# EDGAR Filing Document

**Accession Number:** 0000857769
**File Stem:** 0001193125-26-016269
**Filing Date:** 2026-1
**Character Count:** 660760
**Document Hash:** 0af45b8250457ccbcd84b1f4bf809a07
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-016269.hdr.sgml**: 20260120

**ACCESSION NUMBER**: 0001193125-26-016269

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260120

**DATE AS OF CHANGE**: 20260120

**EFFECTIVENESS DATE**: 20260120

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05968
- **FILM NUMBER:** 26541915

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-05968

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

------

200 BERKELEY STREET, BOSTON, MA 02116

(Address of principal executive offices) (Zip code)

SALVATORE SCHIAVONE

TREASURER

200 BERKELEY STREET

BOSTON, MA 02116

(Name and address of agent for service)

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

#### Date of fiscal year end:

#### May 31

#### Date of reporting period:

#### November 30, 2025
ITEM 1. REPORTS TO STOCKHOLDERS

The Registrant prepared the following semiannual reports to shareholders for the six months ended November 30, 2025:

* John Hancock High Yield Municipal Bond Fund 

* John Hancock Municipal Opportunities Fund 

* John Hancock Short Duration Municipal Opportunities Fund 

![Manulife JH front rebranded logo-TSR and FS](images_5361.jpg)

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

#### Semiannual SHAREHOLDER REPORT \| November 30, 2025
This semiannual shareholder report contains important information about the John Hancock High Yield Municipal Bond Fund (the fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.

#### What were the fund costs during the last six months ?

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| High Yield Municipal Bond Fund<br>(Class A/JHTFX) | $52 | 1.02% |

---

Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$397485558 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;377 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

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

**Portfolio Composition**

---

| | |
|:---|:---|
| **General obligation bonds** | **11.2%** |
| **Revenue bonds** | **88.6%** |
| Health care | 22.3% |
| Education | 18.3% |
| Development | 14.7% |
| Other revenue | 12.3% |
| Airport | 7.6% |
| Tobacco | 5.5% |
| Transportation | 3.2% |
| Housing | 2.7% |
| Pollution | 1.0% |
| Facilities | 0.7% |
| Water and sewer | 0.3% |
| **Corporate bonds** | **0.1%** |
| **Short-term investments** | **0.1%** |

---

**Quality Composition**

![Graphical Representation - Allocation 1 Chart](chartimages_6230250.jpg)

Ratings are from Moody's Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. "Not rated" securities are those with no ratings available from these agencies. All ratings are as of 11-30-25 and do not reflect subsequent downgrades or upgrades, if any.

Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.

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

Availability of Additional Information

![TSR QR Code](images_5395.jpg)

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

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

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

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

![Manulife JH front rebranded logo-TSR and FS](images_5361.jpg)

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

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

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

MF5026015

59SA-A

11/25

1/26

John Hancock High Yield Municipal Bond Fund

![Manulife JH front rebranded logo-TSR and FS](images_5361.jpg)

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

#### Semiannual SHAREHOLDER REPORT \| November 30, 2025
This semiannual shareholder report contains important information about the John Hancock High Yield Municipal Bond Fund (the fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.

#### What were the fund costs during the last six months ?

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| High Yield Municipal Bond Fund<br>(Class C/JCTFX) | $90 | 1.77% |

---

Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$397485558 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;377 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

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

**Portfolio Composition**

---

| | |
|:---|:---|
| **General obligation bonds** | **11.2%** |
| **Revenue bonds** | **88.6%** |
| Health care | 22.3% |
| Education | 18.3% |
| Development | 14.7% |
| Other revenue | 12.3% |
| Airport | 7.6% |
| Tobacco | 5.5% |
| Transportation | 3.2% |
| Housing | 2.7% |
| Pollution | 1.0% |
| Facilities | 0.7% |
| Water and sewer | 0.3% |
| **Corporate bonds** | **0.1%** |
| **Short-term investments** | **0.1%** |

---

**Quality Composition**

![Graphical Representation - Allocation 1 Chart](chartimages_6230219.jpg)

Ratings are from Moody's Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. "Not rated" securities are those with no ratings available from these agencies. All ratings are as of 11-30-25 and do not reflect subsequent downgrades or upgrades, if any.

Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.

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

Availability of Additional Information

![TSR QR Code](images_5395.jpg)

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

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

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

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

![Manulife JH front rebranded logo-TSR and FS](images_5361.jpg)

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

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

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

MF5026015

59SA-C

11/25

1/26

John Hancock High Yield Municipal Bond Fund

![Manulife JH front rebranded logo-TSR and FS](images_5361.jpg)

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

#### Semiannual SHAREHOLDER REPORT \| November 30, 2025
This semiannual shareholder report contains important information about the John Hancock High Yield Municipal Bond Fund (the fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.

#### What were the fund costs during the last six months ?

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| High Yield Municipal Bond Fund<br>(Class I/JHYMX) | $45 | 0.87% |

---

Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$397485558 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;377 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

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

**Portfolio Composition**

---

| | |
|:---|:---|
| **General obligation bonds** | **11.2%** |
| **Revenue bonds** | **88.6%** |
| Health care | 22.3% |
| Education | 18.3% |
| Development | 14.7% |
| Other revenue | 12.3% |
| Airport | 7.6% |
| Tobacco | 5.5% |
| Transportation | 3.2% |
| Housing | 2.7% |
| Pollution | 1.0% |
| Facilities | 0.7% |
| Water and sewer | 0.3% |
| **Corporate bonds** | **0.1%** |
| **Short-term investments** | **0.1%** |

---

**Quality Composition**

![Graphical Representation - Allocation 1 Chart](chartimages_6230210.jpg)

Ratings are from Moody's Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. "Not rated" securities are those with no ratings available from these agencies. All ratings are as of 11-30-25 and do not reflect subsequent downgrades or upgrades, if any.

Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.

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

Availability of Additional Information

![TSR QR Code](images_5395.jpg)

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

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

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

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

![Manulife JH front rebranded logo-TSR and FS](images_5361.jpg)

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

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

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

MF5026015

59SA-I

11/25

1/26

John Hancock High Yield Municipal Bond Fund

![Manulife JH front rebranded logo-TSR and FS](images_5361.jpg)

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

#### Semiannual SHAREHOLDER REPORT \| November 30, 2025
This semiannual shareholder report contains important information about the John Hancock High Yield Municipal Bond Fund (the fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.

#### What were the fund costs during the last six months ?

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| High Yield Municipal Bond Fund<br>(Class R6/JCTRX) | $40 | 0.79% |

---

Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$397485558 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;377 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

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

**Portfolio Composition**

---

| | |
|:---|:---|
| **General obligation bonds** | **11.2%** |
| **Revenue bonds** | **88.6%** |
| Health care | 22.3% |
| Education | 18.3% |
| Development | 14.7% |
| Other revenue | 12.3% |
| Airport | 7.6% |
| Tobacco | 5.5% |
| Transportation | 3.2% |
| Housing | 2.7% |
| Pollution | 1.0% |
| Facilities | 0.7% |
| Water and sewer | 0.3% |
| **Corporate bonds** | **0.1%** |
| **Short-term investments** | **0.1%** |

---

**Quality Composition**

![Graphical Representation - Allocation 1 Chart](chartimages_6230179.jpg)

Ratings are from Moody's Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. "Not rated" securities are those with no ratings available from these agencies. All ratings are as of 11-30-25 and do not reflect subsequent downgrades or upgrades, if any.

Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.

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

Availability of Additional Information

![TSR QR Code](images_5395.jpg)

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

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

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

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

![Manulife JH front rebranded logo-TSR and FS](images_5361.jpg)

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

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

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

MF5026015

59SA-R6

11/25

1/26

John Hancock High Yield Municipal Bond Fund

![Manulife JH front rebranded logo-TSR and FS](images_5361.jpg)

## John Hancock Municipal Opportunities Fund
Class A/TAMBX

#### Semiannual SHAREHOLDER REPORT \| November 30, 2025
This semiannual shareholder report contains important information about the John Hancock Municipal Opportunities Fund (the fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.

#### What were the fund costs during the last six months ?

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Municipal Opportunities Fund<br>(Class A/TAMBX) | $38 | 0.74% |

---

Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1429076564 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;936 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

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

**Portfolio Composition**

---

| | |
|:---|:---|
| **General obligation bonds** | **13.8%** |
| **Revenue bonds** | **83.9%** |
| Other revenue | 24.0% |
| Health care | 18.4% |
| Education | 9.6% |
| Development | 8.7% |
| Airport | 8.7% |
| Utilities | 3.9% |
| Transportation | 3.1% |
| Water and sewer | 3.1% |
| Housing | 2.7% |
| Pollution | 1.0% |
| Tobacco | 0.5% |
| Facilities | 0.2% |
| **Closed-end funds** | **0.2%** |
| **Corporate bonds** | **0.2%** |
| **Short-term investments and other** | **1.9%** |

---

**Quality Composition**

![Graphical Representation - Allocation 1 Chart](chartimages_6230120.jpg)

Ratings are from Moody's Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. "Not rated" securities are those with no ratings available from these agencies. All ratings are as of 11-30-25 and do not reflect subsequent downgrades or upgrades, if any.

Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.

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

Availability of Additional Information

![TSR QR Code](images_5395.jpg)

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

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

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

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

![Manulife JH front rebranded logo-TSR and FS](images_5361.jpg)

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

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

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

MF5039539

52SA-A

11/25

1/26

John Hancock Municipal Opportunities Fund

![Manulife JH front rebranded logo-TSR and FS](images_5361.jpg)

## John Hancock Municipal Opportunities Fund
Class C/TBMBX

#### Semiannual SHAREHOLDER REPORT \| November 30, 2025
This semiannual shareholder report contains important information about the John Hancock Municipal Opportunities Fund (the fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.

#### What were the fund costs during the last six months ?

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Municipal Opportunities Fund<br>(Class C/TBMBX) | $76 | 1.49% |

---

Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1429076564 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;936 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

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

**Portfolio Composition**

---

| | |
|:---|:---|
| **General obligation bonds** | **13.8%** |
| **Revenue bonds** | **83.9%** |
| Other revenue | 24.0% |
| Health care | 18.4% |
| Education | 9.6% |
| Development | 8.7% |
| Airport | 8.7% |
| Utilities | 3.9% |
| Transportation | 3.1% |
| Water and sewer | 3.1% |
| Housing | 2.7% |
| Pollution | 1.0% |
| Tobacco | 0.5% |
| Facilities | 0.2% |
| **Closed-end funds** | **0.2%** |
| **Corporate bonds** | **0.2%** |
| **Short-term investments and other** | **1.9%** |

---

**Quality Composition**

![Graphical Representation - Allocation 1 Chart](chartimages_6230099.jpg)

Ratings are from Moody's Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. "Not rated" securities are those with no ratings available from these agencies. All ratings are as of 11-30-25 and do not reflect subsequent downgrades or upgrades, if any.

Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.

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

Availability of Additional Information

![TSR QR Code](images_5395.jpg)

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

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

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

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

![Manulife JH front rebranded logo-TSR and FS](images_5361.jpg)

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

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

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

MF5039539

52SA-C

11/25

1/26

John Hancock Municipal Opportunities Fund

![Manulife JH front rebranded logo-TSR and FS](images_5361.jpg)

## John Hancock Municipal Opportunities Fund
Class I/JTBDX

#### Semiannual SHAREHOLDER REPORT \| November 30, 2025
This semiannual shareholder report contains important information about the John Hancock Municipal Opportunities Fund (the fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.

#### What were the fund costs during the last six months ?

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Municipal Opportunities Fund<br>(Class I/JTBDX) | $30 | 0.59% |

---

Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1429076564 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;936 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

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

**Portfolio Composition**

---

| | |
|:---|:---|
| **General obligation bonds** | **13.8%** |
| **Revenue bonds** | **83.9%** |
| Other revenue | 24.0% |
| Health care | 18.4% |
| Education | 9.6% |
| Development | 8.7% |
| Airport | 8.7% |
| Utilities | 3.9% |
| Transportation | 3.1% |
| Water and sewer | 3.1% |
| Housing | 2.7% |
| Pollution | 1.0% |
| Tobacco | 0.5% |
| Facilities | 0.2% |
| **Closed-end funds** | **0.2%** |
| **Corporate bonds** | **0.2%** |
| **Short-term investments and other** | **1.9%** |

---

**Quality Composition**

![Graphical Representation - Allocation 1 Chart](chartimages_6230080.jpg)

Ratings are from Moody's Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. "Not rated" securities are those with no ratings available from these agencies. All ratings are as of 11-30-25 and do not reflect subsequent downgrades or upgrades, if any.

Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.

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

Availability of Additional Information

![TSR QR Code](images_5395.jpg)

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

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

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

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

![Manulife JH front rebranded logo-TSR and FS](images_5361.jpg)

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

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

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

MF5039539

52SA-I

11/25

1/26 John Hancock Municipal Opportunities Fund

![Manulife JH front rebranded logo-TSR and FS](images_5361.jpg)

## John Hancock Municipal Opportunities Fund
Class R6/JTMRX

#### Semiannual SHAREHOLDER REPORT \| November 30, 2025
This semiannual shareholder report contains important information about the John Hancock Municipal Opportunities Fund (the fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.

#### What were the fund costs during the last six months ?

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Municipal Opportunities Fund<br>(Class R6/JTMRX) | $27 | 0.52% |

---

Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1429076564 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;936 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

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

**Portfolio Composition**

---

| | |
|:---|:---|
| **General obligation bonds** | **13.8%** |
| **Revenue bonds** | **83.9%** |
| Other revenue | 24.0% |
| Health care | 18.4% |
| Education | 9.6% |
| Development | 8.7% |
| Airport | 8.7% |
| Utilities | 3.9% |
| Transportation | 3.1% |
| Water and sewer | 3.1% |
| Housing | 2.7% |
| Pollution | 1.0% |
| Tobacco | 0.5% |
| Facilities | 0.2% |
| **Closed-end funds** | **0.2%** |
| **Corporate bonds** | **0.2%** |
| **Short-term investments and other** | **1.9%** |

---

**Quality Composition**

![Graphical Representation - Allocation 1 Chart](chartimages_6230059.jpg)

Ratings are from Moody's Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. "Not rated" securities are those with no ratings available from these agencies. All ratings are as of 11-30-25 and do not reflect subsequent downgrades or upgrades, if any.

Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.

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

Availability of Additional Information

![TSR QR Code](images_5395.jpg)

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

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

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

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

![Manulife JH front rebranded logo-TSR and FS](images_5361.jpg)

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

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

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

MF5039539

52SA-R6

11/25

1/26 John Hancock Municipal Opportunities Fund

![Manulife JH front rebranded logo-TSR and FS](images_5361.jpg)

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

#### Semiannual SHAREHOLDER REPORT \| November 30, 2025
This semiannual shareholder report contains important information about the John Hancock Short Duration Municipal Opportunities Fund (the fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.

#### What were the fund costs during the last six months ?

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Short Duration Municipal Opportunities Fund<br>(Class A/JHSFX) | $32 | 0.62% |

---

Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$93926497 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;234 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

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

**Portfolio Composition**

---

| | |
|:---|:---|
| **General obligation bonds** | **14.2%** |
| **Revenue bonds** | **73.7%** |
| Other revenue | 21.8% |
| Airport | 11.4% |
| Development | 11.1% |
| Health care | 8.6% |
| Housing | 5.8% |
| Education | 5.5% |
| Utilities | 4.4% |
| Pollution | 2.9% |
| Water and sewer | 1.6% |
| Transportation | 0.6% |
| **Corporate bonds** | **0.1%** |
| **Short-term investments and other** | **12.0%** |

---

**Quality Composition**

![Graphical Representation - Allocation 1 Chart](chartimages_6230000.jpg)

Ratings are from Moody's Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. "Not rated" securities are those with no ratings available from these agencies. All ratings are as of 11-30-25 and do not reflect subsequent downgrades or upgrades, if any.

Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.

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

Availability of Additional Information

![TSR QR Code](images_5395.jpg)

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

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

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

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

![Manulife JH front rebranded logo-TSR and FS](images_5361.jpg)

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

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

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

MF5026022

489SA-A

11/25

1/26

John Hancock Short Duration Municipal Opportunities Fund

![Manulife JH front rebranded logo-TSR and FS](images_5361.jpg)

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

#### Semiannual SHAREHOLDER REPORT \| November 30, 2025
This semiannual shareholder report contains important information about the John Hancock Short Duration Municipal Opportunities Fund (the fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.

#### What were the fund costs during the last six months ?

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Short Duration Municipal Opportunities Fund<br>(Class C/JHSHX) | $70 | 1.37% |

---

Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$93926497 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;234 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

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

**Portfolio Composition**

---

| | |
|:---|:---|
| **General obligation bonds** | **14.2%** |
| **Revenue bonds** | **73.7%** |
| Other revenue | 21.8% |
| Airport | 11.4% |
| Development | 11.1% |
| Health care | 8.6% |
| Housing | 5.8% |
| Education | 5.5% |
| Utilities | 4.4% |
| Pollution | 2.9% |
| Water and sewer | 1.6% |
| Transportation | 0.6% |
| **Corporate bonds** | **0.1%** |
| **Short-term investments and other** | **12.0%** |

---

**Quality Composition**

![Graphical Representation - Allocation 1 Chart](chartimages_6229969.jpg)

Ratings are from Moody's Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. "Not rated" securities are those with no ratings available from these agencies. All ratings are as of 11-30-25 and do not reflect subsequent downgrades or upgrades, if any.

Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.

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

Availability of Additional Information

![TSR QR Code](images_5395.jpg)

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

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

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

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

![Manulife JH front rebranded logo-TSR and FS](images_5361.jpg)

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

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

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

MF5026022

489SA-C

11/25

1/26

John Hancock Short Duration Municipal Opportunities Fund

![Manulife JH front rebranded logo-TSR and FS](images_5361.jpg)

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

#### Semiannual SHAREHOLDER REPORT \| November 30, 2025
This semiannual shareholder report contains important information about the John Hancock Short Duration Municipal Opportunities Fund (the fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.

#### What were the fund costs during the last six months ?

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Short Duration Municipal Opportunities Fund<br>(Class I/JHSJX) | $24 | 0.47% |

---

Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$93926497 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;234 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

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

**Portfolio Composition**

---

| | |
|:---|:---|
| **General obligation bonds** | **14.2%** |
| **Revenue bonds** | **73.7%** |
| Other revenue | 21.8% |
| Airport | 11.4% |
| Development | 11.1% |
| Health care | 8.6% |
| Housing | 5.8% |
| Education | 5.5% |
| Utilities | 4.4% |
| Pollution | 2.9% |
| Water and sewer | 1.6% |
| Transportation | 0.6% |
| **Corporate bonds** | **0.1%** |
| **Short-term investments and other** | **12.0%** |

---

**Quality Composition**

![Graphical Representation - Allocation 1 Chart](chartimages_6229960.jpg)

Ratings are from Moody's Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. "Not rated" securities are those with no ratings available from these agencies. All ratings are as of 11-30-25 and do not reflect subsequent downgrades or upgrades, if any.

Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.

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

Availability of Additional Information

![TSR QR Code](images_5395.jpg)

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

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

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

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

![Manulife JH front rebranded logo-TSR and FS](images_5361.jpg)

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

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

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

MF5026022

489SA-I

11/25

1/26

John Hancock Short Duration Municipal Opportunities Fund

![Manulife JH front rebranded logo-TSR and FS](images_5361.jpg)

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

#### Semiannual SHAREHOLDER REPORT \| November 30, 2025
This semiannual shareholder report contains important information about the John Hancock Short Duration Municipal Opportunities Fund (the fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.

#### What were the fund costs during the last six months ?

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Short Duration Municipal Opportunities Fund<br>(Class R6/JHSKX) | $20 | 0.39% |

---

Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$93926497 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;234 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

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

**Portfolio Composition**

---

| | |
|:---|:---|
| **General obligation bonds** | **14.2%** |
| **Revenue bonds** | **73.7%** |
| Other revenue | 21.8% |
| Airport | 11.4% |
| Development | 11.1% |
| Health care | 8.6% |
| Housing | 5.8% |
| Education | 5.5% |
| Utilities | 4.4% |
| Pollution | 2.9% |
| Water and sewer | 1.6% |
| Transportation | 0.6% |
| **Corporate bonds** | **0.1%** |
| **Short-term investments and other** | **12.0%** |

---

**Quality Composition**

![Graphical Representation - Allocation 1 Chart](chartimages_6229929.jpg)

Ratings are from Moody's Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. "Not rated" securities are those with no ratings available from these agencies. All ratings are as of 11-30-25 and do not reflect subsequent downgrades or upgrades, if any.

Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.

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

Availability of Additional Information

![TSR QR Code](images_5395.jpg)

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

* Prospectus

* Financial information

* Fund holdings

* Proxy voting information

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

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

![Manulife JH front rebranded logo-TSR and FS](images_5361.jpg)

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

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

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

MF5026022

489SA-R6

11/25

1/26

John Hancock Short Duration Municipal Opportunities Fund

------

ITEM 2. CODE OF ETHICS.

Item is not applicable at this time.

------

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Item is not applicable at this time.

------

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Item is not applicable at this time.

------

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Item is not applicable at this time.

------

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

------

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

The Registrant prepared financial statements and financial highlights for the six months ended November 30, 2025 for the following funds:

* John Hancock High Yield Municipal Bond Fund

* John Hancock Municipal Opportunities Fund

* John Hancock Short Duration Municipal Opportunities Fund

------

![](img9cc7684d1.gif)

![](imgbb416bc22.gif)

Semiannual Financial Statements & Other N-CSR Items

## John Hancock

## High Yield Municipal Bond Fund
Fixed income

November 30, 2025

------

John Hancock

High Yield Municipal Bond Fund

Table of contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;**2** | &nbsp;&nbsp;[Fund's investments](#xx_339e73eb-2fd4-4dad-be97-2aa4c1e9d6f3_1) |
| **24** | &nbsp;&nbsp;[Financial statements](#xx_167e5cb2-a65e-453b-89c5-7cfbe4975c11_1) |
| **27** | &nbsp;&nbsp;[Financial highlights](#xx_e5159029-799e-4204-b840-cb039a1f2c86_1) |
| **31** | &nbsp;&nbsp;[Notes to financial statements](#xx_e64161eb-f130-4303-b305-d2cca3ea24e0_1) |
| **39** | &nbsp;&nbsp;[Shareholder meeting](#xx_df87c084-435e-4aa0-aae4-ed59ab1b6172_1) |
| **40** | &nbsp;&nbsp;[Evaluation of advisory and subadvisory agreements by the Board of Trustees](#xx_9653365d-9d3f-4bdd-a3d2-37cb26e84724_1) |

---

1 JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND \|

------

[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

Fund's investments

#### AS OF 11-30-25 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Municipal bonds 108.8%** |  |  |  | &nbsp;&nbsp;**$432590202** |
| (Cost $435,007,739) |  |  |  |  |
| **Alabama 2.6%** |  |  |  | &nbsp;&nbsp;**10253282** |
| Baldwin County Industrial Development Authority<br> Novelis Corp. Project, Series A, AMT (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-55 | 2000000 | &nbsp;&nbsp;2044381 |
| Black Belt Energy Gas District<br> Gas Project, Series C (A) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;11-01-56 | 5000000 | &nbsp;&nbsp;5300359 |
| Mobile County Industrial Development Authority<br> AM/NS Calvert LLC Project, Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-54 | 3000000 | &nbsp;&nbsp;2908542 |
| **Alaska 0.3%** |  |  |  | &nbsp;&nbsp;**1259029** |
| Northern Tobacco Securitization Corp.<br> Series A, Class 1 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-50 | 1500000 | &nbsp;&nbsp;1259029 |
| **Arizona 2.9%** |  |  |  | &nbsp;&nbsp;**11371495** |
| Arizona Industrial Development Authority<br> Benjamin Franklin Charter School Projects, Series A (A) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-53 | 685000 | &nbsp;&nbsp;643597 |
| Arizona Industrial Development Authority<br> Macombs Facility Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-61 | 2270000 | &nbsp;&nbsp;1827089 |
| Glendale Industrial Development Authority<br> Royal Oaks Inspirata Pointe Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-41 | 1000000 | &nbsp;&nbsp;969507 |
| Glendale Industrial Development Authority<br> Royal Oaks Inspirata Pointe Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-56 | 1290000 | &nbsp;&nbsp;1105824 |
| Industrial Development Authority of the City of Phoenix<br> Legacy Traditional Schools Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-41 | 750000 | &nbsp;&nbsp;750274 |
| Maricopa County Industrial Development Authority<br> Arizona Autism Charter Schools Project (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-61 | 1000000 | &nbsp;&nbsp;737218 |
| Maricopa County Industrial Development Authority<br> Benjamin Franklin Charter School Projects, Series A (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;07-01-52 | 375000 | &nbsp;&nbsp;378213 |
| Maricopa County Industrial Development Authority<br> Valley Christian Schools Project, Series A (A) | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;07-01-53 | 560000 | &nbsp;&nbsp;545936 |
| Maricopa County Pollution Control Corp.<br> El Paso Electric Company Palo Verde Project, Series A | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;08-01-42 | 1000000 | &nbsp;&nbsp;999970 |
| Sierra Vista Industrial Development Authority<br> American Leadership Academy Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-54 | 1220000 | &nbsp;&nbsp;1097758 |
| Sierra Vista Industrial Development Authority<br> Champion Schools Project (A) | &nbsp;&nbsp;6.375 | &nbsp;&nbsp;06-15-64 | 1500000 | &nbsp;&nbsp;1539087 |
| The Industrial Development Authority of the County of Pima<br> American Leadership Academy (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-15-51 | 1000000 | &nbsp;&nbsp;777022 |

---

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

------

[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Arkansas 0.3%** |  |  |  | &nbsp;&nbsp;**$1076313** |
| Arkansas Development Finance Authority<br> Hybar Steel Project, Series A, AMT (A) | &nbsp;&nbsp;&nbsp;6.875 | &nbsp;&nbsp;07-01-48 | 1000000 | &nbsp;&nbsp;1076313 |
| **California 11.3%** |  |  |  | &nbsp;&nbsp;**44965820** |
| California Community College Financing Authority<br> Napa Valley College Project, Series A (A) | &nbsp;&nbsp;&nbsp;5.750 | &nbsp;&nbsp;07-01-60 | 500000 | &nbsp;&nbsp;385562 |
| California Community Housing Agency<br> Exchange at Bayfront Apartments, Series A-1 (A) | &nbsp;&nbsp;&nbsp;3.000 | &nbsp;&nbsp;02-01-57 | 450000 | &nbsp;&nbsp;277983 |
| California County Tobacco Securitization Agency<br> Series B-2 (B) | &nbsp;&nbsp;&nbsp;5.443 | &nbsp;&nbsp;06-01-55 | 7125000 | &nbsp;&nbsp;1458452 |
| California Infrastructure & Economic Development Bank<br> Brightline West Passenger Project, Series B, AMT (A) | &nbsp;&nbsp;12.000 | &nbsp;&nbsp;01-01-65 | 3250000 | &nbsp;&nbsp;2562500 |
| California Municipal Finance Authority<br> NorthBay Healthcare Group | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-44 | 295000 | &nbsp;&nbsp;291183 |
| California Municipal Finance Authority<br> NorthBay Healthcare, Series A | &nbsp;&nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-01-47 | 565000 | &nbsp;&nbsp;565496 |
| California Municipal Finance Authority<br> Turning Point Schools (A) | &nbsp;&nbsp;&nbsp;5.250 | &nbsp;&nbsp;06-01-44 | 1000000 | &nbsp;&nbsp;950838 |
| California Municipal Finance Authority<br> Westside Neighborhood School Project (A) | &nbsp;&nbsp;&nbsp;6.200 | &nbsp;&nbsp;06-15-54 | 700000 | &nbsp;&nbsp;734951 |
| California Municipal Finance Authority<br> Westside Neighborhood School Project (A) | &nbsp;&nbsp;&nbsp;6.375 | &nbsp;&nbsp;06-15-64 | 1050000 | &nbsp;&nbsp;1107393 |
| California Public Finance Authority<br> Enso Village Project, Series A (A) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-51 | 250000 | &nbsp;&nbsp;223374 |
| California Public Finance Authority<br> Enso Village Project, Series A (A) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-56 | 700000 | &nbsp;&nbsp;615410 |
| California Public Finance Authority<br> Laverne Elementary Preparatory Academy Project, Series A (A) | &nbsp;&nbsp;&nbsp;6.000 | &nbsp;&nbsp;06-15-65 | 1000000 | &nbsp;&nbsp;1018111 |
| California Public Finance Authority<br> Trinity Classical Academy, Series A (A) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-54 | 700000 | &nbsp;&nbsp;602670 |
| California School Finance Authority<br> Lighthouse Community Public Schools (A) | &nbsp;&nbsp;&nbsp;6.500 | &nbsp;&nbsp;06-01-62 | 1000000 | &nbsp;&nbsp;1031107 |
| California School Finance Authority<br> Sonoma County Junior College Project, Series A (A) | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-31 | 750000 | &nbsp;&nbsp;751113 |
| California Statewide Financing Authority<br> Tobacco Securitization Program, Series C (A)(B) | &nbsp;&nbsp;&nbsp;9.016 | &nbsp;&nbsp;06-01-55 | 8000000 | &nbsp;&nbsp;603911 |
| City & County of San Francisco Community Facilities District No. 2016-1<br> Improvement Area No. 2, Treasure Island, Series A (A) | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-42 | 1000000 | &nbsp;&nbsp;938551 |
| City of Oroville<br> Oroville Hospital | &nbsp;&nbsp;&nbsp;5.250 | &nbsp;&nbsp;04-01-54 | 705000 | &nbsp;&nbsp;521063 |
| City of Palm Desert<br> Community Facilities District No. 2021-1 | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-49 | 585000 | &nbsp;&nbsp;599726 |

---

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

------

[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **California (continued)** |  |  |  |  |
| CSCDA Community Improvement Authority<br> 1818 Platinum Triangle Anaheim, Series A-2 (A) | &nbsp;&nbsp;3.250 | &nbsp;&nbsp;04-01-57 | 1000000 | &nbsp;&nbsp;$715851 |
| CSCDA Community Improvement Authority<br> Altana Glendale, Series A-1 (A) | &nbsp;&nbsp;3.500 | &nbsp;&nbsp;10-01-46 | 995000 | &nbsp;&nbsp;860286 |
| CSCDA Community Improvement Authority<br> Altana Glendale, Series A-2 (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-56 | 500000 | &nbsp;&nbsp;415008 |
| CSCDA Community Improvement Authority<br> Monterey Station Apartments, Series A-2 (A) | &nbsp;&nbsp;3.125 | &nbsp;&nbsp;07-01-56 | 1000000 | &nbsp;&nbsp;651478 |
| CSCDA Community Improvement Authority<br> Orange City Portfolio, Series A-2 (A) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;03-01-57 | 1500000 | &nbsp;&nbsp;1021089 |
| CSCDA Community Improvement Authority<br> Parallel Apartments Anaheim, Series A (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-56 | 1490000 | &nbsp;&nbsp;1337171 |
| CSCDA Community Improvement Authority<br> The Link-Glendale, Series A-2 (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-56 | 400000 | &nbsp;&nbsp;309252 |
| Golden State Tobacco Securitization Corp.<br> Series A-1 | &nbsp;&nbsp;3.714 | &nbsp;&nbsp;06-01-41 | 1500000 | &nbsp;&nbsp;1175842 |
| Golden State Tobacco Securitization Corp.<br> Series B-2 (B) | &nbsp;&nbsp;5.584 | &nbsp;&nbsp;06-01-66 | 7850000 | &nbsp;&nbsp;841630 |
| Inland Empire Tobacco Securitization Corp.<br> Series C-1 (B) | &nbsp;&nbsp;6.954 | &nbsp;&nbsp;06-01-36 | 3400000 | &nbsp;&nbsp;1660972 |
| Kaweah Delta Health Care District Guild<br> Series B | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-37 | 10000 | &nbsp;&nbsp;9444 |
| River Islands Public Financing Authority<br> Community Facilities District No. 2023-1 | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;09-01-44 | 500000 | &nbsp;&nbsp;482758 |
| River Islands Public Financing Authority<br> Community Facilities District No. 2023-1 | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;09-01-48 | 1000000 | &nbsp;&nbsp;1037978 |
| San Francisco Bay Area Rapid Transit District<br> Election of 2016, Series D1, GO (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-37 | 1885000 | &nbsp;&nbsp;1937506 |
| San Francisco City & County Airport Commission<br> Series A, AMT (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;05-01-49 | 15025000 | &nbsp;&nbsp;15778073 |
| Southern California Public Power Authority<br> Natural Gas Project, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-01-26 | 1470000 | &nbsp;&nbsp;1492088 |
| **Colorado 6.4%** |  |  |  | &nbsp;&nbsp;**25374048** |
| Aerotropolis Regional Transportation Authority<br> Special Revenue | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;12-01-41 | 1000000 | &nbsp;&nbsp;897636 |
| Aerotropolis Regional Transportation Authority<br> Special Revenue (A) | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;12-01-54 | 2000000 | &nbsp;&nbsp;2021578 |
| Colorado Educational & Cultural Facilities Authority<br> Axis International Academy Project, Series A (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;07-01-55 | 1430000 | &nbsp;&nbsp;1446892 |
| Colorado Health Facilities Authority<br> CommonSpirit Health, Series A-1 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-44 | 1575000 | &nbsp;&nbsp;1429228 |
| Creekwalk Marketplace Business Improvement District<br> Series A | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;12-01-54 | 1500000 | &nbsp;&nbsp;1493499 |
| Fiddlers Business Improvement District<br> Greenwood Village, GO (A) | &nbsp;&nbsp;5.550 | &nbsp;&nbsp;12-01-47 | 1265000 | &nbsp;&nbsp;1285532 |

---

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

------

[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Colorado (continued)** |  |  |  |  |
| Gold Hill Mesa Metropolitan District No. 2<br> Series B, GO | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;12-15-39 | 1000000 | &nbsp;&nbsp;$1011878 |
| Hess Ranch Metropolitan District No. 5<br> Series A-2 | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;12-01-43 | 730000 | &nbsp;&nbsp;748018 |
| Lafferty Canyon Metropolitan District<br> Series A, GO | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;12-01-55 | 1440000 | &nbsp;&nbsp;1453778 |
| Orchard Park Place South Metropolitan District, GO (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;12-01-54 | 1775000 | &nbsp;&nbsp;1782858 |
| Pinery Commercial Metropolitan District No. 2<br> Colorado Special Revenue | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;12-01-54 | 500000 | &nbsp;&nbsp;504019 |
| Platte River Metropolitan District<br> Series A, GO (A) | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;08-01-53 | 414000 | &nbsp;&nbsp;422954 |
| Pueblo Urban Renewal Authority<br> EVRAZ Project, Series A (A) | &nbsp;&nbsp;4.750 | &nbsp;&nbsp;12-01-45 | 1000000 | &nbsp;&nbsp;949741 |
| Rampart Range Metropolitan District<br> No. 5 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-51 | 1500000 | &nbsp;&nbsp;1252103 |
| Sky Ranch Community Authority Board<br> Series A | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;12-01-52 | 1600000 | &nbsp;&nbsp;1622907 |
| Sky Ranch Community Authority Board<br> Series B, GO | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;12-15-54 | 550000 | &nbsp;&nbsp;551141 |
| St. Vrain Lakes Metropolitan District No. 4<br> Series A, GO (0.000% to 12-1-30, then 6.750% thereafter) (A) | &nbsp;&nbsp;0.000 | &nbsp;&nbsp;09-20-54 | 1500000 | &nbsp;&nbsp;1058086 |
| Sterling Ranch Community Authority Board<br> Special Improvement District No. 1 | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;12-01-43 | 852000 | &nbsp;&nbsp;875158 |
| Vermilion Creek Metropolitan District No. 3<br> Series A, GO | &nbsp;&nbsp;5.875 | &nbsp;&nbsp;12-01-55 | 2550000 | &nbsp;&nbsp;2617287 |
| Village Metropolitan District<br> Series A, GO | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;12-01-55 | 1000000 | &nbsp;&nbsp;1009115 |
| Villages at Castle Rock Metropolitan District<br> Cobblestone Ranch Project, Series 2, GO (B) | &nbsp;&nbsp;7.943 | &nbsp;&nbsp;12-01-37 | 1066667 | &nbsp;&nbsp;420530 |
| West Meadow Metropolitan District<br> Series A, GO (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;12-01-38 | 500000 | &nbsp;&nbsp;520110 |
| **Connecticut 1.2%** |  |  |  | &nbsp;&nbsp;**4700783** |
| Connecticut State Health & Educational Facilities Authority<br> Goodwin University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-44 | 500000 | &nbsp;&nbsp;492328 |
| Great Pond Improvement District<br> Great Pond Phase 1 Project (A) | &nbsp;&nbsp;4.750 | &nbsp;&nbsp;10-01-48 | 925000 | &nbsp;&nbsp;881687 |
| Stamford Housing Authority<br> Mozaic Concierge Living Project, Series A | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;10-01-60 | 1500000 | &nbsp;&nbsp;1500927 |
| Town of Hamden<br> Whitney Center Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-50 | 2060000 | &nbsp;&nbsp;1825841 |
| **Delaware 0.2%** |  |  |  | &nbsp;&nbsp;**741410** |
| Delaware State Economic Development Authority<br> Aspira of Delaware Charter Operations, Inc. Project, Series A | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;06-01-32 | 450000 | &nbsp;&nbsp;411975 |

---

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

------

[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Delaware (continued)** |  |  |  |  |
| Delaware State Economic Development Authority<br> Aspira of Delaware Charter Operations, Inc. Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-42 | 390000 | &nbsp;&nbsp;$329435 |
| **District of Columbia 3.8%** |  |  |  | &nbsp;&nbsp;**14917460** |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue<br> Series C (D) | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;10-01-41 | 3000000 | &nbsp;&nbsp;3093566 |
| Metropolitan Washington District of Columbia Airports Authority<br> Series A, AMT (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;10-01-49 | 11320000 | &nbsp;&nbsp;11823894 |
| **Florida 9.3%** |  |  |  | &nbsp;&nbsp;**37095313** |
| Alachua County Health Facilities Authority<br> Oak Hammock at the University of Florida Project, Series A | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;10-01-53 | 3000000 | &nbsp;&nbsp;3133200 |
| Braddock Lakes Community Development District<br> Series 2025 | &nbsp;&nbsp;5.550 | &nbsp;&nbsp;05-01-45 | 1000000 | &nbsp;&nbsp;1001092 |
| Capital Projects Finance Authority<br> Kissimmee Charter Academy Project (A) | &nbsp;&nbsp;6.625 | &nbsp;&nbsp;06-15-59 | 890000 | &nbsp;&nbsp;912350 |
| Capital Projects Finance Authority<br> Navigator Academy of Leadership Obligated Group Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-64 | 1890000 | &nbsp;&nbsp;1697751 |
| Capital Trust Authority<br> KIPP Miami - North Campus Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-34 | 310000 | &nbsp;&nbsp;323318 |
| Capital Trust Authority<br> KIPP Miami - North Campus Project, Series A (A) | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;06-15-44 | 250000 | &nbsp;&nbsp;253091 |
| Capital Trust Authority<br> KIPP Miami - North Campus Project, Series A (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;06-15-54 | 795000 | &nbsp;&nbsp;805858 |
| Capital Trust Authority<br> The Classical Academy of Sarasota Project, Series A (A) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-54 | 500000 | &nbsp;&nbsp;458857 |
| Charlotte County Industrial Development Authority<br> Town and Country Utilities Project, Series A, AMT (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-51 | 1800000 | &nbsp;&nbsp;1508431 |
| City of Jacksonville<br> Jacksonville University Project, Series B (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-53 | 750000 | &nbsp;&nbsp;636743 |
| City of Pompano Beach<br> John Knox Village Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-56 | 900000 | &nbsp;&nbsp;705290 |
| City of Venice<br> Village on the Isle Project, Series A (A) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;01-01-55 | 1000000 | &nbsp;&nbsp;980040 |
| County of Lake<br> Imagine South Lake Charter School Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-15-49 | 950000 | &nbsp;&nbsp;792025 |
| County of Okaloosa<br> Air Force Enlisted Village, Inc. Project (A) | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;05-15-55 | 1000000 | &nbsp;&nbsp;1015719 |

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

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[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Florida (continued)** |  |  |  |  |
| Escambia County Health Facilities Authority<br> Baptist Hospital, Inc., Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-15-50 | 1640000 | &nbsp;&nbsp;$1408805 |
| Firethorn Community Development District<br> Assessment Area One | &nbsp;&nbsp;5.600 | &nbsp;&nbsp;05-01-55 | 1000000 | &nbsp;&nbsp;1000909 |
| Florida Development Finance Corp.<br> River City Science Academy | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-57 | 450000 | &nbsp;&nbsp;426712 |
| Florida Development Finance Corp.<br> Waste Pro USA, Inc. Project, AMT (A) | &nbsp;&nbsp;4.450 | &nbsp;&nbsp;07-01-37 | 1000000 | &nbsp;&nbsp;1005179 |
| Florida Higher Educational Facilities Financing Authority<br> Jacksonville University, Series A-1 (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-48 | 750000 | &nbsp;&nbsp;655698 |
| Florida Higher Educational Facilities Financing Authority<br> Keiser University Project (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;07-01-45 | 2850000 | &nbsp;&nbsp;2851387 |
| Florida Local Government Finance Commission<br> BridgePrep Academy Project, Series A (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;06-15-45 | 2000000 | &nbsp;&nbsp;2048276 |
| Florida Local Government Finance Commission<br> Fleet Landing at Nocatee Project, Series A (A) | &nbsp;&nbsp;6.750 | &nbsp;&nbsp;11-15-55 | 2000000 | &nbsp;&nbsp;2088457 |
| Greater Orlando Aviation Authority<br> United Airlines, Inc. Project, AMT | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;11-01-37 | 1000000 | &nbsp;&nbsp;1077836 |
| Hillsborough County Industrial Development Authority<br> Tampa General Hospital Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-50 | 1000000 | &nbsp;&nbsp;868094 |
| Kingston One Community Development District<br> 2025 Project Area | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;05-01-45 | 1250000 | &nbsp;&nbsp;1288587 |
| Lakewood Ranch Stewardship District<br> The Isles at Lakewood Ranch Project, Phase 2 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-51 | 925000 | &nbsp;&nbsp;755773 |
| Middleton Community Development District A<br> Special Assessment Revenue | &nbsp;&nbsp;4.550 | &nbsp;&nbsp;05-01-44 | 550000 | &nbsp;&nbsp;533590 |
| Middleton Community Development District A<br> Special Assessment Revenue | &nbsp;&nbsp;4.750 | &nbsp;&nbsp;05-01-55 | 200000 | &nbsp;&nbsp;189482 |
| Middleton Community Development District A<br> Special Assessment Revenue | &nbsp;&nbsp;6.200 | &nbsp;&nbsp;05-01-53 | 995000 | &nbsp;&nbsp;1041285 |
| Ormond Crossings West Community Development District<br> Master Infrastructure Project | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;11-01-47 | 750000 | &nbsp;&nbsp;750788 |
| Palm Beach County Health Facilities Authority<br> Jupiter Medical Center Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-47 | 1000000 | &nbsp;&nbsp;1010699 |
| Palm Beach County Health Facilities Authority<br> Toby & Leon Cooperman Sinai Residences | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-55 | 655000 | &nbsp;&nbsp;603511 |
| Polk County Industrial Development Authority<br> Mineral Development LLC, AMT (A)(E) | &nbsp;&nbsp;5.875 | &nbsp;&nbsp;01-01-33 | 950000 | &nbsp;&nbsp;256500 |
| Portico Community Development District<br> Series 1 | &nbsp;&nbsp;3.200 | &nbsp;&nbsp;05-01-31 | 995000 | &nbsp;&nbsp;960265 |
| St. Johns County Industrial Development Authority<br> Vicar's Landing Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-15-41 | 385000 | &nbsp;&nbsp;336902 |
| St. Johns County Industrial Development Authority<br> Vicar's Landing Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-15-46 | 800000 | &nbsp;&nbsp;642018 |

