Semiannual report

John Hancock

ESG Core Bond Fund

Fixed income

November 30, 2022

A message to shareholders

Dear shareholder,

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

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

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

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

Sincerely,

Andrew G. Arnott

Global Head of Retail,
Manulife Investment Management

President and CEO,
John Hancock Investment Management
Head of Wealth and Asset Management,
United States and Europe

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

John Hancock

ESG Core Bond Fund

Table of contents

2	Your fund at a glance
3	Portfolio summary
4	Your expenses
6	Fund’s investments
13	Financial statements
16	Financial highlights
19	Notes to financial statements
26	Shareholder meeting
27	Evaluation of advisory and subadvisory agreements by the Board of Trustees
34	More information

SEMIANNUAL REPORT  | JOHN HANCOCK ESG CORE BOND FUND

1

Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks total return consisting of income and capital appreciation consistent with preservation of capital and maintenance of liquidity.

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

The Bloomberg U.S. Intermediate Government/Credit Index tracks the performance of intermediate-term U.S. government bonds, U.S. corporate bonds, and Yankee bonds.

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

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

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

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JOHN HANCOCK ESG CORE BOND FUND  | SEMIANNUAL REPORT

Portfolio summary

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

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

Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 11-30-22 and do not reflect subsequent downgrades or upgrades, if any.

Notes about risk

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

SEMIANNUAL REPORT | JOHN HANCOCK ESG CORE BOND FUND

3

Your expenses

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

Understanding fund expenses

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

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

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

We are presenting only your ongoing operating expenses here.

Actual expenses/actual returns

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

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

Hypothetical example for comparison purposes

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

4

JOHN HANCOCK ESG CORE BOND FUND | SEMIANNUAL REPORT

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

SHAREHOLDER EXPENSE EXAMPLE CHART

		Account value on 6-1-2022	Ending value on 11-30-2022	Expenses paid during period ended 11-30-20221	Annualized expense ratio
Class A	Actual expenses/actual returns	$1,000.00	$974.90	$4.06	0.82%
	Hypothetical example	1,000.00	1,021.00	4.15	0.82%
Class I	Actual expenses/actual returns	1,000.00	976.10	2.82	0.57%
	Hypothetical example	1,000.00	1,022.20	2.89	0.57%
Class R6	Actual expenses/actual returns	1,000.00	977.70	2.28	0.46%
	Hypothetical example	1,000.00	1,022.80	2.33	0.46%

    

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

SEMIANNUAL REPORT | JOHN HANCOCK ESG CORE BOND FUND

5

Fund’s investments

AS OF 11-30-22 (unaudited)

	Rate (%)	Maturity date		Par value^	Value
U.S. Government and Agency obligations 40.3%					$26,756,654
(Cost $27,882,223)
U.S. Government 37.9%					25,187,134
U.S. Treasury
Note	0.250	05-15-24		1,805,000	1,695,219
Note	0.375	11-30-25		2,260,000	2,025,790
Note	0.500	05-31-27		3,675,000	3,166,386
Note	0.625	12-31-27		1,720,000	1,466,770
Note	0.875	11-15-30		1,625,000	1,320,376
Note	1.500	09-30-24		915,000	867,999
Note	1.625	02-15-26		800,000	741,563
Note	1.625	09-30-26		2,265,000	2,079,465
Note	1.750	11-15-29		1,945,000	1,723,224
Note	1.875	02-15-32		1,725,000	1,485,387
Note	2.000	02-15-25		3,770,000	3,588,423
Note	2.250	11-15-24		3,320,000	3,188,367
Note	2.250	02-15-27		1,350,000	1,262,777
Note	2.875	08-15-28		605,000	575,388
U.S. Government Agency 2.4%					1,569,520
Federal Home Loan Mortgage Corp. 30 Yr Pass Thru	3.500	03-01-48		200,732	187,740
Federal National Mortgage Association
30 Yr Pass Thru	3.000	05-01-48		183,415	168,207
30 Yr Pass Thru	3.500	02-01-45		95,580	89,668
30 Yr Pass Thru	3.500	09-01-46		221,785	208,747
30 Yr Pass Thru	3.500	07-01-47		123,058	114,978
30 Yr Pass Thru	4.000	07-01-44		78,097	75,486
30 Yr Pass Thru	4.000	10-01-47		164,618	160,238
30 Yr Pass Thru	4.000	07-01-56		73,676	70,611
30 Yr Pass Thru	4.000	07-01-56		64,649	61,960
30 Yr Pass Thru	4.500	01-01-46		132,572	132,220
30 Yr Pass Thru	4.500	03-01-47		78,413	77,936
30 Yr Pass Thru	4.500	08-01-56		67,462	67,072
30 Yr Pass Thru	5.000	11-01-39		152,162	154,657
Corporate bonds 41.2%					$27,355,290
(Cost $29,972,470)
Communication services 2.7%					1,767,018
Diversified telecommunication services 1.5%
AT&T, Inc.	4.300	02-15-30		445,000	422,793
Verizon Communications, Inc.	1.500	09-18-30		217,000	169,717
Verizon Communications, Inc.	4.329	09-21-28		385,000	374,289

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JOHN HANCOCK ESG CORE BOND FUND | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Communication services (continued)
Entertainment 0.4%
The Walt Disney Company	2.000	09-01-29		315,000	$266,673
Media 0.8%
Comcast Corp.	3.150	03-01-26		295,000	282,269
Comcast Corp.	3.400	04-01-30		275,000	251,277
Consumer discretionary 1.5%					994,456
Automobiles 0.5%
American Honda Finance Corp.	1.200	07-08-25		395,000	360,736
Specialty retail 1.0%
Lowe’s Companies, Inc.	4.400	09-08-25		335,000	332,620
The Home Depot, Inc.	2.950	06-15-29		330,000	301,100
Consumer staples 1.7%					1,135,447
Beverages 0.9%
Anheuser-Busch InBev Worldwide, Inc.	4.750	01-23-29		325,000	324,801
Keurig Dr. Pepper, Inc.	2.250	03-15-31		312,000	251,753
Food products 0.5%
General Mills, Inc.	4.200	04-17-28		373,000	366,467
Household products 0.3%
The Clorox Company	3.900	05-15-28		200,000	192,426
Energy 3.3%					2,198,529
Oil, gas and consumable fuels 3.3%
Enbridge, Inc.	4.250	12-01-26		285,000	276,328
Equinor ASA	3.125	04-06-30		370,000	335,953
Phillips 66	3.850	04-09-25		470,000	459,599
Shell International Finance BV	2.375	11-07-29		395,000	346,306
The Williams Companies, Inc.	3.500	11-15-30		430,000	380,514
TotalEnergies Capital International SA	3.455	02-19-29		425,000	399,829
Financials 18.4%					12,221,251
Banks 12.6%
African Development Bank	0.750	04-03-23		300,000	296,241
Bank of America Corp. (0.976% to 4-22-24, then SOFR + 0.690%)	0.976	04-22-25		325,000	303,586
Bank of America Corp. (1.898% to 7-23-30, then SOFR + 1.530%)	1.898	07-23-31		565,000	440,505
Bank of America Corp. (3.419% to 12-20-27, then 3 month LIBOR + 1.040%)	3.419	12-20-28		200,000	182,371
Bank of Montreal	1.500	01-10-25		230,000	214,418
BNP Paribas SA	3.250	03-03-23		430,000	428,303
Citigroup, Inc. (2.572% to 6-3-30, then SOFR + 2.107%)	2.572	06-03-31		150,000	122,932

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK ESG CORE BOND FUND

7

	Rate (%)	Maturity date		Par value^	Value
Financials (continued)
Banks (continued)
Citigroup, Inc. (2.976% to 11-5-29, then SOFR + 1.422%)	2.976	11-05-30		200,000	$170,543
Citigroup, Inc.	3.200	10-21-26		350,000	326,837
Citizens Bank NA (6.064% to 10-24-24, then SOFR + 1.450%)	6.064	10-24-25		340,000	343,757
Fifth Third Bancorp (6.361% to 10-27-27, then SOFR + 2.192%)	6.361	10-27-28		324,000	335,517
HSBC Holdings PLC (7.336% to 11-3-25, then SOFR + 3.030%)	7.336	11-03-26		500,000	522,166
International Bank for Reconstruction & Development	0.625	04-22-25		320,000	293,884
JPMorgan Chase & Co. (0.563% to 2-16-24, then SOFR + 0.420%)	0.563	02-16-25		330,000	309,659
JPMorgan Chase & Co. (3.702% to 5-6-29, then 3 month LIBOR + 1.160%)	3.702	05-06-30		180,000	163,568
JPMorgan Chase & Co. (4.452% to 12-5-28, then 3 month LIBOR + 1.330%)	4.452	12-05-29		400,000	380,188
KeyCorp	2.550	10-01-29		520,000	435,688
Lloyds Banking Group PLC (1.627% to 5-11-26, then 1 Year CMT + 0.850%)	1.627	05-11-27		335,000	288,671
Mitsubishi UFJ Financial Group, Inc. (2.309% to 7-20-31, then 1 Year CMT + 0.950%)	2.309	07-20-32		345,000	268,977
Royal Bank of Canada	2.050	01-21-27		505,000	450,318
Sumitomo Mitsui Financial Group, Inc.	1.902	09-17-28		320,000	265,283
The Bank of Nova Scotia	1.450	01-10-25		485,000	451,609
The PNC Financial Services Group, Inc.	1.150	08-13-26		472,000	414,340
The Toronto-Dominion Bank	0.750	09-11-25		413,000	368,904
The Toronto-Dominion Bank	4.108	06-08-27		220,000	212,441
Westpac Banking Corp.	1.150	06-03-26		415,000	368,041
Capital markets 3.9%
Intercontinental Exchange, Inc.	4.600	03-15-33		465,000	451,111
Morgan Stanley (1.593% to 5-4-26, then SOFR + 0.879%)	1.593	05-04-27		435,000	383,227
Morgan Stanley	4.000	07-23-25		200,000	195,901
State Street Corp. (2.354% to 11-1-24, then SOFR + 0.940%)	2.354	11-01-25		565,000	535,675
The Bank of New York Mellon Corp. (4.414% to 7-24-25, then SOFR + 1.345%)	4.414	07-24-26		475,000	468,289
The Goldman Sachs Group, Inc. (1.992% to 1-27-31, then SOFR + 1.090%)	1.992	01-27-32		350,000	270,217
The Goldman Sachs Group, Inc. (3.814% to 4-23-28, then 3 month LIBOR + 1.158%)	3.814	04-23-29		275,000	253,023
Consumer finance 0.6%
American Express Company	3.950	08-01-25		440,000	430,876
Insurance 1.3%
Aon Corp.	2.800	05-15-30		448,000	383,118

