of undistributed exempt interest.

Such distributions and distributable earnings, on a tax basis, if any, 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.

\| JOHN HANCOCK Short Duration Municipal Opportunities Fund 22

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Capital accounts within the financial statements are adjusted for permanent book-tax differences at fiscal year end. 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 distributions payable and accretion on debt securities.

#### Note 3 — Guarantees and indemnifications
Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust, including the fund. Additionally, in the normal course of business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.

#### Note 4 — Fees and transactions with affiliates
John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the fund. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as principal underwriter of the fund. The Advisor and the Distributor are indirect, principally owned subsidiaries of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation.

**Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor, equivalent on an annual basis, to the sum of: (a) 0.370% of the ﬁrst $100 million of the fund's average daily net assets, (b) 0.340% of the next $400 million of the fund's average daily net assets, (c) 0.300% of the fund's average daily net assets in excess of $500 million. The Advisor has a subadvisory agreement with Manulife Investment Management (US) LLC, an indirectly owned subsidiary of Manulife Financial Corporation and an afﬁliate of the Advisor. 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 May 31, 2025, this waiver amounted to 0.01% of the fund's average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

The Advisor has contractually agreed to reduce its management fee for the fund, or if necessary, make payment to the fund, in an amount equal to the amount by which the fund's expenses exceed 0.39% of the fund's average daily net assets. Expenses means all the expenses of the fund, excluding taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund's business, class-specific expenses, borrowing costs, prime brokerage fees, acquired fund fees and expenses paid indirectly, and short dividend expense. This arrangement expires on September 30, 2025, 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. Prior to October 1, 2024, the cap was 0.43% of the fund's average daily net assets.

For the year ended May 31, 2025, the expense reductions described above amounted to the following:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Expense reduction** |
| Class A | &nbsp;&nbsp;$1431 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404 |
| Class I | &nbsp;&nbsp;89996 |

---

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Expense reduction** |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;$91420 |
| **Total** | &nbsp;&nbsp;**$183251** |

---

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

23 JOHN HANCOCK Short Duration Municipal Opportunities Fund \|

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The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the year ended May 31, 2025, were equivalent to a net annual effective rate of 0.00% of the fund's average daily net assets.

**Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred, for the year ended May 31, 2025, amounted to an annual rate of 0.02% of the fund's average daily net assets.**

**Distribution and service plans. The fund has a distribution agreement with the Distributor. The fund has adopted distribution and service plans for certain classes as detailed below pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the fund. The fund may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the fund's shares:**

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;**Rule 12b-1 Fee** |
| Class A | &nbsp;&nbsp;0.25% |
| Class C | &nbsp;&nbsp;1.00% |

---

The fund's Distributor has contractually agreed to waive 0.10% of Rule 12b-1 fees for Class A and Class C shares. The current waiver agreement expires on September 30, 2025, unless renewed by mutual agreement of the fund and the Distributor based upon a determination that this is appropriate under the circumstances at the time. This contractual waiver amounted to $320 and $91 for Class A and Class C shares, respectively, for the year ended May 31, 2025.

**Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $2,118 for the year ended May 31, 2025. Of this amount, $111 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $2,007 was paid as sales commissions to broker-dealers.**

Class A and Class C shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares purchased, including those that are acquired through purchases of $250,000 or more, and redeemed within 18 months of purchase are subject to a 0.50% CDSC. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended May 31, 2025, there were no CDSCs received by the Distributor for Class A or Class C shares.

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

\| JOHN HANCOCK Short Duration Municipal Opportunities Fund 24

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#### Class level expenses. Class level expenses for the year ended May 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;**Distribution and service fees** | &nbsp;&nbsp;&nbsp;**Transfer agent fees** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$193 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13711 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983 |
| **Total** | &nbsp;&nbsp;**$1704** | &nbsp;&nbsp;**$14941** |

---

**Trustee expenses. The fund compensates each Trustee who is not an employee of the Advisor or its affiliates. The costs of paying Trustee compensation and expenses are allocated to the fund based on its net assets relative to other funds within the John Hancock group of funds complex.**