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

------

[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Florida (continued)** |  |  |  |  |
| St. Johns County Industrial Development Authority<br> Vicar's Landing Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-15-50 | 1400000 | &nbsp;&nbsp;$1070795 |
| **Georgia 0.5%** |  |  |  | &nbsp;&nbsp;**2016137** |
| Savannah Georgia Convention Center Authority<br> Convention Center Hotel, Second Tier, Series B (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;06-01-50 | 1000000 | &nbsp;&nbsp;998167 |
| The Development Authority of Cobb County<br> Northwest Classical Academy Project, Series A (A) | &nbsp;&nbsp;5.200 | &nbsp;&nbsp;06-15-33 | 500000 | &nbsp;&nbsp;512258 |
| The Development Authority of Cobb County<br> Northwest Classical Academy Project, Series A (A) | &nbsp;&nbsp;5.700 | &nbsp;&nbsp;06-15-38 | 500000 | &nbsp;&nbsp;505712 |
| **Idaho 0.6%** |  |  |  | &nbsp;&nbsp;**2288388** |
| Avimor Community Infrastructure District No. 1<br> Assessment Area 5 (A) | &nbsp;&nbsp;5.875 | &nbsp;&nbsp;09-01-53 | 851000 | &nbsp;&nbsp;876240 |
| Avimor Community Infrastructure District No. 1<br> Assessment Area 6, Series B (A) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;09-01-53 | 1400000 | &nbsp;&nbsp;1412148 |
| **Illinois 4.8%** |  |  |  | &nbsp;&nbsp;**19048637** |
| Chicago Board of Education<br> Series A, GO | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;12-01-50 | 1250000 | &nbsp;&nbsp;1222429 |
| Chicago Board of Education<br> Series A, GO | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;12-01-50 | 2850000 | &nbsp;&nbsp;2920188 |
| Chicago Board of Education<br> Series D, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-46 | 500000 | &nbsp;&nbsp;448991 |
| City of Chicago<br> Series A, GO | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;01-01-38 | 1000000 | &nbsp;&nbsp;1019824 |
| Illinois Finance Authority<br> Clark-Lindsey Village, Series A | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;06-01-57 | 1250000 | &nbsp;&nbsp;1128030 |
| Illinois Finance Authority<br> DePaul College Prep Foundation, Series A (A) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;08-01-38 | 500000 | &nbsp;&nbsp;531363 |
| Illinois Finance Authority<br> Goodman Theatre Project, Series A (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;10-01-45 | 1000000 | &nbsp;&nbsp;1019383 |
| Illinois Finance Authority<br> Goodman Theatre Project, Series A (A) | &nbsp;&nbsp;6.125 | &nbsp;&nbsp;10-01-50 | 1000000 | &nbsp;&nbsp;1017178 |
| Illinois Finance Authority<br> LRS Holdings LLC Project, Series B, AMT (A) | &nbsp;&nbsp;7.375 | &nbsp;&nbsp;09-01-42 | 750000 | &nbsp;&nbsp;852845 |
| Illinois Finance Authority<br> Music and Dance Theater Chicago (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;10-01-50 | 1800000 | &nbsp;&nbsp;1803593 |
| Illinois Finance Authority<br> Navy Pier, Inc., Series B (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-49 | 550000 | &nbsp;&nbsp;535583 |
| Illinois Finance Authority<br> Westminster Village, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;05-01-38 | 1085000 | &nbsp;&nbsp;1077851 |
| Upper Illinois River Valley Development Authority<br> Elgin Math & Science Academy Charter School Project, Series A (A) | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;03-01-53 | 1000000 | &nbsp;&nbsp;979270 |

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

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[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Illinois (continued)** |  |  |  |  |
| Upper Illinois River Valley Development Authority<br> Prairie Crossing Charter School Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-55 | 2000000 | &nbsp;&nbsp;$1791406 |
| Village of Lincolnwood<br> Certificates of Participation, District 1860 Development Project, Series A (A) | &nbsp;&nbsp;4.820 | &nbsp;&nbsp;01-01-41 | 1500000 | &nbsp;&nbsp;1483463 |
| Village of Lincolnwood<br> Certificates of Participation, District 1860 Development Project, Series B (A) | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;12-01-43 | 1200000 | &nbsp;&nbsp;1217240 |
| **Indiana 2.2%** |  |  |  | &nbsp;&nbsp;**8830521** |
| City of Valparaiso<br> Pratt Paper LLC Project, AMT (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-54 | 500000 | &nbsp;&nbsp;496159 |
| Indiana Finance Authority<br> Global Preparatory Academy Project, Series A (A) | &nbsp;&nbsp;6.375 | &nbsp;&nbsp;10-15-60 | 1140000 | &nbsp;&nbsp;1139002 |
| Indiana Finance Authority<br> Greenwood Village South Project, Series A | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;05-15-60 | 1850000 | &nbsp;&nbsp;1871560 |
| Indiana Finance Authority<br> Marquette Project, Series A | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;03-01-45 | 1000000 | &nbsp;&nbsp;1005304 |
| Indiana Finance Authority<br> Polyflow Industry Project, AMT (A)(E) | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;03-01-39 | 2830000 | &nbsp;&nbsp;141500 |
| Indiana Finance Authority<br> Student Housing Project, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-64 | 750000 | &nbsp;&nbsp;760228 |
| Indiana Finance Authority<br> The Methodist Hospitals, Inc., Series A | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;09-15-44 | 1420000 | &nbsp;&nbsp;1477291 |
| Indiana Finance Authority<br> Tippecanoe LLC Student Housing Project, Series A | &nbsp;&nbsp;5.375 | &nbsp;&nbsp;06-01-64 | 1000000 | &nbsp;&nbsp;1013135 |
| Indianapolis Local Public Improvement Bond Bank<br> Convention Center Hotel, Series E | &nbsp;&nbsp;6.125 | &nbsp;&nbsp;03-01-57 | 880000 | &nbsp;&nbsp;926342 |
| **Iowa 0.8%** |  |  |  | &nbsp;&nbsp;**3314599** |
| Iowa Finance Authority<br> Lifespace Communities, Inc., Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-15-53 | 2000000 | &nbsp;&nbsp;1576590 |
| Iowa Finance Authority<br> Northcrest, Inc. Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-48 | 1080000 | &nbsp;&nbsp;1017523 |
| Iowa Tobacco Settlement Authority<br> Series B-2 (B) | &nbsp;&nbsp;4.857 | &nbsp;&nbsp;06-01-65 | 4820000 | &nbsp;&nbsp;720486 |
| **Kansas 1.1%** |  |  |  | &nbsp;&nbsp;**4551795** |
| Wyandotte County-Kansas City Unified Government<br> Legends Apartments Garage & West Lawn Project | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;06-01-40 | 2575000 | &nbsp;&nbsp;2577632 |
| Wyandotte County-Kansas City Unified Government<br> Village East Project Areas 2B (A) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;09-01-35 | 1960000 | &nbsp;&nbsp;1974163 |

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

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[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Louisiana 0.5%** |  |  |  | &nbsp;&nbsp;**$2091188** |
| Louisiana Local Government Environmental Facilities & Community Development Authority<br> Downsville Community Charter School Project (A) | &nbsp;&nbsp;6.375 | &nbsp;&nbsp;06-15-53 | 1000000 | &nbsp;&nbsp;992151 |
| St. James Parish<br> NuStar Logistics LP Project (A) | &nbsp;&nbsp;6.100 | &nbsp;&nbsp;12-01-40 | 1000000 | &nbsp;&nbsp;1099037 |
| **Maine 0.2%** |  |  |  | &nbsp;&nbsp;**672054** |
| Finance Authority of Maine<br> Casella Waste System, Inc. Project, Series R-3, AMT (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-35 | 650000 | &nbsp;&nbsp;672054 |
| **Maryland 0.3%** |  |  |  | &nbsp;&nbsp;**1143178** |
| County of Howard<br> Downtown Columbia Project, Series A (A) | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;02-15-47 | 750000 | &nbsp;&nbsp;701323 |
| County of Prince George's<br> Collington Episcopal Life | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;04-01-47 | 210000 | &nbsp;&nbsp;189508 |
| Maryland Health & Higher Educational Facilities Authority<br> Monocacy Montessori Communities (A) | &nbsp;&nbsp;5.875 | &nbsp;&nbsp;07-01-43 | 250000 | &nbsp;&nbsp;252347 |
| **Massachusetts 1.8%** |  |  |  | &nbsp;&nbsp;**7174540** |
| Massachusetts Development Finance Agency<br> Care Communities LLC Obligated Group, Series A-1 (A) | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;07-15-60 | 2850000 | &nbsp;&nbsp;2849885 |
| Massachusetts Development Finance Agency<br> Gingercare Living Issue, Series A (A) | &nbsp;&nbsp;5.875 | &nbsp;&nbsp;12-01-60 | 1850000 | &nbsp;&nbsp;1703146 |
| Massachusetts Development Finance Agency<br> Merrimack College | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-42 | 250000 | &nbsp;&nbsp;250152 |
| Massachusetts Development Finance Agency<br> Merrimack College Student Housing Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-44 | 500000 | &nbsp;&nbsp;495747 |
| Massachusetts Development Finance Agency<br> Merrimack College Student Housing Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-54 | 1200000 | &nbsp;&nbsp;1143023 |
| Massachusetts Development Finance Agency<br> Merrimack College Student Housing Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-60 | 780000 | &nbsp;&nbsp;732587 |
| **Michigan 1.6%** |  |  |  | &nbsp;&nbsp;**6317417** |
| Grand Rapids Economic Development Corp.<br> Beacon Hill at Eastgate Project, Series A (F) | &nbsp;&nbsp;6.125 | &nbsp;&nbsp;11-01-60 | 2500000 | &nbsp;&nbsp;2487566 |
| Michigan Finance Authority<br> Capital Appreciation Tobacco Settlement, Series B-2, Class 2 (B) | &nbsp;&nbsp;5.858 | &nbsp;&nbsp;06-01-65 | 15000000 | &nbsp;&nbsp;1532012 |
| Michigan Mathematics & Science Initiative<br> Public School Academy | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-41 | 1000000 | &nbsp;&nbsp;866786 |
| Michigan Mathematics & Science Initiative<br> Public School Academy | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-51 | 750000 | &nbsp;&nbsp;579880 |
| Summit Academy<br> North Michigan Public School Academy | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-41 | 1000000 | &nbsp;&nbsp;851173 |

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

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[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Minnesota 0.5%** |  |  |  | &nbsp;&nbsp;**$2020998** |
| City of Apple Valley<br> PHS Apple Valley Senior Housing, Inc. - Orchard Path Phase III Project, Series A | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;09-01-65 | 1000000 | &nbsp;&nbsp;1013761 |
| City of Shakopee Senior Housing Revenue<br> Benedictine Senior Living Obligated Group, Windermere Way Project | &nbsp;&nbsp;5.875 | &nbsp;&nbsp;11-01-65 | 1000000 | &nbsp;&nbsp;1007237 |
| **Mississippi 0.4%** |  |  |  | &nbsp;&nbsp;**1469008** |
| City of Gulfport<br> Memorial Hospital at Gulfport Project | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;07-01-50 | 1400000 | &nbsp;&nbsp;1469008 |
| **Missouri 1.0%** |  |  |  | &nbsp;&nbsp;**4053700** |
| Kansas City Industrial Development Authority<br> Historic Northeast Redevelopment Plan, Series A-1 (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-46 | 1000000 | &nbsp;&nbsp;978727 |
| Kansas City Industrial Development Authority<br> Historic Northeast Redevelopment Plan, Series A-1 (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-54 | 650000 | &nbsp;&nbsp;615406 |
| Lee's Summit Industrial Development Authority<br> John Knox Village Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-32 | 500000 | &nbsp;&nbsp;508185 |
| Lee's Summit Industrial Development Authority<br> John Knox Village Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-46 | 1255000 | &nbsp;&nbsp;1150275 |
| Taney County Industrial Development Authority<br> Big Cedar Infrastructure Project (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;10-01-49 | 800000 | &nbsp;&nbsp;801107 |
| **Montana 0.2%** |  |  |  | &nbsp;&nbsp;**595676** |
| Montana Facility Finance Authority<br> Montana Children's Home and Hospital | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-50 | 800000 | &nbsp;&nbsp;595676 |
| **Nevada 0.1%** |  |  |  | &nbsp;&nbsp;**512493** |
| City of Las Vegas Special Improvement District No. 816<br> Summerlin Village 22 | &nbsp;&nbsp;3.125 | &nbsp;&nbsp;06-01-46 | 700000 | &nbsp;&nbsp;512493 |
| **New Hampshire 3.4%** |  |  |  | &nbsp;&nbsp;**13557016** |
| New Hampshire Business Finance Authority<br> Bridgeland Water & Utility District (A) | &nbsp;&nbsp;5.375 | &nbsp;&nbsp;12-15-35 | 3000000 | &nbsp;&nbsp;2997219 |
| New Hampshire Business Finance Authority<br> Grand Pines Project (A) | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;06-01-39 | 1523000 | &nbsp;&nbsp;1519065 |
| New Hampshire Business Finance Authority<br> Lariat Phase 2 Project, GO (A)(B) | &nbsp;&nbsp;7.029 | &nbsp;&nbsp;12-15-32 | 2000000 | &nbsp;&nbsp;1231017 |
| New Hampshire Business Finance Authority<br> Megatel Projects (A)(B) | &nbsp;&nbsp;6.065 | &nbsp;&nbsp;12-15-33 | 3000000 | &nbsp;&nbsp;1855634 |
| New Hampshire Business Finance Authority<br> Princeton Area Project (A) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;12-01-30 | 802000 | &nbsp;&nbsp;800804 |
| New Hampshire Business Finance Authority<br> Series A (A) | &nbsp;&nbsp;3.625 | &nbsp;&nbsp;07-01-43 | 500000 | &nbsp;&nbsp;409888 |
| New Hampshire Business Finance Authority<br> Silverado Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-28 | 1495000 | &nbsp;&nbsp;1493438 |
| New Hampshire Business Finance Authority<br> Springpoint Senior Living | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-41 | 1000000 | &nbsp;&nbsp;922753 |

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

------

[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **New Hampshire (continued)** |  |  |  |  |
| New Hampshire Business Finance Authority<br> The Wildflower Project (A)(B) | &nbsp;&nbsp;&nbsp;6.195 | &nbsp;&nbsp;12-15-33 | 3800000 | &nbsp;&nbsp;$2327198 |
| **New Jersey 1.0%** |  |  |  | &nbsp;&nbsp;**3901461** |
| New Jersey Economic Development Authority<br> Repauno Port and Rail Terminal Project, AMT (A) | &nbsp;&nbsp;&nbsp;6.625 | &nbsp;&nbsp;01-01-45 | 3000000 | &nbsp;&nbsp;3114734 |
| New Jersey Health Care Facilities Financing Authority<br> St. Joseph's Healthcare System | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-48 | 440000 | &nbsp;&nbsp;382941 |
| The Passaic County Improvement Authority<br> Paterson Charter School for Science & Technology, Inc. | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-44 | 400000 | &nbsp;&nbsp;403786 |
| **New York 9.6%** |  |  |  | &nbsp;&nbsp;**38312202** |
| Albany Capital Resource Corp.<br> KIPP Capital Region Public Charter Schools Project | &nbsp;&nbsp;&nbsp;4.500 | &nbsp;&nbsp;06-01-44 | 125000 | &nbsp;&nbsp;118399 |
| Build NYC Resource Corp.<br> Bold Charter School Project (A) | &nbsp;&nbsp;&nbsp;6.000 | &nbsp;&nbsp;07-01-60 | 1500000 | &nbsp;&nbsp;1507946 |
| Build NYC Resource Corp.<br> Seton Education Partners Brilla Project, Series A (A) | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-41 | 1000000 | &nbsp;&nbsp;880464 |
| Build NYC Resource Corp.<br> South Bronx Charter School for International Culture and the Arts Project, Series A (A) | &nbsp;&nbsp;&nbsp;7.000 | &nbsp;&nbsp;04-15-53 | 750000 | &nbsp;&nbsp;766583 |
| City of New York<br> Series G-1, GO (C) | &nbsp;&nbsp;&nbsp;5.250 | &nbsp;&nbsp;02-01-53 | 20000000 | &nbsp;&nbsp;21032438 |
| Dutchess County Local Development Corp.<br> Health Quest Systems, Inc., Series B | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-41 | 1550000 | &nbsp;&nbsp;1482786 |
| Erie Tobacco Asset Securitization Corp.<br> Series A (A)(B) | &nbsp;&nbsp;10.050 | &nbsp;&nbsp;06-01-60 | 15000000 | &nbsp;&nbsp;525122 |
| Nassau County Tobacco Settlement Corp.<br> Series D (B) | &nbsp;&nbsp;&nbsp;8.392 | &nbsp;&nbsp;06-01-60 | 12000000 | &nbsp;&nbsp;714569 |
| New York Counties Tobacco Trust IV<br> Series F (B) | &nbsp;&nbsp;&nbsp;9.105 | &nbsp;&nbsp;06-01-60 | 17000000 | &nbsp;&nbsp;804675 |
| New York State Environmental Facilities Corp.<br> Casella Waste System, Inc. Project, Series R-2, AMT (A) | &nbsp;&nbsp;&nbsp;5.125 | &nbsp;&nbsp;09-01-50 | 1000000 | &nbsp;&nbsp;1042886 |
| New York Transportation Development Corp.<br> Delta Airlines, Inc., Laguardia Airport Terminals C&D Redevelopment, AMT | &nbsp;&nbsp;&nbsp;4.375 | &nbsp;&nbsp;10-01-45 | 1000000 | &nbsp;&nbsp;942297 |
| New York Transportation Development Corp.<br> John F. Kennedy International Airport New Terminal One Project, AMT | &nbsp;&nbsp;&nbsp;6.000 | &nbsp;&nbsp;06-30-59 | 1000000 | &nbsp;&nbsp;1062538 |
| Niagara Area Development Corp.<br> Covanta Project, Series A, AMT (A) | &nbsp;&nbsp;&nbsp;4.750 | &nbsp;&nbsp;11-01-42 | 500000 | &nbsp;&nbsp;448142 |
| Oneida Indian Nation of New York<br> Series A (A) | &nbsp;&nbsp;&nbsp;7.250 | &nbsp;&nbsp;09-01-34 | 930000 | &nbsp;&nbsp;947048 |
| Oneida Indian Nation of New York<br> Series B (A) | &nbsp;&nbsp;&nbsp;6.000 | &nbsp;&nbsp;09-01-43 | 250000 | &nbsp;&nbsp;269419 |

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

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[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **New York (continued)** |  |  |  |  |
| Riverhead Industrial Development Agency<br> Riverhead Charter School Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-40 | 1885000 | &nbsp;&nbsp;$1967303 |
| Suffolk Regional Off-Track Betting Corp. | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;12-01-53 | 500000 | &nbsp;&nbsp;507534 |
| Ulster County Capital Resource Corp.<br> Woodland Pond at New Paltz Project (A) | &nbsp;&nbsp;5.875 | &nbsp;&nbsp;09-15-59 | 1000000 | &nbsp;&nbsp;989142 |
| Westchester County Local Development Corp.<br> The Knolls Project, Series A | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;07-01-55 | 300000 | &nbsp;&nbsp;242589 |
| Westchester County Local Development Corp.<br> Westchester Medical Center Obligated Group Project (D) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-51 | 1025000 | &nbsp;&nbsp;1049844 |
| Westchester County Local Development Corp.<br> Westchester Medical Center Obligated Group Project | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;11-01-52 | 1000000 | &nbsp;&nbsp;1010478 |
| **North Carolina 0.4%** |  |  |  | &nbsp;&nbsp;**1658489** |
| North Carolina Medical Care Commission<br> Penick Village Project, Series A | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;09-01-54 | 1665000 | &nbsp;&nbsp;1658489 |
| **Ohio 5.4%** |  |  |  | &nbsp;&nbsp;**21653062** |
| Buckeye Tobacco Settlement Financing Authority<br> Series A-2, Class 1 | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;06-01-48 | 1770000 | &nbsp;&nbsp;1258358 |
| Buckeye Tobacco Settlement Financing Authority<br> Series A-2, Class 1 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-48 | 1550000 | &nbsp;&nbsp;1345959 |
| Buckeye Tobacco Settlement Financing Authority<br> Series B-2, Class 2 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-55 | 6215000 | &nbsp;&nbsp;5233416 |
| Buckeye Tobacco Settlement Financing Authority<br> Series B-3, Class 2 (B) | &nbsp;&nbsp;7.916 | &nbsp;&nbsp;06-01-57 | 15000000 | &nbsp;&nbsp;1313922 |
| County of Lucas<br> Promedica Healthcare, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-15-48 | 2680000 | &nbsp;&nbsp;2634002 |
| County of Lucas<br> Promedica Healthcare, Series B | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-15-45 | 1160000 | &nbsp;&nbsp;1006067 |
| County of Montgomery<br> Solvita Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;09-01-54 | 1000000 | &nbsp;&nbsp;1026724 |
| Dayton-Montgomery County Port Authority<br> Dayton Regional STEM School, Inc. Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 375000 | &nbsp;&nbsp;401803 |
| Dayton-Montgomery County Port Authority<br> Dayton Regional STEM School, Inc. Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-44 | 500000 | &nbsp;&nbsp;506786 |
| Dayton-Montgomery County Port Authority<br> Dayton Regional STEM School, Inc. Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-60 | 605000 | &nbsp;&nbsp;598900 |
| Greene County Port Authority<br> Community First Solutions Obligated Group, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-55 | 1000000 | &nbsp;&nbsp;959258 |
| Ohio Air Quality Development Authority<br> Pratt Paper LLC Project, AMT (A) | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;01-15-48 | 1000000 | &nbsp;&nbsp;934832 |
| Ohio Higher Educational Facility Commission<br> Otterbein University 2022 Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-46 | 400000 | &nbsp;&nbsp;338602 |

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

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[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Ohio (continued)** |  |  |  |  |
| Port of Greater Cincinnati Development Authority<br> Gallery at Kenwood - Cooperative Township Public Parking Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-51 | 2160000 | &nbsp;&nbsp;$2153587 |
| Port of Greater Cincinnati Development Authority<br> RBM Phase 3 Garage Project | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;12-01-55 | 1000000 | &nbsp;&nbsp;976526 |
| Southeastern Ohio Port Authority<br> Marietta Memorial Hospital | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-35 | 1000000 | &nbsp;&nbsp;964320 |
| **Oklahoma 0.8%** |  |  |  | &nbsp;&nbsp;**2980087** |
| Oklahoma Development Finance Authority<br> OU Medicine Project, Series B | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;08-15-52 | 1000000 | &nbsp;&nbsp;1003888 |
| Tulsa Authority for Economic Opportunity<br> Vast Bank Project (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-43 | 965000 | &nbsp;&nbsp;853653 |
| Tulsa Municipal Airport Trust<br> American Airlines, Inc. Project, AMT | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;12-01-40 | 1000000 | &nbsp;&nbsp;1122546 |
| **Oregon 0.8%** |  |  |  | &nbsp;&nbsp;**3193177** |
| Clackamas County Hospital Facility Authority<br> Mary's Woods at Marylhurst, Inc. Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-38 | 220000 | &nbsp;&nbsp;220983 |
| Oregon State Facilities Authority<br> Redmond Proficiency Academy Project, Series A (A) | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;06-15-55 | 710000 | &nbsp;&nbsp;702806 |
| Oregon State Facilities Authority<br> Redmond Proficiency Academy Project, Series A (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;06-15-65 | 1000000 | &nbsp;&nbsp;1013920 |
| Oregon State Facilities Authority<br> Southern Oregon Goodwill Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-40 | 325000 | &nbsp;&nbsp;331151 |
| Salem Hospital Facility Authority<br> Capital Manor Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-53 | 975000 | &nbsp;&nbsp;924317 |
| **Pennsylvania 3.9%** |  |  |  | &nbsp;&nbsp;**15348447** |
| Allentown Commercial and Industrial Development Authority<br> Lincoln Leadership Academy Charter School Project | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;06-15-38 | 600000 | &nbsp;&nbsp;628451 |
| Allentown Commercial and Industrial Development Authority<br> Lincoln Leadership Academy Charter School Project | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;06-15-53 | 500000 | &nbsp;&nbsp;514900 |
| Allentown Neighborhood Improvement Zone Development Authority<br> City Center Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-42 | 1450000 | &nbsp;&nbsp;1484602 |
| Allentown Neighborhood Improvement Zone Development Authority<br> City Center Project (A) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;05-01-32 | 750000 | &nbsp;&nbsp;810959 |
| Allentown Neighborhood Improvement Zone Development Authority<br> City Center Project (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;05-01-42 | 1000000 | &nbsp;&nbsp;1080118 |

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

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[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Pennsylvania (continued)** |  |  |  |  |
| Beaver County Industrial Development Authority<br> FirstEnergy Generation Project, Series B | &nbsp;&nbsp;3.750 | &nbsp;&nbsp;10-01-47 | 3030000 | &nbsp;&nbsp;$2554806 |
| Berks County Municipal Authority<br> Tower Health Project, Series A-3 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-30-39 | 679000 | &nbsp;&nbsp;611129 |
| Berks County Municipal Authority<br> Tower Health Project, Series A-4 | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;06-30-39 | 1091000 | &nbsp;&nbsp;884074 |
| Berks County Municipal Authority<br> Tower Health Project, Series B-2 (0.000% to 11-15-29, then 8.000% thereafter) | &nbsp;&nbsp;0.000 | &nbsp;&nbsp;06-30-44 | 1216000 | &nbsp;&nbsp;619756 |
| Bucks County Industrial Development Authority<br> Grand View Hospital Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-46 | 350000 | &nbsp;&nbsp;305341 |
| Chester County Industrial Development Authority<br> Collegium Charter School Project (A) | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;10-15-42 | 1000000 | &nbsp;&nbsp;993323 |
| Lancaster County Hospital Authority<br> Brethren Village Project | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;07-01-28 | 150000 | &nbsp;&nbsp;149234 |
| Lancaster Industrial Development Authority<br> Landis Homes Retirement Community Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-46 | 1445000 | &nbsp;&nbsp;1240126 |
| Lancaster Industrial Development Authority<br> Landis Homes Retirement Community Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-51 | 1000000 | &nbsp;&nbsp;818894 |
| Pennsylvania Economic Development Financing Authority<br> Presbyterian Senior Living Project, Series B-1 | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-49 | 1000000 | &nbsp;&nbsp;1005181 |
| Philadelphia Authority for Industrial Development<br> Discovery Charter School, Inc. Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-15-42 | 625000 | &nbsp;&nbsp;594883 |
| Philadelphia Authority for Industrial Development<br> Philadelphia E&T Charter High School, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-56 | 1400000 | &nbsp;&nbsp;1052670 |
| **Puerto Rico 1.5%** |  |  |  | &nbsp;&nbsp;**5943535** |
| Puerto Rico Commonwealth<br> CW Guarantee Bond Claims, GO (B) | &nbsp;&nbsp;2.485 | &nbsp;&nbsp;11-01-43 | 3075117 | &nbsp;&nbsp;1968075 |
| Puerto Rico Commonwealth<br> Series A-1, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-41 | 1550000 | &nbsp;&nbsp;1431396 |
| Puerto Rico Commonwealth<br> Series A-1, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-46 | 1615 | &nbsp;&nbsp;1435 |
| Puerto Rico Sales Tax Financing Corp.<br> Sales Tax Revenue, Series A-1 (B) | &nbsp;&nbsp;5.313 | &nbsp;&nbsp;07-01-46 | 2475000 | &nbsp;&nbsp;839643 |
| Puerto Rico Sales Tax Financing Corp.<br> Sales Tax Revenue, Series A-1 (B) | &nbsp;&nbsp;5.520 | &nbsp;&nbsp;07-01-51 | 3450000 | &nbsp;&nbsp;855394 |
| 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;847592 |
| **South Carolina 1.7%** |  |  |  | &nbsp;&nbsp;**6660542** |
| South Carolina Jobs-Economic Development Authority<br> Beaufort Memorial Hospital & South of Broad Healthcare Project | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;11-15-54 | 1375000 | &nbsp;&nbsp;1425556 |

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

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[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **South Carolina (continued)** |  |  |  |  |
| South Carolina Jobs-Economic Development Authority<br> Bishop Gadsden Episcopal Retirement Community (F) | &nbsp;&nbsp;&nbsp;5.250 | &nbsp;&nbsp;04-01-51 | 360000 | &nbsp;&nbsp;$359668 |
| South Carolina Jobs-Economic Development Authority<br> Charleston Southern University, Series C | &nbsp;&nbsp;&nbsp;5.750 | &nbsp;&nbsp;09-01-55 | 1960000 | &nbsp;&nbsp;2008210 |
| South Carolina Jobs-Economic Development Authority<br> Last Step Recycling Project, Series A, AMT (A)(E) | &nbsp;&nbsp;&nbsp;6.250 | &nbsp;&nbsp;06-01-40 | 1000000 | &nbsp;&nbsp;110000 |
| South Carolina Jobs-Economic Development Authority<br> Last Step Recycling Project, Series A, AMT (A)(E) | &nbsp;&nbsp;&nbsp;6.500 | &nbsp;&nbsp;06-01-51 | 4000000 | &nbsp;&nbsp;440000 |
| South Carolina Jobs-Economic Development Authority<br> Lowcountry Leadership Charter School Project, Series A (A) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-49 | 2000000 | &nbsp;&nbsp;1865697 |
| South Carolina Jobs-Economic Development Authority<br> Ocean Collegiate Academy Project, Series A (A) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-44 | 465000 | &nbsp;&nbsp;441409 |
| South Carolina Jobs-Economic Development Authority<br> Still Hopes Episcopal Retirement Community | &nbsp;&nbsp;&nbsp;4.500 | &nbsp;&nbsp;04-01-37 | 10000 | &nbsp;&nbsp;10002 |
| **Texas 7.1%** |  |  |  | &nbsp;&nbsp;**28337007** |
| Arlington Higher Education Finance Corp.<br> Basis Texas Charter Schools (A) | &nbsp;&nbsp;&nbsp;5.875 | &nbsp;&nbsp;06-15-65 | 1900000 | &nbsp;&nbsp;1923500 |
| Arlington Higher Education Finance Corp.<br> Magellan International School (A) | &nbsp;&nbsp;&nbsp;6.250 | &nbsp;&nbsp;06-01-52 | 1000000 | &nbsp;&nbsp;1010364 |
| Board of Managers Joint Guadalupe County<br> City of Seguin Hospital | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-45 | 1000000 | &nbsp;&nbsp;947441 |
| Brazoria County Industrial Development Corp.<br> Aleon Renewable Metals LLC Project, AMT (A) | &nbsp;&nbsp;10.000 | &nbsp;&nbsp;06-01-42 | 1874737 | &nbsp;&nbsp;271837 |
| Brazoria County Industrial Development Corp.<br> Aleon Renewable Metals LLC Project, AMT (A) | &nbsp;&nbsp;12.000 | &nbsp;&nbsp;06-01-43 | 937369 | &nbsp;&nbsp;135918 |
| Brazoria County Industrial Development Corp.<br> Gladieux Metals Recycling LLC Project, AMT (E) | &nbsp;&nbsp;&nbsp;7.000 | &nbsp;&nbsp;03-01-39 | 1255000 | &nbsp;&nbsp;181975 |
| Brazoria County Industrial Development Corp.<br> Gladieux Metals Recycling LLC Project, AMT (A)(E) | &nbsp;&nbsp;&nbsp;8.500 | &nbsp;&nbsp;03-01-39 | 1900000 | &nbsp;&nbsp;275500 |
| 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;909266 |
| City of Houston Airport System Revenue<br> United Airlines, Inc. Terminal Project, AMT | &nbsp;&nbsp;&nbsp;6.625 | &nbsp;&nbsp;07-15-38 | 800000 | &nbsp;&nbsp;800544 |

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

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[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Texas (continued)** |  |  |  |  |
| City of Houston Airport System Revenue<br> United Airlines, Inc. Terminal Project, Series B, AMT | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;07-15-38 | 1850000 | &nbsp;&nbsp;$2001045 |
| City of Houston Airport System Revenue<br> United Airlines, Inc. Terminal Project, Series C, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-15-28 | 1100000 | &nbsp;&nbsp;1131151 |
| City of Pflugerville<br> Meadowlark Preserve Public Improvement District Project (A) | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;09-01-45 | 500000 | &nbsp;&nbsp;490971 |
| City of Pflugerville<br> Meadowlark Preserve Public Improvement District Project (A) | &nbsp;&nbsp;5.375 | &nbsp;&nbsp;09-01-55 | 640000 | &nbsp;&nbsp;632972 |
| Clifton Higher Education Finance Corp.<br> Valor Education, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-34 | 325000 | &nbsp;&nbsp;321207 |
| Clifton Higher Education Finance Corp.<br> Valor Education, Series A (A) | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;06-15-44 | 575000 | &nbsp;&nbsp;545032 |
| Clifton Higher Education Finance Corp.<br> Valor Education, Series A (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;06-15-54 | 450000 | &nbsp;&nbsp;418426 |
| Gulf Coast Industrial Development Authority<br> CITGO Petroleum Corp. Project, AMT | &nbsp;&nbsp;8.000 | &nbsp;&nbsp;04-01-28 | 1000000 | &nbsp;&nbsp;1001214 |
| Harris County Cultural Education Facilities Finance Corp.<br> Brazos Presbyterian Homes Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-37 | 150000 | &nbsp;&nbsp;150052 |
| Houston Higher Education Finance Corp.<br> Houston Christian University Project | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;10-01-51 | 195000 | &nbsp;&nbsp;185205 |
| Houston Higher Education Finance Corp.<br> Houston Christian University Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;10-01-54 | 370000 | &nbsp;&nbsp;355610 |
| Lake Houston Redevelopment Authority<br> Reinvestment Zone No. 10 | &nbsp;&nbsp;2.500 | &nbsp;&nbsp;09-01-41 | 50000 | &nbsp;&nbsp;36754 |
| Lake Houston Redevelopment Authority<br> Reinvestment Zone No. 10 | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;09-01-47 | 50000 | &nbsp;&nbsp;35677 |
| New Hope Cultural Education Facilities Finance Corp.<br> Legacy Midtown Park Project, Series A | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;07-01-54 | 500000 | &nbsp;&nbsp;417701 |
| New Hope Cultural Education Facilities Finance Corp.<br> Legacy Midtown Park Project, Series A | &nbsp;&nbsp;6.750 | &nbsp;&nbsp;07-01-44 | 305000 | &nbsp;&nbsp;312299 |
| New Hope Cultural Education Facilities Finance Corp.<br> Legacy Midtown Park Project, Series A | &nbsp;&nbsp;7.125 | &nbsp;&nbsp;07-01-56 | 200000 | &nbsp;&nbsp;203813 |
| New Hope Cultural Education Facilities Finance Corp.<br> Sanctuary LTC Project, Series A-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-32 | 1150000 | &nbsp;&nbsp;1168959 |
| New Hope Cultural Education Facilities Finance Corp.<br> Sanctuary LTC Project, Series A-1 | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;01-01-42 | 1000000 | &nbsp;&nbsp;955938 |
| New Hope Cultural Education Facilities Finance Corp.<br> Sanctuary LTC Project, Series A-1 | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;01-01-57 | 1000000 | &nbsp;&nbsp;895255 |

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

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[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Texas (continued)** |  |  |  |  |
| New Hope Cultural Education Facilities Finance Corp.<br> Series A | &nbsp;&nbsp;&nbsp;5.500 | &nbsp;&nbsp;10-01-35 | 600000 | &nbsp;&nbsp;$630456 |
| New Hope Cultural Education Facilities Finance Corp.<br> Series A | &nbsp;&nbsp;&nbsp;6.250 | &nbsp;&nbsp;10-01-45 | 1000000 | &nbsp;&nbsp;1039748 |
| New Hope Cultural Education Facilities Finance Corp.<br> Series A | &nbsp;&nbsp;&nbsp;6.500 | &nbsp;&nbsp;10-01-60 | 890000 | &nbsp;&nbsp;918651 |
| Port of Beaumont Navigation District<br> Jefferson Gulf Coast Energy Project, Series A, AMT (A) | &nbsp;&nbsp;&nbsp;2.750 | &nbsp;&nbsp;01-01-36 | 1000000 | &nbsp;&nbsp;821983 |
| Port of Beaumont Navigation District<br> Jefferson Gulf Coast Energy Project, Series A, AMT (A) | &nbsp;&nbsp;&nbsp;2.875 | &nbsp;&nbsp;01-01-41 | 500000 | &nbsp;&nbsp;366885 |
| Port of Beaumont Navigation District<br> Jefferson Gulf Coast Energy Project, Series A, AMT (A) | &nbsp;&nbsp;&nbsp;3.625 | &nbsp;&nbsp;01-01-35 | 1000000 | &nbsp;&nbsp;931528 |
| Port of Beaumont Navigation District<br> Jefferson Gulf Coast Energy Project, Series A, AMT (A) | &nbsp;&nbsp;&nbsp;5.125 | &nbsp;&nbsp;01-01-44 | 500000 | &nbsp;&nbsp;486642 |
| Port of Beaumont Navigation District<br> Jefferson Gulf Coast Energy Project, Series B (A) | &nbsp;&nbsp;10.000 | &nbsp;&nbsp;07-01-26 | 700000 | &nbsp;&nbsp;702584 |
| Red River Education Finance Corp.<br> Houston Baptist University Project | &nbsp;&nbsp;&nbsp;5.500 | &nbsp;&nbsp;10-01-46 | 3850000 | &nbsp;&nbsp;3852753 |
| San Antonio Education Facilities Corp.<br> Hallmark University Project, Series A | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-51 | 615000 | &nbsp;&nbsp;483165 |
| Texas Municipal Gas Acquisition & Supply Corp.<br> Series D | &nbsp;&nbsp;&nbsp;6.250 | &nbsp;&nbsp;12-15-26 | 380000 | &nbsp;&nbsp;386986 |
| **Utah 1.4%** |  |  |  | &nbsp;&nbsp;**5691547** |
| Mida Cormont Public Infrastructure District<br> Series A-1, GO (A) | &nbsp;&nbsp;&nbsp;6.250 | &nbsp;&nbsp;06-01-55 | 1000000 | &nbsp;&nbsp;1052965 |
| Mida Cormont Public Infrastructure District<br> Series A-2, GO (0.000% to 6-1-29, then 6.750% thereafter) (A) | &nbsp;&nbsp;&nbsp;0.000 | &nbsp;&nbsp;06-01-55 | 1500000 | &nbsp;&nbsp;1274950 |
| Mida Mountain Village Public Infrastructure District<br> Series 2 (A) | &nbsp;&nbsp;&nbsp;6.000 | &nbsp;&nbsp;06-15-54 | 500000 | &nbsp;&nbsp;515033 |
| Utah Infrastructure Agency<br> Telecommunication Revenue | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-15-35 | 300000 | &nbsp;&nbsp;296487 |
| Wolf Creek Infrastructure Financing District No. 1<br> Wolf Creek Assessment Area No. 1 | &nbsp;&nbsp;&nbsp;5.750 | &nbsp;&nbsp;12-01-44 | 2000000 | &nbsp;&nbsp;2046190 |
| Wood Ranch Public Infrastructure District<br> Assessment Area No. 1 (A) | &nbsp;&nbsp;&nbsp;5.625 | &nbsp;&nbsp;12-01-53 | 500000 | &nbsp;&nbsp;505922 |
| **Vermont 0.3%** |  |  |  | &nbsp;&nbsp;**1276275** |
| Vermont Economic Development Authority<br> Wake Robin Corp. Project, Series A | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-45 | 30000 | &nbsp;&nbsp;25142 |

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

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[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Vermont (continued)** |  |  |  |  |
| Vermont Economic Development Authority<br> Wake Robin Corp. Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-47 | 1320000 | &nbsp;&nbsp;$1251133 |
| **Virgin Islands 0.5%** |  |  |  | &nbsp;&nbsp;**2056007** |
| Virgin Islands Public Finance Authority<br> Frenchman's Reef Hotel Development, Series A (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;04-01-53 | 2000000 | &nbsp;&nbsp;2056007 |
| **Virginia 1.8%** |  |  |  | &nbsp;&nbsp;**7260844** |
| Tobacco Settlement Financing Corp.<br> Series B1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-47 | 3000000 | &nbsp;&nbsp;2486357 |
| Tobacco Settlement Financing Corp.<br> Series D (B) | &nbsp;&nbsp;6.552 | &nbsp;&nbsp;06-01-47 | 4000000 | &nbsp;&nbsp;1001981 |
| Virginia College Building Authority<br> Regent University Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-46 | 1755000 | &nbsp;&nbsp;1517125 |
| Virginia College Building Authority<br> Regent University Project | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;06-01-50 | 1000000 | &nbsp;&nbsp;1067786 |
| Virginia Small Business Financing Authority<br> 95 Express Lanes LLC Project, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-39 | 1210000 | &nbsp;&nbsp;1187595 |
| **Washington 2.7%** |  |  |  | &nbsp;&nbsp;**10836018** |
| King County Public Hospital District No. 4<br> Snoqualmie Valley Health, Series A | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;12-01-60 | 1500000 | &nbsp;&nbsp;1537882 |
| Skagit County Public Hospital District No. 1<br> Skagit Regional Health | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;12-01-54 | 1000000 | &nbsp;&nbsp;1029971 |
| Washington State Convention Center Public Facilities District<br> Series B | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;07-01-58 | 1000000 | &nbsp;&nbsp;669087 |
| Washington State Housing Finance Commission<br> Bayview Manor II Project, Series A (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;07-01-60 | 1000000 | &nbsp;&nbsp;1022179 |
| Washington State Housing Finance Commission<br> Bayview Manor Project (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;07-01-59 | 1500000 | &nbsp;&nbsp;1533269 |
| Washington State Housing Finance Commission<br> Horizon House Project, Series A (F) | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;01-01-56 | 3000000 | &nbsp;&nbsp;2992059 |
| Washington State Housing Finance Commission<br> Parkshore Juanita Bay Project, Series A (A) | &nbsp;&nbsp;5.875 | &nbsp;&nbsp;01-01-59 | 1000000 | &nbsp;&nbsp;972367 |
| Washington State Housing Finance Commission<br> Seattle Academy of Arts and Sciences Project (A) | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;07-01-59 | 1000000 | &nbsp;&nbsp;1079204 |
| **West Virginia 0.4%** |  |  |  | &nbsp;&nbsp;**1692350** |
| County of Ohio<br> The Highlands Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06-01-53 | 1680000 | &nbsp;&nbsp;1692350 |
| **Wisconsin 11.2%** |  |  |  | &nbsp;&nbsp;**44376854** |
| Public Finance Authority<br> A Challenge Foundation Academy (A) | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;07-01-58 | 1030000 | &nbsp;&nbsp;1047587 |
| Public Finance Authority<br> AFCO Airport Real Estate Group, AMT | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;07-01-38 | 250000 | &nbsp;&nbsp;266789 |
| Public Finance Authority<br> Alpha Ranch Project, GO (A)(B) | &nbsp;&nbsp;6.028 | &nbsp;&nbsp;12-15-38 | 2065000 | &nbsp;&nbsp;951844 |