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JOHN HANCOCK ESG CORE BOND FUND | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Financials (continued)
Insurance (continued)
Lincoln National Corp.	3.050	01-15-30		205,000	$170,477
Marsh & McLennan Companies, Inc.	3.875	03-15-24		325,000	320,590
Health care 3.2%					2,126,933
Biotechnology 1.3%
AbbVie, Inc.	3.600	05-14-25		210,000	204,266
AbbVie, Inc.	4.250	11-14-28		222,000	216,446
Amgen, Inc.	2.200	02-21-27		465,000	422,585
Health care providers and services 1.3%
CVS Health Corp.	3.875	07-20-25		265,000	260,417
CVS Health Corp.	4.300	03-25-28		340,000	330,519
Seattle Children’s Hospital	1.208	10-01-27		325,000	272,541
Life sciences tools and services 0.4%
Thermo Fisher Scientific, Inc.	4.800	11-21-27		281,000	283,555
Pharmaceuticals 0.2%
Zoetis, Inc.	3.250	02-01-23		137,000	136,604
Industrials 2.6%					1,698,502
Aerospace and defense 1.1%
Lockheed Martin Corp.	5.100	11-15-27		316,000	325,037
Northrop Grumman Corp.	3.250	01-15-28		405,000	375,683
Building products 0.4%
Carrier Global Corp.	2.700	02-15-31		335,000	279,991
Machinery 1.1%
CNH Industrial Capital LLC	1.450	07-15-26		440,000	387,059
John Deere Capital Corp.	4.150	09-15-27		337,000	330,732
Information technology 0.9%					623,808
Semiconductors and semiconductor equipment 0.4%
Intel Corp.	2.450	11-15-29		310,000	267,329
Software 0.5%
Salesforce, Inc.	1.950	07-15-31		438,000	356,479
Materials 0.6%					376,099
Chemicals 0.3%
Eastman Chemical Company	4.500	12-01-28		165,000	157,194
Containers and packaging 0.3%
WRKCo, Inc.	3.750	03-15-25		115,000	110,864
WRKCo, Inc.	4.650	03-15-26		110,000	108,041
Real estate 3.2%					2,134,396
Equity real estate investment trusts 3.2%
Alexandria Real Estate Equities, Inc.	4.900	12-15-30		305,000	296,747

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK ESG CORE BOND FUND

9

	Rate (%)	Maturity date		Par value^	Value
Real estate (continued)
Equity real estate investment trusts (continued)
American Tower Corp.	3.375	10-15-26		430,000	$400,809
Boston Properties LP	3.800	02-01-24		350,000	342,940
Equinix, Inc.	3.200	11-18-29		326,000	285,837
Prologis LP	1.250	10-15-30		395,000	302,435
Simon Property Group LP	1.375	01-15-27		301,000	262,618
Welltower, Inc.	2.750	01-15-32		306,000	243,010
Utilities 3.1%					2,078,851
Electric utilities 3.1%
American Electric Power Company, Inc.	4.300	12-01-28		430,000	412,047
DTE Electric Company	2.250	03-01-30		350,000	296,154
Eversource Energy	1.650	08-15-30		355,000	278,179
Florida Power & Light Company	2.850	04-01-25		120,000	115,166
MidAmerican Energy Company	3.100	05-01-27		275,000	259,436
National Rural Utilities Cooperative Finance Corp.	1.350	03-15-31		257,000	192,484
NSTAR Electric Company	3.200	05-15-27		125,000	117,834
Xcel Energy, Inc.	4.000	06-15-28		425,000	407,551
Municipal bonds 4.8%					$3,213,639
(Cost $3,515,173)
Bloomfield Township Board of Education (New Jersey)	1.523	09-01-27		155,000	133,636
California Health Facilities Financing Authority	1.829	06-01-29		250,000	205,677
California State University	1.740	11-01-30		210,000	167,177
City of San Francisco Public Utilities Commission Water Revenue (California)	2.806	11-01-23		250,000	245,998
Geisinger Authority (Pennsylvania)	1.680	04-01-24		165,000	158,410
Jackson State University Educational Building Corp. (Mississippi)	2.720	03-01-23		295,000	293,542
Kent Hospital Finance Authority (Michigan)	2.821	07-15-29		310,000	275,483
Municipal Improvement Corp. of Los Angeles (California)	1.341	11-01-26		270,000	234,241
New York City Housing Development Corp.	2.416	05-01-24		325,000	313,466
New York City Transitional Finance Authority Future Tax Secured Revenue	2.150	05-01-25		350,000	329,842
San Francisco City & County Airport Commission (California)	2.583	05-01-30		300,000	257,201
State Board of Administration Finance Corp. (Florida)	1.258	07-01-25		270,000	246,254
University of North Texas System	3.357	04-15-27		375,000	352,712
Collateralized mortgage obligations 1.9%					$1,273,182
(Cost $1,393,463)
U.S. Government Agency 1.9%					1,273,182
Federal Home Loan Mortgage Corp.

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JOHN HANCOCK ESG CORE BOND FUND | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
U.S. Government Agency (continued)
Series K028, Class A2	3.111	02-25-23		211,940	$211,129
Series K036, Class A2 (A)	3.527	10-25-23		237,000	233,694
Federal National Mortgage Association
Series 2012-56, Class WB	3.500	05-25-42		119,623	109,706
Series 2013-135, Class KM	2.500	03-25-28		35,081	34,536
Series 2013-31, Class NG	2.250	04-25-33		271,598	249,135
Series 2013-34, Class PA	2.000	08-25-42		255,081	231,530
Series 2016-36, Class BC	2.500	03-25-43		88,039	84,088
Series 2017-M13, Class A2 (A)	3.028	09-25-27		126,883	119,364
Asset backed securities 9.9%					$6,607,580
(Cost $6,887,078)
Asset backed securities 9.9%					6,607,580
CarMax Auto Owner Trust
Series 2020-4, Class A3	0.500	08-15-25		293,851	284,382
Series 2021-1, Class A3	0.340	12-15-25		313,183	302,466
Series 2021-1, Class A4	0.530	10-15-26		257,000	235,132
Series 2021-2, Class A4	0.810	12-15-26		213,000	193,532
Series 2022-2, Class A3	3.490	02-16-27		174,000	169,139
CNH Equipment Trust
Series 2021-B, Class A3	0.440	08-17-26		229,000	215,667
Series 2021-C, Class A3	0.810	12-15-26		282,000	261,689
Series 2022-A, Class A3	2.830	07-15-27		124,000	118,644
Series 2022-B, Class A3	3.890	08-16-27		216,000	208,598
Ford Credit Auto Owner Trust
Series 2020-A, Class A4	1.350	07-15-25		358,000	344,627
Series 2022-C, Class A3	4.480	12-15-26		215,000	212,875
GM Financial Consumer Automobile Receivables Trust
Series 2020-2, Class A4	1.740	08-18-25		314,000	302,995
Series 2020-3, Class A3	0.450	04-16-25		104,122	101,793
Series 2021-2, Class A3	0.510	04-16-26		134,000	128,149
Honda Auto Receivables Owner Trust
Series 2019-4, Class A3	1.830	01-18-24		35,989	35,824
John Deere Owner Trust
Series 2021-B, Class A3	0.520	03-16-26		181,000	171,164
Series 2022-A, Class A3	2.320	09-16-26		214,000	204,113
Series 2022-C, Class A3	5.090	06-15-27		237,000	237,436
Mercedes-Benz Auto Receivables Trust
Series 2022-1, Class A3	5.210	08-16-27		443,000	443,286

