# EDGAR Filing Document

**Accession Number:** 0000857769
**File Stem:** 0001683863-23-000120
**Filing Date:** 2023-1
**Character Count:** 505639
**Document Hash:** 4b2ce0293b026c7664bee464b4080650
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-000120.hdr.sgml**: 20230117

**ACCESSION NUMBER**: 0001683863-23-000120

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230117

**DATE AS OF CHANGE**: 20230117

**EFFECTIVENESS DATE**: 20230117

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JOHN HANCOCK MUNICIPAL SECURITIES TRUST
- **CENTRAL INDEX KEY:** 0000857769
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05968
- **FILM NUMBER:** 23530696

**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           |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811- 05968</u>

<u>John Hancock Municipal Securities Trust</u> (Exact name of registrant as specified in charter)

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

Salvatore Schiavone

Treasurer

200 Berkeley Street

<u>Boston, Massachusetts 02116</u>

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

Date of fiscal year end: May 31 <br> Date of reporting period: November 30, 2022

------

ITEM 1. REPORTS TO STOCKHOLDERS.

The Registrant prepared the following semiannual reports to shareholders for the period ended November 30, 2022:

John Hancock High Yield Municipal Opportunities Fund

John Hancock Municipal Opportunities Fund

John Hancock Short Duration Municipal Opportunities Fund

------

![](img6e0605231.gif)

![](img3d7bbbeb2.gif)

Semiannual report

## John Hancock

## High Yield Municipal Bond Fund
Fixed income

November 30, 2022

![](imgc9d772203.gif)

------

A *message* to shareholders

![](imgd67937604.gif)

Dear shareholder,

U.S. bonds declined during the six months ended November 30, 2022, as bond yields rose to their highest levels in more than a decade. The catalyst was surging inflation, driven largely by rising food and energy prices. The U.S. Federal Reserve continued its inflation-fighting campaign by raising short-term interest rates four times during the period, boosting the federal funds rate target to its highest level since January 2008.

In this environment, bond yields moved broadly higher, with the 10-year U.S. Treasury bond yield cresting above 4% for the first time since 2008. In terms of sector performance, residential mortgage-backed securities and investment-grade corporate bonds declined the most, while high-yield corporate bonds and asset-backed securities held up the best.

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

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

Sincerely,

![](img008ea3bc5.jpg)

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

Manulife Investment Management

President and CEO,

John Hancock Investment Management

Head of Wealth and Asset Management,

United States and Europe

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

------

John Hancock

High Yield Municipal Bond Fund

Table of contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;**2** | &nbsp;&nbsp;[Your fund at a glance](#xx_1df4fc51-ccf2-4f6c-b59f-c5d047f2bdcc_1) |
| &nbsp;&nbsp;**3** | &nbsp;&nbsp;[Portfolio summary](#xx_d4c6efdf-74ce-417d-bd41-77c389843852_1) |
| &nbsp;&nbsp;**5** | &nbsp;&nbsp;[Your expenses](#xx_b0643063-4229-4b25-b8f7-beacda0a6c6f_1) |
| &nbsp;&nbsp;**7** | &nbsp;&nbsp;[Fund's investments](#xx_9ec2bbe2-6508-46e1-bb6b-5904fc9eeacc_1) |
| **19** | &nbsp;&nbsp;[Financial statements](#xx_d46b934f-8c68-4fe0-b64e-827fe6b1ac2a_1) |
| **22** | &nbsp;&nbsp;[Financial highlights](#xx_193bc216-5e06-4e48-b5a0-57bdf247258e_1) |
| **26** | &nbsp;&nbsp;[Notes to financial statements](#xx_48cc03e3-48df-402a-bbea-3e806376d4a1_1) |
| **34** | &nbsp;&nbsp;[Shareholder meeting](#xx_f3edba4b-b4e5-4bfc-98fc-59d75cd63893_1) |
| **35** | &nbsp;&nbsp;[Evaluation of advisory and subadvisory agreements by the Board of Trustees](#xx_8b25d044-b60a-4516-805d-6d4908d33c3f_1) |
| **42** | &nbsp;&nbsp;[More information](#xx_7acd88b5-a4ba-4c4e-a9ca-bfab82a7b7e0_1) |

---

SEMIANNUAL REPORT \| JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND 1

------

[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

Your fund at a glance

#### INVESTMENT OBJECTIVE

------

The fund seeks a high level of current income that is largely exempt from federal income tax, consistent with the preservation of capital.

#### AVERAGE ANNUAL TOTAL RETURNS AS OF 11/30/2022 (%)

------

![](img36f68f406.gif)

The Bloomberg High Yield Municipal Bond Index tracks the performance of municipal bonds rated below investment grade (BBB/Baa) and those that are unrated.

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

The fund's Morningstar category average is a group of funds with similar investment objectives and strategies and is the equal-weighted return of all funds per category. Morningstar places funds in certain categories based on their historical portfolio holdings. Figures from Morningstar, Inc. include reinvested distributions and do not take into account sales charges. Actual load-adjusted performance is lower.

**The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions, and does not guarantee future results. Performance of the other share classes will vary based on the difference in the fees and expenses of those classes. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current month-end performance may be lower or higher than the performance cited, and can be found at jhinvestments.com or by calling 800-225-5291. For further information on the fund's objectives, risks, and strategy, see the fund's prospectus.**

2 JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND \| SEMIANNUAL REPORT

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[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

Portfolio summary

#### PORTFOLIO COMPOSITION AS OF 11/30/2022 (% of net assets)

------

![](imgd6f8c3dd7.gif)

#### QUALITY COMPOSITION AS OF 11/30/2022 (% of net assets)

------

![](img19677ce38.gif)

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 11-30-22 and do not reflect subsequent downgrades or upgrades, if any.

SEMIANNUAL REPORT \| JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND 3

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[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

#### SECTOR COMPOSITION AS OF 11/30/2022 (% of net assets)

------

![](imgb6d2cdee9.gif)

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

4 JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND \| SEMIANNUAL REPORT

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[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

Your expenses

These examples are intended to help you understand your ongoing operating expenses of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds.

#### Understanding fund expenses
As a shareholder of the fund, you incur two types of costs:

■**Transaction costs,** which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

■**Ongoing operating expenses,** including management fees, distribution and service fees (if applicable), and other fund expenses.

We are presenting only your ongoing operating expenses here.

#### Actual expenses/actual returns
The first line of each share class in the table on the following page is intended to provide information about the fund's actual ongoing operating expenses, and is based on the fund's actual return. It assumes an account value of $1,000.00 on June 1, 2022, with the same investment held until November 30, 2022.

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at November 30, 2022, by $1,000.00, then multiply it by the "expenses paid" for your share class from the table. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

![](imgf6d5a9e710.gif)

#### Hypothetical example for comparison purposes
The second line of each share class in the table on the following page allows you to compare the fund's ongoing operating expenses with those of any other fund. It provides an example of the fund's hypothetical account values and hypothetical expenses based on each class's actual expense ratio and an assumed 5% annualized return before expenses (which is not the class's actual return). It assumes an account value of $1,000.00 on June 1, 2022, with the same investment held until November 30, 2022. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses. Please remember that these hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

SEMIANNUAL REPORT \| JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND 5

------

[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

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

#### SHAREHOLDER EXPENSE EXAMPLE CHART

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Account<br> value on<br> 6-1-2022** | **Ending<br> value on<br> 11-30-2022** | **Expenses<br> paid during<br> period ended<br> 11-30-2022<sup>1</sup>** | **Annualized<br> expense<br> ratio** |
| **Class A** | Actual expenses/actual returns | $1000.00 | &nbsp;&nbsp;$940.90 | $4.23 | 0.87% |
|  | Hypothetical example | &nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;1020.70 | &nbsp;&nbsp;&nbsp;4.41 | 0.87% |
| **Class C** | Actual expenses/actual returns | &nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;937.40 | &nbsp;&nbsp;&nbsp;7.87 | 1.62% |
|  | Hypothetical example | &nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;1016.90 | &nbsp;&nbsp;&nbsp;8.19 | 1.62% |
| **Class I** | Actual expenses/actual returns | &nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;941.70 | &nbsp;&nbsp;&nbsp;3.50 | 0.72% |
|  | Hypothetical example | &nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;1021.50 | &nbsp;&nbsp;&nbsp;3.65 | 0.72% |
| **Class R6** | Actual expenses/actual returns | &nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;941.90 | &nbsp;&nbsp;&nbsp;3.41 | 0.70% |
|  | Hypothetical example | &nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;1021.60 | &nbsp;&nbsp;&nbsp;3.55 | 0.70% |

---

<sup>1</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

6 JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND \| SEMIANNUAL REPORT

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[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

Fund's investments

#### AS OF 11-30-22 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Municipal bonds 97.5%** |  |  |  | &nbsp;&nbsp;**$144698172** |
| (Cost $158,175,019) |  |  |  |  |
| **Arizona 2.2%** |  |  |  | &nbsp;&nbsp;**3274168** |
| Arizona Industrial Development Authority<br> Jerome Facilities Project, Series B | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-51 | 920000 | &nbsp;&nbsp;724548 |
| Arizona Industrial Development Authority<br> Macombs Facility Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-61 | 500000 | &nbsp;&nbsp;374996 |
| Industrial Development Authority<br> American Leadership Academy (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-15-57 | 1000000 | &nbsp;&nbsp;688216 |
| Maricopa County Industrial Development Authority<br> Arizona Autism Charter School Project (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-61 | 1000000 | &nbsp;&nbsp;689589 |
| Maricopa County Industrial Development Authority<br> Commercial Metals Company Project, AMT (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-15-47 | 1000000 | &nbsp;&nbsp;796819 |
| **Arkansas 0.6%** |  |  |  | &nbsp;&nbsp;**895503** |
| Arkansas Development Finance Authority<br> Big River Steel Project, AMT (A) | &nbsp;&nbsp;4.750 | &nbsp;&nbsp;09-01-49 | 1000000 | &nbsp;&nbsp;895503 |
| **California 10.2%** |  |  |  | &nbsp;&nbsp;**15100783** |
| California Community College Financing Authority<br> Napa Valley College Project, Series A (A) | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;07-01-60 | 1045000 | &nbsp;&nbsp;986857 |
| California Community Housing Agency<br> Stoneridge Apartments, Series A (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;02-01-56 | 400000 | &nbsp;&nbsp;294764 |
| California Infrastructure & Economic Development Bank<br> WFCS Portfolio Project, Series A-1 (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-56 | 250000 | &nbsp;&nbsp;195628 |
| California Public Finance Authority<br> Enso Village Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-46 | 100000 | &nbsp;&nbsp;84576 |
| California Public Finance Authority<br> Enso Village Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-56 | 700000 | &nbsp;&nbsp;568155 |
| California School Finance Authority<br> Lighthouse Community Public Schools (A) | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;06-01-62 | 1000000 | &nbsp;&nbsp;1017444 |
| California School Finance Authority<br> Valley International Preparatory High School (A) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;03-01-62 | 1000000 | &nbsp;&nbsp;770420 |
| California Statewide Communities Development Authority<br> Community Facilities District No. 2020-02 | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;09-01-52 | 500000 | &nbsp;&nbsp;501642 |
| City & County of San Francisco Community Facilities District No. 2016-1<br> Improvement Area #2 - Treasure Island, Series A (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-42 | 1000000 | &nbsp;&nbsp;902242 |
| City of Sacramento<br> Greenbriar Community Facilities District No. 2018-3 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-50 | 400000 | &nbsp;&nbsp;323614 |

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

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[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **California (continued)** |  |  |  |  |
| CSCDA Community Improvement Authority<br> Altana Glendale, Series A-2 (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-56 | 500000 | &nbsp;&nbsp;$366061 |
| CSCDA Community Improvement Authority<br> Orange City Portfolio, Series A-2 (A) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;03-01-57 | 1000000 | &nbsp;&nbsp;650965 |
| CSCDA Community Improvement Authority<br> Pasadena Portfolio, Series A-2 (A) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;12-01-56 | 1000000 | &nbsp;&nbsp;651953 |
| CSCDA Community Improvement Authority<br> The Link-Glendale, Series A-2 (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-56 | 400000 | &nbsp;&nbsp;293118 |
| Golden State Tobacco Securitization Corp.<br> Series B-2 (B) | &nbsp;&nbsp;5.190 | &nbsp;&nbsp;06-01-66 | 2000000 | &nbsp;&nbsp;214414 |
| River Islands Public Financing Authority<br> Community Facilities District No. 2003-1, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-48 | 750000 | &nbsp;&nbsp;759538 |
| River Islands Public Financing Authority<br> Community Facilities District No. 2016-1 (C)(D) | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;09-01-47 | 1000000 | &nbsp;&nbsp;990471 |
| San Francisco Bay Area Rapid Transit District<br> Election of 2016, Series D1, GO (E) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-37 | 1885000 | &nbsp;&nbsp;1930071 |
| San Francisco Bay Area Rapid Transit District<br> Election of 2016, Series D1, GO (E) | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;08-01-52 | 2000000 | &nbsp;&nbsp;2017225 |
| Southern California Public Power Authority<br> Natural Gas Project, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-01-26 | 1500000 | &nbsp;&nbsp;1581625 |
| **Colorado 5.5%** |  |  |  | &nbsp;&nbsp;**8141872** |
| Aerotropolis Regional Transportation Authority<br> Series 2021 | &nbsp;&nbsp;4.375 | &nbsp;&nbsp;12-01-52 | 1000000 | &nbsp;&nbsp;737720 |
| Colorado Health Facilities Authority<br> Commonspirit Health, Series A-2 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-49 | 1000000 | &nbsp;&nbsp;834148 |
| Fiddlers Business Improvement District<br> Greenwood Village, GO (A) | &nbsp;&nbsp;5.550 | &nbsp;&nbsp;12-01-47 | 1000000 | &nbsp;&nbsp;999503 |
| Gold Hill Mesa Metropolitan District No. 2<br> Series B, GO | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;12-15-39 | 1000000 | &nbsp;&nbsp;947238 |
| Longs Peak Metropolitan District<br> GO (A) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;12-01-51 | 1000000 | &nbsp;&nbsp;823877 |
| Pueblo Urban Renewal Authority<br> EVRAZ Project, Series A (A) | &nbsp;&nbsp;4.750 | &nbsp;&nbsp;12-01-45 | 1000000 | &nbsp;&nbsp;805811 |
| Rampart Range Metropolitan District<br> District No. 5 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-51 | 1500000 | &nbsp;&nbsp;1008434 |
| Sterling Ranch Community Authority Board<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-47 | 1500000 | &nbsp;&nbsp;1530000 |
| Villages at Castle Rock Metropolitan District No. 6<br> Cobblestone Ranch Project, Series 2, GO (B) | &nbsp;&nbsp;7.990 | &nbsp;&nbsp;12-01-37 | 1466667 | &nbsp;&nbsp;455141 |
| **Connecticut 1.6%** |  |  |  | &nbsp;&nbsp;**2342357** |
| Steel Point Infrastructure Improvement District<br> Steelpointe Harbor Project (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;04-01-51 | 1755000 | &nbsp;&nbsp;1391880 |
| Town of Hamden<br> Whitney Center Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-50 | 1175000 | &nbsp;&nbsp;950477 |

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

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[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **District of Columbia 2.3%** |  |  |  | &nbsp;&nbsp;**$3401675** |
| Metropolitan Washington DC Airports Authority<br> Series C (D) | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;10-01-41 | 3000000 | &nbsp;&nbsp;3401675 |
| **Florida 7.7%** |  |  |  | &nbsp;&nbsp;**11479394** |
| Celebration Pointe Community Development District No. 1<br> Alachua County (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-48 | 500000 | &nbsp;&nbsp;465323 |
| Charlotte County Industrial Development Authority<br> Town and Country Utilities Project, AMT (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-41 | 700000 | &nbsp;&nbsp;562067 |
| Charlotte County Industrial Development Authority<br> Town and Country Utilities Project, AMT (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-49 | 500000 | &nbsp;&nbsp;463106 |
| City of Jacksonville<br> Jacksonville University Project, Series B (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-53 | 750000 | &nbsp;&nbsp;635484 |
| County of Lake<br> Imagine South Lake Charter School (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-15-54 | 625000 | &nbsp;&nbsp;546830 |
| Escambia County Health Facilities Authority<br> Baptist Health Care Corp., Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-15-45 | 1500000 | &nbsp;&nbsp;1306775 |
| Florida Development Finance Corp<br> River City Science Academy | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-57 | 680000 | &nbsp;&nbsp;632021 |
| Florida Development Finance Corp.<br> 2017 Foundation for Global Understanding, Inc. Project, Series A (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-51 | 250000 | &nbsp;&nbsp;189243 |
| Florida Development Finance Corp.<br> Waste Pro USA, Inc. Project, AMT | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;06-01-32 | 1000000 | &nbsp;&nbsp;783948 |
| Florida Higher Educational Facilities Financial Authority<br> Jacksonville University (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-48 | 750000 | &nbsp;&nbsp;647440 |
| Hillsborough County Industrial Development Authority<br> Tampa General Hospital Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-50 | 1000000 | &nbsp;&nbsp;847249 |
| Middleton Community Development District A<br> Special Assessment Revenue | &nbsp;&nbsp;6.200 | &nbsp;&nbsp;05-01-53 | 1000000 | &nbsp;&nbsp;1009884 |
| Palm Beach County Health Facilities Authority<br> Jupiter Medical Center Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-52 | 1000000 | &nbsp;&nbsp;1001856 |
| Palm Beach County Health Facilities Authority<br> Toby and Leon Cooperman Sinai Residences | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-31 | 1000000 | &nbsp;&nbsp;896743 |
| Polk County Industrial Development Authority<br> Mineral Development LLC, AMT (A) | &nbsp;&nbsp;5.875 | &nbsp;&nbsp;01-01-33 | 250000 | &nbsp;&nbsp;249892 |
| St. Johns County Industrial Development Authority<br> Vicar's Landing Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-15-50 | 605000 | &nbsp;&nbsp;434080 |
| Village Community Development District<br> CDD No. 12 (A) | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;05-01-43 | 920000 | &nbsp;&nbsp;807453 |
| **Georgia 2.4%** |  |  |  | &nbsp;&nbsp;**3541762** |
| Augusta Development Authority<br> Health System, Inc. Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-26 | 500000 | &nbsp;&nbsp;496568 |
| Fulton County Residential Care Facilities for the Elderly Authority<br> Lenbrook Square Foundation, Inc. | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-42 | 1090000 | &nbsp;&nbsp;1042730 |

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

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[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Georgia (continued)** |  |  |  |  |
| Main Street Natural Gas, Inc.<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-49 | 1000000 | &nbsp;&nbsp;$999900 |
| Municipal Electric Authority of Georgia<br> Plant Vogtle Units 3&4 Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-48 | 1000000 | &nbsp;&nbsp;1002564 |
| **Illinois 6.3%** |  |  |  | &nbsp;&nbsp;**9331192** |
| Chicago Board of Education<br> Series A, GO | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;12-01-44 | 1000000 | &nbsp;&nbsp;1061992 |
| Chicago Board of Education<br> Series D, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-46 | 500000 | &nbsp;&nbsp;469243 |
| City of Chicago<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-31 | 1000000 | &nbsp;&nbsp;1017785 |
| City of Chicago<br> Series A, GO | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;01-01-38 | 1000000 | &nbsp;&nbsp;1039060 |
| Illinois Finance Authority<br> Clark-Lindsey Village, Series A | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;06-01-57 | 1250000 | &nbsp;&nbsp;1130943 |
| Illinois Finance Authority<br> Westminster Village, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;05-01-38 | 1000000 | &nbsp;&nbsp;892805 |
| Metropolitan Pier & Exposition Authority<br> McCormick Place Expansion | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-15-42 | 1500000 | &nbsp;&nbsp;1347165 |
| State of Illinois, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-33 | 750000 | &nbsp;&nbsp;720860 |
| Upper Illinois River Valley Development Authority<br> Prairie Crossing Charter School Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-55 | 1000000 | &nbsp;&nbsp;818294 |
| Village of Lincolnwood<br> District 1860 Development Project, Series A (A) | &nbsp;&nbsp;4.820 | &nbsp;&nbsp;01-01-41 | 1000000 | &nbsp;&nbsp;833045 |
| **Indiana 1.2%** |  |  |  | &nbsp;&nbsp;**1730668** |
| Indiana Finance Authority<br> BHI Senior Living | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-38 | 1000000 | &nbsp;&nbsp;978469 |
| Indiana Finance Authority<br> Polyflow Industry Project, AMT (A) | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;03-01-39 | 1000000 | &nbsp;&nbsp;752199 |
| **Iowa 0.6%** |  |  |  | &nbsp;&nbsp;**886083** |
| Iowa Finance Authority<br> Northcrest, Inc. Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-48 | 1000000 | &nbsp;&nbsp;886083 |
| **Kansas 0.4%** |  |  |  | &nbsp;&nbsp;**652028** |
| City of Prairie Village<br> Meadowbrook TIF Project | &nbsp;&nbsp;2.875 | &nbsp;&nbsp;04-01-30 | 745000 | &nbsp;&nbsp;652028 |
| **Kentucky 0.5%** |  |  |  | &nbsp;&nbsp;**710079** |
| Kentucky Municipal Power Agency<br> Prairie State Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-45 | 750000 | &nbsp;&nbsp;710079 |
| **Louisiana 0.9%** |  |  |  | &nbsp;&nbsp;**1303910** |
| Louisiana Public Facilities Authority<br> Lincoln Preparatory School, Series A (A) | &nbsp;&nbsp;6.375 | &nbsp;&nbsp;06-01-52 | 250000 | &nbsp;&nbsp;237765 |
| St. James Parish<br> NuStar Logistics LP Project (A) | &nbsp;&nbsp;6.100 | &nbsp;&nbsp;12-01-40 | 1000000 | &nbsp;&nbsp;1066145 |

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

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[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Maryland 2.4%** |  |  |  | &nbsp;&nbsp;**$3599878** |
| Anne Arundel County Consolidated Special Taxing District<br> Villages at 2 Rivers Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-44 | 1000000 | &nbsp;&nbsp;1000909 |
| County of Prince George's MD<br> Collington Episcopal Life | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;04-01-47 | 330000 | &nbsp;&nbsp;284202 |
| Maryland Economic Development Corp.<br> Morgan St. University Project, Series A | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;07-01-58 | 1000000 | &nbsp;&nbsp;1065932 |
| Maryland Economic Development Corp.<br> Port Covington Project | &nbsp;&nbsp;3.250 | &nbsp;&nbsp;09-01-30 | 100000 | &nbsp;&nbsp;89166 |
| Maryland Economic Development Corp.<br> Port Covington Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-50 | 200000 | &nbsp;&nbsp;157784 |
| Maryland Health & Higher Educational Facilities Authority<br> Meritus Medical Center | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-45 | 1000000 | &nbsp;&nbsp;1001885 |
| **Massachusetts 1.1%** |  |  |  | &nbsp;&nbsp;**1633597** |
| Massachusetts Development Finance Agency<br> NewBridge on the Charles, Inc. (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-47 | 750000 | &nbsp;&nbsp;763140 |
| Massachusetts Development Finance Agency<br> Orchard Cove, Inc. | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-49 | 895000 | &nbsp;&nbsp;870457 |
| **Michigan 1.4%** |  |  |  | &nbsp;&nbsp;**2146855** |
| Michigan Finance Authority<br> Local Government Loan Program, Series F-1 | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;10-01-29 | 500000 | &nbsp;&nbsp;500587 |
| Michigan Mathematics & Science Initiative<br> Public School Academy | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-41 | 1000000 | &nbsp;&nbsp;833530 |
| Summit Academy<br> North Michigan Public School Academy | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-41 | 1000000 | &nbsp;&nbsp;812738 |
| **Minnesota 0.9%** |  |  |  | &nbsp;&nbsp;**1301583** |
| City of Anoka<br> Homestead at Anoka, Inc. Project | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;11-01-46 | 500000 | &nbsp;&nbsp;457207 |
| Woodbury Housing & Redevelopment Authority<br> St. Therese of Woodbury | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;12-01-44 | 1000000 | &nbsp;&nbsp;844376 |
| **Missouri 1.1%** |  |  |  | &nbsp;&nbsp;**1586863** |
| Health & Educational Facilities Authority<br> Lutheran Senior Service Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-42 | 750000 | &nbsp;&nbsp;728343 |
| Lees Summit Industrial Development Authority<br> John Knox Village, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-46 | 1000000 | &nbsp;&nbsp;858520 |
| **Montana 0.3%** |  |  |  | &nbsp;&nbsp;**492398** |
| Montana Facility Finance Authority<br> Montana Children's Home and Hospital | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-50 | 600000 | &nbsp;&nbsp;492398 |
| **Nevada 0.3%** |  |  |  | &nbsp;&nbsp;**495292** |
| City of Las Vegas Special Improvement District No. 816<br> Summerlin Village 22 | &nbsp;&nbsp;3.125 | &nbsp;&nbsp;06-01-46 | 735000 | &nbsp;&nbsp;495292 |

---

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

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[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **New Hampshire 0.4%** |  |  |  | &nbsp;&nbsp;**$641570** |
| New Hampshire Business Finance Authority<br> Covanta Project, AMT (A) | &nbsp;&nbsp;4.875 | &nbsp;&nbsp;11-01-42 | 500000 | &nbsp;&nbsp;457917 |
| New Hampshire Health & Education Facilities Authority<br> Hillside Village, Series A (A)(F) | &nbsp;&nbsp;6.125 | &nbsp;&nbsp;07-01-52 | 834787 | &nbsp;&nbsp;183653 |
| **New Jersey 1.5%** |  |  |  | &nbsp;&nbsp;**2265962** |
| New Jersey Economic Development Authority<br> Port Newark Container Terminal LLC, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-47 | 750000 | &nbsp;&nbsp;734282 |
| New Jersey Economic Development Authority<br> School Facilities Construction | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-15-49 | 1000000 | &nbsp;&nbsp;902684 |
| New Jersey Health Care Facilities Financing Authority<br> St. Joseph's Healthcare System | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-48 | 750000 | &nbsp;&nbsp;628996 |
| **New Mexico 0.3%** |  |  |  | &nbsp;&nbsp;**409044** |
| Winrock Town Center Tax Increment Development<br> District No. 1 (A) | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;05-01-40 | 500000 | &nbsp;&nbsp;409044 |
| **New York 6.7%** |  |  |  | &nbsp;&nbsp;**9871925** |
| Build NYC Resource Corp.<br> Seton Education Partners Brilla Project (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-41 | 250000 | &nbsp;&nbsp;200191 |
| Build NYC Resource Corp.<br> Seton Education Partners Brilla Project (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-51 | 750000 | &nbsp;&nbsp;550106 |
| Build NYC Resource Corp.<br> Shefa School Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-51 | 250000 | &nbsp;&nbsp;227099 |
| Erie Tobacco Asset Securitization Corp.<br> Series A (A)(B) | &nbsp;&nbsp;7.945 | &nbsp;&nbsp;06-01-60 | 15000000 | &nbsp;&nbsp;817997 |
| Nassau County Tobacco Settlement Corp.<br> Series D (B) | &nbsp;&nbsp;8.084 | &nbsp;&nbsp;06-01-60 | 12000000 | &nbsp;&nbsp;623075 |
| New York Counties Tobacco Trust IV<br> Series F (B) | &nbsp;&nbsp;8.211 | &nbsp;&nbsp;06-01-60 | 17000000 | &nbsp;&nbsp;844179 |
| 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;800313 |
| 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;991176 |
| New York State Dormitory Authority<br> Garnet Health Medical Center (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-45 | 1000000 | &nbsp;&nbsp;965595 |
| 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;178523 |
| New York Transportation Development Corp.<br> American Airlines Inc., John F. Kennedy International Airport, AMT | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;08-01-31 | 865000 | &nbsp;&nbsp;884026 |
| New York Transportation Development Corp.<br> Delta Airlines, Inc., Laguardia Airport, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-36 | 1000000 | &nbsp;&nbsp;930300 |
| New York Transportation Development Corp.<br> Delta Airlines, Inc., Laguardia Airport, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-36 | 1000000 | &nbsp;&nbsp;1003688 |

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

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[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$405197 |
| Niagara Area Development Corp.<br> Covanta Project, Series A, AMT (A) | &nbsp;&nbsp;4.750 | &nbsp;&nbsp;11-01-42 | 500000 | &nbsp;&nbsp;450460 |
| **Ohio 5.7%** |  |  |  | &nbsp;&nbsp;**8396092** |
| Buckeye Tobacco Settlement Financing Authority<br> Series A-2, Class 1 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-48 | 1500000 | &nbsp;&nbsp;1304969 |
| Buckeye Tobacco Settlement Financing Authority<br> Series B-2, Class 2 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-55 | 1000000 | &nbsp;&nbsp;916227 |
| Buckeye Tobacco Settlement Financing Authority<br> Series B-3, Class 2 (B) | &nbsp;&nbsp;6.324 | &nbsp;&nbsp;06-01-57 | 8000000 | &nbsp;&nbsp;935154 |
| Northeast Ohio Medical University<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-35 | 250000 | &nbsp;&nbsp;240497 |
| Northeast Ohio Medical University<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-45 | 225000 | &nbsp;&nbsp;198677 |
| Ohio Air Quality Development Authority<br> Ohio Valley Electric Corp. Project, Series A | &nbsp;&nbsp;3.250 | &nbsp;&nbsp;09-01-29 | 1750000 | &nbsp;&nbsp;1607668 |
| Ohio Air Quality Development Authority<br> Ohio Valley Electric Corp. Project, Series B, AMT | &nbsp;&nbsp;2.500 | &nbsp;&nbsp;11-01-42 | 1000000 | &nbsp;&nbsp;884592 |
| Ohio Air Quality Development Authority<br> Pratt Paper LLC Project, AMT (A) | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;01-15-38 | 500000 | &nbsp;&nbsp;464540 |
| Ohio Air Quality Development Authority<br> Pratt Paper LLC Project, AMT (A) | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;01-15-48 | 500000 | &nbsp;&nbsp;440367 |
| Ohio Higher Educational Facility Commission<br> Otterbein University 2022 Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-46 | 500000 | &nbsp;&nbsp;438318 |
| Southeastern Ohio Port Authority<br> Marietta Memorial Hospital | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-35 | 1000000 | &nbsp;&nbsp;965083 |
| **Oklahoma 1.0%** |  |  |  | &nbsp;&nbsp;**1422474** |
| Oklahoma Development Finance Authority<br> OU Medicine Project, Series B | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;08-15-52 | 1000000 | &nbsp;&nbsp;916308 |
| Tulsa Industrial Authority<br> University of Tulsa | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-31 | 500000 | &nbsp;&nbsp;506166 |
| **Oregon 0.6%** |  |  |  | &nbsp;&nbsp;**943663** |
| Salem Hospital Facility Authority<br> Capital Manor Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-48 | 1000000 | &nbsp;&nbsp;943663 |
| **Pennsylvania 2.5%** |  |  |  | &nbsp;&nbsp;**3737475** |
| Berks County Industrial Development Authority<br> Tower Health Project | &nbsp;&nbsp;3.750 | &nbsp;&nbsp;11-01-42 | 500000 | &nbsp;&nbsp;284466 |
| Bucks County Industrial Development Authority<br> Grand View Hospital Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-46 | 350000 | &nbsp;&nbsp;268536 |
| Chester County Industrial Development Authority<br> Collegium Charter School Project (A) | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;10-15-42 | 650000 | &nbsp;&nbsp;626252 |

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

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[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Pennsylvania (continued)** |  |  |  |  |
| Lancaster County Hospital Authority<br> Brethren Village Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-30 | 500000 | &nbsp;&nbsp;$481950 |
| Lancaster County Hospital Authority<br> Brethren Village Project | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;07-01-37 | 1000000 | &nbsp;&nbsp;934134 |
| Philadelphia Authority for Industrial Development<br> Discovery Charter School, Inc. Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-15-42 | 625000 | &nbsp;&nbsp;560198 |
| Philadelphia Authority for Industrial Development<br> Philadelphia Electrical & Technology Charter High School | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-51 | 800000 | &nbsp;&nbsp;581939 |
| **Puerto Rico 3.9%** |  |  |  | &nbsp;&nbsp;**5791358** |
| Puerto Rico Commonwealth<br> CW Guarantee Bond Claims, GO | &nbsp;&nbsp;0.000 | &nbsp;&nbsp;11-01-43 | 1456772 | &nbsp;&nbsp;662831 |
| Puerto Rico Commonwealth<br> Series A, GO (B) | &nbsp;&nbsp;5.426 | &nbsp;&nbsp;07-01-24 | 15821 | &nbsp;&nbsp;14532 |
| Puerto Rico Commonwealth<br> Series A, GO (B) | &nbsp;&nbsp;5.775 | &nbsp;&nbsp;07-01-33 | 60892 | &nbsp;&nbsp;33322 |
| Puerto Rico Commonwealth<br> Series A-1, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-33 | 47316 | &nbsp;&nbsp;41125 |
| Puerto Rico Commonwealth<br> Series A-1, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-35 | 42531 | &nbsp;&nbsp;36168 |
| Puerto Rico Commonwealth<br> Series A-1, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-37 | 36503 | &nbsp;&nbsp;30412 |
| Puerto Rico Commonwealth<br> Series A-1, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-41 | 49630 | &nbsp;&nbsp;39743 |
| Puerto Rico Commonwealth<br> Series A-1, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-46 | 51615 | &nbsp;&nbsp;39700 |
| Puerto Rico Commonwealth<br> Series A-1, GO | &nbsp;&nbsp;5.375 | &nbsp;&nbsp;07-01-25 | 52697 | &nbsp;&nbsp;53419 |
| Puerto Rico Commonwealth<br> Series A-1, GO | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;07-01-27 | 52220 | &nbsp;&nbsp;53421 |
| Puerto Rico Commonwealth<br> Series A-1, GO | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;07-01-29 | 51373 | &nbsp;&nbsp;52574 |
| Puerto Rico Commonwealth<br> Series A-1, GO | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;07-01-31 | 49898 | &nbsp;&nbsp;51151 |
| Puerto Rico Electric Power Authority<br> Series A (F) | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;07-01-43 | 1250000 | &nbsp;&nbsp;943750 |
| Puerto Rico Electric Power Authority<br> Series TT (F) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-24 | 765000 | &nbsp;&nbsp;564188 |
| Puerto Rico Highway & Transportation Authority<br> Teodoro Moscoso Bridge, Series A (B) | &nbsp;&nbsp;6.682 | &nbsp;&nbsp;07-01-26 | 1343000 | &nbsp;&nbsp;1061529 |
| Puerto Rico Sales Tax Financing Corp.<br> Sales Tax Revenue, Series A-1 (B) | &nbsp;&nbsp;5.105 | &nbsp;&nbsp;07-01-31 | 1000000 | &nbsp;&nbsp;648199 |
| Puerto Rico Sales Tax Financing Corp.<br> Sales Tax Revenue, Series A-1 (B) | &nbsp;&nbsp;5.954 | &nbsp;&nbsp;07-01-51 | 3450000 | &nbsp;&nbsp;644847 |
| Puerto Rico Sales Tax Financing Corp.<br> Sales Tax Revenue, Series A-2 | &nbsp;&nbsp;4.784 | &nbsp;&nbsp;07-01-58 | 900000 | &nbsp;&nbsp;820447 |