---

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

------

[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Wisconsin (continued)** |  |  |  |  |
| Public Finance Authority<br> Campus Real Estate Holding Corp. LLC Project, Series A | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;06-01-55 | 305000 | &nbsp;&nbsp;$311189 |
| Public Finance Authority<br> Cincinnati Classical Academy, Series A (A) | &nbsp;&nbsp;5.875 | &nbsp;&nbsp;06-15-54 | 400000 | &nbsp;&nbsp;394491 |
| Public Finance Authority<br> Cincinnati Classical Academy, Series A (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;06-15-64 | 1000000 | &nbsp;&nbsp;985103 |
| Public Finance Authority<br> College Achieve Paterson Charter School (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-15-42 | 1000000 | &nbsp;&nbsp;863513 |
| Public Finance Authority<br> Cornerstone Charter Academy Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-54 | 555000 | &nbsp;&nbsp;545854 |
| Public Finance Authority<br> Cornerstone Charter Academy Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-64 | 1255000 | &nbsp;&nbsp;1211306 |
| Public Finance Authority<br> Founders Academy of Las Vegas Project, Series A (A) | &nbsp;&nbsp;6.625 | &nbsp;&nbsp;07-01-53 | 250000 | &nbsp;&nbsp;258544 |
| Public Finance Authority<br> Friends Homes (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-49 | 1000000 | &nbsp;&nbsp;955812 |
| Public Finance Authority<br> Gardner-Webb University (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-31 | 1000000 | &nbsp;&nbsp;991389 |
| Public Finance Authority<br> Georgia SR 400 Express Lanes Project, AMT | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;12-31-65 | 2000000 | &nbsp;&nbsp;2074057 |
| Public Finance Authority<br> Georgia SR 400 Express Lanes Project, AMT | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;12-31-65 | 4000000 | &nbsp;&nbsp;4422447 |
| Public Finance Authority<br> Heritage Bend Project (A)(B) | &nbsp;&nbsp;7.105 | &nbsp;&nbsp;12-15-42 | 9500000 | &nbsp;&nbsp;2899881 |
| Public Finance Authority<br> Mary's Woods at Marylhurst Project, Series A (A) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;05-15-52 | 1000000 | &nbsp;&nbsp;948817 |
| Public Finance Authority<br> McLemore Hotel (A) | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;06-01-56 | 1000000 | &nbsp;&nbsp;700000 |
| Public Finance Authority<br> Midtown Project (A)(B) | &nbsp;&nbsp;5.900 | &nbsp;&nbsp;12-15-34 | 2150000 | &nbsp;&nbsp;1270875 |
| Public Finance Authority<br> Million Air Three LLC General Aviation Facilities Project, Series A, AMT (A) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;09-01-30 | 400000 | &nbsp;&nbsp;418314 |
| Public Finance Authority<br> Million Air Three LLC General Aviation Facilities Project, Series A, AMT (A) | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;09-01-46 | 700000 | &nbsp;&nbsp;725086 |
| Public Finance Authority<br> Northspur Project (A)(B) | &nbsp;&nbsp;6.290 | &nbsp;&nbsp;12-15-32 | 3000000 | &nbsp;&nbsp;1940204 |
| Public Finance Authority<br> Revolution Academy, Series A (A) | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;10-01-53 | 1000000 | &nbsp;&nbsp;1019493 |
| Public Finance Authority<br> Roseman University of Health Sciences Project (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;04-01-42 | 490000 | &nbsp;&nbsp;432682 |
| Public Finance Authority<br> Roseman University of Health Sciences Project (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;04-01-42 | 10000 | &nbsp;&nbsp;10677 |

---

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

------

[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Wisconsin (continued)** |  |  |  |  |
| Public Finance Authority<br> Roseman University of Health Sciences Project (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;04-01-52 | 780000 | &nbsp;&nbsp;$617913 |
| Public Finance Authority<br> Roseman University of Health Sciences Project (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;04-01-52 | 20000 | &nbsp;&nbsp;21354 |
| Public Finance Authority<br> Shining Rock Classical Academy | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;06-15-52 | 2000000 | &nbsp;&nbsp;1761071 |
| Public Finance Authority<br> Sky Harbor Capital LLC, AMT | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;07-01-54 | 2000000 | &nbsp;&nbsp;1661668 |
| Public Finance Authority<br> Southminster, Inc. (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-53 | 225000 | &nbsp;&nbsp;210341 |
| Public Finance Authority<br> Town of Scarborough - The Downs Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-39 | 1550000 | &nbsp;&nbsp;1575553 |
| Public Finance Authority<br> Two Step Project (A)(B) | &nbsp;&nbsp;6.027 | &nbsp;&nbsp;12-15-34 | 2550000 | &nbsp;&nbsp;1490836 |
| Public Finance Authority<br> University of Hawaii Foundation Project (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-61 | 500000 | &nbsp;&nbsp;374731 |
| Public Finance Authority<br> University of Hawaii Foundation Project (A) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-61 | 250000 | &nbsp;&nbsp;208656 |
| Public Finance Authority<br> Viticus Group Project, Series A (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-41 | 1500000 | &nbsp;&nbsp;1297250 |
| Public Finance Authority<br> Viticus Group Project, Series A (A) | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;12-01-51 | 500000 | &nbsp;&nbsp;390913 |
| Public Finance Authority<br> Viticus Group Project, Series A (A) | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;12-01-55 | 1400000 | &nbsp;&nbsp;1422704 |
| Wisconsin Health & Educational Facilities Authority<br> Cedar Crest, Inc., Series A | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;04-01-57 | 900000 | &nbsp;&nbsp;782541 |
| Wisconsin Health & Educational Facilities Authority<br> Chiara Housing and Services, Inc. Project | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;07-01-60 | 1850000 | &nbsp;&nbsp;1864782 |
| Wisconsin Health & Educational Facilities Authority<br> Chiara Housing and Services, Inc. Project | &nbsp;&nbsp;6.625 | &nbsp;&nbsp;07-01-60 | 1500000 | &nbsp;&nbsp;1564202 |
| Wisconsin Health & Educational Facilities Authority<br> Dickson Hollow Phase II Project | &nbsp;&nbsp;6.125 | &nbsp;&nbsp;10-01-59 | 1000000 | &nbsp;&nbsp;1036156 |
| Wisconsin Health & Educational Facilities Authority<br> Hope Christian Schools | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-51 | 750000 | &nbsp;&nbsp;487515 |
| Wisconsin Health & Educational Facilities Authority<br> Hope Christian Schools | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-56 | 1500000 | &nbsp;&nbsp;937299 |
| Wisconsin Health & Educational Facilities Authority<br> Three Pillars Senior Living Communities, Series A | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;08-15-59 | 1000000 | &nbsp;&nbsp;1025415 |

---

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

------

[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Corporate bonds 0.1%** |  |  |  | &nbsp;&nbsp;**$224761** |
| (Cost $1,772,424) |  |  |  |  |
| **Materials 0.1%** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**224761** |
| **Paper and forest products 0.1%** |  |  |  |  |
| Domtar Corp. (A) | &nbsp;&nbsp;6.750 | &nbsp;&nbsp;10-01-28 | 281000 | &nbsp;&nbsp;&nbsp;&nbsp;224761 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Yield (%)** | **Shares** | &nbsp;&nbsp;**Value** |
| **Short-term investments 0.1%** |  |  | **$592523** |
| (Cost $592,511) |  |  |  |
| **Short-term funds 0.1%** |  |  |  |
| John Hancock Collateral Trust (G) | &nbsp;&nbsp;3.9009(H) | 59234 | &nbsp;&nbsp;592523 |
| **Total investments (Cost $437,372,674) 109.0%** | **Total investments (Cost $437,372,674) 109.0%** |  | **$433407486** |
| **Other assets and liabilities, net (9.0%)** |  |  | &nbsp;&nbsp;**(35921928)** |
| **Total net assets 100.0%** |  |  | &nbsp;&nbsp;**$397485558** |

---

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

---

| | |
|:---|:---|
| The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. | The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. |
| ^All par values are denominated in U.S. dollars unless otherwise indicated. | ^All par values are denominated in U.S. dollars unless otherwise indicated. |
| **Security Abbreviations and Legend** | **Security Abbreviations and Legend** |
| AMT | Interest earned from these securities may be considered a tax preference item for purpose of the Federal Alternative Minimum Tax. |
| GO | General Obligation |
| (A) | This security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $169,859,065 or 42.7% of the fund's net assets as of 11-30-25. |
| (B) | Zero coupon bonds are issued at a discount from their principal amount in lieu of paying interest periodically. Rate shown is the effective yield at period end. |
| (C) | All or a portion of this security represents the municipal bond held by a trust that issues residual inverse floating rate interests. See Note 2 for more information. |
| (D) | Bond is insured by one or more of the companies listed in the insurance coverage table below. |
| (E) | Non-income producing - Issuer is in default. |
| (F) | Security purchased or sold on a when-issued or delayed delivery basis. |
| (G) | Investment is an affiliate of the fund, the advisor and/or subadvisor. |
| (H) | The rate shown is the annualized seven-day yield as of 11-30-25. |

---

At 11-30-25, the aggregate cost of investments for federal income tax purposes was $435,955,119. Net unrealized depreciation aggregated to $2,547,633, of which $11,002,403 related to gross unrealized appreciation and $13,550,036 related to gross unrealized depreciation.

---

| | |
|:---|:---|
| **Insurance coverage** | &nbsp;&nbsp;**As a % of total<br> investments** |
| Assured Guaranty Corp. | &nbsp;&nbsp;1 |
| **TOTAL** | &nbsp;&nbsp;**1** |

---

The fund had the following portfolio composition as a percentage of total investments on 11-30-25:

---

| | |
|:---|:---|
| **General obligation bonds** | &nbsp;&nbsp;&nbsp;**11.2%** |
| **Revenue bonds** | &nbsp;&nbsp;&nbsp;**88.6%** |
| Health care | &nbsp;&nbsp;&nbsp;&nbsp;22.3% |

---

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

------

[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

---

| | |
|:---|:---|
| Education | &nbsp;&nbsp;&nbsp;&nbsp;18.3% |
| Development | &nbsp;&nbsp;&nbsp;&nbsp;14.7% |
| Other revenue | &nbsp;&nbsp;&nbsp;&nbsp;12.3% |
| Airport | &nbsp;&nbsp;&nbsp;&nbsp;7.6% |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;5.5% |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;3.2% |
| Housing | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| Pollution | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| Facilities | &nbsp;&nbsp;&nbsp;&nbsp;0.7% |
| Water and sewer | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |
| **Corporate bonds** | &nbsp;&nbsp;&nbsp;&nbsp;**0.1%** |
| **Short-term investments** | &nbsp;&nbsp;&nbsp;&nbsp;**0.1%** |
| **TOTAL** | **100.0%** |

---

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

------

[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

Financial statements

#### STATEMENT OF ASSETS AND LIABILITIES 11-30-25 (unaudited)

------

---

| | |
|:---|:---|
| **Assets** |  |
| Unaffiliated investments, at value (Cost $436,780,163) | &nbsp;&nbsp;&nbsp;&nbsp;$432814963 |
| Affiliated investments, at value (Cost $592,511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592523 |
| **Total investments, at value (Cost $437,372,674)** | &nbsp;&nbsp;&nbsp;&nbsp;**433407486** |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434688 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6716573 |
| Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837839 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7229 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72473 |
| **Total assets** | &nbsp;&nbsp;&nbsp;&nbsp;**442476288** |
| **Liabilities** |  |
| Payable for floating rate interests issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38330000 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57394 |
| Payable for delayed-delivery securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5777331 |
| Payable for fund shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684064 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting and legal services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 |
| Other liabilities and accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95231 |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**44990730** |
| **Net assets** | &nbsp;&nbsp;**$397485558** |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;$411190048 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13704490) |
| **Net assets** | &nbsp;&nbsp;**$397485558** |
| **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 ($168,341,177 ÷ 24,671,675 shares)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.82 |
| Class C ($11,283,653 ÷ 1,653,451 shares)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.82 |
| Class I ($202,961,554 ÷ 29,701,867 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.83 |
| Class R6 ($14,899,174 ÷ 2,178,663 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.84 |
| **Maximum offering price per share** |  |
| Class A (net asset value per share ÷ 96%)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.10 |

---

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

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

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

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

------

[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

#### STATEMENT OF OPERATIONS For the six months ended 11-30-25 (unaudited)

------

---

| | |
|:---|:---|
| **Investment income** |  |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11337823 |
| Dividends from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84755 |
| **Total investment income** | &nbsp;&nbsp;&nbsp;&nbsp;**11422578** |
| **Expenses** |  |
| Investment management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900160 |
| Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253912 |
| Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605654 |
| Accounting and legal services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34907 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140562 |
| Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3993 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31073 |
| State registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56858 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12764 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36418 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20806 |
| **Total expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2097107** |
| Less expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(365798) |
| **Net expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1731309** |
| **Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9691269** |
| **Realized and unrealized gain (loss)** |  |
| **Net realized gain (loss) on** |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2407435) |
| Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1206) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**(2408641)** |
| **Change in net unrealized appreciation (depreciation) of** |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7573783 |
| Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7573795** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5165154** |
| **Increase in net assets from operations** | &nbsp;&nbsp;**$14856423** |

---

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

------

[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 11-30-25<br> (unaudited)** | &nbsp;&nbsp;**Year ended<br> 5-31-25** |
| **Increase (decrease) in net assets** |  |  |
| **From operations** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9691269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13387467 |
| Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2408641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3532328) |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7573795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5288481) |
| **Increase in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14856423** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4566658** |
| **Distributions to shareholders** |  |  |
| From earnings |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4103767) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6387346) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(236538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(396492) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4626004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5808562) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(491614) |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9345957)** | &nbsp;&nbsp;&nbsp;&nbsp;**(13084014)** |
| **From fund share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**55093044** | &nbsp;&nbsp;&nbsp;&nbsp;**116516129** |
| **Total increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**60603510** | &nbsp;&nbsp;&nbsp;&nbsp;**107998773** |
| **Net assets** |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336882048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228883275 |
| **End of period** | &nbsp;&nbsp;**$397485558** | &nbsp;&nbsp;**$336882048** |

---

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

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[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

Financial highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CLASS A SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;**11-30-25<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**5-31-25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-21** |
| **Per share operating performance** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.72** | &nbsp;&nbsp;&nbsp;&nbsp;**$6.83** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.66** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.26** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.32** |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.27** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.47** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.28)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.72)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.22** |
| **Less distributions** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.17)** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.32)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.30)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.29)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.31)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.28)** |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;**$6.82** | &nbsp;&nbsp;&nbsp;&nbsp;**$6.72** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.83** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.66** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.26** |
| **Total return (%)<sup>3,4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.13<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.94** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.30** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.81)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9.03)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.83** |
| **Ratios and supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$168 | &nbsp;&nbsp;&nbsp;&nbsp;$158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$125 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| &nbsp;&nbsp;&nbsp;Expenses including reductions<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48 |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |

---

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

<sup>1</sup> Six months ended 11-30-25. 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> Includes interest expense of 0.34% (annualized), 0.18%, 0.06% and 0.05% for the periods ended 11-30-25, 5-31-25, 5-31-24 and 5-31-23, respectively.

<sup>7</sup> Annualized.

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

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[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CLASS C SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;**11-30-25<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**5-31-25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-21** |
| **Per share operating performance** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.72** | &nbsp;&nbsp;&nbsp;&nbsp;**$6.83** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.66** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.26** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.32** |
| 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;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.16** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.42** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.33)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.78)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.16** |
| **Less distributions** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.15)** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.27)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.24)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.25)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.22)** |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;**$6.82** | &nbsp;&nbsp;&nbsp;&nbsp;**$6.72** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.83** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.66** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.26** |
| **Total return (%)<sup>3,4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.74<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.17** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.50** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.53)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9.71)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.96** |
| **Ratios and supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 |
| &nbsp;&nbsp;&nbsp;Expenses including reductions<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.58<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75 |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |

---

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

<sup>1</sup> Six months ended 11-30-25. 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> Includes interest expense of 0.34% (annualized), 0.18%, 0.06% and 0.05% for the periods ended 11-30-25, 5-31-25, 5-31-24 and 5-31-23, respectively.

<sup>7</sup> Annualized.

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

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[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CLASS I SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;**11-30-25<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**5-31-25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-21** |
| **Per share operating performance** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.73** | &nbsp;&nbsp;&nbsp;&nbsp;**$6.84** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.67** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.27** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.33** |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.28** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.48** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.27)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.71)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.23** |
| **Less distributions** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.18)** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.33)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.31)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.30)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.32)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.29)** |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;**$6.83** | &nbsp;&nbsp;&nbsp;&nbsp;**$6.73** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.84** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.67** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.27** |
| **Total return (%)<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.21<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.09** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.45** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.65)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.88)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.99** |
| **Ratios and supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$203 | &nbsp;&nbsp;&nbsp;&nbsp;$154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| &nbsp;&nbsp;&nbsp;Expenses including reductions<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.46<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62 |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |

---

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

<sup>1</sup> Six months ended 11-30-25. 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> Includes interest expense of 0.34% (annualized), 0.18%, 0.06% and 0.05% for the periods ended 11-30-25, 5-31-25, 5-31-24 and 5-31-23, respectively.

<sup>6</sup> Annualized.

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

------

[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CLASS R6 SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;**11-30-25<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**5-31-25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-21** |
| **Per share operating performance** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.74** | &nbsp;&nbsp;&nbsp;&nbsp;**$6.84** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.68** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.28** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.34** |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.28** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.47** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.27)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.71)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.23** |
| **Less distributions** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.18)** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.33)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.31)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.30)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.32)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.29)** |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;**$6.84** | &nbsp;&nbsp;&nbsp;&nbsp;**$6.74** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.84** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6.68** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$7.25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.28** |
| **Total return (%)<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.24<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.31** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.30** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.62)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.83)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.01** |
| **Ratios and supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| &nbsp;&nbsp;&nbsp;Expenses including reductions<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.56<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66 |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |

---

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

<sup>1</sup> Six months ended 11-30-25. 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> Includes interest expense of 0.34% (annualized), 0.18%, 0.06% and 0.05% for the periods ended 11-30-25, 5-31-25, 5-31-24 and 5-31-23, respectively.

<sup>6</sup> Annualized.

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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 income that is largely exempt from federal income taxes. Under normal market conditions, the fund invests in medium-and lower-quality municipal securities. Investments in high yield securities involve greater degrees of credit and market risk than investments in higher rated securities and tend to be more sensitive to market conditions.

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

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

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

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

In order to value the securities, the fund uses the following valuation techniques: Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Investments by the fund in open-end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day.

Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the Pricing Committee following procedures established by the Advisor and adopted by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.

The fund uses a three tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities, including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the

31 JOHN HANCOCK High Yield Municipal Bond Fund \|

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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, 2025, by major security category or type:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total<br> value at<br> 11-30-25** | **Level 1<br> quoted<br> price** | **Level 2<br> significant<br> observable<br> inputs** | **Level 3<br> significant<br> unobservable<br> inputs** |
| **Investments in securities:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$432590202** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$432590202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**224761** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**592523** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$592523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total investments in securities** | **$433407486** | **$592523** | **$432814963** | **—** |

---

The fund holds liabilities for which the fair value approximates the carrying amount for financial statement purposes. As of November 30, 2025, the liability for the fund's Payable for floating rate interests issued on the Statement of assets and liabilities is categorized as Level 2 within the disclosure hierarchy.

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

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

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

\| JOHN HANCOCK High Yield Municipal Bond Fund 32

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

Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the fund accounts for the transaction described above as a secured borrowing by including the bond transferred to the TOB trust in the Fund's investments and the TOB floaters as a liability under the caption Payable for floating rate interests issued on the Statement of assets and liabilities. The TOB floaters have interest rates that generally reset 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, 2025, the amount of the fund's TOB floaters and related interest rates and collateral were as follows:

---

| | |
|:---|:---|
| TOB floaters outstanding | &nbsp;&nbsp;$38330000 |
| Interest rate (%) | &nbsp;&nbsp;2.81% |
| Collateral for TOB floaters outstanding | &nbsp;&nbsp;$50571911 |

---

For the six months ended November 30, 2025, the fund's average settled TOB Floaters outstanding and the average interest rate, including fees, were as follows:

---

| | |
|:---|:---|
| Average TOB floaters outstanding | &nbsp;&nbsp;$38253388 |
| Average interest rate (%) | &nbsp;&nbsp;3.16% |

---

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, 2025.

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

33 JOHN HANCOCK High Yield Municipal Bond Fund \|

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

**Line of credit. The fund and other affiliated funds have entered into a syndicated line of credit agreement with Citibank, N.A. as the administrative agent that enables them to participate in a $1 billion unsecured committed line of credit, which is in effect through July 13, 2026 unless extended or renewed. Excluding commitments designated for certain funds and subject to the needs of all other affiliated funds, the fund can borrow up to an aggregate commitment amount of $750 million, subject to asset coverage and other limitations as specified in the agreement. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund based on an asset-based allocation and is reflected in Other expenses on the Statement of operations. For the six months ended November 30, 2025, the fund had no borrowings under the line of credit. Commitment fees for the six months ended November 30, 2025 were $1,069.**

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

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

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

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

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

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

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, if any, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund's financial statements as a return of capital. 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.

\| JOHN HANCOCK High Yield Municipal Bond Fund 34

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

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

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

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

The Advisor contractually agreed to reduce its management fee or, if necessary, make payment to the fund, in an amount equal to the amount by which the expenses of the fund exceed 0.45% of average daily net assets attributable to the fund, excluding taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund's business, class-specific expenses, borrowing costs, prime brokerage fees, acquired fund fees and expenses paid indirectly, and short dividend expense. This agreement expires on September 30, 2026, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

The Advisor has contractually agreed to 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, 2025, this waiver amounted to 0.01% of the fund's average daily net assets, on an annualized basis. This agreement expires on July 31, 2027, 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, 2025, the expense reductions described above amounted to the following:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Expense reduction** |
| Class A | &nbsp;&nbsp;$124452 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8396 |
| Class I | &nbsp;&nbsp;&nbsp;136543 |

---

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Expense reduction** |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;$11027 |
| **Total** | &nbsp;&nbsp;**$280418** |

---

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, 2025, were equivalent to a net annual effective rate of 0.34% 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, 2025, amounted to an annual rate of 0.02% of the fund's average daily net assets.**

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

---

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

---

The fund's Distributor has contractually agreed to waive 0.10% of Rule 12b-1 fees for Class A and Class C shares. The current waiver agreement expires on September 30, 2026, 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 $79,985 and $5,395 for Class A and Class C shares, respectively, for the six months ended November 30, 2025.

**Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $24,182 for the six months ended November 30, 2025. Of this amount, $3,112 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $21,070 was paid as sales commissions to broker-dealers.**

Class A and Class C shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares purchased, including those that are acquired through purchases of $250,000 or more, and redeemed within 18 months of purchase are subject to a 1.00% CDSC. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the six months ended November 30, 2025, CDSCs received by the Distributor amounted to $31,211 and $685 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**

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

#### Class level expenses. Class level expenses for the six months ended November 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;**Distribution and service fees** | &nbsp;&nbsp;&nbsp;**Transfer agent fees** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$199961 | &nbsp;&nbsp;&nbsp;&nbsp;$64782 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4370 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71005 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 |
| **Total** | &nbsp;&nbsp;**$253912** | &nbsp;&nbsp;**$140562** |

---

**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, 2025 and for the year ended May 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended 11-30-25** | &nbsp;&nbsp;&nbsp;**Six Months Ended 11-30-25** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-25** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-25** |
|  | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class A shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;3924102 | &nbsp;&nbsp;&nbsp;&nbsp;$26417954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9145569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$64084420 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6158409 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(3323415) | &nbsp;&nbsp;&nbsp;&nbsp;(22125383) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3799193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26441045) |
| **Net increase** | &nbsp;&nbsp;&nbsp;**1192387** | &nbsp;&nbsp;&nbsp;&nbsp;**$8262943** | &nbsp;&nbsp;&nbsp;&nbsp;**6224991** | &nbsp;&nbsp;&nbsp;&nbsp;**$43801784** |
| **Class C shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1273517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3440399 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395767 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1100426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(359509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2520154) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**59113** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$408521** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**185135** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1316012** |
| **Class I shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;12255609 | &nbsp;&nbsp;&nbsp;&nbsp;$82321735 | &nbsp;&nbsp;&nbsp;&nbsp;15604619 | &nbsp;&nbsp;&nbsp;&nbsp;$108956197 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4417854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5540353 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(6133982) | &nbsp;&nbsp;&nbsp;&nbsp;(41004049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7168357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49720733) |
| **Net increase** | &nbsp;&nbsp;&nbsp;**6778632** | &nbsp;&nbsp;&nbsp;**$45735540** | &nbsp;&nbsp;&nbsp;&nbsp;**9226313** | &nbsp;&nbsp;&nbsp;&nbsp;**$64775817** |

---

37 JOHN HANCOCK High Yield Municipal Bond Fund \|

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended 11-30-25** | &nbsp;&nbsp;&nbsp;**Six Months Ended 11-30-25** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-25** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-25** |
|  | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class R6 shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4126050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9378477 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491425 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(570296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3819576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(465126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3247386) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**99651** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$686040** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**941573** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6622516** |
| **Total net increase** | &nbsp;&nbsp;**8129783** | &nbsp;&nbsp;**$55093044** | &nbsp;&nbsp;**16578012** | &nbsp;&nbsp;**$116516129** |

---

Affiliates of the fund owned 7% of shares of Class R6 on November 30, 2025. Such concentration of shareholders' capital could have a material effect on the fund if such shareholders redeem from the fund.

#### Note 6 — Purchase and sale of securities
Purchases and sales of securities, other than short-term investments, amounted to $116,698,667 and $57,802,599, respectively, for the six months ended November 30, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Dividends and distributions** | **Dividends and distributions** |  |
| **Affiliate** | **Ending<br> share<br> amount** | **Beginning<br> value** | **Cost of<br> purchases** | **Proceeds<br> from shares<br> sold** | **Realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Income<br> distributions<br> received** | **Capital gain<br> distributions<br> received** | **Ending<br> value** |
| John Hancock Collateral Trust | 59234 | $1819147 | $63385925 | $(64611355) | $(1206) | $12 | $84755 |  | $592523 |

---

#### Note 9 — Segment reporting
The management committee of the Advisor acts as the fund's chief operating decision maker (the CODM), assessing performance and making decisions about resource allocation. The fund represents a single operating segment, as the CODM monitors and assesses the operating results of the fund as a whole, and the fund's long-term strategic asset allocation is managed in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the portfolio management team of the fund's subadvisor. Segment assets are reflected in the Statement of assets and liabilities as "Total assets", which consists primarily of total investments at value. The financial information, including the measurement of profit and loss and significant expenses, provided to and reviewed by the CODM is consistent with that presented within the Statement of operations, which includes "Increase (decrease) in net assets from operations", Statements of changes in net assets, which includes "Increase (decrease) in net assets from fund share transactions", and Financial highlights, which includes total return and income and expense ratios.

\| JOHN HANCOCK High Yield Municipal Bond Fund 38

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#### SHAREHOLDER MEETING

------

(Unaudited)

The fund held a Special Joint Meeting of Shareholders on Wednesday, November 12, 2025. The following proposal was considered by the shareholders:

Proposal: To elect five Trustees as members of the Board of Trustees of each of the Trusts.

THE PROPOSAL <u>PASSED</u> ON November 12, 2025.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Total votes<br> for the nominee** | &nbsp;&nbsp;&nbsp;**Total votes withheld<br> from the nominee** |
| **Independent Trustees** |  |  |
| William K. Bacic | &nbsp;&nbsp;154975754 | &nbsp;&nbsp;4742533 |
| Christine L. Hurtsellers | &nbsp;&nbsp;157984399 | &nbsp;&nbsp;1733889 |
| Kenneth J. Phelan | &nbsp;&nbsp;155037053 | &nbsp;&nbsp;4681234 |
| Thomas R. Wright | &nbsp;&nbsp;155075447 | &nbsp;&nbsp;4642840 |

---

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

---

| | | |
|:---|:---|:---|
| **Non-Independent Trustee** |  |  |
| Kristie M. Feinberg | &nbsp;&nbsp;157,805,143 | &nbsp;&nbsp;1,913,144 |

---

39 JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND \|

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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 High Yield Municipal Bond Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 23–26, 2025 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a meeting held on May 27–29, 2025. 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 meetings held on June 23–26, 2025, 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 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.

\| JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND 40

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#### 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>. 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 risk management programs, derivatives 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 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;

(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;

41 JOHN HANCOCK HIGH YIELD MUNICIPAL BOND 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 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 outperformed its benchmark index for the one-year period ended December 31, 2024 and underperformed for the three-, five- and ten-year periods. The Board also noted that the fund outperformed its peer group median for the one- and five-year periods ended December 31, 2024 and underperformed for the three- and ten-year periods. 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 three-, five- and ten-year periods and relative to the peer group median for the three- 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>. 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 are lower than the peer group median.*

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

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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;

(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:*

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(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. 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.

\| JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND 44

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*<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.

\*\*\*

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.

45 JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND \|

------

[**Table of Contents**](#JOB_JHF_H_4493e6b8-bf0f-40b1-b620-70de1f865d33_TofC)

![](imgfa5681a53.jpg)

John Hancock Investment Management Distributors LLC, Member FINRA, SIPC

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

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

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

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

MF5026015 59SA 11/25

1/26

------

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![](imgaa443a2c2.gif)

Semiannual Financial Statements & Other N-CSR Items

## John Hancock

## Municipal Opportunities Fund
Fixed income

November 30, 2025

------

John Hancock

Municipal Opportunities Fund

Table of contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;**2** | &nbsp;&nbsp;[Fund's investments](#xx_d1f308c4-b5d3-47e7-bab9-d153453c2f90_1) |
| **50** | &nbsp;&nbsp;[Financial statements](#xx_a3fbdc4a-28f9-4f80-90cf-b89e56da6ae0_1) |
| **53** | &nbsp;&nbsp;[Financial highlights](#xx_b28751e4-b8cf-423a-b720-1e1c60dc8d5c_1) |
| **57** | &nbsp;&nbsp;[Notes to financial statements](#xx_d4546b5e-0021-4e88-b438-9f51937ff48e_1) |
| **65** | &nbsp;&nbsp;[Shareholder meeting](#xx_cab63cdd-7ee4-442b-9ee1-990c4fd778df_1) |
| **66** | &nbsp;&nbsp;[Evaluation of advisory and subadvisory agreements by the Board of Trustees](#xx_0d4630cb-fe37-455d-a858-51a81a7c2b70_1) |

---

1 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \|

------

[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

Fund's investments

#### AS OF 11-30-25 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Municipal bonds 97.7%** |  |  |  | &nbsp;&nbsp;**$1395741682** |
| (Cost $1,367,053,712) |  |  |  |  |
| **Alabama 5.0%** |  |  |  | &nbsp;&nbsp;**71841232** |
| Baldwin County Industrial Development Authority<br> Novelis Corp. Project, Series A, AMT (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-55 | 5500000 | &nbsp;&nbsp;5622048 |
| Baldwin County Industrial Development Authority<br> Novelis Corp. Project, Series B, AMT (A) | &nbsp;&nbsp;4.625 | &nbsp;&nbsp;06-01-55 | 1900000 | &nbsp;&nbsp;1913042 |
| Black Belt Energy Gas District<br> Gas Project, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;05-01-56 | 4250000 | &nbsp;&nbsp;4392131 |
| Black Belt Energy Gas District<br> Gas Project, Series C (A) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;11-01-56 | 3650000 | &nbsp;&nbsp;3869280 |
| Black Belt Energy Gas District<br> Gas Project, Series D-1 | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;06-01-49 | 1000000 | &nbsp;&nbsp;1059583 |
| Black Belt Energy Gas District<br> Gas Supply Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-51 | 2000000 | &nbsp;&nbsp;2061281 |
| City of Birmingham<br> Birmingham Water Works Board (A) | &nbsp;&nbsp;3.750 | &nbsp;&nbsp;09-01-26 | 2215000 | &nbsp;&nbsp;2214973 |
| Energy Southeast, a Cooperative District<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-35 | 1750000 | &nbsp;&nbsp;1889064 |
| Energy Southeast, a Cooperative District<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-33 | 4250000 | &nbsp;&nbsp;4406346 |
| Energy Southeast, a Cooperative District<br> Series B | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-54 | 4125000 | &nbsp;&nbsp;4484691 |
| Phenix City Industrial Development Board<br> MeadWestvaco Coated Board Project, Series A, AMT | &nbsp;&nbsp;4.125 | &nbsp;&nbsp;05-15-35 | 4550000 | &nbsp;&nbsp;4483072 |
| Southeast Energy Authority, a Cooperative District<br> Project No. 4, Series B-2 (Overnight SOFR + 1.790%) (B) | &nbsp;&nbsp;4.423 | &nbsp;&nbsp;05-01-53 | 2000000 | &nbsp;&nbsp;2029042 |
| Southeast Energy Authority, a Cooperative District<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-56 | 1500000 | &nbsp;&nbsp;1566379 |
| Southeast Energy Authority, a Cooperative District<br> Series B | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;03-01-55 | 2180000 | &nbsp;&nbsp;2311615 |
| Southeast Energy Authority, a Cooperative District<br> Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-55 | 3000000 | &nbsp;&nbsp;3220475 |
| Southeast Energy Authority, a Cooperative District<br> Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-55 | 4935000 | &nbsp;&nbsp;5377547 |
| Southeast Energy Authority, a Cooperative District<br> Series D | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-35 | 2250000 | &nbsp;&nbsp;2465632 |
| Southeast Energy Authority, a Cooperative District<br> Series E | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-30 | 13250000 | &nbsp;&nbsp;14260139 |

---

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

------

[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Alabama (continued)** |  |  |  |  |
| Southeast Energy Authority, a Cooperative District<br> Series F | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-01-55 | 3800000 | &nbsp;&nbsp;$4214892 |
| **Alaska 0.3%** |  |  |  | &nbsp;&nbsp;**4491782** |
| Alaska Municipal Bond Bank Authority<br> Series 2 | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;12-01-42 | 2120000 | &nbsp;&nbsp;2142201 |
| Alaska Municipal Bond Bank Authority<br> Series 2, AMT | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;12-01-47 | 1350000 | &nbsp;&nbsp;1397373 |
| State of Alaska<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-35 | 810000 | &nbsp;&nbsp;952208 |
| **Arizona 1.9%** |  |  |  | &nbsp;&nbsp;**27557565** |
| Arizona Industrial Development Authority<br> Academies of Math & Science Projects, Series A (A) | &nbsp;&nbsp;4.875 | &nbsp;&nbsp;07-01-60 | 1050000 | &nbsp;&nbsp;1047920 |
| Arizona Industrial Development Authority<br> Benjamin Franklin Charter School Projects, Series A (A) | &nbsp;&nbsp;4.430 | &nbsp;&nbsp;07-01-33 | 850000 | &nbsp;&nbsp;852327 |
| Arizona Industrial Development Authority<br> Benjamin Franklin Charter School Projects, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-43 | 750000 | &nbsp;&nbsp;729592 |
| Arizona Industrial Development Authority<br> Equitable School Revolving Fund, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-44 | 1000000 | &nbsp;&nbsp;1007000 |
| Arizona Industrial Development Authority<br> Macombs Facility Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-61 | 350000 | &nbsp;&nbsp;281710 |
| Chandler Industrial Development Authority<br> Intel Corp. Project, Series 2, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-49 | 3500000 | &nbsp;&nbsp;3552285 |
| Chandler Industrial Development Authority<br> Intel Corp. Project, Series 2, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-52 | 2200000 | &nbsp;&nbsp;2236296 |
| City of Phoenix Civic Improvement Corp.<br> Civic Plaza, Series B (C) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;07-01-28 | 1000000 | &nbsp;&nbsp;1071941 |
| Glendale Industrial Development Authority<br> Royal Oaks Life Care Community | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-39 | 3025000 | &nbsp;&nbsp;2975050 |
| Maricopa County Industrial Development Authority<br> Arizona Autism Charter Schools Project, Series A (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-31 | 250000 | &nbsp;&nbsp;248761 |
| Maricopa County Industrial Development Authority<br> Choice Academies, Inc. Project (A) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;09-01-32 | 840000 | &nbsp;&nbsp;851155 |
| Maricopa County Industrial Development Authority<br> Choice Academies, Inc. Project (A) | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;09-01-45 | 975000 | &nbsp;&nbsp;936960 |
| Maricopa County Industrial Development Authority<br> HonorHealth, Series D | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-39 | 2365000 | &nbsp;&nbsp;2591850 |
| Maricopa County Industrial Development Authority<br> Legacy Cares Project (A) | &nbsp;&nbsp;2.100 | &nbsp;&nbsp;07-01-26 | 275000 | &nbsp;&nbsp;269907 |

---

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

------

[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Arizona (continued)** |  |  |  |  |
| Maricopa County Industrial Development Authority<br> Legacy Traditional School | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-34 | 3640000 | &nbsp;&nbsp;$3606651 |
| Salt River Project Agricultural Improvement & Power District<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-39 | 960000 | &nbsp;&nbsp;993650 |
| Salt Verde Financial Corp.<br> Gas Revenue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-37 | 1605000 | &nbsp;&nbsp;1741319 |
| Sierra Vista Industrial Development Authority<br> American Leadership Academy Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-34 | 500000 | &nbsp;&nbsp;512115 |
| Sierra Vista Industrial Development Authority<br> Champion Schools Project (A) | &nbsp;&nbsp;5.375 | &nbsp;&nbsp;06-15-34 | 330000 | &nbsp;&nbsp;347624 |
| Sierra Vista Industrial Development Authority<br> Champion Schools Project (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;06-15-44 | 550000 | &nbsp;&nbsp;562428 |
| Sierra Vista Industrial Development Authority<br> Champion Schools Project (A) | &nbsp;&nbsp;6.300 | &nbsp;&nbsp;06-15-54 | 1110000 | &nbsp;&nbsp;1141024 |
| **Arkansas 0.7%** |  |  |  | &nbsp;&nbsp;**10373681** |
| Arkansas Development Finance Authority<br> Hybar Steel Project, Series A, AMT (A) | &nbsp;&nbsp;6.875 | &nbsp;&nbsp;07-01-48 | 500000 | &nbsp;&nbsp;538157 |
| Arkansas Development Finance Authority<br> Hybar Steel Project, Series B, AMT (A) | &nbsp;&nbsp;7.375 | &nbsp;&nbsp;07-01-48 | 2500000 | &nbsp;&nbsp;2714122 |
| Arkansas Development Finance Authority<br> Washington Regional Medical Center | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-27 | 500000 | &nbsp;&nbsp;508297 |
| Arkansas Development Finance Authority<br> Washington Regional Medical Center | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-29 | 250000 | &nbsp;&nbsp;260421 |
| Arkansas Development Finance Authority<br> Washington Regional Medical Center | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-30 | 500000 | &nbsp;&nbsp;525177 |
| Arkansas Development Finance Authority<br> Washington Regional Medical Center | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-31 | 500000 | &nbsp;&nbsp;529874 |
| Arkansas Development Finance Authority<br> Washington Regional Medical Center | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-32 | 1250000 | &nbsp;&nbsp;1319338 |
| Arkansas Development Finance Authority<br> Washington Regional Medical Center | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-33 | 1250000 | &nbsp;&nbsp;1315183 |
| Arkansas Development Finance Authority<br> Washington Regional Medical Center | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-34 | 975000 | &nbsp;&nbsp;1019979 |
| County of Pulaski<br> Arkansas Children's Hospital | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-35 | 1000000 | &nbsp;&nbsp;1123148 |
| Little Rock School District<br> Construction Bonds, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;02-01-28 | 520000 | &nbsp;&nbsp;519985 |
| **California 5.2%** |  |  |  | &nbsp;&nbsp;**73766385** |
| California Community Choice Financing Authority<br> Clean Energy Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-52 | 2140000 | &nbsp;&nbsp;2171640 |
| California Community Choice Financing Authority<br> Clean Energy Project, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-55 | 6500000 | &nbsp;&nbsp;6836463 |
| California Community Choice Financing Authority<br> Clean Energy Project, Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-55 | 4300000 | &nbsp;&nbsp;4577390 |

---

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

------

[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **California (continued)** |  |  |  |  |
| California Community Choice Financing Authority<br> Clean Energy Project, Series C | &nbsp;&nbsp;&nbsp;5.250 | &nbsp;&nbsp;01-01-54 | 4800000 | &nbsp;&nbsp;$5110474 |
| California Community Choice Financing Authority<br> Clean Energy Project, Series E | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-55 | 5000000 | &nbsp;&nbsp;5376846 |
| California Community Choice Financing Authority<br> Clean Energy Project, Series F | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-33 | 6000000 | &nbsp;&nbsp;6571333 |
| California Community Choice Financing Authority<br> Series D | &nbsp;&nbsp;&nbsp;5.500 | &nbsp;&nbsp;05-01-54 | 3560000 | &nbsp;&nbsp;3768773 |
| California County Tobacco Securitization Agency<br> Kern County Tobacco Funding Corp. | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-40 | 1000000 | &nbsp;&nbsp;977520 |
| California Health Facilities Financing Authority<br> Episcopal Communities & Services, Series B | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-29 | 180000 | &nbsp;&nbsp;190703 |
| California Health Facilities Financing Authority<br> Episcopal Communities & Services, Series B | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-30 | 135000 | &nbsp;&nbsp;144998 |
| California Housing Finance Agency<br> Power Station Block 7B, Series L (A) | &nbsp;&nbsp;&nbsp;5.200 | &nbsp;&nbsp;12-01-27 | 2500000 | &nbsp;&nbsp;2540311 |
| California Infrastructure & Economic Development Bank<br> Brightline West Passenger Project, Series B, AMT (A) | &nbsp;&nbsp;12.000 | &nbsp;&nbsp;01-01-65 | 6095000 | &nbsp;&nbsp;4803950 |
| California Municipal Finance Authority<br> Certificates of Participation, Palomar Health, Series A (C) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-27 | 100000 | &nbsp;&nbsp;103123 |
| California Municipal Finance Authority<br> Community Facilities District No. 2023-7 | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-39 | 580000 | &nbsp;&nbsp;608233 |
| California Municipal Finance Authority<br> Eisenhower Medical Center, Series A | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-42 | 1500000 | &nbsp;&nbsp;1505718 |
| California Municipal Finance Authority<br> Linxs APM Project, Series A, AMT (C) | &nbsp;&nbsp;&nbsp;3.250 | &nbsp;&nbsp;12-31-32 | 2700000 | &nbsp;&nbsp;2631641 |
| California Municipal Finance Authority<br> NorthBay Healthcare, Series A | &nbsp;&nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-01-41 | 695000 | &nbsp;&nbsp;697511 |
| California Municipal Finance Authority<br> Westside Neighborhood School Project (A) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-34 | 250000 | &nbsp;&nbsp;264969 |
| California Municipal Finance Authority<br> Westside Neighborhood School Project (A) | &nbsp;&nbsp;&nbsp;5.500 | &nbsp;&nbsp;06-15-39 | 600000 | &nbsp;&nbsp;638001 |
| California Municipal Finance Authority<br> Westside Neighborhood School Project (A) | &nbsp;&nbsp;&nbsp;5.900 | &nbsp;&nbsp;06-15-44 | 600000 | &nbsp;&nbsp;632147 |
| California Pollution Control Financing Authority<br> San Diego County Water Authority Desalination Project Pipeline (A) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-21-45 | 500000 | &nbsp;&nbsp;506181 |
| California Public Finance Authority<br> Henry Mayo Newhall Hospital | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-15-30 | 500000 | &nbsp;&nbsp;505917 |