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK ESG CORE BOND FUND

11

	Rate (%)	Maturity date		Par value^	Value
Asset backed securities (continued)
U.S. Small Business Administration
Series 2012-20K, Class 1	2.090	11-01-32		176,057	$160,046
Series 2016-20B, Class 1	2.270	02-01-36		180,473	165,178
Series 2016-20F, Class 1	2.180	06-01-36		144,438	131,124
Series 2016-20J, Class 1	2.210	10-01-36		58,436	52,978
Series 2017-20H, Class 1	2.750	08-01-37		117,964	108,533
Series 2020-20H, Class 1	0.900	08-01-40		150,302	123,270
Series 2020-20I, Class 1	1.050	09-01-40		155,560	128,755
Series 2022-20E, Class 1	3.820	05-01-42		295,270	287,968
Series 2022-20F, Class 1	3.890	06-01-42		360,000	348,627
Series 2022-20G, Class 1	3.810	07-01-42		138,000	132,908
Series 2022-20J, Class 1	4.890	10-01-42		185,000	188,175
Series 2022-20K, Class 1	4.980	11-01-42		197,000	200,751
Verizon Master Trust
Series 2022-2, Class A	1.530	07-20-28		218,000	202,947
Series 2022-7, Class A1A (5.230% to 11-20-24, then 5.980% thereafter)	5.230	11-22-27		205,000	204,809

    

		Yield (%)		Shares	Value
Short-term investments 0.4%					$243,112
(Cost $243,112)
Short-term funds 0.4%					243,112
JPMorgan U.S. Government Money Market Fund, Institutional Class		3.5177(B)		243,112	243,112

    

Total investments (Cost $69,893,519) 98.5%					$65,449,457
Other assets and liabilities, net 1.5%					994,951
Total net assets 100.0%					$66,444,408

    

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.
^All par values are denominated in U.S. dollars unless otherwise indicated.
Security Abbreviations and Legend
CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
(A)	Variable or floating rate security, the interest rate of which adjusts periodically based on a weighted average of interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of period end.
(B)	The rate shown is the annualized seven-day yield as of 11-30-22.

At 11-30-22, the aggregate cost of investments for federal income tax purposes was $70,153,356. Net unrealized depreciation aggregated to $4,703,899, of which $87,591 related to gross unrealized appreciation and $4,791,490 related to gross unrealized depreciation.

12

JOHN HANCOCK ESG CORE BOND FUND | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

Financial statements

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

Assets
Unaffiliated investments, at value (Cost $69,893,519)	$65,449,457
Interest receivable	331,956
Receivable for fund shares sold	24,985
Receivable for investments sold	755,196
Receivable from affiliates	426
Other assets	52,675
Total assets	66,614,695
Liabilities
Distributions payable	70,605
Payable for fund shares repurchased	49,619
Payable to affiliates
Accounting and legal services fees	3,362
Transfer agent fees	7,111
Other liabilities and accrued expenses	39,590
Total liabilities	170,287
Net assets	$66,444,408
Net assets consist of
Paid-in capital	$73,448,922
Total distributable earnings (loss)	(7,004,514)
Net assets	$66,444,408
Net asset value per share
Based on net asset value and shares outstanding - the fund has an unlimited number of shares authorized with no par value
Class A ($2,210,405 ÷ 242,919 shares)1	$9.10
Class I ($64,078,887 ÷ 7,043,298 shares)	$9.10
Class R6 ($155,116 ÷ 17,036 shares)	$9.11
Maximum offering price per share
Class A (net asset value per share ÷ 96%)2	$9.48

    

1	Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
2	On single retail sales of less than $100,000. On sales of $100,000 or more and on group sales the offering price is reduced.

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK ESG Core Bond Fund

13

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

Investment income
Interest	$872,031
Expenses
Investment management fees	155,077
Distribution and service fees	2,724
Accounting and legal services fees	4,859
Transfer agent fees	40,771
Trustees’ fees	588
Custodian fees	14,991
State registration fees	24,099
Printing and postage	9,209
Professional fees	29,238
Other	8,532
Total expenses	290,088
Less expense reductions	(91,517)
Net expenses	198,571
Net investment income	673,460
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments	(1,678,332)
	(1,678,332)
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments	(863,938)
	(863,938)
Net realized and unrealized loss	(2,542,270)
Decrease in net assets from operations	$(1,868,810)

14

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SEE NOTES TO FINANCIAL STATEMENTS

STATEMENTS OF CHANGES IN NET ASSETS  

	Six months ended 11-30-22 (unaudited)	Year ended 5-31-22
Increase (decrease) in net assets
From operations
Net investment income	$673,460	$751,596
Net realized loss	(1,678,332)	(59,480)
Change in net unrealized appreciation (depreciation)	(863,938)	(5,167,418)
Decrease in net assets resulting from operations	(1,868,810)	(4,475,302)
Distributions to shareholders
From earnings
Class A	(22,251)	(47,419)
Class I	(761,906)	(1,583,299)
Class R6	(4,243)	(26,654)
Total distributions	(788,400)	(1,657,372)
From fund share transactions	7,884,764	4,089,929
Total increase (decrease)	5,227,554	(2,042,745)
Net assets
Beginning of period	61,216,854	63,259,599
End of period	$66,444,408	$61,216,854

SEE NOTES TO FINANCIAL STATEMENTS

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15

Financial highlights

CLASS A SHARES Period ended	11-30-221	5-31-22	5-31-21	5-31-20	5-31-19	5-31-18
Per share operating performance
Net asset value, beginning of period	$9.43	$10.39	$10.65	$10.14	$9.85	$10.16
Net investment income2	0.08	0.09	0.15	0.18	0.18	0.14
Net realized and unrealized gain (loss) on investments	(0.32)	(0.81)	(0.15)	0.54	0.31	(0.27)
Total from investment operations	(0.24)	(0.72)	—	0.72	0.49	(0.13)
Less distributions
From net investment income	(0.09)	(0.16)	(0.18)	(0.21)	(0.20)	(0.17)
From net realized gain	—	(0.08)	(0.08)	—	—	(0.01)
Total distributions	(0.09)	(0.24)	(0.26)	(0.21)	(0.20)	(0.18)
Net asset value, end of period	$9.10	$9.43	$10.39	$10.65	$10.14	$9.85
Total return (%)3,4	(2.51)5	(7.04)	(0.03)	7.16	5.04	(1.31)
Ratios and supplemental data
Net assets, end of period (in millions)	$2	$2	$1	$6	$5	$5
Ratios (as a percentage of average net assets):
Expenses before reductions	1.086	1.10	1.12	1.15	1.12	1.39
Expenses including reductions	0.826	0.86	0.87	0.87	0.86	0.86
Net investment income	1.716	0.94	1.37	1.76	1.81	1.40
Portfolio turnover (%)	38	47	50	34	37	83

    

1	Six months ended 11-30-22. Unaudited.
2	Based on average daily shares outstanding.
3	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
4	Does not reflect the effect of sales charges, if any.
5	Not annualized.
6	Annualized.

16

JOHN HANCOCK ESG Core Bond Fund | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

CLASS I SHARES Period ended	11-30-221	5-31-22	5-31-21	5-31-20	5-31-19	5-31-18
Per share operating performance
Net asset value, beginning of period	$9.43	$10.39	$10.64	$10.14	$9.85	$10.16
Net investment income2	0.09	0.12	0.16	0.21	0.20	0.16
Net realized and unrealized gain (loss) on investments	(0.31)	(0.81)	(0.12)	0.52	0.31	(0.27)
Total from investment operations	(0.22)	(0.69)	0.04	0.73	0.51	(0.11)
Less distributions
From net investment income	(0.11)	(0.19)	(0.21)	(0.23)	(0.22)	(0.19)
From net realized gain	—	(0.08)	(0.08)	—	—	(0.01)
Total distributions	(0.11)	(0.27)	(0.29)	(0.23)	(0.22)	(0.20)
Net asset value, end of period	$9.10	$9.43	$10.39	$10.64	$10.14	$9.85
Total return (%)3	(2.39)4	(6.83)	0.34	7.32	5.29	(1.06)
Ratios and supplemental data
Net assets, end of period (in millions)	$64	$58	$61	$58	$55	$48
Ratios (as a percentage of average net assets):
Expenses before reductions	0.835	0.85	0.87	0.90	0.89	1.14
Expenses including reductions	0.575	0.61	0.62	0.62	0.63	0.61
Net investment income	1.965	1.19	1.53	2.01	2.05	1.65
Portfolio turnover (%)	38	47	50	34	37	83

    

1	Six months ended 11-30-22. Unaudited.
2	Based on average daily shares outstanding.
3	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
4	Not annualized.
5	Annualized.