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

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[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **South Carolina 1.0%** |  |  |  | &nbsp;&nbsp;**$1548629** |
| South Carolina Jobs-Economic Development Authority<br> Episcopal Home at Still Hopes | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-48 | 1000000 | &nbsp;&nbsp;833142 |
| South Carolina Jobs-Economic Development Authority<br> Last Step Recycling Project, Series A, AMT (A) | &nbsp;&nbsp;&nbsp;6.500 | &nbsp;&nbsp;06-01-51 | 1000000 | &nbsp;&nbsp;715487 |
| **Tennessee 2.8%** |  |  |  | &nbsp;&nbsp;**4163905** |
| Metropolitan Government Nashville & Davidson County Industrial Development Board<br> South Nashville Central, Series A (A) | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-51 | 500000 | &nbsp;&nbsp;387996 |
| Tennessee Energy Acquisition Corp.<br> Series C | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-25 | 3720000 | &nbsp;&nbsp;3775909 |
| **Texas 8.5%** |  |  |  | &nbsp;&nbsp;**12592099** |
| Board of Managers Joint Guadalupe County<br> City of Seguin Hospital | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-45 | 1000000 | &nbsp;&nbsp;970788 |
| Brazoria County Industrial Development Corp.<br> Aleon Renewable Metals LLC, AMT (A) | &nbsp;&nbsp;10.000 | &nbsp;&nbsp;06-01-42 | 1000000 | &nbsp;&nbsp;976574 |
| Brazoria County Industrial Development Corp.<br> Gladieux Metals Recycling, AMT | &nbsp;&nbsp;&nbsp;7.000 | &nbsp;&nbsp;03-01-39 | 1000000 | &nbsp;&nbsp;923403 |
| City of Houston Airport System Revenue<br> United Airlines, Inc. Terminal Project, AMT | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-15-41 | 1000000 | &nbsp;&nbsp;837306 |
| City of Houston Airport System Revenue<br> United Airlines, Inc. Terminal Project, AMT | &nbsp;&nbsp;&nbsp;6.625 | &nbsp;&nbsp;07-15-38 | 1000000 | &nbsp;&nbsp;1000283 |
| City of Houston Airport System Revenue<br> United Airlines, Inc. Terminal Project, Series B-2, AMT | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-27 | 500000 | &nbsp;&nbsp;506509 |
| 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 | 1100000 | &nbsp;&nbsp;1112284 |
| Gulf Coast Industrial Development Authority<br> CITGO Petroleum Corp. Project, AMT | &nbsp;&nbsp;&nbsp;8.000 | &nbsp;&nbsp;04-01-28 | 1000000 | &nbsp;&nbsp;1000828 |
| Love Field Airport Modernization Corp.<br> General Airport Revenue, AMT (D) | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-39 | 1000000 | &nbsp;&nbsp;951171 |
| New Hope Cultural Education Facilities Finance Corp.<br> Legacy Midtown Park Project, Series A | &nbsp;&nbsp;&nbsp;5.500 | &nbsp;&nbsp;07-01-54 | 500000 | &nbsp;&nbsp;393025 |
| New Hope Cultural Education Facilities Finance Corp.<br> Sanctuary LTC Project, Series A-1 | &nbsp;&nbsp;&nbsp;5.500 | &nbsp;&nbsp;01-01-57 | 1000000 | &nbsp;&nbsp;773761 |
| New Hope Cultural Education Facilities Finance Corp.<br> Sanctuary LTC Project, Series A-2 | &nbsp;&nbsp;&nbsp;6.500 | &nbsp;&nbsp;01-01-31 | 1000000 | &nbsp;&nbsp;898027 |
| Port Beaumont Navigation District<br> Jefferson Gulf Coast Energy, AMT (A) | &nbsp;&nbsp;&nbsp;2.875 | &nbsp;&nbsp;01-01-41 | 1000000 | &nbsp;&nbsp;666440 |
| San Antonio Education Facilities Corp.<br> Hallmark University Project, Series A | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-51 | 250000 | &nbsp;&nbsp;202513 |
| Texas Municipal Gas Acquisition & Supply Corp.<br> Series D | &nbsp;&nbsp;&nbsp;6.250 | &nbsp;&nbsp;12-15-26 | 1320000 | &nbsp;&nbsp;1379187 |

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

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[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Utah 2.1%** |  |  |  | &nbsp;&nbsp;**$3066121** |
| Military Installation Development Authority<br> Series A-1 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-52 | 1220000 | &nbsp;&nbsp;896459 |
| UIPA Crossroads Public Infrastructure District<br> Utah Tax Differential Revenue (A) | &nbsp;&nbsp;4.375 | &nbsp;&nbsp;06-01-52 | 1000000 | &nbsp;&nbsp;815501 |
| Utah Charter School Finance Authority<br> St. George Campus Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-41 | 1020000 | &nbsp;&nbsp;931260 |
| Utah Infrastructure Agency<br> Telecommunication Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-15-41 | 500000 | &nbsp;&nbsp;422901 |
| **Vermont 0.7%** |  |  |  | &nbsp;&nbsp;**1057291** |
| Vermont Economic Development Authority<br> Wake Robin Corp. Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-47 | 1210000 | &nbsp;&nbsp;1057291 |
| **Virgin Islands 0.3%** |  |  |  | &nbsp;&nbsp;**516393** |
| Matching Fund Special Purpose Securitization Corp.<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-28 | 500000 | &nbsp;&nbsp;516393 |
| **Virginia 2.9%** |  |  |  | &nbsp;&nbsp;**4252146** |
| James City County Economic Development Authority<br> Windsormeade, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-47 | 660000 | &nbsp;&nbsp;477606 |
| Tobacco Settlement Financing Corp.<br> Series D (B) | &nbsp;&nbsp;6.060 | &nbsp;&nbsp;06-01-47 | 4000000 | &nbsp;&nbsp;926615 |
| Virginia College Building Authority<br> Regent University Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-46 | 250000 | &nbsp;&nbsp;207560 |
| Virginia Small Business Financing Authority<br> 95 Express Lanes LLC Project, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-39 | 1080000 | &nbsp;&nbsp;973629 |
| Virginia Small Business Financing Authority<br> 95 Express Lanes LLC Project, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-48 | 2000000 | &nbsp;&nbsp;1666736 |
| **Washington 0.4%** |  |  |  | &nbsp;&nbsp;**593948** |
| Washington State Convention Center Public Facilities District<br> Series B | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;07-01-58 | 1000000 | &nbsp;&nbsp;593948 |
| **West Virginia 0.6%** |  |  |  | &nbsp;&nbsp;**920947** |
| City of South Charleston<br> South Charleston Park Place (A) | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;06-01-42 | 1185000 | &nbsp;&nbsp;920947 |
| **Wisconsin 5.7%** |  |  |  | &nbsp;&nbsp;**8459190** |
| Public Finance Authority<br> College Achieve Paterson Charter School (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-15-42 | 1000000 | &nbsp;&nbsp;797189 |
| Public Finance Authority<br> Friends Homes, Inc. (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-54 | 1000000 | &nbsp;&nbsp;877906 |
| Public Finance Authority<br> McLemore Hotel (A) | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;06-01-56 | 1000000 | &nbsp;&nbsp;743949 |
| Public Finance Authority<br> Roseman University of Health (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;04-01-42 | 500000 | &nbsp;&nbsp;393718 |
| Public Finance Authority<br> Roseman University of Health (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;04-01-52 | 800000 | &nbsp;&nbsp;576921 |

---

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

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[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Wisconsin (continued)** |  |  |  |  |
| Public Finance Authority<br> Shining Rock Classical Academy | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;06-15-52 | 1000000 | &nbsp;&nbsp;$921202 |
| Public Finance Authority<br> Sky Harbor Capital LLC, AMT | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;07-01-54 | 1000000 | &nbsp;&nbsp;720923 |
| Public Finance Authority<br> Southminster, Inc. (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-53 | 1150000 | &nbsp;&nbsp;943650 |
| Public Finance Authority<br> University of Hawaii Foundation Project (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-61 | 500000 | &nbsp;&nbsp;343157 |
| Public Finance Authority<br> University of Hawaii Foundation Project (A) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-61 | 250000 | &nbsp;&nbsp;184442 |
| Public Finance Authority<br> Viticus Group Project, Series A (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-41 | 1500000 | &nbsp;&nbsp;1206434 |
| Public Finance Authority<br> WFCS Portfolio Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-56 | 200000 | &nbsp;&nbsp;154333 |
| Wisconsin Health & Educational Facilities Authority<br> Hope Christian Schools | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-51 | 850000 | &nbsp;&nbsp;595366 |
| **Corporate bonds 1.8%** |  |  |  | &nbsp;&nbsp;**$2738460** |
| (Cost $5,158,332) |  |  |  |  |
| **Health care 0.5%** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**809622** |
| **Health care providers and services 0.5%** |  |  |  |  |
| Tower Health | &nbsp;&nbsp;4.451 | &nbsp;&nbsp;02-01-50 | 1566000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809622 |
| **Industrials 1.3%** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1928838** |
| **Construction and engineering 1.3%** |  |  |  |  |
| LBJ Infrastructure Group LLC (A) | &nbsp;&nbsp;3.797 | &nbsp;&nbsp;12-31-57 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;1928838 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Yield (%)** | **Shares** | &nbsp;&nbsp;**Value** |
| **Short-term investments 4.7%** |  |  | **$6917552** |
| (Cost $6,916,884) |  |  |  |
| **Short-term funds 4.7%** |  |  |  |
| John Hancock Collateral Trust (G) | &nbsp;&nbsp;3.8739(H) | 692191 | &nbsp;&nbsp;6917552 |
| **Total investments (Cost $170,250,235) 104.0%** | **Total investments (Cost $170,250,235) 104.0%** |  | **$154354184** |
| **Other assets and liabilities, net (4.0%)** |  |  | &nbsp;&nbsp;**(5944004)** |
| **Total net assets 100.0%** |  |  | &nbsp;&nbsp;**$148410180** |

---

---

| | |
|:---|:---|
| 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) | These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $44,620,457 or 30.1% of the fund's net assets as of 11-30-22. |

---

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

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[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

(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) Security purchased or sold on a when-issued or delayed delivery basis.

(D) Bond is insured by one or more of the companies listed in the insurance coverage table below.

(E) Security represents the municipal bond held by a trust that issues residual inverse floating rate interests. See Note 2 for more information.

(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 11-30-22.

At 11-30-22, the aggregate cost of investments for federal income tax purposes was $168,440,921. Net unrealized depreciation aggregated to $14,086,737, of which $4,590,096 related to gross unrealized appreciation and $18,676,833 related to gross unrealized depreciation.

---

| | |
|:---|:---|
| **Insurance coverage** | &nbsp;&nbsp;**As a % of total<br> investments** |
| Assured Guaranty Corp. | &nbsp;&nbsp;&nbsp;2.2 |
| Assured Guaranty Municipal Corp. | &nbsp;&nbsp;&nbsp;1.2 |
| **TOTAL** | &nbsp;&nbsp;**3.4** |

---

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

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[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

Financial statements

#### STATEMENT OF ASSETS AND LIABILITIES 11-30-22 (unaudited)

------

---

| | |
|:---|:---|
| **Assets** |  |
| Unaffiliated investments, at value (Cost $163,333,351) | &nbsp;&nbsp;&nbsp;&nbsp;$147436632 |
| Affiliated investments, at value (Cost $6,916,884) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6917552 |
| **Total investments, at value (Cost $170,250,235)** | &nbsp;&nbsp;&nbsp;&nbsp;**154354184** |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165213 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440771 |
| Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032151 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55660 |
| **Total assets** | &nbsp;&nbsp;&nbsp;&nbsp;**158049320** |
| **Liabilities** |  |
| Payable for floating rate interests issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585000 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24091 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4346265 |
| Payable for delayed delivery securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988180 |
| Payable for fund shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1632682 |
| 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;7168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Other liabilities and accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45792 |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9639140** |
| **Net assets** | &nbsp;&nbsp;**$148410180** |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;$164275317 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15865137) |
| **Net assets** | &nbsp;&nbsp;**$148410180** |
| **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 ($98,185,885 ÷ 14,723,098 shares)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.67 |
| Class C ($8,339,343 ÷ 1,250,513 shares)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.67 |
| Class I ($36,166,598 ÷ 5,416,061 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.68 |
| Class R6 ($5,718,354 ÷ 855,663 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.68 |
| **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;$6.95 |

---

<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 SEMIANNUAL REPORT \| JOHN HANCOCK High Yield Municipal Bond Fund 19

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[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

#### STATEMENT OF OPERATIONS For the six months ended 11-30-22 (unaudited)

------

---

| | |
|:---|:---|
| **Investment income** |  |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3815622 |
| Dividends from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22778 |
| **Total investment income** | &nbsp;&nbsp;&nbsp;&nbsp;**3838400** |
| **Expenses** |  |
| Investment management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404337 |
| Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173738 |
| Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24352 |
| Accounting and legal services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11041 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22506 |
| Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11673 |
| State registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36600 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11478 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30977 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9866 |
| **Total expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**738062** |
| Less expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95213) |
| **Net expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**642849** |
| **Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;**3195551** |
| **Realized and unrealized gain (loss)** |  |
| **Net realized gain (loss) on** |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;(1794128) |
| Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1661) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**(1795789)** |
| **Change in net unrealized appreciation (depreciation) of** |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;(10244331) |
| Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 |
|  | &nbsp;&nbsp;**(10243736)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**(12039525)** |
| **Decrease in net assets from operations** | &nbsp;&nbsp;**$(8843974)** |

---

20 JOHN HANCOCK High Yield Municipal Bond Fund \| SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 11-30-22<br> (unaudited)** | &nbsp;&nbsp;**Year ended<br> 5-31-22** |
| **Increase (decrease) in net assets** |  |  |
| **From operations** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3195551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5447362 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1795789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066516 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10243736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22033534) |
| **Decrease in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8843974)** | &nbsp;&nbsp;&nbsp;&nbsp;**(15519656)** |
| **Distributions to shareholders** |  |  |
| From earnings |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2197379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4913776) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(393137) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(592991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(926902) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104950) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131462) |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3041607)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6365277)** |
| **From fund share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13052008** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11854758** |
| **Total increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1166427** | &nbsp;&nbsp;&nbsp;&nbsp;**(10030175)** |
| **Net assets** |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147243753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157273928 |
| **End of period** | &nbsp;&nbsp;**$148410180** | &nbsp;&nbsp;**$147243753** |

---

SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT \| JOHN HANCOCK High Yield Municipal Bond Fund 21

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[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

Financial highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CLASS A SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;**11-30-22<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**5-31-22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-20** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-19** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-18** |
| **Per share operating performance** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.23** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.26** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.32** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.06** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.93** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.01** |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.42)** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.72)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.28)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.46** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.28** |
| **Less distributions** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.14)** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.31)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.28)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.46)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.33)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.36)** |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;**$6.67** | &nbsp;&nbsp;&nbsp;&nbsp;**$7.23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.26** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.32** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.06** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.93** |
| **Total return (%)<sup>3,4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(5.91)<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(9.03)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.83** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.80)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.99** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.55** |
| **Ratios and supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$98 | &nbsp;&nbsp;&nbsp;&nbsp;$112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$117 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03<sup>67</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87<sup>67</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.31 |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |

---

<sup>1</sup> Six months ended 11-30-22. Unaudited.

<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 applicable periods.

<sup>4</sup> Does not reflect the effect of sales charges, if any.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

<sup>7</sup> Includes interest expense of 0.03% (annualized).

22 JOHN HANCOCK High Yield Municipal Bond Fund \| SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

------

[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CLASS C SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;**11-30-22<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**5-31-22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-20** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-19** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-18** |
| **Per share operating performance** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.23** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.26** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.32** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.06** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.93** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.01** |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.44)** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.78)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.16** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.34)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.40** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.22** |
| **Less distributions** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &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;(0.30) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.12)** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.22)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.40)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.27)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.30)** |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;**$6.67** | &nbsp;&nbsp;&nbsp;&nbsp;**$7.23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.26** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.32** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.06** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.93** |
| **Total return (%)<sup>3,4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(6.26)<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(9.71)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.96** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.52)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.20** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.78** |
| **Ratios and supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77<sup>67</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62<sup>67</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.64<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56 |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |

---

<sup>1</sup> Six months ended 11-30-22. Unaudited.

<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 applicable periods.

<sup>4</sup> Does not reflect the effect of sales charges, if any.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

<sup>7</sup> Includes interest expense of 0.03% (annualized).

SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT \| JOHN HANCOCK High Yield Municipal Bond Fund 23

------

[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CLASS I SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;**11-30-22<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**5-31-22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-20** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-19** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-18** |
| **Per share operating performance** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.24** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.27** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.33** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.07** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.94** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.02** |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.41)** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.71)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.27)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.47** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.29** |
| **Less distributions** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.15)** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.32)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.29)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.47)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.34)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.37)** |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;**$6.68** | &nbsp;&nbsp;&nbsp;&nbsp;**$7.24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.27** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.33** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.07** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.94** |
| **Total return (%)<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(5.83)<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(8.88)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.99** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.65)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.15** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.71** |
| **Ratios and supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77<sup>56</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72<sup>56</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &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;0.76 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.47 |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |

---

<sup>1</sup> Six months ended 11-30-22. Unaudited.

<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 applicable periods.

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

<sup>6</sup> Includes interest expense of 0.03% (annualized).

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

------

[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CLASS R6 SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;**11-30-22<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**5-31-22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-20** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-19** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-18<sup>2</sup>** |
| **Per share operating performance** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.25** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.28** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.34** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.08** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.94** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.08** |
| Net investment income<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.42)** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.71)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.27)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.49** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.14** |
| **Less distributions** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &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;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.15)** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.32)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.29)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.47)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.35)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.28)** |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;**$6.68** | &nbsp;&nbsp;&nbsp;&nbsp;**$7.25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.28** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.34** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.08** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.94** |
| **Total return (%)<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(5.81)<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(8.83)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.01** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.61)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.31** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.80<sup>5</sup>** |
| **Ratios and supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75<sup>67</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70<sup>67</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &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;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.58<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52<sup>6</sup> |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8<sup>8</sup> |

---

<sup>1</sup> Six months ended 11-30-22. Unaudited.

<sup>2</sup> The inception date for Class R6 shares is 8-30-17.

<sup>3</sup> Based on average daily shares outstanding.

<sup>4</sup> Total returns would have been lower had certain expenses not been reduced during the applicable periods.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

<sup>7</sup> Includes interest expense of 0.03% (annualized).

<sup>8</sup> Portfolio turnover is shown for the period from 6-1-17 to 5-31-18.

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

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[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

Notes to financial statements (unaudited)

#### 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 current income that is largely exempt from federal income tax, consistent with the preservation of capital. 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 Advisor's Valuation Policies and Procedures.**

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

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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 November 30, 2022, by major security category or type:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total<br> value at<br> 11-30-22** | **Level 1<br> quoted<br> price** | **Level 2<br> significant<br> observable<br> inputs** | **Level 3<br> significant<br> unobservable<br> inputs** |
| **Investments in securities:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$144698172** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$144698172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2738460** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2738460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6917552** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6917552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total investments in securities** | **$154354184** | **$6917552** | **$147436632** | **—** |

---

The fund holds liabilities for which the fair value approximates the carrying amount for financial statement purposes. As of November 30, 2022, 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 debt 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 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 interests: short-term floating rate interests (TOB floaters), which are sold to third party investors, and 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**

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increase when short-term 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 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 November 30, 2022, the amount of the fund's TOB floaters and related interest rates and collateral were as follows:

---

| | |
|:---|:---|
| TOB floaters outstanding | &nbsp;&nbsp;$2585000 |
| Interest rate (%) | &nbsp;&nbsp;1.93% |
| Collateral for TOB floaters outstanding | &nbsp;&nbsp;$3947296 |

---

For the six months ended November 30, 2022, the fund's average settled TOB Floaters outstanding and the average interest rate, including fees, were as follows:

---

| | |
|:---|:---|
| Average TOB floaters outstanding | &nbsp;&nbsp;$2102308 |
| Average interest rate (%) | &nbsp;&nbsp;2.32% |

---

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 November 30, 2022.

**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.**

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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. Excluding commitments designated for a certain fund and subject to the needs of all other affiliated funds, the fund can borrow up to an aggregate commitment amount of $750 million, subject to asset coverage and other limitations as specified in the agreement. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund based on a combination of fixed and asset-based allocations and is reflected in Other expenses on the Statement of operations. For the six months ended November 30, 2022, the fund had no borrowings under the line of credit. Commitment fees for the six months ended November 30, 2022 were $1,768.**

**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.**

As of May 31, 2022, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund's federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

**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.**

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.

Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund's financial statements as a return of capital. The final determination of tax characteristics of the fund's distribution will occur at the end of the year and will subsequently be reported to shareholders.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to accretion on debt securities.

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#### 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) 0.5900% of the first $75 million of the fund's average daily net assets, (b) 0.5200% of the next $75 million of the fund's average daily net assets, (c) 0.4600% of the next $1.85 billion of the fund's average daily net assets, (d) 0.4400% of the next $2 billion of the fund's average daily net assets; and (e) 0.4100% 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.**

Effective October 1, 2022, the Advisor contractually agrees 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 0.58% of average daily net assets attributable to the fund, 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, 2023, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

The 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 six months ended November 30, 2022, this waiver amounted to 0.01% of the fund's average daily net assets, on an annualized basis. This arrangement expires on July 31, 2024, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

The Advisor contractually agrees to reduce its management fee or, if necessary, make payment to Class A, Class C, Class I, and Class R6 shares, in an amount equal to the amount by which the expenses of Class A, Class C, Class I and Class R6 shares, as applicable, exceed 0.89%, 1.64%, 0.74%, and 0.72%, respectively, of average daily net assets attributable to the class, 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) borrowing costs, (f) prime brokerage fees, (g) acquired fund fees and expenses paid indirectly, and (h) short dividend expense. This agreement expires on September 30, 2023, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

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For the six months ended November 30, 2022, the expense reductions described above amounted to the following:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Expense reduction** |
| Class A | &nbsp;&nbsp;$27218 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;2154 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;7772 |

---

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Expense reduction** |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;$1360 |
| **Total** | &nbsp;&nbsp;**$38504** |

---

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 six months ended November 30, 2022, were equivalent to a net annual effective rate of 0.50% 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 six months ended November 30, 2022, 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 Rule12b-1 fees for Class A and Class C shares. The current waiver agreement expires on September 30, 2023, 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 $52,447 and $4,262 for Class A and Class C shares, respectively, for the six months ended November 30, 2022.

**Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $16,351 for the six months ended November 30, 2022. Of this amount, $2,374 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $13,977 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% sales charge. Prior to August 1, 2022, certain Class A shares purchased, including those that were acquired through purchases of $1 million or more, and redeemed within 1 year of purchase were subject to a 1.00% sales charge. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the six months ended November 30, 2022, CDSCs received by the Distributor amounted to $2,475 and $150 for Class A and Class C shares, respectively.

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

#### Class level expenses. Class level expenses for the six months ended November 30, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;**Distribution and service fees** | &nbsp;&nbsp;&nbsp;**Transfer agent fees** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$131118 | &nbsp;&nbsp;&nbsp;$16607 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4313 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 |
| **Total** | &nbsp;&nbsp;**$173738** | &nbsp;&nbsp;**$22506** |

---

**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 six months ended November 30, 2022 and for the year ended May 31, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended 11-30-22** | &nbsp;&nbsp;&nbsp;**Six Months Ended 11-30-22** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-22** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-22** |
|  | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class A shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;1650291 | &nbsp;&nbsp;&nbsp;&nbsp;$11176999 | &nbsp;&nbsp;&nbsp;&nbsp;3241469 | &nbsp;&nbsp;&nbsp;&nbsp;$25952812 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4670345 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(2707084) | &nbsp;&nbsp;&nbsp;&nbsp;(18073777) | &nbsp;&nbsp;&nbsp;&nbsp;(3494937) | &nbsp;&nbsp;&nbsp;&nbsp;(27280431) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**(745929)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4800661)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**331214** | &nbsp;&nbsp;&nbsp;&nbsp;**$3342726** |
| **Class C shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$989623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$852811 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390759 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(302804) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2060195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(551761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4418787) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(131285)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(925223)** | &nbsp;&nbsp;&nbsp;&nbsp;**(398775)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3175217)** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended 11-30-22** | &nbsp;&nbsp;&nbsp;**Six Months Ended 11-30-22** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-22** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-22** |
|  | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class I shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;4233379 | &nbsp;&nbsp;&nbsp;&nbsp;$28641814 | &nbsp;&nbsp;&nbsp;&nbsp;2523277 | &nbsp;&nbsp;&nbsp;&nbsp;$20209747 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922367 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(1796486) | &nbsp;&nbsp;&nbsp;&nbsp;(12111013) | &nbsp;&nbsp;&nbsp;&nbsp;(1579882) | &nbsp;&nbsp;&nbsp;&nbsp;(11994408) |
| **Net increase** | &nbsp;&nbsp;&nbsp;**2520251** | &nbsp;&nbsp;&nbsp;**$17091988** | &nbsp;&nbsp;&nbsp;**1058983** | &nbsp;&nbsp;&nbsp;&nbsp;**$9137706** |
| **Class R6 shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3129902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3328666 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131443 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(231647) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1548948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(910566) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**246050** | &nbsp;&nbsp;&nbsp;&nbsp;**$1685904** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**327551** | &nbsp;&nbsp;&nbsp;&nbsp;**$2549543** |
| **Total net increase** | &nbsp;&nbsp;**1889087** | &nbsp;&nbsp;**$13052008** | &nbsp;&nbsp;**1318973** | &nbsp;&nbsp;**$11854758** |

---

Affiliates of the fund owned 6% of shares of Class R6 on November 30, 2022. 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 $41,579,665 and $26,689,293, respectively, for the six months ended November 30, 2022.

#### 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 | 692191 | $2327098 | $31561933 | $(26970413) | $(1661) | $595 | $22778 |  | $6917552 |

---

#### Note 9 — Coronavirus (COVID-19) pandemic
The COVID-19 disease has resulted in significant disruptions to global business activity. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange-trading suspensions, and closures, which may lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect fund performance.

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#### SHAREHOLDER MEETING

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(Unaudited)

The fund held a Special Joint Meeting of Shareholders on Friday, September 9, 2022. The following proposals were considered by the shareholders:

#### Proposal 1: To elect eight Trustees as members of the Board of Trustees of each of the Trusts.
THE PROPOSAL <u>PASSED</u> ON September 9, 2022.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Total votes<br> for the nominee** | &nbsp;&nbsp;&nbsp;**Total votes withheld<br> from the nominee** |
| **Independent Trustees** |  |  |
| James R. Boyle | &nbsp;&nbsp;56327164.688 | &nbsp;&nbsp;2265903.139 |
| Noni L. Ellison | &nbsp;&nbsp;56619881.161 | &nbsp;&nbsp;1973186.666 |
| Dean C. Garfield | &nbsp;&nbsp;56377686.100 | &nbsp;&nbsp;2215381.727 |
| Patricia Lizarraga | &nbsp;&nbsp;56644874.324 | &nbsp;&nbsp;1948193.503 |
| Frances G. Rathke | &nbsp;&nbsp;56638757.773 | &nbsp;&nbsp;1954310.054 |

---

---

| | | |
|:---|:---|:---|
| **Non-Independent Trustees** |  |  |
| Andrew G. Arnott | &nbsp;&nbsp;56,334,175.362 | &nbsp;&nbsp;2,258,892.465 |
| Marianne Harrison | &nbsp;&nbsp;56,636,627.472 | &nbsp;&nbsp;1,956,440.355 |
| Paul Lorentz | &nbsp;&nbsp;56,328,208.593 | &nbsp;&nbsp;2,264,859.234 |

---

#### Proposal 2: To approve the adoption of a manager of managers structure.
THE PROPOSAL <u>DID NOT PASS</u> ON September 9, 2022 for John Hancock High Yield Municipal Bond Fund, a series of John Hancock Municipal Securities Trust.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Shares<br> voted** | &nbsp;&nbsp;&nbsp;**% Of<br> shares voted** | &nbsp;&nbsp;&nbsp;**% Of<br> outstanding<br> shares** |
| **For** | &nbsp;&nbsp;3532259.126 | &nbsp;&nbsp;19.167% | &nbsp;&nbsp;16.894% |
| **Against** | &nbsp;&nbsp;170561.324 | &nbsp;&nbsp;0.926% | &nbsp;&nbsp;0.815% |
| **Abstain/Withheld** | &nbsp;&nbsp;225554.244 | &nbsp;&nbsp;1.223% | &nbsp;&nbsp;1.078% |
| **Broker Non-Vote** | &nbsp;&nbsp;14501215.234 | &nbsp;&nbsp;78.684% | &nbsp;&nbsp;69.358% |

---

34 JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND \| SEMIANNUAL REPORT

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#### EVALUATION OF ADVISORY AND SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES

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This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Municipal Securities Trust (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with Manulife Investment Management (US) LLC (the Subadvisor), for John Hancock High Yield Municipal Bond Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 21-23, 2022 videoconference<sup>1</sup> meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a videoconference meeting held on May 24-25, 2022. The Trustees who are not "interested persons" of the Trust as defined by the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees") also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees and a third-party consulting firm.

#### Approval of Advisory and Subadvisory Agreements
At videoconference meetings held on June 21-23, 2022, the Board, including the Trustees who are not parties to any Agreement or considered to be interested persons of the Trust under the 1940 Act, reapproved for an annual period the continuation of the Advisory Agreement between the Trust and the Advisor and the Subadvisory Agreement between the Advisor and the Subadvisor with respect to the fund.

In considering the Advisory Agreement and the Subadvisory Agreement, the Board received in advance of the meetings a variety of materials relating to the fund, the Advisor and the Subadvisor, including comparative performance, fee and expense information for a peer group of similar funds prepared by an independent third-party provider of fund data, performance information for an applicable benchmark index; and, with respect to the Subadvisor, comparative performance information for comparably managed accounts, as applicable, and other information provided by the Advisor and the Subadvisor regarding the nature, extent and quality of services provided by the Advisor and the Subadvisor under their respective Agreements, as well as information regarding the Advisor's revenues and costs of providing services to the fund and any compensation paid to affiliates of the Advisor. At the meetings at which the renewal of the Advisory Agreement and Subadvisory Agreement are considered, particular focus is given to information concerning fund performance, comparability of fees and total expenses, and profitability. However, the Board noted that the evaluation process with respect to the Advisor and the Subadvisor is an ongoing one. In this regard, the Board also took into account discussions with management and information provided to the Board (including its various committees) at prior meetings with respect to the services provided by the Advisor and the Subadvisor to the fund, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Subadvisor with respect to the fund. The information received and considered by the Board in connection with the May and June meetings and throughout the year was both written and oral. The Board noted the affiliation of the Subadvisor with the Advisor, noting any potential conflicts of interest. The Board also considered the nature, quality, and extent of

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<sup>1</sup>On June 19, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued an exemptive order (the "Order") pursuant to Sections 6(c) and 38(a) of the Investment Company Act of 1940, as amended (the "1940 Act"), that temporarily exempts registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Order are ratified at the next in-person meeting. The Board determined that reliance on the Order was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the Board's May and June meetings were held via videoconference in reliance on the Order. This exemptive order supersedes, in part, a similar earlier exemptive order issued by the SEC.

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non-advisory services, if any, to be provided to the fund by the Advisor's affiliates, including distribution services. The Board considered the Advisory Agreement and the Subadvisory Agreement separately in the course of its review. In doing so, the Board noted the respective roles of the Advisor and Subadvisor in providing services to the fund.

