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2022-06-09
2022-06-09
2022-06-09
2022-06-09
N-CSR
JOHN HANCOCK MUNICIPAL SECURITIES TRUST
2024-05-31
John Hancock Short Duration Municipal Opportunities Fund
Class A
JHSFX
This annual shareholder report contains important information about the John Hancock Short Duration Municipal Opportunities Fund (the fund) for the period of June 1, 2023 to May 31, 2024.
annual shareholder report
You can find additional information about the fund at <span>jhinvestments.com/documents</span>. You can also request this information by contacting us at 800-225-5291.
jhinvestments.com/documents
800-225-5291
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last year?</b></div>
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 0px 3pt;">Fund (Class)</td>
<td style="break-inside: avoid; text-align: right; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid; text-align: right; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Short Duration Municipal Opportunities Fund<br/>(Class A/JHSFX)</td>
<td style="page-break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>62</td>
<td style="page-break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.60<span>%</span></td>
</tr>
</table>
62
0.0060
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">Short Duration Municipal Opportunities Fund (Class A/JHSFX) returned 6.16% (excluding sales charges) for the year ended May 31, 2024. The most significant factors affecting Fund performance during the period included rising municipal bond yields, stronger-than-expected economic growth, and lowered expectations for interest rate cuts by the U.S. Federal Reserve. Sector performance in the municipal market was also a key factor, with high-yield bonds outperforming by a significant margin during the period.<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>High-yield municipal bonds</b> | A noteworthy position in high-yield securities provided a boost to Fund performance.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Healthcare bonds</b> | Bonds funding hospitals and continuing care retirement facilities were leading contributors.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Education bonds</b> | Bonds backing charter schools and higher education contributed the most in this sector.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Duration (interest rate sensitivity)</b> | Rising municipal bond yields put downward pressure on municipal bond prices.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>School district bonds</b> | General obligation bonds issued by school districts weighed on performance.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Tax-backed district bonds</b> | Bonds funding municipal utility districts detracted the most in this sector.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div>
<div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_5005675.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 0px 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 0px 3pt;">1 Year</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 0px 3pt;">Since inception</td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Short Duration Municipal Opportunities Fund (Class A/JHSFX)</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.74<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.75<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Short Duration Municipal Opportunities Fund (Class A/JHSFX)—excluding sales charge</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.16<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.94<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.67<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.69<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal 1-5 Year Index</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.53<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.27<span>%</span></td>
</tr>
</table>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0; padding: 0;"><strong> </strong></td>
<td style="page-break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0; padding: 0;"><strong> </strong></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-family: 'arial narrow'; font-style: italic;">
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;"> </td>
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund has designated Bloomberg Municipal Bond Index as its broad-based securities market index in accordance with the revised definition for such an index.</div>
</td>
</tr>
</table>
Short Duration Municipal Opportunities Fund (Class A/JHSFX)
0.0374
0.0275
Short Duration Municipal Opportunities Fund (Class A/JHSFX)—excluding sales charge
0.0616
0.0394
Bloomberg Municipal Bond Index
0.0267
0.0169
Bloomberg Municipal 1-5 Year Index
0.0253
0.0127
Past performance does not guarantee future results.
Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at <span>jhinvestments.com/investments</span> or by calling 800-225-5291.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: "Arial Narrow"; font-weight: bold; padding: 0px 10pt;">Fund net assets</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 10pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>33,345,509<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>131<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>0<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>255<span>%</span></td>
</tr>
</table>
33345509
131
0
2.55
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing percentage of the total investments of the fund.</div>
<div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; vertical-align: middle; text-align: left; padding: 0px 3pt;"><strong>General obligation bonds</strong></td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"><strong>16.1<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Revenue bonds</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>83.1<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">19.0<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other revenue</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">17.2<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Development</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">13.1<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">11.6<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Airport</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">9.3<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pollution</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water and sewer</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Short-term investments</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>0.8<span>%</span></strong></td>
</tr>
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<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td>
</tr>
</table>
<div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div>
<div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5005668.jpg" style="width: 172.8pt;"/> </div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 5-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">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.</div>
0.161
0.831
0.190
0.172
0.131
0.116
0.093
0.040
0.033
0.025
0.018
0.013
0.008
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 5-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div>
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.
John Hancock Short Duration Municipal Opportunities Fund
Class C
JHSHX
This annual shareholder report contains important information about the John Hancock Short Duration Municipal Opportunities Fund (the fund) for the period of June 1, 2023 to May 31, 2024.
annual shareholder report
You can find additional information about the fund at <span>jhinvestments.com/documents</span>. You can also request this information by contacting us at 800-225-5291.
jhinvestments.com/documents
800-225-5291
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last year?</b></div>
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
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<td style="break-inside: avoid; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 0px 3pt;">Fund (Class)</td>
<td style="break-inside: avoid; text-align: right; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid; text-align: right; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Short Duration Municipal Opportunities Fund<br/>(Class C/JHSHX)</td>
<td style="page-break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>139</td>
<td style="page-break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td>
</tr>
</table>
139
0.0135
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">Short Duration Municipal Opportunities Fund (Class C/JHSHX) returned 5.27% (excluding sales charges) for the year ended May 31, 2024. The most significant factors affecting Fund performance during the period included rising municipal bond yields, stronger-than-expected economic growth, and lowered expectations for interest rate cuts by the U.S. Federal Reserve. Sector performance in the municipal market was also a key factor, with high-yield bonds outperforming by a significant margin during the period.<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>High-yield municipal bonds</b> | A noteworthy position in high-yield securities provided a boost to Fund performance.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Healthcare bonds</b> | Bonds funding hospitals and continuing care retirement facilities were leading contributors.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Education bonds</b> | Bonds backing charter schools and higher education contributed the most in this sector.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Duration (interest rate sensitivity)</b> | Rising municipal bond yields put downward pressure on municipal bond prices.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>School district bonds</b> | General obligation bonds issued by school districts weighed on performance.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Tax-backed district bonds</b> | Bonds funding municipal utility districts detracted the most in this sector.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div>
<div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_5005639.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 0px 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 0px 3pt;">1 Year</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 0px 3pt;">Since inception</td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Short Duration Municipal Opportunities Fund (Class C/JHSHX)</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.27<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.12<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Short Duration Municipal Opportunities Fund (Class C/JHSHX)—excluding sales charge</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.27<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.12<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.67<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.69<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal 1-5 Year Index</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.53<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.27<span>%</span></td>
</tr>
</table>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0; padding: 0;"><strong> </strong></td>
<td style="page-break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0; padding: 0;"><strong> </strong></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-family: 'arial narrow'; font-style: italic;">
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;"> </td>
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund has designated Bloomberg Municipal Bond Index as its broad-based securities market index in accordance with the revised definition for such an index.</div>
</td>
</tr>
</table>
Short Duration Municipal Opportunities Fund (Class C/JHSHX)
0.0427
0.0312
Short Duration Municipal Opportunities Fund (Class C/JHSHX)—excluding sales charge
0.0527
0.0312
Past performance does not guarantee future results.
Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at <span>jhinvestments.com/investments</span> or by calling 800-225-5291.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: "Arial Narrow"; font-weight: bold; padding: 0px 10pt;">Fund net assets</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 10pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>33,345,509<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>131<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>0<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>255<span>%</span></td>
</tr>
</table>
33345509
131
0
2.55
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing percentage of the total investments of the fund.</div>
<div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; vertical-align: middle; text-align: left; padding: 0px 3pt;"><strong>General obligation bonds</strong></td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"><strong>16.1<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Revenue bonds</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>83.1<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">19.0<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other revenue</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">17.2<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Development</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">13.1<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">11.6<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Airport</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">9.3<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pollution</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water and sewer</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Short-term investments</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>0.8<span>%</span></strong></td>
</tr>
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<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td>
</tr>
</table>
<div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div>
<div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5005632.jpg" style="width: 172.8pt;"/> </div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 5-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">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.</div>
0.161
0.831
0.190
0.172
0.131
0.116
0.093
0.040
0.033
0.025
0.018
0.013
0.008
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 5-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div>
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.
John Hancock Short Duration Municipal Opportunities Fund
Class I
JHSJX
This annual shareholder report contains important information about the John Hancock Short Duration Municipal Opportunities Fund (the fund) for the period of June 1, 2023 to May 31, 2024.
annual shareholder report
You can find additional information about the fund at <span>jhinvestments.com/documents</span>. You can also request this information by contacting us at 800-225-5291.
jhinvestments.com/documents
800-225-5291
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last year?</b></div>
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div>
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<td style="break-inside: avoid; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 0px 3pt;">Fund (Class)</td>
<td style="break-inside: avoid; text-align: right; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid; text-align: right; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
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<td style="page-break-inside: avoid; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Short Duration Municipal Opportunities Fund<br/>(Class I/JHSJX)</td>
<td style="page-break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>46</td>
<td style="page-break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.45<span>%</span></td>
</tr>
</table>
46
0.0045
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">Short Duration Municipal Opportunities Fund (Class I/JHSJX) returned 6.32% for the year ended May 31, 2024. The most significant factors affecting Fund performance during the period included rising municipal bond yields, stronger-than-expected economic growth, and lowered expectations for interest rate cuts by the U.S. Federal Reserve. Sector performance in the municipal market was also a key factor, with high-yield bonds outperforming by a significant margin during the period.<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>High-yield municipal bonds</b> | A noteworthy position in high-yield securities provided a boost to Fund performance.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Healthcare bonds</b> | Bonds funding hospitals and continuing care retirement facilities were leading contributors.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Education bonds</b> | Bonds backing charter schools and higher education contributed the most in this sector.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Duration (interest rate sensitivity)</b> | Rising municipal bond yields put downward pressure on municipal bond prices.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>School district bonds</b> | General obligation bonds issued by school districts weighed on performance.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Tax-backed district bonds</b> | Bonds funding municipal utility districts detracted the most in this sector.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $250,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $250,000</div>
<div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_5005603.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 542pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 0px 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 0px 3pt;">1 Year</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 0px 3pt;">Since inception</td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Short Duration Municipal Opportunities Fund (Class I/JHSJX)</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.32<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.09<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.67<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.69<span>%</span></td>
</tr>
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<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal 1-5 Year Index</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.53<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.27<span>%</span></td>
</tr>
</table>
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<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0; padding: 0;"><strong> </strong></td>
<td style="page-break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0; padding: 0;"><strong> </strong></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-family: 'arial narrow'; font-style: italic;">
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;"> </td>
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund has designated Bloomberg Municipal Bond Index as its broad-based securities market index in accordance with the revised definition for such an index.</div>
</td>
</tr>
</table>
Short Duration Municipal Opportunities Fund (Class I/JHSJX)
0.0632
0.0409
Past performance does not guarantee future results.
Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at <span>jhinvestments.com/investments</span> or by calling 800-225-5291.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: "Arial Narrow"; font-weight: bold; padding: 0px 10pt;">Fund net assets</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 10pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>33,345,509<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>131<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>0<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>255<span>%</span></td>
</tr>
</table>
33345509
131
0
2.55
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing percentage of the total investments of the fund.</div>
<div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; vertical-align: middle; text-align: left; padding: 0px 3pt;"><strong>General obligation bonds</strong></td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"><strong>16.1<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Revenue bonds</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>83.1<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">19.0<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other revenue</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">17.2<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Development</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">13.1<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">11.6<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Airport</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">9.3<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pollution</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water and sewer</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Short-term investments</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>0.8<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td>
</tr>
</table>
<div style="width: 33%; border-right-color: initial; border-right-style: none; border-right-width: initial; flex-grow: 1px; flex-shrink: 1px; flex-basis: auto; float: none; display: table-cell;">
<div style="padding-right: 6pt; padding-left: 6pt;">
<div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div>
</div>
<div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5005596.jpg" style="width: 172.8pt;"/> </div>
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<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 5-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">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.</div>
0.161
0.831
0.190
0.172
0.131
0.116
0.093
0.040
0.033
0.025
0.018
0.013
0.008
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 5-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div>
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.
John Hancock Short Duration Municipal Opportunities Fund
Class R6
JHSKX
This annual shareholder report contains important information about the John Hancock Short Duration Municipal Opportunities Fund (the fund) for the period of June 1, 2023 to May 31, 2024.
annual shareholder report
You can find additional information about the fund at <span>jhinvestments.com/documents</span>. You can also request this information by contacting us at 800-225-5291.