---

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

------

[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **California (continued)** |  |  |  |  |
| California Public Finance Authority<br> Henry Mayo Newhall Hospital | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-15-31 | 500000 | &nbsp;&nbsp;$505677 |
| California School Finance Authority<br> John Adams Academies, Series A (A) | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;07-01-32 | 790000 | &nbsp;&nbsp;802529 |
| City & County of San Francisco<br> Transbay Transit Center, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-42 | 1300000 | &nbsp;&nbsp;1384325 |
| City of Los Angeles Department of Airports<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-33 | 5000000 | &nbsp;&nbsp;5667643 |
| City of Los Angeles Department of Airports<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-34 | 1000000 | &nbsp;&nbsp;1143646 |
| City of Oroville<br> Oroville Hospital | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;04-01-54 | 3000000 | &nbsp;&nbsp;2217288 |
| Compton Community Redevelopment Agency Successor Agency<br> Series A (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;08-01-32 | 900000 | &nbsp;&nbsp;1013918 |
| CSCDA Community Improvement Authority<br> 1818 Platinum Triangle Anaheim, Series A-2 (A) | &nbsp;&nbsp;3.250 | &nbsp;&nbsp;04-01-57 | 425000 | &nbsp;&nbsp;304237 |
| Golden State Tobacco Securitization Corp.<br> Tobacco Settlement, Series A-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-51 | 1000000 | &nbsp;&nbsp;1001340 |
| M-S-R Energy Authority<br> Series B | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;11-01-39 | 945000 | &nbsp;&nbsp;1162406 |
| M-S-R Energy Authority<br> Series B | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;11-01-34 | 2220000 | &nbsp;&nbsp;2708309 |
| River Islands Public Financing Authority<br> Community Facilities District No. 2023-1 | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;09-01-53 | 595000 | &nbsp;&nbsp;618904 |
| San Bernardino Community College District<br> Election of 2002, Series D, GO (D) | &nbsp;&nbsp;2.881 | &nbsp;&nbsp;08-01-33 | 1900000 | &nbsp;&nbsp;1523266 |
| Windsor Unified School District<br> Election of 2016, GO (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-46 | 2590000 | &nbsp;&nbsp;2549055 |
| **Colorado 3.3%** |  |  |  | &nbsp;&nbsp;**46629102** |
| Adams County School District No. 1<br> Certificates of Participation (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-36 | 825000 | &nbsp;&nbsp;934171 |
| Adams County School District No. 1<br> Certificates of Participation (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-37 | 650000 | &nbsp;&nbsp;727016 |
| Aerotropolis Regional Transportation Authority (A) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;12-01-44 | 2500000 | &nbsp;&nbsp;2526050 |
| City & County of Denver Pledged Excise Tax Revenue<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-38 | 2000000 | &nbsp;&nbsp;2059753 |
| City of Boulder Water & Sewer Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-42 | 290000 | &nbsp;&nbsp;293137 |
| Colorado Bridge & Tunnel Enterprise<br> Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-44 | 995000 | &nbsp;&nbsp;1067078 |
| Colorado Bridge Enterprise<br> Central 70 Project, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-31-26 | 3950000 | &nbsp;&nbsp;3973624 |
| Colorado Educational & Cultural Facilities Authority<br> Axis International Academy Project, Series A (A) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;07-01-55 | 1000000 | &nbsp;&nbsp;1011813 |