Throughout the process, the Board asked questions of and requested additional information from management. The Board is assisted by counsel for the Trust and the Independent Trustees are also separately assisted by independent legal counsel throughout the process. The Independent Trustees also received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed continuation of the Agreements and discussed the proposed continuation of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

#### Approval of Advisory Agreement
In approving the Advisory Agreement with respect to the fund, the Board, including the Independent Trustees, considered a variety of factors, including those discussed below. The Board also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets, and the industry) and did not treat any single factor as determinative, and each Trustee may have attributed different weights to different factors. The Board's conclusions may be based in part on its consideration of the advisory and subadvisory arrangements in prior years and on the Board's ongoing regular review of fund performance and operations throughout the year.

*<u>Nature, extent, and quality of services</u><u>.</u> Among the information received by the Board from the Advisor relating to the nature, extent, and quality of services provided to the fund, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor's compliance and regulatory history, including its Form ADV. The Board also noted that on a regular basis it receives and reviews information from the Trust's Chief Compliance Officer (CCO) regarding the fund's compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board observed that the scope of services provided by the Advisor, and of the undertakings required of the Advisor in connection with those services, including maintaining and monitoring its own and the fund's compliance programs, risk management programs, liquidity management programs and cybersecurity programs, had expanded over time as a result of regulatory, market and other developments. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the fund, including, but not limited to, general supervision of and coordination of the services provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and third-party service providers. The Board also considered the significant risks assumed by the Advisor in connection with the services provided to the fund including entrepreneurial risk in sponsoring new funds and ongoing risks including investment, operational, enterprise, litigation, regulatory and compliance risks with respect to all funds.*

In considering the nature, extent, and quality of the services provided by the Advisor, the Trustees also took into account their knowledge of the Advisor's management and the quality of the performance of the Advisor's duties, through Board meetings, discussions and reports during the preceding year and through each Trustee's experience as a Trustee of the Trust and of the other trusts in the John Hancock group of funds complex (the John Hancock Fund Complex).

In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:

(a) the skills and competency with which the Advisor has in the past managed the Trust's affairs and its subadvisory relationship, the Advisor's oversight and monitoring of the Subadvisor's investment
performance and compliance programs, such as the Subadvisor's compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the
Advisor's timeliness in responding to performance issues;

(b) the background, qualifications and skills of the Advisor's personnel;

36 JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND \| SEMIANNUAL REPORT

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(c) the Advisor's compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;

(d) the Advisor's administrative capabilities, including its ability to supervise the other service providers for the fund, as well as the Advisor's oversight of any securities lending activity, its
monitoring of class action litigation and collection of class action settlements on behalf of the fund, and bringing loss recovery actions on behalf of the fund;

(e) the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund;

(f) the Advisor's initiatives intended to improve various aspects of the Trust's operations and investor experience with the fund; and

(g) the Advisor's reputation and experience in serving as an investment advisor to the Trust and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety
of investments.

The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the fund.

<u>I</u>*<u>nvestment performance</u>*<u>.</u> In considering the fund's performance, the Board noted that it reviews at its regularly scheduled meetings information about the fund's performance results. In connection with the consideration of the Advisory Agreement, the Board:

(a) reviewed information prepared by management regarding the fund's performance;

(b) considered the comparative performance of an applicable benchmark index;

(c) considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data; and

(d) took into account the Advisor's analysis of the fund's performance and its plans and recommendations regarding the Trust's subadvisory arrangements generally.

The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and the results of the performance comparisons may vary depending on the selection of the peer group. The Board noted that the fund underperformed its benchmark index for the one-, three-, five- and ten-year periods ended December 31, 2021. The Board also noted that the fund outperformed the peer group median for the one- and three-year periods and underperformed the peer group median for the five- and ten-year periods ended December 31, 2021. The Board took into account management's discussion of the factors that contributed to the fund's performance relative to the benchmark index for the one-, three-, five- and ten-year periods and relative to the peer group median for the five- and ten-year periods, including the impact of past and current market conditions on the fund's strategy and management's outlook for the fund. The Board concluded that the fund's performance is being monitored and reasonably addressed, where appropriate.

*<u>Fees and expenses</u><u>.</u> The Board reviewed comparative information prepared by an independent third-party provider of fund data, including, among other data, the fund's contractual and net management fees (and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the fund in light of the nature, extent and quality of the management and advisory and subadvisory services provided by the Advisor and the Subadvisor. The Board considered the fund's ranking within a smaller group of peer funds chosen by the independent third-party provider, as well as the fund's ranking within a broader*

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group of funds. In comparing the fund's contractual and net management fees to those of comparable funds, the Board noted that such fees include both advisory and administrative costs. The Board noted that net management fees and net total expenses for the fund are higher than the peer group median.

The Board took into account management's discussion of the fund's expenses. The Board also took into account management's discussion with respect to the overall management fee and the fees of the Subadvisor, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fee, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board also noted that the Advisor pays the subadvisory fee. In addition, the Board took into account that management had agreed to implement an overall fee waiver across the complex, including the fund, which is discussed further below. The Board also noted actions taken over the past several years to reduce the fund's operating expenses. The Board also noted that, in addition, the Advisor is currently waiving fees and/or reimbursing expenses with respect to the fund and that the fund has breakpoints in its contractual management fee schedule that reduce management fees as assets increase. The Board also noted that the fund's distributor, an affiliate of the Advisor, has agreed to waive a portion of its Rule 12b-1 fee for a share class of the fund. The Board noted that the fund has a voluntary fee waiver and/or expense reimbursement, which reduces certain expenses of the fund. The Board reviewed information provided by the Advisor concerning the investment advisory fee charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the John Hancock Fund Complex) having similar investment mandates, if any. The Board considered any differences between the Advisor's and Subadvisor's services to the fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to the fund is reasonable in light of the nature, extent and quality of the services provided to the fund under the Advisory Agreement.

*<u>Profitability/Fall out benefits</u><u>.</u> In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates (including the Subadvisor) from the Advisor's relationship with the Trust, the Board:*

(a) reviewed financial information of the Advisor;

(b) reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;

(c) received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund;

(d) received information with respect to the Advisor's allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an
analysis of the Advisor's allocation methodologies;

(e) considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating
to foreign taxes paid and dividends received by certain funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are
reflected in the profitability information reviewed by the Board;

(f) considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement;

(g) noted that affiliates of the Advisor provide transfer agency services and distribution services to the fund, and that the fund's distributor also receives Rule 12b-1 payments to support distribution of the fund;

(h) noted that the fund's Subadvisor is an affiliate of the Advisor;

(i) noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund;

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(j) noted that the subadvisory fee for the fund is paid by the Advisor;

(k) considered the Advisor's ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and

(l) considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the risks that it assumes as Advisor, including
entrepreneurial, operational, reputational, litigation and regulatory risk.

Based upon its review, the Board concluded that the level of profitability, if any, of the Advisor and its affiliates (including the Subadvisor) from their relationship with the fund was reasonable and not excessive.

*<u>Economies of scale</u><u>.</u> In considering the extent to which economies of scale would be realized as the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders, the Board:*

(a) considered that the Advisor has contractually agreed to waive a portion of its management fee for certain funds of the John Hancock Fund Complex, including the fund (the participating portfolios) or otherwise
reimburse the expenses of the participating portfolios (the reimbursement). 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;

(b) reviewed the fund's advisory fee structure and concluded that: (i) the fund's fee structure contains breakpoints at the subadvisory fee level and that such breakpoints are reflected as breakpoints in the
advisory fees for the fund; and (ii) although economies of scale cannot be measured with precision, these arrangements permit shareholders of the fund to benefit from economies of scale if the fund grows. The Board
also took into account management's discussion of the fund's advisory fee structure; and

(c) the Board also considered the effect of the fund's growth in size on its performance and fees. The Board also noted that if the fund's assets increase over time, the fund may realize other
economies of scale.

#### Approval of Subadvisory Agreement
In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:

(1) information relating to the Subadvisor's business, including current subadvisory services to the Trust (and other funds in the John Hancock Fund Complex);

(2) the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds; and

(3) the subadvisory fee for the fund, including any breakpoints, and to the extent available, comparable fee information prepared by an independent third-party provider of fund data.

*<u>Nature, extent, and quality of services</u><u>.</u> With respect to the services provided by the Subadvisor, the Board received information provided to the Board by the Subadvisor, including the Subadvisor's Form ADV, as well as took into account information presented throughout the past year. The Board considered the Subadvisor's current level of staffing and its overall resources, as well as received information relating to the Subadvisor's compensation program. The Board reviewed the Subadvisor's history and investment experience, as well as information regarding the qualifications, background, and responsibilities of the Subadvisor's investment and compliance personnel who provide services to the fund. The Board also considered, among other things, the Subadvisor's compliance program and any disciplinary history. The Board also considered the Subadvisor's risk assessment and monitoring process.*

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The Board reviewed the Subadvisor's regulatory history, including whether it was involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate. The Board noted that the Advisor conducts regular, periodic reviews of the Subadvisor and its operations, including regarding investment processes and organizational and staffing matters. The Board also noted that the Trust's CCO and his staff conduct regular, periodic compliance reviews with the Subadvisor and present reports to the Independent Trustees regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisor and procedures reasonably designed to assure compliance with the federal securities laws. The Board also took into account the financial condition of the Subadvisor.

The Board considered the Subadvisor's investment process and philosophy. The Board took into account that the Subadvisor's responsibilities include the development and maintenance of an investment program for the fund that is consistent with the fund's investment objective, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also received information with respect to the Subadvisor's brokerage policies and practices, including with respect to best execution and soft dollars.

*<u>Subadvisor compensation</u><u>.</u> In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the fund, the Board noted that the fees under the Subadvisory Agreement are paid by the Advisor and not the fund. The Board also received information and took into account any other potential conflicts of interest the Advisor might have in connection with the Subadvisory Agreement.*

In addition, the Board considered other potential indirect benefits that the Subadvisor and its affiliates may receive from the Subadvisor's relationship with the fund, such as the opportunity to provide advisory services to additional funds in the John Hancock Fund Complex and reputational benefits.

*<u>Subadvisory fees</u><u>.</u> The Board considered that the fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays a subadvisory fee to the Subadvisor. As noted above, the Board also considered the fund's subadvisory fees as compared to similarly situated investment companies deemed to be comparable to the fund as included in the report prepared by the independent third-party provider of fund data, to the extent available. The Board also noted that the limited size of the Lipper peer group was not sufficient for comparative purposes. The Board also took into account the subadvisory fees paid by the Advisor to the Subadvisor with respect to the fund and compared them to fees charged by the Subadvisor to manage other subadvised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.*

*<u>Subadvisor performance</u><u>.</u> As noted above, the Board considered the fund's performance as compared to the fund's peer group median and the benchmark index and noted that the Board reviews information about the fund's performance results at its regularly scheduled meetings. The Board noted the Advisor's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadvisor. The Board was mindful of the Advisor's focus on the Subadvisor's performance. The Board also noted the Subadvisor's long-term performance record for similar accounts, as applicable.*

The Board's decision to approve the Subadvisory Agreement was based on a number of determinations, including the following:

(1) the Subadvisor has extensive experience and demonstrated skills as a manager;

(2) the performance of the fund is being monitored and reasonably addressed, where appropriate;

(3) the subadvisory fee is reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and

(4) noted that the subadvisory fees are paid by the Advisor not the fund and that the subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit
shareholders to benefit from economies of scale if the fund grows.

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\*\*\*

Based on the Board's evaluation of all factors that the Board deemed to be material, including those factors described above, the Board, including the Independent Trustees, concluded that renewal of the Advisory Agreement and the Subadvisory Agreement would be in the best interest of the fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Advisory Agreement and Subadvisory Agreement for an additional one-year period.

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More information

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

James R. Boyle

Peter S. Burgess<sup>\*,#</sup>

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

Grace K. Fey

Noni L. Ellison<sup>^</sup>

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

Marianne Harrison<sup>†</sup>

Deborah C. Jackson

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

Paul Lorentz<sup>‡</sup>

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

Gregory A. Russo

#### Officers
Andrew G. Arnott

*President*

Charles A. Rizzo

*Chief Financial Officer*

Salvatore Schiavone

*Treasurer*

Christopher (Kit) Sechler

*Secretary and Chief Legal Officer*

*Trevor Swanberg Chief Compliance Officer*

#### Investment advisor
John Hancock Investment Management LLC

#### Subadvisor
Manulife Investment Management (US) LLC

#### Portfolio Managers
Dennis DiCicco

Adam A. Weigold, CFA

#### Principal distributor
John Hancock Investment Management Distributors LLC

#### Custodian
State Street Bank and Trust Company

#### Transfer agent
John Hancock Signature Services, Inc.

#### Legal counsel
K&L Gates LLP

<sup>†</sup> Non-Independent Trustee

\* Member of the Audit Committee

<sup>#</sup> Mr. Burgess is retiring effective December 31, 2022.

^ Elected to serve as Independent Trustee effective as of September 9, 2022.

‡ Elected to serve as Non-Independent Trustee effective as of September 9, 2022.

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

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

We make this information on your fund, as well as **monthly portfolio holdings**, and other fund details available on our website at jhinvestments.com or by calling 800-225-5291.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;You can also contact us: |  |  |
| &nbsp;&nbsp;**800-225-5291** | &nbsp;&nbsp;**Regular mail:** | &nbsp;&nbsp;**Express mail:** |
| &nbsp;&nbsp;**jhinvestments.com** | &nbsp;&nbsp;John Hancock Signature Services, Inc.<br> P.O. Box 219909<br> Kansas City, MO 64121-9909 | &nbsp;&nbsp;John Hancock Signature Services, Inc.<br> 430 W 7<sup>th</sup> Street<br> Suite 219909<br> Kansas City, MO 64105-1407 |

---

42 JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND \| SEMIANNUAL REPORT

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[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

John Hancock family of funds

#### U.S. EQUITY FUNDS

------

Blue Chip Growth

Classic Value

Disciplined Value

Disciplined Value Mid Cap

Equity Income

Financial Industries

Fundamental All Cap Core

Fundamental Large Cap Core

Mid Cap Growth

New Opportunities

Regional Bank

Small Cap Core

Small Cap Growth

Small Cap Value

U.S. Global Leaders Growth

U.S. Growth

#### INTERNATIONAL EQUITY FUNDS

------

Disciplined Value International

Emerging Markets

Emerging Markets Equity

Fundamental Global Franchise

Global Environmental Opportunities

Global Equity

Global Shareholder Yield

Global Thematic Opportunities

International Dynamic Growth

International Growth

International Small Company

#### FIXED-INCOME FUNDS

------

Bond

California Municipal Bond

Emerging Markets Debt

Floating Rate Income

Government Income

High Yield

High Yield Municipal Bond

Income

Investment Grade Bond

Money Market

Municipal Opportunities

Opportunistic Fixed Income

Short Duration Bond

Short Duration Municipal Opportunities

Strategic Income Opportunities

#### ALTERNATIVE FUNDS

------

Absolute Return Currency

Alternative Asset Allocation

Diversified Macro

Infrastructure

Multi-Asset Absolute Return

Real Estate Securities

Seaport Long/Short

A fund's investment objectives, risks, charges, and expenses should be considered carefully before investing. The prospectus contains this and other important information about the fund. To obtain a prospectus, contact your financial professional, call John Hancock Investment Management at 800-225-5291, or visit our website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.

------

[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

#### EXCHANGE-TRADED FUNDS

------

John Hancock Corporate Bond ETF

John Hancock International High Dividend ETF

John Hancock Mortgage-Backed Securities ETF

John Hancock Multifactor Developed International ETF

John Hancock Multifactor Emerging Markets ETF

John Hancock Multifactor Large Cap ETF

John Hancock Multifactor Mid Cap ETF

John Hancock Multifactor Small Cap ETF

John Hancock Preferred Income ETF

John Hancock U.S. High Dividend ETF

#### ENVIRONMENTAL,SOCIAL, AND GOVERNANCE FUNDS

------

ESG Core Bond

ESG International Equity

ESG Large Cap Core

#### ASSET ALLOCATION/TARGET DATE FUNDS

------

Balanced

Multi-Asset High Income

Multi-Index Lifetime Portfolios

Multi-Index Preservation Portfolios

Multimanager Lifestyle Portfolios

Multimanager Lifetime Portfolios

#### CLOSED-END FUNDS

------

Asset-Based Lending

Financial Opportunities

Hedged Equity & Income

Income Securities Trust

Investors Trust

Preferred Income

Preferred Income II

Preferred Income III

Premium Dividend

Tax-Advantaged Dividend Income

Tax-Advantaged Global Shareholder Yield

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

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

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

------

[**Table of Contents**](#JOB_JHF_H_5ba76b4e-d648-4cf8-b052-1703916d1b4e_TofC)

A *trusted* brand

John Hancock Investment Management is a premier asset manager

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

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

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

and operate with the highest standards of conduct and integrity.

A *better way* to invest

We serve investors globally through a unique multimanager approach:

We search the world to find proven portfolio teams with specialized

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

oversight to ensure they continue to meet our uncompromising

standards and serve the best interests of our shareholders.

*Results for investors*

Our unique approach to asset management enables us to provide

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

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

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

![](img3d7bbbeb2.gif)

John Hancock Investment Management Distributors LLC, Member FINRA, SIPC

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

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

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

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

![](imgc9d772203.gif)

MF2630373 59SA 11/22

1/2023

------

![](img09f995361.gif)

![](img85775cb62.gif)

Semiannual report

## John Hancock

## Municipal Opportunities Fund
Fixed income

November 30, 2022

![](img161044f63.gif)

------

A *message* to shareholders

![](img7aa5da144.gif)

Dear shareholder,

U.S. bonds declined during the six months ended November 30, 2022, as bond yields rose to their highest levels in more than a decade. The catalyst was surging inflation, driven largely by rising food and energy prices. The U.S. Federal Reserve continued its inflation-fighting campaign by raising short-term interest rates four times during the period, boosting the federal funds rate target to its highest level since January 2008.

In this environment, bond yields moved broadly higher, with the 10-year U.S. Treasury bond yield cresting above 4% for the first time since 2008. In terms of sector performance, residential mortgage-backed securities and investment-grade corporate bonds declined the most, while high-yield corporate bonds and asset-backed securities held up the best.

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

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

Sincerely,

![](img04fe53375.jpg)

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

Manulife Investment Management

President and CEO,

John Hancock Investment Management

Head of Wealth and Asset Management,

United States and Europe

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

------

John Hancock

Municipal Opportunities Fund

Table of contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;**2** | &nbsp;&nbsp;[Your fund at a glance](#xx_62b42c9d-442f-4495-9b20-91f3c8585583_1) |
| &nbsp;&nbsp;**3** | &nbsp;&nbsp;[Portfolio summary](#xx_ae35932d-8b1d-481a-84a6-26874abf40bf_1) |
| &nbsp;&nbsp;**5** | &nbsp;&nbsp;[Your expenses](#xx_6ee65fa6-b3f2-46a1-a2ee-ffb1f519a9fc_1) |
| &nbsp;&nbsp;**7** | &nbsp;&nbsp;[Fund's investments](#xx_f8fbc678-d9f7-4831-b8b4-0f69d5512306_1) |
| **36** | &nbsp;&nbsp;[Financial statements](#xx_32e84dd4-08f2-432e-994a-e924330d6b49_1) |
| **39** | &nbsp;&nbsp;[Financial highlights](#xx_0a09826f-2f0b-4d2e-92b8-71c10a2aa164_1) |
| **43** | &nbsp;&nbsp;[Notes to financial statements](#xx_e6cc3501-9c03-468f-ace9-25bdc564f825_1) |
| **52** | &nbsp;&nbsp;[Shareholder meeting](#xx_aef5415e-4313-4c6b-ad75-09edf2888b8e_1) |
| **53** | &nbsp;&nbsp;[Evaluation of advisory and subadvisory agreements by the Board of Trustees](#xx_991d66ed-1b44-4d7b-9d70-c35bd7434a6e_1) |
| **60** | &nbsp;&nbsp;[More information](#xx_33eec0a9-d8c0-4cb8-8ed3-2654bd6cc80c_1) |

---

SEMIANNUAL REPORT \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 1

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

Your fund at a glance

#### INVESTMENT OBJECTIVE

------

The fund seeks as high a level of interest income exempt from federal income tax as is consistent with preservation of capital.

#### AVERAGE ANNUAL TOTAL RETURNS AS OF 11/30/2022 (%)

------

![](img702e12f56.gif)

The Bloomberg Municipal Bond Index tracks the performance of the U.S. investment-grade tax-exempt bond market.

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

The fund's Morningstar category average is a group of funds with similar investment objectives and strategies and is the equal-weighted return of all funds per category. Morningstar places funds in certain categories based on their historical portfolio holdings. Figures from Morningstar, Inc. include reinvested distributions and do not take into account sales charges. Actual load-adjusted performance is lower.

**The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions, and does not guarantee future results. Performance of the other share classes will vary based on the difference in the fees and expenses of those classes. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current month-end performance may be lower or higher than the performance cited, and can be found at jhinvestments.com or by calling 800-225-5291. For further information on the fund's objectives, risks, and strategy, see the fund's prospectus.**

2 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEMIANNUAL REPORT

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

Portfolio summary

#### PORTFOLIO COMPOSITION AS OF 11/30/2022 (% of net assets)

------

![](imgcc32c27d7.gif)

#### QUALITY COMPOSITION AS OF 11/30/2022 (% of net assets)

------

![](img7528296d8.gif)

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 11-30-22 and do not reflect subsequent downgrades or upgrades, if any.

SEMIANNUAL REPORT \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 3

------

[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

#### SECTOR COMPOSITION AS OF 11/30/2022 (% of net assets)

------

![](img7c1f6c979.gif)

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

4 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEMIANNUAL REPORT

------

[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

Your expenses

These examples are intended to help you understand your ongoing operating expenses of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds.

#### Understanding fund expenses
As a shareholder of the fund, you incur two types of costs:

■**Transaction costs,** which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

■**Ongoing operating expenses,** including management fees, distribution and service fees (if applicable), and other fund expenses.

We are presenting only your ongoing operating expenses here.

#### Actual expenses/actual returns
The first line of each share class in the table on the following page is intended to provide information about the fund's actual ongoing operating expenses, and is based on the fund's actual return. It assumes an account value of $1,000.00 on June 1, 2022, with the same investment held until November 30, 2022.

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at November 30, 2022, by $1,000.00, then multiply it by the "expenses paid" for your share class from the table. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

![](imgec3c2d0710.gif)

#### Hypothetical example for comparison purposes
The second line of each share class in the table on the following page allows you to compare the fund's ongoing operating expenses with those of any other fund. It provides an example of the fund's hypothetical account values and hypothetical expenses based on each class's actual expense ratio and an assumed 5% annualized return before expenses (which is not the class's actual return). It assumes an account value of $1,000.00 on June 1, 2022, with the same investment held until November 30, 2022. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses. Please remember that these hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

SEMIANNUAL REPORT \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 5

------

[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

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

#### SHAREHOLDER EXPENSE EXAMPLE CHART

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Account<br> value on<br> 6-1-2022** | **Ending<br> value on<br> 11-30-2022** | **Expenses<br> paid during<br> period ended<br> 11-30-2022<sup>1</sup>** | **Annualized<br> expense<br> ratio** |
| **Class A** | Actual expenses/actual returns | $1000.00 | &nbsp;&nbsp;$978.90 | $3.82 | 0.77% |
|  | Hypothetical example | &nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;1021.20 | &nbsp;&nbsp;&nbsp;3.90 | 0.77% |
| **Class C** | Actual expenses/actual returns | &nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;974.10 | &nbsp;&nbsp;&nbsp;7.52 | 1.52% |
|  | Hypothetical example | &nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;1017.40 | &nbsp;&nbsp;&nbsp;7.69 | 1.52% |
| **Class I** | Actual expenses/actual returns | &nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;978.60 | &nbsp;&nbsp;&nbsp;3.03 | 0.61% |
|  | Hypothetical example | &nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;1022.00 | &nbsp;&nbsp;&nbsp;3.09 | 0.61% |
| **Class R6** | Actual expenses/actual returns | &nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;978.70 | &nbsp;&nbsp;&nbsp;2.93 | 0.59% |
|  | Hypothetical example | &nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;1022.10 | &nbsp;&nbsp;&nbsp;2.99 | 0.59% |

---

<sup>1</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

6 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEMIANNUAL REPORT

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

Fund's investments

#### AS OF 11-30-22 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Municipal bonds 99.2%** |  |  |  | &nbsp;&nbsp;**$746178297** |
| (Cost $760,398,987) |  |  |  |  |
| **Alabama 1.1%** |  |  |  | &nbsp;&nbsp;**8638721** |
| Black Belt Energy Gas District<br> Series D1 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-52 | 500000 | &nbsp;&nbsp;501931 |
| Black Belt Energy Gas District<br> Series D-2 (SOFR + 1.400%) (A) | &nbsp;&nbsp;3.946 | &nbsp;&nbsp;07-01-52 | 1325000 | &nbsp;&nbsp;1307233 |
| Southeast Alabama Gas Supply District<br> Project No. 2, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-49 | 4895000 | &nbsp;&nbsp;4886523 |
| Southeast Energy Authority A Cooperative District<br> Project No. 4, Series B-2 (SOFR + 1.790%) (A) | &nbsp;&nbsp;4.336 | &nbsp;&nbsp;05-01-53 | 2000000 | &nbsp;&nbsp;1943034 |
| **Alaska 0.8%** |  |  |  | &nbsp;&nbsp;**6068170** |
| Alaska Municipal Bond Bank Authority<br> Series 2 | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;12-01-42 | 2220000 | &nbsp;&nbsp;2227472 |
| Alaska Municipal Bond Bank Authority<br> Series 4, AMT (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-34 | 2165000 | &nbsp;&nbsp;2242306 |
| Alaska Municipal Bond Bank Authority<br> Series 4, AMT (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-35 | 1160000 | &nbsp;&nbsp;1198392 |
| City of Valdez<br> Phillips Project, Series B | &nbsp;&nbsp;1.950 | &nbsp;&nbsp;05-01-31 | 400000 | &nbsp;&nbsp;400000 |
| **Arizona 1.3%** |  |  |  | &nbsp;&nbsp;**9719371** |
| Arizona Industrial Development Authority<br> Equitable School Revolving Fund, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-44 | 1000000 | &nbsp;&nbsp;1030386 |
| Arizona Industrial Development Authority<br> Jerome Facilities Project, Series B | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-51 | 500000 | &nbsp;&nbsp;393776 |
| City of Phoenix Civic Improvement Corp.<br> Civic Plaza, Series B (B) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;07-01-28 | 1000000 | &nbsp;&nbsp;1128572 |
| Glendale Industrial Development Authority<br> Royal Oaks Life Care Community | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-39 | 3000000 | &nbsp;&nbsp;2848223 |
| Maricopa County Industrial Development Authority<br> Choice Academies, Inc. Project (C) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;09-01-32 | 1200000 | &nbsp;&nbsp;1155223 |
| Maricopa County Industrial Development Authority<br> Choice Academies, Inc. Project (C) | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;09-01-45 | 1000000 | &nbsp;&nbsp;929327 |
| Maricopa County Industrial Development Authority<br> HonorHealth, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-37 | 515000 | &nbsp;&nbsp;508045 |
| Maricopa County Industrial Development Authority<br> HonorHealth, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-36 | 700000 | &nbsp;&nbsp;736319 |
| Maricopa County Industrial Development Authority<br> Legacy Cares Project (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-26 | 1000000 | &nbsp;&nbsp;989500 |

---

SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 7

------

[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **California 7.1%** |  |  |  | &nbsp;&nbsp;**$53311946** |
| ABAG Finance Authority for Nonprofit Corps.<br> Sharp Healthcare, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-43 | 2000000 | &nbsp;&nbsp;2015947 |
| California Community Choice Financing Authority<br> Clean Energy Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-52 | 2250000 | &nbsp;&nbsp;2260582 |
| California Community College Financing Authority<br> Napa Valley College Project, Series A (C) | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;07-01-32 | 500000 | &nbsp;&nbsp;472804 |
| California County Tobacco Securitization Agency<br> Kern County Tobacco Funding Corp. | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-40 | 1000000 | &nbsp;&nbsp;1001282 |
| California Infrastructure & Economic Development Bank<br> Colburn School (SIFMA + 0.900%) (A) | &nbsp;&nbsp;2.800 | &nbsp;&nbsp;08-01-72 | 1500000 | &nbsp;&nbsp;1440047 |
| California Municipal Finance Authority<br> Certificates of Participation, Palomar Health, Series A (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-27 | 100000 | &nbsp;&nbsp;106060 |
| California Municipal Finance Authority<br> Certificates of Participation, Palomar Health, Series A (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-28 | 115000 | &nbsp;&nbsp;122640 |
| California Municipal Finance Authority<br> Certificates of Participation, Palomar Health, Series A (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-29 | 100000 | &nbsp;&nbsp;107544 |
| California Municipal Finance Authority<br> Paradise Valley Estates Project, Series A (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-49 | 1500000 | &nbsp;&nbsp;1602536 |
| California Municipal Finance Authority<br> United Airlines, Inc. Project, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-15-29 | 1250000 | &nbsp;&nbsp;1211160 |
| California Pollution Control Financing Authority<br> Waste Management, Inc., Series A1, AMT | &nbsp;&nbsp;3.375 | &nbsp;&nbsp;07-01-25 | 2000000 | &nbsp;&nbsp;1955695 |
| California Pollution Control Financing Authority<br> Waste Management, Inc., Series A3, AMT | &nbsp;&nbsp;4.300 | &nbsp;&nbsp;07-01-40 | 1000000 | &nbsp;&nbsp;977037 |
| California School Finance Authority<br> Classical Academies Oceanside (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-27 | 500000 | &nbsp;&nbsp;501588 |
| California School Finance Authority<br> John Adams Academies, Series A (C) | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;07-01-32 | 825000 | &nbsp;&nbsp;778846 |
| California State Public Works Board<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-39 | 1000000 | &nbsp;&nbsp;1034391 |
| California State Public Works Board<br> Various Capital Projects, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-26 | 1500000 | &nbsp;&nbsp;1625871 |
| California State Public Works Board<br> Various Correctional Facilities, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-39 | 1845000 | &nbsp;&nbsp;1905736 |
| City of Oroville<br> Oroville Hospital | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;04-01-49 | 3000000 | &nbsp;&nbsp;2932643 |
| Compton Community Redevelopment Agency Successor Agency<br> Series A (B) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;08-01-32 | 1000000 | &nbsp;&nbsp;1131676 |
| Los Angeles Department of Water & Power<br> Series E (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-28 | 1000000 | &nbsp;&nbsp;1123268 |
| Mount Diablo Unified School District<br> Series B, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-33 | 1445000 | &nbsp;&nbsp;1541621 |

---

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

------

[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **California (continued)** |  |  |  |  |
| M-S-R Energy Authority<br> Series B | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;11-01-39 | 1000000 | &nbsp;&nbsp;$1211995 |
| M-S-R Energy Authority<br> Series B | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;11-01-34 | 2500000 | &nbsp;&nbsp;3090908 |
| Newark Unified School District<br> Series B, GO (B) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-38 | 500000 | &nbsp;&nbsp;503938 |
| Newark Unified School District<br> Series B, GO (B) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-40 | 665000 | &nbsp;&nbsp;662200 |
| Newark Unified School District<br> Series B, GO (B) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-42 | 975000 | &nbsp;&nbsp;953804 |
| San Diego Unified School District<br> Series I, GO (E) | &nbsp;&nbsp;4.162 | &nbsp;&nbsp;07-01-39 | 1250000 | &nbsp;&nbsp;629416 |
| San Francisco City & County Airport Comm-San Francisco International Airport<br> SFO Fuel Company, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-38 | 1000000 | &nbsp;&nbsp;1043031 |
| San Francisco City & County Airport Comm-San Francisco International Airport<br> SFO Fuel Company, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-39 | 1510000 | &nbsp;&nbsp;1568230 |
| San Francisco City & County Public Utilities Commission Power Revenue<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-45 | 1500000 | &nbsp;&nbsp;1551265 |
| San Joaquin Hills Transportation Corridor Agency<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-15-44 | 4500000 | &nbsp;&nbsp;4737330 |
| State of California<br> Waste Management, Inc., Series A1, AMT, GO | &nbsp;&nbsp;3.500 | &nbsp;&nbsp;12-01-27 | 720000 | &nbsp;&nbsp;734179 |
| State of California<br> Waste Management, Inc., Series A1, AMT, GO | &nbsp;&nbsp;3.650 | &nbsp;&nbsp;12-01-28 | 550000 | &nbsp;&nbsp;565276 |
| State of California<br> Waste Management, Inc., Series A1, AMT, GO | &nbsp;&nbsp;3.800 | &nbsp;&nbsp;12-01-29 | 425000 | &nbsp;&nbsp;439481 |
| State of California<br> Waste Management, Inc., Series A1, AMT, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-32 | 5000000 | &nbsp;&nbsp;5925143 |
| University of California<br> Series BM (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-35 | 1000000 | &nbsp;&nbsp;1159966 |
| Windsor Unified School District<br> Election 2016, GO (B) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-46 | 2695000 | &nbsp;&nbsp;2686810 |
| **Colorado 5.2%** |  |  |  | &nbsp;&nbsp;**38806501** |
| City & County of Denver Company Airport System Revenue<br> Series D, AMT | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;11-15-29 | 10000000 | &nbsp;&nbsp;11178166 |
| Colorado Bridge Enterprise<br> Series T, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-30-27 | 4475000 | &nbsp;&nbsp;4542607 |
| Colorado Health Facilities Authority<br> AdventHealth Obligated Group | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-15-38 | 1000000 | &nbsp;&nbsp;1001771 |
| Colorado Health Facilities Authority<br> Commonspirit Health Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-26 | 350000 | &nbsp;&nbsp;370199 |