jhinvestments.com/documents
800-225-5291
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last year?</b></div>
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div>
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<td style="break-inside: avoid; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 0px 3pt;">Fund (Class)</td>
<td style="break-inside: avoid; text-align: right; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid; text-align: right; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
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<td style="page-break-inside: avoid; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Short Duration Municipal Opportunities Fund<br/>(Class R6/JHSKX)</td>
<td style="page-break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>45</td>
<td style="page-break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.44<span>%</span></td>
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45
0.0044
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">Short Duration Municipal Opportunities Fund (Class R6/JHSKX) returned 6.33% for the year ended May 31, 2024. The most significant factors affecting Fund performance during the period included rising municipal bond yields, stronger-than-expected economic growth, and lowered expectations for interest rate cuts by the U.S. Federal Reserve. Sector performance in the municipal market was also a key factor, with high-yield bonds outperforming by a significant margin during the period.<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>High-yield municipal bonds</b> | A noteworthy position in high-yield securities provided a boost to Fund performance.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Healthcare bonds</b> | Bonds funding hospitals and continuing care retirement facilities were leading contributors.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Education bonds</b> | Bonds backing charter schools and higher education contributed the most in this sector.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Duration (interest rate sensitivity)</b> | Rising municipal bond yields put downward pressure on municipal bond prices.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>School district bonds</b> | General obligation bonds issued by school districts weighed on performance.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Tax-backed district bonds</b> | Bonds funding municipal utility districts detracted the most in this sector.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $1,000,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $1,000,000</div>
<div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_5005567.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 542pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
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<td style="break-inside: avoid; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 0px 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 0px 3pt;">1 Year</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 0px 3pt;">Since inception</td>
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<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Short Duration Municipal Opportunities Fund (Class R6/JHSKX)</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.33<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.11<span>%</span></td>
</tr>
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<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.67<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.69<span>%</span></td>
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<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal 1-5 Year Index</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.53<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.27<span>%</span></td>
</tr>
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<td style="page-break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0; padding: 0;"><strong> </strong></td>
<td style="page-break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0; padding: 0;"><strong> </strong></td>
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<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;"> </td>
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund has designated Bloomberg Municipal Bond Index as its broad-based securities market index in accordance with the revised definition for such an index.</div>
</td>
</tr>
</table>
Short Duration Municipal Opportunities Fund (Class R6/JHSKX)
0.0633
0.0411
Past performance does not guarantee future results.
Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at <span>jhinvestments.com/investments</span> or by calling 800-225-5291.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div>
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<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: "Arial Narrow"; font-weight: bold; padding: 0px 10pt;">Fund net assets</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 10pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>33,345,509<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>131<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>0<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>255<span>%</span></td>
</tr>
</table>
33345509
131
0
2.55
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing percentage of the total investments of the fund.</div>
<div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
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<td style="break-inside: avoid; vertical-align: middle; text-align: left; padding: 0px 3pt;"><strong>General obligation bonds</strong></td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"><strong>16.1<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Revenue bonds</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>83.1<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">19.0<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other revenue</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">17.2<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Development</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">13.1<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">11.6<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Airport</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">9.3<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pollution</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water and sewer</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Short-term investments</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>0.8<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td>
</tr>
</table>
<div style="width: 33%; border-right-color: initial; border-right-style: none; border-right-width: initial; flex-grow: 1px; flex-shrink: 1px; flex-basis: auto; float: none; display: table-cell;">
<div style="padding-right: 6pt; padding-left: 6pt;">
<div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div>
</div>
<div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5005560.jpg" style="width: 172.8pt;"/> </div>
</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 5-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">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.</div>
0.161
0.831
0.190
0.172
0.131
0.116
0.093
0.040
0.033
0.025
0.018
0.013
0.008
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 5-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div>
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.
John Hancock Municipal Opportunities Fund
Class A
TAMBX
This annual shareholder report contains important information about the John Hancock Municipal Opportunities Fund (the fund) for the period of June 1, 2023 to May 31, 2024.
annual shareholder report
You can find additional information about the fund at <span>jhinvestments.com/documents</span>. You can also request this information by contacting us at 800-225-5291.
jhinvestments.com/documents
800-225-5291
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last year?</b></div>
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div>
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<td style="break-inside: avoid; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 0px 3pt;">Fund (Class)</td>
<td style="break-inside: avoid; text-align: right; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid; text-align: right; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Municipal Opportunities Fund<br/>(Class A/TAMBX)</td>
<td style="page-break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>72</td>
<td style="page-break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.71<span>%</span></td>
</tr>
</table>
72
0.0071
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">Municipal Opportunities Fund (Class A/TAMBX) returned 3.64% (excluding sales charges) for the year ended May 31, 2024. The most significant factors affecting Fund performance during the period included rising municipal bond yields, stronger-than-expected economic growth, and lowered expectations for interest rate cuts by the U.S. Federal Reserve. Sector performance in the municipal market was also a key factor, with high-yield bonds outperforming by a significant margin during the period.<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>High-yield bonds</b> | A position in high-yield securities provided a boost to Fund performance.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Healthcare bonds</b> | Bonds funding hospitals and continuing care retirement facilities were the leading contributors.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Education bonds</b> | Bonds backing charter schools and higher education contributed the most in this sector.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Duration (interest rate sensitivity)</b> | Rising bond yields put downward pressure on bond prices.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Selected hospital bonds</b> | Although the hospital sector performed well overall, several individual holdings in the sector detracted from performance.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div>
<div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_5005855.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 0px 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 0px 3pt;">1 Year</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 0px 3pt;">5 Years</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 0px 3pt;">10 Years</td>
</tr>
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<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Municipal Opportunities Fund (Class A/TAMBX)</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.51<span>)</span><span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.18<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.72<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Municipal Opportunities Fund (Class A/TAMBX)—excluding sales charge</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.64<span style="visibility: hidden; display: none;">)</span><span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.00<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.14<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.67<span style="visibility: hidden; display: none;">)</span><span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.93<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.25<span>%</span></td>
</tr>
</table>
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<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0; padding: 0;"><strong> </strong></td>
<td style="page-break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0; padding: 0;"><strong> </strong></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-family: 'arial narrow'; font-style: italic;">
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;"> </td>
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund has designated Bloomberg Municipal Bond Index as its broad-based securities market index in accordance with the revised definition for such an index.</div>
</td>
</tr>
</table>
Municipal Opportunities Fund (Class A/TAMBX)
-0.0051
0.0018
0.0172
Municipal Opportunities Fund (Class A/TAMBX)—excluding sales charge
0.0364
0.0100
0.0214
0.0093
0.0225
Past performance does not guarantee future results.
Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at <span>jhinvestments.com/investments</span> or by calling 800-225-5291.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: "Arial Narrow"; font-weight: bold; padding: 0px 10pt;">Fund net assets</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 10pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>1,133,364,555<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>907<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>4,849,418<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>50<span>%</span></td>
</tr>
</table>
1133364555
907
4849418
0.50
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing percentage of the total investments of the fund.</div>
<div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; vertical-align: middle; text-align: left; padding: 0px 3pt;"><strong>General obligation bonds</strong></td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"><strong>14.3<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Revenue bonds</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>85.1<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other revenue</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">23.3<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">18.4<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Development</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Airport</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water and sewer</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Tobacco</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pollution</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Facilities</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Closed-end funds</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>0.3<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Corporate bonds</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>0.3<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td>
</tr>
</table>
<div style="width: 33%; border-right-color: initial; border-right-style: none; border-right-width: initial; flex-grow: 1px; flex-shrink: 1px; flex-basis: auto; float: none; display: table-cell;">
<div style="padding-right: 6pt; padding-left: 6pt;">
<div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div>
</div>
<div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5005848.jpg" style="width: 172.8pt;"/> </div>
</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 5-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">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.</div>
0.143
0.851
0.233
0.184
0.096
0.077
0.067
0.051
0.045
0.045
0.025
0.012
0.012
0.004
0.003
0.003
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 5-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div>
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.
John Hancock Municipal Opportunities Fund
Class C
TBMBX
This annual shareholder report contains important information about the John Hancock Municipal Opportunities Fund (the fund) for the period of June 1, 2023 to May 31, 2024.
annual shareholder report
You can find additional information about the fund at <span>jhinvestments.com/documents</span>. You can also request this information by contacting us at 800-225-5291.
jhinvestments.com/documents
800-225-5291
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last year?</b></div>
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 0px 3pt;">Fund (Class)</td>
<td style="break-inside: avoid; text-align: right; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid; text-align: right; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Municipal Opportunities Fund<br/>(Class C/TBMBX)</td>
<td style="page-break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>148</td>
<td style="page-break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.46<span>%</span></td>
</tr>
</table>
148
0.0146
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">Municipal Opportunities Fund (Class C/TBMBX) returned 2.86% (excluding sales charges) for the year ended May 31, 2024. The most significant factors affecting Fund performance during the period included rising municipal bond yields, stronger-than-expected economic growth, and lowered expectations for interest rate cuts by the U.S. Federal Reserve. Sector performance in the municipal market was also a key factor, with high-yield bonds outperforming by a significant margin during the period.<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>High-yield bonds</b> | A position in high-yield securities provided a boost to Fund performance.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Healthcare bonds</b> | Bonds funding hospitals and continuing care retirement facilities were the leading contributors.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Education bonds</b> | Bonds backing charter schools and higher education contributed the most in this sector.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Duration (interest rate sensitivity)</b> | Rising bond yields put downward pressure on bond prices.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Selected hospital bonds</b> | Although the hospital sector performed well overall, several individual holdings in the sector detracted from performance.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div>
<div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_5005819.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 0px 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 0px 3pt;">1 Year</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 0px 3pt;">5 Years</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 0px 3pt;">10 Years</td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Municipal Opportunities Fund (Class C/TBMBX)</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.86<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.24<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.39<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Municipal Opportunities Fund (Class C/TBMBX)—excluding sales charge</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.86<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.24<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.39<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.67<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.93<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.25<span>%</span></td>
</tr>
</table>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0; padding: 0;"><strong> </strong></td>
<td style="page-break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0; padding: 0;"><strong> </strong></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-family: 'arial narrow'; font-style: italic;">
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;"> </td>
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund has designated Bloomberg Municipal Bond Index as its broad-based securities market index in accordance with the revised definition for such an index.</div>
</td>
</tr>
</table>
Municipal Opportunities Fund (Class C/TBMBX)
0.0186
0.0024
0.0139
Municipal Opportunities Fund (Class C/TBMBX)—excluding sales charge
0.0286
0.0024
0.0139
Past performance does not guarantee future results.
Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at <span>jhinvestments.com/investments</span> or by calling 800-225-5291.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: "Arial Narrow"; font-weight: bold; padding: 0px 10pt;">Fund net assets</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 10pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>1,133,364,555<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>907<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>4,849,418<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>50<span>%</span></td>
</tr>
</table>
1133364555
907
4849418
0.50
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing percentage of the total investments of the fund.</div>
<div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; vertical-align: middle; text-align: left; padding: 0px 3pt;"><strong>General obligation bonds</strong></td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"><strong>14.3<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Revenue bonds</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>85.1<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other revenue</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">23.3<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">18.4<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Development</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Airport</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water and sewer</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Tobacco</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pollution</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td>
</tr>
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<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Facilities</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td>
</tr>
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<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Closed-end funds</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>0.3<span>%</span></strong></td>
</tr>
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<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Corporate bonds</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>0.3<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td>
</tr>
</table>
<div style="width: 33%; border-right-color: initial; border-right-style: none; border-right-width: initial; flex-grow: 1px; flex-shrink: 1px; flex-basis: auto; float: none; display: table-cell;">
<div style="padding-right: 6pt; padding-left: 6pt;">
<div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div>
</div>
<div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5005812.jpg" style="width: 172.8pt;"/> </div>
</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 5-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">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.</div>
0.143
0.851
0.233
0.184
0.096
0.077
0.067
0.051
0.045
0.045
0.025
0.012
0.012
0.004
0.003
0.003
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 5-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div>
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.
John Hancock Municipal Opportunities Fund
Class I
JTBDX
This annual shareholder report contains important information about the John Hancock Municipal Opportunities Fund (the fund) for the period of June 1, 2023 to May 31, 2024.
annual shareholder report
You can find additional information about the fund at <span>jhinvestments.com/documents</span>. You can also request this information by contacting us at 800-225-5291.
jhinvestments.com/documents
800-225-5291
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last year?</b></div>
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
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<td style="break-inside: avoid; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 0px 3pt;">Fund (Class)</td>
<td style="break-inside: avoid; text-align: right; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid; text-align: right; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Municipal Opportunities Fund<br/>(Class I/JTBDX)</td>
<td style="page-break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>57</td>
<td style="page-break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.56<span>%</span></td>
</tr>
</table>
57
0.0056
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">Municipal Opportunities Fund (Class I/JTBDX) returned 3.79% for the year ended May 31, 2024. The most significant factors affecting Fund performance during the period included rising municipal bond yields, stronger-than-expected economic growth, and lowered expectations for interest rate cuts by the U.S. Federal Reserve. Sector performance in the municipal market was also a key factor, with high-yield bonds outperforming by a significant margin during the period.<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>High-yield bonds</b> | A position in high-yield securities provided a boost to Fund performance.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Healthcare bonds</b> | Bonds funding hospitals and continuing care retirement facilities were the leading contributors.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Education bonds</b> | Bonds backing charter schools and higher education contributed the most in this sector.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Duration (interest rate sensitivity)</b> | Rising bond yields put downward pressure on bond prices.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Selected hospital bonds</b> | Although the hospital sector performed well overall, several individual holdings in the sector detracted from performance.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $250,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $250,000</div>
<div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_5005783.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 542pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 0px 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 0px 3pt;">1 Year</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 0px 3pt;">5 Years</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 0px 3pt;">10 Years</td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Municipal Opportunities Fund (Class I/JTBDX)</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.79<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.15<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.26<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.67<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.93<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.25<span>%</span></td>
</tr>
</table>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0; padding: 0;"><strong> </strong></td>
<td style="page-break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0; padding: 0;"><strong> </strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt; font-family: 'arial narrow'; font-style: italic;">
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;"> </td>
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund has designated Bloomberg Municipal Bond Index as its broad-based securities market index in accordance with the revised definition for such an index.</div>
</td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-family: 'arial narrow'; font-style: italic;">
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;"> </td>
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0px; padding: 0px;">Class I shares were first offered on 2-13-17. Returns prior to this date are those of Class A shares that have not been adjusted for class-specific expenses; otherwise, returns would vary.</div>
</td>
</tr>
</table>
Municipal Opportunities Fund (Class I/JTBDX)
0.0379
0.0115
0.0226
Past performance does not guarantee future results.
Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at <span>jhinvestments.com/investments</span> or by calling 800-225-5291.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: "Arial Narrow"; font-weight: bold; padding: 0px 10pt;">Fund net assets</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 10pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>1,133,364,555<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>907<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>4,849,418<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>50<span>%</span></td>
</tr>
</table>
1133364555
907
4849418
0.50
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing percentage of the total investments of the fund.</div>
<div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; vertical-align: middle; text-align: left; padding: 0px 3pt;"><strong>General obligation bonds</strong></td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"><strong>14.3<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Revenue bonds</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>85.1<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other revenue</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">23.3<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">18.4<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Development</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Airport</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water and sewer</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Tobacco</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pollution</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Facilities</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td>
</tr>
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<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Closed-end funds</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>0.3<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Corporate bonds</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>0.3<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td>
</tr>
</table>
<div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div>
<div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5005776.jpg" style="width: 172.8pt;"/> </div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 5-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">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.</div>
0.143
0.851
0.233
0.184
0.096
0.077
0.067
0.051
0.045
0.045
0.025
0.012
0.012
0.004
0.003
0.003
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 5-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div>
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.
John Hancock Municipal Opportunities Fund
Class R6
JTMRX
This annual shareholder report contains important information about the John Hancock Municipal Opportunities Fund (the fund) for the period of June 1, 2023 to May 31, 2024.
annual shareholder report
You can find additional information about the fund at <span>jhinvestments.com/documents</span>. You can also request this information by contacting us at 800-225-5291.
jhinvestments.com/documents
800-225-5291
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last year?</b></div>
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
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<td style="break-inside: avoid; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 0px 3pt;">Fund (Class)</td>
<td style="break-inside: avoid; text-align: right; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid; text-align: right; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Municipal Opportunities Fund<br/>(Class R6/JTMRX)</td>
<td style="page-break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>56</td>
<td style="page-break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.55<span>%</span></td>
</tr>
</table>
56
0.0055
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">Municipal Opportunities Fund (Class R6/JTMRX) returned 3.92% for the year ended May 31, 2024. The most significant factors affecting Fund performance during the period included rising municipal bond yields, stronger-than-expected economic growth, and lowered expectations for interest rate cuts by the U.S. Federal Reserve. Sector performance in the municipal market was also a key factor, with high-yield bonds outperforming by a significant margin during the period.<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>High-yield bonds</b> | A position in high-yield securities provided a boost to Fund performance.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Healthcare bonds</b> | Bonds funding hospitals and continuing care retirement facilities were the leading contributors.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Education bonds</b> | Bonds backing charter schools and higher education contributed the most in this sector.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Duration (interest rate sensitivity)</b> | Rising bond yields put downward pressure on bond prices.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Selected hospital bonds</b> | Although the hospital sector performed well overall, several individual holdings in the sector detracted from performance.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $1,000,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $1,000,000</div>
<div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_5005747.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 542pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 0px 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 0px 3pt;">1 Year</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 0px 3pt;">5 Years</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 0px 3pt;">10 Years</td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Municipal Opportunities Fund (Class R6/JTMRX)</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.92<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.18<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.27<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.67<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.93<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.25<span>%</span></td>
</tr>
</table>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0; padding: 0;"><strong> </strong></td>
<td style="page-break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0; padding: 0;"><strong> </strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt; font-family: 'arial narrow'; font-style: italic;">
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;"> </td>
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund has designated Bloomberg Municipal Bond Index as its broad-based securities market index in accordance with the revised definition for such an index.</div>
</td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-family: 'arial narrow'; font-style: italic;">
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;"> </td>
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0px; padding: 0px;">Class R6 shares were first offered on 8-30-17. Returns prior to this date are those of Class A shares that have not been adjusted for class-specific expenses; otherwise, returns would vary.</div>
</td>
</tr>
</table>
Municipal Opportunities Fund (Class R6/JTMRX)
0.0392
0.0118
0.0227
Past performance does not guarantee future results.
Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at <span>jhinvestments.com/investments</span> or by calling 800-225-5291.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: "Arial Narrow"; font-weight: bold; padding: 0px 10pt;">Fund net assets</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: "Arial Narrow"; color: rgb(0, 0, 0); font-size: 9pt; padding: 0px 10pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>1,133,364,555<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>907<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>4,849,418<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>50<span>%</span></td>
</tr>
</table>
1133364555
907
4849418
0.50
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing percentage of the total investments of the fund.</div>
<div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; vertical-align: middle; text-align: left; padding: 0px 3pt;"><strong>General obligation bonds</strong></td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"><strong>14.3<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Revenue bonds</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>85.1<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other revenue</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">23.3<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">18.4<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Development</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Airport</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td>
</tr>
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<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water and sewer</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td>
</tr>
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<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Tobacco</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pollution</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Facilities</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Closed-end funds</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>0.3<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Corporate bonds</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>0.3<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td>
</tr>
</table>
<div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div>
<div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5005740.jpg" style="width: 172.8pt;"/> </div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 5-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">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.</div>
0.143
0.851
0.233
0.184
0.096
0.077
0.067
0.051
0.045
0.045
0.025
0.012
0.012
0.004
0.003
0.003
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 5-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div>
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.