#### Note 5 — Fund share transactions
Transactions in fund shares for the years ended May 31, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-25** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-25** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-24** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-24** |
|  | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class A shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$583203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$136538 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5239 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45099) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(461833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2118) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13613** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$135735** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13992** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$139659** |
| **Class C shares** |  |  |  |  |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1331 |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**150** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1521** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**133** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1331** |
| **Class I shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;2450703 | &nbsp;&nbsp;&nbsp;&nbsp;$24799266 | &nbsp;&nbsp;&nbsp;&nbsp;1344707 | &nbsp;&nbsp;&nbsp;&nbsp;$13594948 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126854 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(535202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5415723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(741698) |
| **Net increase** | &nbsp;&nbsp;&nbsp;**2007676** | &nbsp;&nbsp;&nbsp;**$20316489** | &nbsp;&nbsp;&nbsp;**1283980** | &nbsp;&nbsp;&nbsp;**$12980104** |
| **Class R6 shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$83464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$235240 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041 |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9421** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$95846** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23425** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$237281** |
| **Total net increase** | &nbsp;&nbsp;**2030860** | &nbsp;&nbsp;**$20549591** | &nbsp;&nbsp;**1321530** | &nbsp;&nbsp;**$13358375** |

---

Affiliates of the fund owned 56% and 100% of shares of Class C and Class R6, respectively, on May 31, 2025. Such concentration of shareholders' capital could have a material effect on the fund if such shareholders redeem from the fund.

#### Note 6 — Purchase and sale of securities
Purchases and sales of securities, other than short-term investments, amounted to $42,992,630 and $23,326,486, respectively, for the year ended May 31, 2025.

25 JOHN HANCOCK Short Duration Municipal Opportunities Fund \|

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#### Note 7 — Investment in affiliated underlying funds
The fund may invest in affiliated underlying funds that are managed by the Advisor and its affiliates. Information regarding the fund's fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital gains earned by the fund, if any, is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Dividends and distributions** | **Dividends and distributions** |  |
| **Affiliate** | **Ending<br> share<br> amount** | **Beginning<br> value** | **Cost of<br> purchases** | **Proceeds<br> from shares<br> sold** | **Realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Income<br> distributions<br> received** | **Capital gain<br> distributions<br> received** | **Ending<br> value** |
| John Hancock Collateral Trust | 19 | $257141 | $23077863 | $(23334797) | $(10) | $(2) | $42416 |  | $195 |

---

#### Note 8 — New accounting pronouncement
In this reporting period, the fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-07). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. The management committee of the Advisor acts as the fund's chief operating decision maker (the CODM), assessing performance and making decisions about resource allocation. The fund represents a single operating segment, as the CODM monitors and assesses the operating results of the fund as a whole, and the fund's long-term strategic asset allocation is managed in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the portfolio management team of the fund's subadvisor. Segment assets are reflected in the Statement of assets and liabilities as "Total assets", which consists primarily of total investments at value. The financial information, including the measurement of profit and loss and significant expenses, provided to and reviewed by the CODM is consistent with that presented within the Statement of operations, which includes "Increase (decrease) in net assets from operations", Statements of changes in net assets, which includes "Increase (decrease) in net assets from fund share transactions", and Financial highlights, which includes total return and income and expense ratios.

\| JOHN HANCOCK Short Duration Municipal Opportunities Fund 26

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[**Table of Contents**](#JOB_Short_ec2a55c4-b2d1-4ddf-9687-3afb7075b7cb_TofC)

#### Report of Independent Registered Public Accounting Firm

------

#### To the Board of Trustees of John Hancock Municipal Securities Trust and Shareholders of John Hancock Short Duration Municipal Opportunities Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the Fund's investments, of John Hancock Short Duration Municipal Opportunities Fund (one of the funds constituting John Hancock Municipal Securities Trust, referred to hereafter as the "Fund") as of May 31, 2025, the related statement of operations for the year ended May 31, 2025, the statements of changes in net assets for each of the two years in the period ended May 31, 2025, including the related notes, and the financial highlights for each of the two years in the period ended May 31, 2025 and for the period from June 9, 2022 (commencement of operations) to May 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, 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 May 31, 2025 and the financial highlights for each of the two years in the period ended May 31, 2025 and for the period from June 9, 2022 (commencement of operations) to May 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025 by correspondence with the custodian, transfer agent and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

July 11, 2025

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

27 JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND \|

------

[**Table of Contents**](#JOB_Short_ec2a55c4-b2d1-4ddf-9687-3afb7075b7cb_TofC)

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 May 31, 2025.

98.87% of dividends from net investment income are exempt-interest dividends.