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

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Colorado (continued)** |  |  |  |  |
| Colorado Health Facilities Authority<br> Commonspirit Health Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-28 | 1000000 | &nbsp;&nbsp;$1075771 |
| Colorado Health Facilities Authority<br> Commonspirit Health Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-29 | 800000 | &nbsp;&nbsp;860356 |
| Colorado Health Facilities Authority<br> Frasier Meadows Retirement Community Project, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;05-15-37 | 500000 | &nbsp;&nbsp;486177 |
| Colorado Health Facilities Authority<br> Frasier Meadows Retirement Community Project, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;05-15-47 | 1500000 | &nbsp;&nbsp;1389169 |
| Colorado Health Facilities Authority<br> Intermountain Healthcare, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-62 | 1000000 | &nbsp;&nbsp;1067289 |
| Denver Convention Center Hotel Authority<br> Series 2016 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-33 | 1620000 | &nbsp;&nbsp;1641351 |
| Denver Convention Center Hotel Authority<br> Series 2016 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-40 | 1000000 | &nbsp;&nbsp;990608 |
| Fiddlers Business Improvement District<br> Greenwood Village, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 500000 | &nbsp;&nbsp;501136 |
| Gold Hill Mesa Metropolitan District No. 2<br> Series A, GO (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-25 | 135000 | &nbsp;&nbsp;140000 |
| Gold Hill Mesa Metropolitan District No. 2<br> Series A, GO (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-26 | 145000 | &nbsp;&nbsp;151594 |
| Gold Hill Mesa Metropolitan District No. 2<br> Series A, GO (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-27 | 225000 | &nbsp;&nbsp;236955 |
| Gold Hill Mesa Metropolitan District No. 2<br> Series A, GO (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-28 | 150000 | &nbsp;&nbsp;159256 |
| Gold Hill Mesa Metropolitan District No. 2<br> Series A, GO (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-29 | 145000 | &nbsp;&nbsp;154670 |
| Gold Hill Mesa Metropolitan District No. 2<br> Series A, GO (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-30 | 130000 | &nbsp;&nbsp;139177 |
| Gold Hill Mesa Metropolitan District No. 2<br> Series A, GO (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 145000 | &nbsp;&nbsp;155241 |
| Heritage Ridge Metropolitan District<br> Series A, GO (B) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-29 | 210000 | &nbsp;&nbsp;222414 |
| Heritage Ridge Metropolitan District<br> Series A, GO (B) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-31 | 240000 | &nbsp;&nbsp;253385 |
| Heritage Ridge Metropolitan District<br> Series A, GO (B) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-34 | 125000 | &nbsp;&nbsp;130685 |
| Heritage Ridge Metropolitan District<br> Series A, GO (B) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-42 | 350000 | &nbsp;&nbsp;339179 |
| Heritage Ridge Metropolitan District<br> Series A, GO (B) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-51 | 850000 | &nbsp;&nbsp;793206 |
| Park Creek Metropolitan District<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-45 | 4265000 | &nbsp;&nbsp;4377866 |
| Public Authority for Colorado Energy<br> Natural Gas Revenue | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;11-15-28 | 3500000 | &nbsp;&nbsp;3743740 |
| Rendezvous Residential Metropolitan District<br> GO (B) | &nbsp;&nbsp;2.000 | &nbsp;&nbsp;12-01-29 | 325000 | &nbsp;&nbsp;281801 |
| Rendezvous Residential Metropolitan District<br> GO (B) | &nbsp;&nbsp;2.125 | &nbsp;&nbsp;12-01-30 | 500000 | &nbsp;&nbsp;431228 |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Colorado (continued)** |  |  |  |  |
| Rendezvous Residential Metropolitan District<br> GO (B) | &nbsp;&nbsp;2.250 | &nbsp;&nbsp;12-01-32 | 450000 | &nbsp;&nbsp;$375454 |
| South Suburban Park & Recreation District<br> Certificates of Participation | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-15-41 | 500000 | &nbsp;&nbsp;478197 |
| Villages at Castle Rock Metropolitan District No. 6<br> Cobblestone Ranch Project, Series 2, GO (E) | &nbsp;&nbsp;7.990 | &nbsp;&nbsp;12-01-37 | 3666667 | &nbsp;&nbsp;1137853 |
| **Connecticut 1.0%** |  |  |  | &nbsp;&nbsp;**7488377** |
| Connecticut State Health & Educational Facilities Authority<br> Stamford Hospital, Series M | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-38 | 2000000 | &nbsp;&nbsp;1861105 |
| State of Connecticut<br> Series C, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-39 | 1200000 | &nbsp;&nbsp;1207580 |
| State of Connecticut<br> Series D, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-15-30 | 650000 | &nbsp;&nbsp;745997 |
| State of Connecticut Bradley International Airport CFC Revenue<br> Ground Transportation Center Project, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-49 | 1500000 | &nbsp;&nbsp;1491120 |
| State of Connecticut Special Tax Revenue<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-36 | 1000000 | &nbsp;&nbsp;1092715 |
| State of Connecticut Special Tax Revenue<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-37 | 1000000 | &nbsp;&nbsp;1089860 |
| **Delaware 0.8%** |  |  |  | &nbsp;&nbsp;**6053544** |
| Delaware River & Bay Authority | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-34 | 450000 | &nbsp;&nbsp;517819 |
| Delaware River & Bay Authority | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-35 | 200000 | &nbsp;&nbsp;227656 |
| Delaware State Economic Development Authority<br> Acts Retirement Communities, Obligated Group, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-48 | 1950000 | &nbsp;&nbsp;1881283 |
| Delaware State Economic Development Authority<br> NRG Energy Project, Series A | &nbsp;&nbsp;1.250 | &nbsp;&nbsp;10-01-45 | 2000000 | &nbsp;&nbsp;1807756 |
| Delaware State Economic Development Authority<br> NRG Energy Project, Series B | &nbsp;&nbsp;1.250 | &nbsp;&nbsp;10-01-40 | 500000 | &nbsp;&nbsp;451939 |
| Delaware Transportation Authority<br> Transportation System Senior Revenue | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;07-01-35 | 1225000 | &nbsp;&nbsp;1167091 |
| **District of Columbia 0.9%** |  |  |  | &nbsp;&nbsp;**6489573** |
| District of Columbia<br> DC Smart Street Lighting Project, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-31-28 | 2000000 | &nbsp;&nbsp;2126552 |
| District of Columbia<br> KIPP DC Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-39 | 1750000 | &nbsp;&nbsp;1622832 |
| District of Columbia Tobacco Settlement Financing Corp.<br> Asset Backed Bonds | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;05-15-33 | 665000 | &nbsp;&nbsp;682175 |
| Metropolitan Washington DC Airports Authority<br> Series C (B) | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;10-01-41 | 1815000 | &nbsp;&nbsp;2058014 |

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

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Florida 8.6%** |  |  |  | &nbsp;&nbsp;**$64610256** |
| Alachua County Health Facilities Authority<br> Oak Hammock at the University of Florida, Inc. Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-40 | 1250000 | &nbsp;&nbsp;1065257 |
| Alachua County Health Facilities Authority<br> Shands Teaching Hospital & Clinics | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-44 | 1000000 | &nbsp;&nbsp;1005845 |
| City of Atlantic Beach<br> Fleet Landing Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-48 | 1000000 | &nbsp;&nbsp;967512 |
| City of Jacksonville<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-32 | 150000 | &nbsp;&nbsp;176513 |
| County of Broward<br> Port Facilities Revenue, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-28 | 500000 | &nbsp;&nbsp;542665 |
| County of Lee Airport Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-30 | 3500000 | &nbsp;&nbsp;3791927 |
| County of Lee Airport Revenue<br> Series B, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-28 | 4060000 | &nbsp;&nbsp;4350702 |
| County of Miami-Dade Seaport Department<br> Series A-1, AMT (B) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-45 | 1000000 | &nbsp;&nbsp;913513 |
| County of Miami-Dade Seaport Department<br> Series B-2 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-43 | 2000000 | &nbsp;&nbsp;1940123 |
| County of Miami-Dade Transit System<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-49 | 900000 | &nbsp;&nbsp;836491 |
| County of Monroe Airport Revenue<br> Key West International Airport, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-25 | 130000 | &nbsp;&nbsp;135672 |
| County of Monroe Airport Revenue<br> Key West International Airport, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-26 | 150000 | &nbsp;&nbsp;157834 |
| County of Monroe Airport Revenue<br> Key West International Airport, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-27 | 175000 | &nbsp;&nbsp;185762 |
| County of Monroe Airport Revenue<br> Key West International Airport, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-28 | 180000 | &nbsp;&nbsp;192498 |
| County of Monroe Airport Revenue<br> Key West International Airport, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-29 | 425000 | &nbsp;&nbsp;458073 |
| Duval County Public Schools<br> School Board Certificates of Participation Series A (B)(D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-30 | 500000 | &nbsp;&nbsp;566588 |
| Duval County Public Schools<br> School Board Certificates of Participation Series A (B)(D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-31 | 250000 | &nbsp;&nbsp;283473 |
| Florida Department of Management Services<br> Certificates of Participation, Series A | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;11-01-37 | 2315000 | &nbsp;&nbsp;1954888 |
| Florida Development Finance Corp.<br> IPS Florida LLC (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06-15-29 | 700000 | &nbsp;&nbsp;679284 |
| Florida Development Finance Corp.<br> River City Science Academy | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-31 | 325000 | &nbsp;&nbsp;334375 |
| Florida Development Finance Corp.<br> River City Science Academy | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-42 | 460000 | &nbsp;&nbsp;448805 |
| Florida Development Finance Corp.<br> Waste Pro USA, Inc. Project, AMT (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;08-01-29 | 1000000 | &nbsp;&nbsp;949214 |
| Florida Gulf Coast University Financing Corp.<br> Housing Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-27 | 805000 | &nbsp;&nbsp;858598 |

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

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

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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;02-01-28 | 400000 | &nbsp;&nbsp;$431738 |
| Florida Gulf Coast University Financing Corp.<br> Housing Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-29 | 435000 | &nbsp;&nbsp;474135 |
| Florida Gulf Coast University Financing Corp.<br> Housing Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-30 | 440000 | &nbsp;&nbsp;483140 |
| Florida Gulf Coast University Financing Corp.<br> Housing Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-31 | 460000 | &nbsp;&nbsp;508650 |
| Florida Gulf Coast University Financing Corp.<br> Housing Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-32 | 485000 | &nbsp;&nbsp;537883 |
| Florida Higher Educational Facilities Financial Authority<br> Jacksonville University (C) | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;06-01-33 | 4035000 | &nbsp;&nbsp;3665306 |
| Hillsborough County Aviation Authority<br> Tampa International Airport, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-48 | 2000000 | &nbsp;&nbsp;2027514 |
| Miami Beach Health Facilities Authority<br> Mt. Sinai Medical Center of Florida, Series B | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-15-51 | 1500000 | &nbsp;&nbsp;1255484 |
| Miami Beach Redevelopment Agency<br> City Center/Historic Convention Village (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-44 | 2500000 | &nbsp;&nbsp;2512063 |
| Miami-Dade County Health Facilities Authority<br> Nicklaus Children's Hospital | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-47 | 1500000 | &nbsp;&nbsp;1513661 |
| Miami-Dade County Industrial Development Authority<br> Waste Management, Inc. | &nbsp;&nbsp;3.875 | &nbsp;&nbsp;09-01-27 | 1145000 | &nbsp;&nbsp;1151771 |
| Middleton Community Development District A<br> Special Assessment Revenue | &nbsp;&nbsp;5.200 | &nbsp;&nbsp;05-01-27 | 500000 | &nbsp;&nbsp;502317 |
| Middleton Community Development District A<br> Special Assessment Revenue | &nbsp;&nbsp;5.450 | &nbsp;&nbsp;05-01-32 | 500000 | &nbsp;&nbsp;506763 |
| Orange County Health Facilities Authority<br> Presbyterian Retirement Communities (D) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-36 | 3500000 | &nbsp;&nbsp;3175659 |
| Orange County Health Facilities Authority<br> Presbyterian Retirement Communities | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-47 | 4500000 | &nbsp;&nbsp;4689528 |
| Palm Beach County Health Facilities Authority<br> Jupiter Medical Center Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-31 | 200000 | &nbsp;&nbsp;213903 |
| Palm Beach County Health Facilities Authority<br> Retirement Life Communities, Inc. | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-32 | 2345000 | &nbsp;&nbsp;2360807 |
| 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;289272 |
| Palm Beach County Health Facilities Authority<br> Toby and Leon Cooperman Sinai Residences | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-31 | 750000 | &nbsp;&nbsp;672557 |
| Polk County Industrial Development Authority<br> Mineral Development LLC, AMT (C) | &nbsp;&nbsp;5.875 | &nbsp;&nbsp;01-01-33 | 750000 | &nbsp;&nbsp;749675 |
| State Board of Administration Finance Corp.<br> Series A | &nbsp;&nbsp;1.705 | &nbsp;&nbsp;07-01-27 | 5000000 | &nbsp;&nbsp;4317747 |
| State of Florida<br> Department of Transportation, Right-of-Way, Series B, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-33 | 5815000 | &nbsp;&nbsp;6111632 |
| University of Florida Department of Housing & Residence<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-35 | 3165000 | &nbsp;&nbsp;3225625 |

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

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Florida (continued)** |  |  |  |  |
| Village Community Development District<br> CDD No. 6 (B) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-37 | 435000 | &nbsp;&nbsp;$437814 |
| **Georgia 2.5%** |  |  |  | &nbsp;&nbsp;**18587477** |
| Augusta Development Authority<br> Health System, Inc. Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-26 | 1775000 | &nbsp;&nbsp;1762817 |
| Brookhaven Development Authority<br> Children's Healthcare of Atlanta, Inc. | &nbsp;&nbsp;1.890 | &nbsp;&nbsp;07-01-42 | 500000 | &nbsp;&nbsp;500000 |
| Decatur Public Facilities Authority<br> Decatur City Projects, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;02-01-47 | 1000000 | &nbsp;&nbsp;797068 |
| Development Authority of Burke County<br> Georgia Power Company Vogtle Project, Fifth Series 1995 | &nbsp;&nbsp;2.200 | &nbsp;&nbsp;10-01-32 | 500000 | &nbsp;&nbsp;407393 |
| Development Authority of Rockdale County<br> Pratt Paper LLC Project, AMT (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-38 | 1000000 | &nbsp;&nbsp;902820 |
| Fulton County Residential Care Facilities for the Elderly Authority<br> Lenbrook Square Foundation, Inc. | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-42 | 3250000 | &nbsp;&nbsp;3109057 |
| Georgia Ports Authority | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-52 | 1000000 | &nbsp;&nbsp;944346 |
| Main Street Natural Gas, Inc.<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-52 | 2000000 | &nbsp;&nbsp;2003720 |
| Main Street Natural Gas, Inc.<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-35 | 1435000 | &nbsp;&nbsp;1485131 |
| Main Street Natural Gas, Inc.<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-43 | 1000000 | &nbsp;&nbsp;1005841 |
| Municipal Electric Authority of Georgia<br> Series EE (B) | &nbsp;&nbsp;7.250 | &nbsp;&nbsp;01-01-24 | 2000000 | &nbsp;&nbsp;2096192 |
| Municipal Electric Authority of Georgia<br> Series HH | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-29 | 3000000 | &nbsp;&nbsp;3245517 |
| Private Colleges & Universities Authority<br> Mercer University Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-28 | 300000 | &nbsp;&nbsp;327575 |
| **Guam 0.1%** |  |  |  | &nbsp;&nbsp;**1024555** |
| Guam International Airport Authority<br> Series C, AMT (B) | &nbsp;&nbsp;6.125 | &nbsp;&nbsp;10-01-43 | 180000 | &nbsp;&nbsp;184420 |
| Guam International Airport Authority<br> Series C, AMT, Prerefunded (B) | &nbsp;&nbsp;6.125 | &nbsp;&nbsp;10-01-43 | 820000 | &nbsp;&nbsp;840135 |
| **Hawaii 0.2%** |  |  |  | &nbsp;&nbsp;**1800924** |
| State of Hawaii Airports System Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-48 | 1250000 | &nbsp;&nbsp;1266580 |
| State of Hawaii Harbor System Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-27 | 500000 | &nbsp;&nbsp;534344 |
| **Illinois 7.9%** |  |  |  | &nbsp;&nbsp;**59386035** |
| Chicago Board of Education<br> Dedicated Capital Improvement | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-42 | 1400000 | &nbsp;&nbsp;1401472 |
| Chicago Board of Education<br> Dedicated Capital Improvement | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;04-01-46 | 3500000 | &nbsp;&nbsp;3638709 |
| Chicago Board of Education<br> Series B, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-38 | 2000000 | &nbsp;&nbsp;1778386 |

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

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

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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;$1004694 |
| Chicago O'Hare International Airport<br> Customer Facility Charge (B) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;01-01-43 | 2000000 | &nbsp;&nbsp;2001680 |
| Chicago O'Hare International Airport<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-48 | 1500000 | &nbsp;&nbsp;1520652 |
| Chicago O'Hare International Airport<br> Series D | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-52 | 3670000 | &nbsp;&nbsp;3724527 |
| City of Chicago<br> 2nd Lien Project | &nbsp;&nbsp;3.150 | &nbsp;&nbsp;11-01-24 | 500000 | &nbsp;&nbsp;499792 |
| City of Chicago<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-29 | 4000000 | &nbsp;&nbsp;4085021 |
| City of Chicago<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-31 | 1000000 | &nbsp;&nbsp;1017785 |
| City of Chicago<br> Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-39 | 3000000 | &nbsp;&nbsp;3013248 |
| County of Cook<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-29 | 225000 | &nbsp;&nbsp;249161 |
| Illinois Finance Authority<br> Dominican University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-27 | 510000 | &nbsp;&nbsp;522379 |
| Illinois Finance Authority<br> Dominican University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-29 | 560000 | &nbsp;&nbsp;574706 |
| Illinois Finance Authority<br> Dominican University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-31 | 620000 | &nbsp;&nbsp;636282 |
| Illinois Finance Authority<br> Field Museum of Natural History (SOFR + 1.200%) (A) | &nbsp;&nbsp;3.860 | &nbsp;&nbsp;11-01-34 | 1970000 | &nbsp;&nbsp;1960415 |
| Illinois Finance Authority<br> Joan W. and Irving B. Harris Theater for Music and Dance Project | &nbsp;&nbsp;1.850 | &nbsp;&nbsp;03-01-40 | 200000 | &nbsp;&nbsp;200000 |
| Illinois State Toll Highway Authority<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-45 | 2365000 | &nbsp;&nbsp;2496812 |
| Metropolitan Pier & Exposition Authority<br> McCormick Place Expansion | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-15-42 | 1000000 | &nbsp;&nbsp;898110 |
| Metropolitan Pier & Exposition Authority<br> McCormick Place Expansion (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-15-27 | 3345000 | &nbsp;&nbsp;3481384 |
| Sales Tax Securitization Corp.<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-39 | 750000 | &nbsp;&nbsp;723844 |
| Sales Tax Securitization Corp.<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-32 | 905000 | &nbsp;&nbsp;962496 |
| Sales Tax Securitization Corp.<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-36 | 1000000 | &nbsp;&nbsp;1048449 |
| Sales Tax Securitization Corp.<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-37 | 4215000 | &nbsp;&nbsp;4396549 |
| State of Illinois<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-28 | 1750000 | &nbsp;&nbsp;1837281 |
| State of Illinois<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-34 | 2000000 | &nbsp;&nbsp;2064247 |
| State of Illinois<br> Series B, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-35 | 2000000 | &nbsp;&nbsp;1882201 |

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

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Illinois (continued)** |  |  |  |  |
| State of Illinois<br> Series B, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-30 | 2000000 | &nbsp;&nbsp;$2125468 |
| State of Illinois<br> Series D, GO | &nbsp;&nbsp;3.250 | &nbsp;&nbsp;11-01-26 | 2815000 | &nbsp;&nbsp;2749965 |
| State of Illinois, GO (B) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;02-01-31 | 1000000 | &nbsp;&nbsp;989146 |
| State of Illinois, GO (B) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;07-01-38 | 1000000 | &nbsp;&nbsp;1005549 |
| State of Illinois, GO | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;07-01-38 | 1000000 | &nbsp;&nbsp;1005324 |
| Winnebago & Boone Counties School District No 205 Rockford, GO (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-32 | 3500000 | &nbsp;&nbsp;3890301 |
| **Indiana 0.4%** |  |  |  | &nbsp;&nbsp;**2930775** |
| Indiana Finance Authority<br> Ohio Valley Electric Corp. Project, Series A | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;11-01-30 | 1000000 | &nbsp;&nbsp;971766 |
| Indiana Finance Authority<br> Polyflow Industry Project, AMT (C) | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;03-01-39 | 1250000 | &nbsp;&nbsp;940249 |
| Indiana Finance Authority<br> University Evansville Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-24 | 500000 | &nbsp;&nbsp;508088 |
| Indiana Finance Authority<br> University Evansville Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-25 | 500000 | &nbsp;&nbsp;510672 |
| **Iowa 0.4%** |  |  |  | &nbsp;&nbsp;**3160555** |
| Harlan Community School District, GO (B)(D) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-32 | 515000 | &nbsp;&nbsp;544715 |
| Harlan Community School District, GO (B)(D) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-33 | 540000 | &nbsp;&nbsp;567325 |
| PEFA, Inc.<br> Gas Project Revenue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-49 | 2000000 | &nbsp;&nbsp;2048515 |
| **Kansas 0.1%** |  |  |  | &nbsp;&nbsp;**805190** |
| City of Prairie Village<br> Meadowbrook TIF Project | &nbsp;&nbsp;2.875 | &nbsp;&nbsp;04-01-30 | 920000 | &nbsp;&nbsp;805190 |
| **Kentucky 1.0%** |  |  |  | &nbsp;&nbsp;**7834293** |
| County of Trimble<br> Louisville Gas and Electric Company, AMT | &nbsp;&nbsp;1.300 | &nbsp;&nbsp;09-01-44 | 2500000 | &nbsp;&nbsp;2093223 |
| Eastern Kentucky University<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-27 | 480000 | &nbsp;&nbsp;516338 |
| Kentucky Municipal Power Agency<br> Prairie State Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-45 | 500000 | &nbsp;&nbsp;473386 |
| Kentucky Public Energy Authority<br> Series C | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-24 | 635000 | &nbsp;&nbsp;635533 |
| Kentucky Public Energy Authority<br> Series C | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-25 | 600000 | &nbsp;&nbsp;599597 |
| Kentucky Turnpike Authority<br> Revitalization Projects, Series 2022-A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-32 | 2000000 | &nbsp;&nbsp;2287797 |
| Woodford County School District Finance Corp.<br> Series A (B) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;08-01-31 | 1015000 | &nbsp;&nbsp;1228419 |
| **Louisiana 1.8%** |  |  |  | &nbsp;&nbsp;**13352312** |
| City of Shreveport<br> Water & Sewer Revenue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-40 | 1000000 | &nbsp;&nbsp;1056820 |

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

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

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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;$665334 |
| 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 | 5000000 | &nbsp;&nbsp;5323834 |
| Louisiana Public Facilities Authority<br> Ochsner Clinic Foundation Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-42 | 2500000 | &nbsp;&nbsp;2569237 |
| New Orleans Aviation Board<br> Parking Facilities Corp. Consolidated Garage System (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-48 | 1000000 | &nbsp;&nbsp;1039048 |
| New Orleans Aviation Board<br> Series B, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-48 | 500000 | &nbsp;&nbsp;502432 |
| St. James Parish<br> NuStar Logistics LP Project (C) | &nbsp;&nbsp;5.850 | &nbsp;&nbsp;08-01-41 | 1000000 | &nbsp;&nbsp;1025616 |
| State of Louisiana Gasoline & Fuels Tax Revenue<br> Series B | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;05-01-41 | 1420000 | &nbsp;&nbsp;1169991 |
| **Maryland 0.9%** |  |  |  | &nbsp;&nbsp;**6699591** |
| City of Gaithersburg<br> Asbury Maryland Obligated Group | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-37 | 2000000 | &nbsp;&nbsp;1999864 |
| County of Howard<br> Consolidated Public Improvement Project, Series A, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-15-37 | 1000000 | &nbsp;&nbsp;1032598 |
| Maryland Economic Development Corp.<br> Morgan St. University Project, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-31 | 500000 | &nbsp;&nbsp;540473 |
| Maryland Economic Development Corp.<br> Morgan St. University Project, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-32 | 500000 | &nbsp;&nbsp;541452 |
| Maryland Economic Development Corp.<br> Morgan St. University Project, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-33 | 500000 | &nbsp;&nbsp;538180 |
| Maryland Health & Higher Educational Facilities Authority<br> Broadmead Issue, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-48 | 1000000 | &nbsp;&nbsp;1007217 |
| Maryland Health & Higher Educational Facilities Authority<br> University of Maryland Medical System, Series B-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-45 | 1000000 | &nbsp;&nbsp;1039807 |
| **Massachusetts 4.3%** |  |  |  | &nbsp;&nbsp;**32100927** |
| Commonwealth of Massachusetts<br> Series D, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-35 | 1000000 | &nbsp;&nbsp;1041950 |
| Commonwealth of Massachusetts Transportation Fund Revenue<br> Rail Enhancement and Accelerated Bridge Programs, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-42 | 3385000 | &nbsp;&nbsp;3571627 |
| Massachusetts Bay Transportation Authority Sales Tax Revenue<br> Series A 1 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-36 | 2900000 | &nbsp;&nbsp;2978891 |

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

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Massachusetts (continued)** |  |  |  |  |
| Massachusetts Development Finance Agency<br> Boston Medical Center, Series D | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-44 | 3385000 | &nbsp;&nbsp;$3402751 |
| Massachusetts Development Finance Agency<br> Boston University, Series BB1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-46 | 630000 | &nbsp;&nbsp;662443 |
| Massachusetts Development Finance Agency<br> Carleton-Willard Village Homes, Inc. | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-42 | 1050000 | &nbsp;&nbsp;1071285 |
| Massachusetts Development Finance Agency<br> Dana Farber Cancer Institute, Series N | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-41 | 3000000 | &nbsp;&nbsp;3069447 |
| Massachusetts Development Finance Agency<br> NewBridge on the Charles, Inc. (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-47 | 2060000 | &nbsp;&nbsp;2096092 |
| Massachusetts Development Finance Agency<br> Northeastern University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-31 | 1000000 | &nbsp;&nbsp;1150046 |
| Massachusetts Development Finance Agency<br> Suffolk University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-35 | 870000 | &nbsp;&nbsp;908270 |
| Massachusetts Development Finance Agency<br> UMass Memorial Health Care, Series I | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-46 | 1500000 | &nbsp;&nbsp;1514222 |
| Massachusetts Development Finance Agency<br> Worcester Polytechnic Institute | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-45 | 1745000 | &nbsp;&nbsp;1794599 |
| Massachusetts Educational Financing Authority<br> Issue I, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-25 | 2000000 | &nbsp;&nbsp;2059209 |
| Massachusetts Educational Financing Authority<br> Series A, AMT | &nbsp;&nbsp;3.625 | &nbsp;&nbsp;07-01-32 | 45000 | &nbsp;&nbsp;43546 |
| Massachusetts Educational Financing Authority<br> Series B, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-24 | 350000 | &nbsp;&nbsp;359673 |
| Massachusetts Housing Finance Agency<br> Series 162 | &nbsp;&nbsp;3.450 | &nbsp;&nbsp;12-01-37 | 1395000 | &nbsp;&nbsp;1299715 |
| Massachusetts Port Authority<br> BOSFuel Project, Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-39 | 1000000 | &nbsp;&nbsp;1037251 |
| Massachusetts Port Authority<br> BOSFuel Project, Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-49 | 1000000 | &nbsp;&nbsp;1014491 |
| Massachusetts Port Authority<br> Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-30 | 1000000 | &nbsp;&nbsp;1084566 |
| Massachusetts School Building Authority<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-36 | 1820000 | &nbsp;&nbsp;1940853 |
| **Michigan 2.8%** |  |  |  | &nbsp;&nbsp;**21148918** |
| Bloomfield Hills School District, GO (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-31 | 1150000 | &nbsp;&nbsp;1289257 |
| City of Detroit, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-24 | 300000 | &nbsp;&nbsp;305195 |
| City of Detroit, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-26 | 660000 | &nbsp;&nbsp;682152 |
| City of Detroit, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-30 | 800000 | &nbsp;&nbsp;837158 |
| Detroit City School District<br> School Building and Site Improvement, Series A, GO (B) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;05-01-32 | 1280000 | &nbsp;&nbsp;1464302 |
| Detroit Downtown Development Authority<br> Catalyst Development Project, Series A (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-43 | 1000000 | &nbsp;&nbsp;1004460 |
| Great Lakes Water Authority Sewage Disposal System Revenue<br> Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-35 | 4000000 | &nbsp;&nbsp;4210258 |

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

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Michigan (continued)** |  |  |  |  |
| Great Lakes Water Authority Water Supply System Revenue<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-45 | 500000 | &nbsp;&nbsp;$535454 |
| Michigan Finance Authority<br> Beaumont-Spectrum Consolidation (SIFMA + 0.750%) (A) | &nbsp;&nbsp;2.650 | &nbsp;&nbsp;04-15-47 | 1750000 | &nbsp;&nbsp;1735667 |
| Michigan Finance Authority<br> Henry Ford Health System, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-48 | 1000000 | &nbsp;&nbsp;1015376 |
| Michigan Finance Authority<br> Lawrence Technological University | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;02-01-32 | 205000 | &nbsp;&nbsp;190603 |
| Michigan Finance Authority<br> Lawrence Technological University | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;02-01-42 | 540000 | &nbsp;&nbsp;448738 |
| Michigan Finance Authority<br> Local Government Loan Program (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-36 | 250000 | &nbsp;&nbsp;255589 |
| Michigan Finance Authority<br> Local Government Loan Program, Series F-1 | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;10-01-29 | 1500000 | &nbsp;&nbsp;1501760 |
| Michigan Finance Authority<br> McLaren Healthcare Hospital, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-38 | 1460000 | &nbsp;&nbsp;1491350 |
| Michigan Finance Authority<br> Series A-1 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-49 | 1800000 | &nbsp;&nbsp;1488947 |
| Michigan State University<br> Series C | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;02-15-39 | 2000000 | &nbsp;&nbsp;2008139 |
| Oakland University<br> Series B (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-34 | 615000 | &nbsp;&nbsp;684513 |
| **Minnesota 0.4%** |  |  |  | &nbsp;&nbsp;**2761596** |
| Minnesota Housing Finance Agency<br> Series A | &nbsp;&nbsp;2.950 | &nbsp;&nbsp;02-01-46 | 888568 | &nbsp;&nbsp;832668 |
| Minnesota Housing Finance Agency<br> Series G | &nbsp;&nbsp;1.900 | &nbsp;&nbsp;01-01-34 | 700000 | &nbsp;&nbsp;700000 |
| Woodbury Housing & Redevelopment Authority<br> St. Therese of Woodbury | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-34 | 500000 | &nbsp;&nbsp;452102 |
| Woodbury Housing & Redevelopment Authority<br> St. Therese of Woodbury | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;12-01-44 | 920000 | &nbsp;&nbsp;776826 |
| **Mississippi 0.4%** |  |  |  | &nbsp;&nbsp;**2945136** |
| Mississippi Business Finance Corp.<br> System Energy Resources, Inc. Project | &nbsp;&nbsp;2.375 | &nbsp;&nbsp;06-01-44 | 1595000 | &nbsp;&nbsp;1053693 |
| Mississippi Development Bank<br> Magnolia Regional Health Center Project (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-41 | 1000000 | &nbsp;&nbsp;824151 |
| State of Mississippi<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-15-37 | 1000000 | &nbsp;&nbsp;1067292 |
| **Missouri 1.3%** |  |  |  | &nbsp;&nbsp;**9817600** |
| Kansas City Industrial Development Authority<br> Kansas City International Airport Terminal, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;03-01-45 | 1000000 | &nbsp;&nbsp;902759 |
| Missouri Development Finance Board<br> Infrastructure Facilities Revenue (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-28 | 2000000 | &nbsp;&nbsp;2167556 |
| Missouri Development Finance Board<br> St. Louis Zoo Projects | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-31 | 1000000 | &nbsp;&nbsp;1120865 |