John Hancock High Yield Municipal Bond Fund
Class A
JHTFX
This annual shareholder report contains important information about the John Hancock High Yield Municipal Bond Fund (the fund) for the period of June 1, 2023 to May 31, 2024.
annual shareholder report
You can find additional information about the fund at <span>jhinvestments.com/documents</span>. You can also request this information by contacting us at 800-225-5291.
jhinvestments.com/documents
800-225-5291
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock"><b>This report describes changes to the fund that occurred during the reporting period.</b></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last year?</b></div>
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
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<td style="break-inside: avoid; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 0px 3pt;">Fund (Class)</td>
<td style="break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">High Yield Municipal Bond Fund<br/>(Class A/JHTFX)</td>
<td style="page-break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>84</td>
<td style="page-break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.81<span>%</span></td>
</tr>
</table>
84
0.0081
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">High Yield Municipal Bond Fund (Class A/JHTFX) returned 7.30% (excluding sales charges) for the year ended May 31, 2024. The most significant factors affecting Fund performance during the period included rising municipal bond yields, stronger-than-expected economic growth, and lowered expectations for interest rate cuts by the U.S. Federal Reserve. The meaningful outperformance of high-yield bonds within the municipal market was another key factor during the period.<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Healthcare bonds </b> | Bonds funding hospitals and continuing care retirement facilities were the leading contributors.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Education bonds </b> | Bonds backing charter schools and higher education contributed the most in this sector.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industrial development bonds </b> | Bonds supporting economic and industrial development projects fared well amid better-than-expected economic conditions.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Duration (interest rate sensitivity) </b> | Rising municipal bond yields put downward pressure on municipal bond prices.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Electric utility bonds </b> | The fund’s holdings of electric power bonds weighed on performance during the period.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div>
<div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_5006035.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 0px 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; padding: 0px 3pt;">1 Year</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; padding: 0px 3pt;">5 Years</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; padding: 0px 3pt;">10 Years</td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">High Yield Municipal Bond Fund (Class A/JHTFX)</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.97<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.25<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.29<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">High Yield Municipal Bond Fund (Class A/JHTFX)—excluding sales charge</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.30<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.08<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.71<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.67<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.93<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.25<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg High Yield Municipal Bond Index</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.19<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.61<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.22<span>%</span></td>
</tr>
</table>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0; padding: 0;"><strong> </strong></td>
<td style="page-break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0; padding: 0;"><strong> </strong></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-family: 'arial narrow'; font-style: italic;">
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;"> </td>
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund has designated Bloomberg Municipal Bond Index as its broad-based securities market index in accordance with the revised definition for such an index.</div>
</td>
</tr>
</table>
High Yield Municipal Bond Fund (Class A/JHTFX)
0.0297
0.0025
0.0229
High Yield Municipal Bond Fund (Class A/JHTFX)—excluding sales charge
0.0730
0.0108
0.0271
Bloomberg High Yield Municipal Bond Index
0.0819
0.0261
0.0422
Past performance does not guarantee future results.
Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at <span>jhinvestments.com/investments</span> or by calling 800-225-5291.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0px 10pt;">Fund net assets</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 0px 10pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>228,883,275<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>300<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>791,691<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>22<span>%</span></td>
</tr>
</table>
228883275
300
791691
0.22
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing percentage of the total investments of the fund.</div>
<div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; vertical-align: middle; text-align: left; padding: 0px 3pt;"><strong>General obligation bonds</strong></td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"><strong>10.9<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Revenue bonds</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>86.2<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">20.2<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Development</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">19.0<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">17.7<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other revenue</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">10.5<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Tobacco</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Facilities</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Airport</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pollution</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water and sewer</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Corporate bonds</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1.1<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Short-term investments</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1.8<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td>
</tr>
</table>
<div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div>
<div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5006028.jpg" style="width: 172.8pt;"/> </div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 5-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">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.</div>
0.109
0.862
0.202
0.190
0.177
0.105
0.042
0.037
0.036
0.022
0.019
0.015
0.009
0.008
0.011
0.018
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 5-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div>
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.
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt;" title="oef:MaterialFundChngTextBlock"><b>Material Fund Changes</b></div><div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Effective 10-1-23 the fund changed its objective from "To seek a high level of current income that is largely exempt from federal income tax, consistent with the preservation of capital." to "To seek a high level of income that is largely exempt from federal income taxes."</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;"><i>For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at <span>jhinvestments.com/documents</span> or by calling 800-225-5291.</i></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Effective 10-1-23 the fund changed its objective from "To seek a high level of current income that is largely exempt from federal income tax, consistent with the preservation of capital." to "To seek a high level of income that is largely exempt from federal income taxes."</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;"><i>For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at <span>jhinvestments.com/documents</span> or by calling 800-225-5291.</i></div>
jhinvestments.com/documents
800-225-5291
John Hancock High Yield Municipal Bond Fund
Class C
JCTFX
This annual shareholder report contains important information about the John Hancock High Yield Municipal Bond Fund (the fund) for the period of June 1, 2023 to May 31, 2024.
annual shareholder report
You can find additional information about the fund at <span>jhinvestments.com/documents</span>. You can also request this information by contacting us at 800-225-5291.
jhinvestments.com/documents
800-225-5291
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock"><b>This report describes changes to the fund that occurred during the reporting period.</b></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last year?</b></div>
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 0px 3pt;">Fund (Class)</td>
<td style="break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">High Yield Municipal Bond Fund<br/>(Class C/JCTFX)</td>
<td style="page-break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>161</td>
<td style="page-break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.56<span>%</span></td>
</tr>
</table>
161
0.0156
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">High Yield Municipal Bond Fund (Class C/JCTFX) returned 6.50% (excluding sales charges) for the year ended May 31, 2024. The most significant factors affecting Fund performance during the period included rising municipal bond yields, stronger-than-expected economic growth, and lowered expectations for interest rate cuts by the U.S. Federal Reserve. The meaningful outperformance of high-yield bonds within the municipal market was another key factor during the period.<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Healthcare bonds </b> | Bonds funding hospitals and continuing care retirement facilities were the leading contributors.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Education bonds </b> | Bonds backing charter schools and higher education contributed the most in this sector.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industrial development bonds </b> | Bonds supporting economic and industrial development projects fared well amid better-than-expected economic conditions.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Duration (interest rate sensitivity) </b> | Rising municipal bond yields put downward pressure on municipal bond prices.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Electric utility bonds </b> | The fund’s holdings of electric power bonds weighed on performance during the period.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div>
<div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_5005999.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 0px 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; padding: 0px 3pt;">1 Year</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; padding: 0px 3pt;">5 Years</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; padding: 0px 3pt;">10 Years</td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">High Yield Municipal Bond Fund (Class C/JCTFX)</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.50<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.33<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.94<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">High Yield Municipal Bond Fund (Class C/JCTFX)—excluding sales charge</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.50<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.33<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.94<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.67<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.93<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.25<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg High Yield Municipal Bond Index</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.19<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.61<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.22<span>%</span></td>
</tr>
</table><table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0; padding: 0;"><strong> </strong></td>
<td style="page-break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0; padding: 0;"><strong> </strong></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-family: 'arial narrow'; font-style: italic;">
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;"> </td>
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund has designated Bloomberg Municipal Bond Index as its broad-based securities market index in accordance with the revised definition for such an index.</div>
</td>
</tr>
</table>
High Yield Municipal Bond Fund (Class C/JCTFX)
0.0550
0.0033
0.0194
High Yield Municipal Bond Fund (Class C/JCTFX)—excluding sales charge
0.0650
0.0033
0.0194
Past performance does not guarantee future results.
Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at <span>jhinvestments.com/investments</span> or by calling 800-225-5291.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0px 10pt;">Fund net assets</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 0px 10pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>228,883,275<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>300<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>791,691<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>22<span>%</span></td>
</tr>
</table>
228883275
300
791691
0.22
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing percentage of the total investments of the fund.</div>
<div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; vertical-align: middle; text-align: left; padding: 0px 3pt;"><strong>General obligation bonds</strong></td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"><strong>10.9<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Revenue bonds</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>86.2<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">20.2<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Development</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">19.0<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">17.7<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other revenue</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">10.5<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Tobacco</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Facilities</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Airport</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pollution</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water and sewer</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Corporate bonds</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1.1<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Short-term investments</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1.8<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td>
</tr>
</table>
<div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div>
<div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5005992.jpg" style="width: 172.8pt;"/> </div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 5-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">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.</div>
0.109
0.862
0.202
0.190
0.177
0.105
0.042
0.037
0.036
0.022
0.019
0.015
0.009
0.008
0.011
0.018
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 5-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div>
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.
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt;" title="oef:MaterialFundChngTextBlock"><b>Material Fund Changes</b></div><div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Effective 10-1-23 the fund changed its objective from "To seek a high level of current income that is largely exempt from federal income tax, consistent with the preservation of capital." to "To seek a high level of income that is largely exempt from federal income taxes."</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;"><i>For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at <span>jhinvestments.com/documents</span> or by calling 800-225-5291.</i></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Effective 10-1-23 the fund changed its objective from "To seek a high level of current income that is largely exempt from federal income tax, consistent with the preservation of capital." to "To seek a high level of income that is largely exempt from federal income taxes."</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;"><i>For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at <span>jhinvestments.com/documents</span> or by calling 800-225-5291.</i></div>
jhinvestments.com/documents
800-225-5291
John Hancock High Yield Municipal Bond Fund
Class I
JHYMX
This annual shareholder report contains important information about the John Hancock High Yield Municipal Bond Fund (the fund) for the period of June 1, 2023 to May 31, 2024.
annual shareholder report
You can find additional information about the fund at <span>jhinvestments.com/documents</span>. You can also request this information by contacting us at 800-225-5291.
jhinvestments.com/documents
800-225-5291
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock"><b>This report describes changes to the fund that occurred during the reporting period.</b></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last year?</b></div>
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 0px 3pt;">Fund (Class)</td>
<td style="break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">High Yield Municipal Bond Fund<br/>(Class I/JHYMX)</td>
<td style="page-break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>68</td>
<td style="page-break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.66<span>%</span></td>
</tr>
</table>
68
0.0066
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">High Yield Municipal Bond Fund (Class I/JHYMX) returned 7.45% for the year ended May 31, 2024. The most significant factors affecting Fund performance during the period included rising municipal bond yields, stronger-than-expected economic growth, and lowered expectations for interest rate cuts by the U.S. Federal Reserve. The meaningful outperformance of high-yield bonds within the municipal market was another key factor during the period.<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Healthcare bonds </b> | Bonds funding hospitals and continuing care retirement facilities were the leading contributors.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Education bonds </b> | Bonds backing charter schools and higher education contributed the most in this sector.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industrial development bonds </b> | Bonds supporting economic and industrial development projects fared well amid better-than-expected economic conditions.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Duration (interest rate sensitivity) </b> | Rising municipal bond yields put downward pressure on municipal bond prices.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Electric utility bonds </b> | The fund’s holdings of electric power bonds weighed on performance during the period.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $250,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $250,000</div>
<div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_5005963.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 542pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 0px 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; padding: 0px 3pt;">1 Year</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; padding: 0px 3pt;">5 Years</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; padding: 0px 3pt;">10 Years</td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">High Yield Municipal Bond Fund (Class I/JHYMX)</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.45<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.24<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.83<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.67<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.93<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.25<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg High Yield Municipal Bond Index</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.19<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.61<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.22<span>%</span></td>
</tr>
</table>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0; padding: 0;"><strong> </strong></td>
<td style="page-break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0; padding: 0;"><strong> </strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt; font-family: 'arial narrow'; font-style: italic;">
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;"> </td>
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund has designated Bloomberg Municipal Bond Index as its broad-based securities market index in accordance with the revised definition for such an index.</div>
</td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-family: 'arial narrow'; font-style: italic;">
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;"> </td>
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0px; padding: 0px;">Class I shares were first offered on 2-13-17. Returns prior to this date are those of Class A shares that have not been adjusted for class-specific expenses; otherwise, returns would vary.</div>
</td>
</tr>
</table>
High Yield Municipal Bond Fund (Class I/JHYMX)
0.0745
0.0124
0.0283
Past performance does not guarantee future results.
Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at <span>jhinvestments.com/investments</span> or by calling 800-225-5291.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0px 10pt;">Fund net assets</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 0px 10pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>228,883,275<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>300<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>791,691<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>22<span>%</span></td>
</tr>
</table>
228883275
300
791691
0.22
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing percentage of the total investments of the fund.</div>
<div style="width: 33%; border-right-color: #000000; border-right-style: solid; border-right-width: 0.5pt; padding-left: 0px; flex-grow: 1px; flex-shrink: 1px; flex-basis: auto; float: none; display: table-cell;">
<div style="padding-right: 6pt; padding-left: 6pt;">
<div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div>
</div>
<div style="padding-right: 6pt; padding-left: 6pt;">
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; vertical-align: middle; text-align: left; padding: 0px 3pt;"><strong>General obligation bonds</strong></td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"><strong>10.9<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Revenue bonds</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>86.2<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">20.2<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Development</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">19.0<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">17.7<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other revenue</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">10.5<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Tobacco</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Facilities</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Airport</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pollution</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water and sewer</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Corporate bonds</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1.1<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Short-term investments</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1.8<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td>
</tr>
</table>
</div>
</div>
<div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div>
<div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5005956.jpg" style="width: 172.8pt;"/> </div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 5-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">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.</div>
0.109
0.862
0.202
0.190
0.177
0.105
0.042
0.037
0.036
0.022
0.019
0.015
0.009
0.008
0.011
0.018
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 5-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div>
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.