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK ESG Core Bond Fund

17

CLASS R6 SHARES Period ended	11-30-221	5-31-22	5-31-21	5-31-20	5-31-19	5-31-18
Per share operating performance
Net asset value, beginning of period	$9.43	$10.39	$10.65	$10.14	$9.85	$10.16
Net investment income2	0.09	0.13	0.17	0.22	0.21	0.18
Net realized and unrealized gain (loss) on investments	(0.30)	(0.81)	(0.13)	0.54	0.31	(0.28)
Total from investment operations	(0.21)	(0.68)	0.04	0.76	0.52	(0.10)
Less distributions
From net investment income	(0.11)	(0.20)	(0.22)	(0.25)	(0.23)	(0.20)
From net realized gain	—	(0.08)	(0.08)	—	—	(0.01)
Total distributions	(0.11)	(0.28)	(0.30)	(0.25)	(0.23)	(0.21)
Net asset value, end of period	$9.11	$9.43	$10.39	$10.65	$10.14	$9.85
Total return (%)3	(2.23)4	(6.73)	0.35	7.54	5.41	(0.96)
Ratios and supplemental data
Net assets, end of period (in millions)	$—5	$1	$1	$1	$2	$1
Ratios (as a percentage of average net assets):
Expenses before reductions	0.736	0.75	0.77	0.79	0.77	1.05
Expenses including reductions	0.466	0.51	0.51	0.51	0.51	0.51
Net investment income	1.876	1.30	1.63	2.13	2.16	1.75
Portfolio turnover (%)	38	47	50	34	37	83

    

1	Six months ended 11-30-22. Unaudited.
2	Based on average daily shares outstanding.
3	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
4	Not annualized.
5	Less than $500,000.
6	Annualized.

18

JOHN HANCOCK ESG Core Bond Fund | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

Notes to financial statements (unaudited)

Note 1—Organization

John Hancock ESG Core Bond Fund (the fund) is a series of John Hancock Bond Trust (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the fund is to seek total return consisting of income and capital appreciation consistent with preservation of capital and maintenance of liquidity.

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

Note 2—Significant accounting policies

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

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

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

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

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

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

SEMIANNUAL REPORT | JOHN HANCOCK ESG Core Bond Fund

19

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

The following is a summary of the values by input classification of the fund’s investments as of November 30, 2022, by major security category or type:

	Total value at 11-30-22	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Investments in securities:
Assets
U.S. Government and Agency obligations	$26,756,654	—	$26,756,654	—
Corporate bonds	27,355,290	—	27,355,290	—
Municipal bonds	3,213,639	—	3,213,639	—
Collateralized mortgage obligations	1,273,182	—	1,273,182	—
Asset backed securities	6,607,580	—	6,607,580	—
Short-term investments	243,112	$243,112	—	—
Total investments in securities	$65,449,457	$243,112	$65,206,345	—

Mortgage and asset backed securities. The fund may invest in mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, which are debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations (e.g. FNMA), may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The fund is also subject to risks associated with securities with contractual cash flows including asset-backed and mortgage related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

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JOHN HANCOCK ESG Core Bond Fund | SEMIANNUAL REPORT

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

Line of credit. The fund and other affiliated funds have entered into a syndicated line of credit agreement with Citibank, N.A. as the administrative agent that enables them to participate in a $1 billion unsecured committed line of credit. Excluding commitments designated for a certain fund and subject to the needs of all other affiliated funds, the fund can borrow up to an aggregate commitment amount of $750 million, subject to asset coverage and other limitations as specified in the agreement. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund based on a combination of fixed and asset-based allocations and is reflected in Other expenses on the Statement of operations. For the six months ended November 30, 2022, the fund had no borrowings under the line of credit. Commitment fees for the six months ended November 30, 2022 were $1,660.

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

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

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

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

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

Distributions paid by the fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class.

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

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

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Note 3—Guarantees and indemnifications

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

Note 4—Fees and transactions with affiliates

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

Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor, equivalent on an annual basis, to the sum of: (a) 0.450% of the first $250 million of the fund’s average daily net assets, and (b) 0.400% of the fund’s average daily net assets in excess of $250 million. If net assets exceed $250 million, then the advisory fee to be paid is 0.400% on all asset levels of average daily net assets. The Advisor has a subadvisory agreement with Breckinridge Capital Advisors, Inc. The fund is not responsible for payment of the subadvisory fees.

The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the six months ended November 30, 2022, this waiver amounted to 0.01% of the fund’s average daily net assets, on an annualized basis. This arrangement expires on July 31, 2024, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

The Advisor has contractually agreed to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.450% of average daily net assets of the fund. For purposes of this agreement, “expenses of the fund” means all fund expenses, excluding taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, class-specific expenses, acquired fund fees and expenses paid indirectly, borrowing costs, prime brokerage fees, and short dividend expense. Prior to October 1, 2022, the Advisor had contractually agreed to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.500% of the average daily net assets of the fund. This agreement expires on September 30, 2023, unless renewed by mutual agreement of the Advisor and the fund based upon a determination that this is appropriate under the circumstances at that time.

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

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JOHN HANCOCK ESG Core Bond Fund | SEMIANNUAL REPORT

Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred, for the six months ended November 30, 2022, amounted to an annual rate of 0.01% of the fund’s average daily net assets.

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

Class	Rule 12b-1 Fee
Class A	0.25%

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $114 for the six months ended November 30, 2022. Of this amount, $14 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $100 was paid as sales commissions to broker-dealers.

Class A shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares purchased, including those that are acquired through purchases of $1 million or more, and redeemed within one year of purchase are subject to a 1.00% sales charge. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the six months ended November 30, 2022, there were no CDSCs received by the Distributor for Class A shares.

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

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

Class	Distribution and service fees	Transfer agent fees
Class A	$2,724	$1,295
Class I	—	39,457
Class R6	—	19
Total	$2,724	$40,771

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

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23

Note 5—Fund share transactions

Transactions in fund shares for the six months ended November 30, 2022 and for the year ended May 31, 2022 were as follows:

	Six Months Ended 11-30-22		Year Ended 5-31-22
	Shares	Amount	Shares	Amount
Class A shares
Sold	39,872	$369,876	123,389	$1,255,860
Distributions reinvested	2,430	22,238	4,707	47,293
Repurchased	(8,196)	(75,666)	(57,960)	(570,399)
Net increase	34,106	$316,448	70,136	$732,754
Class I shares
Sold	2,681,385	$24,693,491	749,307	$7,552,536
Distributions reinvested	34,753	316,896	40,018	401,874
Repurchased	(1,862,599)	(16,721,742)	(457,867)	(4,627,316)
Net increase	853,539	$8,288,645	331,458	$3,327,094
Class R6 shares
Sold	2,100	$19,130	54,721	$570,170
Distributions reinvested	457	4,243	2,644	26,626
Repurchased	(79,090)	(743,702)	(54,814)	(566,715)
Net increase (decrease)	(76,533)	$(720,329)	2,551	$30,081
Total net increase	811,112	$7,884,764	404,145	$4,089,929

Affiliates of the fund owned 42% of shares of Class I on November 30, 2022. Such concentration of shareholders’ capital could have a material effect on the fund if such shareholders redeem from the fund.

Note 6—Purchase and sale of securities

Purchases and sales of securities, other than short-term investments and U.S. Treasury obligations, amounted to $15,498,077 and $11,977,156, respectively, for the six months ended November 30, 2022. Purchases and sales of U.S. Treasury obligations aggregated $17,008,516 and $13,337,382, respectively, for the six months ended November 30, 2022.

Note 7—Environmental, social, and governance (ESG) investing risk

Incorporating ESG criteria and investing primarily in instruments that have certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize an ESG investment strategy, or funds that utilize different ESG criteria. Although the manager has established its own process for evaluation of ESG factors, successful application of the fund’s sustainable investment strategy will depend on the manager’s skill in researching, identifying and analyzing material ESG issues as well as on the availability of relevant data. ESG factors may be evaluated differently by different managers, and may not carry the same meaning to all investors and managers. The regulatory landscape with respect to ESG investing in the United States is evolving and any future rules or regulations may require the fund to change its investment process with respect to ESG integration.

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JOHN HANCOCK ESG Core Bond Fund | SEMIANNUAL REPORT

Note 8—LIBOR discontinuation risk

LIBOR (London Interbank Offered Rate) is a measure of the average interest rate at which major global banks can borrow from one another. Following allegations of rate manipulation and concerns regarding its thin liquidity, in July 2017, the U.K. Financial Conduct Authority, which regulates LIBOR, announced that it will stop encouraging banks to provide the quotations needed to sustain LIBOR. As market participants transition away from LIBOR, LIBOR’s usefulness may deteriorate and these effects could be experienced until the permanent cessation of the majority of U.S. LIBOR rates in 2023. The transition process may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. LIBOR’s deterioration may adversely affect the liquidity and/or market value of securities that use LIBOR as a benchmark interest rate.

The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing certain LIBOR maturities, including some U.S. LIBOR maturities, on December 31, 2021, and is expected to cease publishing the remaining and most liquid U.S. LIBOR maturities on June 30, 2023. It is expected that market participants have or will transition to the use of alternative reference or benchmark rates prior to the applicable LIBOR publication cessation date. Additionally, although regulators have encouraged the development and adoption of alternative rates such as the Secured Overnight Financing Rate ("SOFR"), the future utilization of LIBOR or of any particular replacement rate remains uncertain.

The impact on the transition away from LIBOR referenced financial instruments remains uncertain. It is expected that market participants will adopt alternative rates such as SOFR or otherwise amend such financial instruments to include fallback provisions and other measures that contemplate the discontinuation of LIBOR. Uncertainty and risk remain regarding the willingness and ability of issuers and lenders to include alternative rates and revised provisions in new and existing contracts or instruments. To facilitate the transition of legacy derivatives contracts referencing LIBOR, the International Swaps and Derivatives Association, Inc. launched a protocol to incorporate fallback provisions. There are obstacles to converting certain longer term securities to a new benchmark or benchmarks and the effectiveness of one versus multiple alternative reference rates has not been determined. Certain proposed replacement rates, such as SOFR, are materially different from LIBOR, and will require changes to the applicable spreads. Furthermore, the risks associated with the conversion from LIBOR may be exacerbated if an orderly transition is not completed in a timely manner.