---

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

------

[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Colorado (continued)** |  |  |  |  |
| Colorado Educational & Cultural Facilities Authority<br> Kent Denver School Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-35 | 9420000 | &nbsp;&nbsp;$9856838 |
| Colorado Health Facilities Authority<br> AdventHealth Obligated Group | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-15-38 | 1000000 | &nbsp;&nbsp;1013302 |
| Colorado Health Facilities Authority<br> CommonSpirit Health, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-26 | 350000 | &nbsp;&nbsp;355991 |
| Colorado Health Facilities Authority<br> CommonSpirit Health, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-28 | 1000000 | &nbsp;&nbsp;1053200 |
| Colorado Health Facilities Authority<br> CommonSpirit Health, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-29 | 800000 | &nbsp;&nbsp;855293 |
| Colorado Health Facilities Authority<br> CommonSpirit Health, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;12-01-54 | 500000 | &nbsp;&nbsp;517615 |
| Colorado Health Facilities Authority<br> Frasier Meadows Retirement Community Project, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;05-15-37 | 500000 | &nbsp;&nbsp;507689 |
| Colorado Health Facilities Authority<br> Frasier Meadows Retirement Community Project, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;05-15-47 | 1400000 | &nbsp;&nbsp;1403932 |
| Colorado Health Facilities Authority<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-38 | 420000 | &nbsp;&nbsp;443734 |
| Colorado Health Facilities Authority<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-40 | 100000 | &nbsp;&nbsp;104005 |
| Creekwalk Marketplace Business Improvement District<br> Series A | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;12-01-54 | 1125000 | &nbsp;&nbsp;1120124 |
| Denver Convention Center Hotel Authority | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-33 | 1620000 | &nbsp;&nbsp;1639159 |
| Denver Convention Center Hotel Authority | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-36 | 1000000 | &nbsp;&nbsp;1008691 |
| Fiddler's Business Improvement District<br> Greenwood Village, GO (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 250000 | &nbsp;&nbsp;257501 |
| Gold Hill Mesa Metropolitan District No. 2<br> Series A, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-25 | 135000 | &nbsp;&nbsp;135000 |
| Gold Hill Mesa Metropolitan District No. 2<br> Series A, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-26 | 145000 | &nbsp;&nbsp;147949 |
| Hess Ranch Metropolitan District No. 5<br> Series A-1 | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;12-01-43 | 735733 | &nbsp;&nbsp;754191 |
| Hess Ranch Metropolitan District No. 5<br> Series A-2 | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;12-01-43 | 370000 | &nbsp;&nbsp;379132 |
| Hunters Overlook Metropolitan District No. 5, GO (C) | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;12-01-54 | 1000000 | &nbsp;&nbsp;967062 |
| Park Creek Metropolitan District<br> Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 300000 | &nbsp;&nbsp;340341 |
| Park Creek Metropolitan District<br> Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-43 | 1355000 | &nbsp;&nbsp;1427683 |
| Public Authority for Colorado Energy<br> Natural Gas Revenue | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;11-15-28 | 570000 | &nbsp;&nbsp;602655 |
| Rampart Range Metropolitan District No. 1 (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-28 | 470000 | &nbsp;&nbsp;495686 |
| Rampart Range Metropolitan District No. 1 (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-29 | 490000 | &nbsp;&nbsp;525295 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Colorado (continued)** |  |  |  |  |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado<br> Series A, GO (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-35 | 3900000 | &nbsp;&nbsp;$4269628 |
| Trails at Crowfoot Metropolitan District No. 3<br> Series A, GO (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-44 | 2925000 | &nbsp;&nbsp;2724591 |
| Villages at Castle Rock Metropolitan District<br> Cobblestone Ranch Project, Series 2, GO (D) | &nbsp;&nbsp;7.943 | &nbsp;&nbsp;12-01-37 | 2866667 | &nbsp;&nbsp;1130173 |
| **Connecticut 1.1%** |  |  |  | &nbsp;&nbsp;**15446182** |
| Connecticut State Health & Educational Facilities Authority<br> Connecticut Children's Medical Center, Series E | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-15-39 | 550000 | &nbsp;&nbsp;596647 |
| Connecticut State Health & Educational Facilities Authority<br> Connecticut Children's Medical Center, Series E | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-15-40 | 430000 | &nbsp;&nbsp;464595 |
| Connecticut State Health & Educational Facilities Authority<br> Fairfield University, Series V | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-42 | 150000 | &nbsp;&nbsp;164307 |
| Connecticut State Health & Educational Facilities Authority<br> Goodwin University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-44 | 470000 | &nbsp;&nbsp;462788 |
| Connecticut State Health & Educational Facilities Authority<br> Stamford Hospital, Series M | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-39 | 1500000 | &nbsp;&nbsp;1490979 |
| Connecticut State Health & Educational Facilities Authority<br> Stamford Hospital, Series M | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-34 | 325000 | &nbsp;&nbsp;353904 |
| Harbor Point Infrastructure Improvement District<br> Harbor Point Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-39 | 3500000 | &nbsp;&nbsp;3548785 |
| Stamford Housing Authority<br> Mozaic Concierge Living Project, Series C | &nbsp;&nbsp;4.750 | &nbsp;&nbsp;10-01-32 | 3600000 | &nbsp;&nbsp;3710047 |
| State of Connecticut Special Tax Revenue<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-36 | 1000000 | &nbsp;&nbsp;1053648 |
| State of Connecticut Special Tax Revenue<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-37 | 1000000 | &nbsp;&nbsp;1049644 |
| Town of Hamden<br> Whitney Center Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-50 | 1075000 | &nbsp;&nbsp;952806 |
| Town of Hamden, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-33 | 1390000 | &nbsp;&nbsp;1598032 |
| **Delaware 0.2%** |  |  |  | &nbsp;&nbsp;**3081262** |
| Delaware State Economic Development Authority<br> Acts Retirement Life Communities, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-38 | 1540000 | &nbsp;&nbsp;1595044 |
| Delaware State Economic Development Authority<br> NRG Energy Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-45 | 500000 | &nbsp;&nbsp;506718 |
| Delaware Transportation Authority<br> Transportation System Revenue | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;07-01-35 | 1000000 | &nbsp;&nbsp;979500 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **District of Columbia 2.0%** |  |  |  | &nbsp;&nbsp;**$29099158** |
| District of Columbia<br> DC Smart Street Lighting Project, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-31-28 | 2000000 | &nbsp;&nbsp;2083139 |
| District of Columbia<br> KIPP DC Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-39 | 1750000 | &nbsp;&nbsp;1696576 |
| District of Columbia<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-35 | 1320000 | &nbsp;&nbsp;1533505 |
| District of Columbia<br> Union Market Project, Series A (A) | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;06-01-34 | 5000000 | &nbsp;&nbsp;5147657 |
| District of Columbia Income Tax Revenue<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-36 | 2900000 | &nbsp;&nbsp;3384206 |
| District of Columbia Income Tax Revenue<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-44 | 185000 | &nbsp;&nbsp;199765 |
| District of Columbia Income Tax Revenue<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-45 | 1930000 | &nbsp;&nbsp;2075017 |
| Metropolitan Washington Airports Authority Aviation Revenue<br> Series A, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-35 | 2800000 | &nbsp;&nbsp;2850394 |
| Metropolitan Washington Airports Authority Aviation Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-26 | 315000 | &nbsp;&nbsp;320941 |
| Metropolitan Washington Airports Authority Aviation Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-38 | 3375000 | &nbsp;&nbsp;3742301 |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue<br> Series C (C) | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;10-01-41 | 1815000 | &nbsp;&nbsp;1871607 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue<br> Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-15-53 | 4000000 | &nbsp;&nbsp;4194050 |
| **Florida 9.7%** |  |  |  | &nbsp;&nbsp;**138553455** |
| Alachua County Health Facilities Authority<br> Shands Teaching Hospital & Clinics | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-44 | 175000 | &nbsp;&nbsp;175054 |
| Cabot Citrus Farms<br> Community Development District | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;03-01-29 | 1750000 | &nbsp;&nbsp;1770581 |
| Capital Projects Finance Authority<br> Navigator Academy of Leadership Obligated Group Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-34 | 780000 | &nbsp;&nbsp;795412 |
| City of Atlantic Beach<br> Fleet Landing Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-48 | 990000 | &nbsp;&nbsp;968865 |
| City of Pompano Beach<br> John Knox Village Project | &nbsp;&nbsp;3.500 | &nbsp;&nbsp;09-01-30 | 1900000 | &nbsp;&nbsp;1869814 |
| Collier County Industrial Development Authority<br> NCH Healthcare System Projects | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-54 | 1250000 | &nbsp;&nbsp;1330736 |
| Collier County Industrial Development Authority<br> NCH Healthcare System Projects | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-54 | 1200000 | &nbsp;&nbsp;1302608 |
| County of Broward<br> Airport System Revenue, Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-27 | 1500000 | &nbsp;&nbsp;1548822 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Florida (continued)** |  |  |  |  |
| County of Lee Airport Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-30 | 3500000 | &nbsp;&nbsp;$3793644 |
| County of Lee Airport Revenue<br> Series B, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-28 | 4060000 | &nbsp;&nbsp;4270113 |
| County of Miami-Dade Aviation Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-30 | 2250000 | &nbsp;&nbsp;2444033 |
| County of Miami-Dade Aviation Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-34 | 5500000 | &nbsp;&nbsp;6156836 |
| County of Miami-Dade Seaport Department<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-36 | 1300000 | &nbsp;&nbsp;1402951 |
| County of Miami-Dade Seaport Department<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-39 | 3000000 | &nbsp;&nbsp;3187951 |
| County of Miami-Dade Seaport Department<br> Series B-2 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-41 | 2000000 | &nbsp;&nbsp;2020643 |
| County of Miami-Dade Water & Sewer System Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-46 | 1700000 | &nbsp;&nbsp;1591563 |
| County of Monroe Airport Revenue<br> Key West International Airport, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-26 | 150000 | &nbsp;&nbsp;151852 |
| County of Monroe Airport Revenue<br> Key West International Airport, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-28 | 180000 | &nbsp;&nbsp;187520 |
| County of Monroe Airport Revenue<br> Key West International Airport, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-29 | 325000 | &nbsp;&nbsp;342561 |
| County of Monroe Airport Revenue<br> Key West International Airport, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-33 | 1000000 | &nbsp;&nbsp;1082863 |
| County of Okaloosa<br> Air Force Enlisted Village, Inc. Project (A) | &nbsp;&nbsp;4.375 | &nbsp;&nbsp;05-15-35 | 900000 | &nbsp;&nbsp;906831 |
| County of Okaloosa<br> Air Force Enlisted Village, Inc. Project (A) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;05-15-45 | 1000000 | &nbsp;&nbsp;1015941 |
| Duval County Public Schools<br> School Board Certificates of Participation, Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-30 | 500000 | &nbsp;&nbsp;550215 |
| Duval County Public Schools<br> School Board Certificates of Participation, Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-31 | 250000 | &nbsp;&nbsp;274134 |
| Florida Atlantic University Finance Corp.<br> Student Housing Project, Series B | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-35 | 1280000 | &nbsp;&nbsp;1294175 |
| Florida Department of Management Services<br> Certificates of Participation, Series A | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;11-01-36 | 2250000 | &nbsp;&nbsp;2081291 |
| Florida Department of Management Services<br> Certificates of Participation, Series A | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;11-01-37 | 2010000 | &nbsp;&nbsp;1829243 |
| Florida Development Finance Corp.<br> Imagine School at Broward Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-15-34 | 330000 | &nbsp;&nbsp;341604 |
| Florida Development Finance Corp.<br> River City Science Academy | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-31 | 285000 | &nbsp;&nbsp;296046 |
| Florida Development Finance Corp.<br> River City Science Academy | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-42 | 635000 | &nbsp;&nbsp;634581 |
| Florida Development Finance Corp.<br> Solid Waste Southeast LLC Project, Series A, AMT (A) | &nbsp;&nbsp;4.375 | &nbsp;&nbsp;10-01-54 | 6250000 | &nbsp;&nbsp;6337966 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Florida (continued)** |  |  |  |  |
| Florida Development Finance Corp.<br> Tampa General Hospital Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-41 | 1010000 | &nbsp;&nbsp;$1067260 |
| Florida Development Finance Corp.<br> UF Health Jacksonville Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-33 | 1000000 | &nbsp;&nbsp;1071304 |
| Florida Development Finance Corp.<br> Waste Pro USA, Inc. Project, AMT | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;06-01-32 | 3000000 | &nbsp;&nbsp;2762303 |
| Florida Development Finance Corp.<br> Waste Pro USA, Inc. Project, AMT (A) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;08-01-29 | 1000000 | &nbsp;&nbsp;1030027 |
| Florida Development Finance Corp.<br> Waste Pro USA, Inc. Project, AMT (A) | &nbsp;&nbsp;6.125 | &nbsp;&nbsp;07-01-32 | 1000000 | &nbsp;&nbsp;1005661 |
| Florida Gulf Coast University Financing Corp.<br> Housing Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-27 | 805000 | &nbsp;&nbsp;822058 |
| Florida Gulf Coast University Financing Corp.<br> Housing Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-28 | 400000 | &nbsp;&nbsp;418281 |
| Florida Gulf Coast University Financing Corp.<br> Housing Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-29 | 435000 | &nbsp;&nbsp;463154 |
| Florida Gulf Coast University Financing Corp.<br> Housing Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-30 | 440000 | &nbsp;&nbsp;476236 |
| Florida Gulf Coast University Financing Corp.<br> Housing Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-31 | 460000 | &nbsp;&nbsp;505556 |
| Florida Gulf Coast University Financing Corp.<br> Housing Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-32 | 485000 | &nbsp;&nbsp;538958 |
| Florida Higher Educational Facilities Financial Authority<br> Jacksonville University (A) | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;06-01-33 | 4035000 | &nbsp;&nbsp;3935439 |
| Florida Higher Educational Facilities Financial Authority<br> Nova Southeastern University Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-30 | 890000 | &nbsp;&nbsp;894692 |
| Florida Higher Educational Facilities Financial Authority<br> Rollins College Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-49 | 1900000 | &nbsp;&nbsp;1699954 |
| Florida Local Government Finance Commission<br> Fleet Landing at Nocatee Project, Series B-2 (A) | &nbsp;&nbsp;4.450 | &nbsp;&nbsp;11-15-31 | 2700000 | &nbsp;&nbsp;2726699 |
| Florida State Board of Governors<br> Polytech University, Series A (C) | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;07-01-38 | 1000000 | &nbsp;&nbsp;1041136 |
| Florida State Board of Governors<br> Series A (C) | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;10-01-48 | 945000 | &nbsp;&nbsp;907713 |
| Florida State Board of Governors Florida International University Dormitory Revenue<br> Series A (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;07-01-35 | 2100000 | &nbsp;&nbsp;1999113 |
| Greater Orlando Aviation Authority<br> United Airlines, Inc. Project, AMT | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-01-34 | 500000 | &nbsp;&nbsp;538466 |
| Greater Orlando Aviation Authority, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-38 | 5510000 | &nbsp;&nbsp;6057970 |
| Greater Orlando Aviation Authority, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-39 | 5785000 | &nbsp;&nbsp;6320003 |
| Halifax Hospital Medical Center<br> Daytona Beach | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06-01-54 | 1500000 | &nbsp;&nbsp;1553392 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Florida (continued)** |  |  |  |  |
| Hillsborough County Industrial Development Authority<br> Tampa General Hospital Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-50 | 2075000 | &nbsp;&nbsp;$1801296 |
| Jacksonville Housing Authority<br> Westwood Apartments | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-34 | 3450000 | &nbsp;&nbsp;3689931 |
| Lee County Industrial Development Authority<br> Shell Point Obligated Group | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-15-28 | 100000 | &nbsp;&nbsp;101436 |
| Lee County Industrial Development Authority<br> Shell Point Obligated Group, Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-44 | 3445000 | &nbsp;&nbsp;3473946 |
| Miami Beach Health Facilities Authority<br> Mt. Sinai Medical Center of Florida, Series B | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-15-46 | 1500000 | &nbsp;&nbsp;1360824 |
| Middleton Community Development District A<br> Special Assessment Revenue | &nbsp;&nbsp;5.200 | &nbsp;&nbsp;05-01-27 | 250000 | &nbsp;&nbsp;252805 |
| Middleton Community Development District A<br> Special Assessment Revenue | &nbsp;&nbsp;5.450 | &nbsp;&nbsp;05-01-32 | 240000 | &nbsp;&nbsp;257358 |
| Midtown Miami Community Development District<br> Infrastructure Project, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-37 | 3670000 | &nbsp;&nbsp;3671627 |
| North Miami Community Redevelopment Agency<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-31 | 100000 | &nbsp;&nbsp;109010 |
| North Miami Community Redevelopment Agency<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-32 | 500000 | &nbsp;&nbsp;549502 |
| North Miami Community Redevelopment Agency<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-33 | 1500000 | &nbsp;&nbsp;1660397 |
| North Miami Community Redevelopment Agency<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-35 | 1665000 | &nbsp;&nbsp;1857286 |
| North Miami Community Redevelopment Agency<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-36 | 1600000 | &nbsp;&nbsp;1759600 |
| Orange County Health Facilities Authority<br> Orlando Health Obligated Group, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-41 | 2260000 | &nbsp;&nbsp;2442971 |
| Orange County Health Facilities Authority<br> Orlando Health Obligated Group, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;10-01-56 | 1000000 | &nbsp;&nbsp;1046370 |
| Orange County Health Facilities Authority<br> Presbyterian Retirement Communities | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-36 | 3500000 | &nbsp;&nbsp;3532698 |
| Palm Beach County Health Facilities Authority<br> Acts Retirement-Life Communities | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-32 | 3145000 | &nbsp;&nbsp;3183899 |
| Palm Beach County Health Facilities Authority<br> Acts Retirement-Life Communities, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-45 | 2090000 | &nbsp;&nbsp;2090977 |
| Palm Beach County Health Facilities Authority<br> Jupiter Medical Center Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-31 | 1065000 | &nbsp;&nbsp;1162648 |
| Palm Beach County Health Facilities Authority<br> Jupiter Medical Center Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-32 | 600000 | &nbsp;&nbsp;658848 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Florida (continued)** |  |  |  |  |
| Palm Beach County Health Facilities Authority<br> Jupiter Medical Center Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-35 | 880000 | &nbsp;&nbsp;$942622 |
| Palm Beach County Health Facilities Authority<br> Toby and Leon Cooperman Sinai Residences | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-26 | 230000 | &nbsp;&nbsp;229938 |
| Palm Beach County Health Facilities Authority<br> Toby and Leon Cooperman Sinai Residences | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-31 | 3550000 | &nbsp;&nbsp;3544203 |
| Palm Beach County Health Facilities Authority<br> Toby and Leon Cooperman Sinai Residences | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-36 | 1635000 | &nbsp;&nbsp;1573138 |
| Polk County Industrial Development Authority<br> Mineral Development LLC, AMT (A)(E) | &nbsp;&nbsp;5.875 | &nbsp;&nbsp;01-01-33 | 1665000 | &nbsp;&nbsp;449550 |
| St. Johns County Industrial Development Authority<br> Vicar's Landing Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-15-50 | 900000 | &nbsp;&nbsp;688368 |
| Tampa Bay Water<br> Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;10-01-54 | 5395000 | &nbsp;&nbsp;5766944 |
| Village Community Development District<br> CDD No. 15 (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-34 | 500000 | &nbsp;&nbsp;505812 |
| Village Community Development District<br> CDD No. 6 (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-37 | 395000 | &nbsp;&nbsp;397627 |
| **Georgia 3.4%** |  |  |  | &nbsp;&nbsp;**48897790** |
| Athens Housing Authority<br> University of Georgia Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-15-49 | 480000 | &nbsp;&nbsp;457602 |
| Athens-Clarke County Unified Government Development Authority<br> University of Georgia Athletic Association Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-40 | 530000 | &nbsp;&nbsp;580017 |
| Athens-Clarke County Unified Government Development Authority<br> University of Georgia West Precinct LLC | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-15-56 | 1100000 | &nbsp;&nbsp;1003790 |
| Augusta Development Authority<br> AU Health System, Inc. Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-38 | 150000 | &nbsp;&nbsp;150543 |
| Augusta Development Authority<br> AU Health System, Inc. Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-26 | 1775000 | &nbsp;&nbsp;1794565 |
| Augusta Development Authority<br> AU Health System, Inc. Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-33 | 1790000 | &nbsp;&nbsp;1886400 |
| Augusta Development Authority<br> AU Health System, Inc. Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-35 | 1500000 | &nbsp;&nbsp;1574514 |
| Development Authority of Burke County<br> Georgia Power Company Vogtle Project, Fifth Series 1995 | &nbsp;&nbsp;2.200 | &nbsp;&nbsp;10-01-32 | 1700000 | &nbsp;&nbsp;1494098 |
| Development Authority of Burke County<br> Georgia Power Company Vogtle Project, Fourth Series 1994 | &nbsp;&nbsp;3.800 | &nbsp;&nbsp;10-01-32 | 1015000 | &nbsp;&nbsp;1018669 |
| Development Authority of Burke County<br> Oglethorpe Power Corp. Vogtle Project, Series A | &nbsp;&nbsp;3.600 | &nbsp;&nbsp;01-01-40 | 3500000 | &nbsp;&nbsp;3550273 |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Georgia (continued)** |  |  |  |  |
| Development Authority of Rockdale County<br> Pratt Paper LLC Project, AMT (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-38 | 1000000 | &nbsp;&nbsp;$983370 |
| Fulton County Residential Care Facilities for the Elderly Authority<br> Canterbury Court Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-37 | 1500000 | &nbsp;&nbsp;1529238 |
| Fulton County Residential Care Facilities for the Elderly Authority<br> Lenbrook Square Foundation, Inc. | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-36 | 200000 | &nbsp;&nbsp;200910 |
| Fulton County Residential Care Facilities for the Elderly Authority<br> Lenbrook Square Foundation, Inc. | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-42 | 4800000 | &nbsp;&nbsp;4805278 |
| Georgia State Road & Tollway Authority<br> Managed Lane System, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-15-38 | 3280000 | &nbsp;&nbsp;3387563 |
| Main Street Natural Gas, Inc.<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-27 | 3660000 | &nbsp;&nbsp;3742295 |
| Main Street Natural Gas, Inc.<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-35 | 150000 | &nbsp;&nbsp;164418 |
| Main Street Natural Gas, Inc.<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-43 | 710000 | &nbsp;&nbsp;723129 |
| Main Street Natural Gas, Inc.<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-53 | 2750000 | &nbsp;&nbsp;2916528 |
| Main Street Natural Gas, Inc.<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-55 | 2250000 | &nbsp;&nbsp;2469806 |
| Main Street Natural Gas, Inc.<br> Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-53 | 750000 | &nbsp;&nbsp;800343 |
| Main Street Natural Gas, Inc.<br> Series D | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-54 | 4500000 | &nbsp;&nbsp;4856814 |
| Main Street Natural Gas, Inc.<br> Series E-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-53 | 4780000 | &nbsp;&nbsp;5126472 |
| Municipal Electric Authority of Georgia<br> Series HH | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-29 | 3000000 | &nbsp;&nbsp;3144567 |
| Savannah Georgia Convention Center Authority<br> Convention Center Hotel, First Tier, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06-01-40 | 500000 | &nbsp;&nbsp;536588 |
| **Hawaii 0.1%** |  |  |  | &nbsp;&nbsp;**638908** |
| County of Maui, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-37 | 550000 | &nbsp;&nbsp;638908 |
| **Illinois 8.3%** |  |  |  | &nbsp;&nbsp;**118952093** |
| Bureau, Whiteside & Lee Counties<br> Bureau Valley Community Unit School District No. 340, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-31 | 325000 | &nbsp;&nbsp;359343 |
| Bureau, Whiteside & Lee Counties<br> Bureau Valley Community Unit School District No. 340, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-33 | 170000 | &nbsp;&nbsp;191120 |
| Chicago Board of Education<br> Dedicated Capital Improvement | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-42 | 1400000 | &nbsp;&nbsp;1392050 |
| Chicago Board of Education<br> Dedicated Capital Improvement | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;04-01-46 | 3500000 | &nbsp;&nbsp;3535017 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_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 A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-34 | 3000000 | &nbsp;&nbsp;$3015163 |
| Chicago Board of Education<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-37 | 1050000 | &nbsp;&nbsp;1041867 |
| Chicago Board of Education<br> Series B, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-38 | 2000000 | &nbsp;&nbsp;1791995 |
| Chicago Board of Education<br> Series B, GO (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-41 | 1800000 | &nbsp;&nbsp;1558522 |
| Chicago Board of Education<br> Series H, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-36 | 1000000 | &nbsp;&nbsp;995568 |
| Chicago Midway International Airport<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-33 | 1000000 | &nbsp;&nbsp;1096721 |
| Chicago Midway International Airport<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-35 | 500000 | &nbsp;&nbsp;556245 |
| Chicago Midway International Airport<br> Series C, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-36 | 750000 | &nbsp;&nbsp;822093 |
| Chicago O'Hare International Airport<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-38 | 1505000 | &nbsp;&nbsp;1513729 |
| Chicago O'Hare International Airport<br> Series A, AMT | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;01-01-42 | 2450000 | &nbsp;&nbsp;2625645 |
| Chicago O'Hare International Airport<br> Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-38 | 1545000 | &nbsp;&nbsp;1546498 |
| Chicago O'Hare International Airport<br> Series C, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-34 | 2000000 | &nbsp;&nbsp;2229451 |
| Chicago O'Hare International Airport<br> Series D | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-52 | 3670000 | &nbsp;&nbsp;3682515 |
| Chicago O'Hare International Airport<br> Series E, AMT (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-60 | 800000 | &nbsp;&nbsp;797411 |
| City of Chicago<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-29 | 3985000 | &nbsp;&nbsp;4108619 |
| City of Chicago<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-31 | 1000000 | &nbsp;&nbsp;1029049 |
| City of Chicago Wastewater Transmission Revenue<br> Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-38 | 1000000 | &nbsp;&nbsp;1113090 |
| City of Chicago Wastewater Transmission Revenue<br> Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-39 | 225000 | &nbsp;&nbsp;248945 |
| Cook County Community College District No. 508<br> City Colleges of Chicago, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-34 | 1000000 | &nbsp;&nbsp;1115347 |
| Cook County Community College District No. 508<br> City Colleges of Chicago, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-35 | 1000000 | &nbsp;&nbsp;1106751 |
| Cook County Community College District No. 508<br> City Colleges of Chicago, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-36 | 1000000 | &nbsp;&nbsp;1096936 |
| Cook County Community College District No. 508<br> City Colleges of Chicago, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-37 | 1000000 | &nbsp;&nbsp;1088666 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Illinois (continued)** |  |  |  |  |
| Cook County Community College District No. 535<br> Series B, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;12-01-32 | 1055000 | &nbsp;&nbsp;$1052588 |
| Cook County Community Consolidated School District No. 34 Glenview<br> Series A, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;12-01-36 | 1265000 | &nbsp;&nbsp;1192229 |
| Cook County School District No. 143 Midlothian<br> Series A, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-30 | 540000 | &nbsp;&nbsp;597282 |
| Cook County School District No. 143 Midlothian<br> Series A, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-31 | 730000 | &nbsp;&nbsp;820285 |
| Cook County School District No. 143 Midlothian<br> Series A, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 535000 | &nbsp;&nbsp;608723 |
| Cook County School District No. 143 Midlothian<br> Series A, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-33 | 685000 | &nbsp;&nbsp;787228 |
| Cook County School District No. 86 Harwood Heights, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-42 | 585000 | &nbsp;&nbsp;621025 |
| Cook County School District No. 86 Harwood Heights, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-43 | 550000 | &nbsp;&nbsp;578095 |
| Cook County School District No. 86 Harwood Heights, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-44 | 410000 | &nbsp;&nbsp;428626 |
| Illinois Finance Authority<br> Clark-Lindsey Village, Series A | &nbsp;&nbsp;4.600 | &nbsp;&nbsp;06-01-27 | 360000 | &nbsp;&nbsp;359095 |
| Illinois Finance Authority<br> Clark-Lindsey Village, Series A | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;06-01-32 | 725000 | &nbsp;&nbsp;736382 |
| Illinois Finance Authority<br> Clark-Lindsey Village, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06-01-37 | 1225000 | &nbsp;&nbsp;1230642 |
| Illinois Finance Authority<br> DePaul College Prep Foundation, Series A (A) | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;08-01-33 | 1155000 | &nbsp;&nbsp;1194452 |
| Illinois Finance Authority<br> Dominican University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-27 | 360000 | &nbsp;&nbsp;363845 |
| Illinois Finance Authority<br> Dominican University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-29 | 235000 | &nbsp;&nbsp;240681 |
| Illinois Finance Authority<br> Dominican University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-31 | 595000 | &nbsp;&nbsp;616019 |
| Illinois Finance Authority<br> LRS Holdings LLC Project, Series A, AMT (A) | &nbsp;&nbsp;7.250 | &nbsp;&nbsp;09-01-52 | 1000000 | &nbsp;&nbsp;1088122 |
| Illinois Finance Authority<br> LRS Holdings LLC Project, Series B, AMT (A) | &nbsp;&nbsp;7.375 | &nbsp;&nbsp;09-01-42 | 1250000 | &nbsp;&nbsp;1421409 |
| Illinois Finance Authority<br> Music and Dance Theater Chicago (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-35 | 1350000 | &nbsp;&nbsp;1372625 |
| Illinois Finance Authority<br> Music and Dance Theater Chicago (A) | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;10-01-45 | 1600000 | &nbsp;&nbsp;1596834 |
| Illinois Finance Authority<br> Navy Pier, Inc., Series B (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-34 | 1150000 | &nbsp;&nbsp;1208174 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Illinois (continued)** |  |  |  |  |
| Illinois Finance Authority<br> Navy Pier, Inc., Series B (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-44 | 500000 | &nbsp;&nbsp;$495768 |
| Illinois Finance Authority<br> Shedd Aquarium Society Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-31 | 600000 | &nbsp;&nbsp;664849 |
| Illinois Finance Authority<br> UChicago Medicine, Series B-2 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-52 | 2000000 | &nbsp;&nbsp;2056227 |
| Illinois Finance Authority<br> Westminster Village, Series A | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;05-01-28 | 1155000 | &nbsp;&nbsp;1144442 |
| Illinois State Toll Highway Authority<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-43 | 1525000 | &nbsp;&nbsp;1608139 |
| Moultrie Shelby & Coles Counties Community Unit School<br> District No. 300, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-40 | 1000000 | &nbsp;&nbsp;1051674 |
| Moultrie Shelby & Coles Counties Community Unit School<br> District No. 300, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-41 | 1000000 | &nbsp;&nbsp;1049317 |
| Northern Illinois University<br> Series B (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-28 | 110000 | &nbsp;&nbsp;114144 |
| Sales Tax Securitization Corp.<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-39 | 550000 | &nbsp;&nbsp;543477 |
| Sales Tax Securitization Corp.<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-42 | 1950000 | &nbsp;&nbsp;1949411 |
| Sales Tax Securitization Corp.<br> Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-37 | 1000000 | &nbsp;&nbsp;1059145 |
| Sales Tax Securitization Corp.<br> Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-35 | 1250000 | &nbsp;&nbsp;1323441 |
| Sales Tax Securitization Corp.<br> Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-37 | 1000000 | &nbsp;&nbsp;1048998 |
| Sales Tax Securitization Corp.<br> Series D | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-37 | 1310000 | &nbsp;&nbsp;1418243 |
| Sales Tax Securitization Corp.<br> Series D | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-38 | 1385000 | &nbsp;&nbsp;1489248 |
| Sales Tax Securitization Corp.<br> Series D | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-39 | 1520000 | &nbsp;&nbsp;1619865 |
| South Suburban College Community School<br> District No. 510, GO (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;12-01-37 | 1190000 | &nbsp;&nbsp;1294438 |
| South Suburban College Community School<br> District No. 510, GO (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;12-01-39 | 1315000 | &nbsp;&nbsp;1417335 |
| South Suburban College Community School<br> District No. 510, GO (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;12-01-41 | 1490000 | &nbsp;&nbsp;1590729 |
| St. Clair County Community Unit School District No. 187 Cahokia<br> Series B, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-43 | 1350000 | &nbsp;&nbsp;1410362 |
| State of Illinois<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-28 | 1750000 | &nbsp;&nbsp;1849365 |
| State of Illinois<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-34 | 2000000 | &nbsp;&nbsp;2078560 |
| State of Illinois<br> Series B, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-35 | 1725000 | &nbsp;&nbsp;1737615 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_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;$2186298 |
| State of Illinois<br> Series C, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-39 | 3000000 | &nbsp;&nbsp;2918139 |
| State of Illinois<br> Series C, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-43 | 4340000 | &nbsp;&nbsp;4019494 |
| State of Illinois<br> Series D, GO | &nbsp;&nbsp;3.250 | &nbsp;&nbsp;11-01-26 | 2815000 | &nbsp;&nbsp;2823073 |
| State of Illinois<br> Series E, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-44 | 4800000 | &nbsp;&nbsp;4989038 |
| State of Illinois, GO (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;02-01-31 | 1050000 | &nbsp;&nbsp;1058667 |
| Upper Illinois River Valley Development Authority<br> Prairie Crossing Charter School Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-55 | 625000 | &nbsp;&nbsp;559814 |
| Village of Bedford Park Hotel/Motel Tax Revenue<br> Series A (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-42 | 200000 | &nbsp;&nbsp;194925 |
| Village of Bedford Park Hotel/Motel Tax Revenue<br> Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-40 | 270000 | &nbsp;&nbsp;292288 |
| Village of Lincolnwood<br> Certificates of Participation, District 1860 Development Project, Series A (A) | &nbsp;&nbsp;4.820 | &nbsp;&nbsp;01-01-41 | 5790000 | &nbsp;&nbsp;5726167 |
| Village of Morton Grove Tax Increment Revenue<br> Samwill Station Redevelopment Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-39 | 2000000 | &nbsp;&nbsp;1999829 |
| Village of Northbrook, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-37 | 1230000 | &nbsp;&nbsp;1389635 |
| Village of Northbrook, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-38 | 1395000 | &nbsp;&nbsp;1566610 |
| Village of Westchester, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-15-35 | 800000 | &nbsp;&nbsp;907103 |
| Village of Westchester, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-15-43 | 500000 | &nbsp;&nbsp;533504 |
| **Indiana 1.6%** |  |  |  | &nbsp;&nbsp;**22987529** |
| City of Valparaiso<br> Pratt Paper LLC Project, AMT (A) | &nbsp;&nbsp;4.875 | &nbsp;&nbsp;01-01-44 | 500000 | &nbsp;&nbsp;503930 |
| City of Whiting<br> BP Products North America, Inc., Series A, AMT | &nbsp;&nbsp;4.400 | &nbsp;&nbsp;03-01-46 | 3825000 | &nbsp;&nbsp;4039451 |
| Greensburg Building Corp.<br> Fire Station Project, Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-15-33 | 1500000 | &nbsp;&nbsp;1667559 |
| Greensburg Building Corp.<br> Public Works Building Project, Series B (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-15-33 | 1195000 | &nbsp;&nbsp;1328541 |
| Indiana Bond Bank<br> Hamilton County Projects | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;07-15-36 | 640000 | &nbsp;&nbsp;610513 |
| Indiana Finance Authority<br> Hendricks Regional Health | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-42 | 1315000 | &nbsp;&nbsp;1389511 |
| Indiana Finance Authority<br> Hendricks Regional Health | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-43 | 1200000 | &nbsp;&nbsp;1255799 |
| Indiana Finance Authority<br> Indiana Masonic Home Project, Series A | &nbsp;&nbsp;4.300 | &nbsp;&nbsp;05-01-29 | 520000 | &nbsp;&nbsp;525951 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Indiana (continued)** |  |  |  |  |
| Indiana Finance Authority<br> Marquette Project, Series A | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;03-01-45 | 2200000 | &nbsp;&nbsp;$2211668 |
| Indiana Finance Authority<br> Ohio Valley Electric Corp. Project, Series A | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;11-01-30 | 1000000 | &nbsp;&nbsp;1031643 |
| Indiana Finance Authority<br> Polyflow Industry Project, AMT (A)(E) | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;03-01-39 | 1165000 | &nbsp;&nbsp;58250 |
| Indiana Finance Authority<br> The Methodist Hospitals, Inc., Series A | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;09-15-39 | 2000000 | &nbsp;&nbsp;2170072 |
| Indiana Municipal Power Agency<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-42 | 815000 | &nbsp;&nbsp;837321 |
| Indianapolis Local Public Improvement Bond Bank<br> Convention Center Hotel, Series E | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;03-01-38 | 800000 | &nbsp;&nbsp;868218 |
| Indianapolis Local Public Improvement Bond Bank<br> Indianapolis Airport Authority Project, Series G-2, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-30 | 330000 | &nbsp;&nbsp;354703 |
| Indianapolis Local Public Improvement Bond Bank<br> Indianapolis Airport Authority Project, Series G-2, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-31 | 1095000 | &nbsp;&nbsp;1195114 |
| Indianapolis Local Public Improvement Bond Bank<br> Indianapolis Airport Authority Project, Series G-2, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-32 | 305000 | &nbsp;&nbsp;337244 |
| Indianapolis Local Public Improvement Bond Bank<br> Indianapolis Airport Authority Project, Series G-2, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-33 | 595000 | &nbsp;&nbsp;656224 |
| North Lawrence Community Schools Building Corp.<br> First Mortgage | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-15-32 | 250000 | &nbsp;&nbsp;282273 |
| North Lawrence Community Schools Building Corp.<br> First Mortgage | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-15-33 | 275000 | &nbsp;&nbsp;312252 |
| North Lawrence Community Schools Building Corp.<br> First Mortgage | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-15-33 | 200000 | &nbsp;&nbsp;228211 |
| Westfield-Washington Multi-School Building Corp.<br> Series B (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-15-40 | 1000000 | &nbsp;&nbsp;1123081 |
| **Iowa 0.4%** |  |  |  | &nbsp;&nbsp;**6030821** |
| Harlan Community School District, GO (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-32 | 515000 | &nbsp;&nbsp;540988 |
| Harlan Community School District, GO (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-33 | 540000 | &nbsp;&nbsp;565071 |
| Iowa Finance Authority<br> Lifespace Communities, Inc., Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-15-46 | 1500000 | &nbsp;&nbsp;1252614 |
| Iowa Great Lakes Sanitation District, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-33 | 1145000 | &nbsp;&nbsp;1188056 |
| PEFA, Inc.<br> Gas Project Revenue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-49 | 2000000 | &nbsp;&nbsp;2020757 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Iowa (continued)** |  |  |  |  |
| Rock Valley Community School District, GO (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-44 | 480000 | &nbsp;&nbsp;$463335 |
| **Kansas 0.8%** |  |  |  | &nbsp;&nbsp;**11161827** |
| City of Prairie Village<br> Meadowbrook TIF Project | &nbsp;&nbsp;2.875 | &nbsp;&nbsp;04-01-30 | 10000 | &nbsp;&nbsp;9955 |
| City of Prairie Village<br> Meadowbrook TIF Project | &nbsp;&nbsp;3.125 | &nbsp;&nbsp;04-01-36 | 1650000 | &nbsp;&nbsp;1575143 |
| Kansas Development Finance Authority<br> AdventHealth Obligated Group, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-54 | 3000000 | &nbsp;&nbsp;3316974 |
| Wyandotte County-Kansas City Unified Government<br> Legends Apartments Garage & West Lawn Project | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;06-01-40 | 1380000 | &nbsp;&nbsp;1381410 |
| Wyandotte County-Kansas City Unified Government<br> Village East Project, Areas 2B, 3, and 5 (A) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;03-01-41 | 5000000 | &nbsp;&nbsp;4878345 |
| **Kentucky 1.9%** |  |  |  | &nbsp;&nbsp;**27307040** |
| County of Trimble<br> Louisville Gas and Electric Company Project, Series A | &nbsp;&nbsp;3.750 | &nbsp;&nbsp;06-01-33 | 2500000 | &nbsp;&nbsp;2509154 |
| Kenton County Airport Board<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-29 | 300000 | &nbsp;&nbsp;317588 |
| Kenton County Airport Board<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-30 | 550000 | &nbsp;&nbsp;591171 |
| Kenton County Airport Board<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-31 | 750000 | &nbsp;&nbsp;818571 |
| Kenton County Airport Board<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-32 | 1350000 | &nbsp;&nbsp;1492718 |
| Kenton County Airport Board<br> Series A, AMT | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;01-01-39 | 1500000 | &nbsp;&nbsp;1661678 |
| Kentucky Public Energy Authority<br> Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06-01-55 | 4800000 | &nbsp;&nbsp;5114032 |
| Kentucky Public Energy Authority<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-55 | 10000000 | &nbsp;&nbsp;10752677 |
| Kentucky Turnpike Authority<br> Revitalization Projects, Series 2022-A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-32 | 2000000 | &nbsp;&nbsp;2236989 |
| Stamford Housing Authority<br> Mozaic Concierge Living Project, Series A | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;10-01-35 | 625000 | &nbsp;&nbsp;654908 |
| Woodford County School District Finance Corp.<br> Series A (C) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;08-01-31 | 1000000 | &nbsp;&nbsp;1157554 |
| **Louisiana 1.2%** |  |  |  | &nbsp;&nbsp;**16990973** |
| Louisiana Local Government Environmental Facilities & Community Development Authority<br> Downsville Community Charter School Project (A) | &nbsp;&nbsp;6.375 | &nbsp;&nbsp;06-15-53 | 3500000 | &nbsp;&nbsp;3472527 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_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> Louisiana Insurance Guaranty Association Project, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-32 | 4545000 | &nbsp;&nbsp;$4687209 |
| Louisiana Local Government Environmental Facilities & Community Development Authority<br> Westlake Chemical Corp. Project | &nbsp;&nbsp;3.500 | &nbsp;&nbsp;11-01-32 | 5085000 | &nbsp;&nbsp;4999933 |
| New Orleans Aviation Board<br> Parking Facilities Corp. Consolidated Garage System (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-48 | 1000000 | &nbsp;&nbsp;1014500 |
| New Orleans Aviation Board<br> Series B, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-41 | 1490000 | &nbsp;&nbsp;1554225 |
| State of Louisiana Gasoline & Fuels Tax Revenue<br> Series B | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;05-01-41 | 1420000 | &nbsp;&nbsp;1262579 |
| **Maine 0.1%** |  |  |  | &nbsp;&nbsp;**960919** |
| City of Lewiston, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-15-32 | 860000 | &nbsp;&nbsp;960919 |
| **Maryland 1.4%** |  |  |  | &nbsp;&nbsp;**20407050** |
| City of Gaithersburg<br> Asbury Maryland Obligated Group | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-37 | 2000000 | &nbsp;&nbsp;2049411 |
| County of Baltimore, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-44 | 6945000 | &nbsp;&nbsp;7501876 |
| County of Howard<br> Annapolis Junction Town Center Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-15-44 | 335000 | &nbsp;&nbsp;348688 |
| County of Howard<br> Consolidated Public Improvement Project, Series A, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-15-37 | 1000000 | &nbsp;&nbsp;1034360 |
| Maryland Department of Housing & Community Development<br> Series A-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-44 | 1000000 | &nbsp;&nbsp;1059429 |
| Maryland Economic Development Corp.<br> Morgan St. University Project, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-31 | 480000 | &nbsp;&nbsp;524469 |
| Maryland Economic Development Corp.<br> Morgan St. University Project, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-32 | 500000 | &nbsp;&nbsp;551159 |
| Maryland Economic Development Corp.<br> Morgan St. University Project, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-33 | 475000 | &nbsp;&nbsp;520543 |
| Maryland Health & Higher Educational Facilities Authority<br> Broadmead Issue, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-43 | 1240000 | &nbsp;&nbsp;1252598 |
| Maryland Stadium Authority<br> Built to Learn | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-27 | 845000 | &nbsp;&nbsp;874958 |
| State of Maryland Department of Transportation<br> Series A | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;10-01-33 | 4730000 | &nbsp;&nbsp;4689559 |
| **Massachusetts 2.5%** |  |  |  | &nbsp;&nbsp;**34925475** |
| Commonwealth of Massachusetts<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-45 | 800000 | &nbsp;&nbsp;860550 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Massachusetts (continued)** |  |  |  |  |
| Commonwealth of Massachusetts<br> Series E, GO | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;09-01-43 | 1985000 | &nbsp;&nbsp;$2059919 |
| Commonwealth of Massachusetts Transportation Fund Revenue<br> Rail Enhancement and Accelerated Bridge Programs, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-42 | 1185000 | &nbsp;&nbsp;1206263 |
| Massachusetts Bay Transportation Authority Sales Tax Revenue<br> Series A-1 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-36 | 2615000 | &nbsp;&nbsp;2710501 |
| Massachusetts Development Finance Agency<br> Bentley University Issue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-38 | 1000000 | &nbsp;&nbsp;1121430 |
| Massachusetts Development Finance Agency<br> Bentley University Issue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-39 | 980000 | &nbsp;&nbsp;1090858 |
| Massachusetts Development Finance Agency<br> Bentley University Issue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-42 | 1100000 | &nbsp;&nbsp;1183033 |
| Massachusetts Development Finance Agency<br> Bentley University Issue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-44 | 850000 | &nbsp;&nbsp;898133 |
| Massachusetts Development Finance Agency<br> Bentley University Issue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-50 | 4000000 | &nbsp;&nbsp;4135936 |
| Massachusetts Development Finance Agency<br> Boston Medical Center, Series G | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-48 | 1900000 | &nbsp;&nbsp;1921052 |
| Massachusetts Development Finance Agency<br> Brandeis University Issue, Series T-2 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-55 | 1170000 | &nbsp;&nbsp;1320210 |
| Massachusetts Development Finance Agency<br> Care Communities LLC Obligated Group, Series A-1 (A) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;07-15-35 | 1000000 | &nbsp;&nbsp;1021779 |
| Massachusetts Development Finance Agency<br> Dana Farber Cancer Institute, Series N | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-41 | 2450000 | &nbsp;&nbsp;2475205 |
| Massachusetts Development Finance Agency<br> Gingercare Living Issue, Series B-1 (A) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;12-01-30 | 1400000 | &nbsp;&nbsp;1400819 |
| Massachusetts Development Finance Agency<br> Gingercare Living Issue, Series B-2 (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-29 | 850000 | &nbsp;&nbsp;850385 |
| Massachusetts Development Finance Agency<br> Mass General Brigham, Series D | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-54 | 865000 | &nbsp;&nbsp;890618 |
| Massachusetts Development Finance Agency<br> Merrimack College | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-37 | 725000 | &nbsp;&nbsp;760604 |
| Massachusetts Development Finance Agency<br> Merrimack College | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-52 | 1075000 | &nbsp;&nbsp;1047092 |
| Massachusetts Development Finance Agency<br> NewBridge on the Charles, Inc. (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-37 | 2000000 | &nbsp;&nbsp;2020955 |
| Massachusetts Development Finance Agency<br> Tufts Medicine, Series E | &nbsp;&nbsp;8.500 | &nbsp;&nbsp;10-01-26 | 3000000 | &nbsp;&nbsp;3003318 |
| Massachusetts Development Finance Agency<br> UMass Memorial Health Care, Series I | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-46 | 1150000 | &nbsp;&nbsp;1145642 |
| Massachusetts Housing Finance Agency<br> Series A | &nbsp;&nbsp;3.800 | &nbsp;&nbsp;12-01-43 | 460000 | &nbsp;&nbsp;440884 |
| Massachusetts Port Authority<br> BOSFuel Project, Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-39 | 1000000 | &nbsp;&nbsp;1041594 |
| Massachusetts Port Authority<br> Series C, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-30 | 300000 | &nbsp;&nbsp;318695 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Michigan 2.2%** |  |  |  | &nbsp;&nbsp;**$31454304** |
| City of Detroit, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-26 | 660000 | &nbsp;&nbsp;663381 |
| City of Detroit, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-30 | 800000 | &nbsp;&nbsp;858569 |
| City of Detroit, GO | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;04-01-32 | 295000 | &nbsp;&nbsp;321306 |
| City of Detroit, GO | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;04-01-33 | 470000 | &nbsp;&nbsp;510497 |
| City of Detroit, GO | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;04-01-34 | 325000 | &nbsp;&nbsp;352010 |
| City of Detroit, GO | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;04-01-39 | 1290000 | &nbsp;&nbsp;1370232 |
| City of Lansing<br> Series B, GO (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-39 | 2250000 | &nbsp;&nbsp;2282857 |
| Gerald R. Ford International Airport Authority, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-34 | 1185000 | &nbsp;&nbsp;1340649 |
| Gerald R. Ford International Airport Authority, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-36 | 710000 | &nbsp;&nbsp;794075 |
| Gerald R. Ford International Airport Authority, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-41 | 1600000 | &nbsp;&nbsp;1710970 |
| Grand Rapids Economic Development Corp.<br> Beacon Hill at Eastgate Project, Series A (F) | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;11-01-50 | 2500000 | &nbsp;&nbsp;2478525 |
| Grand Rapids Economic Development Corp.<br> Beacon Hill at Eastgate Project, Series B-1 (F) | &nbsp;&nbsp;4.750 | &nbsp;&nbsp;11-01-30 | 500000 | &nbsp;&nbsp;500140 |
| Michigan Finance Authority<br> Henry Ford Health Utility Plant Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-29-36 | 1000000 | &nbsp;&nbsp;1117279 |
| Michigan Finance Authority<br> Henry Ford Health Utility Plant Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-28-38 | 1000000 | &nbsp;&nbsp;1093734 |
| Michigan Finance Authority<br> Lawrence Technological University | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;02-01-32 | 490000 | &nbsp;&nbsp;485041 |
| Michigan Finance Authority<br> Lawrence Technological University | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;02-01-42 | 490000 | &nbsp;&nbsp;424967 |
| Michigan Finance Authority<br> McLaren Healthcare, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-38 | 1200000 | &nbsp;&nbsp;1200943 |
| Michigan Finance Authority<br> McLaren Healthcare, Series D-2 | &nbsp;&nbsp;1.200 | &nbsp;&nbsp;10-15-38 | 8300000 | &nbsp;&nbsp;7845279 |
| Michigan Finance Authority<br> Series A-1 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-49 | 1800000 | &nbsp;&nbsp;1561097 |
| Michigan Mathematics & Science Initiative<br> Public School Academy | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-31 | 705000 | &nbsp;&nbsp;688237 |
| Michigan State Hospital Finance Authority<br> Corewell Health, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-55 | 1200000 | &nbsp;&nbsp;1334676 |
| State of Michigan Trunk Line Revenue<br> Rebuilding Michigan Program, Series B | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-15-38 | 1385000 | &nbsp;&nbsp;1417704 |
| Wayne County Airport Authority<br> Detroit Metropolitan Wayne County Airport, Series B, AMT | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;12-01-43 | 500000 | &nbsp;&nbsp;553259 |
| Wayne County Airport Authority<br> Detroit Metropolitan Wayne County Airport, Series B, AMT | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;12-01-44 | 500000 | &nbsp;&nbsp;548877 |
| **Minnesota 0.1%** |  |  |  | &nbsp;&nbsp;**2031325** |
| Duluth Economic Development Authority<br> St. Luke Hospital of Duluth, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-15-34 | 215000 | &nbsp;&nbsp;224192 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Minnesota (continued)** |  |  |  |  |
| Duluth Economic Development Authority<br> St. Luke Hospital of Duluth, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-15-36 | 590000 | &nbsp;&nbsp;$609018 |
| Duluth Economic Development Authority<br> St. Luke Hospital of Duluth, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-15-36 | 400000 | &nbsp;&nbsp;415801 |
| Edina Independent School District No. 273<br> Series A, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;02-01-35 | 170000 | &nbsp;&nbsp;168288 |
| Minnesota Housing Finance Agency<br> Series A | &nbsp;&nbsp;2.950 | &nbsp;&nbsp;02-01-46 | 690205 | &nbsp;&nbsp;614026 |
| **Mississippi 0.6%** |  |  |  | &nbsp;&nbsp;**8827705** |
| City of Gulfport<br> Memorial Hospital at Gulfport Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-35 | 500000 | &nbsp;&nbsp;557858 |
| City of Gulfport<br> Memorial Hospital at Gulfport Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-36 | 500000 | &nbsp;&nbsp;563567 |
| City of Gulfport<br> Memorial Hospital at Gulfport Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-37 | 500000 | &nbsp;&nbsp;560387 |
| City of Gulfport<br> Memorial Hospital at Gulfport Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-38 | 590000 | &nbsp;&nbsp;657387 |
| City of Gulfport<br> Memorial Hospital at Gulfport Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-39 | 750000 | &nbsp;&nbsp;830433 |
| County of Warren<br> International Paper Company Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-32 | 1000000 | &nbsp;&nbsp;1028339 |
| Mississippi Business Finance Corp.<br> System Energy Resources, Inc. Project | &nbsp;&nbsp;2.375 | &nbsp;&nbsp;06-01-44 | 1580000 | &nbsp;&nbsp;1020547 |
| Mississippi Development Bank<br> Hancock County Gomesa Project (A) | &nbsp;&nbsp;4.550 | &nbsp;&nbsp;11-01-39 | 1000000 | &nbsp;&nbsp;1010916 |
| Mississippi Development Bank<br> Magnolia Regional Health Center Project (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-41 | 1000000 | &nbsp;&nbsp;837408 |
| Mississippi State University Educational Building Corp.<br> New Residence Hall and Facilities Refinancing, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-41 | 745000 | &nbsp;&nbsp;814864 |
| State of Mississippi Gaming Tax Revenue<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-15-36 | 905000 | &nbsp;&nbsp;945999 |
| **Missouri 1.5%** |  |  |  | &nbsp;&nbsp;**20737973** |
| City of Kansas City Water Revenue<br> Series A | &nbsp;&nbsp;3.500 | &nbsp;&nbsp;12-01-37 | 2790000 | &nbsp;&nbsp;2733153 |
| Health & Educational Facilities Authority of the State of Missouri<br> Mercy Health | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;12-01-48 | 1000000 | &nbsp;&nbsp;1074643 |
| I-470 Western Gateway Transportation Development District<br> Series A (A) | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;12-01-29 | 1125000 | &nbsp;&nbsp;1126723 |
| Lee's Summit Industrial Development Authority<br> John Knox Village Project, Series A | &nbsp;&nbsp;4.825 | &nbsp;&nbsp;08-15-47 | 1345000 | &nbsp;&nbsp;1346086 |
| Lee's Summit Industrial Development Authority<br> John Knox Village Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-32 | 2125000 | &nbsp;&nbsp;2159786 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Missouri (continued)** |  |  |  |  |
| Lee's Summit Industrial Development Authority<br> John Knox Village Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-36 | 100000 | &nbsp;&nbsp;$100238 |
| Lee's Summit Industrial Development Authority<br> John Knox Village Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-39 | 1025000 | &nbsp;&nbsp;1050703 |
| Missouri Development Finance Board<br> Infrastructure Facilities Revenue (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-28 | 1250000 | &nbsp;&nbsp;1318506 |
| Missouri Development Finance Board<br> St. Louis Zoo Projects | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-31 | 955000 | &nbsp;&nbsp;1055271 |
| Missouri Development Finance Board<br> St. Louis Zoo Projects | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-32 | 1125000 | &nbsp;&nbsp;1258977 |
| Missouri Joint Municipal Electric Utility Commission<br> MoPEP Facilities | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-28 | 750000 | &nbsp;&nbsp;799370 |
| Missouri Joint Municipal Electric Utility Commission<br> MoPEP Facilities | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-31 | 1000000 | &nbsp;&nbsp;1124207 |
| Missouri Joint Municipal Electric Utility Commission<br> MoPEP Facilities | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 500000 | &nbsp;&nbsp;568866 |
| Missouri Joint Municipal Electric Utility Commission<br> MoPEP Facilities | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-34 | 735000 | &nbsp;&nbsp;827797 |
| St. Louis County Industrial Development Authority<br> Manchester Ballas Community Improvement Disctrict Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-38 | 1570000 | &nbsp;&nbsp;1570738 |
| Taney County Industrial Development Authority<br> Big Cedar Infrastructure Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-33 | 1000000 | &nbsp;&nbsp;1007616 |
| Waynesville R-VI School District<br> Certificates of Participation | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-15-34 | 370000 | &nbsp;&nbsp;420016 |
| Waynesville R-VI School District<br> Certificates of Participation | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-15-36 | 550000 | &nbsp;&nbsp;616750 |
| Waynesville R-VI School District<br> Certificates of Participation | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-15-37 | 520000 | &nbsp;&nbsp;578527 |
| **Montana 0.2%** |  |  |  | &nbsp;&nbsp;**3455459** |
| City of Forsyth<br> NorthWestern Corp. Colstrip Project | &nbsp;&nbsp;3.875 | &nbsp;&nbsp;07-01-28 | 3000000 | &nbsp;&nbsp;3045932 |
| Montana Facility Finance Authority<br> Montana Children's Home and Hospital | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-50 | 550000 | &nbsp;&nbsp;409527 |
| **Nebraska 0.8%** |  |  |  | &nbsp;&nbsp;**12006885** |
| Central Plains Energy Project<br> Subseries A-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-55 | 4250000 | &nbsp;&nbsp;4571003 |
| Nebraska State Colleges<br> Student Fees & Facilities Revenue (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-48 | 850000 | &nbsp;&nbsp;885209 |
| Omaha Airport Authority<br> Airport Facilities, AMT (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;12-15-43 | 1275000 | &nbsp;&nbsp;1362394 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Nebraska (continued)** |  |  |  |  |
| Omaha Public Power District<br> Series A | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-43 | 4850000 | &nbsp;&nbsp;$5188279 |
| **Nevada 0.7%** |  |  |  | &nbsp;&nbsp;**10341822** |
| County of Clark Department of Aviation<br> Series A, AMT | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-26 | 1000000 | &nbsp;&nbsp;1012127 |
| Las Vegas Convention & Visitors Authority<br> Series A | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-37 | 700000 | &nbsp;&nbsp;783751 |
| Las Vegas Convention & Visitors Authority<br> Series A | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-38 | 1350000 | &nbsp;&nbsp;1498777 |
| Las Vegas Valley Water District<br> Series C, GO | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-39 | 2905000 | &nbsp;&nbsp;2980849 |
| State of Nevada Department of Business & Industry<br> Brightline West Passenger Project, Series B, AMT (A) | &nbsp;&nbsp;12.000 | &nbsp;&nbsp;01-01-65 | 3070000 | &nbsp;&nbsp;2420700 |
| Washoe County School District<br> School Improvement, Series A, GO (C) | &nbsp;&nbsp;&nbsp;3.000 | &nbsp;&nbsp;06-01-34 | 1675000 | &nbsp;&nbsp;1645618 |
| **New Hampshire 1.1%** |  |  |  | &nbsp;&nbsp;**14988920** |
| New Hampshire Business Finance Authority<br> Bridgeland Water & Utility District (A) | &nbsp;&nbsp;&nbsp;5.375 | &nbsp;&nbsp;12-15-35 | 2500000 | &nbsp;&nbsp;2497683 |
| New Hampshire Business Finance Authority<br> Lariat Phase 2 Project, GO (A)(D) | &nbsp;&nbsp;&nbsp;7.029 | &nbsp;&nbsp;12-15-32 | 2350000 | &nbsp;&nbsp;1446445 |
| New Hampshire Business Finance Authority<br> Princeton Area Project (A) | &nbsp;&nbsp;&nbsp;5.500 | &nbsp;&nbsp;12-01-30 | 3209000 | &nbsp;&nbsp;3204213 |
| New Hampshire Business Finance Authority<br> Series A (A) | &nbsp;&nbsp;&nbsp;3.625 | &nbsp;&nbsp;07-01-43 | 1500000 | &nbsp;&nbsp;1229664 |
| New Hampshire Business Finance Authority<br> Silverado Project (A) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-28 | 1906000 | &nbsp;&nbsp;1904009 |
| New Hampshire Business Finance Authority<br> Springpoint Senior Living | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-41 | 1000000 | &nbsp;&nbsp;922753 |
| New Hampshire Health & Education Facilities Authority<br> Catholic Medical Center | &nbsp;&nbsp;&nbsp;3.500 | &nbsp;&nbsp;07-01-34 | 245000 | &nbsp;&nbsp;247652 |
| New Hampshire Health & Education Facilities Authority<br> Dartmouth Hitchcock Group, Series A | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-34 | 3405000 | &nbsp;&nbsp;3536501 |
| **New Jersey 2.2%** |  |  |  | &nbsp;&nbsp;**31721566** |
| Casino Reinvestment Development Authority, Inc.<br> Series A (C) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-40 | 750000 | &nbsp;&nbsp;818525 |
| Casino Reinvestment Development Authority, Inc.<br> Series A (C) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-41 | 500000 | &nbsp;&nbsp;540198 |
| Casino Reinvestment Development Authority, Inc.<br> Series B (C) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-40 | 840000 | &nbsp;&nbsp;916748 |
| Casino Reinvestment Development Authority, Inc.<br> Series B (C) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-41 | 860000 | &nbsp;&nbsp;929140 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **New Jersey (continued)** |  |  |  |  |
| New Jersey Economic Development Authority<br> Repauno Port and Rail Terminal Project, AMT (A) | &nbsp;&nbsp;6.375 | &nbsp;&nbsp;01-01-35 | 3400000 | &nbsp;&nbsp;$3526753 |
| New Jersey Economic Development Authority<br> Series RRR | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-28 | 2265000 | &nbsp;&nbsp;2380450 |
| New Jersey Economic Development Authority<br> Series SSS | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06-15-36 | 955000 | &nbsp;&nbsp;1100787 |
| New Jersey Economic Development Authority<br> Series SSS | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06-15-37 | 1000000 | &nbsp;&nbsp;1144690 |
| New Jersey Economic Development Authority<br> Series SSS | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06-15-39 | 1000000 | &nbsp;&nbsp;1126479 |
| New Jersey Educational Facilities Authority<br> Princeton University, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-64 | 4900000 | &nbsp;&nbsp;5700449 |
| New Jersey Health Care Facilities Financing Authority<br> Princeton Healthcare System, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-39 | 2000000 | &nbsp;&nbsp;2016886 |
| New Jersey Housing & Mortgage Finance Agency<br> Series B | &nbsp;&nbsp;3.375 | &nbsp;&nbsp;11-01-27 | 1000000 | &nbsp;&nbsp;1003480 |
| New Jersey Transportation Trust Fund Authority<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-15-35 | 2145000 | &nbsp;&nbsp;2220919 |
| New Jersey Transportation Trust Fund Authority<br> Series A | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;06-15-40 | 1215000 | &nbsp;&nbsp;1224982 |
| New Jersey Transportation Trust Fund Authority<br> Series AA | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-30 | 500000 | &nbsp;&nbsp;549276 |
| New Jersey Transportation Trust Fund Authority<br> Series BB-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-29 | 1700000 | &nbsp;&nbsp;1815040 |
| State of New Jersey, GO | &nbsp;&nbsp;2.000 | &nbsp;&nbsp;06-01-27 | 1135000 | &nbsp;&nbsp;1117036 |
| State of New Jersey, GO | &nbsp;&nbsp;2.000 | &nbsp;&nbsp;06-01-29 | 1550000 | &nbsp;&nbsp;1483160 |
| Tobacco Settlement Financing Corp.<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-46 | 2170000 | &nbsp;&nbsp;2106568 |
| **New Mexico 0.1%** |  |  |  | &nbsp;&nbsp;**1027235** |
| City of Albuquerque<br> Transportation Infrastructure | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-33 | 1000000 | &nbsp;&nbsp;1027235 |
| **New York 4.3%** |  |  |  | &nbsp;&nbsp;**61749062** |
| Albany County Airport Authority<br> Series B, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-15-26 | 600000 | &nbsp;&nbsp;611587 |
| Build NYC Resource Corp.<br> Bay Ridge Preparatory School Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-39 | 1105000 | &nbsp;&nbsp;1116651 |
| Build NYC Resource Corp.<br> KIPP NYC Public Charter Schools - Canal West Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-52 | 1000000 | &nbsp;&nbsp;1009888 |
| Build NYC Resource Corp.<br> KIPP NYC Public Charter Schools - Canal West Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-62 | 1990000 | &nbsp;&nbsp;1998628 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **New York (continued)** |  |  |  |  |
| Build NYC Resource Corp.<br> Seton Education Partners Brilla Project, Series A (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-41 | 250000 | &nbsp;&nbsp;$220116 |
| Build NYC Resource Corp.<br> Seton Education Partners Brilla Project, Series A (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-51 | 180000 | &nbsp;&nbsp;143163 |
| Build NYC Resource Corp.<br> TrIPs Obligated Group, AMT | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;07-01-42 | 900000 | &nbsp;&nbsp;973411 |
| Build NYC Resource Corp.<br> TrIPs Obligated Group, AMT | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;07-01-43 | 1000000 | &nbsp;&nbsp;1071010 |
| City of New York<br> Fiscal 2021, Series C, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-37 | 1090000 | &nbsp;&nbsp;1101475 |
| City of New York<br> Fiscal 2026, Series D, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-45 | 1500000 | &nbsp;&nbsp;1582436 |
| City of New York<br> Series F-1, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-50 | 1275000 | &nbsp;&nbsp;1297079 |
| City of Yonkers<br> Series F, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-28 | 205000 | &nbsp;&nbsp;219618 |
| City of Yonkers<br> Series F, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-31 | 300000 | &nbsp;&nbsp;341074 |
| City of Yonkers<br> Series F, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-32 | 250000 | &nbsp;&nbsp;288184 |
| City of Yonkers<br> Series G, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-30 | 410000 | &nbsp;&nbsp;458107 |
| Dutchess County Local Development Corp.<br> Health Quest Systems, Inc., Series B | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-41 | 2025000 | &nbsp;&nbsp;1937188 |
| Dutchess County Local Development Corp.<br> Nuvance Health Issue, Series B | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-44 | 1000000 | &nbsp;&nbsp;914180 |
| Metropolitan Transportation Authority<br> Series A (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-15-46 | 1735000 | &nbsp;&nbsp;1588967 |
| Metropolitan Transportation Authority<br> Series C-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-30 | 500000 | &nbsp;&nbsp;510077 |
| Monroe County Industrial Development Corp.<br> St. John Fisher University Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06-01-49 | 350000 | &nbsp;&nbsp;372784 |
| New York City Industrial Development Agency<br> Yankee Stadium Project, Series A (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;03-01-45 | 415000 | &nbsp;&nbsp;396492 |
| New York City Municipal Water Finance Authority<br> Fiscal 2025, Series DD | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-35 | 1700000 | &nbsp;&nbsp;2010978 |
| New York City Municipal Water Finance Authority<br> Series GG | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-50 | 2795000 | &nbsp;&nbsp;2884488 |
| New York City Municipal Water Finance Authority<br> Subseries DD-3 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-15-41 | 825000 | &nbsp;&nbsp;825105 |
| New York City Transitional Finance Authority<br> Fiscal 2025, Series D | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-36 | 1000000 | &nbsp;&nbsp;1149742 |
| New York City Transitional Finance Authority<br> Future Tax Subordinated Bonds, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-38 | 375000 | &nbsp;&nbsp;379322 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **New York (continued)** |  |  |  |  |
| New York City Transitional Finance Authority<br> Future Tax Subordinated Bonds, Series C-1 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-38 | 2960000 | &nbsp;&nbsp;$2977722 |
| New York Liberty Development Corp.<br> World Trade Center, Class 2-3 (A) | &nbsp;&nbsp;5.150 | &nbsp;&nbsp;11-15-34 | 2500000 | &nbsp;&nbsp;2502379 |
| New York State Dormitory Authority<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;03-15-37 | 2295000 | &nbsp;&nbsp;2345078 |
| New York State Dormitory Authority<br> Series C (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-31 | 1195000 | &nbsp;&nbsp;1353333 |
| New York State Dormitory Authority<br> Series C (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-32 | 1255000 | &nbsp;&nbsp;1439635 |
| New York State Dormitory Authority<br> Series C (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-35 | 1405000 | &nbsp;&nbsp;1631970 |
| New York State Dormitory Authority<br> Series C (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-36 | 1335000 | &nbsp;&nbsp;1536880 |
| New York State Dormitory Authority<br> Series D | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;02-15-39 | 2440000 | &nbsp;&nbsp;2461939 |
| New York State Dormitory Authority<br> Series E | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;03-15-39 | 365000 | &nbsp;&nbsp;369285 |
| New York State Dormitory Authority<br> White Plains Hospital Obligated Group (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-38 | 2075000 | &nbsp;&nbsp;2281359 |
| New York State Environmental Facilities Corp.<br> Series B | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-15-37 | 495000 | &nbsp;&nbsp;509370 |
| New York State Urban Development Corp.<br> Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-15-31 | 1745000 | &nbsp;&nbsp;1931352 |
| New York Transportation Development Corp.<br> American Airlines, Inc., John F. Kennedy International Airport, AMT | &nbsp;&nbsp;2.250 | &nbsp;&nbsp;08-01-26 | 40000 | &nbsp;&nbsp;39741 |
| New York Transportation Development Corp.<br> Delta Airlines, Inc., Laguardia Airport, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-36 | 2000000 | &nbsp;&nbsp;1947725 |
| 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;1100000 |
| Onondaga Civic Development Corp.<br> Syracuse University Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-39 | 1000000 | &nbsp;&nbsp;1138036 |
| Onondaga Civic Development Corp.<br> Syracuse University Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-40 | 1000000 | &nbsp;&nbsp;1127254 |
| Onondaga Civic Development Corp.<br> Syracuse University Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-41 | 900000 | &nbsp;&nbsp;1003789 |
| Onondaga Civic Development Corp.<br> Syracuse University Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;12-01-42 | 1000000 | &nbsp;&nbsp;1122706 |
| Port Authority of New York & New Jersey<br> Series 248 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-15-45 | 1350000 | &nbsp;&nbsp;1451554 |
| Riverhead Industrial Development Agency<br> Riverhead Charter School Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-30 | 1170000 | &nbsp;&nbsp;1185734 |
| Riverhead Industrial Development Agency<br> Riverhead Charter School Project | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;08-01-35 | 970000 | &nbsp;&nbsp;1015680 |
| Schenectady County Capital Resource Corp.<br> Union College Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-32 | 100000 | &nbsp;&nbsp;113102 |
| Suffolk Regional Off-Track Betting Company | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;12-01-44 | 500000 | &nbsp;&nbsp;508396 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **New York (continued)** |  |  |  |  |
| 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 | 375000 | &nbsp;&nbsp;$342190 |
| Troy Capital Resource Corp.<br> Rensselaer Polytechnic Institute, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-30 | 1365000 | &nbsp;&nbsp;1488684 |
| Troy Capital Resource Corp.<br> Rensselaer Polytechnic Institute, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-39 | 1350000 | &nbsp;&nbsp;1422419 |
| **North Carolina 0.5%** |  |  |  | &nbsp;&nbsp;**7726189** |
| City of Charlotte<br> Series B, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-36 | 1545000 | &nbsp;&nbsp;1770131 |
| Greater Asheville Regional Airport Authority<br> North Carolina Airport System Revenue, AMT (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-35 | 900000 | &nbsp;&nbsp;991499 |
| Greater Asheville Regional Airport Authority<br> North Carolina Airport System Revenue, AMT (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-40 | 920000 | &nbsp;&nbsp;991571 |
| North Carolina Medical Care Commission<br> Every Age, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-44 | 1260000 | &nbsp;&nbsp;1258449 |
| North Carolina Medical Care Commission<br> Penick Village Project, Series B-1 | &nbsp;&nbsp;4.750 | &nbsp;&nbsp;09-01-29 | 410000 | &nbsp;&nbsp;410046 |
| North Carolina Medical Care Commission<br> Presbyterian Homes, Series C | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-31 | 120000 | &nbsp;&nbsp;120277 |
| North Carolina State University at Raleigh<br> Series B | &nbsp;&nbsp;2.620 | &nbsp;&nbsp;10-01-39 | 2000000 | &nbsp;&nbsp;1634149 |
| State of North Carolina<br> Series C | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;05-01-28 | 550000 | &nbsp;&nbsp;550067 |
| **North Dakota 0.2%** |  |  |  | &nbsp;&nbsp;**2925992** |
| Cass County Joint Water Resource District<br> Series A, GO | &nbsp;&nbsp;3.450 | &nbsp;&nbsp;04-01-27 | 1625000 | &nbsp;&nbsp;1625755 |
| City of Bismarck<br> Series T, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;05-01-36 | 330000 | &nbsp;&nbsp;324002 |
| City of Grand Forks<br> Altru Health System, Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-39 | 675000 | &nbsp;&nbsp;726866 |
| City of Grand Forks<br> Altru Health System, Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-43 | 240000 | &nbsp;&nbsp;249369 |
| **Ohio 1.6%** |  |  |  | &nbsp;&nbsp;**23059078** |
| City of Cleveland<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-47 | 1000000 | &nbsp;&nbsp;1046123 |
| Cleveland-Cuyahoga County Port Authority<br> Cleveland Museum of Natural History | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-51 | 905000 | &nbsp;&nbsp;791228 |
| Columbus Metropolitan Housing Authority<br> Waldren Woods Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-34 | 495000 | &nbsp;&nbsp;498363 |
| County of Fayette, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;12-01-32 | 370000 | &nbsp;&nbsp;364969 |
| County of Hamilton<br> Life Enriching Communities Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-42 | 1100000 | &nbsp;&nbsp;1114320 |
| County of Hamilton<br> Life Enriching Communities Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-46 | 770000 | &nbsp;&nbsp;752815 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Ohio (continued)** |  |  |  |  |
| County of Hamilton<br> Life Enriching Communities Project | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;01-01-44 | 1000000 | &nbsp;&nbsp;$1007196 |
| County of Hamilton<br> Life Enriching Communities Project | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;01-01-40 | 200000 | &nbsp;&nbsp;215463 |
| County of Hamilton<br> Life Enriching Communities Project, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;01-01-38 | 500000 | &nbsp;&nbsp;528554 |
| County of Hamilton<br> Life Enriching Communities Project, Series A | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;01-01-43 | 500000 | &nbsp;&nbsp;518463 |
| County of Hamilton<br> TriHealth, Inc. Obligation Group Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-42 | 3970000 | &nbsp;&nbsp;4017470 |
| County of Lucas<br> Promedica Healthcare, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-15-48 | 515000 | &nbsp;&nbsp;506161 |
| County of Montgomery<br> Solvita Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-37 | 1020000 | &nbsp;&nbsp;1118488 |
| County of Montgomery<br> Solvita Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-39 | 1050000 | &nbsp;&nbsp;1136320 |
| County of Montgomery<br> Solvita Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;09-01-40 | 360000 | &nbsp;&nbsp;391600 |
| County of Montgomery<br> Solvita Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;09-01-42 | 360000 | &nbsp;&nbsp;384574 |
| County of Montgomery<br> Solvita Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;09-01-43 | 400000 | &nbsp;&nbsp;423983 |
| County of Warren<br> Community First Solutions Obligated Group, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-44 | 500000 | &nbsp;&nbsp;503186 |
| Jefferson County Port Authority<br> JSW Steel Project, AMT (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-53 | 3550000 | &nbsp;&nbsp;3637695 |
| Northeast Ohio Regional Sewer District | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;11-15-34 | 2045000 | &nbsp;&nbsp;2017432 |
| Ohio Air Quality Development Authority<br> Duke Energy Corp. Project, AMT | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;11-01-39 | 1000000 | &nbsp;&nbsp;1015930 |
| Ohio Air Quality Development Authority<br> Duke Energy Corp. Project, Series 2022-B | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-30 | 1055000 | &nbsp;&nbsp;1068745 |
| **Oklahoma 1.0%** |  |  |  | &nbsp;&nbsp;**14188146** |
| Blaine County Educational Facilities Authority<br> Watonga Public Schools Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-30 | 800000 | &nbsp;&nbsp;861576 |
| Cleveland Educational Facilities Authority<br> Cleveland Public Schools Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-34 | 325000 | &nbsp;&nbsp;361676 |
| Kay County Public Buildings Authority<br> Ponca City Public Schools Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-27 | 2000000 | &nbsp;&nbsp;2061720 |
| McClain County Economic Development Authority<br> Washington Public Schools Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-34 | 1810000 | &nbsp;&nbsp;1879173 |
| Oklahoma Development Finance Authority<br> OU Medicine Project, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-38 | 2150000 | &nbsp;&nbsp;2181988 |
| Oklahoma Turnpike Authority<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-37 | 1000000 | &nbsp;&nbsp;1165648 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Oklahoma (continued)** |  |  |  |  |
| Stephens County Educational Facilities Authority<br> Marlow Public Schools Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-27 | 500000 | &nbsp;&nbsp;$516121 |
| Tulsa Authority for Economic Opportunity<br> Vast Bank Project (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-43 | 1005000 | &nbsp;&nbsp;889038 |
| Tulsa County Industrial Authority<br> Montereau, Inc. Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-15-37 | 1000000 | &nbsp;&nbsp;1013663 |
| Tulsa County Industrial Authority<br> Montereau, Inc. Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-15-45 | 490000 | &nbsp;&nbsp;490060 |
| Tulsa Municipal Airport Trust<br> American Airlines, Inc. Project, AMT | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;12-01-35 | 2400000 | &nbsp;&nbsp;2767483 |
| **Oregon 0.7%** |  |  |  | &nbsp;&nbsp;**9792069** |
| Astoria Hospital Facilities Authority<br> Columbia Memorial Hospital Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;08-01-49 | 985000 | &nbsp;&nbsp;996884 |
| City of Forest Grove<br> Pacific University, Series 2022-A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-34 | 1070000 | &nbsp;&nbsp;1052135 |
| Oregon State Facilities Authority<br> Redmond Proficiency Academy Project, Series A (A) | &nbsp;&nbsp;4.625 | &nbsp;&nbsp;06-15-35 | 265000 | &nbsp;&nbsp;270608 |
| Oregon State Facilities Authority<br> Redmond Proficiency Academy Project, Series A (A) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;06-15-45 | 475000 | &nbsp;&nbsp;476609 |
| Oregon State Facilities Authority<br> Southern Oregon Goodwill Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-27 | 305000 | &nbsp;&nbsp;312163 |
| Oregon State Facilities Authority<br> Southern Oregon Goodwill Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-29 | 335000 | &nbsp;&nbsp;349032 |
| Oregon State Facilities Authority<br> Southern Oregon Goodwill Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-31 | 325000 | &nbsp;&nbsp;343855 |
| Oregon State Facilities Authority<br> Southern Oregon Goodwill Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 365000 | &nbsp;&nbsp;387706 |
| Oregon State Facilities Authority<br> Southern Oregon Goodwill Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-33 | 355000 | &nbsp;&nbsp;377533 |
| Oregon State Facilities Authority<br> Southern Oregon Goodwill Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-34 | 325000 | &nbsp;&nbsp;346507 |
| Oregon State Facilities Authority<br> Southern Oregon Goodwill Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-35 | 295000 | &nbsp;&nbsp;313353 |
| Port of Portland Airport Revenue<br> Series 28, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-35 | 1640000 | &nbsp;&nbsp;1671969 |
| Salem Hospital Facility Authority<br> Capital Manor Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-53 | 185000 | &nbsp;&nbsp;175383 |
| Salem-Keizer School District No. 24J, GO (D) | &nbsp;&nbsp;3.208 | &nbsp;&nbsp;06-15-29 | 1105000 | &nbsp;&nbsp;986525 |
| Union County Hospital Facility Authority<br> Grande Ronde Hospital Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-29 | 185000 | &nbsp;&nbsp;193811 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Oregon (continued)** |  |  |  |  |
| Union County Hospital Facility Authority<br> Grande Ronde Hospital Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-40 | 1000000 | &nbsp;&nbsp;$1029452 |
| Union County Hospital Facility Authority<br> Grande Ronde Hospital Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-42 | 500000 | &nbsp;&nbsp;508544 |
| **Pennsylvania 4.5%** |  |  |  | &nbsp;&nbsp;**64438132** |
| Allegheny County Airport Authority<br> Pittsburgh International Airport, AMT (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;01-01-44 | 4250000 | &nbsp;&nbsp;4525241 |
| Allegheny County Airport Authority<br> Pittsburgh International Airport, AMT (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;01-01-45 | 3995000 | &nbsp;&nbsp;4236182 |
| Allegheny County Higher Education Building Authority<br> Duquesne University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-43 | 2100000 | &nbsp;&nbsp;2233713 |
| Allegheny County Higher Education Building Authority<br> Duquesne University, Series 2022-A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-34 | 640000 | &nbsp;&nbsp;717156 |
| Allentown Commercial and Industrial Development Authority<br> Lincoln Leadership Academy Charter School Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-33 | 2855000 | &nbsp;&nbsp;2957701 |
| Berks County Municipal Authority<br> Tower Health Project, Series A-3 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-30-39 | 518000 | &nbsp;&nbsp;466222 |
| Berks County Municipal Authority<br> Tower Health Project, Series A-4 | &nbsp;&nbsp;7.000 | &nbsp;&nbsp;06-30-39 | 3500000 | &nbsp;&nbsp;2836169 |
| Berks County Municipal Authority<br> Tower Health Project, Series B-2 (0.000% to 11-15-29, then 8.000% thereafter) | &nbsp;&nbsp;0.000 | &nbsp;&nbsp;06-30-44 | 2000000 | &nbsp;&nbsp;1019335 |
| Chester County Industrial Development Authority<br> Avon Grove Charter School | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-27 | 1000000 | &nbsp;&nbsp;1008516 |
| Chester County Industrial Development Authority<br> Longwood Gardens Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-49 | 1170000 | &nbsp;&nbsp;1074692 |
| City of Philadelphia<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-34 | 2010000 | &nbsp;&nbsp;2225788 |
| City of Philadelphia<br> Series A, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-39 | 850000 | &nbsp;&nbsp;966905 |
| City of Philadelphia<br> Series A, GO | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;08-01-43 | 1250000 | &nbsp;&nbsp;1390540 |
| City of Philadelphia Airport Revenue<br> Private Activity, AMT (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-46 | 415000 | &nbsp;&nbsp;378984 |
| City of Philadelphia Airport Revenue<br> Private Activity, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-31 | 500000 | &nbsp;&nbsp;549401 |
| Delaware County Authority<br> Cabrini University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-42 | 200000 | &nbsp;&nbsp;206527 |
| Delaware River Port Authority<br> Pennsylvania and New Jersey Port District Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-27 | 1050000 | &nbsp;&nbsp;1075291 |
| Doylestown Hospital Authority (A) | &nbsp;&nbsp;5.375 | &nbsp;&nbsp;07-01-39 | 1500000 | &nbsp;&nbsp;1653485 |
| Lancaster County Hospital Authority<br> Brethren Village Project | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;07-01-37 | 715000 | &nbsp;&nbsp;717128 |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Pennsylvania (continued)** |  |  |  |  |
| Lancaster County Hospital Authority<br> Brethren Village Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-41 | 1410000 | &nbsp;&nbsp;$1406783 |
| Lancaster County Hospital Authority<br> Landis Homes Retirement Community Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-45 | 320000 | &nbsp;&nbsp;311016 |
| Lancaster County Hospital Authority<br> Masonic Villages Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-30 | 2485000 | &nbsp;&nbsp;2655837 |
| Lancaster County Hospital Authority<br> Masonic Villages Project | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;11-01-38 | 1045000 | &nbsp;&nbsp;1135038 |
| Lancaster Municipal Authority<br> Luthercare Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-45 | 700000 | &nbsp;&nbsp;703047 |
| Montgomery County Industrial Development Authority<br> Acts Retirement-Life Communities, Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-45 | 2415000 | &nbsp;&nbsp;2416840 |
| Pennsylvania Economic Development Financing Authority<br> Energy Supply LLC Project, Series B | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;12-01-38 | 750000 | &nbsp;&nbsp;755559 |
| Pennsylvania Economic Development Financing Authority<br> Energy Supply LLC Project, Series C | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;12-01-37 | 1500000 | &nbsp;&nbsp;1511874 |
| Pennsylvania Economic Development Financing Authority<br> Presbyterian Senior Living Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-38 | 2500000 | &nbsp;&nbsp;2622508 |
| Pennsylvania Higher Educational Facilities Authority<br> Thomas Jefferson University, Series B-1 | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-01-43 | 1855000 | &nbsp;&nbsp;1981917 |
| Pennsylvania Turnpike Commission<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-44 | 1000000 | &nbsp;&nbsp;1035344 |
| Pennsylvania Turnpike Commission<br> Series A-2 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-43 | 1075000 | &nbsp;&nbsp;1107180 |
| Pennsylvania Turnpike Commission<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-29 | 250000 | &nbsp;&nbsp;273406 |
| Pennsylvania Turnpike Commission<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-30 | 250000 | &nbsp;&nbsp;278860 |
| Pennsylvania Turnpike Commission<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-31 | 250000 | &nbsp;&nbsp;283715 |
| Pennsylvania Turnpike Commission<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 250000 | &nbsp;&nbsp;287688 |
| Pennsylvania Turnpike Commission<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-33 | 250000 | &nbsp;&nbsp;286491 |
| Philadelphia Authority for Industrial Development<br> Holy Family University Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-27 | 1225000 | &nbsp;&nbsp;1255478 |
| Philadelphia Authority for Industrial Development<br> Holy Family University Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-28 | 645000 | &nbsp;&nbsp;667530 |
| Philadelphia Authority for Industrial Development<br> Holy Family University Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-29 | 1135000 | &nbsp;&nbsp;1186432 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Pennsylvania (continued)** |  |  |  |  |
| Philadelphia Authority for Industrial Development<br> Philadelphia E&T Charter High School, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-31 | 180000 | &nbsp;&nbsp;$177862 |
| Philadelphia Authority For Industrial Development<br> Holy Family University Project | &nbsp;&nbsp;5.125 | &nbsp;&nbsp;09-01-45 | 810000 | &nbsp;&nbsp;826938 |
| Pittsburgh Water & Sewer Authority<br> Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-43 | 1530000 | &nbsp;&nbsp;1633379 |
| Sports & Exhibition Authority of Pittsburgh and Allegheny County<br> Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-34 | 1895000 | &nbsp;&nbsp;2105799 |
| Sports & Exhibition Authority of Pittsburgh and Allegheny County<br> Series B (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-28 | 1530000 | &nbsp;&nbsp;1596542 |
| Swarthmore Borough Authority<br> Swarthmore College, Series A-2 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-15-55 | 4900000 | &nbsp;&nbsp;5696093 |
| **Puerto Rico 1.1%** |  |  |  | &nbsp;&nbsp;**15017573** |
| Puerto Rico Commonwealth<br> CW Guarantee Bond Claims, GO (D) | &nbsp;&nbsp;2.485 | &nbsp;&nbsp;11-01-43 | 8363153 | &nbsp;&nbsp;5352418 |
| Puerto Rico Sales Tax Financing Corp.<br> Sales Tax Revenue, Series A-1 (D) | &nbsp;&nbsp;3.577 | &nbsp;&nbsp;07-01-31 | 2989000 | &nbsp;&nbsp;2449431 |
| 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;2000534 |
| Puerto Rico Sales Tax Financing Corp.<br> Sales Tax Revenue, Series A-1 (D) | &nbsp;&nbsp;5.520 | &nbsp;&nbsp;07-01-51 | 1400000 | &nbsp;&nbsp;347117 |
| Puerto Rico Sales Tax Financing Corp.<br> Sales Tax Revenue, Series A-2 | &nbsp;&nbsp;4.329 | &nbsp;&nbsp;07-01-40 | 1736000 | &nbsp;&nbsp;1690195 |
| Puerto Rico Sales Tax Financing Corp.<br> Sales Tax Revenue, Series A-2 | &nbsp;&nbsp;4.329 | &nbsp;&nbsp;07-01-40 | 3264000 | &nbsp;&nbsp;3177878 |
| **Rhode Island 0.3%** |  |  |  | &nbsp;&nbsp;**3865068** |
| Providence Public Building Authority<br> Capital Improvement Program, Series A (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;09-15-43 | 1000000 | &nbsp;&nbsp;1078553 |
| Rhode Island Health and Educational Building Corp.<br> Town of Coventry Issue, Series E (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-40 | 350000 | &nbsp;&nbsp;385936 |
| Rhode Island Health and Educational Building Corp.<br> University of Rhode Island | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-15-41 | 1095000 | &nbsp;&nbsp;1174219 |
| Tobacco Settlement Financing Corp.<br> Series B | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;06-01-45 | 1230000 | &nbsp;&nbsp;1226360 |
| **South Carolina 1.8%** |  |  |  | &nbsp;&nbsp;**25911628** |
| Charleston County Airport District<br> Series A, AMT | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-44 | 1245000 | &nbsp;&nbsp;1317399 |
| City of Myrtle Beach<br> Water & Sewer Revenue, Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-45 | 495000 | &nbsp;&nbsp;521119 |
| Fort Mill Public Facilities Corp.<br> Town of Fort Mill Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-42 | 725000 | &nbsp;&nbsp;721604 |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **South Carolina (continued)** |  |  |  |  |
| Greenville-Spartanburg Airport District<br> Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-54 | 1150000 | &nbsp;&nbsp;$1220087 |
| Patriots Energy Group Financing Agency<br> Series A-1 | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;10-01-54 | 3000000 | &nbsp;&nbsp;3269313 |
| Scago Public Facilities Corp for Georgetown County<br> Georgetown County Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-40 | 1000000 | &nbsp;&nbsp;1082194 |
| South Carolina Jobs-Economic Development Authority<br> Beaufort Memorial Hospital & South of Broad Healthcare Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-15-39 | 800000 | &nbsp;&nbsp;859050 |
| South Carolina Jobs-Economic Development Authority<br> Beaufort Memorial Hospital & South of Broad Healthcare Project | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;11-15-44 | 1000000 | &nbsp;&nbsp;1021400 |
| South Carolina Jobs-Economic Development Authority<br> Charleston Southern University, Series C | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;09-01-45 | 1100000 | &nbsp;&nbsp;1126097 |
| South Carolina Jobs-Economic Development Authority<br> Charleston Southern University, Series C | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;09-01-50 | 1125000 | &nbsp;&nbsp;1147205 |
| South Carolina Jobs-Economic Development Authority<br> Episcopal Home at Still Hopes, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-27 | 1555000 | &nbsp;&nbsp;1571857 |
| South Carolina Jobs-Economic Development Authority<br> Episcopal Home at Still Hopes, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-30 | 1945000 | &nbsp;&nbsp;1965035 |
| South Carolina Jobs-Economic Development Authority<br> Episcopal Home at Still Hopes, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-33 | 125000 | &nbsp;&nbsp;126305 |
| South Carolina Jobs-Economic Development Authority<br> Last Step Recycling Project, Series A, AMT (A)(E) | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;06-01-40 | 1000000 | &nbsp;&nbsp;110000 |
| South Carolina Jobs-Economic Development Authority<br> Last Step Recycling Project, Series A, AMT (A)(E) | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;06-01-51 | 4000000 | &nbsp;&nbsp;440000 |
| South Carolina Jobs-Economic Development Authority<br> Novant Health Obligated Group, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-01-40 | 2500000 | &nbsp;&nbsp;2791304 |
| South Carolina Jobs-Economic Development Authority<br> Ocean Collegiate Academy Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-34 | 1350000 | &nbsp;&nbsp;1412219 |
| South Carolina Jobs-Economic Development Authority<br> Ocean Collegiate Academy Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-44 | 2500000 | &nbsp;&nbsp;2373168 |
| South Carolina Transportation Infrastructure Bank<br> Series A | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;10-01-33 | 1650000 | &nbsp;&nbsp;1637140 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **South Carolina (continued)** |  |  |  |  |
| Town of Summerville<br> Limited Obligation Tax Increment | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-31 | 265000 | &nbsp;&nbsp;$299161 |
| Town of Summerville<br> Limited Obligation Tax Increment | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-32 | 220000 | &nbsp;&nbsp;251449 |
| Town of Summerville<br> Limited Obligation Tax Increment | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-33 | 570000 | &nbsp;&nbsp;648522 |
| **Tennessee 2.3%** |  |  |  | &nbsp;&nbsp;**32470417** |
| Chattanooga Health Educational & Housing Facility Board<br> Erlanger Health System (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-34 | 500000 | &nbsp;&nbsp;573109 |
| City of Knoxville, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;05-01-35 | 1030000 | &nbsp;&nbsp;1014920 |
| City of Lenoir<br> Electric System Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-36 | 500000 | &nbsp;&nbsp;511531 |
| City of Lenoir<br> Electric System Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-37 | 500000 | &nbsp;&nbsp;509668 |
| Hamilton County & Chattanooga Sports Authority<br> Stadium Project, Series A | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;12-01-50 | 1800000 | &nbsp;&nbsp;2013868 |
| Hamilton County & Chattanooga Sports Authority<br> Stadium Project, Series A | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;12-01-55 | 765000 | &nbsp;&nbsp;869563 |
| Knoxville Industrial Development Board<br> Maplehurst Park Apartments Project (A) | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;11-01-30 | 7000000 | &nbsp;&nbsp;6953272 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board<br> Belmont University | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-37 | 1620000 | &nbsp;&nbsp;1655859 |
| Metropolitan Government Nashville & Davidson County Sports Authority<br> Stadium Project, Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-37 | 1000000 | &nbsp;&nbsp;1114283 |
| Metropolitan Government Nashville & Davidson County Sports Authority<br> Stadium Project, Series A (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-40 | 2000000 | &nbsp;&nbsp;2175526 |
| Metropolitan Government Nashville & Davidson County Sports Authority<br> Stadium Project, Series A (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-53 | 1000000 | &nbsp;&nbsp;1046650 |
| Metropolitan Government of Nashville & Davidson County<br> Series C, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-45 | 3635000 | &nbsp;&nbsp;3512399 |
| Metropolitan Nashville Airport Authority<br> Series B, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-30 | 1605000 | &nbsp;&nbsp;1739847 |
| Metropolitan Nashville Airport Authority<br> Series B, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-31 | 1600000 | &nbsp;&nbsp;1758084 |
| Metropolitan Nashville Airport Authority<br> Series B, AMT | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-32 | 850000 | &nbsp;&nbsp;957292 |
| Metropolitan Nashville Airport Authority<br> Series B, AMT | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-33 | 900000 | &nbsp;&nbsp;1010498 |
| Tennessee Energy Acquisition Corp.<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-35 | 4650000 | &nbsp;&nbsp;5054048 |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Texas 9.1%** |  |  |  | &nbsp;&nbsp;**$129511073** |
| Alief Independent School District, GO | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;02-15-42 | 1000000 | &nbsp;&nbsp;1001016 |
| Arlington Higher Education Finance Corp.<br> Leadership Prep School | &nbsp;&nbsp;&nbsp;4.250 | &nbsp;&nbsp;06-15-59 | 250000 | &nbsp;&nbsp;236156 |
| Arlington Higher Education Finance Corp.<br> Trinity Basin Preparatory, Inc. | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-28 | 150000 | &nbsp;&nbsp;158158 |
| Arlington Higher Education Finance Corp.<br> Trinity Basin Preparatory, Inc. | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-29 | 130000 | &nbsp;&nbsp;139589 |
| Arlington Higher Education Finance Corp.<br> Trinity Basin Preparatory, Inc. | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-30 | 100000 | &nbsp;&nbsp;109520 |
| Arlington Higher Education Finance Corp.<br> Trinity Basin Preparatory, Inc. | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-31 | 120000 | &nbsp;&nbsp;133827 |
| Arlington Higher Education Finance Corp.<br> Trinity Basin Preparatory, Inc. | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-32 | 120000 | &nbsp;&nbsp;134315 |
| Arlington Higher Education Finance Corp.<br> Trinity Basin Preparatory, Inc. | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-48 | 1000000 | &nbsp;&nbsp;1044832 |
| Brazoria County Industrial Development Corp.<br> Aleon Renewable Metals LLC Project, AMT (A) | &nbsp;&nbsp;12.000 | &nbsp;&nbsp;06-01-43 | 1781000 | &nbsp;&nbsp;258245 |
| Cedar Port Navigation & Improvement District<br> District No. 1, GO | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-45 | 325000 | &nbsp;&nbsp;297491 |
| City of Arlington<br> Water & Wastewater System Revenue | &nbsp;&nbsp;&nbsp;3.000 | &nbsp;&nbsp;06-01-35 | 145000 | &nbsp;&nbsp;140316 |
| City of Denton, GO | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-15-43 | 1425000 | &nbsp;&nbsp;1427201 |
| City of Georgetown<br> Utility System Revenue (C) | &nbsp;&nbsp;&nbsp;5.250 | &nbsp;&nbsp;08-15-53 | 1525000 | &nbsp;&nbsp;1601064 |
| City of Houston Airport System Revenue<br> Series A, AMT | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-47 | 1070000 | &nbsp;&nbsp;969669 |
| City of Houston Airport System Revenue<br> United Airlines, Inc. Terminal Project, Series B, AMT | &nbsp;&nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-15-33 | 7750000 | &nbsp;&nbsp;8341594 |
| City of Houston Airport System Revenue<br> United Airlines, Inc. Terminal Project, Series B, AMT | &nbsp;&nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-15-34 | 1250000 | &nbsp;&nbsp;1353463 |
| City of Houston Airport System Revenue<br> United Airlines, Inc. Terminal Project, Series B, AMT | &nbsp;&nbsp;&nbsp;5.500 | &nbsp;&nbsp;07-15-38 | 2500000 | &nbsp;&nbsp;2704115 |
| City of Houston Airport System Revenue<br> United Airlines, Inc. Terminal Project, Series C, AMT | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-15-28 | 4400000 | &nbsp;&nbsp;4524604 |
| City of Pearland<br> Series C, GO | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-44 | 850000 | &nbsp;&nbsp;899592 |
| City of San Antonio Electric & Gas Systems Revenue<br> Series A | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-44 | 3800000 | &nbsp;&nbsp;3882138 |
| City of San Antonio, GO | &nbsp;&nbsp;&nbsp;3.000 | &nbsp;&nbsp;08-01-35 | 350000 | &nbsp;&nbsp;337769 |
| City of Temple<br> CTFS Obligated, Series B, GO | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-47 | 2770000 | &nbsp;&nbsp;2623447 |
| Clifton Higher Education Finance Corp.<br> Idea Public Shools, Series T | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-15-42 | 780000 | &nbsp;&nbsp;765261 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Texas (continued)** |  |  |  |  |
| Comal County Water Control & Improvement District No. 6<br> Series A, GO (C) | &nbsp;&nbsp;4.375 | &nbsp;&nbsp;03-01-32 | 1480000 | &nbsp;&nbsp;$1512597 |
| Dallas Fort Worth International Airport<br> Series A-2, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-50 | 1000000 | &nbsp;&nbsp;1093951 |
| Dallas Independent School District<br> Series A-6, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-15-55 | 3180000 | &nbsp;&nbsp;3505761 |
| Decatur Hospital Authority<br> Wise Health System, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-26 | 100000 | &nbsp;&nbsp;101469 |
| El Paso County Hospital District, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-15-40 | 1150000 | &nbsp;&nbsp;1253842 |
| El Paso County Hospital District, GO (C) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;02-15-43 | 2000000 | &nbsp;&nbsp;2154406 |
| Fort Bend County Municipal Utility<br> District No. 50, GO (C) | &nbsp;&nbsp;4.125 | &nbsp;&nbsp;09-01-52 | 390000 | &nbsp;&nbsp;361272 |
| Gulf Coast Industrial Development Authority<br> CITGO Petroleum Corp. Project, AMT | &nbsp;&nbsp;8.000 | &nbsp;&nbsp;04-01-28 | 2030000 | &nbsp;&nbsp;2032464 |
| Harris County Municipal Utility District No. 171<br> Series A, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;12-01-32 | 1500000 | &nbsp;&nbsp;1453654 |
| Harris County Municipal Utility District No. 171<br> Series A, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;12-01-34 | 1800000 | &nbsp;&nbsp;1704113 |
| Harris County Municipal Utility District No. 171<br> Series A, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;12-01-36 | 1945000 | &nbsp;&nbsp;1781278 |
| Harris County Municipal Utility District No. 171<br> Series A, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;12-01-38 | 1905000 | &nbsp;&nbsp;1673105 |
| Harris County Municipal Utility District No. 202, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;02-15-35 | 945000 | &nbsp;&nbsp;898729 |
| Harris County Municipal Utility District No. 202, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;02-15-37 | 1115000 | &nbsp;&nbsp;1026954 |
| Harris County Municipal Utility District No. 24, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;03-01-32 | 1000000 | &nbsp;&nbsp;993335 |
| Harris County Municipal Utility District No. 24, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;03-01-34 | 1000000 | &nbsp;&nbsp;981113 |
| Harris County Municipal Utility District No. 489<br> Series A, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;09-01-33 | 1490000 | &nbsp;&nbsp;1456275 |
| Harris County Municipal Utility District No. 489<br> Series A, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;09-01-35 | 1375000 | &nbsp;&nbsp;1312732 |
| Harris County Municipal Utility District No. 489, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;09-01-33 | 930000 | &nbsp;&nbsp;908950 |
| Harris County Municipal Utility District No. 489, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;09-01-35 | 1130000 | &nbsp;&nbsp;1078827 |
| Harris County Municipal Utility District No. 489, GO (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-30 | 600000 | &nbsp;&nbsp;618636 |
| Harris County Municipal Utility District No. 489, GO (C) | &nbsp;&nbsp;4.125 | &nbsp;&nbsp;09-01-31 | 740000 | &nbsp;&nbsp;764820 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Texas (continued)** |  |  |  |  |
| Harris County Municipal Utility District No. 489, GO (C) | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;09-01-32 | 730000 | &nbsp;&nbsp;$755361 |
| Harrisburg Redevelopment Authority (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-31 | 300000 | &nbsp;&nbsp;329379 |
| Harrisburg Redevelopment Authority (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-32 | 250000 | &nbsp;&nbsp;276970 |
| Harrisburg Redevelopment Authority (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-33 | 300000 | &nbsp;&nbsp;335361 |
| Harrisburg Redevelopment Authority (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-36 | 550000 | &nbsp;&nbsp;611928 |
| Highway 380 Municipal Management District No. 1, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;05-01-37 | 1105000 | &nbsp;&nbsp;1031670 |
| Lake Houston Redevelopment Authority<br> Tax Increment Contract Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-33 | 170000 | &nbsp;&nbsp;169712 |
| Lower Colorado River Authority<br> LCRA Transmission Services Corp. | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-44 | 1000000 | &nbsp;&nbsp;1009983 |
| Lower Colorado River Authority<br> LCRA Transmission Services Corp., Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;05-15-48 | 1000000 | &nbsp;&nbsp;1048093 |
| Matagorda County Navigation District No. 1<br> AEP Texas Central Company Project, Series B-2 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-30 | 1125000 | &nbsp;&nbsp;1125343 |
| New Hope Cultural Education Facilities Finance Corp.<br> Bella Vida Facility Living Project, Series B-1 | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;10-01-30 | 1750000 | &nbsp;&nbsp;1757808 |
| New Hope Cultural Education Facilities Finance Corp.<br> Sanctuary LTC Project, Series A-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-32 | 5000000 | &nbsp;&nbsp;5082431 |
| Newark Higher Education Finance Corp.<br> Village Tech Schools, Series A | &nbsp;&nbsp;4.375 | &nbsp;&nbsp;08-15-29 | 1730000 | &nbsp;&nbsp;1723501 |
| North East Texas Regional Mobility Authority<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-40 | 700000 | &nbsp;&nbsp;756185 |
| North East Texas Regional Mobility Authority<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-41 | 750000 | &nbsp;&nbsp;803163 |
| North East Texas Regional Mobility Authority<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-42 | 1115000 | &nbsp;&nbsp;1182968 |
| Northlake Municipal Management District No. 2, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-32 | 120000 | &nbsp;&nbsp;128034 |
| Northlake Municipal Management District No. 2, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-33 | 100000 | &nbsp;&nbsp;106427 |
| Northlake Municipal Management District No. 2, GO (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-35 | 725000 | &nbsp;&nbsp;767869 |
| Northwest Harris County Municipal Utility District No. 5, GO (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-32 | 1060000 | &nbsp;&nbsp;1087400 |
| Northwest Harris County Municipal Utility District No. 5, GO (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-33 | 760000 | &nbsp;&nbsp;777114 |
| Northwest Harris County Municipal Utility District No. 5, GO (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-34 | 1060000 | &nbsp;&nbsp;1080390 |
| Port Authority of Houston<br> Series A, AMT, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-32 | 1750000 | &nbsp;&nbsp;1831007 |
| Port of Beaumont Industrial Development Authority<br> Jefferson Gulf Coast Energy Project, Series B (A) | &nbsp;&nbsp;4.100 | &nbsp;&nbsp;01-01-28 | 750000 | &nbsp;&nbsp;679569 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 40