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt;" title="oef:MaterialFundChngTextBlock"><b>Material Fund Changes</b></div><div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Effective 10-1-23 the fund changed its objective from "To seek a high level of current income that is largely exempt from federal income tax, consistent with the preservation of capital." to "To seek a high level of income that is largely exempt from federal income taxes."</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;"><i>For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at <span>jhinvestments.com/documents</span> or by calling 800-225-5291.</i></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Effective 10-1-23 the fund changed its objective from "To seek a high level of current income that is largely exempt from federal income tax, consistent with the preservation of capital." to "To seek a high level of income that is largely exempt from federal income taxes."</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;"><i>For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at <span>jhinvestments.com/documents</span> or by calling 800-225-5291.</i></div>
jhinvestments.com/documents
800-225-5291
John Hancock High Yield Municipal Bond Fund
Class R6
JCTRX
This annual shareholder report contains important information about the John Hancock High Yield Municipal Bond Fund (the fund) for the period of June 1, 2023 to May 31, 2024.
annual shareholder report
You can find additional information about the fund at <span>jhinvestments.com/documents</span>. You can also request this information by contacting us at 800-225-5291.
jhinvestments.com/documents
800-225-5291
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock"><b>This report describes changes to the fund that occurred during the reporting period.</b></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last year?</b></div>
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 0px 3pt;">Fund (Class)</td>
<td style="break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 0px 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">High Yield Municipal Bond Fund<br/>(Class R6/JCTRX)</td>
<td style="page-break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>67</td>
<td style="page-break-inside: avoid; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.65<span>%</span></td>
</tr>
</table>
67
0.0065
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">High Yield Municipal Bond Fund (Class R6/JCTRX) returned 7.30% for the year ended May 31, 2024. The most significant factors affecting Fund performance during the period included rising municipal bond yields, stronger-than-expected economic growth, and lowered expectations for interest rate cuts by the U.S. Federal Reserve. The meaningful outperformance of high-yield bonds within the municipal market was another key factor during the period.<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Healthcare bonds </b> | Bonds funding hospitals and continuing care retirement facilities were the leading contributors.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Education bonds </b> | Bonds backing charter schools and higher education contributed the most in this sector.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industrial development bonds </b> | Bonds supporting economic and industrial development projects fared well amid better-than-expected economic conditions.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Duration (interest rate sensitivity) </b> | Rising municipal bond yields put downward pressure on municipal bond prices.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Electric utility bonds </b> | The fund’s holdings of electric power bonds weighed on performance during the period.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $1,000,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $1,000,000</div>
<div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_5005927.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 542pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 0px 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; padding: 0px 3pt;">1 Year</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; padding: 0px 3pt;">5 Years</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; font-weight: bold; padding: 0px 3pt;">10 Years</td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">High Yield Municipal Bond Fund (Class R6/JCTRX)</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.30<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.24<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.83<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.67<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.93<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.25<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg High Yield Municipal Bond Index</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.19<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.61<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.22<span>%</span></td>
</tr>
</table>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0; padding: 0;"><strong> </strong></td>
<td style="page-break-inside: avoid; vertical-align: middle; font-family: 'Arial Narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0; padding: 0;"><strong> </strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt; font-family: 'arial narrow'; font-style: italic;">
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;"> </td>
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund has designated Bloomberg Municipal Bond Index as its broad-based securities market index in accordance with the revised definition for such an index.</div>
</td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-family: 'arial narrow'; font-style: italic;">
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;"> </td>
<td style="page-break-inside: avoid; vertical-align: middle; font-size: 8pt; color: #000000; text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; font-size: 8pt; color: #000000; text-align: left; margin-bottom: 0px; padding: 0px;">Class R6 shares were first offered on 8-30-17. Returns prior to this date are those of Class A shares that have not been adjusted for class-specific expenses; otherwise, returns would vary.</div>
</td>
</tr>
</table>
High Yield Municipal Bond Fund (Class R6/JCTRX)
0.0730
0.0124
0.0283
Past performance does not guarantee future results.
Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at <span>jhinvestments.com/investments</span> or by calling 800-225-5291.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0px 10pt;">Fund net assets</td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 0px 10pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>228,883,275<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>300<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="float: none;">$</span>791,691<span style="visibility: hidden; display: none;">%</span></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="page-break-inside: avoid; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="width: 12pt;"> </span> <span style="visibility: hidden; display: none; float: none;">$</span>22<span>%</span></td>
</tr>
</table>
228883275
300
791691
0.22
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing percentage of the total investments of the fund.</div>
<div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid;">
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid; vertical-align: middle; text-align: left; padding: 0px 3pt;"><strong>General obligation bonds</strong></td>
<td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 0px 3pt;"><strong>10.9<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Revenue bonds</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>86.2<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">20.2<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Development</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">19.0<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">17.7<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other revenue</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">10.5<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Tobacco</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Facilities</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Airport</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pollution</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water and sewer</td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Corporate bonds</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1.1<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Short-term investments</strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1.8<span>%</span></strong></td>
</tr>
<tr style="page-break-inside: avoid; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="page-break-inside: avoid; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td>
<td style="page-break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong> </strong></td>
</tr>
</table>
<div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div>
<div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5005920.jpg" style="width: 172.8pt;"/> </div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 5-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">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.</div>
0.109
0.862
0.202
0.190
0.177
0.105
0.042
0.037
0.036
0.022
0.019
0.015
0.009
0.008
0.011
0.018
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 5-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div>
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.
<div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt;" title="oef:MaterialFundChngTextBlock"><b>Material Fund Changes</b></div><div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Effective 10-1-23 the fund changed its objective from "To seek a high level of current income that is largely exempt from federal income tax, consistent with the preservation of capital." to "To seek a high level of income that is largely exempt from federal income taxes."</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;"><i>For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at <span>jhinvestments.com/documents</span> or by calling 800-225-5291.</i></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Effective 10-1-23 the fund changed its objective from "To seek a high level of current income that is largely exempt from federal income tax, consistent with the preservation of capital." to "To seek a high level of income that is largely exempt from federal income taxes."</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;"><i>For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at <span>jhinvestments.com/documents</span> or by calling 800-225-5291.</i></div>
jhinvestments.com/documents
800-225-5291