Note 9—Coronavirus (COVID-19) pandemic

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

Note 10—New accounting pronouncement

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

SEMIANNUAL REPORT | JOHN HANCOCK ESG Core Bond Fund

25

SHAREHOLDER MEETING

(Unaudited)

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

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

THE PROPOSAL PASSED ON September 9, 2022.

	Total votes for the nominee	Total votes withheld from the nominee
Independent Trustees
James R. Boyle	616,518,318.324	22,346,753.662
Noni L. Ellison	617,240,759.341	21,624,312.645
Dean C. Garfield	616,232,946.892	22,632,125.094
Patricia Lizarraga	617,683,558.095	21,181,513.891
Frances G. Rathke	614,483,486.147	24,381,585.839

    

Non-Independent Trustees
Andrew G. Arnott	615,231,800.904	23,633,271.082
Marianne Harrison	615,166,431.221	23,698,640.765
Paul Lorentz	615,997,259.581	22,867,812.405

26

JOHN HANCOCK ESG CORE BOND FUND  | SEMIANNUAL REPORT

EVALUATION OF ADVISORY AND SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Bond Trust (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with Breckinridge Capital Advisors, Inc (the Subadvisor), for John Hancock ESG Core Bond Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 21-23, 2022 videoconference¹ meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a videoconference meeting held on May 24-25, 2022. The Trustees who are not "interested persons" of the Trust as defined by the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees) also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees and a third-party consulting firm.

Approval of Advisory and Subadvisory Agreements

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

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

SEMIANNUAL REPORT  | JOHN HANCOCK ESG CORE BOND FUND

27

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

Approval of Advisory Agreement

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

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

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

(a)	the skills and competency with which the Advisor has in the past managed the Trust’s affairs and its subadvisory relationship, the Advisor’s oversight and monitoring of the Subadvisor’s investment performance and compliance programs, such as the Subadvisor’s compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor’s timeliness in responding to performance issues;
(b)	the background, qualifications and skills of the Advisor’s personnel;
(c)	the Advisor’s compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;

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JOHN HANCOCK ESG CORE BOND FUND  | SEMIANNUAL REPORT

(d)	the Advisor’s administrative capabilities, including its ability to supervise the other service providers for the fund, as well as the Advisor’s oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the fund, and bringing loss recovery actions on behalf of the fund;
(e)	the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund;
(f)	the Advisor’s initiatives intended to improve various aspects of the Trust’s operations and investor experience with the fund; and
(g)	the Advisor’s reputation and experience in serving as an investment advisor to the Trust and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments.

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

(a)	reviewed information prepared by management regarding the fund’s performance;
(b)	considered the comparative performance of an applicable benchmark index;
(c)	considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data; and
(d)	took into account the Advisor’s analysis of the fund’s performance and its plans and recommendations regarding the Trust’s subadvisory arrangements generally.

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

SEMIANNUAL REPORT  | JOHN HANCOCK ESG CORE BOND FUND

29

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

(a)	reviewed financial information of the Advisor;
(b)	reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;
(c)	received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund;
(d)	received information with respect to the Advisor’s allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor’s allocation methodologies;
(e)	considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability information reviewed by the Board;
(f)	considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement;
(g)	noted that affiliates of the Advisor provide transfer agency services and distribution services to the fund, and that the fund’s distributor also receives Rule 12b-1 payments to support distribution of the fund;
(h)	noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund;
(i)	noted that the subadvisory fee for the fund is paid by the Advisor and is negotiated at arm’s length;
(j)	considered the Advisor’s ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and

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JOHN HANCOCK ESG CORE BOND FUND  | SEMIANNUAL REPORT

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

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

(a)	considered that the Advisor has contractually agreed to waive a portion of its management fee for certain funds of the John Hancock Fund Complex, including the fund (the participating portfolios) or otherwise reimburse the expenses of the participating portfolios (the reimbursement). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund;
(b)	reviewed the fund’s advisory fee structure and concluded that: (i) the fund’s fee structure contains breakpoints at the subadvisory fee level and that such breakpoints are reflected as breakpoints in the advisory fees for the fund; and (ii) although economies of scale cannot be measured with precision, these arrangements permit shareholders of the fund to benefit from economies of scale if the fund grows. The Board also took into account management’s discussion of the fund’s advisory fee structure; and
(c)	the Board also considered the effect of the fund’s growth in size on its performance and fees. The Board also noted that if the fund’s assets increase over time, the fund may realize other economies of scale.

Approval of Subadvisory Agreement

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

(1)	information relating to the Subadvisor’s business, including current subadvisory services to the Trust (and other funds in the John Hancock Fund Complex);
(2)	the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds;
(3)	the subadvisory fee for the fund, including any breakpoints, and to the extent available, comparable fee information prepared by an independent third-party provider of fund data; and
(4)	information relating to the nature and scope of any material relationships and their significance to the Trust’s Advisor and Subadvisor.

SEMIANNUAL REPORT  | JOHN HANCOCK ESG CORE BOND FUND

31

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

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

The Board also relied on the ability of the Advisor to negotiate the Subadvisory Agreement with the Subadvisor, which is not affiliated with the Advisor, and the fees thereunder at arm’s length. As a result, the costs of the services to be provided and the profits to be realized by the Subadvisor from its relationship with the Trust were not a material factor in the Board’s consideration of the Subadvisory Agreement.

The Board also received information regarding the nature and scope (including their significance to the Advisor and its affiliates and to the Subadvisor) of any material relationships with respect to the Subadvisor, which include arrangements in which the Subadvisor or its affiliates provide advisory, distribution, or management services in connection with financial products sponsored by the Advisor or its affiliates, and may include other registered investment companies, a 529 education savings plan, managed separate accounts and exempt group annuity contracts sold to qualified plans. The Board also received information and took into account any other potential conflicts of interest the Advisor might have in connection with the Subadvisory Agreement.

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

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

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

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JOHN HANCOCK ESG CORE BOND FUND  | SEMIANNUAL REPORT

(2)	the performance of the fund is being monitored and reasonably addressed, where appropriate;
(3)	the subadvisory fee is reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and
(4)	noted that the subadvisory fees are paid by the Advisor not the fund and that the subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit shareholders to benefit from economies of scale if the fund grows.

***

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

SEMIANNUAL REPORT  | JOHN HANCOCK ESG CORE BOND FUND

33

More information

34

JOHN HANCOCK ESG CORE BOND FUND | SEMIANNUAL REPORT

John Hancock family of funds

---

---

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EXCHANGE-TRADED FUNDS

John Hancock Corporate Bond ETF

John Hancock International High Dividend ETF

John Hancock Mortgage-Backed Securities ETF

John Hancock Multifactor Developed International ETF

John Hancock Multifactor Emerging Markets ETF

John Hancock Multifactor Large Cap ETF

John Hancock Multifactor Mid Cap ETF

John Hancock Multifactor Small Cap ETF

John Hancock Preferred Income ETF

John Hancock U.S. High Dividend ETF 

ENVIRONMENTAL,SOCIAL, AND
GOVERNANCE FUNDS

ESG Core Bond

ESG International Equity

ESG Large Cap Core

ASSET ALLOCATION/TARGET DATE FUNDS

Balanced

Multi-Asset High Income

Multi-Index Lifetime Portfolios

Multi-Index Preservation Portfolios

Multimanager Lifestyle Portfolios

Multimanager Lifetime Portfolios

CLOSED-END FUNDS

Asset-Based Lending

Financial Opportunities

Hedged Equity & Income

Income Securities Trust

Investors Trust

Preferred Income

Preferred Income II

Preferred Income III

Premium Dividend

Tax-Advantaged Dividend Income

Tax-Advantaged Global Shareholder Yield

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

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

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

A trusted brand

John Hancock Investment Management is a premier asset manager
with a heritage of financial stewardship dating back to 1862. Helping
our shareholders pursue their financial goals is at the core of everything
we do. It’s why we support the role of professional financial advice
and operate with the highest standards of conduct and integrity.

A better way to invest

We serve investors globally through a unique multimanager approach:
We search the world to find proven portfolio teams with specialized
expertise for every strategy we offer, then we apply robust investment
oversight to ensure they continue to meet our uncompromising
standards and serve the best interests of our shareholders.

Results for investors

Our unique approach to asset management enables us to provide
a diverse set of investments backed by some of the world’s best
managers, along with strong risk-adjusted returns across asset classes.

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

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

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

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

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

MF2630360

468SA 11/22

1/2023

Semiannual report

John Hancock

Government Income Fund

Fixed income

November 30, 2022

A message to shareholders

Dear shareholder,

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

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

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

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

Sincerely,

Andrew G. Arnott

Global Head of Retail,
Manulife Investment Management

President and CEO,
John Hancock Investment Management
Head of Wealth and Asset Management,
United States and Europe

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

John Hancock

Government Income Fund

Table of contents

2	Your fund at a glance
3	Portfolio summary
4	Your expenses
6	Fund’s investments
10	Financial statements
14	Financial highlights
18	Notes to financial statements
26	Shareholder meeting
27	Evaluation of advisory and subadvisory agreements by the Board of Trustees
34	More information

SEMIANNUAL REPORT  | JOHN HANCOCK GOVERNMENT INCOME FUND

1

Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks a high level of current income consistent with preservation of capital. Maintaining a stable share price is a secondary goal.