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

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Missouri (continued)** |  |  |  |  |
| Missouri Development Finance Board<br> St. Louis Zoo Projects | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-32 | 1145000 | &nbsp;&nbsp;$1291291 |
| Missouri Joint Municipal Electric Utility Commission<br> MoPEP Facilities (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-28 | 750000 | &nbsp;&nbsp;822781 |
| Missouri Joint Municipal Electric Utility Commission<br> MoPEP Facilities (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-31 | 1000000 | &nbsp;&nbsp;1123466 |
| Missouri Joint Municipal Electric Utility Commission<br> MoPEP Facilities (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 500000 | &nbsp;&nbsp;563488 |
| Missouri Joint Municipal Electric Utility Commission<br> MoPEP Facilities (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-34 | 735000 | &nbsp;&nbsp;812018 |
| Ozark Reorganized School District No. R-06<br> School Building, GO (B) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;03-01-32 | 825000 | &nbsp;&nbsp;1013376 |
| **Nevada 1.0%** |  |  |  | &nbsp;&nbsp;**7440635** |
| City of Henderson<br> Series A-1, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-36 | 1000000 | &nbsp;&nbsp;1027999 |
| County of Clark Department of Aviation<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-26 | 1000000 | &nbsp;&nbsp;1052061 |
| Las Vegas Valley Water District<br> Series C, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-39 | 3000000 | &nbsp;&nbsp;3058866 |
| Washoe County School District<br> School Improvement, Series A, GO (B) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;06-01-34 | 2490000 | &nbsp;&nbsp;2301709 |
| **New Hampshire 0.5%** |  |  |  | &nbsp;&nbsp;**3548066** |
| New Hampshire Health and Education Facilities Authority Act<br> Dartmouth Hitchcock Group, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-34 | 3405000 | &nbsp;&nbsp;3548066 |
| **New Jersey 2.9%** |  |  |  | &nbsp;&nbsp;**21470140** |
| Casino Reinvestment Development Authority, Inc.<br> Luxury Tax Revenue | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-01-39 | 2520000 | &nbsp;&nbsp;2565641 |
| County of Somerset<br> Series A & C, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;07-15-30 | 1010000 | &nbsp;&nbsp;1002652 |
| New Jersey Economic Development Authority<br> Municipal Rehabilitation, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;04-01-28 | 1600000 | &nbsp;&nbsp;1757251 |
| New Jersey Economic Development Authority<br> Port Newark Container Terminal LLC, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-47 | 2000000 | &nbsp;&nbsp;1958086 |
| New Jersey Economic Development Authority<br> Series DDD | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-42 | 1000000 | &nbsp;&nbsp;1019091 |
| New Jersey Economic Development Authority<br> The Geothals Bridge Replacement P3 Project, AMT | &nbsp;&nbsp;5.375 | &nbsp;&nbsp;01-01-43 | 1500000 | &nbsp;&nbsp;1502264 |
| New Jersey Transportation Trust Fund Authority<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-15-35 | 2255000 | &nbsp;&nbsp;2230065 |
| New Jersey Transportation Trust Fund Authority<br> Series AA | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-44 | 1415000 | &nbsp;&nbsp;1423486 |

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

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **New Jersey (continued)** |  |  |  |  |
| New Jersey Transportation Trust Fund Authority<br> Series AA | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06-15-43 | 1000000 | &nbsp;&nbsp;$1038551 |
| New Jersey Transportation Trust Fund Authority<br> Series BB-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-29 | 1700000 | &nbsp;&nbsp;1854497 |
| New Jersey Transportation Trust Fund Authority<br> Series C (B)(E) | &nbsp;&nbsp;4.187 | &nbsp;&nbsp;12-15-31 | 750000 | &nbsp;&nbsp;514825 |
| State of New Jersey<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-27 | 2000000 | &nbsp;&nbsp;2187555 |
| Tobacco Settlement Financing Corp.<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-46 | 2500000 | &nbsp;&nbsp;2416176 |
| **New Mexico 0.2%** |  |  |  | &nbsp;&nbsp;**1161303** |
| City of Albuquerque<br> Transportation Infrastructure | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-33 | 1000000 | &nbsp;&nbsp;1040792 |
| New Mexico Educational Assistance Foundation<br> Education Loan, Series A-1, AMT | &nbsp;&nbsp;3.875 | &nbsp;&nbsp;04-01-34 | 120000 | &nbsp;&nbsp;120511 |
| **New York 9.2%** |  |  |  | &nbsp;&nbsp;**69528261** |
| Chautauqua County Capital Resource Corp.<br> NRG Energy Project | &nbsp;&nbsp;1.300 | &nbsp;&nbsp;04-01-42 | 2000000 | &nbsp;&nbsp;1977224 |
| City of New York<br> Fiscal 2021, Series 3, GO | &nbsp;&nbsp;2.100 | &nbsp;&nbsp;04-01-42 | 1800000 | &nbsp;&nbsp;1800000 |
| City of New York<br> Fiscal 2021, Series C, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-37 | 1500000 | &nbsp;&nbsp;1506643 |
| City of Yonkers<br> Series F, GO (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-28 | 250000 | &nbsp;&nbsp;277823 |
| City of Yonkers<br> Series F, GO (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-29 | 250000 | &nbsp;&nbsp;280813 |
| City of Yonkers<br> Series F, GO (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-29 | 390000 | &nbsp;&nbsp;438068 |
| City of Yonkers<br> Series F, GO (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-30 | 375000 | &nbsp;&nbsp;424846 |
| City of Yonkers<br> Series F, GO (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-31 | 300000 | &nbsp;&nbsp;344157 |
| City of Yonkers<br> Series F, GO (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-32 | 250000 | &nbsp;&nbsp;288942 |
| City of Yonkers<br> Series G, GO (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-30 | 410000 | &nbsp;&nbsp;464499 |
| City of Yonkers<br> Series G, GO (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-31 | 430000 | &nbsp;&nbsp;493655 |
| City of Yonkers<br> Series G, GO (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-32 | 200000 | &nbsp;&nbsp;231154 |
| Dutchess County Local Development Corp.<br> Nuvance Health, Series B | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-49 | 1000000 | &nbsp;&nbsp;863045 |
| Long Island Power Authority<br> Series C (SIFMA + 0.450%) (A) | &nbsp;&nbsp;0.000 | &nbsp;&nbsp;09-01-38 | 1000000 | &nbsp;&nbsp;986605 |
| Metropolitan Transportation Authority<br> Series A-2 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-27 | 1250000 | &nbsp;&nbsp;1301843 |
| Metropolitan Transportation Authority<br> Series C (B) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-15-47 | 2300000 | &nbsp;&nbsp;2087731 |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **New York (continued)** |  |  |  |  |
| Metropolitan Transportation Authority<br> Series C-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-23 | 1350000 | &nbsp;&nbsp;$1370294 |
| Metropolitan Transportation Authority<br> Series C-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-30 | 500000 | &nbsp;&nbsp;511528 |
| New York City Industrial Development Agency<br> Yankee Stadium Project Pilot (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-28 | 350000 | &nbsp;&nbsp;380969 |
| New York City Municipal Water Finance Authority<br> 2nd General Resolution Fiscal 2021, Series AA-2 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-15-43 | 1225000 | &nbsp;&nbsp;1209281 |
| New York City Municipal Water Finance Authority<br> 2nd General Resolution Fiscal 2021, Series CC-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-51 | 2925000 | &nbsp;&nbsp;3126096 |
| New York City Transitional Finance Authority<br> Future Tax Subordinated Bonds, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-38 | 1000000 | &nbsp;&nbsp;999934 |
| New York City Transitional Finance Authority<br> Future Tax Subordinated Bonds, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-29 | 1000000 | &nbsp;&nbsp;1142085 |
| 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;3009801 |
| New York City Transitional Finance Authority<br> Future Tax Subordinated Bonds, Series C-1 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-40 | 350000 | &nbsp;&nbsp;344797 |
| New York City Transitional Finance Authority<br> Future Tax Subordinated Bonds, Series C-1 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-45 | 250000 | &nbsp;&nbsp;239633 |
| New York City Transitional Finance Authority<br> Future Tax Subordinated Bonds, Series C-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-41 | 300000 | &nbsp;&nbsp;325623 |
| New York Liberty Development Corp.<br> World Trade Center, Class 2-3 (C) | &nbsp;&nbsp;5.150 | &nbsp;&nbsp;11-15-34 | 2500000 | &nbsp;&nbsp;2477941 |
| New York Power Authority<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-15-45 | 500000 | &nbsp;&nbsp;488263 |
| New York State Dormitory Authority<br> Garnet Health Medical Center (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-40 | 1000000 | &nbsp;&nbsp;981360 |
| New York State Dormitory Authority<br> General Purpose, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;03-15-37 | 2500000 | &nbsp;&nbsp;2525801 |
| New York State Dormitory Authority<br> General Purpose, Series D | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;02-15-39 | 2500000 | &nbsp;&nbsp;2502602 |
| New York State Dormitory Authority<br> Northwell Health Obligation Group | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-37 | 1000000 | &nbsp;&nbsp;1063829 |
| New York State Dormitory Authority<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;03-15-37 | 1000000 | &nbsp;&nbsp;1009783 |
| New York State Dormitory Authority<br> Teachers College | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-46 | 750000 | &nbsp;&nbsp;699490 |
| New York State Environmental Facilities Corp.<br> Casella Waste System, Inc. Project, AMT | &nbsp;&nbsp;2.750 | &nbsp;&nbsp;09-01-50 | 3595000 | &nbsp;&nbsp;3405318 |
| New York State Environmental Facilities Corp.<br> Series B | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-15-37 | 1000000 | &nbsp;&nbsp;1017691 |
| New York State Housing Finance Agency<br> 29 Flatbush Avenue Housing, Series A | &nbsp;&nbsp;1.840 | &nbsp;&nbsp;11-01-44 | 500000 | &nbsp;&nbsp;500000 |
| New York State Urban Development Corp.<br> Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-15-31 | 1745000 | &nbsp;&nbsp;2003367 |

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22 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEMIANNUAL REPORT 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 | 405000 | &nbsp;&nbsp;$378344 |
| New York Transportation Development Corp.<br> Delta Airlines, Inc., Laguardia Airport, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-36 | 2000000 | &nbsp;&nbsp;1860601 |
| New York Transportation Development Corp.<br> Delta Airlines, Inc., Laguardia Airport, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-23 | 2000000 | &nbsp;&nbsp;2000946 |
| New York Transportation Development Corp.<br> John F. Kennedy International Airport Project, Terminal 4, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-42 | 600000 | &nbsp;&nbsp;523373 |
| New York Transportation Development Corp.<br> John F. Kennedy International Airport Project, Terminal 4, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-24 | 1250000 | &nbsp;&nbsp;1282742 |
| 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;1136954 |
| New York Transportation Development Corp.<br> Laguardia Airport Terminal B Redevelopment Project, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-46 | 2500000 | &nbsp;&nbsp;2480076 |
| 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;424171 |
| Niagara Area Development Corp.<br> Covanta Project, Series A, AMT (C) | &nbsp;&nbsp;4.750 | &nbsp;&nbsp;11-01-42 | 1500000 | &nbsp;&nbsp;1351381 |
| Port Authority of New York & New Jersey<br> Series 198 | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-15-56 | 3000000 | &nbsp;&nbsp;3144428 |
| Schenectady County Capital Resource Corp.<br> Union College Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-32 | 400000 | &nbsp;&nbsp;459758 |
| 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 | 500000 | &nbsp;&nbsp;500366 |
| Triborough Bridge & Tunnel Authority<br> MTA Bridges & Tunnels, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-15-54 | 500000 | &nbsp;&nbsp;458194 |
| Triborough Bridge & Tunnel Authority<br> MTA Bridges & Tunnels, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-49 | 500000 | &nbsp;&nbsp;530602 |
| Triborough Bridge & Tunnel Authority<br> Series A-1 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-15-46 | 250000 | &nbsp;&nbsp;240489 |
| Troy Capital Resource Corp.<br> Revenue Rensselaer Polytechnic Institute, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-30 | 1400000 | &nbsp;&nbsp;1539467 |
| Troy Capital Resource Corp.<br> Revenue Rensselaer Polytechnic Institute, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-39 | 1775000 | &nbsp;&nbsp;1859297 |
| TSASC, Inc.<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-23 | 2500000 | &nbsp;&nbsp;2492829 |
| Westchester County Local Development Corp.<br> Purchase Senior Learning Community Inc. Project, Series B (C) | &nbsp;&nbsp;3.600 | &nbsp;&nbsp;07-01-29 | 2000000 | &nbsp;&nbsp;1761709 |

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

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **North Carolina 1.1%** |  |  |  | &nbsp;&nbsp;**$8122122** |
| University of North Carolina at Chapel Hill<br> Series B | &nbsp;&nbsp;1.000 | &nbsp;&nbsp;02-15-31 | 5000000 | &nbsp;&nbsp;5000000 |
| University of North Carolina at Charlotte<br> UNC Board of Governors | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-42 | 2955000 | &nbsp;&nbsp;3122122 |
| **Ohio 3.9%** |  |  |  | &nbsp;&nbsp;**29206836** |
| American Municipal Power, Inc.<br> Prairie State Energy Campus Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;02-15-35 | 890000 | &nbsp;&nbsp;892997 |
| Austintown Local School District<br> Certificates of Participation | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-42 | 500000 | &nbsp;&nbsp;454463 |
| City of Cleveland<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-44 | 625000 | &nbsp;&nbsp;684181 |
| City of Cleveland<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-51 | 1000000 | &nbsp;&nbsp;1084354 |
| City of Salem<br> Salem Community Center, Inc. Project | &nbsp;&nbsp;1.950 | &nbsp;&nbsp;06-01-27 | 500000 | &nbsp;&nbsp;500000 |
| Cleveland-Cuyahoga County Port Authority<br> Cleveland Museum of Natural History | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-46 | 1000000 | &nbsp;&nbsp;900400 |
| County of Hamilton<br> Life Enriching Communities | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-46 | 1000000 | &nbsp;&nbsp;909516 |
| County of Hamilton<br> TriHealth, Inc. Obligation Group Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-42 | 4000000 | &nbsp;&nbsp;4082088 |
| Lancaster Port Authority<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-49 | 1000000 | &nbsp;&nbsp;1024225 |
| Miami University<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-34 | 1000000 | &nbsp;&nbsp;1122781 |
| Ohio Air Quality Development Authority<br> American Electric Power Company | &nbsp;&nbsp;1.900 | &nbsp;&nbsp;05-01-26 | 2000000 | &nbsp;&nbsp;1920678 |
| Ohio Air Quality Development Authority<br> American Electric Power Company, AMT | &nbsp;&nbsp;2.100 | &nbsp;&nbsp;04-01-28 | 1500000 | &nbsp;&nbsp;1444207 |
| Ohio Air Quality Development Authority<br> Duke Energy Corp. Project, AMT | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;11-01-39 | 1000000 | &nbsp;&nbsp;994829 |
| Ohio Air Quality Development Authority<br> Duke Energy Corp. Project, Series 2022-B | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-30 | 1000000 | &nbsp;&nbsp;1001309 |
| Ohio Air Quality Development Authority<br> Pratt Paper LLC Project, AMT (C) | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;01-15-38 | 1000000 | &nbsp;&nbsp;929081 |
| Ohio Turnpike & Infrastructure Commission<br> Infrastructure Projects, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-15-39 | 1000000 | &nbsp;&nbsp;1128408 |
| Ohio Water Development Authority<br> Drinking Water Assistance Fund, Series A (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-28 | 250000 | &nbsp;&nbsp;279577 |
| Ohio Water Development Authority<br> Drinking Water Assistance Fund, Series A (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-29 | 1050000 | &nbsp;&nbsp;1194078 |
| Ohio Water Development Authority<br> Drinking Water Assistance Fund, Series A (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-30 | 900000 | &nbsp;&nbsp;1038697 |
| Ohio Water Development Authority<br> Drinking Water Assistance Fund, Series A (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-31 | 700000 | &nbsp;&nbsp;819178 |
| Ohio Water Development Authority<br> Drinking Water Assistance Fund, Series A (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 650000 | &nbsp;&nbsp;773928 |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Ohio (continued)** |  |  |  |  |
| State of Ohio<br> Highway Capital Improvement, Series W, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-32 | 620000 | &nbsp;&nbsp;$707521 |
| State of Ohio<br> Portsmouth Bypass Project, AMT (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-31-35 | 750000 | &nbsp;&nbsp;765169 |
| State of Ohio<br> Portsmouth Bypass Project, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-31-39 | 2050000 | &nbsp;&nbsp;2055171 |
| State of Ohio<br> University Hospitals Health System, Inc. | &nbsp;&nbsp;2.250 | &nbsp;&nbsp;01-15-45 | 2500000 | &nbsp;&nbsp;2500000 |
| **Oklahoma 1.3%** |  |  |  | &nbsp;&nbsp;**9577545** |
| Garfield County Industrial Authority<br> Oklahoma Gas & Electric Company Project, Series A | &nbsp;&nbsp;2.080 | &nbsp;&nbsp;01-01-25 | 1100000 | &nbsp;&nbsp;1100000 |
| Kay County Public Buildings Authority<br> Ponca City Public Schools Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-27 | 2000000 | &nbsp;&nbsp;2134583 |
| McClain County Economic Development Authority<br> Washington Public Schools Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-34 | 1810000 | &nbsp;&nbsp;1871457 |
| Oklahoma Development Finance Authority<br> OU Medicine Project, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-38 | 2150000 | &nbsp;&nbsp;1926255 |
| Stephens County Educational Facilities Authority<br> Marlow Public Schools Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-27 | 500000 | &nbsp;&nbsp;538412 |
| Tulsa County Industrial Authority<br> Montereau, Inc. Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-15-37 | 1000000 | &nbsp;&nbsp;1009512 |
| Tulsa County Industrial Authority<br> Montereau, Inc. Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-15-45 | 1000000 | &nbsp;&nbsp;997326 |
| **Oregon 0.6%** |  |  |  | &nbsp;&nbsp;**4167484** |
| City of Forest Grove<br> Pacific University, Series 2022-A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-34 | 1340000 | &nbsp;&nbsp;1269113 |
| Port of Portland Airport Revenue<br> Series 24B, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-42 | 2500000 | &nbsp;&nbsp;2545172 |
| Union County Hospital Facility Authority<br> Grande Ronde Hospital Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-28 | 150000 | &nbsp;&nbsp;157880 |
| Union County Hospital Facility Authority<br> Grande Ronde Hospital Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-29 | 185000 | &nbsp;&nbsp;195319 |
| **Pennsylvania 3.9%** |  |  |  | &nbsp;&nbsp;**29336077** |
| Allegheny County Higher Education Building Authority<br> Duquesne University, Series 2022-A (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-33 | 610000 | &nbsp;&nbsp;689700 |
| Allegheny County Hospital Development Authority<br> Series D2D (SIFMA + 0.580%) (A) | &nbsp;&nbsp;2.620 | &nbsp;&nbsp;11-15-26 | 1000000 | &nbsp;&nbsp;973243 |
| Allegheny County Sanitary Authority<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-26 | 500000 | &nbsp;&nbsp;537981 |
| Berks County Industrial Development Authority<br> Tower Health Project | &nbsp;&nbsp;3.750 | &nbsp;&nbsp;11-01-42 | 740000 | &nbsp;&nbsp;421009 |
| Berks County Industrial Development Authority<br> Tower Health Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-47 | 1390000 | &nbsp;&nbsp;941766 |

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

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Pennsylvania (continued)** |  |  |  |  |
| Chester County Industrial Development Authority<br> Longwood Gardens, Inc., Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-46 | 1250000 | &nbsp;&nbsp;$1163968 |
| City of Philadelphia<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-34 | 2010000 | &nbsp;&nbsp;2229494 |
| City of Philadelphia<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-15-38 | 2000000 | &nbsp;&nbsp;2053669 |
| City of Philadelphia Airport Revenue<br> Private Activity, AMT (B) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-46 | 1100000 | &nbsp;&nbsp;992671 |
| Delaware River Port Authority<br> Pennsylvania and New Jersey Port District Project (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-26 | 1500000 | &nbsp;&nbsp;1600216 |
| Delaware River Port Authority<br> Pennsylvania and New Jersey Port District Project (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-27 | 1250000 | &nbsp;&nbsp;1353818 |
| Greater Greensburg Sewer Authority<br> Series A (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-15-30 | 110000 | &nbsp;&nbsp;122739 |
| Greater Greensburg Sewer Authority<br> Series B (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-15-33 | 100000 | &nbsp;&nbsp;114578 |
| Greater Greensburg Sewer Authority<br> Series C (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-15-34 | 245000 | &nbsp;&nbsp;277937 |
| Lancaster County Hospital Authority<br> Brethren Village Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-41 | 1465000 | &nbsp;&nbsp;1363001 |
| Montgomery County Higher Education & Health Authority<br> Thomas Jefferson University, Series B | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-35 | 600000 | &nbsp;&nbsp;592777 |
| Pennsylvania Economic Development Financing Authority<br> PPL Electric Utilities Corp. | &nbsp;&nbsp;0.400 | &nbsp;&nbsp;10-01-23 | 1000000 | &nbsp;&nbsp;971059 |
| Pennsylvania Turnpike Commission<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-44 | 1000000 | &nbsp;&nbsp;1039467 |
| Pennsylvania Turnpike Commission<br> Series B (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-29 | 250000 | &nbsp;&nbsp;283174 |
| Pennsylvania Turnpike Commission<br> Series B (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-30 | 250000 | &nbsp;&nbsp;286630 |
| Pennsylvania Turnpike Commission<br> Series B (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-31 | 250000 | &nbsp;&nbsp;290114 |
| Pennsylvania Turnpike Commission<br> Series B (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 250000 | &nbsp;&nbsp;290685 |
| Pennsylvania Turnpike Commission<br> Series B (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-33 | 250000 | &nbsp;&nbsp;290683 |
| Pennsylvania Turnpike Commission<br> Series B (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-34 | 250000 | &nbsp;&nbsp;285840 |
| Pennsylvania Turnpike Commission<br> Series B (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-35 | 250000 | &nbsp;&nbsp;284188 |
| Pennsylvania Turnpike Commission<br> Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-44 | 1630000 | &nbsp;&nbsp;1657233 |
| Philadelphia Authority for Industrial Development<br> Holy Family University Project (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-27 | 615000 | &nbsp;&nbsp;646013 |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Pennsylvania (continued)** |  |  |  |  |
| Philadelphia Authority for Industrial Development<br> Holy Family University Project (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-28 | 645000 | &nbsp;&nbsp;$682803 |
| Philadelphia Authority for Industrial Development<br> Holy Family University Project (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-29 | 680000 | &nbsp;&nbsp;724144 |
| Philadelphia Gas Works Company<br> 1998 General Ordinance, Fifteenth Series | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-42 | 2000000 | &nbsp;&nbsp;2079970 |
| Sports & Exhibition Authority of Pittsburgh and Allegheny County<br> Series B (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-28 | 3425000 | &nbsp;&nbsp;3711979 |
| Sports & Exhibition Authority of Pittsburgh and Allegheny County<br> Series B (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-29 | 350000 | &nbsp;&nbsp;383528 |
| **Puerto Rico 1.5%** |  |  |  | &nbsp;&nbsp;**11291516** |
| Puerto Rico Commonwealth<br> CW Guarantee Bond Claims, GO | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;11-01-43 | 4163914 | &nbsp;&nbsp;1894581 |
| Puerto Rico Commonwealth<br> Series A, GO (E) | &nbsp;&nbsp;5.426 | &nbsp;&nbsp;07-01-24 | 28321 | &nbsp;&nbsp;26014 |
| Puerto Rico Commonwealth<br> Series A, GO (E) | &nbsp;&nbsp;5.775 | &nbsp;&nbsp;07-01-33 | 109001 | &nbsp;&nbsp;59649 |
| Puerto Rico Commonwealth<br> Series A-1, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-33 | 84700 | &nbsp;&nbsp;73618 |
| Puerto Rico Commonwealth<br> Series A-1, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-35 | 76134 | &nbsp;&nbsp;64743 |
| Puerto Rico Commonwealth<br> Series A-1, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-37 | 65344 | &nbsp;&nbsp;54441 |
| Puerto Rico Commonwealth<br> Series A-1, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-41 | 88842 | &nbsp;&nbsp;71143 |
| Puerto Rico Commonwealth<br> Series A-1, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-46 | 92394 | &nbsp;&nbsp;71065 |
| Puerto Rico Commonwealth<br> Series A-1, GO | &nbsp;&nbsp;5.375 | &nbsp;&nbsp;07-01-25 | 94333 | &nbsp;&nbsp;95626 |
| Puerto Rico Commonwealth<br> Series A-1, GO | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;07-01-27 | 93478 | &nbsp;&nbsp;95628 |
| Puerto Rico Commonwealth<br> Series A-1, GO | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;07-01-29 | 91962 | &nbsp;&nbsp;94112 |
| Puerto Rico Commonwealth<br> Series A-1, GO | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;07-01-31 | 89322 | &nbsp;&nbsp;91565 |
| 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;1883084 |
| Puerto Rico Sales Tax Financing Corp.<br> Sales Tax Revenue, Series A-1 (E) | &nbsp;&nbsp;5.105 | &nbsp;&nbsp;07-01-31 | 2989000 | &nbsp;&nbsp;1937467 |
| Puerto Rico Sales Tax Financing Corp.<br> Sales Tax Revenue, Series A-1 (E) | &nbsp;&nbsp;5.954 | &nbsp;&nbsp;07-01-51 | 1400000 | &nbsp;&nbsp;261677 |
| Puerto Rico Sales Tax Financing Corp.<br> Sales Tax Revenue, Series A-2 | &nbsp;&nbsp;4.329 | &nbsp;&nbsp;07-01-40 | 3000000 | &nbsp;&nbsp;2710262 |
| Puerto Rico Sales Tax Financing Corp.<br> Sales Tax Revenue, Series A-2 | &nbsp;&nbsp;4.329 | &nbsp;&nbsp;07-01-40 | 2000000 | &nbsp;&nbsp;1806841 |

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

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Rhode Island 0.2%** |  |  |  | &nbsp;&nbsp;**$1869189** |
| Tobacco Settlement Financing Corp.<br> Series B | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;06-01-45 | 1885000 | &nbsp;&nbsp;1869189 |
| **South Carolina 0.9%** |  |  |  | &nbsp;&nbsp;**7165554** |
| City of Columbia Waterworks & Sewer System Revenue (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-34 | 165000 | &nbsp;&nbsp;193156 |
| City of Columbia Waterworks & Sewer System Revenue (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-35 | 250000 | &nbsp;&nbsp;290213 |
| City of Columbia Waterworks & Sewer System Revenue (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-36 | 300000 | &nbsp;&nbsp;346302 |
| Richland County School District No. 2<br> Series A, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;03-01-33 | 3470000 | &nbsp;&nbsp;3296117 |
| South Carolina Jobs-Economic Development Authority<br> Last Step Recycling Project, Series A, AMT (C) | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;06-01-40 | 1000000 | &nbsp;&nbsp;750699 |
| South Carolina Public Service Authority<br> Santee Cooper, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-37 | 1000000 | &nbsp;&nbsp;975445 |
| Town of Summerville<br> Limited Obligation Tax Increment | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-31 | 315000 | &nbsp;&nbsp;357047 |
| Town of Summerville<br> Limited Obligation Tax Increment | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-32 | 270000 | &nbsp;&nbsp;308541 |
| Town of Summerville<br> Limited Obligation Tax Increment | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-33 | 570000 | &nbsp;&nbsp;648034 |
| **Tennessee 2.8%** |  |  |  | &nbsp;&nbsp;**21245096** |
| City of Lenoir<br> Electric System Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-36 | 500000 | &nbsp;&nbsp;510976 |
| City of Lenoir<br> Electric System Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-37 | 500000 | &nbsp;&nbsp;508202 |
| City of Lenoir<br> Electric System Revenue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-35 | 325000 | &nbsp;&nbsp;364085 |
| County of Hamblen, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-45 | 3230000 | &nbsp;&nbsp;3136857 |
| 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 | 2050000 | &nbsp;&nbsp;2076848 |
| Metropolitan Nashville Airport Authority<br> Series B, AMT (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-29 | 2000000 | &nbsp;&nbsp;2155606 |
| Metropolitan Nashville Airport Authority<br> Series B, AMT (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-30 | 1605000 | &nbsp;&nbsp;1740769 |
| Metropolitan Nashville Airport Authority<br> Series B, AMT (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-31 | 1600000 | &nbsp;&nbsp;1749345 |
| Metropolitan Nashville Airport Authority<br> Series B, AMT (D) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-32 | 850000 | &nbsp;&nbsp;951782 |
| Metropolitan Nashville Airport Authority<br> Series B, AMT (D) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-33 | 900000 | &nbsp;&nbsp;997301 |
| Tennergy Corp.<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-50 | 2000000 | &nbsp;&nbsp;2041783 |
| Tennessee Energy Acquisition Corp.<br> Gas Supply Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-49 | 5035000 | &nbsp;&nbsp;5011542 |

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

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Texas 9.7%** |  |  |  | &nbsp;&nbsp;**$73212430** |
| Alamo Community College District, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-15-38 | 1920000 | &nbsp;&nbsp;1933811 |
| Board of Regents of the University of Texas System<br> Series B | &nbsp;&nbsp;1.700 | &nbsp;&nbsp;08-01-25 | 400000 | &nbsp;&nbsp;400000 |
| Bullard Independent School District<br> Adjusted School Building, GO | &nbsp;&nbsp;2.750 | &nbsp;&nbsp;02-15-52 | 500000 | &nbsp;&nbsp;495406 |
| Central Texas Regional Mobility Authority<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-45 | 500000 | &nbsp;&nbsp;529586 |
| Central Texas Turnpike System<br> Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-42 | 2000000 | &nbsp;&nbsp;2023305 |
| Chambers County Improvement<br> District No. 1, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-45 | 850000 | &nbsp;&nbsp;809471 |
| City of Austin<br> Electric Utility Revenue (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-37 | 5000000 | &nbsp;&nbsp;5009049 |
| City of Austin<br> Water & Wastewater System Revenue (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-28 | 3000000 | &nbsp;&nbsp;3325013 |
| City of Austin<br> Water & Wastewater System Revenue (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-29 | 3000000 | &nbsp;&nbsp;3373574 |
| City of Austin<br> Water & Wastewater System Revenue, Series A | &nbsp;&nbsp;3.200 | &nbsp;&nbsp;05-15-28 | 975000 | &nbsp;&nbsp;977989 |
| City of Houston Airport System Revenue<br> United Airlines, Inc. Terminal Project, Series C, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-15-28 | 4400000 | &nbsp;&nbsp;4449137 |
| City of San Antonio<br> Electric & Gas Systems Revenue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-48 | 5000000 | &nbsp;&nbsp;5020870 |
| Clifton Higher Education Finance Corp.<br> Idea Public Shools, Series T | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-15-42 | 1000000 | &nbsp;&nbsp;1001113 |
| Clifton Higher Education Finance Corp.<br> International Leadership of Texas, Inc. | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-15-42 | 1000000 | &nbsp;&nbsp;1001113 |
| Comal County Water Control & Improvement District No 6<br> Series A, GO (B)(D) | &nbsp;&nbsp;4.375 | &nbsp;&nbsp;03-01-32 | 1480000 | &nbsp;&nbsp;1515418 |
| County of Collin<br> Permanent Improvement, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;02-15-38 | 1000000 | &nbsp;&nbsp;860257 |
| County of Collin<br> Permanent Improvement, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;02-15-39 | 1000000 | &nbsp;&nbsp;843210 |
| Dallas/Fort Worth International Airport<br> Series D | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-01-32 | 5000000 | &nbsp;&nbsp;5096355 |
| Fort Bend County Municipal Utility<br> District No. 182, GO (B) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;09-01-27 | 975000 | &nbsp;&nbsp;1059652 |
| Fort Bend County Municipal Utility<br> District No. 182, GO (B) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;09-01-28 | 1090000 | &nbsp;&nbsp;1199537 |
| Grand Parkway Transportation Corp.<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-53 | 4000000 | &nbsp;&nbsp;4080526 |
| Gulf Coast Authority<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-32 | 450000 | &nbsp;&nbsp;521613 |
| Gulf Coast Authority<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-33 | 520000 | &nbsp;&nbsp;604916 |

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

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;8.000 | &nbsp;&nbsp;04-01-28 | 2130000 | &nbsp;&nbsp;$2131764 |
| Harris County Cultural Education Facilities Finance Corp.<br> Brazos Presbyterian Homes, Inc. Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-48 | 1000000 | &nbsp;&nbsp;844898 |
| Harris County Cultural Education Facilities Finance Corp.<br> Memorial Hermann Healthcare System Project (SIFMA + 0.850%) (A) | &nbsp;&nbsp;2.750 | &nbsp;&nbsp;07-01-49 | 2500000 | &nbsp;&nbsp;2455173 |
| Harris County Municipal Utility District No 489, GO (B) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;09-01-24 | 1000000 | &nbsp;&nbsp;998024 |
| Harris County Municipal Utility District No 489, GO (B) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-30 | 600000 | &nbsp;&nbsp;621888 |
| Harris County Municipal Utility District No 489, GO (B) | &nbsp;&nbsp;4.125 | &nbsp;&nbsp;09-01-31 | 780000 | &nbsp;&nbsp;809047 |
| Harris County Municipal Utility District No 489, GO (B) | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;09-01-32 | 730000 | &nbsp;&nbsp;758343 |
| Lake Houston Redevelopment Authority<br> Tax Increment Contract Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-32 | 175000 | &nbsp;&nbsp;167679 |
| Lake Houston Redevelopment Authority<br> Tax Increment Contract Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-33 | 380000 | &nbsp;&nbsp;360588 |
| Love Field Airport Modernization Corp.<br> General Airport Revenue, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-25 | 3400000 | &nbsp;&nbsp;3537019 |
| Lower Colorado River Authority<br> LCRA Transmission Services Corp. | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-44 | 1000000 | &nbsp;&nbsp;1029708 |
| Matagorda County Navigation District No. 1<br> Central Power and Light Company, AMT | &nbsp;&nbsp;0.900 | &nbsp;&nbsp;05-01-30 | 500000 | &nbsp;&nbsp;490910 |
| New Hope Cultural Education Facilities Finance Corp.<br> Westminster Manor Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-36 | 1890000 | &nbsp;&nbsp;1648541 |
| Northlake Municipal Management District No. 2, GO (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-32 | 335000 | &nbsp;&nbsp;360800 |
| Northlake Municipal Management District No. 2, GO (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-33 | 350000 | &nbsp;&nbsp;375924 |
| Northlake Municipal Management District No. 2, GO (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-35 | 750000 | &nbsp;&nbsp;799434 |
| Northlake Municipal Management District No. 2, GO (B) | &nbsp;&nbsp;6.625 | &nbsp;&nbsp;03-01-27 | 265000 | &nbsp;&nbsp;297002 |
| Northlake Municipal Management District No. 2, GO (B) | &nbsp;&nbsp;6.625 | &nbsp;&nbsp;03-01-28 | 280000 | &nbsp;&nbsp;320929 |
| Port Authority of Houston of Harris County Texas<br> 1st Lien | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-46 | 2125000 | &nbsp;&nbsp;2034122 |
| Spring Independent School District<br> School Building, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-42 | 1500000 | &nbsp;&nbsp;1602969 |
| Tarrant County Cultural Education Facilities Finance Corp.<br> Baylor Scott & White Health Project, Series F | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-52 | 1000000 | &nbsp;&nbsp;1104878 |
| Texas Municipal Gas Acquisition & Supply Corp III<br> Gas Supply Revenue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-15-31 | 300000 | &nbsp;&nbsp;313810 |