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Texas (continued)** |  |  |  |  |
| Port of Beaumont Navigation District<br> Jefferson Gulf Coast Energy Project, Series A, AMT (A) | &nbsp;&nbsp;&nbsp;2.875 | &nbsp;&nbsp;01-01-41 | 2200000 | &nbsp;&nbsp;$1614292 |
| Port of Beaumont Navigation District<br> Jefferson Gulf Coast Energy Project, Series A, AMT (A) | &nbsp;&nbsp;&nbsp;3.625 | &nbsp;&nbsp;01-01-35 | 2200000 | &nbsp;&nbsp;2049361 |
| Port of Beaumont Navigation District<br> Jefferson Gulf Coast Energy Project, Series A, AMT (A) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-39 | 750000 | &nbsp;&nbsp;736011 |
| Port of Beaumont Navigation District<br> Jefferson Gulf Coast Energy Project, Series B (A) | &nbsp;&nbsp;10.000 | &nbsp;&nbsp;07-01-26 | 2000000 | &nbsp;&nbsp;2007382 |
| Sheldon Independent School District<br> Series A, GO | &nbsp;&nbsp;&nbsp;3.000 | &nbsp;&nbsp;02-15-36 | 1245000 | &nbsp;&nbsp;1176077 |
| Sunfield Municipal Utility<br> District No. 4, GO (C) | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-34 | 1460000 | &nbsp;&nbsp;1477230 |
| Sunfield Municipal Utility<br> District No. 4, GO (C) | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-48 | 700000 | &nbsp;&nbsp;642920 |
| Tarrant County Cultural Education Facilities Finance Corp.<br> Baylor Scott & White Health Project, Series F | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-52 | 3000000 | &nbsp;&nbsp;3250031 |
| Tarrant County Housing Finance Corp.<br> The Meridian Apartments, Series A | &nbsp;&nbsp;&nbsp;4.600 | &nbsp;&nbsp;03-01-43 | 3350000 | &nbsp;&nbsp;3394173 |
| Texas A&M University<br> Series A | &nbsp;&nbsp;&nbsp;3.000 | &nbsp;&nbsp;05-15-39 | 2395000 | &nbsp;&nbsp;2201910 |
| Texas Department of Housing & Community Affairs<br> Series A | &nbsp;&nbsp;&nbsp;3.625 | &nbsp;&nbsp;09-01-44 | 900000 | &nbsp;&nbsp;824851 |
| Texas Municipal Gas Acquisition & Supply Corp. V | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-55 | 2500000 | &nbsp;&nbsp;2756446 |
| Texas Water Development Board<br> Master Trust | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-15-39 | 9750000 | &nbsp;&nbsp;10031508 |
| Texas Water Development Board<br> Master Trust | &nbsp;&nbsp;&nbsp;4.750 | &nbsp;&nbsp;10-15-50 | 1960000 | &nbsp;&nbsp;2008645 |
| Texas Water Development Board<br> Series A | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-15-43 | 900000 | &nbsp;&nbsp;888479 |
| Texas Water Development Board<br> Series A | &nbsp;&nbsp;&nbsp;4.875 | &nbsp;&nbsp;10-15-48 | 5000000 | &nbsp;&nbsp;5163916 |
| Texas Water Development Board<br> State Water Implementation Fund | &nbsp;&nbsp;&nbsp;3.000 | &nbsp;&nbsp;10-15-34 | 1575000 | &nbsp;&nbsp;1568127 |
| Texas Water Development Board<br> Water Implementation Reserve Fund | &nbsp;&nbsp;&nbsp;4.750 | &nbsp;&nbsp;10-15-42 | 500000 | &nbsp;&nbsp;523218 |
| Viridian Municipal Management District<br> Texas Utility Improvement, GO (C) | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-30 | 965000 | &nbsp;&nbsp;987165 |
| **Utah 1.1%** |  |  |  | &nbsp;&nbsp;**15018415** |
| Alpine School District<br> Series B, GO | &nbsp;&nbsp;&nbsp;3.000 | &nbsp;&nbsp;03-15-34 | 1710000 | &nbsp;&nbsp;1698040 |
| City of Salt Lake City Airport Revenue<br> Series A, AMT | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-36 | 2000000 | &nbsp;&nbsp;2157797 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Utah (continued)** |  |  |  |  |
| Intermountain Power Agency<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-41 | 1000000 | &nbsp;&nbsp;$1067400 |
| Salt Lake City Airport Revenue<br> Series A, AMT | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-36 | 1700000 | &nbsp;&nbsp;1899663 |
| University of Utah<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-01-42 | 2250000 | &nbsp;&nbsp;2238713 |
| Utah Infrastructure Agency<br> Pleasant Grove City Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-15-44 | 1000000 | &nbsp;&nbsp;971281 |
| Utah Infrastructure Agency<br> Telecommunication Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-15-27 | 1120000 | &nbsp;&nbsp;1126842 |
| Utah Infrastructure Agency<br> Telecommunication Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-15-30 | 400000 | &nbsp;&nbsp;403302 |
| Utah Infrastructure Agency<br> Telecommunication Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-15-33 | 1185000 | &nbsp;&nbsp;1187801 |
| Utah Infrastructure Agency<br> Telecommunication Revenue | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-15-35 | 250000 | &nbsp;&nbsp;247072 |
| Utah Infrastructure Agency<br> Telecommunication Revenue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-15-32 | 1000000 | &nbsp;&nbsp;1079819 |
| Utah Telecommunication Open Infrastructure Agency<br> Sales Tax and Telecommunications Revenue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-28 | 100000 | &nbsp;&nbsp;105518 |
| Utah Telecommunication Open Infrastructure Agency<br> Sales Tax and Telecommunications Revenue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-29 | 100000 | &nbsp;&nbsp;107657 |
| Utah Telecommunication Open Infrastructure Agency<br> Sales Tax and Telecommunications Revenue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-30 | 100000 | &nbsp;&nbsp;109792 |
| Utah Telecommunication Open Infrastructure Agency<br> Sales Tax and Telecommunications Revenue | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-31 | 100000 | &nbsp;&nbsp;111796 |
| Wood Ranch Public Infrastructure District<br> Assessment Area No. 1 (A) | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;12-01-53 | 500000 | &nbsp;&nbsp;505922 |
| **Vermont 0.1%** |  |  |  | &nbsp;&nbsp;**1360822** |
| Vermont Economic Development Authority<br> Casella Waste System, Inc. Project, Series A-2, AMT (A) | &nbsp;&nbsp;4.375 | &nbsp;&nbsp;06-01-52 | 1350000 | &nbsp;&nbsp;1360822 |
| **Virgin Islands 0.6%** |  |  |  | &nbsp;&nbsp;**8450331** |
| Matching Fund Special Purpose Securitization Corp.<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-28 | 3495000 | &nbsp;&nbsp;3597927 |
| Matching Fund Special Purpose Securitization Corp.<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-30 | 4650000 | &nbsp;&nbsp;4852404 |

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

------

[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Virginia 2.0%** |  |  |  | &nbsp;&nbsp;**$28554771** |
| Arlington County Industrial Development Authority<br> VHC Health, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-53 | 1000000 | &nbsp;&nbsp;1082992 |
| Arlington County Industrial Development Authority<br> Virginia Hospital Center | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-38 | 1000000 | &nbsp;&nbsp;1019140 |
| Chesapeake Economic Development Authority<br> Virginia Electric & Power Company Project, Series A | &nbsp;&nbsp;3.650 | &nbsp;&nbsp;02-01-32 | 1075000 | &nbsp;&nbsp;1086836 |
| City of Richmond Public Utility Revenue<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-15-38 | 1725000 | &nbsp;&nbsp;1764274 |
| County of Arlington, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-36 | 2400000 | &nbsp;&nbsp;2693092 |
| County of Fairfax<br> Series A, GO | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-33 | 1525000 | &nbsp;&nbsp;1548785 |
| Loudoun County Economic Development Authority<br> Loudoun County Public Facilities Project, Series A | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;12-01-36 | 3300000 | &nbsp;&nbsp;3117692 |
| Louisa Industrial Development Authority<br> Virginia Electric & Power Company Project, Series A | &nbsp;&nbsp;3.650 | &nbsp;&nbsp;11-01-35 | 1000000 | &nbsp;&nbsp;1010476 |
| Newport News Economic Development Authority<br> LifeSpire of Virginia Obligated Group | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-31 | 2000000 | &nbsp;&nbsp;2002157 |
| Virginia Beach Development Authority<br> Westminster-Canterbury on Chesapeake Bay, Series B-1 | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;09-01-30 | 3600000 | &nbsp;&nbsp;3643558 |
| Virginia College Building Authority<br> Regent University Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-46 | 3500000 | &nbsp;&nbsp;3025606 |
| Virginia Commonwealth Transportation Board<br> Capital Projects | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-15-37 | 650000 | &nbsp;&nbsp;678840 |
| Virginia Small Business Financing Authority<br> 95 Express Lanes LLC Project, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-39 | 140000 | &nbsp;&nbsp;138075 |
| Virginia Small Business Financing Authority<br> 95 Express Lanes LLC Project, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-40 | 840000 | &nbsp;&nbsp;810132 |
| Virginia Small Business Financing Authority<br> Elizabeth River Crossings OpCo LLC Project, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;01-01-36 | 3000000 | &nbsp;&nbsp;3014504 |
| Virginia Small Business Financing Authority<br> LifeSpire of Virginia Obligated Group | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-41 | 1000000 | &nbsp;&nbsp;948042 |
| York County Economic Development Authority<br> Virginia Electric & Power Company Project, Series A | &nbsp;&nbsp;3.650 | &nbsp;&nbsp;05-01-33 | 960000 | &nbsp;&nbsp;970570 |
| **Washington 2.0%** |  |  |  | &nbsp;&nbsp;**27783229** |
| City of Seattle<br> Municipal Light & Power Revenue, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-38 | 705000 | &nbsp;&nbsp;722490 |
| King County Public Hospital District No. 2, GO | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;12-01-45 | 1000000 | &nbsp;&nbsp;1068669 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Washington (continued)** |  |  |  |  |
| King County Public Hospital District No. 4<br> Snoqualmie Valley Health, Series A | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;12-01-35 | 900000 | &nbsp;&nbsp;$904064 |
| King County Public Hospital District No. 4<br> Snoqualmie Valley Health, Series A | &nbsp;&nbsp;6.625 | &nbsp;&nbsp;12-01-45 | 500000 | &nbsp;&nbsp;506201 |
| Klickitat County Public Utility District No. 1<br> Electric Revenue Refunding (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 200000 | &nbsp;&nbsp;226894 |
| Metropolitan Washington Airports Authority Aviation Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-30 | 9400000 | &nbsp;&nbsp;10254766 |
| Port of Seattle<br> Series B, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-41 | 1570000 | &nbsp;&nbsp;1657985 |
| Skagit County Public Hospital District No. 1<br> Skagit Regional Health | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;12-01-38 | 300000 | &nbsp;&nbsp;329307 |
| Skagit County Public Hospital District No. 1<br> Skagit Regional Health | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;12-01-39 | 330000 | &nbsp;&nbsp;359507 |
| Skagit County Public Hospital District No. 1<br> Skagit Regional Health | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;12-01-40 | 485000 | &nbsp;&nbsp;522420 |
| Skagit County Public Hospital District No. 1<br> Skagit Regional Health | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;12-01-41 | 150000 | &nbsp;&nbsp;159598 |
| Skagit County Public Hospital District No. 1<br> Skagit Regional Health | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;12-01-42 | 200000 | &nbsp;&nbsp;210097 |
| Snohomish County Housing Authority<br> Carvel Apartments Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;04-01-44 | 1250000 | &nbsp;&nbsp;1169522 |
| State of Washington<br> Series B, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-47 | 1600000 | &nbsp;&nbsp;1685929 |
| Three Rivers Regional Wastewater Authority (C) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-43 | 900000 | &nbsp;&nbsp;888659 |
| Washington State Housing Finance Commission<br> Bayview Manor II Project, Series B-2 (A) | &nbsp;&nbsp;4.200 | &nbsp;&nbsp;07-01-29 | 1000000 | &nbsp;&nbsp;1000052 |
| Washington State Housing Finance Commission<br> Horizon House Project, Series B-1 (F) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-35 | 2500000 | &nbsp;&nbsp;2506148 |
| Washington State Housing Finance Commission<br> Parkshore Juanita Bay Project, Series B-1 (A) | &nbsp;&nbsp;4.500 | &nbsp;&nbsp;07-01-30 | 2535000 | &nbsp;&nbsp;2535060 |
| Washington State Housing Finance Commission<br> Seattle Academy of Arts and Sciences Project (A) | &nbsp;&nbsp;6.125 | &nbsp;&nbsp;07-01-53 | 1000000 | &nbsp;&nbsp;1075861 |
| **West Virginia 1.0%** |  |  |  | &nbsp;&nbsp;**14869753** |
| County of Ohio<br> The Highlands Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-33 | 400000 | &nbsp;&nbsp;429316 |
| County of Ohio<br> The Highlands Project | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06-01-44 | 750000 | &nbsp;&nbsp;764937 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 44

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **West Virginia (continued)** |  |  |  |  |
| County of Ohio Special District Excise Tax Revenue<br> Fort Henry Opportunity Development District - The Highlands Project, Series A (C)(F) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;06-01-45 | 750000 | &nbsp;&nbsp;$801606 |
| West Virginia Economic Development Authority<br> Commercial Metals Company Project, AMT | &nbsp;&nbsp;4.625 | &nbsp;&nbsp;04-15-55 | 4480000 | &nbsp;&nbsp;4547605 |
| West Virginia Economic Development Authority<br> Mitchell Project, Series A, AMT | &nbsp;&nbsp;4.700 | &nbsp;&nbsp;04-01-36 | 3000000 | &nbsp;&nbsp;3014122 |
| West Virginia Hospital Finance Authority<br> Vandalia Health Group, Series B (C) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-40 | 1125000 | &nbsp;&nbsp;1200981 |
| West Virginia Hospital Finance Authority<br> Vandalia Health Group, Series B (C) | &nbsp;&nbsp;5.375 | &nbsp;&nbsp;09-01-53 | 2925000 | &nbsp;&nbsp;3098564 |
| West Virginia Hospital Finance Authority<br> West Virginia University Health System Obligated Group, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-41 | 945000 | &nbsp;&nbsp;1012622 |
| **Wisconsin 2.6%** |  |  |  | &nbsp;&nbsp;**37627543** |
| County of Milwaukee<br> Series B, GO | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;08-01-38 | 480000 | &nbsp;&nbsp;287708 |
| County of Milwaukee<br> Series B, GO | &nbsp;&nbsp;0.050 | &nbsp;&nbsp;08-01-39 | 735000 | &nbsp;&nbsp;418089 |
| County of Milwaukee Airport Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-35 | 445000 | &nbsp;&nbsp;500985 |
| County of Milwaukee Airport Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-37 | 445000 | &nbsp;&nbsp;492678 |
| County of Milwaukee Airport Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-38 | 200000 | &nbsp;&nbsp;219786 |
| Milwaukee Metropolitan Sewerage District<br> Series A, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;10-01-34 | 2360000 | &nbsp;&nbsp;2321968 |
| Milwaukee Metropolitan Sewerage District<br> Series A, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;10-01-35 | 130000 | &nbsp;&nbsp;125395 |
| Public Finance Authority<br> A Challenge Foundation Academy (A) | &nbsp;&nbsp;6.875 | &nbsp;&nbsp;07-01-53 | 50000 | &nbsp;&nbsp;50835 |
| Public Finance Authority<br> Campus Real Estate Holding Corp. LLC Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-30 | 300000 | &nbsp;&nbsp;313242 |
| Public Finance Authority<br> Campus Real Estate Holding Corp. LLC Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-35 | 900000 | &nbsp;&nbsp;967886 |
| Public Finance Authority<br> CHF Manoa LLC, Series A (A) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-38 | 1000000 | &nbsp;&nbsp;1041995 |
| Public Finance Authority<br> CHF Manoa LLC, Series A (A) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;07-01-43 | 1000000 | &nbsp;&nbsp;1016250 |
| Public Finance Authority<br> Driftwood Golf and Ranch Club Project, GO (A)(D) | &nbsp;&nbsp;6.489 | &nbsp;&nbsp;12-15-39 | 3956000 | &nbsp;&nbsp;1615596 |
| Public Finance Authority<br> Duke Energy Progress Project | &nbsp;&nbsp;3.300 | &nbsp;&nbsp;10-01-46 | 2530000 | &nbsp;&nbsp;2533306 |

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Wisconsin (continued)** |  |  |  |  |
| Public Finance Authority<br> Gardner-Webb University (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-31 | 3000000 | &nbsp;&nbsp;$2974167 |
| Public Finance Authority<br> KSU Bixby Real Estate Foundation LLC Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-28 | 200000 | &nbsp;&nbsp;209092 |
| Public Finance Authority<br> KSU Bixby Real Estate Foundation LLC Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-30 | 400000 | &nbsp;&nbsp;430789 |
| Public Finance Authority<br> KSU Bixby Real Estate Foundation LLC Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-33 | 350000 | &nbsp;&nbsp;387273 |
| Public Finance Authority<br> KSU Bixby Real Estate Foundation LLC Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-35 | 100000 | &nbsp;&nbsp;110866 |
| Public Finance Authority<br> Lenoir-Rhyne University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-32 | 1335000 | &nbsp;&nbsp;1410630 |
| Public Finance Authority<br> Mary's Woods at Marylhurst Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-29 | 2000000 | &nbsp;&nbsp;2021196 |
| Public Finance Authority<br> Mary's Woods at Marylhurst Project, Series A (A) | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;05-15-42 | 2785000 | &nbsp;&nbsp;2792670 |
| Public Finance Authority<br> Midtown Project (A)(D) | &nbsp;&nbsp;5.900 | &nbsp;&nbsp;12-15-34 | 3250000 | &nbsp;&nbsp;1921090 |
| Public Finance Authority<br> Pinecrest Academy Sloan Canyon Campus Project, Series A (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-15-34 | 1000000 | &nbsp;&nbsp;982341 |
| Public Finance Authority<br> Sky Harbor Capital LLC, AMT | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;07-01-54 | 500000 | &nbsp;&nbsp;415417 |
| Public Finance Authority<br> Viticus Group Project, Series A (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-41 | 750000 | &nbsp;&nbsp;648625 |
| Public Finance Authority<br> Viticus Group Project, Series A (A) | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;12-01-51 | 400000 | &nbsp;&nbsp;312730 |
| Public Finance Authority<br> Viticus Group Project, Series A (A) | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;12-01-45 | 820000 | &nbsp;&nbsp;833719 |
| Public Finance Authority<br> WakeMed Hospital, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-44 | 980000 | &nbsp;&nbsp;996410 |
| Sparta Area School District<br> Promissory Notes, GO (C) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;03-01-37 | 975000 | &nbsp;&nbsp;912877 |
| Wisconsin Health & Educational Facilities Authority<br> Bellin Memorial Hospital, Inc., Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-37 | 800000 | &nbsp;&nbsp;878203 |
| Wisconsin Health & Educational Facilities Authority<br> Cedar Crest, Inc., Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-42 | 1100000 | &nbsp;&nbsp;1034357 |
| Wisconsin Health & Educational Facilities Authority<br> Chiara Housing and Services, Inc. Project | &nbsp;&nbsp;5.625 | &nbsp;&nbsp;07-01-35 | 475000 | &nbsp;&nbsp;499003 |
| Wisconsin Health & Educational Facilities Authority<br> Chiara Housing and Services, Inc. Project | &nbsp;&nbsp;6.375 | &nbsp;&nbsp;07-01-45 | 1030000 | &nbsp;&nbsp;1076584 |

---

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Wisconsin (continued)** |  |  |  |  |
| Wisconsin Health & Educational Facilities Authority<br> Hope Christian Schools | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-51 | 250000 | &nbsp;&nbsp;$162505 |
| Wisconsin Health & Educational Facilities Authority<br> Hope Christian Schools | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-56 | 580000 | &nbsp;&nbsp;362422 |
| Wisconsin Health & Educational Facilities Authority<br> St. John's Communities, Inc. | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-15-41 | 1000000 | &nbsp;&nbsp;917872 |
| Wisconsin Health & Educational Facilities Authority<br> Three Pillars Senior Living Communities, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;08-15-30 | 1200000 | &nbsp;&nbsp;1184355 |
| Wisconsin Health & Educational Facilities Authority<br> Three Pillars Senior Living Communities, Series B-1 | &nbsp;&nbsp;4.400 | &nbsp;&nbsp;08-15-29 | 1450000 | &nbsp;&nbsp;1450001 |
| Wisconsin Health & Educational Facilities Authority<br> Three Pillars Senior Living Communities, Series B-2 | &nbsp;&nbsp;4.200 | &nbsp;&nbsp;08-15-28 | 800000 | &nbsp;&nbsp;796630 |
| **Wyoming 0.3%** |  |  |  | &nbsp;&nbsp;**4728968** |
| County of Campbell<br> Basin Electric Power Cooperative | &nbsp;&nbsp;3.625 | &nbsp;&nbsp;07-15-39 | 4970000 | &nbsp;&nbsp;4728968 |
| **Corporate bonds 0.2%** |  |  |  | &nbsp;&nbsp;**$3079463** |
| (Cost $3,573,003) |  |  |  |  |
| **Materials 0.2%** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3079463** |
| **Paper and forest products 0.2%** |  |  |  |  |
| Domtar Corp. (A) | &nbsp;&nbsp;6.750 | &nbsp;&nbsp;10-01-28 | 3850000 | &nbsp;&nbsp;&nbsp;&nbsp;3079463 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Closed-end funds 0.2%** |  | &nbsp;&nbsp;**$3112027** |
| (Cost $3,219,144) |  |  |
| BlackRock Municipal Income Trust | &nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746250 |
| BlackRock MuniYield Fund, Inc. | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;1300000 |
| PIMCO Municipal Income Fund II | 138054 | &nbsp;&nbsp;&nbsp;&nbsp;1065777 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Yield (%)** | **Shares** | &nbsp;&nbsp;**Value** |
| **Short-term investments 0.6%** |  |  | **$8025365** |
| (Cost $8,025,530) |  |  |  |
| **Short-term funds 0.6%** |  |  |  |
| John Hancock Collateral Trust (G) | &nbsp;&nbsp;3.9009(H) | 802288 | &nbsp;&nbsp;8025365 |
| **Total investments (Cost $1,381,871,389) 98.7%** | **Total investments (Cost $1,381,871,389) 98.7%** |  | **$1409958537** |
| **Other assets and liabilities, net 1.3%** |  |  | &nbsp;&nbsp;**19118027** |
| **Total net assets 100.0%** |  |  | &nbsp;&nbsp;**$1429076564** |

---

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

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

---

| | |
|:---|:---|
| The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. | The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. |
| ^All par values are denominated in U.S. dollars unless otherwise indicated. | ^All par values are denominated in U.S. dollars unless otherwise indicated. |
| **Security Abbreviations and Legend** | **Security Abbreviations and Legend** |
| AMT | Interest earned from these securities may be considered a tax preference item for purpose of the Federal Alternative Minimum Tax. |
| GO | General Obligation |
| SOFR | Secured Overnight Financing Rate |
| (A) | This security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $179,153,624 or 12.5% of the fund's net assets as of 11-30-25. |
| (B) | Variable rate obligation. The coupon rate shown represents the rate at period end. |
| (C) | Bond is insured by one or more of the companies listed in the insurance coverage table below. |
| (D) | Zero coupon bonds are issued at a discount from their principal amount in lieu of paying interest periodically. Rate shown is the effective yield at period end. |
| (E) | Non-income producing - Issuer is in default. |
| (F) | Security purchased or sold on a when-issued or delayed delivery basis. |
| (G) | Investment is an affiliate of the fund, the advisor and/or subadvisor. |
| (H) | The rate shown is the annualized seven-day yield as of 11-30-25. |

---

At 11-30-25, the aggregate cost of investments for federal income tax purposes was $1,379,387,114. Net unrealized appreciation aggregated to $30,571,423, of which $42,323,953 related to gross unrealized appreciation and $11,752,530 related to gross unrealized depreciation.