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

The Bloomberg U.S. Government Bond Index tracks the performance of U.S. Treasury and government agency bonds.

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

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

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

2

JOHN HANCOCK GOVERNMENT INCOME FUND  | SEMIANNUAL REPORT

Portfolio summary

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

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

Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 11-30-22 and do not reflect subsequent downgrades or upgrades, if any.

Notes about risk

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

SEMIANNUAL REPORT | JOHN HANCOCK GOVERNMENT INCOME FUND

3

Your expenses

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

Understanding fund expenses

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

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

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

We are presenting only your ongoing operating expenses here.

Actual expenses/actual returns

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

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

Hypothetical example for comparison purposes

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

4

JOHN HANCOCK GOVERNMENT INCOME FUND | SEMIANNUAL REPORT

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

SHAREHOLDER EXPENSE EXAMPLE CHART

		Account value on 6-1-2022	Ending value on 11-30-2022	Expenses paid during period ended 11-30-20221	Annualized expense ratio
Class A	Actual expenses/actual returns	$1,000.00	$952.20	$4.75	0.97%
	Hypothetical example	1,000.00	1,020.20	4.91	0.97%
Class C	Actual expenses/actual returns	1,000.00	948.60	8.40	1.72%
	Hypothetical example	1,000.00	1,016.40	8.69	1.72%
Class I	Actual expenses/actual returns	1,000.00	953.50	3.57	0.73%
	Hypothetical example	1,000.00	1,021.40	3.70	0.73%
Class R6	Actual expenses/actual returns	1,000.00	954.00	3.04	0.62%
	Hypothetical example	1,000.00	1,022.00	3.14	0.62%

    

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

SEMIANNUAL REPORT | JOHN HANCOCK GOVERNMENT INCOME FUND

5

Fund’s investments

AS OF 11-30-22 (unaudited)

	Rate (%)	Maturity date		Par value^	Value
U.S. Government and Agency obligations 95.0%					$231,755,830
(Cost $234,446,253)
U.S. Government 66.6%					162,431,215
U.S. Treasury
Bond	3.000	08-15-52		22,628,000	19,375,225
Bond	4.000	11-15-42		23,330,000	23,439,359
Bond	4.000	11-15-52		750,000	780,000
Note	2.750	04-30-23		1,800,000	1,786,359
Note	3.875	11-30-27		35,197,000	35,328,989
Note	3.875	11-30-29		26,300,000	26,530,125
Note	4.125	11-15-32		8,569,000	8,903,727
Note	4.250	10-15-25		35,136,000	35,265,015
Note	4.375	10-31-24		11,025,000	11,022,416
U.S. Government Agency 28.4%					69,324,615
Federal Farm Credit Bank Note	3.370	12-08-25		2,500,000	2,438,872
Federal Home Loan Bank
Bond	4.130	08-28-25		3,000,000	2,954,992
Bond	4.500	09-16-27		3,000,000	2,961,388
Bond	5.000	10-20-25		2,200,000	2,197,298
Bond	5.000	09-14-27		2,500,000	2,481,059
Bond	6.000	11-23-27		2,500,000	2,507,026
Bond	6.125	11-16-27		2,500,000	2,503,286
Bond	5.500	10-21-27		2,465,000	2,451,735
Federal Home Loan Mortgage Corp.
30 Yr Pass Thru	3.000	04-01-43		563,158	516,416
30 Yr Pass Thru	3.500	12-01-44		1,562,720	1,475,140
30 Yr Pass Thru	3.500	02-01-47		458,661	432,096
30 Yr Pass Thru	3.500	06-01-49		472,977	439,594
30 Yr Pass Thru	3.500	03-01-52		267,129	246,563
30 Yr Pass Thru	4.000	12-01-40		286,669	277,533
30 Yr Pass Thru	4.000	01-01-41		370,479	358,672
30 Yr Pass Thru	4.000	01-01-41		306,221	296,367
30 Yr Pass Thru	4.000	11-01-43		614,202	598,983
30 Yr Pass Thru	4.000	12-01-46		461,562	447,818
30 Yr Pass Thru	4.000	06-01-47		452,940	438,887
30 Yr Pass Thru (A)	5.500	09-01-52		1,196,202	1,224,952
Note	4.050	08-28-25		3,000,000	2,947,195
Note	4.250	08-25-27		2,500,000	2,458,961
Note	5.375	11-15-24		2,500,000	2,501,135
Federal National Mortgage Association
15 Yr Pass Thru	3.000	03-01-28		445,386	429,772
15 Yr Pass Thru (A)	4.500	TBA		1,585,000	1,580,356
15 Yr Pass Thru (A)	4.500	11-01-37		892,000	889,624

6

JOHN HANCOCK GOVERNMENT INCOME FUND | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
U.S. Government Agency (continued)
30 Yr Pass Thru	2.000	10-01-50		1,155,750	$962,295
30 Yr Pass Thru	2.500	07-01-50		533,738	463,736
30 Yr Pass Thru	2.500	08-01-50		2,444,687	2,118,707
30 Yr Pass Thru	2.500	09-01-50		982,196	850,614
30 Yr Pass Thru	2.500	09-01-50		2,575,469	2,232,051
30 Yr Pass Thru	2.500	10-01-50		902,952	786,501
30 Yr Pass Thru	3.000	10-01-49		1,209,411	1,086,269
30 Yr Pass Thru	3.000	11-01-49		1,029,919	925,052
30 Yr Pass Thru	3.500	07-01-43		990,040	934,315
30 Yr Pass Thru	3.500	03-01-44		437,240	410,338
30 Yr Pass Thru	3.500	01-01-45		1,911,840	1,807,218
30 Yr Pass Thru	3.500	04-01-45		1,661,100	1,564,489
30 Yr Pass Thru	3.500	05-01-48		678,213	629,230
30 Yr Pass Thru	3.500	06-01-49		571,356	534,197
30 Yr Pass Thru	3.500	03-01-52		2,437,672	2,256,856
30 Yr Pass Thru	4.000	09-01-40		802,472	776,032
30 Yr Pass Thru	4.000	12-01-40		538,230	520,501
30 Yr Pass Thru	4.000	09-01-41		630,627	609,453
30 Yr Pass Thru	4.000	10-01-41		667,734	645,354
30 Yr Pass Thru	4.000	01-01-42		339,534	328,159
30 Yr Pass Thru	4.000	07-01-42		906,119	875,151
30 Yr Pass Thru	4.000	11-01-42		1,454,782	1,405,919
30 Yr Pass Thru	4.000	11-01-43		1,426,007	1,396,089
30 Yr Pass Thru	4.000	12-01-43		621,692	606,900
30 Yr Pass Thru	4.000	06-01-49		2,246,652	2,168,625
30 Yr Pass Thru	4.500	08-01-40		564,765	561,494
30 Yr Pass Thru	4.500	06-01-41		1,157,753	1,151,534
30 Yr Pass Thru	4.500	07-01-41		1,064,887	1,059,132
30 Yr Pass Thru	4.500	11-01-41		190,065	189,049
30 Yr Pass Thru	4.500	02-01-42		576,229	577,943
30 Yr Pass Thru	4.500	04-01-48		564,137	559,997
30 Yr Pass Thru (A)	5.500	10-01-52		269,718	275,695
Collateralized mortgage obligations 4.2%					$10,232,631
(Cost $14,530,294)
Commercial and residential 1.1%					2,654,186
Citigroup Mortgage Loan Trust, Inc.
Series 2018-RP1, Class A1 (B)(C)	3.000	09-25-64		581,135	552,429
Seasoned Credit Risk Transfer Trust
Series 2018-3, Class MA (C)	3.500	08-25-57		992,297	946,341
Series 2019-1, Class MA	3.500	07-25-58		766,929	729,617
Towd Point Mortgage Trust
Series 2017-1, Class A1 (B)(C)	2.750	10-25-56		14,509	14,235
Series 2017-2, Class A1 (B)(C)	2.750	04-25-57		11,704	11,526
Series 2017-3, Class A1 (B)(C)	2.750	07-25-57		250,380	243,277