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

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

Eligible shareholders will be mailed a 2025 Form 1099-DIV in early 2026. This will reflect the tax character of all distributions paid in calendar year 2025.

#### Please consult a tax advisor regarding the tax consequences of your investment in the fund.
\| JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND 28

------

[**Table of Contents**](#JOB_Short_ec2a55c4-b2d1-4ddf-9687-3afb7075b7cb_TofC)

![](img95bf6e1e3.jpg)

John Hancock Investment Management Distributors LLC, Member FINRA, SIPC

200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com

Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.

NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.

This report is for the information of the shareholders of John Hancock Short Duration Municipal Opportunities Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

MF4543953 489A 5/25

7/25

------

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

------

ITEM 9. PROXY DISCLOSURE FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Information included in Item 7, if applicable.

------

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Refer to information included in Item 7.

------

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Information included in Item 7, if applicable.

------

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

------

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

------

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

------

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No material changes.

------

ITEM 16. 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 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

------

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

------

ITEM 19. EXHIBITS.

[(a)(1) Code of Ethics for Covered Officers is attached.](SOX_COE_12.31.24.htm)

(a)(2) Not applicable.

[(a)(3) 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.](JHMST_KFeinberg_FSilva.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.](JHMST_906_Cert.htm)

------

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 Municipal Securities Trust

---

| | |
|:---|:---|
| By: | /s/ Kristie M. Feinberg |
|  | Kristie M. Feinberg |
|  | President, |
|  | Principal Executive Officer |
| Date: | July 11, 2025 |

---

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: | /s/ Kristie M. Feinberg |
|  | Kristie M. Feinberg |
|  | President, |
|  | Principal Executive Officer |
| Date: | July 11, 2025 |
| By: | /s/ Fernando A. Silva |
|  | Fernando A. Silva |
|  | Chief Financial Officer, |
|  | Principal Financial Officer |
| Date: | July 11, 2025 |

---

------

## Ex-99.Code

![Image is missing](gcif1fewvjzj76o9edog6.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>](#div05920574-e4a2-48a5-b0e6-a92f89bc8fef)[,](#div05920574-e4a2-48a5-b0e6-a92f89bc8fef)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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢serve as a director/trustee on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢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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&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;➢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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢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;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢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:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢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

4 of 6

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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢the Board, or if applicable the Compliance Committee, will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢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.

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

**Persons Covered by this Code of Ethics**

**(As of December 31, 2024)**

**John Hancock Variable Insurance Trust**

➢ Principal Executive Officer and President – Kristie Feinberg

➢ Principal Financial Officer and Chief Financial Officer – Fernando Silva

➢ Treasurer – Salvatore Schiavone

**John Hancock Funds**

➢ Principal Executive Officer and President – Kristie Feinberg

➢ Principal Financial Officer and Chief Financial Officer – Fernando Silva

➢ Treasurer – Salvatore Schiavone

**John Hancock Funds II**

➢ Principal Executive Officer and President – Kristie Feinberg

➢ Principal Financial Officer and Chief Financial Officer – Fernando Silva

➢ Treasurer – Salvatore Schiavone

**John Hancock Exchange-Traded Trust**

➢ Principal Executive Officer and President – Kristie Feinberg

➢ Principal Financial Officer and Chief Financial Officer – Fernando Silva

➢ Treasurer – Salvatore Schiavone

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------

## Ex-99.Cert

<u>CERTIFICATION</u>

**I, Kristie M. Feinberg, certify that:**

1. I have reviewed this report on Form N-CSR of **John Hancock Municipal Securities Trust**;

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 conditions, 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(s) 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(s) 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: July 11, 2025

<u>/s/ Kristie M. Feinberg</u> Kristie M. Feinberg

President, Principal Executive Officer

<u>CERTIFICATION</u>

I, **Fernando A. Silva**, certify that:

1. I have reviewed this report on Form N-CSR of **John Hancock Municipal Securities Trust**;

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 conditions, 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(s) 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(s) 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: July 11, 2025

<u>/s/ Fernando A. Silva</u> Fernando A. Silva

Chief Financial Officer, Principal Financial Officer

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## Exhibit 99.906

**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 Municipal Securities Trust** (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.

/s/ Kristie M. Feinberg

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Kristie M. Feinberg

President, Principal Executive Officer

Dated: July 11, 2025

/s/ Fernando A. Silva

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Fernando A. Silva

Chief Financial Officer, Principal Financial Officer

Dated: July 11, 2025

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.

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