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

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Texas (continued)** |  |  |  |  |
| Texas Municipal Gas Acquisition & Supply Corp. III<br> Gas Supply Revenue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-15-29 | 500000 | &nbsp;&nbsp;$520678 |
| Texas Private Activity Bond Surface Transportation Corp.<br> Segment 3C Project, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-30-58 | 2000000 | &nbsp;&nbsp;1976955 |
| Texas Water Development Board<br> Water Implementation Reserve Fund | &nbsp;&nbsp;4.750 | &nbsp;&nbsp;10-15-42 | 500000 | &nbsp;&nbsp;536246 |
| Viridian Municipal Management District<br> Texas Utility Improvement, GO (B) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-30 | 965000 | &nbsp;&nbsp;984180 |
| **Utah 1.1%** |  |  |  | &nbsp;&nbsp;**8511458** |
| City of Salt Lake City UT Airport Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-36 | 2000000 | &nbsp;&nbsp;2118958 |
| County of Utah<br> IHC Health Services, Inc., Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-60 | 600000 | &nbsp;&nbsp;639090 |
| Utah Charter School Finance Authority<br> Legacy Preparatory Academy Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;04-15-42 | 1250000 | &nbsp;&nbsp;1142571 |
| Utah Infrastructure Agency<br> Pleasant Grove City Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-15-44 | 1000000 | &nbsp;&nbsp;928857 |
| Utah Infrastructure Agency<br> Telecommunication Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-15-27 | 570000 | &nbsp;&nbsp;559814 |
| Utah Infrastructure Agency<br> Telecommunication Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-15-30 | 400000 | &nbsp;&nbsp;382754 |
| Utah Telecommunication Open Infrastructure Agency<br> Sales Tax and Telecommunications Revenue (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-28 | 100000 | &nbsp;&nbsp;109429 |
| Utah Telecommunication Open Infrastructure Agency<br> Sales Tax and Telecommunications Revenue (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-29 | 100000 | &nbsp;&nbsp;110700 |
| Utah Telecommunication Open Infrastructure Agency<br> Sales Tax and Telecommunications Revenue (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-30 | 100000 | &nbsp;&nbsp;111868 |
| Utah Telecommunication Open Infrastructure Agency<br> Sales Tax and Telecommunications Revenue (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-31 | 100000 | &nbsp;&nbsp;112874 |
| Utah Telecommunication Open Infrastructure Agency<br> Sales Tax and Telecommunications Revenue (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-32 | 100000 | &nbsp;&nbsp;113542 |
| Utah Telecommunication Open Infrastructure Agency<br> Sales Tax and Telecommunications Revenue (D) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06-01-33 | 100000 | &nbsp;&nbsp;115085 |
| Utah Transit Authority<br> Sales Tax Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-15-31 | 2000000 | &nbsp;&nbsp;2065916 |

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

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Vermont 0.1%** |  |  |  | &nbsp;&nbsp;**$1091075** |
| City of Burlington<br> Airport Revenue, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-27 | 475000 | &nbsp;&nbsp;507835 |
| City of Burlington<br> Airport Revenue, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-28 | 540000 | &nbsp;&nbsp;583240 |
| **Virgin Islands 0.2%** |  |  |  | &nbsp;&nbsp;**1507868** |
| Matching Fund Special Purpose Securitization Corp.<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-28 | 1460000 | &nbsp;&nbsp;1507868 |
| **Virginia 1.3%** |  |  |  | &nbsp;&nbsp;**9738190** |
| Alexandria Industrial Development Authority<br> Goodwin House, Inc. | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-50 | 1700000 | &nbsp;&nbsp;1800116 |
| Arlington County Industrial Development Authority<br> Virginia Hospital Center | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-38 | 1000000 | &nbsp;&nbsp;1003200 |
| Arlington Higher Education Finance Corp.<br> Kipp Texas, Inc. | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-15-37 | 1250000 | &nbsp;&nbsp;1253577 |
| County of Fairfax<br> Series A, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-33 | 1575000 | &nbsp;&nbsp;1644773 |
| Virginia Commonwealth Transportation Board<br> Capital Projects | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-15-37 | 1000000 | &nbsp;&nbsp;1023518 |
| Virginia Small Business Financing Authority<br> 95 Express Lanes LLC Project, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-40 | 500000 | &nbsp;&nbsp;446170 |
| Virginia Small Business Financing Authority<br> Elizabeth River, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-40 | 250000 | &nbsp;&nbsp;228490 |
| Virginia Small Business Financing Authority<br> Lifespire Virginia | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-41 | 1000000 | &nbsp;&nbsp;847650 |
| Virginia Small Business Financing Authority<br> Transform 66 P3 Project, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-31-52 | 1500000 | &nbsp;&nbsp;1490696 |
| **Washington 2.9%** |  |  |  | &nbsp;&nbsp;**21662933** |
| City of Bellevue<br> GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-43 | 1000000 | &nbsp;&nbsp;1000533 |
| City of Seattle Municipal Light & Power Revenue<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-38 | 1025000 | &nbsp;&nbsp;1044163 |
| Energy Northwest<br> Columbia Generating Station | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-39 | 5105000 | &nbsp;&nbsp;5627833 |
| Port of Seattle<br> Series B, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-41 | 1570000 | &nbsp;&nbsp;1639315 |
| Port of Seattle<br> Series C, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-25 | 1535000 | &nbsp;&nbsp;1603948 |
| Snohomish County Housing Authority<br> Carvel Apartments Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;04-01-44 | 2000000 | &nbsp;&nbsp;1850761 |
| State of Washington<br> Series R 2021-D, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-39 | 3000000 | &nbsp;&nbsp;3042964 |
| State of Washington<br> Series R-2022D, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-33 | 4665000 | &nbsp;&nbsp;4976432 |
| Washington State Housing Finance Commission<br> Municipal Certificates, Series A-1 | &nbsp;&nbsp;3.500 | &nbsp;&nbsp;12-20-35 | 978420 | &nbsp;&nbsp;876984 |

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

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **West Virginia 0.3%** |  |  |  | &nbsp;&nbsp;**$1915744** |
| West Virginia Parkways Authority<br> Turnpike Toll Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-47 | 2000000 | &nbsp;&nbsp;1915744 |
| **Wisconsin 2.0%** |  |  |  | &nbsp;&nbsp;**15233964** |
| County of Waushara<br> Series A | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;06-01-27 | 1200000 | &nbsp;&nbsp;1237796 |
| Milwaukee Metropolitan Sewerage District<br> Series A, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;10-01-35 | 1500000 | &nbsp;&nbsp;1370487 |
| Public Finance Authority<br> Duke Energy Progress Project | &nbsp;&nbsp;3.300 | &nbsp;&nbsp;10-01-46 | 2500000 | &nbsp;&nbsp;2500021 |
| Public Finance Authority<br> Lenoir Rhyne University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-28 | 700000 | &nbsp;&nbsp;724181 |
| Public Finance Authority<br> Mary's Woods at Marylhurst Project, Series A (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;05-15-42 | 1230000 | &nbsp;&nbsp;1098955 |
| Public Finance Authority<br> Rose Villa Project, Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-24 | 410000 | &nbsp;&nbsp;422567 |
| Public Finance Authority<br> Rose Villa Project, Series A (C) | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;11-15-44 | 1000000 | &nbsp;&nbsp;1054980 |
| Public Finance Authority<br> Viticus Group Project, Series A (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-41 | 500000 | &nbsp;&nbsp;402145 |
| Public Finance Authority<br> WakeMed Hospital, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-44 | 1000000 | &nbsp;&nbsp;1016751 |
| Public Finance Authority<br> Waste Management, Inc. Project, Series A2, AMT | &nbsp;&nbsp;2.875 | &nbsp;&nbsp;05-01-27 | 3000000 | &nbsp;&nbsp;2801021 |
| State of Wisconsin<br> Series A, GO (SIFMA + 0.420%) (A) | &nbsp;&nbsp;2.320 | &nbsp;&nbsp;05-01-25 | 1000000 | &nbsp;&nbsp;985612 |
| Wisconsin Health & Educational Facilities Authority<br> Rogers Memorial Hospital, Inc., Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-49 | 300000 | &nbsp;&nbsp;302133 |
| Wisconsin Health & Educational Facilities Authority<br> St. John's Communities, Inc. | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-15-41 | 500000 | &nbsp;&nbsp;417978 |
| Wisconsin Health & Educational Facilities Authority<br> St. John's Communities, Inc. | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-15-45 | 500000 | &nbsp;&nbsp;399337 |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue<br> Series C | &nbsp;&nbsp;1.900 | &nbsp;&nbsp;03-01-31 | 500000 | &nbsp;&nbsp;500000 |
| **Wyoming 0.3%** |  |  |  | &nbsp;&nbsp;**2632468** |
| County of Campbell<br> Basin Electric Power Cooperative | &nbsp;&nbsp;3.625 | &nbsp;&nbsp;07-15-39 | 3000000 | &nbsp;&nbsp;2632468 |
| **Corporate bonds 0.3%** |  |  |  | &nbsp;&nbsp;**$2193946** |
| (Cost $3,523,258) |  |  |  |  |
| **Health care 0.2%** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1551000** |
| **Health care providers and services 0.2%** |  |  |  |  |
| Tower Health | &nbsp;&nbsp;4.451 | &nbsp;&nbsp;02-01-50 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;1551000 |

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

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Industrials 0.1%** |  |  |  | &nbsp;&nbsp;**$642946** |
| **Construction and engineering 0.1%** |  |  |  |  |
| LBJ Infrastructure Group LLC (C) | &nbsp;&nbsp;3.797 | &nbsp;&nbsp;12-31-57 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;642946 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Closed-end funds 0.2%** |  | &nbsp;&nbsp;**$1186800** |
| (Cost $1,153,897) |  |  |
| Eaton Vance Municipal Bond Fund | 115000 | &nbsp;&nbsp;&nbsp;&nbsp;1186800 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Yield (%)** | **Shares** | &nbsp;&nbsp;**Value** |
| **Short-term investments 4.5%** |  |  | **$33885824** |
| (Cost $33,876,278) |  |  |  |
| **Short-term funds 4.5%** |  |  |  |
| John Hancock Collateral Trust (F) | &nbsp;&nbsp;3.8739(G) | 3390719 | &nbsp;&nbsp;33885824 |
| **Total investments (Cost $798,952,420) 104.2%** | **Total investments (Cost $798,952,420) 104.2%** |  | **$783444867** |
| **Other assets and liabilities, net (4.2%)** |  |  | &nbsp;&nbsp;**(31582399)** |
| **Total net assets 100.0%** |  |  | &nbsp;&nbsp;**$751862468** |

---

---

| | |
|:---|:---|
| 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 |
| SIFMA | Securities Industry and Financial Markets Association Municipal Swap Index |
| SOFR | Secured Overnight Financing Rate |
| (A) | Variable rate obligation. The coupon rate shown represents the rate at period end. |
| (B) | Bond is insured by one or more of the companies listed in the insurance coverage table below. |
| (C) | These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. |
| (D) | Security purchased or sold on a when-issued or delayed delivery basis. |
| (E) | 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. |
| (F) | Investment is an affiliate of the fund, the advisor and/or subadvisor. |
| (G) | The rate shown is the annualized seven-day yield as of 11-30-22. |

---

At 11-30-22, the aggregate cost of investments for federal income tax purposes was $797,040,827. Net unrealized depreciation aggregated to $13,595,960, of which $10,870,610 related to gross unrealized appreciation and $24,466,570 related to gross unrealized depreciation.

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

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

---

| | |
|:---|:---|
| **Insurance Coverage** | &nbsp;&nbsp;**As a % of total<br> investments** |
| Assured Guaranty Municipal Corp. | &nbsp;&nbsp;&nbsp;5.3 |
| Build America Mutual Assurance Company | &nbsp;&nbsp;&nbsp;2.7 |
| National Public Finance Guarantee Corp. | &nbsp;&nbsp;&nbsp;0.7 |
| Ambac Financial Group, Inc. | &nbsp;&nbsp;&nbsp;0.3 |
| Assured Guaranty Corp. | &nbsp;&nbsp;&nbsp;0.3 |
| California Mortgage Insurance | &nbsp;&nbsp;&nbsp;0.2 |
| **TOTAL** | &nbsp;&nbsp;**9.5** |

---

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

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

Financial statements

#### STATEMENT OF ASSETS AND LIABILITIES 11-30-22 (unaudited)

------

---

| | |
|:---|:---|
| **Assets** |  |
| Unaffiliated investments, at value (Cost $765,076,142) | &nbsp;&nbsp;&nbsp;&nbsp;$749559043 |
| Affiliated investments, at value (Cost $33,876,278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33885824 |
| **Total investments, at value (Cost $798,952,420)** | &nbsp;&nbsp;&nbsp;&nbsp;**783444867** |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8792801 |
| Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9498869 |
| Receivable for delayed delivery securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665280 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22222 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228054 |
| **Total assets** | &nbsp;&nbsp;&nbsp;&nbsp;**803652093** |
| **Liabilities** |  |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92097 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376175 |
| Payable for delayed delivery securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46537063 |
| Payable for fund shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3648329 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting and legal services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 |
| Other liabilities and accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75461 |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**51789625** |
| **Net assets** | &nbsp;&nbsp;**$751862468** |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;$775272158 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23409690) |
| **Net assets** | &nbsp;&nbsp;**$751862468** |
| **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 ($422,036,372 ÷ 47,656,392 shares)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.86 |
| Class C ($10,149,895 ÷ 1,146,327 shares)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.85 |
| Class I ($239,188,726 ÷ 26,966,910 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.87 |
| Class R6 ($80,487,475 ÷ 9,071,655 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.87 |
| **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;$9.23 |

---

<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.

36 JOHN HANCOCK Municipal Opportunities Fund \| SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

#### STATEMENT OF OPERATIONS For the six months ended 11-30-22 (unaudited)

------

---

| | |
|:---|:---|
| **Investment income** |  |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11147246 |
| Dividends from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456678 |
| Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11078 |
| **Total investment income** | &nbsp;&nbsp;&nbsp;**11615002** |
| **Expenses** |  |
| Investment management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619698 |
| Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553594 |
| Accounting and legal services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47122 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91264 |
| Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5189 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35856 |
| State registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71072 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17764 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56012 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18381 |
| **Total expenses** | &nbsp;&nbsp;&nbsp;&nbsp;**2515952** |
| Less expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264283) |
| **Net expenses** | &nbsp;&nbsp;&nbsp;&nbsp;**2251669** |
| **Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;**9363333** |
| **Realized and unrealized gain (loss)** |  |
| **Net realized gain (loss) on** |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;(9136346) |
| Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15878) |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2369986 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**(6782238)** |
| **Change in net unrealized appreciation (depreciation) of** |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;(11555612) |
| Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8968 |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245512) |
|  | &nbsp;&nbsp;**(11792156)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**(18574394)** |
| **Decrease in net assets from operations** | &nbsp;&nbsp;**$(9211061)** |

---

SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT \| JOHN HANCOCK Municipal Opportunities Fund 37

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 11-30-22<br> (unaudited)** | &nbsp;&nbsp;**Year ended<br> 5-31-22** |
| **Increase (decrease) in net assets** |  |  |
| **From operations** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9363333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12592277 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6782238) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723044 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11792156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47677402) |
| **Decrease in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9211061)** | &nbsp;&nbsp;&nbsp;&nbsp;**(33362081)** |
| **Distributions to shareholders** |  |  |
| From earnings |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6048743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11990992) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277209) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2371229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(729243) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(899040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(460250) |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9443516)** | &nbsp;&nbsp;&nbsp;&nbsp;**(13457694)** |
| **From fund share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;**235642021** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**85966026** |
| **Total increase** | &nbsp;&nbsp;&nbsp;&nbsp;**216987444** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**39146251** |
| **Net assets** |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534875024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495728773 |
| **End of period** | &nbsp;&nbsp;**$751862468** | &nbsp;&nbsp;**$534875024** |

---

38 JOHN HANCOCK Municipal Opportunities Fund \| SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

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Financial highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CLASS A SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;**11-30-22<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**5-31-22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-20** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-19** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-18** |
| **Per share operating performance** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.19** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.14** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.55** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.83** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.65** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.85** |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.19)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.68)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.87** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.01** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.52** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.16** |
| **Less distributions** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.86** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.19** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.14** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.55** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.83** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.65** |
| **Total return (%)<sup>3,4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.11)<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.94)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.34** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.09** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.55** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.62** |
| **Ratios and supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$460 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89<sup>6</sup> | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77<sup>6</sup> | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60 |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |

---

<sup>1</sup> Six months ended 11-30-22. Unaudited.

<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 applicable periods.

<sup>4</sup> Does not reflect the effect of sales charges, if any.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT \| JOHN HANCOCK Municipal Opportunities Fund 39

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[**Table of Contents**](#JOB_Munic_e1e79335-0af9-4d1d-a6d4-9e140e5757d8_TofC)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CLASS C SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;**11-30-22<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**5-31-22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-20** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-19** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-18** |
| **Per share operating performance** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.19** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.14** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.55** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.83** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.65** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.85** |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.24)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.75)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.80** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.06)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.45** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.08** |
| **Less distributions** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &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;**$8.85** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.19** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.14** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.55** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.83** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.65** |
| **Total return (%)<sup>3,4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.59)<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.55)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.42** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.65)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.76** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.86** |
| **Ratios and supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64<sup>6</sup> | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52<sup>6</sup> | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85 |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |

---

<sup>1</sup> Six months ended 11-30-22. Unaudited.

<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 applicable periods.

<sup>4</sup> Does not reflect the effect of sales charges, if any.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

40 JOHN HANCOCK Municipal Opportunities Fund \| SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CLASS I SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;**11-30-22<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**5-31-22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-20** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-19** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-18** |
| **Per share operating performance** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.21** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.16** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.57** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.84** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.66** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.86** |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.20)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.67)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.89** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.04** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.54** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.17** |
| **Less distributions** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.87** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.16** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.57** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.84** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.66** |
| **Total return (%)<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.14)<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.69)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.38** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.35** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.71** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.77** |
| **Ratios and supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64<sup>5</sup> | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61<sup>5</sup> | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74 |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |

---

<sup>1</sup> Six months ended 11-30-22. Unaudited.

<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 applicable periods.

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT \| JOHN HANCOCK Municipal Opportunities Fund 41

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CLASS R6 SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;**11-30-22<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**5-31-22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-20** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-19** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-18<sup>2</sup>** |
| **Per share operating performance** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.21** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.16** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.57** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.85** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.67** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.90** |
| Net investment income<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.20)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.66)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.89** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.03** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.54** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.05** |
| **Less distributions** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.87** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.16** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.57** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.85** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.67** |
| **Total return (%)<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.13)<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.66)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.42** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.28** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.74** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.55<sup>5</sup>** |
| **Ratios and supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62<sup>6</sup> | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59<sup>6</sup> | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81<sup>6</sup> |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11<sup>7</sup> |

---

<sup>1</sup> Six months ended 11-30-22. Unaudited.

<sup>2</sup> The inception date for Class R6 shares is 8-30-17.

<sup>3</sup> Based on average daily shares outstanding.

<sup>4</sup> Total returns would have been lower had certain expenses not been reduced during the applicable periods.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

<sup>7</sup> Portfolio turnover is shown for the period from 6-1-17 to 5-31-18.

42 JOHN HANCOCK Municipal Opportunities Fund \| SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

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Notes to financial statements (unaudited)

#### 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 Advisor's Valuation Policies and Procedures.**

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.

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.

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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 November 30, 2022, by major security category or type:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total<br> value at<br> 11-30-22** | **Level 1<br> quoted<br> price** | **Level 2<br> significant<br> observable<br> inputs** | **Level 3<br> significant<br> unobservable<br> inputs** |
| **Investments in securities:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$746178297** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$746178297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2193946** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2193946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closed-end funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1186800** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1186800 | &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;**33885824** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33885824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total investments in securities** | **$783444867** | **$35072624** | **$748372243** | **—** |

---

**When-issued/delayed-delivery securities. The fund may purchase or sell debt 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 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. Excluding commitments designated for a certain fund and subject to the needs of all other affiliated funds, the fund can borrow up to an aggregate commitment amount of $750 million, subject to asset coverage and other limitations as specified in the agreement. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund based on a combination of fixed and asset-based allocations and is reflected in Other expenses on the Statement of operations. For the six months ended November 30, 2022, the fund had no borrowings under the line of credit. Commitment fees for the six months ended November 30, 2022 were $2,158.**

**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, 2022, the fund has a short-term capital loss carryforward of $2,715,522 available to offset future net realized capital gains. This carryforward does not expire.

As of May 31, 2022, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund's federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

**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.**

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.

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Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund's financial statements as a return of capital. The final determination of tax characteristics of the fund's distribution will occur at the end of the year and will subsequently be reported to shareholders.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to 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. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

During the six months ended November 30, 2022, the fund used futures contracts to manage the duration of the fund. The fund held futures contracts with USD notional values ranging up to $53.75 million, as measured at each quarter end. There were no open futures contracts as of November 30, 2022.

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#### 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 six months ended November 30, 2022:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Statement of operations location - Net realized gain (loss) on:** |
| **Risk** | &nbsp;&nbsp;&nbsp;**Futures contracts** |
| Interest rate | &nbsp;&nbsp;&nbsp;$2369986 |

---

The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the six months ended November 30, 2022:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Statement of operations location - Change in net unrealized appreciation (depreciation) of:** |
| **Risk** | &nbsp;&nbsp;&nbsp;**Futures contracts** |
| Interest rate | &nbsp;&nbsp;&nbsp;$(245512) |

---

#### 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. Prior to October 1, 2022, the fund had an investment management agreement with the Advisor under which the fund paid a daily management fee to the Advisor equivalent on an annual basis to the sum of: (a) 0.550% of the first $500 million of the fund's average daily net assets; (b) 0.500% of the next $500 million of the fund's average daily net assets; (c) 0.450% of the next $2 billion of the fund's average daily net assets; and (d) 0.425% 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.**

Effective October 1, 2022, the Advisor contractually agrees 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 0.55% 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

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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, 2023, 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.

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 six months ended November 30, 2022, this waiver amounted to 0.01% of the fund's average daily net assets, on an annualized basis. This arrangement expires on July 31, 2024, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

For the six months ended November 30, 2022, the expense reductions described above amounted to the following:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Expense reduction** |
| Class A | &nbsp;&nbsp;$36784 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970 |
| Class I | &nbsp;&nbsp;&nbsp;15836 |

---

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Expense reduction** |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;$5701 |
| **Total** | &nbsp;&nbsp;**$59291** |

---

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 six months ended November 30, 2022, were equivalent to a net annual effective rate of 0.51% 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 six months ended November 30, 2022, 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 Rule12b-1 fees for Class A and Class C shares. The current waiver agreement expires on September 30, 2023, 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 $199,510 and $5,482 for Class A and Class C shares, respectively, for the six months ended November 30, 2022.

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**Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $168,345 for the six months ended November 30, 2022. Of this amount, $24,059 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $144,286 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% sales charge. Prior to August 1, 2022, certain Class A shares purchased, including those that were acquired through purchases of $1 million or more, and redeemed within 1 year of purchase were subject to a 1.00% sales charge. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the six months ended November 30, 2022, CDSCs received by the Distributor amounted to $9,357 and $2,758 for Class A and Class C shares, respectively.

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

#### Class level expenses. Class level expenses for the six months ended November 30, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;**Distribution and service fees** | &nbsp;&nbsp;&nbsp;**Transfer agent fees** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$498775 | &nbsp;&nbsp;&nbsp;$63165 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23606 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2757 |
| **Total** | &nbsp;&nbsp;**$553594** | &nbsp;&nbsp;**$91264** |

---

**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.**

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#### Note 6 — Fund share transactions
Transactions in fund shares for the six months ended November 30, 2022 and for the year ended May 31, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended 11-30-22** | &nbsp;&nbsp;&nbsp;**Six Months Ended 11-30-22** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-22** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-22** |
|  | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class A shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9059403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$80106674 | &nbsp;&nbsp;&nbsp;&nbsp;4949188 | &nbsp;&nbsp;&nbsp;&nbsp;$48347540 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5530666 | &nbsp;&nbsp;&nbsp;&nbsp;1102655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10840735 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5434768) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48319384) | &nbsp;&nbsp;&nbsp;&nbsp;(6982098) | &nbsp;&nbsp;&nbsp;&nbsp;(67433183) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**4251020** | &nbsp;&nbsp;&nbsp;&nbsp;**$37317956** | &nbsp;&nbsp;&nbsp;&nbsp;**(930255)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(8244908)** |
| **Class C shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2088265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1603300 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268324 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(359423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3177767) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(452487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4417607) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(110735)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(968768)** | &nbsp;&nbsp;&nbsp;&nbsp;**(260948)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2545983)** |
| **Class I shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;22221936 | &nbsp;&nbsp;&nbsp;&nbsp;$195893853 | &nbsp;&nbsp;&nbsp;&nbsp;8305895 | &nbsp;&nbsp;&nbsp;&nbsp;$76465275 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2334837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712350 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5003511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43776729) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(704926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6645505) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**17483321** | &nbsp;&nbsp;&nbsp;**$154451961** | &nbsp;&nbsp;&nbsp;**7674369** | &nbsp;&nbsp;&nbsp;**$70532120** |
| **Class R6 shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6581374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$58346260 | &nbsp;&nbsp;&nbsp;&nbsp;3358609 | &nbsp;&nbsp;&nbsp;&nbsp;$31244322 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460188 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1638465) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14404428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(577050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5479713) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**5044824** | &nbsp;&nbsp;&nbsp;&nbsp;**$44840872** | &nbsp;&nbsp;&nbsp;**2828699** | &nbsp;&nbsp;&nbsp;**$26224797** |
| **Total net increase** | &nbsp;&nbsp;**26668430** | &nbsp;&nbsp;**$235642021** | &nbsp;&nbsp;**9311865** | &nbsp;&nbsp;**$85966026** |

---

#### Note 7 — Purchase and sale of securities
Purchases and sales of securities, other than short-term investments, amounted to $389,039,804 and $150,021,524, respectively, for the six months ended November 30, 2022.

#### 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:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **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 | 3390719 | $26028588 | $167594095 | $(159729949) | $(15878) | $8968 | $456678 |  | $33885824 |

---

#### Note 10 — Coronavirus (COVID-19) pandemic
The COVID-19 disease has resulted in significant disruptions to global business activity. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange-trading suspensions, and closures, which may lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect fund performance.

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#### SHAREHOLDER MEETING

------

(Unaudited)

The fund held a Special Joint Meeting of Shareholders on Friday, September 9, 2022. The following proposal was considered by the shareholders:

#### Proposal: To elect eight Trustees as members of the Board of Trustees of each of the Trusts.
THE PROPOSAL <u>PASSED</u> ON September 9, 2022.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Total votes<br> for the nominee** | &nbsp;&nbsp;&nbsp;**Total votes withheld<br> from the nominee** |
| **Independent Trustees** |  |  |
| James R. Boyle | &nbsp;&nbsp;56327164.688 | &nbsp;&nbsp;2265903.139 |
| Noni L. Ellison | &nbsp;&nbsp;56619881.161 | &nbsp;&nbsp;1973186.666 |
| Dean C. Garfield | &nbsp;&nbsp;56377686.100 | &nbsp;&nbsp;2215381.727 |
| Patricia Lizarraga | &nbsp;&nbsp;56644874.324 | &nbsp;&nbsp;1948193.503 |
| Frances G. Rathke | &nbsp;&nbsp;56638757.773 | &nbsp;&nbsp;1954310.054 |

---

---

| | | |
|:---|:---|:---|
| **Non-Independent Trustees** |  |  |
| Andrew G. Arnott | &nbsp;&nbsp;56,334,175.362 | &nbsp;&nbsp;2,258,892.465 |
| Marianne Harrison | &nbsp;&nbsp;56,636,627.472 | &nbsp;&nbsp;1,956,440.355 |
| Paul Lorentz | &nbsp;&nbsp;56,328,208.593 | &nbsp;&nbsp;2,264,859.234 |

---

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#### EVALUATION OF ADVISORY AND SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES

------

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Municipal Securities Trust (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with Manulife Investment Management (US) LLC (the Subadvisor), for John Hancock Municipal Opportunities Fund (formerly John Hancock Tax-Free Bond Fund, the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 21-23, 2022 videoconference<sup>1</sup> meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a telephonic meeting held on May 24-25, 2022. The Trustees who are not "interested persons" of the Trust as defined by the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees") also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees and a third-party consulting firm.

#### Approval of Advisory and Subadvisory Agreements
At videoconference meetings held on June 21-23, 2022, the Board, including the Trustees who are not parties to any Agreement or considered to be interested persons of the Trust under the 1940 Act, reapproved for an annual period the continuation of the Advisory Agreement between the Trust and the Advisor and the Subadvisory Agreement between the Advisor and the Subadvisor with respect to the fund.

In considering the Advisory Agreement and the Subadvisory Agreement, the Board received in advance of the meetings a variety of materials relating to the fund, the Advisor and the Subadvisor, including comparative performance, fee and expense information for a peer group of similar funds prepared by an independent third-party provider of fund data, performance information for an applicable benchmark index; and, with respect to the Subadvisor, comparative performance information for comparably managed accounts, as applicable, and other information provided by the Advisor and the Subadvisor regarding the nature, extent and quality of services provided by the Advisor and the Subadvisor under their respective Agreements, as well as information regarding the Advisor's revenues and costs of providing services to the fund and any compensation paid to affiliates of the Advisor. At the meetings at which the renewal of the Advisory Agreement and Subadvisory Agreement are considered, particular focus is given to information concerning fund performance, comparability of fees and total expenses, and profitability. However, the Board noted that the evaluation process with respect to the Advisor and the Subadvisor is an ongoing one. In this regard, the Board also took into account discussions with management and information provided to the Board (including its various committees) at prior meetings with respect to the services provided by the Advisor and the Subadvisor to the fund, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Subadvisor with respect to the fund. The information received and considered by the Board in connection with the May and June meetings and throughout the year was both written and oral. The Board noted the affiliation of the Subadvisor with the Advisor, noting any potential conflicts of interest. The Board also considered the nature, quality, and extent of

------

<sup>1</sup>On June 19, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued an exemptive order (the "Order") pursuant to Sections 6(c) and 38(a) of the Investment Company Act of 1940, as amended (the "1940 Act"), that temporarily exempts registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Order are ratified at the next in-person meeting. The Board determined that reliance on the Order was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the Board's May and June meetings were held via videoconference in reliance on the Order. This exemptive order supersedes, in part, a similar earlier exemptive order issued by the SEC.

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non-advisory services, if any, to be provided to the fund by the Advisor's affiliates, including distribution services. The Board considered the Advisory Agreement and the Subadvisory Agreement separately in the course of its review. In doing so, the Board noted the respective roles of the Advisor and Subadvisor in providing services to the fund.

Throughout the process, the Board asked questions of and requested additional information from management. The Board is assisted by counsel for the Trust and the Independent Trustees are also separately assisted by independent legal counsel throughout the process. The Independent Trustees also received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed continuation of the Agreements and discussed the proposed continuation of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

#### Approval of Advisory Agreement
In approving the Advisory Agreement with respect to the fund, the Board, including the Independent Trustees, considered a variety of factors, including those discussed below. The Board also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets, and the industry) and did not treat any single factor as determinative, and each Trustee may have attributed different weights to different factors. The Board's conclusions may be based in part on its consideration of the advisory and subadvisory arrangements in prior years and on the Board's ongoing regular review of fund performance and operations throughout the year.

*<u>Nature, extent, and quality of services</u><u>.</u> Among the information received by the Board from the Advisor relating to the nature, extent, and quality of services provided to the fund, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor's compliance and regulatory history, including its Form ADV. The Board also noted that on a regular basis it receives and reviews information from the Trust's Chief Compliance Officer (CCO) regarding the fund's compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board observed that the scope of services provided by the Advisor, and of the undertakings required of the Advisor in connection with those services, including maintaining and monitoring its own and the fund's compliance programs, risk management programs, liquidity management programs and cybersecurity programs, had expanded over time as a result of regulatory, market and other developments. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the fund, including, but not limited to, general supervision of and coordination of the services provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and third-party service providers. The Board also considered the significant risks assumed by the Advisor in connection with the services provided to the fund including entrepreneurial risk in sponsoring new funds and ongoing risks including investment, operational, enterprise, litigation, regulatory and compliance risks with respect to all funds.*

In considering the nature, extent, and quality of the services provided by the Advisor, the Trustees also took into account their knowledge of the Advisor's management and the quality of the performance of the Advisor's duties, through Board meetings, discussions and reports during the preceding year and through each Trustee's experience as a Trustee of the Trust and of the other trusts in the John Hancock group of funds complex (the John Hancock Fund Complex).