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK GOVERNMENT INCOME FUND

7

	Rate (%)	Maturity date		Par value^	Value
Commercial and residential (continued)
Series 2017-5, Class A1 (1 month LIBOR + 0.600%) (B)(D)	3.512	02-25-57		159,341	$156,761
U.S. Government Agency 3.1%					7,578,445
Federal Home Loan Mortgage Corp.
Series 4083, Class PB	3.500	09-15-41		663,740	645,596
Series 4459, Class CA	5.000	12-15-34		36,890	36,842
Series K030, Class X1 IO	0.249	04-25-23		37,049,438	8,414
Series K032, Class A1	3.016	02-25-23		16,671	16,624
Series K038, Class X1 IO	1.234	03-25-24		6,216,855	63,918
Series K048, Class X1 IO	0.345	06-25-25		4,795,660	23,197
Series K050, Class X1 IO	0.304	08-25-25		69,298,927	494,878
Series K053, Class X1 IO	1.015	12-25-25		26,795,806	573,688
Series K054, Class X1 IO	1.296	01-25-26		20,716,341	606,732
Series K722, Class X1 IO	1.480	03-25-23		9,383,434	5,983
Series KSMC, Class A2	2.615	01-25-23		2,000,000	1,990,559
Federal National Mortgage Association
Series 1993-225, Class TK	6.500	12-25-23		8,707	8,673
Series 2014-44, Class DA	3.000	07-25-36		697,365	653,672
Series 2014-49, Class CA	3.000	08-25-44		397,934	373,911
Series 427, Class C20 IO	2.000	02-25-51		1,776,485	217,160
Series 427, Class C77 IO	2.500	09-25-51		844,429	121,587
Government National Mortgage Association
Series 2012-114, Class IO	0.611	01-16-53		654,244	10,124
Series 2013-30, Class A	1.500	05-16-42		5,212	5,197
Series 2015-7, Class IO	0.454	01-16-57		4,554,388	99,089
Series 2017-109, Class IO	0.272	04-16-57		915,018	19,278
Series 2017-124, Class IO	0.620	01-16-59		776,234	24,121
Series 2017-140, Class IO	0.486	02-16-59		604,114	20,786
Series 2017-20, Class IO	0.537	12-16-58		1,389,043	37,572
Series 2017-41, Class IO	0.606	07-16-58		776,293	22,852
Series 2017-46, Class IO	0.694	11-16-57		1,170,140	45,170
Series 2017-54, Class IO	0.686	12-16-58		4,072,937	158,142
Series 2017-61, Class IO	0.746	05-16-59		681,211	26,513
Series 2017-74, Class IO	0.452	09-16-58		1,223,234	30,414
Series 2017-89, Class IO	0.503	07-16-59		1,057,312	35,429
Series 2018-114, Class IO	0.710	04-16-60		775,205	32,315
Series 2018-68, Class A	2.850	04-16-50		209,080	200,526
Series 2018-9, Class IO	0.442	01-16-60		1,195,909	38,322
Series 2020-118, Class IO	0.885	06-16-62		2,440,972	156,695
Series 2020-119, Class IO	0.601	08-16-62		1,273,827	66,063
Series 2020-120, Class IO	0.760	05-16-62		3,319,560	199,207
Series 2020-137, Class IO	0.794	09-16-62		2,298,390	134,254
Series 2020-170, Class IO	0.833	11-16-62		2,820,246	183,799
Series 2021-40, Class IO	0.824	02-16-63		770,257	50,773
Series 2022-53, Class IO	0.712	06-16-64		2,461,093	140,370

8

JOHN HANCOCK GOVERNMENT INCOME FUND | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Asset backed securities 0.2%					$474,539
(Cost $479,215)
Asset backed securities 0.2%					474,539
Pennsylvania Higher Education Assistance Agency
Series 2006-2, Class A3 (3 month LIBOR + 0.130%) (D)	4.488	10-25-36		484,766	474,539

    

		Yield (%)		Shares	Value
Short-term investments 1.9%					$4,519,725
(Cost $4,518,473)
Short-term funds 1.9%					4,519,725
John Hancock Collateral Trust (E)		3.8739(F)		452,257	4,519,725

    

Total investments (Cost $253,974,235) 101.3%					$246,982,725
Other assets and liabilities, net (1.3%)					(3,084,377)
Total net assets 100.0%					$243,898,348

    

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.
^All par values are denominated in U.S. dollars unless otherwise indicated.
Security Abbreviations and Legend
IO	Interest-Only Security - (Interest Tranche of Stripped Mortgage Pool). Rate shown is the annualized yield at the end of the period.
LIBOR	London Interbank Offered Rate
TBA	To Be Announced. A forward mortgage-backed securities trade issued by a U.S. Government Agency, to be delivered at an agreed-upon future settlement date.
(A)	Security purchased or sold on a when-issued or delayed delivery basis.
(B)	These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration.
(C)	Variable or floating rate security, the interest rate of which adjusts periodically based on a weighted average of interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of period end.
(D)	Variable rate obligation. The coupon rate shown represents the rate at period end.
(E)	Investment is an affiliate of the fund, the advisor and/or subadvisor.
(F)	The rate shown is the annualized seven-day yield as of 11-30-22.

At 11-30-22, the aggregate cost of investments for federal income tax purposes was $254,411,086. Net unrealized depreciation aggregated to $7,428,361, of which $2,289,264 related to gross unrealized appreciation and $9,717,625 related to gross unrealized depreciation.

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK GOVERNMENT INCOME FUND

9

Financial statements

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

Assets
Unaffiliated investments, at value (Cost $249,455,762)	$242,463,000
Affiliated investments, at value (Cost $4,518,473)	4,519,725
Total investments, at value (Cost $253,974,235)	246,982,725
Foreign currency, at value (Cost $22)	23
Interest receivable	1,041,462
Receivable for fund shares sold	223,072
Receivable for investments sold	2,488,017
Receivable for delayed delivery securities sold	2,375,189
Receivable from affiliates	951
Other assets	68,489
Total assets	253,179,928
Liabilities
Due to custodian	370
Distributions payable	25,124
Payable for investments purchased	2,544,776
Payable for delayed delivery securities purchased	6,275,404
Payable for fund shares repurchased	342,601
Payable to affiliates
Accounting and legal services fees	11,665
Transfer agent fees	22,013
Distribution and service fees	1,221
Trustees’ fees	6
Other liabilities and accrued expenses	58,400
Total liabilities	9,281,580
Net assets	$243,898,348
Net assets consist of
Paid-in capital	$292,792,341
Total distributable earnings (loss)	(48,893,993)
Net assets	$243,898,348

10

JOHN HANCOCK Government Income Fund | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES  (continued)

Net asset value per share
Based on net asset value and shares outstanding - the fund has an unlimited number of shares authorized with no par value
Class A ($169,921,238 ÷ 20,948,022 shares)1	$8.11
Class C ($1,451,784 ÷ 179,178 shares)1	$8.10
Class I ($47,403,616 ÷ 5,837,819 shares)	$8.12
Class R6 ($25,121,710 ÷ 3,095,036 shares)	$8.12
Maximum offering price per share
Class A (net asset value per share ÷ 96%)2	$8.45

    

1	Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
2	On single retail sales of less than $100,000. On sales of $100,000 or more and on group sales the offering price is reduced.

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK Government Income Fund

11

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

Investment income
Interest	$3,962,371
Dividends from affiliated investments	138,085
Total investment income	4,100,456
Expenses
Investment management fees	605,550
Distribution and service fees	230,607
Accounting and legal services fees	17,492
Transfer agent fees	121,426
Trustees’ fees	2,158
Custodian fees	15,791
State registration fees	33,339
Printing and postage	18,640
Professional fees	33,533
Other	13,155
Total expenses	1,091,691
Less expense reductions	(51,428)
Net expenses	1,040,263
Net investment income	3,060,193
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments	(13,798,138)
Affiliated investments	(1,555)
	(13,799,693)
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments and translation of assets and liabilities in foreign currencies	272,705
Affiliated investments	1,240
	273,945
Net realized and unrealized loss	(13,525,748)
Decrease in net assets from operations	$(10,465,555)

12

JOHN HANCOCK Government Income Fund | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

STATEMENTS OF CHANGES IN NET ASSETS  

	Six months ended 11-30-22 (unaudited)	Year ended 5-31-22
Increase (decrease) in net assets
From operations
Net investment income	$3,060,193	$2,864,863
Net realized loss	(13,799,693)	(19,699,713)
Change in net unrealized appreciation (depreciation)	273,945	(4,124,979)
Decrease in net assets resulting from operations	(10,465,555)	(20,959,829)
Distributions to shareholders
From earnings
Class A	(2,310,351)	(3,245,757)
Class C	(16,187)	(22,912)
Class I	(363,362)	(195,358)
Class R6	(395,519)	(662,789)
Total distributions	(3,085,419)	(4,126,816)
From fund share transactions	29,188,951	(31,666,490)
Total increase (decrease)	15,637,977	(56,753,135)
Net assets
Beginning of period	228,260,371	285,013,506
End of period	$243,898,348	$228,260,371

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK Government Income Fund

13

Financial highlights

CLASS A SHARES Period ended	11-30-221	5-31-22	5-31-21	5-31-20	5-31-19	5-31-18
Per share operating performance
Net asset value, beginning of period	$8.63	$9.54	$10.07	$9.34	$9.08	$9.41
Net investment income2	0.11	0.10	0.08	0.13	0.18	0.16
Net realized and unrealized gain (loss) on investments	(0.52)	(0.87)	(0.49)	0.75	0.31	(0.29)
Total from investment operations	(0.41)	(0.77)	(0.41)	0.88	0.49	(0.13)
Less distributions
From net investment income	(0.11)	(0.14)	(0.12)	(0.15)	(0.23)	(0.20)
Net asset value, end of period	$8.11	$8.63	$9.54	$10.07	$9.34	$9.08
Total return (%)3,4	(4.78)5	(8.14)	(4.08)	9.51	5.46	(1.35)
Ratios and supplemental data
Net assets, end of period (in millions)	$170	$188	$229	$249	$217	$222
Ratios (as a percentage of average net assets):
Expenses before reductions	1.026	1.00	1.01	1.04	1.03	1.06
Expenses including reductions	0.976	0.98	0.98	0.98	0.98	0.98
Net investment income	2.596	1.04	0.79	1.34	2.04	1.69
Portfolio turnover (%)	247	336	169	166	87	103

    

1	Six months ended 11-30-22. Unaudited.
2	Based on average daily shares outstanding.
3	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
4	Does not reflect the effect of sales charges, if any.
5	Not annualized.
6	Annualized.