---

| | |
|:---|:---|
| **Insurance Coverage** | &nbsp;&nbsp;**As a % of total<br> investments** |
| Assured Guaranty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| Build America Mutual Assurance Company | &nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| National Public Finance Guarantee Corp. | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| **TOTAL** | &nbsp;&nbsp;**10.3** |

---

The fund had the following portfolio composition as a percentage of net assets on 11-30-25:

---

| | |
|:---|:---|
| **General obligation bonds** | &nbsp;&nbsp;&nbsp;**13.8%** |
| **Revenue bonds** | &nbsp;&nbsp;&nbsp;**83.9%** |
| Other revenue | &nbsp;&nbsp;&nbsp;&nbsp;24.0% |
| Health care | &nbsp;&nbsp;&nbsp;&nbsp;18.4% |
| Education | &nbsp;&nbsp;&nbsp;&nbsp;9.6% |
| Development | &nbsp;&nbsp;&nbsp;&nbsp;8.7% |
| Airport | &nbsp;&nbsp;&nbsp;&nbsp;8.7% |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;3.9% |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| Water and sewer | &nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| Housing | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| Pollution | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;0.5% |
| Facilities | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| **Closed-end funds** | &nbsp;&nbsp;&nbsp;&nbsp;**0.2%** |
| **Corporate bonds** | &nbsp;&nbsp;&nbsp;&nbsp;**0.2%** |

---

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

------

[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

---

| | |
|:---|:---|
| **Short-term investments and other** | &nbsp;&nbsp;&nbsp;&nbsp;**1.9%** |
| **TOTAL** | **100.0%** |

---

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

------

[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

Financial statements

#### STATEMENT OF ASSETS AND LIABILITIES 11-30-25 (unaudited)

------

---

| | |
|:---|:---|
| **Assets** |  |
| Unaffiliated investments, at value (Cost $1,373,845,859) | &nbsp;&nbsp;&nbsp;&nbsp;$1401933172 |
| Affiliated investments, at value (Cost $8,025,530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8025365 |
| **Total investments, at value (Cost $1,381,871,389)** | &nbsp;&nbsp;&nbsp;&nbsp;**1409958537** |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4056302 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19606376 |
| Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3344368 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2638 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119975 |
| **Total assets** | &nbsp;&nbsp;&nbsp;&nbsp;**1437088196** |
| **Liabilities** |  |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101420 |
| Payable for delayed-delivery securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6267358 |
| Payable for fund shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381877 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting and legal services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828 |
| Other liabilities and accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127302 |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8011632** |
| **Net assets** | &nbsp;&nbsp;**$1429076564** |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;$1430166536 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1089972) |
| **Net assets** | &nbsp;&nbsp;**$1429076564** |
| **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 ($605,559,056 ÷ 66,768,590 shares)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.07 |
| Class C ($5,911,130 ÷ 651,849 shares)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.07 |
| Class I ($628,890,154 ÷ 69,231,372 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.08 |
| Class R6 ($188,716,224 ÷ 20,769,309 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.09 |
| **Maximum offering price per share** |  |
| Class A (net asset value per share ÷ 96%)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.45 |

---

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK Municipal Opportunities Fund 50

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

#### STATEMENT OF OPERATIONS For the six months ended 11-30-25 (unaudited)

------

---

| | |
|:---|:---|
| **Investment income** |  |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29873292 |
| Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95088 |
| Dividends from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87795 |
| **Total investment income** | &nbsp;&nbsp;&nbsp;&nbsp;**30056175** |
| **Expenses** |  |
| Investment management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3142350 |
| Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762999 |
| Accounting and legal services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130693 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479153 |
| Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15602 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79466 |
| State registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78597 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55763 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59084 |
| **Total expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4828307** |
| Less expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(431752) |
| **Net expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4396555** |
| **Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;**25659620** |
| **Realized and unrealized gain (loss)** |  |
| **Net realized gain (loss) on** |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3449880) |
| Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925503 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**(2523976)** |
| **Change in net unrealized appreciation (depreciation) of** |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;41057521 |
| Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(265) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**41057256** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;&nbsp;&nbsp;**38533280** |
| **Increase in net assets from operations** | &nbsp;&nbsp;**$64192900** |

---

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 11-30-25<br> (unaudited)** | &nbsp;&nbsp;**Year ended<br> 5-31-25** |
| **Increase (decrease) in net assets** |  |  |
| **From operations** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25659620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45600320 |
| Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2523976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6267009) |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41057256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11193940) |
| **Increase in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**64192900** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28139371** |
| **Distributions to shareholders** |  |  |
| From earnings |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10587888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19487329) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197220) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10872720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18338751) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3434123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6289119) |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(24981557)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(44312419)** |
| **From fund share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**79979174** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**192694540** |
| **Total increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**119190517** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**176521492** |
| **Net assets** |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309886047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133364555 |
| **End of period** | &nbsp;&nbsp;**$1429076564** | &nbsp;&nbsp;**$1309886047** |

---

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

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[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

Financial highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CLASS A SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;**11-30-25<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**5-31-25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-21** |
| **Per share operating performance** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.81** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.89** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.87** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.19** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.14** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.55** |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.42** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.32** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.04)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.68)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.87** |
| **Less distributions** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.07** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.81** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.89** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.87** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.19** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.14** |
| **Total return (%)<sup>3,4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.83<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.55** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.64** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.44)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.94)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.34** |
| **Ratios and supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$606 | &nbsp;&nbsp;&nbsp;&nbsp;$577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$450 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.71<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75 |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |

---

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

<sup>1</sup> Six months ended 11-30-25. 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.

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

------

[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CLASS C SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;**11-30-25<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**5-31-25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-21** |
| **Per share operating performance** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.81** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.89** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.87** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.19** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.14** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.55** |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.39** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.16** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.11)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.75)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.80** |
| **Less distributions** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.07** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.81** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.89** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.87** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.19** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.14** |
| **Total return (%)<sup>3,4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.44<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.79** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.86** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.18)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.55)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.42** |
| **Ratios and supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |

---

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

<sup>1</sup> Six months ended 11-30-25. 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 \| JOHN HANCOCK Municipal Opportunities Fund 54

------

[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CLASS I SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;**11-30-25<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**5-31-25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-21** |
| **Per share operating performance** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.82** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.90** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.88** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.16** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.57** |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.43** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.33** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.04)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.67)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.89** |
| **Less distributions** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.08** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.82** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.90** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.88** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.16** |
| **Total return (%)<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.90<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.71** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.79** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.39)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.69)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.38** |
| **Ratios and supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$629 | &nbsp;&nbsp;&nbsp;&nbsp;$549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |

---

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

<sup>1</sup> Six months ended 11-30-25. 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.

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

------

[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CLASS R6 SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;**11-30-25<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**5-31-25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-21** |
| **Per share operating performance** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.82** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.91** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.88** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.16** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.57** |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.44** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.34** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.04)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.66)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.89** |
| **Less distributions** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.09** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.82** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.91** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.88** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.16** |
| **Total return (%)<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.06<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.65** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.92** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.37)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.66)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.42** |
| **Ratios and supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$189 | &nbsp;&nbsp;&nbsp;&nbsp;$177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.94<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92 |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |

---

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

<sup>1</sup> Six months ended 11-30-25. 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 \| JOHN HANCOCK Municipal Opportunities Fund 56

------

[**Table of Contents**](#JOB_Munic_3829a887-3eeb-4d53-a905-d41adc8755ce_TofC)

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

In order to value the securities, the fund uses the following valuation techniques: Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Equity securities, including exchange-traded or closed-end funds, are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Investments by the fund in open-end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day. Futures contracts are typically valued based on the settlement price.

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, 2025, by major security category or type:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total<br> value at<br> 11-30-25** | **Level 1<br> quoted<br> price** | **Level 2<br> significant<br> observable<br> inputs** | **Level 3<br> significant<br> unobservable<br> inputs** |
| **Investments in securities:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1395741682** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1395741682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3079463** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3079463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closed-end funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3112027** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3112027 | &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;**8025365** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8025365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total investments in securities** | **$1409958537** | **$11137392** | **$1398821145** | **—** |

---

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

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

**Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income is recorded on ex-date, except for dividends of certain foreign securities where the dividend may not be known until**

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after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the fund becomes aware of the dividends. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

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

**Line of credit. The fund and other affiliated funds have entered into a syndicated line of credit agreement with Citibank, N.A. as the administrative agent that enables them to participate in a $1 billion unsecured committed line of credit, which is in effect through July 13, 2026 unless extended or renewed. Excluding commitments designated for certain funds and subject to the needs of all other affiliated funds, the fund can borrow up to an aggregate commitment amount of $750 million, subject to asset coverage and other limitations as specified in the agreement. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund based on an asset-based allocation and is reflected in Other expenses on the Statement of operations. Commitment fees for the six months ended November 30, 2025 were $4,066.**

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

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

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

For federal income tax purposes, as of May 31, 2025, the fund has a short-term capital loss carryforward of $16,559,345 and a long-term capital loss carryforward of $14,281,604 available to offset future net realized capital gains. These carryforwards do not expire.

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

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

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, if any, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund's financial statements as a return of capital. 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 at fiscal year end. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to accretion on debt securities.

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

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

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

Upon entering into a futures contract, the fund is required to deposit initial margin with the broker in the form of cash or securities. The amount of required margin is set by the broker and is generally based on a percentage of the contract value. The margin deposit must then be maintained at the established level over the life of the contract. Cash that has been pledged by the fund, if any, is detailed in the Statement of assets and liabilities as Collateral held at broker for futures contracts. Securities pledged by the fund, if any, are identified in the Fund's investments. Subsequent payments, referred to as variation margin, are made or received by the fund periodically and are based on changes in the market value of open futures contracts. Futures contracts are marked-to-market daily and unrealized gain or loss is recorded by the fund. 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, 2025, the fund used futures contracts to manage the duration of the fund. The fund held futures contracts with USD notional values ranging up to $109.3 million, as measured at each quarter end. There were no open futures contracts as of November 30, 2025.

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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, 2025:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Statement of operations location - Net realized gain (loss) on:** |
| **Risk** | &nbsp;&nbsp;&nbsp;**Futures contracts** |
| Interest rate | &nbsp;&nbsp;&nbsp;$925503 |

---

#### Note 4 — Guarantees and indemnifications
Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust, including the fund. Additionally, in the normal course of business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.

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

**Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor equivalent on an annual basis to the sum of: (a) 0.510% of the first $500 million of the fund's average daily net assets; (b) 0.460% of the next $500 million of the fund's average daily net assets; (c) 0.410% of the next $2 billion of the fund's average daily net assets; and (d) 0.385% of the fund's average daily net assets in excess of $3 billion. The Advisor has a subadvisory agreement with Manulife Investment Management (US) LLC, an indirectly owned subsidiary of Manulife Financial Corporation and an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.**

The Advisor has contractually agreed to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.50% of average daily net assets of the fund. For purposes of this agreement, "expenses of the fund" means all fund expenses, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund's business, (e) class-specific expenses, (f) borrowing costs, (g) prime brokerage fees, (h) acquired fund fees and expenses paid indirectly, and (i) short dividend expense. This agreement expires on September 30, 2026, unless renewed by mutual agreement of the Advisor and the fund based upon a determination that this is appropriate under the circumstances at that time. Prior to October 1, 2025, the expense limitation was 0.51% of the fund's average daily net assets.

The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the six months ended November 30, 2025, this waiver amounted to 0.01% of the fund's average daily net assets, on an annualized basis. This agreement expires on July 31, 2027, 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, 2025, the expense reductions described above amounted to the following:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Expense reduction** |
| Class A | &nbsp;&nbsp;$58805 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 |
| Class I | &nbsp;&nbsp;&nbsp;58301 |

---

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Expense reduction** |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;$17960 |
| **Total** | &nbsp;&nbsp;**$135670** |

---

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, 2025, were equivalent to a net annual effective rate of 0.45% of the fund's average daily net assets.

**Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred, for the six months ended November 30, 2025, amounted to an annual rate of 0.02% of the fund's average daily net assets.**

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

---

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

---

The fund's Distributor has contractually agreed to waive 0.10% of Rule 12b-1 fees for Class A and Class C shares. The current waiver agreement expires on September 30, 2026, 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 $293,042 and $3,040 for Class A and Class C shares, respectively, for the six months ended November 30, 2025.

**Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $58,758 for the six months ended November 30, 2025. Of this amount, $8,107 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $50,651 was paid as sales commissions to broker-dealers.**

Class A and Class C shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares purchased, including those that are acquired through purchases of $250,000 or more, and redeemed within 18 months of purchase are subject to a 1.00% CDSC. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the six months ended November 30, 2025, CDSCs received by the Distributor amounted to $32,805 and $116 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**

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

#### Class level expenses. Class level expenses for the six months ended November 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;**Distribution and service fees** | &nbsp;&nbsp;&nbsp;**Transfer agent fees** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$732605 | &nbsp;&nbsp;&nbsp;&nbsp;$237410 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;234173 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5107 |
| **Total** | &nbsp;&nbsp;**$762999** | &nbsp;&nbsp;**$479153** |

---

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

#### Note 6 — Fund share transactions
Transactions in fund shares for the six months ended November 30, 2025 and for the year ended May 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended 11-30-25** | &nbsp;&nbsp;&nbsp;**Six Months Ended 11-30-25** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-25** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-25** |
|  | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class A shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;6729456 | &nbsp;&nbsp;&nbsp;&nbsp;$60185215 | &nbsp;&nbsp;&nbsp;&nbsp;16804783 | &nbsp;&nbsp;&nbsp;&nbsp;$151257108 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;1135130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10155206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18579025 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(6652755) | &nbsp;&nbsp;&nbsp;&nbsp;(59216327) | &nbsp;&nbsp;&nbsp;&nbsp;(12693480) | &nbsp;&nbsp;&nbsp;&nbsp;(113706615) |
| **Net increase** | &nbsp;&nbsp;&nbsp;**1211831** | &nbsp;&nbsp;&nbsp;**$11124094** | &nbsp;&nbsp;&nbsp;&nbsp;**6173094** | &nbsp;&nbsp;&nbsp;&nbsp;**$56129518** |
| **Class C shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$783912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1345840 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193277 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1672910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(271986) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2453055) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(91070)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(805066)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(102255)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(913938)** |
| **Class I shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;15065903 | &nbsp;&nbsp;&nbsp;$134824324 | &nbsp;&nbsp;&nbsp;&nbsp;29287530 | &nbsp;&nbsp;&nbsp;&nbsp;$263985626 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;1196387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10720667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18113175 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(9225238) | &nbsp;&nbsp;&nbsp;&nbsp;(82245306) | &nbsp;&nbsp;&nbsp;&nbsp;(18775968) | &nbsp;&nbsp;&nbsp;&nbsp;(168309401) |
| **Net increase** | &nbsp;&nbsp;&nbsp;**7037052** | &nbsp;&nbsp;&nbsp;**$63299685** | &nbsp;&nbsp;&nbsp;&nbsp;**12518431** | &nbsp;&nbsp;&nbsp;**$113789400** |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended 11-30-25** | &nbsp;&nbsp;&nbsp;**Six Months Ended 11-30-25** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-25** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-25** |
|  | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class R6 shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;3722524 | &nbsp;&nbsp;&nbsp;&nbsp;$33343460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7504505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$67636041 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3434000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6288187 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(3413371) | &nbsp;&nbsp;&nbsp;&nbsp;(30416999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5610093) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50234668) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**692330** | &nbsp;&nbsp;&nbsp;&nbsp;**$6360461** | &nbsp;&nbsp;&nbsp;&nbsp;**2590878** | &nbsp;&nbsp;&nbsp;&nbsp;**$23689560** |
| **Total net increase** | &nbsp;&nbsp;**8850143** | &nbsp;&nbsp;**$79979174** | &nbsp;&nbsp;**21180148** | &nbsp;&nbsp;**$192694540** |

---

#### Note 7 — Purchase and sale of securities
Purchases and sales of securities, other than short-term investments, amounted to $296,974,451 and $234,330,792, respectively, for the six months ended November 30, 2025.

#### Note 8 — State or region risk
To the extent that the fund invests heavily in bonds from any given state or region, its performance could be disproportionately affected by factors particular to that state or region. These factors may include economic or political changes, tax-base erosion, possible state constitutional limits on tax increases, detrimental budget deficits and other financial difficulties, and changes to the credit ratings assigned to those states' municipal issuers.

#### Note 9 — Investment in affiliated underlying funds
The fund may invest in affiliated underlying funds that are managed by the Advisor and its affiliates. Information regarding the fund's fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital gains earned by the fund, if any, is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Dividends and distributions** | **Dividends and distributions** |  |
| **Affiliate** | **Ending<br> share<br> amount** | **Beginning<br> value** | **Cost of<br> purchases** | **Proceeds<br> from shares<br> sold** | **Realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Income<br> distributions<br> received** | **Capital gain<br> distributions<br> received** | **Ending<br> value** |
| John Hancock Collateral Trust | 802288 | $7238898 | $120858145 | $(120071814) | $401 | $(265) | $87795 |  | $8025365 |

---

#### Note 10 — Segment reporting
The management committee of the Advisor acts as the fund's chief operating decision maker (the CODM), assessing performance and making decisions about resource allocation. The fund represents a single operating segment, as the CODM monitors and assesses the operating results of the fund as a whole, and the fund's long-term strategic asset allocation is managed in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the portfolio management team of the fund's subadvisor. Segment assets are reflected in the Statement of assets and liabilities as "Total assets", which consists primarily of total investments at value. The financial information, including the measurement of profit and loss and significant expenses, provided to and reviewed by the CODM is consistent with that presented within the Statement of operations, which includes "Increase (decrease) in net assets from operations", Statements of changes in net assets, which includes "Increase (decrease) in net assets from fund share transactions", and Financial highlights, which includes total return and income and expense ratios.

\| JOHN HANCOCK Municipal Opportunities Fund 64

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#### SHAREHOLDER MEETING

------

(Unaudited)

The fund held a Special Joint Meeting of Shareholders on Wednesday, November 12, 2025. The following proposal was considered by the shareholders:

Proposal: To elect five Trustees as members of the Board of Trustees of each of the Trusts.

THE PROPOSAL <u>PASSED</u> ON November 12, 2025.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Total votes<br> for the nominee** | &nbsp;&nbsp;&nbsp;**Total votes withheld<br> from the nominee** |
| **Independent Trustees** |  |  |
| William K. Bacic | &nbsp;&nbsp;154975754 | &nbsp;&nbsp;4742533 |
| Christine L. Hurtsellers | &nbsp;&nbsp;157984399 | &nbsp;&nbsp;1733889 |
| Kenneth J. Phelan | &nbsp;&nbsp;155037053 | &nbsp;&nbsp;4681234 |
| Thomas R. Wright | &nbsp;&nbsp;155075447 | &nbsp;&nbsp;4642840 |

---

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

---

| | | |
|:---|:---|:---|
| **Non-Independent Trustee** |  |  |
| Kristie M. Feinberg | &nbsp;&nbsp;157,805,143 | &nbsp;&nbsp;1,913,144 |

---

65 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \|

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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. The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 23–26, 2025 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a meeting held on May 27–29, 2025. 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 meetings held on June 23–26, 2025, 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 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.

\| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 66

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#### 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>. 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 risk management programs, derivatives 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 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;

(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;

67 JOHN HANCOCK MUNICIPAL OPPORTUNITIES 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 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 five-year periods ended December 31, 2024, underperformed for the ten-year period and performed in-line for the three-year period. The Board also noted that the fund outperformed its peer group median for the one-, five- and ten-year periods ended December 31, 2024 and underperformed for the three-year period. The Board took into account management's discussion of the fund's performance, including the favorable performance relative to its benchmark index for the one- and five-year periods and to its peer group median for the one-, five- and ten-year periods. The Board also took into account management's discussion of the factors that contributed to the fund's performance relative to the benchmark index for the ten-year period and to its peer group median for the three-year period. 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 for the fund were higher than the peer group median and net total expenses for the fund were lower 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

\| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 68

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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;

(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.

69 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \|

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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 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.*

\| JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND 70

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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 fund's performance 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.

\*\*\*

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.

71 JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND \|

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![](img034f0ed63.jpg)

John Hancock Investment Management Distributors LLC, Member FINRA, SIPC

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

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

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

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

MF5039539 52SA 11/25

1/26

------

![](imgda2261291.gif)

![](img677417e62.gif)

Semiannual Financial Statements & Other N-CSR Items

## John Hancock

## Short Duration Municipal Opportunities Fund
Fixed income

November 30, 2025

------

John Hancock

Short Duration Municipal Opportunities Fund

Table of contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;**2** | &nbsp;&nbsp;[Fund's investments](#xx_3c9a3ec2-ac48-4961-8b61-4e8bc5fc0dec_1) |
| **16** | &nbsp;&nbsp;[Financial statements](#xx_f6ba6c6a-bb4c-4963-8ce5-7e3d57e429aa_1) |
| **19** | &nbsp;&nbsp;[Financial highlights](#xx_99b48a46-2c88-4f81-9f59-be414a820a0d_1) |
| **23** | &nbsp;&nbsp;[Notes to financial statements](#xx_80b11a02-3178-4b52-9aa9-74d654f944b1_1) |
| **30** | &nbsp;&nbsp;[Shareholder meeting](#xx_49463a05-fdb8-4de8-a52a-dc80c2b88f86_1) |
| **31** | &nbsp;&nbsp;[Evaluation of advisory and subadvisory agreements by the Board of Trustees](#xx_5d228e29-eaa6-4ff9-9b1d-11ff69c3911b_1) |

---

1 JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND \|

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Fund's investments

#### AS OF 11-30-25 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Municipal bonds 87.9%** |  |  |  | &nbsp;&nbsp;**$82525907** |
| (Cost $81,618,003) |  |  |  |  |
| **Alabama 7.5%** |  |  |  | &nbsp;&nbsp;**7019333** |
| Baldwin County Industrial Development Authority<br> Novelis Corp. Project, Series A, AMT (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-55 | 300000 | &nbsp;&nbsp;306657 |
| Black Belt Energy Gas District<br> Gas Project, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;05-01-56 | 500000 | &nbsp;&nbsp;516721 |
| Black Belt Energy Gas District<br> Gas Project, Series C (A) | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;11-01-56 | 1000000 | &nbsp;&nbsp;1060077 |
| City of Birmingham<br> Birmingham Water Works Board (A) | &nbsp;&nbsp;3.750 | &nbsp;&nbsp;09-01-26 | 500000 | &nbsp;&nbsp;499994 |
| Energy Southeast, a Cooperative District<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-35 | 500000 | &nbsp;&nbsp;539732 |
| Energy Southeast, a Cooperative District<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-33 | 500000 | &nbsp;&nbsp;518394 |
| Energy Southeast, a Cooperative District<br> Series B | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-54 | 500000 | &nbsp;&nbsp;543599 |
| Lower Alabama Gas District<br> Gas Project No. 2, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-50 | 250000 | &nbsp;&nbsp;250000 |
| Phenix City Industrial Development Board<br> MeadWestvaco Coated Board Project, Series A, AMT | &nbsp;&nbsp;4.125 | &nbsp;&nbsp;05-15-35 | 300000 | &nbsp;&nbsp;295587 |
| Southeast Energy Authority, a Cooperative District<br> Commodity Supply Project No. 5, Series A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;01-01-54 | 265000 | &nbsp;&nbsp;280311 |
| Southeast Energy Authority, a Cooperative District<br> Series B | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;03-01-55 | 500000 | &nbsp;&nbsp;530187 |
| Southeast Energy Authority, a Cooperative District<br> Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-55 | 310000 | &nbsp;&nbsp;332782 |
| Southeast Energy Authority, a Cooperative District<br> Series E | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-30 | 1250000 | &nbsp;&nbsp;1345292 |
| **Arizona 1.1%** |  |  |  | &nbsp;&nbsp;**1012975** |
| Arizona Industrial Development Authority<br> Academies of Math & Science Projects, Series A (A) | &nbsp;&nbsp;4.875 | &nbsp;&nbsp;07-01-60 | 150000 | &nbsp;&nbsp;149703 |
| Chandler Industrial Development Authority<br> Intel Corp. Project, Series 2, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-49 | 385000 | &nbsp;&nbsp;390751 |
| Chandler Industrial Development Authority<br> Intel Corp. Project, Series 2, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-52 | 450000 | &nbsp;&nbsp;457424 |
| University of Arizona<br> Board of Regents | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-37 | 15000 | &nbsp;&nbsp;15097 |
| **Arkansas 0.4%** |  |  |  | &nbsp;&nbsp;**349990** |
| Little Rock School District<br> Construction Bonds, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;02-01-28 | 350000 | &nbsp;&nbsp;349990 |

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

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[**Table of Contents**](#JOB_Short_9578fa56-9a9c-4de4-9b18-692319d02e36_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **California 8.4%** |  |  |  | &nbsp;&nbsp;**$7899868** |
| California Community Choice Financing Authority<br> Clean Energy Project, Series C | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-55 | 500000 | &nbsp;&nbsp;532255 |
| California Community Choice Financing Authority<br> Clean Energy Project, Series E | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-55 | 640000 | &nbsp;&nbsp;688236 |
| California Community Choice Financing Authority<br> Clean Energy Project, Series F | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-33 | 700000 | &nbsp;&nbsp;766655 |
| California Community Choice Financing Authority<br> Clean Energy Project, Series F | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-55 | 300000 | &nbsp;&nbsp;327693 |
| California Community Choice Financing Authority<br> Clean Energy Project, Series H | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-56 | 515000 | &nbsp;&nbsp;568170 |
| California Housing Finance Agency<br> Power Station Block 7B, Series L (A) | &nbsp;&nbsp;5.200 | &nbsp;&nbsp;12-01-27 | 500000 | &nbsp;&nbsp;508062 |
| California Infrastructure & Economic Development Bank<br> California Academy of Sciences, Series A | &nbsp;&nbsp;3.250 | &nbsp;&nbsp;08-01-29 | 300000 | &nbsp;&nbsp;302672 |
| California Municipal Finance Authority<br> Linxs APM Project, Series A, AMT (B) | &nbsp;&nbsp;3.250 | &nbsp;&nbsp;12-31-32 | 500000 | &nbsp;&nbsp;487341 |
| California Municipal Finance Authority<br> United Airlines, Inc. Project, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-15-29 | 100000 | &nbsp;&nbsp;100769 |
| California Municipal Finance Authority<br> Westside Neighborhood School Project (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-34 | 250000 | &nbsp;&nbsp;264969 |
| California Pollution Control Financing Authority<br> Republic Services, Inc. Project, Series A-1, AMT (A) | &nbsp;&nbsp;3.450 | &nbsp;&nbsp;11-01-42 | 700000 | &nbsp;&nbsp;700051 |
| California School Finance Authority<br> Alliance for College Ready Public Schools Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-36 | 300000 | &nbsp;&nbsp;300257 |
| California Statewide Communities Development Authority<br> Kaiser Permanente, Series 2003-D | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-33 | 480000 | &nbsp;&nbsp;522771 |
| Independent Cities Finance Authority<br> Union City Tropics | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-15-32 | 300000 | &nbsp;&nbsp;307230 |
| Patterson Joint Unified School District<br> 2008 Election, Series A, GO (B)(C) | &nbsp;&nbsp;2.690 | &nbsp;&nbsp;08-01-26 | 515000 | &nbsp;&nbsp;505816 |
| San Francisco City & County Airport Commission<br> Series C, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-32 | 400000 | &nbsp;&nbsp;447041 |
| San Joaquin Valley Clean Energy Authority<br> Clean Energy Project, Series A | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;01-01-56 | 500000 | &nbsp;&nbsp;569880 |
| **Colorado 3.1%** |  |  |  | &nbsp;&nbsp;**2949998** |
| Colorado Educational & Cultural Facilities Authority<br> Kent Denver School Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-35 | 400000 | &nbsp;&nbsp;418549 |
| Colorado Health Facilities Authority<br> Frasier Project, Series 2023-A | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;05-15-30 | 340000 | &nbsp;&nbsp;332700 |

---

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

------

[**Table of Contents**](#JOB_Short_9578fa56-9a9c-4de4-9b18-692319d02e36_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Colorado (continued)** |  |  |  |  |
| Colorado Housing and Finance Authority<br> Series E-2, Class I | &nbsp;&nbsp;3.350 | &nbsp;&nbsp;10-01-29 | 430000 | &nbsp;&nbsp;$434393 |
| Fiddler's Business Improvement District<br> Greenwood Village, GO (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 100000 | &nbsp;&nbsp;103000 |
| Park Creek Metropolitan District<br> Series A (B) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;12-01-35 | 475000 | &nbsp;&nbsp;484826 |
| Rampart Range Metropolitan District No. 1 (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-26 | 305000 | &nbsp;&nbsp;310508 |
| Rampart Range Metropolitan District No. 1 (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-27 | 445000 | &nbsp;&nbsp;461297 |
| South Maryland Creek Ranch Metropolitan District, GO (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-29 | 195000 | &nbsp;&nbsp;208599 |
| Trails at Crowfoot Metropolitan District No. 3<br> Series A, GO (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-34 | 175000 | &nbsp;&nbsp;196126 |
| **Connecticut 0.6%** |  |  |  | &nbsp;&nbsp;**601834** |
| City of Bridgeport<br> Series B, GO | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-27 | 170000 | &nbsp;&nbsp;176406 |
| Stamford Housing Authority<br> Mozaic Concierge Living Project, Series C | &nbsp;&nbsp;4.750 | &nbsp;&nbsp;10-01-32 | 215000 | &nbsp;&nbsp;221572 |
| Town of Hamden<br> Whitney Center Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-50 | 230000 | &nbsp;&nbsp;203856 |
| **Delaware 1.3%** |  |  |  | &nbsp;&nbsp;**1259403** |
| Delaware County Authority<br> Cabrini University | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-31 | 30000 | &nbsp;&nbsp;30979 |
| Delaware State Economic Development Authority<br> Delmarva Power & Light Company Project, Series A | &nbsp;&nbsp;3.600 | &nbsp;&nbsp;01-01-31 | 700000 | &nbsp;&nbsp;721706 |
| Delaware State Economic Development Authority<br> NRG Energy Project, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-45 | 500000 | &nbsp;&nbsp;506718 |
| **District of Columbia 1.4%** |  |  |  | &nbsp;&nbsp;**1272929** |
| Metropolitan Washington Airports Authority Aviation Revenue<br> Series A, AMT | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-01-35 | 750000 | &nbsp;&nbsp;763498 |
| Metropolitan Washington Airports Authority Aviation Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-26 | 500000 | &nbsp;&nbsp;509431 |
| **Florida 7.7%** |  |  |  | &nbsp;&nbsp;**7265768** |
| Cabot Citrus Farms<br> Community Development District | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;03-01-29 | 800000 | &nbsp;&nbsp;809409 |
| Capital Trust Authority<br> KIPP Miami - North Campus Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-34 | 300000 | &nbsp;&nbsp;312888 |
| County of Broward Port Facilities Revenue<br> Series B, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-28 | 500000 | &nbsp;&nbsp;522103 |
| County of Miami-Dade Aviation Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-30 | 255000 | &nbsp;&nbsp;276990 |
| County of Miami-Dade Aviation Revenue<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-34 | 500000 | &nbsp;&nbsp;559712 |

---

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

------

[**Table of Contents**](#JOB_Short_9578fa56-9a9c-4de4-9b18-692319d02e36_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Florida (continued)** |  |  |  |  |
| Firethorn Community Development District<br> Assessment Area One | &nbsp;&nbsp;4.100 | &nbsp;&nbsp;05-01-30 | 475000 | &nbsp;&nbsp;$475254 |
| Florida Development Finance Corp.<br> Imagine School at Broward Project, Series A (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-15-34 | 200000 | &nbsp;&nbsp;207033 |
| Florida Development Finance Corp.<br> Nova Southeastern University Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-27 | 25000 | &nbsp;&nbsp;25671 |
| Florida Development Finance Corp.<br> Solid Waste Southeast LLC Project, Series A, AMT (A) | &nbsp;&nbsp;4.375 | &nbsp;&nbsp;10-01-54 | 500000 | &nbsp;&nbsp;507037 |
| Florida Local Government Finance Commission<br> Fleet Landing at Nocatee Project, Series B-2 (A) | &nbsp;&nbsp;4.450 | &nbsp;&nbsp;11-15-31 | 200000 | &nbsp;&nbsp;201978 |
| Greater Orlando Aviation Authority<br> United Airlines, Inc. Project, AMT | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-01-34 | 500000 | &nbsp;&nbsp;538466 |
| Jacksonville Housing Authority<br> Westwood Apartments | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-34 | 750000 | &nbsp;&nbsp;802159 |
| North Miami Community Redevelopment Agency<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-31 | 500000 | &nbsp;&nbsp;545048 |
| Palm Beach County Health Facilities Authority<br> Acts Retirement-Life Communities | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-15-32 | 115000 | &nbsp;&nbsp;116422 |
| Palm Beach County Health Facilities Authority<br> Jupiter Medical Center Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-28 | 15000 | &nbsp;&nbsp;15748 |
| Palm Beach County Health Facilities Authority<br> Jupiter Medical Center Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-29 | 70000 | &nbsp;&nbsp;74631 |
| 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;216598 |
| Palm Beach County Health Facilities Authority<br> Toby and Leon Cooperman Sinai Residences | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-26 | 230000 | &nbsp;&nbsp;229938 |
| Palm Beach County Health Facilities Authority<br> Toby and Leon Cooperman Sinai Residences | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-31 | 10000 | &nbsp;&nbsp;9984 |
| Town of Davie<br> Nova Southeastern University Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-31 | 330000 | &nbsp;&nbsp;345723 |
| Village Community Development District<br> CDD No. 15 (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-34 | 250000 | &nbsp;&nbsp;252906 |
| Winter Garden Village at Fowler Groves<br> Community Development District | &nbsp;&nbsp;3.750 | &nbsp;&nbsp;05-01-31 | 220000 | &nbsp;&nbsp;220070 |
| **Georgia 4.6%** |  |  |  | &nbsp;&nbsp;**4295856** |
| Augusta Development Authority<br> AU Health System, Inc. Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-26 | 250000 | &nbsp;&nbsp;252756 |
| City of Atlanta Airport Passenger Facility Charge<br> Series D, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-26 | 500000 | &nbsp;&nbsp;505889 |
| Development Authority of Burke County<br> Oglethorpe Power Corp. Vogtle Project, Series A | &nbsp;&nbsp;3.600 | &nbsp;&nbsp;01-01-40 | 500000 | &nbsp;&nbsp;507182 |
| Main Street Natural Gas, Inc.<br> Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-52 | 400000 | &nbsp;&nbsp;411007 |
| Main Street Natural Gas, Inc.<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-15-26 | 550000 | &nbsp;&nbsp;553834 |

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

------

[**Table of Contents**](#JOB_Short_9578fa56-9a9c-4de4-9b18-692319d02e36_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 B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-53 | 250000 | &nbsp;&nbsp;$265139 |
| Main Street Natural Gas, Inc.<br> Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-55 | 650000 | &nbsp;&nbsp;713500 |
| Main Street Natural Gas, Inc.<br> Series D | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-54 | 500000 | &nbsp;&nbsp;539646 |
| Main Street Natural Gas, Inc.<br> Series E-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-53 | 500000 | &nbsp;&nbsp;536242 |
| Municipal Electric Authority of Georgia<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-29 | 10000 | &nbsp;&nbsp;10661 |
| **Illinois 5.0%** |  |  |  | &nbsp;&nbsp;**4677927** |
| Chicago Midway International Airport<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-30 | 550000 | &nbsp;&nbsp;550916 |
| Chicago Midway International Airport<br> Series A, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-32 | 1000000 | &nbsp;&nbsp;1091222 |
| Chicago O'Hare International Airport<br> Series E, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-27 | 500000 | &nbsp;&nbsp;509847 |
| City of Chicago Wastewater Transmission Revenue<br> Series B (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-30 | 250000 | &nbsp;&nbsp;255332 |
| Illinois Finance Authority<br> Clark-Lindsey Village, Series A | &nbsp;&nbsp;4.600 | &nbsp;&nbsp;06-01-27 | 150000 | &nbsp;&nbsp;149623 |
| Illinois Finance Authority<br> Clark-Lindsey Village, Series A | &nbsp;&nbsp;5.375 | &nbsp;&nbsp;06-01-42 | 10000 | &nbsp;&nbsp;9680 |
| Illinois Finance Authority<br> Music and Dance Theater Chicago (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-35 | 295000 | &nbsp;&nbsp;299944 |
| Metropolitan Pier & Exposition Authority<br> McCormick Place Expansion Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-15-28 | 500000 | &nbsp;&nbsp;518146 |
| State of Illinois<br> Series B, GO | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;10-01-29 | 500000 | &nbsp;&nbsp;542160 |
| State of Illinois, GO | &nbsp;&nbsp;4.125 | &nbsp;&nbsp;11-01-31 | 575000 | &nbsp;&nbsp;578503 |
| Village of Bedford Park Hotel/Motel Tax Revenue<br> Series A (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-35 | 155000 | &nbsp;&nbsp;172554 |
| **Indiana 0.9%** |  |  |  | &nbsp;&nbsp;**862437** |
| City of Whiting<br> BP Products North America, Inc., Series A, AMT | &nbsp;&nbsp;4.400 | &nbsp;&nbsp;03-01-46 | 225000 | &nbsp;&nbsp;237615 |
| Indiana Finance Authority<br> Indiana Masonic Home Project, Series A | &nbsp;&nbsp;4.300 | &nbsp;&nbsp;05-01-29 | 500000 | &nbsp;&nbsp;505722 |
| Indiana Finance Authority<br> Indiana University Health, Series B-2 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-60 | 110000 | &nbsp;&nbsp;119100 |
| **Iowa 0.2%** |  |  |  | &nbsp;&nbsp;**209707** |
| Iowa Finance Authority<br> Gevo NW Iowa RNG Project, AMT | &nbsp;&nbsp;3.875 | &nbsp;&nbsp;01-01-42 | 210000 | &nbsp;&nbsp;209707 |

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

------

[**Table of Contents**](#JOB_Short_9578fa56-9a9c-4de4-9b18-692319d02e36_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Kansas 1.4%** |  |  |  | &nbsp;&nbsp;**$1280069** |
| City of Garden City<br> Sports of the World Star Bond Project, Phase II (A) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-29 | 200000 | &nbsp;&nbsp;198164 |
| City of Garden City<br> Sports of the World Star Bond Project, Phase II (A) | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;06-01-33 | 500000 | &nbsp;&nbsp;497776 |
| City of Prairie Village<br> Meadowbrook TIF Project | &nbsp;&nbsp;3.125 | &nbsp;&nbsp;04-01-36 | 350000 | &nbsp;&nbsp;334121 |
| City of Topeka Combined Utility Revenue<br> Series A | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;08-01-27 | 250000 | &nbsp;&nbsp;250008 |
| **Kentucky 1.0%** |  |  |  | &nbsp;&nbsp;**902585** |
| County of Trimble<br> Louisville Gas and Electric Company Project, Series A | &nbsp;&nbsp;3.750 | &nbsp;&nbsp;06-01-33 | 500000 | &nbsp;&nbsp;501831 |
| Kentucky Public Energy Authority<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-55 | 260000 | &nbsp;&nbsp;276033 |
| Northern Kentucky Water District<br> Series B | &nbsp;&nbsp;3.125 | &nbsp;&nbsp;02-01-29 | 125000 | &nbsp;&nbsp;124721 |
| **Maine 0.2%** |  |  |  | &nbsp;&nbsp;**155089** |
| Finance Authority of Maine<br> Casella Waste System, Inc. Project, Series R-3, AMT (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-35 | 150000 | &nbsp;&nbsp;155089 |
| **Maryland 0.0%** |  |  |  | &nbsp;&nbsp;**50944** |
| Maryland Health & Higher Educational Facilities Authority<br> University of Maryland Medical System, Series B-2 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-45 | 50000 | &nbsp;&nbsp;50944 |
| **Massachusetts 0.6%** |  |  |  | &nbsp;&nbsp;**542385** |
| City of Fall River, GO | &nbsp;&nbsp;2.000 | &nbsp;&nbsp;12-01-32 | 400000 | &nbsp;&nbsp;366223 |
| Massachusetts Development Finance Agency<br> Gingercare Living Issue, Series B-2 (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-29 | 150000 | &nbsp;&nbsp;150068 |
| Massachusetts Development Finance Agency<br> Worcester Polytechnic Institute | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-30 | 15000 | &nbsp;&nbsp;15562 |
| Massachusetts Development Finance Agency<br> Worcester Polytechnic Institute | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-37 | 10000 | &nbsp;&nbsp;10532 |
| **Michigan 3.0%** |  |  |  | &nbsp;&nbsp;**2828751** |
| Canyon Falls Municipal Utility District No. 1, GO (B) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;02-15-31 | 100000 | &nbsp;&nbsp;103104 |
| Canyon Falls Municipal Utility District No. 1, GO (B) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;02-15-31 | 145000 | &nbsp;&nbsp;149500 |
| Grand Rapids Economic Development Corp.<br> Beacon Hill at Eastgate Project, Series B-1 (D) | &nbsp;&nbsp;4.750 | &nbsp;&nbsp;11-01-30 | 500000 | &nbsp;&nbsp;500140 |
| Grand Valley State University<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 500000 | &nbsp;&nbsp;503910 |
| Michigan Finance Authority<br> McLaren Healthcare, Series D-2 | &nbsp;&nbsp;1.200 | &nbsp;&nbsp;10-15-38 | 345000 | &nbsp;&nbsp;326099 |

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

------

[**Table of Contents**](#JOB_Short_9578fa56-9a9c-4de4-9b18-692319d02e36_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Michigan (continued)** |  |  |  |  |
| Michigan State Hospital Finance Authority<br> Corewell Health, Series B | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-55 | 200000 | &nbsp;&nbsp;$222446 |
| Michigan Strategic Fund<br> I-75 Improvement Project, AMT | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-31-32 | 35000 | &nbsp;&nbsp;36301 |
| Wayne County Airport Authority<br> Detroit Metropolitan Wayne County Airport, Series D, AMT | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-35 | 585000 | &nbsp;&nbsp;654421 |
| Wayne County Airport Authority<br> Detroit Metropolitan Wayne County Airport, Series D, AMT | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-36 | 300000 | &nbsp;&nbsp;332830 |
| **Minnesota 2.2%** |  |  |  | &nbsp;&nbsp;**2065741** |
| Cambridge-Isanti Independent School District No. 911<br> Series A, GO | &nbsp;&nbsp;&nbsp;2.000 | &nbsp;&nbsp;02-01-34 | 915000 | &nbsp;&nbsp;786638 |
| City of Eden Prairie<br> Series A, GO | &nbsp;&nbsp;&nbsp;2.000 | &nbsp;&nbsp;02-01-33 | 660000 | &nbsp;&nbsp;591518 |
| Delano Independent School District No. 879<br> School Building, Series A, GO | &nbsp;&nbsp;&nbsp;3.000 | &nbsp;&nbsp;02-01-28 | 690000 | &nbsp;&nbsp;687585 |
| **Mississippi 0.2%** |  |  |  | &nbsp;&nbsp;**197129** |
| Mississippi Development Bank<br> Hancock County Gomesa Project (A) | &nbsp;&nbsp;&nbsp;4.550 | &nbsp;&nbsp;11-01-39 | 195000 | &nbsp;&nbsp;197129 |
| **Missouri 1.4%** |  |  |  | &nbsp;&nbsp;**1291013** |
| I-470 Western Gateway Transportation Development District<br> Series A (A) | &nbsp;&nbsp;&nbsp;4.500 | &nbsp;&nbsp;12-01-29 | 300000 | &nbsp;&nbsp;300459 |
| Industrial Development Authority of the City of St. Louis<br> Union Station Phase 2 Redevelopment Project, Series A | &nbsp;&nbsp;&nbsp;4.875 | &nbsp;&nbsp;06-15-34 | 345000 | &nbsp;&nbsp;352204 |
| Lee's Summit Industrial Development Authority<br> John Knox Village Project, Series A | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-27 | 200000 | &nbsp;&nbsp;202164 |
| Lee's Summit Industrial Development Authority<br> John Knox Village Project, Series A | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-15-32 | 280000 | &nbsp;&nbsp;284584 |
| Waynesville R-VI School District<br> Certificates of Participation | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-15-30 | 140000 | &nbsp;&nbsp;151602 |
| **Montana 0.3%** |  |  |  | &nbsp;&nbsp;**253828** |
| City of Forsyth<br> NorthWestern Corp. Colstrip Project | &nbsp;&nbsp;&nbsp;3.875 | &nbsp;&nbsp;07-01-28 | 250000 | &nbsp;&nbsp;253828 |
| **Nebraska 0.3%** |  |  |  | &nbsp;&nbsp;**268883** |
| Central Plains Energy Project<br> Subseries A-1 | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-55 | 250000 | &nbsp;&nbsp;268883 |
| **Nevada 0.4%** |  |  |  | &nbsp;&nbsp;**398050** |
| State of Nevada Department of Business & Industry<br> Brightline West Passenger Project, Series B, AMT (A) | &nbsp;&nbsp;12.000 | &nbsp;&nbsp;01-01-65 | 505000 | &nbsp;&nbsp;398050 |