In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:

(a) the skills and competency with which the Advisor has in the past managed the Trust's affairs and its subadvisory relationship, the Advisor's oversight and monitoring of the Subadvisor's investment
performance and compliance programs, such as the Subadvisor's compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the
Advisor's timeliness in responding to performance issues;

(b) the background, qualifications and skills of the Advisor's personnel;

54 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEMIANNUAL REPORT

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(c) the Advisor's compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;

(d) the Advisor's administrative capabilities, including its ability to supervise the other service providers for the fund, as well as the Advisor's oversight of any securities lending activity, its
monitoring of class action litigation and collection of class action settlements on behalf of the fund, and bringing loss recovery actions on behalf of the fund;

(e) the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund;

(f) the Advisor's initiatives intended to improve various aspects of the Trust's operations and investor experience with the fund; and

(g) the Advisor's reputation and experience in serving as an investment advisor to the Trust and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety
of investments.

The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the fund.

*<u>Investment performance</u>. In considering the fund's performance, the Board noted that it reviews at its regularly scheduled meetings information about the fund's performance results. In connection with the consideration of the Advisory Agreement, the Board:*

(a) reviewed information prepared by management regarding the fund's performance;

(b) considered the comparative performance of an applicable benchmark index;

(c) considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data; and

(d) took into account the Advisor's analysis of the fund's performance and its plans and recommendations regarding the Trust's subadvisory arrangements generally.

The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and the results of the performance comparisons may vary depending on the selection of the peer group. The Board noted that the fund outperformed its benchmark index for the one- and three-year periods and underperformed for the five- and ten-year periods ended December 31, 2021. The Board also noted that the fund outperformed its peer group median for the one-, three-, five- and ten-year periods ended December 31, 2021. The Board took into account management's discussion of the fund's performance, including favorable performance relative to the benchmark index for the one- and three-year periods and peer group median for the one-, three-, five- and ten-year periods. The Board concluded that the fund's performance has generally been in line with or outperformed the historical performance of comparable funds and the fund's benchmark index.

*<u>Fees and expenses</u><u>.</u> The Board reviewed comparative information prepared by an independent third-party provider of fund data, including, among other data, the fund's contractual and net management fees (and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the fund in light of the nature, extent and quality of the management and advisory and subadvisory services provided by the Advisor and the Subadvisor. The Board considered the fund's ranking within a smaller group of peer funds chosen by the independent third-party provider, as well as the fund's ranking within a broader group of funds. In comparing the fund's contractual and net management fees to those of comparable funds, the Board noted that such fees include both advisory and administrative costs. The Board noted that net management fees and net total expenses for the fund were higher than the peer group median.*

SEMIANNUAL REPORT \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 55

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The Board took into account management's discussion of the fund's expenses. The Board also took into account management's discussion with respect to the overall management fee and the fees of the Subadvisor, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fee, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board also noted that the Advisor pays the subadvisory fee. In addition, the Board took into account that management had agreed to implement an overall fee waiver across the complex, including the fund, which is discussed further below. The Board also noted actions taken over the past several years to reduce the fund's operating expenses. The Board also noted that, in addition, the Advisor is currently waiving fees and/or reimbursing expenses with respect to the fund and that the fund has breakpoints in its contractual management fee schedule that reduce management fees as assets increase. The Board also noted that the fund's distributor, an affiliate of the Advisor, has agreed to waive a portion of its Rule 12b-1 fee for a share class of the fund. The Board noted that the fund has a voluntary fee waiver and/or expense reimbursement, which reduces certain expenses of the fund. The Board reviewed information provided by the Advisor concerning the investment advisory fee charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the John Hancock Fund Complex) having similar investment mandates, if any. The Board considered any differences between the Advisor's and Subadvisor's services to the fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to the fund is reasonable in light of the nature, extent and quality of the services provided to the fund under the Advisory Agreement.

*<u>Profitability/Fall out benefits</u><u>.</u> In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates (including the Subadvisor) from the Advisor's relationship with the Trust, the Board:*

(a) reviewed financial information of the Advisor;

(b) reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;

(c) received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund;

(d) received information with respect to the Advisor's allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an
analysis of the Advisor's allocation methodologies;

(e) considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating
to foreign taxes paid and dividends received by certain funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are
reflected in the profitability information reviewed by the Board;

(f) considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement;

(g) noted that affiliates of the Advisor provide transfer agency services and distribution services to the fund, and that the fund's distributor also receives Rule 12b-1 payments to support distribution of the fund;

(h) noted that the fund's Subadvisor is an affiliate of the Advisor;

(i) noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund;

(j) noted that the subadvisory fee for the fund is paid by the Advisor;

56 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEMIANNUAL REPORT

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(k) considered the Advisor's ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and

(l) considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the risks that it assumes as Advisor, including
entrepreneurial, operational, reputational, litigation and regulatory risk.

Based upon its review, the Board concluded that the level of profitability, if any, of the Advisor and its affiliates (including the Subadvisor) from their relationship with the fund was reasonable and not excessive.

*<u>Economies of scale</u><u>.</u> In considering the extent to which economies of scale would be realized as the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders, the Board:*

(a) considered that the Advisor has contractually agreed to waive a portion of its management fee for certain funds of the John Hancock Fund Complex, including the fund (the participating portfolios) or otherwise
reimburse the expenses of the participating portfolios (the reimbursement). 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;

(b) reviewed the fund's advisory fee structure and concluded that: (i) the fund's fee structure contains breakpoints at the subadvisory fee level and that such breakpoints are reflected as breakpoints in the
advisory fees for the fund; and (ii) although economies of scale cannot be measured with precision, these arrangements permit shareholders of the fund to benefit from economies of scale if the fund grows. The Board
also took into account management's discussion of the fund's advisory fee structure; and

(c) the Board also considered the effect of the fund's growth in size on its performance and fees. The Board also noted that if the fund's assets increase over time, the fund may realize other
economies of scale.

#### Approval of Subadvisory Agreement
In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:

(1) information relating to the Subadvisor's business, including current subadvisory services to the Trust (and other funds in the John Hancock Fund Complex);

(2) the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds; and

(3) the subadvisory fee for the fund, including any breakpoints, and to the extent available, comparable fee information prepared by an independent third-party provider of fund data.

*<u>Nature, extent, and quality of services</u>. With respect to the services provided by the Subadvisor, the Board received information provided to the Board by the Subadvisor, including the Subadvisor's Form ADV, as well as took into account information presented throughout the past year. The Board considered the Subadvisor's current level of staffing and its overall resources, as well as received information relating to the Subadvisor's compensation program. The Board reviewed the Subadvisor's history and investment experience, as well as information regarding the qualifications, background, and responsibilities of the Subadvisor's investment and compliance personnel who provide services to the fund. The Board also considered, among other things, the Subadvisor's compliance program and any disciplinary history. The Board also considered the Subadvisor's risk assessment and monitoring process. The Board reviewed the Subadvisor's regulatory history, including whether it was involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as*

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appropriate. The Board noted that the Advisor conducts regular, periodic reviews of the Subadvisor and its operations, including regarding investment processes and organizational and staffing matters. The Board also noted that the Trust's CCO and his staff conduct regular, periodic compliance reviews with the Subadvisor and present reports to the Independent Trustees regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisor and procedures reasonably designed to assure compliance with the federal securities laws. The Board also took into account the financial condition of the Subadvisor.

The Board considered the Subadvisor's investment process and philosophy. The Board took into account that the Subadvisor's responsibilities include the development and maintenance of an investment program for the fund that is consistent with the fund's investment objective, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also received information with respect to the Subadvisor's brokerage policies and practices, including with respect to best execution and soft dollars.

*<u>Subadvisor compensation</u><u>.</u> In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the fund, the Board noted that the fees under the Subadvisory Agreement are paid by the Advisor and not the fund. The Board also received information and took into account any other potential conflicts of interest the Advisor might have in connection with the Subadvisory Agreement.*

In addition, the Board considered other potential indirect benefits that the Subadvisor and its affiliates may receive from the Subadvisor's relationship with the fund, such as the opportunity to provide advisory services to additional funds in the John Hancock Fund Complex and reputational benefits.

*<u>Subadvisory fees</u><u>.</u> The Board considered that the fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays a subadvisory fee to the Subadvisor. As noted above, the Board also considered the fund's subadvisory fees as compared to similarly situated investment companies deemed to be comparable to the fund as included in the report prepared by the independent third-party provider of fund data, to the extent available. The Board also noted that the limited size of the Lipper peer group was not sufficient for comparative purposes. The Board also took into account the subadvisory fees paid by the Advisor to the Subadvisor with respect to the fund and compared them to fees charged by the Subadvisor to manage other subadvised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.*

*<u>Subadvisor performance</u><u>.</u> As noted above, the Board considered the fund's performance as compared to the fund's peer group median and the benchmark index and noted that the Board reviews information about the fund's performance results at its regularly scheduled meetings. The Board noted the Advisor's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadvisor. The Board was mindful of the Advisor's focus on the Subadvisor's performance. The Board also noted the Subadvisor's long-term performance record for similar accounts, as applicable.*

The Board's decision to approve the Subadvisory Agreement was based on a number of determinations, including the following:

(1) the Subadvisor has extensive experience and demonstrated skills as a manager;

(2) the performance of the fund has generally been in line with or outperformed the historical performance of comparable funds and the fund's benchmark index;

(3) the subadvisory fee is reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and

(4) noted that the subadvisory fees are paid by the Advisor not the fund and that the subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit
shareholders to benefit from economies of scale if the fund grows.

58 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEMIANNUAL REPORT

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\*\*\*

Based on the Board's evaluation of all factors that the Board deemed to be material, including those factors described above, the Board, including the Independent Trustees, concluded that renewal of the Advisory Agreement and the Subadvisory Agreement would be in the best interest of the fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Advisory Agreement and Subadvisory Agreement for an additional one-year period.

SEMIANNUAL REPORT \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 59

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More information

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

James R. Boyle

Peter S. Burgess<sup>\*,#</sup>

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

Grace K. Fey

Noni L. Ellison<sup>^</sup>

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

Marianne Harrison<sup>†</sup>

Deborah C. Jackson

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

Paul Lorentz<sup>‡</sup>

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

Gregory A. Russo

#### Officers
Andrew G. Arnott

*President*

Charles A. Rizzo

*Chief Financial Officer*

Salvatore Schiavone

*Treasurer*

Christopher (Kit) Sechler

*Secretary and Chief Legal Officer*

*Trevor Swanberg Chief Compliance Officer*

#### Investment advisor
John Hancock Investment Management LLC

#### Subadvisor
Manulife Investment Management (US) LLC

#### Portfolio Managers
Dennis DiCicco

Adam A. Weigold, CFA

#### Principal distributor
John Hancock Investment Management Distributors LLC

#### Custodian
State Street Bank and Trust Company

#### Transfer agent
John Hancock Signature Services, Inc.

#### Legal counsel
K&L Gates LLP

<sup>†</sup> Non-Independent Trustee

\* Member of the Audit Committee

<sup>#</sup> Mr. Burgess is retiring effective December 31, 2022.

^ Elected to serve as Independent Trustee effective as of September 9, 2022.

‡ Elected to serve as Non-Independent Trustee effective as of September 9, 2022.

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

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

We make this information on your fund, as well as **monthly portfolio holdings**, and other fund details available on our website at jhinvestments.com or by calling 800-225-5291.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;You can also contact us: |  |  |
| &nbsp;&nbsp;**800-225-5291** | &nbsp;&nbsp;**Regular mail:** | &nbsp;&nbsp;**Express mail:** |
| &nbsp;&nbsp;**jhinvestments.com** | &nbsp;&nbsp;John Hancock Signature Services, Inc.<br> P.O. Box 219909<br> Kansas City, MO 64121-9909 | &nbsp;&nbsp;John Hancock Signature Services, Inc.<br> 430 W 7<sup>th</sup> Street<br> Suite 219909<br> Kansas City, MO 64105-1407 |

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60 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \| SEMIANNUAL REPORT

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John Hancock family of funds

#### U.S. EQUITY FUNDS

------

Blue Chip Growth

Classic Value

Disciplined Value

Disciplined Value Mid Cap

Equity Income

Financial Industries

Fundamental All Cap Core

Fundamental Large Cap Core

Mid Cap Growth

New Opportunities

Regional Bank

Small Cap Core

Small Cap Growth

Small Cap Value

U.S. Global Leaders Growth

U.S. Growth

#### INTERNATIONAL EQUITY FUNDS

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Disciplined Value International

Emerging Markets

Emerging Markets Equity

Fundamental Global Franchise

Global Environmental Opportunities

Global Equity

Global Shareholder Yield

Global Thematic Opportunities

International Dynamic Growth

International Growth

International Small Company

#### FIXED-INCOME FUNDS

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Bond

California Municipal Bond

Emerging Markets Debt

Floating Rate Income

Government Income

High Yield

High Yield Municipal Bond

Income

Investment Grade Bond

Money Market

Municipal Opportunities

Opportunistic Fixed Income

Short Duration Bond

Short Duration Municipal Opportunities

Strategic Income Opportunities

#### ALTERNATIVE FUNDS

------

Absolute Return Currency

Alternative Asset Allocation

Diversified Macro

Infrastructure

Multi-Asset Absolute Return

Real Estate Securities

Seaport Long/Short

A fund's investment objectives, risks, charges, and expenses should be considered carefully before investing. The prospectus contains this and other important information about the fund. To obtain a prospectus, contact your financial professional, call John Hancock Investment Management at 800-225-5291, or visit our website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.

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#### EXCHANGE-TRADED FUNDS

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John Hancock Corporate Bond ETF

John Hancock International High Dividend ETF

John Hancock Mortgage-Backed Securities ETF

John Hancock Multifactor Developed International ETF

John Hancock Multifactor Emerging Markets ETF

John Hancock Multifactor Large Cap ETF

John Hancock Multifactor Mid Cap ETF

John Hancock Multifactor Small Cap ETF

John Hancock Preferred Income ETF

John Hancock U.S. High Dividend ETF

#### ENVIRONMENTAL,SOCIAL, AND GOVERNANCE FUNDS

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ESG Core Bond

ESG International Equity

ESG Large Cap Core

#### ASSET ALLOCATION/TARGET DATE FUNDS

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Balanced

Multi-Asset High Income

Multi-Index Lifetime Portfolios

Multi-Index Preservation Portfolios

Multimanager Lifestyle Portfolios

Multimanager Lifetime Portfolios

#### CLOSED-END FUNDS

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Asset-Based Lending

Financial Opportunities

Hedged Equity & Income

Income Securities Trust

Investors Trust

Preferred Income

Preferred Income II

Preferred Income III

Premium Dividend

Tax-Advantaged Dividend Income

Tax-Advantaged Global Shareholder Yield

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

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

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

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A *trusted* brand

John Hancock Investment Management is a premier asset manager

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

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

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

and operate with the highest standards of conduct and integrity.

A *better way* to invest

We serve investors globally through a unique multimanager approach:

We search the world to find proven portfolio teams with specialized

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

oversight to ensure they continue to meet our uncompromising

standards and serve the best interests of our shareholders.

*Results for investors*

Our unique approach to asset management enables us to provide

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

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

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

![](img85775cb62.gif)

John Hancock Investment Management Distributors LLC, Member FINRA, SIPC

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

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

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

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

![](img161044f63.gif)

MF2630396 52SA 11/22

1/2023

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![](imgc8406c6d1.gif)

![](img800fe9ff2.gif)

Semiannual report

## John Hancock

## Short Duration Municipal Opportunities Fund
Fixed income

November 30, 2022

![](img0912605b3.gif)

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A *message* to shareholders

![](img4af198014.gif)

Dear shareholder,

U.S. bonds declined during the six months ended November 30, 2022, as bond yields rose to their highest levels in more than a decade. The catalyst was surging inflation, driven largely by rising food and energy prices. The U.S. Federal Reserve continued its inflation-fighting campaign by raising short-term interest rates four times during the period, boosting the federal funds rate target to its highest level since January 2008.

In this environment, bond yields moved broadly higher, with the 10-year U.S. Treasury bond yield cresting above 4% for the first time since 2008. In terms of sector performance, residential mortgage-backed securities and investment-grade corporate bonds declined the most, while high-yield corporate bonds and asset-backed securities held up the best.

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

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

Sincerely,

![](img6185376c5.jpg)

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

Manulife Investment Management

President and CEO,

John Hancock Investment Management

Head of Wealth and Asset Management,

United States and Europe

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

------

John Hancock

Short Duration Municipal Opportunities Fund

Table of contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;**2** | &nbsp;&nbsp;[Portfolio summary](#xx_31272204-9417-43d5-bdce-8f5b54e9e553_1) |
| &nbsp;&nbsp;**4** | &nbsp;&nbsp;[Your expenses](#xx_f42c6e68-c085-4432-961e-2dd0acb93930_1) |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;[Fund's investments](#xx_cca2affb-e3d8-479d-ab6c-03196ad8bff6_1) |
| **10** | &nbsp;&nbsp;[Financial statements](#xx_d4a338d6-af24-47a2-ad30-d8c71035a44c_1) |
| **13** | &nbsp;&nbsp;[Financial highlights](#xx_616f13ae-3595-4753-83dd-719841914d19_1) |
| **17** | &nbsp;&nbsp;[Notes to financial statements](#xx_9372c98a-79f6-4f62-9c9e-bdd78c83b017_1) |
| **23** | &nbsp;&nbsp;[Shareholder meeting](#xx_06c496ba-a262-4c18-bd6f-3dbdaba51494_1) |
| **24** | &nbsp;&nbsp;[Evaluation of advisory and subadvisory agreements by the Board of Trustees](#xx_21ef5ea7-3890-47b9-b7fb-162f72d38dbf_1) |
| **30** | &nbsp;&nbsp;[More information](#xx_8f6e90c8-16b7-402a-8e71-ca27b3fb458e_1) |

---

SEMIANNUAL REPORT \| JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND 1

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Portfolio summary

#### PORTFOLIO COMPOSITION AS OF 11/30/2022 (% of net assets)

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![](imgca372f036.gif)

#### QUALITY COMPOSITION AS OF 11/30/2022 (% of net assets)

------

![](imgfe9a7d227.gif)

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 11-30-22 and do not reflect subsequent downgrades or upgrades, if any.

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#### SECTOR COMPOSITION AS OF 11/30/2022 (% of net assets)

------

![](img9ac614628.gif)

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

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Your expenses

These examples are intended to help you understand your ongoing operating expenses of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds.

#### Understanding fund expenses
As a shareholder of the fund, you incur two types of costs:

■**Transaction costs,** which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

■**Ongoing operating expenses,** including management fees, distribution and service fees (if applicable), and other fund expenses.

We are presenting only your ongoing operating expenses here.

#### Actual expenses/actual returns
The first line of each share class in the table on the following page is intended to provide information about the fund's actual ongoing operating expenses, and is based on the fund's actual return. It assumes an account value of $1,000.00 on June 9, 2022, with the same investment held until November 30, 2022.

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at November 30, 2022, by $1,000.00, then multiply it by the "expenses paid" for your share class from the table. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

![](img79a19ef59.gif)

#### Hypothetical example for comparison purposes
The second line of each share class in the table on the following page allows you to compare the fund's ongoing operating expenses with those of any other fund. It provides an example of the fund's hypothetical account values and hypothetical expenses based on each class's actual expense ratio and an assumed 5% annualized return before expenses (which is not the class's actual return). It assumes an account value of $1,000.00 on June 1, 2022, with the same investment held until November 30, 2022. Look in any other fund shareholder

4 JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND \| SEMIANNUAL REPORT

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report to find its hypothetical example and you will be able to compare these expenses. Please remember that these hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

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

#### SHAREHOLDER EXPENSE EXAMPLE CHART

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Account<br> value on<br> 6-1-2022** | **Ending<br> value on<br> 11-30-2022** | **Expenses<br> paid during<br> period ended<br> 11-30-2022<sup>1</sup>** | **Annualized<br> expense<br> ratio** |
| **Class A** | Actual expenses/actual returns<sup>2</sup> | $1000.00 | &nbsp;&nbsp;$996.10 | $2.90 | 0.61% |
|  | Hypothetical example | &nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;1021.00 | &nbsp;&nbsp;&nbsp;2.96 | 0.61% |
| **Class C** | Actual expenses/actual returns<sup>2</sup> | &nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;993.00 | &nbsp;&nbsp;&nbsp;6.46 | 1.36% |
|  | Hypothetical example | &nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;1017.50 | &nbsp;&nbsp;&nbsp;6.58 | 1.36% |
| **Class I** | Actual expenses/actual returns<sup>2</sup> | &nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;996.70 | &nbsp;&nbsp;&nbsp;2.19 | 0.46% |
|  | Hypothetical example | &nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;1021.80 | &nbsp;&nbsp;&nbsp;2.23 | 0.46% |
| **Class R6** | Actual expenses/actual returns<sup>2</sup> | &nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;996.80 | &nbsp;&nbsp;&nbsp;2.09 | 0.44% |
|  | Hypothetical example | &nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;1021.90 | &nbsp;&nbsp;&nbsp;2.13 | 0.44% |

---

<sup>1</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

<sup>2</sup> The inception date for the fund is 6-9-22. Actual Expenses are equal to the fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 175/365 (to reflect the period).

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Fund's investments

#### AS OF 11-30-22 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Municipal bonds 97.9%** |  |  |  | &nbsp;&nbsp;**$19262018** |
| (Cost $19,620,033) |  |  |  |  |
| **Alabama 3.8%** |  |  |  | &nbsp;&nbsp;**744116** |
| Black Belt Energy Gas District<br> Gas Project No. 7, Series C1 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-52 | 500000 | &nbsp;&nbsp;494987 |
| Lower Alabama Gas District<br> Gas Project No. 2, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-50 | 250000 | &nbsp;&nbsp;249129 |
| **California 6.5%** |  |  |  | &nbsp;&nbsp;**1284254** |
| Bay Area Toll Authority<br> San Francisco Bay Area Bridge Tolls, Series A, (SIFMA + 1.250%) (A) | &nbsp;&nbsp;2.220 | &nbsp;&nbsp;04-01-36 | 500000 | &nbsp;&nbsp;505750 |
| California Community Choice Financing Authority<br> Clean Energy Project, Series A1 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;02-01-24 | 100000 | &nbsp;&nbsp;100625 |
| City of Los Angeles<br> Anticipation Notes | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-29-23 | 500000 | &nbsp;&nbsp;504546 |
| River Islands Public Financing Authority<br> Community Facilities District No. 2003-1 (B) | &nbsp;&nbsp;3.450 | &nbsp;&nbsp;09-01-23 | 175000 | &nbsp;&nbsp;173333 |
| **Delaware 2.3%** |  |  |  | &nbsp;&nbsp;**451939** |
| Delaware State Economic Development Authority<br> NRG Energy Project, Series B | &nbsp;&nbsp;1.250 | &nbsp;&nbsp;10-01-40 | 500000 | &nbsp;&nbsp;451939 |
| **Florida 6.1%** |  |  |  | &nbsp;&nbsp;**1207599** |
| City of Tampa<br> H. Lee Moffitt Cancer Center Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-26 | 100000 | &nbsp;&nbsp;105690 |
| County of Broward<br> Port Facilities Revenue, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-28 | 500000 | &nbsp;&nbsp;542665 |
| Palm Beach County Health Facilities Authority<br> Jupiter Medical Center Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-28 | 150000 | &nbsp;&nbsp;159637 |
| Palm Beach County Health Facilities Authority<br> Jupiter Medical Center Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-29 | 175000 | &nbsp;&nbsp;186447 |
| 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;213160 |
| **Georgia 9.2%** |  |  |  | &nbsp;&nbsp;**1815191** |
| Augusta Development Authority<br> Health System, Inc. Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-26 | 250000 | &nbsp;&nbsp;248284 |
| City of Atlanta Airport Passenger Facility Charge<br> Series D, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-26 | 500000 | &nbsp;&nbsp;527584 |
| Downtown Savannah Authority<br> Chatham County Judicial Complex | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-29 | 500000 | &nbsp;&nbsp;538393 |
| Main Street Natural Gas, Inc.<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-52 | 500000 | &nbsp;&nbsp;500930 |
| **Idaho 1.2%** |  |  |  | &nbsp;&nbsp;**236962** |
| Idaho Housing & Finance Association<br> Connor Academy Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-26 | 100000 | &nbsp;&nbsp;104764 |
| Idaho Housing & Finance Association<br> Connor Academy Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-27 | 125000 | &nbsp;&nbsp;132198 |

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6 JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND \| SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Illinois 7.4%** |  |  |  | &nbsp;&nbsp;**$1462917** |
| Chicago Midway International Airport<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-30 | 550000 | &nbsp;&nbsp;567345 |
| Illinois Finance Authority<br> Clark-Lindsey Village, Series A | &nbsp;&nbsp;4.600 | &nbsp;&nbsp;06-01-27 | 335000 | &nbsp;&nbsp;327818 |
| Lake County Consolidated High School District No. 120 Mundelein<br> Series A, GO | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;12-01-27 | 515000 | &nbsp;&nbsp;567754 |
| **Indiana 2.6%** |  |  |  | &nbsp;&nbsp;**507816** |
| City of Whiting<br> BP Products North America, Inc., AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-47 | 500000 | &nbsp;&nbsp;507816 |
| **Kentucky 2.5%** |  |  |  | &nbsp;&nbsp;**494090** |
| County of Boone<br> Duke Energy Project | &nbsp;&nbsp;3.700 | &nbsp;&nbsp;08-01-27 | 500000 | &nbsp;&nbsp;494090 |
| **Massachusetts 2.6%** |  |  |  | &nbsp;&nbsp;**520726** |
| Massachusetts School Building Authority<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-42 | 500000 | &nbsp;&nbsp;520726 |
| **Michigan 1.2%** |  |  |  | &nbsp;&nbsp;**241537** |
| Michigan Strategic Fund<br> Graphic Packaging International LLC, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-61 | 250000 | &nbsp;&nbsp;241537 |
| **New York 6.0%** |  |  |  | &nbsp;&nbsp;**1171176** |
| Metropolitan Transportation Authority<br> Series A-2 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-28 | 500000 | &nbsp;&nbsp;517030 |
| New York Transportation Development Corp.<br> John F. Kennedy International Airport Project, Terminal 4, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-26 | 150000 | &nbsp;&nbsp;155580 |
| TSASC, Inc.<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-23 | 500000 | &nbsp;&nbsp;498566 |
| **Ohio 2.8%** |  |  |  | &nbsp;&nbsp;**550356** |
| Ohio Higher Educational Facility Commission<br> University of Dayton | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-30 | 500000 | &nbsp;&nbsp;550356 |
| **Oklahoma 8.7%** |  |  |  | &nbsp;&nbsp;**1709347** |
| Blaine County Educational Facilities Authority<br> Watonga Public Schools Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-26 | 100000 | &nbsp;&nbsp;107037 |
| Blaine County Educational Facilities Authority<br> Watonga Public Schools Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-27 | 145000 | &nbsp;&nbsp;156813 |
| Blaine County Educational Facilities Authority<br> Watonga Public Schools Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-28 | 240000 | &nbsp;&nbsp;261513 |
| Oklahoma Development Finance Authority<br> OU Medicine Project, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-24 | 250000 | &nbsp;&nbsp;247358 |
| Oklahoma Development Finance Authority<br> OU Medicine Project, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-25 | 400000 | &nbsp;&nbsp;398214 |
| Stephens County Educational Facilities Authority<br> Marlow Public Schools Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-27 | 500000 | &nbsp;&nbsp;538412 |

---

SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT \| JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND 7

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[**Table of Contents**](#JOB_Short_a06d6fbd-23ee-4dac-900c-6eadbf72f3f7_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Oregon 1.0%** |  |  |  | &nbsp;&nbsp;**$198858** |
| Union County Hospital Facility Authority<br> Grande Ronde Hospital Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-27 | 190000 | &nbsp;&nbsp;198858 |
| **Pennsylvania 4.9%** |  |  |  | &nbsp;&nbsp;**961297** |
| Berks County Municipal Authority<br> Tower Health Project, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-40 | 500000 | &nbsp;&nbsp;448533 |
| Dauphin County General Authority<br> Pinnacle Health System Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-29 | 490000 | &nbsp;&nbsp;512764 |
| **Rhode Island 2.6%** |  |  |  | &nbsp;&nbsp;**510141** |
| Providence Public Building Authority<br> Capital Improvement Program Projects, Series A (B) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-15-24 | 500000 | &nbsp;&nbsp;510141 |
| **Texas 16.0%** |  |  |  | &nbsp;&nbsp;**3140022** |
| Burleson Independent School District, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-24 | 500000 | &nbsp;&nbsp;513571 |
| City of New Braunfels<br> Utility System Revenue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-23 | 500000 | &nbsp;&nbsp;507025 |
| City of San Antonio Electric & Gas Systems Revenue<br> Series 2019 | &nbsp;&nbsp;2.750 | &nbsp;&nbsp;02-01-48 | 500000 | &nbsp;&nbsp;500000 |
| Gulf Coast Industrial Development Authority<br> CITGO Petroleum Corp. Project, AMT | &nbsp;&nbsp;8.000 | &nbsp;&nbsp;04-01-28 | 500000 | &nbsp;&nbsp;500414 |
| New Hope Cultural Education Facilities Finance Corp.<br> Windhaven Project, Series B2 | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;10-01-26 | 500000 | &nbsp;&nbsp;491693 |
| St. George Place Redevelopment Authority<br> Tax Increment Contract Revenue (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-24 | 160000 | &nbsp;&nbsp;165433 |
| St. George Place Redevelopment Authority<br> Tax Increment Contract Revenue (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-28 | 105000 | &nbsp;&nbsp;114418 |
| St. George Place Redevelopment Authority<br> Tax Increment Contract Revenue (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-29 | 115000 | &nbsp;&nbsp;126017 |
| St. George Place Redevelopment Authority<br> Tax Increment Contract Revenue (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-30 | 120000 | &nbsp;&nbsp;132640 |
| Texas Municipal Gas Acquisition & Supply Corp.<br> Series D | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;12-15-26 | 85000 | &nbsp;&nbsp;88811 |
| **Washington 2.7%** |  |  |  | &nbsp;&nbsp;**522459** |
| Port of Seattle<br> Series C, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-25 | 500000 | &nbsp;&nbsp;522459 |
| **Wisconsin 7.8%** |  |  |  | &nbsp;&nbsp;**1531215** |
| County of Waushara<br> Series A | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;06-01-27 | 500000 | &nbsp;&nbsp;515748 |
| Public Finance Authority<br> Friends Homes, Inc. (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-24 | 110000 | &nbsp;&nbsp;108843 |
| Public Finance Authority<br> Lenoir Rhyne University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-28 | 400000 | &nbsp;&nbsp;413818 |
| State of Wisconsin<br> Series A, GO (SIFMA + 0.420%) (A) | &nbsp;&nbsp;1.200 | &nbsp;&nbsp;05-01-25 | 500000 | &nbsp;&nbsp;492806 |

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8 JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND \| SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

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---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Yield (%)** | **Shares** | &nbsp;&nbsp;**Value** |
| **Short-term investments 1.0%** |  |  | **$197329** |
| (Cost $197,281) |  |  |  |
| **Short-term funds 1.0%** |  |  |  |
| John Hancock Collateral Trust (D) | &nbsp;&nbsp;3.8739(E) | 19745 | &nbsp;&nbsp;197329 |
| **Total investments (Cost $19,817,314) 98.9%** | **Total investments (Cost $19,817,314) 98.9%** |  | **$19459347** |
| **Other assets and liabilities, net 1.1%** |  |  | &nbsp;&nbsp;**206835** |
| **Total net assets 100.0%** |  |  | &nbsp;&nbsp;**$19666182** |

---

---

| | |
|:---|:---|
| 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 |
| SIFMA | Securities Industry and Financial Markets Association Municipal Swap Index |
| (A) | Variable rate obligation. The coupon rate shown represents the rate at period end. |
| (B) | Bond is insured by one or more of the companies listed in the insurance coverage table below. |
| (C) | These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. |
| (D) | Investment is an affiliate of the fund, the advisor and/or subadvisor. |
| (E) | The rate shown is the annualized seven-day yield as of 11-30-22. |

---

At 11-30-22, the aggregate cost of investments for federal income tax purposes was $19,817,314. Net unrealized depreciation aggregated to $357,967, of which $3,349 related to gross unrealized appreciation and $361,316 related to gross unrealized depreciation.

---

| | |
|:---|:---|
| **Insurance Coverage** | &nbsp;&nbsp;**As a % of total<br> investments** |
| Assured Guaranty Municipal Corp. | &nbsp;&nbsp;&nbsp;6.3 |
| **TOTAL** | &nbsp;&nbsp;**6.3** |

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SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT \| JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND 9

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Financial statements

#### STATEMENT OF ASSETS AND LIABILITIES 11-30-22 (unaudited)

------

---

| | |
|:---|:---|
| **Assets** |  |
| Unaffiliated investments, at value (Cost $19,620,033) | &nbsp;&nbsp;&nbsp;&nbsp;$19262018 |
| Affiliated investments, at value (Cost $197,281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197329 |
| **Total investments, at value (Cost $19,817,314)** | &nbsp;&nbsp;&nbsp;&nbsp;**19459347** |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266943 |
| Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89841 |
| **Total assets** | &nbsp;&nbsp;&nbsp;&nbsp;**19816745** |
| **Liabilities** |  |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64840 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting and legal services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other liabilities and accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84376 |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**150563** |
| **Net assets** | &nbsp;&nbsp;**$19666182** |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;$20040439 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(374257) |
| **Net assets** | &nbsp;&nbsp;**$19666182** |
| **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 ($54,134 ÷ 5,517 shares)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.81 |
| Class C ($85,013 ÷ 8,665 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.81 |
| Class I ($49,063 ÷ 5,000 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.81 |
| Class R6 ($19,477,972 ÷ 1,985,000 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.81 |
| **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;$10.04 |

---

<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.

10 JOHN HANCOCK Short Duration Municipal Opportunities Fund \| SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

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#### STATEMENT OF OPERATIONS For the period ended 11-30-22<sup>1</sup> (unaudited)

------

---

| | |
|:---|:---|
| **Investment income** |  |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$378718 |
| Dividends from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 |
| **Total investment income** | &nbsp;&nbsp;&nbsp;**379459** |
| **Expenses** |  |
| Investment management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34861 |
| Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 |
| Accounting and legal services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937 |
| Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6143 |
| State registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5956 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94026 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035 |
| **Total expenses** | &nbsp;&nbsp;&nbsp;**146385** |
| Less expense reductions | &nbsp;&nbsp;&nbsp;(104666) |
| **Net expenses** | &nbsp;&nbsp;&nbsp;&nbsp;**41719** |
| **Net investment income** | &nbsp;&nbsp;&nbsp;**337740** |
| **Realized and unrealized gain (loss)** |  |
| **Net realized gain (loss) on** |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;(18046) |
| Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**(18052)** |
| **Change in net unrealized appreciation (depreciation) of** |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp;(358015) |
| Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
|  | &nbsp;&nbsp;**(357967)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**(376019)** |
| **Decrease in net assets from operations** | &nbsp;&nbsp;**$(38279)** |
| <sup>1</sup> Period from 6-9-22 (commencement of operations) to 11-30-22. |  |

---

SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT \| JOHN HANCOCK Short Duration Municipal Opportunities Fund 11

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#### STATEMENT OF CHANGES IN NET ASSETS

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Period ended<br> 11-30-22<sup>1</sup><br> (unaudited)** |
| **Increase (decrease) in net assets** |  |
| **From operations** |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$337740 |
| Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18052) |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(357967) |
| **Decrease in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(38279)** |
| **Distributions to shareholders** |  |
| From earnings |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(828) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(707) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(836) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(333607) |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(335978)** |
| **From fund share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;**20040439** |
| **Total increase** | &nbsp;&nbsp;&nbsp;&nbsp;**19666182** |
| **Net assets** |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **End of period** | &nbsp;&nbsp;**$19666182** |

---

<sup>1</sup> Period from 6-9-22 (commencement of operations) to 11-30-22. Unaudited.

12 JOHN HANCOCK Short Duration Municipal Opportunities Fund \| SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

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Financial highlights

---

| | |
|:---|:---|
| **CLASS A SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11-30-22<sup>1</sup>** |
| **Per share operating performance** |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.00** |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.03)** |
| **Less distributions** |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.81** |
| **Total return (%)<sup>3,4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.39)<sup>5</sup>** |
| **Ratios and supplemental data** |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>6</sup> |
| Ratios (as a percentage of average net assets): |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &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;3.43<sup>7</sup> |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 |

---

<sup>1</sup> Period from 6-9-22 (commencement of operations) to 11-30-22. Unaudited.

<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.

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---

| | |
|:---|:---|
| **CLASS C SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11-30-22<sup>1</sup>** |
| **Per share operating performance** |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.00** |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.06)** |
| **Less distributions** |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.81** |
| **Total return (%)<sup>3,4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.70)<sup>5</sup>** |
| **Ratios and supplemental data** |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>6</sup> |
| Ratios (as a percentage of average net assets): |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &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;2.76<sup>7</sup> |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 |

---

<sup>1</sup> Period from 6-9-22 (commencement of operations) to 11-30-22. Unaudited.

<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.

14 JOHN HANCOCK Short Duration Municipal Opportunities Fund \| SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

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---

| | |
|:---|:---|
| **CLASS I SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11-30-22<sup>1</sup>** |
| **Per share operating performance** |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.00** |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.02)** |
| **Less distributions** |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.81** |
| **Total return (%)<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.33)<sup>4</sup>** |
| **Ratios and supplemental data** |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<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;1.57<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &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;3.56<sup>6</sup> |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 |

---

<sup>1</sup> Period from 6-9-22 (commencement of operations) to 11-30-22. Unaudited.

<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.

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---

| | |
|:---|:---|
| **CLASS R6 SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11-30-22<sup>1</sup>** |
| **Per share operating performance** |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.00** |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.02)** |
| **Less distributions** |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.81** |
| **Total return (%)<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.32)<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;$19 |
| Ratios (as a percentage of average net assets): |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &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;3.59<sup>5</sup> |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 |

---

<sup>1</sup> Period from 6-9-22 (commencement of operations) to 11-30-22. Unaudited.

<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.

16 JOHN HANCOCK Short Duration Municipal Opportunities Fund \| SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

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Notes to financial statements (unaudited)

#### 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.

The fund commenced operations on June 9, 2022.

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

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

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

In order to value the securities, the fund uses the following valuation techniques: 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

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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 November 30, 2022, by major security category or type:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total<br> value at<br> 11-30-22** | **Level 1<br> quoted<br> price** | **Level 2<br> significant<br> observable<br> inputs** | **Level 3<br> significant<br> unobservable<br> inputs** |
| **Investments in securities:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$19262018** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19262018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**197329** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$197329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total investments in securities** | **$19459347** | **$197329** | **$19262018** | **—** |

---

**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.**

**Line of credit. The fund and other affiliated funds have entered into a syndicated line of credit agreement with Citibank, N.A. as the administrative agent that enables them to participate in a $1 billion unsecured committed line of credit. Excluding commitments designated for a certain fund and subject to the needs of all other affiliated funds, the fund can borrow up to an aggregate commitment amount of $750 million, subject to asset coverage and other limitations as specified in the agreement. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund based on a combination of fixed and asset-based allocations and is reflected in Other expenses on the Statement of operations. For the period ended November 30, 2022, the fund had no borrowings under the line of credit. Commitment fees for the period ended November 30, 2022 were $71.**

**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.**

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**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 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.**

**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.**

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.

Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund's financial statements as a return of capital. The final determination of tax characteristics of the fund's distribution will occur at the end of the year and will subsequently be reported to shareholders.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period.

#### 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 aggregate average daily net assets, (b) 0.340% of the next $400 million of the fund's aggregate average daily net assets, (c) 0.300% of the fund's aggregate 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 period ended November 30, 2022, this waiver amounted to 0.01% of the fund's average daily

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net assets, on an annualized basis. This arrangement expires on July 31, 2024, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

The Advisor 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 0.43% of daily average net assets, on an annualized basis. 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 20, 2023, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

For the period ended November 30, 2022, the expense reductions described above amounted to the following:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Expense reduction** |
| Class A | &nbsp;&nbsp;$270 |
| Class C | &nbsp;&nbsp;&nbsp;290 |
| Class I | &nbsp;&nbsp;&nbsp;262 |

---

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Expense reduction** |
| Class R6 | &nbsp;&nbsp;&nbsp;$103794 |
| **Total** | &nbsp;&nbsp;**$104616** |

---

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 period ended November 30, 2022, 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 period ended November 30, 2022, amounted to an annual rate of 0.01% 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 Rule12b-1 fees for Class A and Class C shares. The current waiver agreement expires on September 30, 2023, 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 $24 and $26 for Class A and Class C shares, respectively, for the period ended November 30, 2022.

#### Sales charges. Class A shares may be subject to up-front sales charges. For the period ended November 30, 2022, no sales charges were assessed.
20 JOHN HANCOCK Short Duration Municipal Opportunities Fund \| SEMIANNUAL REPORT

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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% sales charge. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the period ended November 30, 2022, there were no CDSCs received by the Distributor for Class A and 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 five categories of share classes: Retail Share and Institutional Share Classes of Non-Municipal Bond Funds, Class R6 Shares, Retirement Share Classes and Municipal Bond Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.**

#### Class level expenses. Class level expenses for the period ended November 30, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;**Distribution and service fees** | &nbsp;&nbsp;&nbsp;**Transfer agent fees** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;914 |
| **Total** | &nbsp;&nbsp;**$318** | &nbsp;&nbsp;**$937** |

---

**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 period ended November 30, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Period ended 11-30-22<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Period ended 11-30-22<sup>1</sup>** |
|  | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class A shares** |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$57500 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(249) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2422) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5518** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$55105** |

---

SEMIANNUAL REPORT \| JOHN HANCOCK Short Duration Municipal Opportunities Fund 21

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---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Period ended 11-30-22<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Period ended 11-30-22<sup>1</sup>** |
|  | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class C shares** |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$85253 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8665** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$85334** |
| **Class I shares** |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$50000 |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$50000** |
| **Class R6 shares** |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;1985000 | &nbsp;&nbsp;&nbsp;&nbsp;$19850000 |
| **Net increase** | &nbsp;&nbsp;&nbsp;**1985000** | &nbsp;&nbsp;&nbsp;**$19850000** |
| **Total net increase** | &nbsp;&nbsp;**2004183** | &nbsp;&nbsp;**$20040439** |

---

<sup>1</sup> Period from 6-9-22 (commencement of operations) to 11-30-22. Unaudited.

Affiliates of the fund owned 91%, 58%, 100% and 100% of shares of Class A, Class C, Class I and Class R6 respectively, on November 30, 2022. 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 $36,416,991 and $16,782,128, respectively, for the period ended November 30, 2022.

#### 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 | 19745 |  | $903069 | $(705782) | $(6) | $48 | $741 |  | $197329 |

---

#### Note 8 — Coronavirus (COVID-19) pandemic
The COVID-19 disease has resulted in significant disruptions to global business activity. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange-trading suspensions, and closures, which may lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect fund performance.

22 JOHN HANCOCK Short Duration Municipal Opportunities Fund \| SEMIANNUAL REPORT

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#### SHAREHOLDER MEETING

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(Unaudited)

The fund held a Special Joint Meeting of Shareholders on Friday, September 9, 2022. The following proposal was considered by the shareholders:

#### Proposal: To elect eight Trustees as members of the Board of Trustees of each of the Trusts.
THE PROPOSAL <u>PASSED</u> ON September 9, 2022.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Total votes<br> for the nominee** | &nbsp;&nbsp;&nbsp;**Total votes withheld<br> from the nominee** |
| **Independent Trustees** |  |  |
| James R. Boyle | &nbsp;&nbsp;56327164.688 | &nbsp;&nbsp;2265903.139 |
| Noni L. Ellison | &nbsp;&nbsp;56619881.161 | &nbsp;&nbsp;1973186.666 |
| Dean C. Garfield | &nbsp;&nbsp;56377686.100 | &nbsp;&nbsp;2215381.727 |
| Patricia Lizarraga | &nbsp;&nbsp;56644874.324 | &nbsp;&nbsp;1948193.503 |
| Frances G. Rathke | &nbsp;&nbsp;56638757.773 | &nbsp;&nbsp;1954310.054 |

---

---

| | | |
|:---|:---|:---|
| **Non-Independent Trustees** |  |  |
| Andrew G. Arnott | &nbsp;&nbsp;56,334,175.362 | &nbsp;&nbsp;2,258,892.465 |
| Marianne Harrison | &nbsp;&nbsp;56,636,627.472 | &nbsp;&nbsp;1,956,440.355 |
| Paul Lorentz | &nbsp;&nbsp;56,328,208.593 | &nbsp;&nbsp;2,264,859.234 |

---

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#### EVALUATION OF ADVISORY AND SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES

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At a videoconference<sup>1</sup> meeting held on March 22-24, 2022, the Board of Trustees (the Board) of John Hancock Municipal Securities Trust (the Trust), including all of the Trustees who are not parties to any Agreement or considered to be interested persons of the Trust under the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees), approved the establishment of John Hancock Short Duration Municipal Opportunities Fund (the New Fund). The Independent Trustees also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees.

This section describes the evaluation by the Board of:

(a) an
amendment to the advisory agreement between the Trust and John Hancock Investment Management LLC (the Advisory Agreement) with respect to the New Fund; and

(b) an amendment to the subadvisory agreement between the Advisor and Manulife Investment Management (US) LLC (the Subadvisor) with respect to the New Fund (the Subadvisory Agreement).

In considering the Advisory Agreement and the Subadvisory Agreement with respect to the New Fund, the Board received in advance of the meeting a variety of materials relating to the New Fund, the Advisor and the Subadvisor, and other information provided by the Advisor and the Subadvisor regarding the nature, extent and quality of services to be provided by the Advisor and the Subadvisor under their respective Agreements, as well as information regarding the Advisor's anticipated revenues and costs of providing services to the New Fund and any compensation paid to affiliates of the Advisor. At the meetings at which the renewal of the Advisory Agreement and Subadvisory Agreement are considered, particular focus is given to information concerning fund performance, comparability of fees and total expenses, and profitability. The Board also took into account discussions with management and information provided to the Board (including its various committees) at prior meetings with respect to the services provided by the Advisor to the John Hancock Funds (the Funds), including quarterly performance reports prepared by management containing reviews of investment results. The information received and considered by the Board in connection with the March meeting and throughout the year was both written and oral. The Board noted the affiliation of the Subadvisor with the Advisor, noting any potential conflicts of interest. The Board also considered the nature, quality, and extent of the non-advisory services, if any, to be provided to the New Fund by the Advisor's affiliates, including distribution services. The Board considered the Advisory Agreement and the Subadvisory Agreement separately in the course of its review. In doing so, the Board noted the respective roles of the Advisor and Subadvisor in providing services to the New Fund.

Throughout the process, the Board asked questions of and were afforded the opportunity to request additional information from management. The Board is assisted by counsel for the Trust and the Independent Trustees are also separately assisted by independent legal counsel throughout the process. The Independent Trustees also received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed Advisory Agreement and Subadvisory Agreement and discussed the proposed Advisory Agreement and Subadvisory Agreement in private sessions with their independent legal counsel at which no representatives of management were present.

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<sup>1</sup>On June 19, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued an exemptive order (the "Order") pursuant to Sections 6(c) and 38(a) of the Investment Company Act of 1940, as amended (the "1940 Act"), that temporarily exempts registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Order are ratified at the next in-person meeting. The Board determined that reliance on the Order was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the Board's May and June meetings were held via videoconference in reliance on the Order. This exemptive order supersedes, in part, a similar earlier exemptive order issued by the SEC.

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#### Approval of Advisory Agreement
In approving the Advisory Agreement with respect to the New Fund, the Board, including the Independent Trustees, considered a variety of factors, including those discussed below. The Board also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets and the industry) and did not treat any single factor as determinative, and each Trustee may have attributed different weights to different factors.

The Board's conclusions may be based in part on its consideration of the advisory and subadvisory arrangements for other Funds in prior years.

*<u>Nature, extent, and quality of services.</u> Among the information received by the Board from the Advisor relating to the nature, extent, and quality of services to be provided to the New Fund, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor's compliance and regulatory history, including its Form ADV. The Board also noted that on a regular basis it receives and reviews information from the Trust's Chief Compliance Officer (CCO) regarding the Fund's compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board observed that the scope of services provided by the Advisor, and of the undertakings required of the Advisor in connection with those services, including maintaining and monitoring its own and the New Fund's compliance programs, risk management programs, liquidity risk management programs and cybersecurity programs, had expanded over time as a result of regulatory, market and other developments. The Board considered that the Advisor will be responsible for the management of the day-to-day operations of the New Fund, including, but not limited to, general supervision of and coordination of the services provided by the Subadvisor, and also would be responsible for monitoring and reviewing the activities of the Subadvisor and other third-party service providers. The Board also considered the significant risks assumed by the Advisor in connection with the services provided to the New Fund including entrepreneurial risk in sponsoring new funds and ongoing risks including investment, operational, enterprise, litigation, regulatory and compliance risks with respect to all funds.*

In considering the nature, extent, and quality of the services to be provided by the Advisor, the Trustees also took into account their knowledge of the Advisor's management of other Funds and the quality of the performance of the Advisor's duties with respect to other Funds, through Board meetings, discussions and reports during the preceding year and through each Trustee's experience as a Trustee of the Trust and of the other trusts in the John Hancock group of funds complex (the John Hancock Fund Complex).

In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:

(a) the skills and competency with which the Advisor has in the past managed the Trust's affairs and its subadvisory relationships, the Advisor's oversight and monitoring of the subadvisor's investment
performance and compliance programs, such as the subadvisor's compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the
Advisor's timeliness in responding to performance issues;

(b) the background, qualifications and skills of the Advisor's personnel;

(c) the Advisor's compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;

(d) the Advisor's administrative capabilities, including its ability to supervise the other service providers for the New Fund, as well as the Advisor's oversight of any securities lending activity, its
monitoring of class action litigation and collection of class action settlements on behalf of the New Fund, and bringing loss recovery actions on behalf of the New Fund;

(e) the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the New Fund;

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(f) the Advisor's initiatives intended to improve various aspects of the Trust's operations and investor experience with the New Fund; and

(g) the Advisor's reputation and experience in serving as an investment advisor to the Trust and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety
of investments.

The Board concluded that the Advisor may reasonably be expected to provide a high quality of services under the Advisory Agreement with respect to the New Fund.

*<u>Investment performance</u>. In connection with its consideration of the Advisory Agreement, the Board considered, at this and at prior meetings, the performance of other comparable funds or accounts, if any, managed by the Advisor and the performance of their respective benchmarks and/or peer groups. At the March Board meeting the Board also took into account a presentation from the Subadvisor's portfolio managers regarding the proposed investment strategy for the New Fund as well as regarding the other municipal bond funds managed by the team. The Board also noted that it reviews at its regularly scheduled meetings information about the performance of other John Hancock Funds managed by the Advisor.*

*<u>Fees and expenses.</u> The Board reviewed the New Fund's proposed management fees and net total expenses. The Board took into account management's discussion of the New Fund's anticipated expenses. The Board reviewed information provided by the Advisor concerning investment advisory fees charged to other clients (including other funds in the complex) having similar investment mandates, if any. The Board considered any differences between the Advisor's and Subadvisor's services to the New Fund and the services they provide to other such comparable clients or funds.*

The Board also took into account management's discussion with respect to the proposed management fee and the fees of the Subadvisor, including the amount of the advisory fee to be retained by the Advisor after payment of the subadvisory fee, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board also noted that the Advisor, and not the New Fund, would be responsible for paying the subadvisory fees. The Board also took into account that management has agreed to implement an overall fee waiver across a number of funds in the complex, including the New Fund, which is discussed further below. The Board also noted that the New Fund has breakpoints in its contractual management fee schedule that reduces the New Fund's management fees as its assets increase.

*<u>Profitability/Fall out benefits</u>. In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates from the Advisor's relationship with the Trust, the Board:*

(a) reviewed financial information of the Advisor;

(b) noted that because the New Fund had not yet commenced operations, no actual revenue, cost or profitability data was available, although the Board received information from the Advisor on its projected profitability
with respect to the New Fund;

(c) received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole;

(d) received information with respect to the Advisor's allocation methodologies used in preparing the profitability data;

(e) considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or
deductions relating to foreign taxes paid and dividends received by certain funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable
income tax law, are reflected in the profitability information reviewed by the Board;

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(f) considered that the Advisor will also provide administrative services to the New Fund on a cost basis pursuant to an administrative services agreement;

(g) noted that affiliates of the Advisor will provide transfer agency services and distribution services to the New Fund, and that the New Fund's distributor will also receive Rule 12b-1 payments to support
distribution of the New Fund;

(h) noted that the Advisor will also derive reputational and other indirect benefits from providing advisory services to the New Fund;

(i) noted that the subadvisory fee for the New Fund will be paid by the Advisor; and

(j) considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it will provide to the New Fund and the risks that it will assume as Advisor,
including entrepreneurial, operational, reputational, litigation and regulatory risk.

Based upon its review, the Board concluded that the level of profitability, if any, of the Advisor and its affiliates from their relationship with the New Fund was reasonable and not excessive.

*<u>Economies of scale.</u> In considering the extent to which economies of scale would be realized if the New Fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders, the Board:*

(a) considered that the Advisor has contractually agreed to waive a portion of its management fee for certain funds of the John Hancock Fund Complex, including the New Fund (the participating portfolios) or otherwise
reimburse the expenses of the participating portfolios (the reimbursement). 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;

(b) reviewed the proposed advisory fee structure for the New Fund and concluded that: (i) the New Fund's fee structure contains breakpoints at the subadvisory fee level and that such breakpoints are reflected as
breakpoints in the advisory fees for the New Fund; and (ii) although economies of scale cannot be measured with precision, these arrangements will permit shareholders of the New Fund to benefit from economies of scale
if the New Fund grows. The Board also took into account management's discussion of the New Fund's advisory fee structure; and

(c) the Board also considered the potential effect of the New Fund's growth in size on its performance and fees. The Board also noted that if the New Fund's assets increase over time, the New
Fund may realize other economies of scale

#### Approval of Subadvisory Agreement
In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:

(1) information relating to the Subadvisor's business;

(2) the performance of comparable funds, as applicable, managed by the New Fund's Subadvisor; and

(3) the proposed subadvisory fee for the New Fund, including any breakpoints.

*<u>Nature, extent, and quality of services</u>. With respect to the services to be provided by the Subadvisor, the Board received and reviewed information provided to the Board by the Subadvisor, including the Subadvisor's Form ADV. The Board considered the Subadvisor's current level of staffing and its overall resources, as well as considered information relating to the Subadvisor's compensation program. The Board reviewed the Subadvisor's history and investment experience, as well as information regarding the qualifications, background, and responsibilities of the Subadvisor's investment and compliance personnel who will provide services to the New Fund. The Board*

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considered, among other things, the Subadvisor's compliance program and any disciplinary history. The Board also considered the Subadvisor's risk assessment and monitoring process. The Board reviewed the Subadvisor's regulatory history, including whether it was involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate. The Board noted that the Advisor conducts regular periodic reviews of the Subadvisor and its operations in regard to the Funds, including regarding investment processes and organizational and staffing matters. The Board also noted that the Trust's CCO and his staff conduct regular, periodic compliance reviews with the Subadvisor and present reports to the Independent Trustees regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisor and procedures reasonably designed to assure compliance with the federal securities laws. The Board also took into account the financial condition of the Subadvisor

The Board considered the Subadvisor's investment process and philosophy. The Board took into account that the Subadvisor's responsibilities will include the development and maintenance of an investment program for the New Fund that is consistent with the New Fund's investment objective, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also received information with respect to the Subadvisor's brokerage policies and practices, including with respect to best execution and soft dollars.

*<u>Subadvisor compensation</u>. In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the New Fund, the Board noted that the fees under the Subadvisory Agreement are paid by the Advisor and not the New Fund. The Board also considered any potential conflicts of interest the Advisor might have in connection with the Subadvisory Agreement.*

In addition, the Board considered other potential indirect benefits that the Subadvisor and its affiliates may receive from the Subadvisor's relationship with the New Fund, such as the opportunity to provide advisory services to additional funds in the John Hancock Fund Complex and reputational benefits.

*<u>Subadvisory fees</u>. The Board considered that the fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays a subadvisory fee to the Subadvisor. The Board also considered the New Fund's subadvisory fee as compared to similarly situated investment companies deemed to be comparable to the New Fund, as applicable*

*<u>Subadvisor performance</u>. As noted above, the Board considered performance results of comparable funds managed by the Subadvisor against an applicable benchmark. The Board also noted that it reviews at its regularly scheduled meetings information about the performance of other John Hancock Funds managed by the Subadvisor. The Board noted the Advisor's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadvisor. The Board was mindful of the Advisor's focus on the Subadvisor's performance. The Board also noted the Subadvisor's long-term performance record for similar accounts, as applicable.*

The Board's decision to approve the Subadvisory Agreement was based on a number of determinations, including the following:

(1) the Subadvisor has extensive experience and demonstrated skills as a manager, and may reasonably be expected to provide a high quality of investment management services to the New Fund;

(2) the proposed subadvisory fees are reasonable in relation to the level and quality of services to be provided under the Subadvisory Agreement; and

(3) that the subadvisory fees will be paid by the Advisor not the New Fund and that the subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the New Fund in order to permit
shareholders to benefit from economies of scale if the New Fund grows.

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Based on the Board's evaluation of all factors that the Board deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, concluded that approval of the Advisory Agreement and the Subadvisory Agreement would be in the best interest of the New Fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the amendment to the Advisory Agreement and the Subadvisory Agreement.

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More information

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

James R. Boyle

Peter S. Burgess<sup>\*,#</sup>

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

Grace K. Fey

Noni L. Ellison<sup>^</sup>

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

Marianne Harrison<sup>†</sup>

Deborah C. Jackson

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

Paul Lorentz<sup>‡</sup>

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

Gregory A. Russo

#### Officers
Andrew G. Arnott

*President*

Charles A. Rizzo

*Chief Financial Officer*

Salvatore Schiavone

*Treasurer*

Christopher (Kit) Sechler

*Secretary and Chief Legal Officer*

Trevor Swanberg

*Chief Compliance Officer*

#### Investment advisor
John Hancock Investment Management LLC

#### Subadvisor
Manulife Investment Management (US) LLC

#### Portfolio Managers
Dennis DiCicco

Adam A. Weigold, CFA

#### Principal distributor
John Hancock Investment Management Distributors LLC

#### Custodian
State Street Bank and Trust Company

#### Transfer agent
John Hancock Signature Services, Inc.

#### Legal counsel
K&L Gates LLP

<sup>†</sup> Non-Independent Trustee

\* Member of the Audit Committee

<sup>#</sup> Mr. Burgess is retiring effective December 31, 2022.

^ Elected to serve as Independent Trustee effective as of September 9, 2022.

‡ Elected to serve as Non-Independent Trustee effective as of September 9, 2022.

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

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

We make this information on your fund, as well as **monthly portfolio holdings**, and other fund details available on our website at jhinvestments.com or by calling 800-225-5291.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;You can also contact us: |  |  |
| &nbsp;&nbsp;**800-225-5291** | &nbsp;&nbsp;**Regular mail:** | &nbsp;&nbsp;**Express mail:** |
| &nbsp;&nbsp;**jhinvestments.com** | &nbsp;&nbsp;John Hancock Signature Services, Inc.<br> P.O. Box 219909<br> Kansas City, MO 64121-9909 | &nbsp;&nbsp;John Hancock Signature Services, Inc.<br> 430 W 7<sup>th</sup> Street<br> Suite 219909<br> Kansas City, MO 64105-1407 |

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30 JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND \| SEMIANNUAL REPORT

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[**Table of Contents**](#JOB_Short_a06d6fbd-23ee-4dac-900c-6eadbf72f3f7_TofC)

John Hancock family of funds

#### U.S. EQUITY FUNDS

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Blue Chip Growth

Classic Value

Disciplined Value

Disciplined Value Mid Cap

Equity Income

Financial Industries

Fundamental All Cap Core

Fundamental Large Cap Core

Mid Cap Growth

New Opportunities

Regional Bank

Small Cap Core

Small Cap Growth

Small Cap Value

U.S. Global Leaders Growth

U.S. Growth

#### INTERNATIONAL EQUITY FUNDS

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Disciplined Value International

Emerging Markets

Emerging Markets Equity

Fundamental Global Franchise

Global Environmental Opportunities

Global Equity

Global Shareholder Yield

Global Thematic Opportunities

International Dynamic Growth

International Growth

International Small Company

#### FIXED-INCOME FUNDS

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Bond

California Municipal Bond

Emerging Markets Debt

Floating Rate Income

Government Income

High Yield

High Yield Municipal Bond

Income

Investment Grade Bond

Money Market

Municipal Opportunities

Opportunistic Fixed Income

Short Duration Bond

Short Duration Municipal Opportunities

Strategic Income Opportunities

#### ALTERNATIVE FUNDS

------

Absolute Return Currency

Alternative Asset Allocation

Diversified Macro

Infrastructure

Multi-Asset Absolute Return

Real Estate Securities

Seaport Long/Short

A fund's investment objectives, risks, charges, and expenses should be considered carefully before investing. The prospectus contains this and other important information about the fund. To obtain a prospectus, contact your financial professional, call John Hancock Investment Management at 800-225-5291, or visit our website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.

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[**Table of Contents**](#JOB_Short_a06d6fbd-23ee-4dac-900c-6eadbf72f3f7_TofC)

#### EXCHANGE-TRADED FUNDS

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John Hancock Corporate Bond ETF

John Hancock International High Dividend ETF

John Hancock Mortgage-Backed Securities ETF

John Hancock Multifactor Developed International ETF

John Hancock Multifactor Emerging Markets ETF

John Hancock Multifactor Large Cap ETF

John Hancock Multifactor Mid Cap ETF

John Hancock Multifactor Small Cap ETF

John Hancock Preferred Income ETF

John Hancock U.S. High Dividend ETF

#### ENVIRONMENTAL,SOCIAL, AND GOVERNANCE FUNDS

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ESG Core Bond

ESG International Equity

ESG Large Cap Core

#### ASSET ALLOCATION/TARGET DATE FUNDS

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Balanced

Multi-Asset High Income

Multi-Index Lifetime Portfolios

Multi-Index Preservation Portfolios

Multimanager Lifestyle Portfolios

Multimanager Lifetime Portfolios

#### CLOSED-END FUNDS

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Asset-Based Lending

Financial Opportunities

Hedged Equity & Income

Income Securities Trust

Investors Trust

Preferred Income

Preferred Income II

Preferred Income III

Premium Dividend

Tax-Advantaged Dividend Income

Tax-Advantaged Global Shareholder Yield

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

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

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

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[**Table of Contents**](#JOB_Short_a06d6fbd-23ee-4dac-900c-6eadbf72f3f7_TofC)

A *trusted* brand

John Hancock Investment Management is a premier asset manager

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

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

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

and operate with the highest standards of conduct and integrity.

A *better way* to invest

We serve investors globally through a unique multimanager approach:

We search the world to find proven portfolio teams with specialized

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

oversight to ensure they continue to meet our uncompromising

standards and serve the best interests of our shareholders.

*Results for investors*

Our unique approach to asset management enables us to provide

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

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

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

![](img800fe9ff2.gif)

John Hancock Investment Management Distributors LLC, Member FINRA, SIPC

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

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

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

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

![](img0912605b3.gif)

MF2630402 489SA 11/22

1/2023

------

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Not Applicable

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not Applicable

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Not Applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not Applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Not Applicable

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

Not applicable

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable

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

Not applicable

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

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

ITEM 11. CONTROLS AND PROCEDURES.

(a)Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-CSR, the registrant's principal executive

officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

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

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

Not applicable

ITEM 13. EXHIBITS.

(a)(1) Not applicable

[(a)(2) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](f12672d2.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.](f12672d3.htm)

[(c)(1) Submission of Matters to a Vote of Security Holders is attached. See attached "John Hancock Funds – Nominating and Governance Committee Charter".](f12672d4.htm)

SIGNATURES

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

John Hancock Municipal Securities Trust

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| | |
|:---|:---|
| By: | <u>/s/ Andrew Arnott</u> |
|  | Andrew Arnott |
|  | President |
| Date: | January 6, 2023 |

---

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

---

| | |
|:---|:---|
| By: | <u>/s/ Andrew Arnott</u> |
|  | Andrew Arnott |
|  | President |
| Date: | January 6, 2023 |
| By: | <u>/s/ Charles A. Rizzo</u> |
|  | Charles A. Rizzo |
|  | Chief Financial Officer |
| Date: | January 6, 2023 |

---

------

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

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

I, Andrew Arnott, certify that:

1. I have reviewed this report on Form N-CSR of the John Hancock 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 condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(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: <u>January 6, 2023</u> | <u>/s/ Andrew Arnott</u> |
|  | Andrew Arnott |
|  | President |

---

------

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

I, Charles A. Rizzo, certify that:

1. I have reviewed this report on Form N-CSR of the John Hancock 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 condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(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: <u>January 6, 2023</u> | <u>/s/ Charles A. Rizzo</u> |
|  | Charles A. Rizzo |
|  | Chief Financial Officer |

---

------

## Ex-99.(B)

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

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

In connection with the attached Report of John Hancock 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.

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

Dated: January 6, 2023

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

Dated: January 6, 2023

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

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

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

![](gb7j26yja0l8prsbsvcpn.jpg)

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

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

**Overall Role and Responsibility**

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

**Membership**

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

**Structure, Operations and Governance**

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

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

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

DO NOT STAMP DO NOT STAMP

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

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

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

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

**Specific Duties and Responsibilities**

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

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

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

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

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

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

DO NOT STAMP DO NOT STAMP

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

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

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

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

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

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

**Additional Responsibilities**

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

Last revised: December 12, 2018

<u>ANNEX A</u>

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

**General Criteria**

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

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

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

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

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

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

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

Application of Criteria to Current Trustees

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

**Review of Nominations**

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

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

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

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

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

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

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

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

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