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

------

[**Table of Contents**](#JOB_Short_9578fa56-9a9c-4de4-9b18-692319d02e36_TofC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **New Hampshire 1.6%** |  |  |  | &nbsp;&nbsp;**$1550514** |
| New Hampshire Business Finance Authority<br> Bridgeland Water & Utility District (A) | &nbsp;&nbsp;5.375 | &nbsp;&nbsp;12-15-35 | 600000 | &nbsp;&nbsp;599444 |
| New Hampshire Business Finance Authority<br> Lariat Phase 2 Project, GO (A)(C) | &nbsp;&nbsp;7.029 | &nbsp;&nbsp;12-15-32 | 500000 | &nbsp;&nbsp;307754 |
| New Hampshire Business Finance Authority<br> Pennichuck Water Works, Inc., Series A, AMT | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;04-01-34 | 75000 | &nbsp;&nbsp;82605 |
| New Hampshire Business Finance Authority<br> Pennichuck Water Works, Inc., Series A, AMT | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;04-01-38 | 100000 | &nbsp;&nbsp;107846 |
| New Hampshire Health & Education Facilities Authority<br> Catholic Medical Center | &nbsp;&nbsp;3.375 | &nbsp;&nbsp;07-01-33 | 25000 | &nbsp;&nbsp;25223 |
| New Hampshire Health & Education Facilities Authority<br> Catholic Medical Center | &nbsp;&nbsp;3.500 | &nbsp;&nbsp;07-01-34 | 175000 | &nbsp;&nbsp;176894 |
| New Hampshire Health & Education Facilities Authority<br> Darmouth College, Series B | &nbsp;&nbsp;3.300 | &nbsp;&nbsp;06-01-40 | 250000 | &nbsp;&nbsp;250748 |
| **New Jersey 2.2%** |  |  |  | &nbsp;&nbsp;**2060778** |
| New Jersey Housing & Mortgage Finance Agency<br> Series B | &nbsp;&nbsp;3.375 | &nbsp;&nbsp;11-01-27 | 435000 | &nbsp;&nbsp;436514 |
| New Jersey Institute of Technology<br> Series A (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-36 | 500000 | &nbsp;&nbsp;582902 |
| New Jersey Transportation Trust Fund Authority<br> Series AA | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-30 | 500000 | &nbsp;&nbsp;549276 |
| State of New Jersey, GO | &nbsp;&nbsp;2.000 | &nbsp;&nbsp;06-01-27 | 500000 | &nbsp;&nbsp;492086 |
| **New York 1.5%** |  |  |  | &nbsp;&nbsp;**1394737** |
| Albany County Airport Authority<br> Series B, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-15-26 | 475000 | &nbsp;&nbsp;484173 |
| Farmingdale Union Free School District, GO | &nbsp;&nbsp;2.000 | &nbsp;&nbsp;09-15-34 | 225000 | &nbsp;&nbsp;193895 |
| New York City Municipal Water Finance Authority<br> Fiscal 2025, Series DD | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-35 | 150000 | &nbsp;&nbsp;177439 |
| New York City Transitional Finance Authority Future Tax Secured Revenue<br> Series D-1 | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-26 | 5000 | &nbsp;&nbsp;5113 |
| New York State Environmental Facilities Corp.<br> Casella Waste System, Inc. Project, Series R-1, AMT (A) | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;09-01-50 | 500000 | &nbsp;&nbsp;503600 |
| New York Transportation Development Corp.<br> John F. Kennedy International Airport Project, Terminal 4, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-26 | 30000 | &nbsp;&nbsp;30517 |
| **North Carolina 1.4%** |  |  |  | &nbsp;&nbsp;**1333221** |
| North Carolina Capital Facilities Finance Agency<br> High Point University | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-33 | 15000 | &nbsp;&nbsp;15407 |
| North Carolina Capital Facilities Finance Agency<br> High Point University | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;05-01-34 | 750000 | &nbsp;&nbsp;767688 |
| North Carolina Medical Care Commission<br> The United Methodist Retirement Homes Project, Series 2024B-1 | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;10-01-28 | 250000 | &nbsp;&nbsp;250090 |

---

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

------

[**Table of Contents**](#JOB_Short_9578fa56-9a9c-4de4-9b18-692319d02e36_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **North Carolina (continued)** |  |  |  |  |
| State of North Carolina<br> Series C | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;05-01-28 | 300000 | &nbsp;&nbsp;$300036 |
| **North Dakota 0.7%** |  |  |  | &nbsp;&nbsp;**684013** |
| Cass County Joint Water Resource District<br> Series A, GO | &nbsp;&nbsp;3.450 | &nbsp;&nbsp;04-01-27 | 185000 | &nbsp;&nbsp;185086 |
| City of Bismarck<br> Series T, GO | &nbsp;&nbsp;2.500 | &nbsp;&nbsp;05-01-26 | 500000 | &nbsp;&nbsp;498927 |
| **Ohio 3.0%** |  |  |  | &nbsp;&nbsp;**2824718** |
| American Municipal Power, Inc.<br> Combined Hydroelectric Projects, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-15-33 | 400000 | &nbsp;&nbsp;455506 |
| City of Columbus<br> Series A, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;08-15-32 | 750000 | &nbsp;&nbsp;750043 |
| County of Fayette, GO (B) | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;12-01-32 | 500000 | &nbsp;&nbsp;493201 |
| County of Ohio<br> The Highlands Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-32 | 365000 | &nbsp;&nbsp;390854 |
| Jefferson County Port Authority<br> JSW Steel Project, AMT (A) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-53 | 300000 | &nbsp;&nbsp;307411 |
| North Lawrence Community Schools Building Corp.<br> First Mortgage | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-15-32 | 250000 | &nbsp;&nbsp;280542 |
| Ohio Air Quality Development Authority<br> FirstEnergy, Series D | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;08-01-29 | 150000 | &nbsp;&nbsp;147161 |
| **Oklahoma 0.6%** |  |  |  | &nbsp;&nbsp;**569181** |
| Blaine County Educational Facilities Authority<br> Watonga Public Schools Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-30 | 235000 | &nbsp;&nbsp;253088 |
| Cleveland Educational Facilities Authority<br> Cleveland Public Schools Project | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-33 | 285000 | &nbsp;&nbsp;316093 |
| **Oregon 1.7%** |  |  |  | &nbsp;&nbsp;**1561083** |
| City of Newport<br> Series B, GO (B)(C) | &nbsp;&nbsp;3.047 | &nbsp;&nbsp;06-01-27 | 400000 | &nbsp;&nbsp;382135 |
| Oregon City School District No. 62<br> Series A, GO (C) | &nbsp;&nbsp;2.858 | &nbsp;&nbsp;06-15-29 | 450000 | &nbsp;&nbsp;406684 |
| Oregon State Facilities Authority<br> Southern Oregon Goodwill Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-28 | 320000 | &nbsp;&nbsp;330732 |
| Oregon State Lottery<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-28 | 190000 | &nbsp;&nbsp;200673 |
| Washington County Oregon School District No.48<br> Series A, GO (C) | &nbsp;&nbsp;3.077 | &nbsp;&nbsp;06-15-31 | 165000 | &nbsp;&nbsp;139162 |
| Washington County Oregon School District No.48<br> Series A, GO (C) | &nbsp;&nbsp;3.158 | &nbsp;&nbsp;06-15-32 | 125000 | &nbsp;&nbsp;101697 |
| **Pennsylvania 3.9%** |  |  |  | &nbsp;&nbsp;**3639201** |
| Berks County Municipal Authority<br> Tower Health Project, Series B | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;02-01-40 | 500000 | &nbsp;&nbsp;447690 |
| Boyertown Area School District, GO (B) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;11-01-27 | 425000 | &nbsp;&nbsp;425395 |

---

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

------

[**Table of Contents**](#JOB_Short_9578fa56-9a9c-4de4-9b18-692319d02e36_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Pennsylvania (continued)** |  |  |  |  |
| Chester County Industrial Development Authority<br> Avon Grove Charter School | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;03-01-27 | 220000 | &nbsp;&nbsp;$221873 |
| City of Philadelphia Airport Revenue<br> Private Activity, AMT | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-31 | 500000 | &nbsp;&nbsp;549401 |
| Lancaster County Hospital Authority<br> Brethren Village Project | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;07-01-28 | 35000 | &nbsp;&nbsp;34821 |
| Lancaster County Hospital Authority<br> Masonic Villages Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-32 | 445000 | &nbsp;&nbsp;492925 |
| Lancaster Industrial Development Authority<br> Landis Homes Retirement Community Project | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;07-01-31 | 200000 | &nbsp;&nbsp;200591 |
| Pennsylvania Economic Development Financing Authority<br> Energy Supply LLC Project, Series B | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;12-01-38 | 600000 | &nbsp;&nbsp;604447 |
| Pennsylvania Economic Development Financing Authority<br> Energy Supply LLC Project, Series C | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;12-01-37 | 500000 | &nbsp;&nbsp;503958 |
| Philadelphia Authority for Industrial Development<br> Philadelphia E&T Charter High School, Series A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;06-01-31 | 160000 | &nbsp;&nbsp;158100 |
| **Puerto Rico 0.2%** |  |  |  | &nbsp;&nbsp;**172800** |
| Puerto Rico Commonwealth<br> CW Guarantee Bond Claims, GO (C) | &nbsp;&nbsp;2.485 | &nbsp;&nbsp;11-01-43 | 270000 | &nbsp;&nbsp;172800 |
| **Rhode Island 0.6%** |  |  |  | &nbsp;&nbsp;**559939** |
| Rhode Island Health and Educational Building Corp.<br> RI Properties LLC Project, Series A (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-32 | 210000 | &nbsp;&nbsp;229586 |
| Rhode Island Health and Educational Building Corp.<br> RI Properties LLC Project, Series A (B) | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;07-01-33 | 300000 | &nbsp;&nbsp;330353 |
| **South Carolina 1.3%** |  |  |  | &nbsp;&nbsp;**1239707** |
| Fort Mill School District No. 4<br> Series E, GO | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;03-01-31 | 220000 | &nbsp;&nbsp;218989 |
| Richland County School District No. 1<br> Series D, GO | &nbsp;&nbsp;3.500 | &nbsp;&nbsp;03-01-28 | 350000 | &nbsp;&nbsp;350118 |
| South Carolina Jobs-Economic Development Authority<br> Wofford College | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04-01-27 | 25000 | &nbsp;&nbsp;25135 |
| South Carolina Public Service Authority<br> Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-30 | 295000 | &nbsp;&nbsp;298193 |
| South Carolina Transportation Infrastructure Bank<br> Series A | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;10-01-33 | 350000 | &nbsp;&nbsp;347272 |
| **Tennessee 1.8%** |  |  |  | &nbsp;&nbsp;**1693777** |
| Clarksville Independent School District, GO | &nbsp;&nbsp;2.000 | &nbsp;&nbsp;02-15-34 | 455000 | &nbsp;&nbsp;405338 |
| Knoxville Industrial Development Board<br> Maplehurst Park Apartments Project (A) | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;11-01-30 | 750000 | &nbsp;&nbsp;744993 |

---

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

------

[**Table of Contents**](#JOB_Short_9578fa56-9a9c-4de4-9b18-692319d02e36_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Tennessee (continued)** |  |  |  |  |
| Tennessee Energy Acquisition Corp.<br> Series A | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-35 | 500000 | &nbsp;&nbsp;$543446 |
| **Texas 8.9%** |  |  |  | &nbsp;&nbsp;**8374396** |
| Alief Independent School District, GO | &nbsp;&nbsp;&nbsp;2.000 | &nbsp;&nbsp;02-15-35 | 530000 | &nbsp;&nbsp;453934 |
| Brazoria County Industrial Development Corp.<br> Aleon Renewable Metals LLC Project, AMT (A) | &nbsp;&nbsp;12.000 | &nbsp;&nbsp;06-01-43 | 93737 | &nbsp;&nbsp;13592 |
| City of Georgetown<br> Series A, GO | &nbsp;&nbsp;&nbsp;3.000 | &nbsp;&nbsp;08-15-29 | 775000 | &nbsp;&nbsp;775013 |
| City of Houston Airport System Revenue<br> United Airlines, Inc. Terminal Project, Series B, AMT | &nbsp;&nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-15-33 | 500000 | &nbsp;&nbsp;538167 |
| City of Pflugerville<br> Meadowlark Preserve Public Improvement District Project (A) | &nbsp;&nbsp;&nbsp;4.250 | &nbsp;&nbsp;09-01-33 | 350000 | &nbsp;&nbsp;350386 |
| City of San Antonio Electric & Gas Systems Revenue<br> Series A | &nbsp;&nbsp;&nbsp;3.080 | &nbsp;&nbsp;02-01-55 | 500000 | &nbsp;&nbsp;500095 |
| Dallas Fort Worth International Airport<br> Series A-2, AMT | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-50 | 800000 | &nbsp;&nbsp;875161 |
| Dallas Fort Worth International Airport<br> Series C, AMT | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;11-01-30 | 500000 | &nbsp;&nbsp;544347 |
| Decatur Hospital Authority<br> Wise Health System, Series B | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-30 | 225000 | &nbsp;&nbsp;245554 |
| Elevon Municipal Utility District No. 1-A, GO (B) | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-33 | 310000 | &nbsp;&nbsp;315526 |
| Gulf Coast Industrial Development Authority<br> CITGO Petroleum Corp. Project, AMT | &nbsp;&nbsp;&nbsp;8.000 | &nbsp;&nbsp;04-01-28 | 500000 | &nbsp;&nbsp;500607 |
| Harris County Municipal Utility District No. 171<br> Series A, GO (B) | &nbsp;&nbsp;&nbsp;3.000 | &nbsp;&nbsp;12-01-32 | 200000 | &nbsp;&nbsp;193821 |
| Harrisburg Redevelopment Authority (B) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-30 | 450000 | &nbsp;&nbsp;488004 |
| Lake Houston Redevelopment Authority<br> Reinvestment Zone No. 10 | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;09-01-35 | 50000 | &nbsp;&nbsp;49266 |
| Montgomery County Higher Education and Health Authority<br> Thomas Jefferson University Project | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-26 | 230000 | &nbsp;&nbsp;233659 |
| Montgomery County Municipal Utility District No. 111, GO (B) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-29 | 120000 | &nbsp;&nbsp;127891 |
| Montgomery County Municipal Utility District No. 111, GO (B) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;09-01-30 | 130000 | &nbsp;&nbsp;140498 |
| New Hope Cultural Education Facilities Finance Corp.<br> Bella Vida Facility Living Project, Series B-1 | &nbsp;&nbsp;&nbsp;5.250 | &nbsp;&nbsp;10-01-30 | 250000 | &nbsp;&nbsp;251115 |
| New Hope Cultural Education Facilities Finance Corp.<br> Legacy Midtown Park Project, Series A | &nbsp;&nbsp;&nbsp;5.250 | &nbsp;&nbsp;07-01-32 | 100000 | &nbsp;&nbsp;100901 |
| Newark Higher Education Finance Corp.<br> Village Tech Schools, Series A | &nbsp;&nbsp;&nbsp;4.375 | &nbsp;&nbsp;08-15-29 | 210000 | &nbsp;&nbsp;209211 |
| Port Authority of Houston<br> Series A, AMT, GO | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-32 | 345000 | &nbsp;&nbsp;360970 |

---

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

------

[**Table of Contents**](#JOB_Short_9578fa56-9a9c-4de4-9b18-692319d02e36_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Texas (continued)** |  |  |  |  |
| Port of Beaumont Industrial Development Authority<br> Jefferson Gulf Coast Energy Project, Series B (A) | &nbsp;&nbsp;&nbsp;4.100 | &nbsp;&nbsp;01-01-28 | 250000 | &nbsp;&nbsp;$226523 |
| Port of Beaumont Navigation District<br> Jefferson Gulf Coast Energy Project, Series B (A) | &nbsp;&nbsp;10.000 | &nbsp;&nbsp;07-01-26 | 300000 | &nbsp;&nbsp;301107 |
| Texas Municipal Gas Acquisition & Supply Corp.<br> Series D | &nbsp;&nbsp;&nbsp;6.250 | &nbsp;&nbsp;12-15-26 | 55000 | &nbsp;&nbsp;56011 |
| Texas Public Finance Authority<br> Texas Southern University | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;05-01-26 | 520000 | &nbsp;&nbsp;523037 |
| **Utah 0.3%** |  |  |  | &nbsp;&nbsp;**283064** |
| Utah Infrastructure Agency<br> Telecommunication Revenue | &nbsp;&nbsp;&nbsp;4.000 | &nbsp;&nbsp;10-15-28 | 140000 | &nbsp;&nbsp;140968 |
| Utah Infrastructure Agency<br> Telecommunication Revenue | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-15-29 | 135000 | &nbsp;&nbsp;142096 |
| **Vermont 0.3%** |  |  |  | &nbsp;&nbsp;**252004** |
| Vermont Economic Development Authority<br> Casella Waste System, Inc. Project, Series A-2, AMT (A) | &nbsp;&nbsp;&nbsp;4.375 | &nbsp;&nbsp;06-01-52 | 250000 | &nbsp;&nbsp;252004 |
| **Virginia 1.3%** |  |  |  | &nbsp;&nbsp;**1202409** |
| Virginia Beach Development Authority<br> Westminster-Canterbury on Chesapeake Bay, Series B-1 | &nbsp;&nbsp;&nbsp;6.250 | &nbsp;&nbsp;09-01-30 | 200000 | &nbsp;&nbsp;202420 |
| Virginia Housing Development Authority<br> Series G | &nbsp;&nbsp;&nbsp;3.125 | &nbsp;&nbsp;07-01-56 | 1000000 | &nbsp;&nbsp;999989 |
| **Washington 1.7%** |  |  |  | &nbsp;&nbsp;**1634541** |
| Klickitat County Public Utility District No. 1<br> Electric Revenue Refunding (B) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;12-01-32 | 300000 | &nbsp;&nbsp;340341 |
| Metropolitan Washington Airports Authority Aviation Revenue<br> Series A, AMT | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;10-01-30 | 400000 | &nbsp;&nbsp;436373 |
| Port of Seattle<br> Series B, AMT | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;08-01-26 | 500000 | &nbsp;&nbsp;506966 |
| Washington State Housing Finance Commission<br> Horizon House Project, Series B-1 (D) | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;01-01-35 | 350000 | &nbsp;&nbsp;350861 |
| **West Virginia 0.4%** |  |  |  | &nbsp;&nbsp;**355282** |
| West Virginia Economic Development Authority<br> Commercial Metals Company Project, AMT | &nbsp;&nbsp;&nbsp;4.625 | &nbsp;&nbsp;04-15-55 | 350000 | &nbsp;&nbsp;355282 |
| **Wisconsin 1.3%** |  |  |  | &nbsp;&nbsp;**1228050** |
| Public Finance Authority<br> Campus Real Estate Holding Corp. LLC Project, Series A | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-01-30 | 200000 | &nbsp;&nbsp;208828 |
| Public Finance Authority<br> Driftwood Golf and Ranch Club Project, GO (A)(C) | &nbsp;&nbsp;&nbsp;6.489 | &nbsp;&nbsp;12-15-39 | 500000 | &nbsp;&nbsp;204196 |

---

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

------

[**Table of Contents**](#JOB_Short_9578fa56-9a9c-4de4-9b18-692319d02e36_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Wisconsin (continued)** |  |  |  |  |
| Public Finance Authority<br> KSU Bixby Real Estate Foundation LLC Project, Series A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;06-15-28 | 315000 | &nbsp;&nbsp;$329319 |
| Public Finance Authority<br> Midtown Project (A)(C) | &nbsp;&nbsp;5.900 | &nbsp;&nbsp;12-15-34 | 350000 | &nbsp;&nbsp;206887 |
| Wisconsin Health & Educational Facilities Authority<br> Three Pillars Senior Living Communities, Series B-2 | &nbsp;&nbsp;4.200 | &nbsp;&nbsp;08-15-28 | 280000 | &nbsp;&nbsp;278820 |
| **Corporate bonds 0.1%** |  |  |  | &nbsp;&nbsp;**$119979** |
| (Cost $139,040) |  |  |  |  |
| **Materials 0.1%** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**119979** |
| **Paper and forest products 0.1%** |  |  |  |  |
| Domtar Corp. (A) | &nbsp;&nbsp;6.750 | &nbsp;&nbsp;10-01-28 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;119979 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Yield (%)** | **Shares** | &nbsp;&nbsp;**Value** |
| **Short-term investments 5.3%** |  |  | **$4952429** |
| (Cost $4,952,436) |  |  |  |
| **Short-term funds 5.3%** |  |  |  |
| John Hancock Collateral Trust (E) | &nbsp;&nbsp;3.9009(F) | 495089 | &nbsp;&nbsp;4952429 |
| **Total investments (Cost $86,709,479) 93.3%** | **Total investments (Cost $86,709,479) 93.3%** |  | **$87598315** |
| **Other assets and liabilities, net 6.7%** |  |  | &nbsp;&nbsp;**6328182** |
| **Total net assets 100.0%** |  |  | &nbsp;&nbsp;**$93926497** |

---

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

---

| | |
|:---|:---|
| The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. | The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. |
| ^All par values are denominated in U.S. dollars unless otherwise indicated. | ^All par values are denominated in U.S. dollars unless otherwise indicated. |
| **Security Abbreviations and Legend** | **Security Abbreviations and Legend** |
| AMT | Interest earned from these securities may be considered a tax preference item for purpose of the Federal Alternative Minimum Tax. |
| GO | General Obligation |
| (A) | This security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $11,709,167 or 12.5% of the fund's net assets as of 11-30-25. |
| (B) | Bond is insured by one or more of the companies listed in the insurance coverage table below. |
| (C) | Zero coupon bonds are issued at a discount from their principal amount in lieu of paying interest periodically. Rate shown is the effective yield at period end. |
| (D) | Security purchased or sold on a when-issued or delayed delivery basis. |
| (E) | Investment is an affiliate of the fund, the advisor and/or subadvisor. |
| (F) | The rate shown is the annualized seven-day yield as of 11-30-25. |

---

At 11-30-25, the aggregate cost of investments for federal income tax purposes was $86,650,903. Net unrealized appreciation aggregated to $947,412, of which $1,170,031 related to gross unrealized appreciation and $222,619 related to gross unrealized depreciation.

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

------

[**Table of Contents**](#JOB_Short_9578fa56-9a9c-4de4-9b18-692319d02e36_TofC)

---

| | |
|:---|:---|
| **Insurance Coverage** | &nbsp;&nbsp;**As a % of total<br> investments** |
| Assured Guaranty Corp. | &nbsp;&nbsp;&nbsp;5.8 |
| Build America Mutual Assurance Company | &nbsp;&nbsp;&nbsp;2.6 |
| **TOTAL** | &nbsp;&nbsp;**8.4** |

---

The fund had the following portfolio composition as a percentage of net assets on 11-30-25:

---

| | |
|:---|:---|
| **General obligation bonds** | &nbsp;&nbsp;&nbsp;**14.2%** |
| **Revenue bonds** | &nbsp;&nbsp;&nbsp;**73.7%** |
| Other revenue | &nbsp;&nbsp;&nbsp;&nbsp;21.8% |
| Airport | &nbsp;&nbsp;&nbsp;&nbsp;11.4% |
| Development | &nbsp;&nbsp;&nbsp;&nbsp;11.1% |
| Health care | &nbsp;&nbsp;&nbsp;&nbsp;8.6% |
| Housing | &nbsp;&nbsp;&nbsp;&nbsp;5.8% |
| Education | &nbsp;&nbsp;&nbsp;&nbsp;5.5% |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;4.4% |
| Pollution | &nbsp;&nbsp;&nbsp;&nbsp;2.9% |
| Water and sewer | &nbsp;&nbsp;&nbsp;&nbsp;1.6% |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| **Corporate bonds** | &nbsp;&nbsp;&nbsp;&nbsp;**0.1%** |
| **Short-term investments and other** | &nbsp;&nbsp;&nbsp;**12.0%** |
| **TOTAL** | **100.0%** |

---

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

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[**Table of Contents**](#JOB_Short_9578fa56-9a9c-4de4-9b18-692319d02e36_TofC)

Financial statements

#### STATEMENT OF ASSETS AND LIABILITIES 11-30-25 (unaudited)

------

---

| | |
|:---|:---|
| **Assets** |  |
| Unaffiliated investments, at value (Cost $81,757,043) | &nbsp;&nbsp;&nbsp;&nbsp;$82645886 |
| Affiliated investments, at value (Cost $4,952,436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4952429 |
| **Total investments, at value (Cost $86,709,479)** | &nbsp;&nbsp;&nbsp;&nbsp;**87598315** |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223735 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934598 |
| Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6173932 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43693 |
| **Total assets** | &nbsp;&nbsp;&nbsp;&nbsp;**94976795** |
| **Liabilities** |  |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49893 |
| Payable for delayed-delivery securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 |
| Payable for fund shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105467 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting and legal services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 |
| Other liabilities and accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38049 |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1050298** |
| **Net assets** | &nbsp;&nbsp;**$93926497** |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;$93022267 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904230 |
| **Net assets** | &nbsp;&nbsp;**$93926497** |
| **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 ($6,910,472 ÷ 675,834 shares)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.23 |
| Class C ($467,127 ÷ 45,693 shares)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.22 |
| Class I ($70,414,046 ÷ 6,884,879 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.23 |
| Class R6 ($16,134,852 ÷ 1,577,581 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.23 |
| **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;$10.47 |

---

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

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

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

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

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[**Table of Contents**](#JOB_Short_9578fa56-9a9c-4de4-9b18-692319d02e36_TofC)

#### STATEMENT OF OPERATIONS For the six months ended 11-30-25 (unaudited)

------

---

| | |
|:---|:---|
| **Investment income** |  |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1290607 |
| Dividends from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28656 |
| **Total investment income** | &nbsp;&nbsp;&nbsp;&nbsp;**1319263** |
| **Expenses** |  |
| Investment management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116975 |
| Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3540 |
| Accounting and legal services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6125 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18197 |
| Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12122 |
| State registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39957 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8928 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27567 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7599 |
| **Total expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**241626** |
| Less expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98579) |
| **Net expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**143047** |
| **Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;**1176216** |
| **Realized and unrealized gain (loss)** |  |
| **Net realized gain (loss) on** |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158232 |
| Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**158206** |
| **Change in net unrealized appreciation (depreciation) of** |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880951 |
| Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**880944** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;&nbsp;&nbsp;**1039150** |
| **Increase in net assets from operations** | &nbsp;&nbsp;**$2215366** |

---

17 JOHN HANCOCK Short Duration Municipal Opportunities Fund \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_Short_9578fa56-9a9c-4de4-9b18-692319d02e36_TofC)

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 11-30-25<br> (unaudited)** | &nbsp;&nbsp;**Year ended<br> 5-31-25** |
| **Increase (decrease) in net assets** |  |  |
| **From operations** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1176216 | &nbsp;&nbsp;&nbsp;&nbsp;$1550385 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43083) |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321510 |
| **Increase in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2215366** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1828812** |
| **Distributions to shareholders** |  |  |
| From earnings |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14903) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3469) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(736267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(933159) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(357894) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(977840) |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;**(1133809)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1929371)** |
| **From fund share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;**39050399** | &nbsp;&nbsp;&nbsp;&nbsp;**20549591** |
| **Total increase** | &nbsp;&nbsp;&nbsp;&nbsp;**40131956** | &nbsp;&nbsp;&nbsp;&nbsp;**20449032** |
| **Net assets** |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;53794541 | &nbsp;&nbsp;&nbsp;&nbsp;33345509 |
| **End of period** | &nbsp;&nbsp;**$93926497** | &nbsp;&nbsp;**$53794541** |

---

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK Short Duration Municipal Opportunities Fund 18

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[**Table of Contents**](#JOB_Short_9578fa56-9a9c-4de4-9b18-692319d02e36_TofC)

Financial highlights

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CLASS A SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11-30-25<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-23<sup>2</sup>** |
| **Per share operating performance** |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.03** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.02** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.85** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.00** |
| Net investment income<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.37** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.48** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.60** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.16** |
| **Less distributions** |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.17)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.47)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.43)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.31)** |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.03** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.02** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.85** |
| **Total return (%)<sup>4,5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.76<sup>6</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.79** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.16** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.68<sup>6</sup>** |
| **Ratios and supplemental data** |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>7</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;1.03<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87<sup>8</sup> |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 |

---

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

<sup>1</sup> Six months ended 11-30-25. Unaudited.

<sup>2</sup> Period from 6-9-22 (commencement of operations) to 5-31-23.

<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 period.

<sup>5</sup> Does not reflect the effect of sales charges, if any.

<sup>6</sup> Not annualized.

<sup>7</sup> Less than $500,000.

<sup>8</sup> Annualized.

19 JOHN HANCOCK Short Duration Municipal Opportunities Fund \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_Short_9578fa56-9a9c-4de4-9b18-692319d02e36_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CLASS C SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11-30-25<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-23<sup>2</sup>** |
| **Per share operating performance** |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.03** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.01** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.85** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.00** |
| Net investment income<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.33** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.41** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.51** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.09** |
| **Less distributions** |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.14)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.39)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.35)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.24)** |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.22** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.03** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.01** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.85** |
| **Total return (%)<sup>4,5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.27<sup>6</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.12** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.27** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.94<sup>6</sup>** |
| **Ratios and supplemental data** |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>7</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;1.78<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97<sup>8</sup> |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 |

---

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

<sup>1</sup> Six months ended 11-30-25. Unaudited.

<sup>2</sup> Period from 6-9-22 (commencement of operations) to 5-31-23.

<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 period.

<sup>5</sup> Does not reflect the effect of sales charges, if any.

<sup>6</sup> Not annualized.

<sup>7</sup> Less than $500,000.

<sup>8</sup> Annualized.

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK Short Duration Municipal Opportunities Fund 20

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[**Table of Contents**](#JOB_Short_9578fa56-9a9c-4de4-9b18-692319d02e36_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CLASS I SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11-30-25<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-23<sup>2</sup>** |
| **Per share operating performance** |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.04** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.02** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.85** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.00** |
| Net investment income<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.37** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.50** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.61** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.18** |
| **Less distributions** |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.18)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.48)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.44)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.33)** |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.04** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.02** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.85** |
| **Total return (%)<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.73<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.05** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.32** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.83<sup>5</sup>** |
| **Ratios and supplemental data** |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>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;0.78<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97<sup>7</sup> |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 |

---

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

<sup>1</sup> Six months ended 11-30-25. Unaudited.

<sup>2</sup> Period from 6-9-22 (commencement of operations) to 5-31-23.

<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 period.

<sup>5</sup> Not annualized.

<sup>6</sup> Less than $500,000.

<sup>7</sup> Annualized.

21 JOHN HANCOCK Short Duration Municipal Opportunities Fund \| SEE NOTES TO FINANCIAL STATEMENTS

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **CLASS R6 SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11-30-25<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5-31-23<sup>2</sup>** |
| **Per share operating performance** |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.04** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.02** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.85** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.00** |
| Net investment income<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.38** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.51** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.61** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.18** |
| **Less distributions** |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.19)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.49)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.44)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.33)** |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.23** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.04** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.02** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.85** |
| **Total return (%)<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.77<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.11** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.33** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.84<sup>5</sup>** |
| **Ratios and supplemental data** |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20 |
| Ratios (as a percentage of average net assets): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;Expenses including reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99<sup>6</sup> |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 |

---

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

<sup>1</sup> Six months ended 11-30-25. Unaudited.

<sup>2</sup> Period from 6-9-22 (commencement of operations) to 5-31-23.

<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 period.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK Short Duration Municipal Opportunities Fund 22

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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.

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

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

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

In order to value the securities, the fund uses the following valuation techniques: Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Investments by the fund in open-end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day.

Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the Pricing Committee following procedures established by the Advisor and adopted by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.

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

23 JOHN HANCOCK Short Duration Municipal Opportunities Fund \|

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used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.

The following is a summary of the values by input classification of the fund's investments as of November 30, 2025, by major security category or type:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total<br> value at<br> 11-30-25** | **Level 1<br> quoted<br> price** | **Level 2<br> significant<br> observable<br> inputs** | **Level 3<br> significant<br> unobservable<br> inputs** |
| **Investments in securities:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$82525907** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$82525907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**119979** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4952429** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4952429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total investments in securities** | **$87598315** | **$4952429** | **$82645886** | **—** |

---

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

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

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

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

\| JOHN HANCOCK Short Duration Municipal Opportunities Fund 24

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**Line of credit. The fund and other affiliated funds have entered into a syndicated line of credit agreement with Citibank, N.A. as the administrative agent that enables them to participate in a $1 billion unsecured committed line of credit, which is in effect through July 13, 2026 unless extended or renewed. Excluding commitments designated for certain funds and subject to the needs of all other affiliated funds, the fund can borrow up to an aggregate commitment amount of $750 million, subject to asset coverage and other limitations as specified in the agreement. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund based on an asset-based allocation and is reflected in Other expenses on the Statement of operations. For the six months ended November 30, 2025, the fund had no borrowings under the line of credit. Commitment fees for the six months ended November 30, 2025 were $174.**

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

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

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

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

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

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, if any, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund's financial statements as a return of capital. 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 at fiscal year end. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to distributions payable and accretion on debt securities.

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

25 JOHN HANCOCK Short Duration Municipal Opportunities Fund \|

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

**Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor, equivalent on an annual basis, to the sum of: (a) 0.370% of the ﬁrst $100 million of the fund's average daily net assets, (b) 0.340% of the next $400 million of the fund's average daily net assets, (c) 0.300% of the fund's average daily net assets in excess of $500 million. The Advisor has a subadvisory agreement with Manulife Investment Management (US) LLC, an indirectly owned subsidiary of Manulife Financial Corporation and an afﬁliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.**

The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the six months ended November 30, 2025, this waiver amounted to 0.01% of the fund's average daily net assets, on an annualized basis. This agreement expires on July 31, 2027, 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 0.38% of the fund's average daily net assets. Expenses means all the expenses of the fund, excluding taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund's business, class-specific expenses, borrowing costs, prime brokerage fees, acquired fund fees and expenses paid indirectly, and short dividend expense. This arrangement expires on September 30, 2026, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time. Prior to October 1, 2025, the cap was 0.39% of the fund's average daily net assets.

For the six months ended November 30, 2025, the expense reductions described above amounted to the following:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Expense reduction** |
| Class A | &nbsp;&nbsp;$3374 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 |
| Class I | &nbsp;&nbsp;63470 |

---

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Expense reduction** |
| Class R6 | &nbsp;&nbsp;&nbsp;$30316 |
| **Total** | &nbsp;&nbsp;**$97380** |

---

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, 2025, were equivalent to a net annual effective rate of 0.06% 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**

\| JOHN HANCOCK Short Duration Municipal Opportunities Fund 26

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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, 2025, amounted to an annual rate of 0.02% of the fund's average daily net assets.

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

---

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

---

The fund's Distributor has contractually agreed to waive 0.10% of Rule 12b-1 fees for Class A and Class C shares. The current waiver agreement expires on September 30, 2026, 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 $1,126 and $73 for Class A and Class C shares, respectively, for the six months ended November 30, 2025.

**Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $23,032 for the six months ended November 30, 2025. Of this amount, $792 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $22,240 was paid as sales commissions to broker-dealers.**

Class A and Class C shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares purchased, including those that are acquired through purchases of $250,000 or more, and redeemed within 18 months of purchase are subject to a 0.50% CDSC. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the six months ended November 30, 2025, there were no CDSCs received by the Distributor for Class A or Class C shares.

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

#### Class level expenses. Class level expenses for the six months ended November 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;**Distribution and service fees** | &nbsp;&nbsp;&nbsp;**Transfer agent fees** |
| Class A | &nbsp;&nbsp;$2815 | &nbsp;&nbsp;&nbsp;&nbsp;$901 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;16677 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 |

---

27 JOHN HANCOCK Short Duration Municipal Opportunities Fund \|

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---

| | | |
|:---|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;**Distribution and service fees** | &nbsp;&nbsp;&nbsp;**Transfer agent fees** |
| **Total** | &nbsp;&nbsp;**$3540** | &nbsp;&nbsp;**$18197** |

---

**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, 2025 and for the year ended May 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended 11-30-25** | &nbsp;&nbsp;&nbsp;**Six Months Ended 11-30-25** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-25** | &nbsp;&nbsp;&nbsp;**Year Ended 5-31-25** |
|  | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class A shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8047241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$583203 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14365 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1552532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45099) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(461833) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**639459** | &nbsp;&nbsp;&nbsp;&nbsp;**$6532431** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13613** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$135735** |
| **Class C shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$374000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1521 |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36702** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$375242** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**150** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1521** |
| **Class I shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;4373683 | &nbsp;&nbsp;&nbsp;&nbsp;$44689798 | &nbsp;&nbsp;&nbsp;&nbsp;2450703 | &nbsp;&nbsp;&nbsp;&nbsp;$24799266 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932946 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(857751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8772041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(535202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5415723) |
| **Net increase** | &nbsp;&nbsp;&nbsp;**3588223** | &nbsp;&nbsp;&nbsp;**$36653989** | &nbsp;&nbsp;&nbsp;**2007676** | &nbsp;&nbsp;&nbsp;**$20316489** |
| **Class R6 shares** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$83464 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12382 |
| Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4517372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**(440265)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4511263)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9421** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$95846** |
| **Total net increase** | &nbsp;&nbsp;**3824119** | &nbsp;&nbsp;**$39050399** | &nbsp;&nbsp;**2030860** | &nbsp;&nbsp;**$20549591** |

---

Affiliates of the fund owned 11% and 100% of shares of Class C and Class R6, respectively, on November 30, 2025. Such concentration of shareholders' capital could have a material effect on the fund if such shareholders redeem from the fund.

#### Note 6 — Purchase and sale of securities
Purchases and sales of securities, other than short-term investments, amounted to $40,938,737 and $12,799,909, respectively, for the six months ended November 30, 2025.

\| JOHN HANCOCK Short Duration Municipal Opportunities Fund 28

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#### Note 7 — Investment in affiliated underlying funds
The fund may invest in affiliated underlying funds that are managed by the Advisor and its affiliates. Information regarding the fund's fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital gains earned by the fund, if any, is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Dividends and distributions** | **Dividends and distributions** |  |
| **Affiliate** | **Ending<br> share<br> amount** | **Beginning<br> value** | **Cost of<br> purchases** | **Proceeds<br> from shares<br> sold** | **Realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Income<br> distributions<br> received** | **Capital gain<br> distributions<br> received** | **Ending<br> value** |
| John Hancock Collateral Trust | 495089 | $195 | $27561484 | $(22609217) | $(26) | $(7) | $28656 |  | $4952429 |

---

#### Note 8 — Segment reporting
The management committee of the Advisor acts as the fund's chief operating decision maker (the CODM), assessing performance and making decisions about resource allocation. The fund represents a single operating segment, as the CODM monitors and assesses the operating results of the fund as a whole, and the fund's long-term strategic asset allocation is managed in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the portfolio management team of the fund's subadvisor. Segment assets are reflected in the Statement of assets and liabilities as "Total assets", which consists primarily of total investments at value. The financial information, including the measurement of profit and loss and significant expenses, provided to and reviewed by the CODM is consistent with that presented within the Statement of operations, which includes "Increase (decrease) in net assets from operations", Statements of changes in net assets, which includes "Increase (decrease) in net assets from fund share transactions", and Financial highlights, which includes total return and income and expense ratios.

29 JOHN HANCOCK Short Duration Municipal Opportunities Fund \|

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#### SHAREHOLDER MEETING

------

(Unaudited)

The fund held a Special Joint Meeting of Shareholders on Wednesday, November 12, 2025. The following proposal was considered by the shareholders:

Proposal: To elect five Trustees as members of the Board of Trustees of each of the Trusts.

THE PROPOSAL <u>PASSED</u> ON November 12, 2025.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Total votes<br> for the nominee** | &nbsp;&nbsp;&nbsp;**Total votes withheld<br> from the nominee** |
| **Independent Trustees** |  |  |
| William K. Bacic | &nbsp;&nbsp;154975754 | &nbsp;&nbsp;4742533 |
| Christine L. Hurtsellers | &nbsp;&nbsp;157984399 | &nbsp;&nbsp;1733889 |
| Kenneth J. Phelan | &nbsp;&nbsp;155037053 | &nbsp;&nbsp;4681234 |
| Thomas R. Wright | &nbsp;&nbsp;155075447 | &nbsp;&nbsp;4642840 |

---

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

---

| | | |
|:---|:---|:---|
| **Non-Independent Trustee** |  |  |
| Kristie M. Feinberg | &nbsp;&nbsp;157,805,143 | &nbsp;&nbsp;1,913,144 |

---

\| JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND 30

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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 Short Duration Municipal Opportunities Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 23–26, 2025 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at the meeting held on May 27–29, 2025. 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 meetings held on June 23–26, 2025, 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 meeting 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 comparatively managed accounts, as applicable, 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 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 the 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 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 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.

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#### 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> 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 risk management programs, derivatives 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 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 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 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;

\| JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND 32

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(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 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 and peer group median for the one-year period ended December 31, 2024 and for the period since the fund's inception on June 30, 2022 through December 31, 2024.The Board took into account management's discussion of the fund's performance, including the favorable performance relative to its benchmark index and peer group median for the one-year period and for the period since the fund's inception on June 30, 2022 through December 31, 2024. The Board also noted the fund's limited performance history. The Board concluded that the fund's performance has generally been in line with or outperformed the benchmark index and the historical performance of comparable funds.

*<u>Fees and expenses.</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 for the fund are lower than the peer group median and net total expenses for the fund are equal to the peer group median.*

The Board 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 fund has breakpoints in its contractual management fee schedule that reduces 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

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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>. 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 receive 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;

(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 will provide to the 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 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 fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders, the Board:*

\| JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND 34

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(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 proposed advisory fee structure for the fund 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 will 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 potential 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 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 provide services to the fund. The Board 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 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.

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*<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 fund, the Board noted that the fees under the Subadvisory Agreement are paid by the Advisor and not the 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 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 fund's subadvisory fee 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>. 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;

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

(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.

\*\*\*

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.

\| JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND 36

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[**Table of Contents**](#JOB_Short_9578fa56-9a9c-4de4-9b18-692319d02e36_TofC)

![](img345aa0d53.jpg)

John Hancock Investment Management Distributors LLC, Member FINRA, SIPC

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

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

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

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

MF5026022 489SA 11/25

1/26

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ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

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ITEM 9. PROXY DISCLOSURE FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Information included in Item 7, if applicable.

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ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Refer to information included in Item 7.

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ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Information included in Item 7, if applicable.

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ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

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ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

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ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No material changes.

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ITEM 16. CONTROLS AND PROCEDURES.

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

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

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ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

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ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

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ITEM 19. EXHIBITS.

(a)(1) Not applicable.

(a)(2) Not applicable.

[(a)(3) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](JHMST_KFeinberg_Fsilva.htm)

[(b) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.](JHMST_906_Cert.htm)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIGNATURES

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

John Hancock Municipal Securities Trust

---

| | |
|:---|:---|
| By: | /s/ Kristie M. Feinberg |
|  | Kristie M. Feinberg |
|  | President, |
|  | Principal Executive Officer |
| Date: | January 14, 2026 |

---

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

---

| | |
|:---|:---|
| By: | /s/ Kristie M. Feinberg |
|  | Kristie M. Feinberg |
|  | President, |
|  | Principal Executive Officer |
| Date: | January 14, 2026 |
| By: | /s/ Fernando A. Silva |
|  | Fernando A. Silva |
|  | Chief Financial Officer, |
|  | Principal Financial Officer |
| Date: | January 14, 2026 |

---

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## Exhibit 99.906

**Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\***

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

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

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

/s/ Kristie M. Feinberg

--------------------------------

Kristie M. Feinberg

President, Principal Executive Officer

Dated: January 14, 2026

/s/ Fernando A. Silva

-------------------------------

Fernando A. Silva

Chief Financial Officer, Principal Financial Officer

Dated: January 14, 2026

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

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

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## Ex-99.Cert

<u>CERTIFICATION</u>

**I, Kristie M. Feinberg, certify that:**

1. I have reviewed this report on Form N-CSR of **John Hancock Municipal Securities Trust**;

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

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

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

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

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

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

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

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

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

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

Date: January 14, 2026

<u>/s/ Kristie M. Feinberg</u> Kristie M. Feinberg

President, Principal Executive Officer

<u>CERTIFICATION</u>

I, **Fernando A. Silva**, certify that:

1. I have reviewed this report on Form N-CSR of **John Hancock Municipal Securities Trust**;

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

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

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

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

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

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

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

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

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

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

Date: January 14, 2026

<u>/s/ Fernando A. Silva</u> Fernando A. Silva

Chief Financial Officer, Principal Financial Officer

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