14

JOHN HANCOCK Government Income Fund | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

CLASS C SHARES Period ended	11-30-221	5-31-22	5-31-21	5-31-20	5-31-19	5-31-18
Per share operating performance
Net asset value, beginning of period	$8.62	$9.53	$10.07	$9.34	$9.08	$9.41
Net investment income2	0.08	0.02	—3	0.05	0.11	0.08
Net realized and unrealized gain (loss) on investments	(0.52)	(0.85)	(0.49)	0.75	0.30	(0.28)
Total from investment operations	(0.44)	(0.83)	(0.49)	0.80	0.41	(0.20)
Less distributions
From net investment income	(0.08)	(0.08)	(0.05)	(0.07)	(0.15)	(0.13)
Net asset value, end of period	$8.10	$8.62	$9.53	$10.07	$9.34	$9.08
Total return (%)4,5	(5.14)6	(8.80)	(4.90)	8.64	4.63	(2.12)
Ratios and supplemental data
Net assets, end of period (in millions)	$1	$2	$4	$9	$6	$8
Ratios (as a percentage of average net assets):
Expenses before reductions	1.777	1.75	1.76	1.79	1.78	1.81
Expenses including reductions	1.727	1.74	1.75	1.78	1.77	1.77
Net investment income	1.817	0.24	0.01	0.53	1.25	0.88
Portfolio turnover (%)	247	336	169	166	87	103

    

1	Six months ended 11-30-22. Unaudited.
2	Based on average daily shares outstanding.
3	Less than $0.005 per share.
4	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
5	Does not reflect the effect of sales charges, if any.
6	Not annualized.
7	Annualized.

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK Government Income Fund

15

CLASS I SHARES Period ended	11-30-221	5-31-22	5-31-21	5-31-20	5-31-19	5-31-18
Per share operating performance
Net asset value, beginning of period	$8.64	$9.55	$10.07	$9.34	$9.09	$9.42
Net investment income2	0.13	0.12	0.10	0.15	0.20	0.16
Net realized and unrealized gain (loss) on investments	(0.53)	(0.86)	(0.47)	0.75	0.29	(0.27)
Total from investment operations	(0.40)	(0.74)	(0.37)	0.90	0.49	(0.11)
Less distributions
From net investment income	(0.12)	(0.17)	(0.15)	(0.17)	(0.24)	(0.22)
Net asset value, end of period	$8.12	$8.64	$9.55	$10.07	$9.34	$9.09
Total return (%)3	(4.65)4	(7.91)	(3.76)	9.73	5.55	(1.13)
Ratios and supplemental data
Net assets, end of period (in millions)	$47	$9	$13	$22	$5	$4
Ratios (as a percentage of average net assets):
Expenses before reductions	0.775	0.75	0.76	0.79	0.79	0.81
Expenses including reductions	0.735	0.74	0.75	0.78	0.79	0.77
Net investment income	3.145	1.27	1.02	1.52	2.24	1.71
Portfolio turnover (%)	247	336	169	166	87	103

    

1	Six months ended 11-30-22. Unaudited.
2	Based on average daily shares outstanding.
3	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
4	Not annualized.
5	Annualized.

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JOHN HANCOCK Government Income Fund | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

CLASS R6 SHARES Period ended	11-30-221	5-31-22	5-31-21	5-31-20	5-31-19	5-31-182
Per share operating performance
Net asset value, beginning of period	$8.64	$9.54	$10.07	$9.34	$9.09	$9.45
Net investment income3	0.12	0.13	0.11	0.16	0.21	0.15
Net realized and unrealized gain (loss) on investments	(0.52)	(0.86)	(0.48)	0.75	0.29	(0.33)
Total from investment operations	(0.40)	(0.73)	(0.37)	0.91	0.50	(0.18)
Less distributions
From net investment income	(0.12)	(0.17)	(0.16)	(0.18)	(0.25)	(0.18)
Net asset value, end of period	$8.12	$8.64	$9.54	$10.07	$9.34	$9.09
Total return (%)4	(4.60)5	(7.72)	(3.76)	9.85	5.67	(1.91)5
Ratios and supplemental data
Net assets, end of period (in millions)	$25	$29	$40	$38	$19	$21
Ratios (as a percentage of average net assets):
Expenses before reductions	0.666	0.64	0.65	0.67	0.68	0.716
Expenses including reductions	0.626	0.63	0.64	0.67	0.67	0.676
Net investment income	2.946	1.38	1.13	1.64	2.35	2.206
Portfolio turnover (%)	247	336	169	166	87	1037

    

1	Six months ended 11-30-22. Unaudited.
2	The inception date for Class R6 shares is 8-30-17.
3	Based on average daily shares outstanding.
4	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
5	Not annualized.
6	Annualized.
7	Portfolio turnover is shown for the period from 6-1-17 to 5-31-18.

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK Government Income Fund

17

Notes to financial statements (unaudited)

Note 1—Organization

John Hancock Government Income Fund (the fund) is a series of John Hancock Bond Trust (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the fund is to seek a high level of current income consistent with preservation of capital. Maintaining a stable share price is a secondary goal.

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

Note 2—Significant accounting policies

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

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

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

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

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

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

18

JOHN HANCOCK Government Income Fund | SEMIANNUAL REPORT

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

The following is a summary of the values by input classification of the fund’s investments as of November 30, 2022, by major security category or type:

	Total value at 11-30-22	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Investments in securities:
Assets
U.S. Government and Agency obligations	$231,755,830	—	$231,755,830	—
Collateralized mortgage obligations	10,232,631	—	10,232,631	—
Asset backed securities	474,539	—	474,539	—
Short-term investments	4,519,725	$4,519,725	—	—
Total investments in securities	$246,982,725	$4,519,725	$242,463,000	—

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

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

Stripped securities. Stripped securities are financial instruments structured to separate principal and interest cash flows so that one class receives principal payments from the underlying assets (PO or principal only), while the other class receives the interest cash flows (IO or interest only). Both PO and IO investments represent an interest in the cash flows of an underlying stripped security. If the underlying assets experience greater than anticipated prepayments of principal, the fund may fail to fully recover its initial investment in an IO security. The market value of these securities can be extremely volatile in response to changes in interest rates or prepayments on the underlying securities. In addition, these securities present additional credit risk such that the fund may not receive all or part of its principal or interest payments because the borrower or issuer has defaulted on its obligation.

Mortgage and asset backed securities. The fund may invest in mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, which are debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities,

SEMIANNUAL REPORT | JOHN HANCOCK Government Income Fund

19

effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations (e.g. FNMA), may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The fund is also subject to risks associated with securities with contractual cash flows including asset-backed and mortgage related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

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

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

Line of credit. The fund and other affiliated funds have entered into a syndicated line of credit agreement with Citibank, N.A. as the administrative agent that enables them to participate in a $1 billion unsecured committed line of credit. Excluding commitments designated for a certain fund and subject to the needs of all other affiliated funds, the fund can borrow up to an aggregate commitment amount of $750 million, subject to asset coverage and other limitations as specified in the agreement. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund based on a combination of fixed and asset-based allocations and is reflected in Other expenses on the Statement of operations. For the six months ended November 30, 2022, the fund had no borrowings under the line of credit. Commitment fees for the six months ended November 30, 2022 were $1,866.

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

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

20

JOHN HANCOCK Government Income Fund | SEMIANNUAL REPORT

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

For federal income tax purposes, as of May 31, 2022, the fund has a short-term capital loss carryforward of $23,537,121 and a long-term capital loss carryforward of $4,664,856 available to offset future net realized capital gains. These carryforwards do not expire.

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

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

Distributions paid by the fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class.

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

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

Note 3—Guarantees and indemnifications

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

Note 4—Fees and transactions with affiliates

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

Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor equivalent on an annual basis to the sum of: (a) 0.530% of the first $300 million of the fund’s average daily net assets, (b) 0.450% of the next $700 million of the fund’s average daily net assets, and (c) 0.430% of the fund’s average daily net assets in excess of $1 billion. The Advisor has a subadvisory agreement with Manulife Investment Management (US) LLC, an indirectly owned subsidiary of Manulife Financial Corporation and an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.

SEMIANNUAL REPORT | JOHN HANCOCK Government Income Fund

21

The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the six months ended November 30, 2022, this waiver amounted to 0.01% of the fund’s average daily net assets, on an annualized basis. This arrangement expires on July 31, 2024, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

The Advisor has contractually agreed to waive all or a portion of its management fee and/or reimburse or pay operating expenses of the fund to the extent necessary to maintain the total operating expenses at 0.60% for the fund, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, (e) class-specific expenses, (f) borrowing costs, (g) prime brokerage fees, (h) acquired fund fees and expenses paid indirectly, and (i) short dividend expense. Prior to October 1, 2022, the Advisor contractually agreed to waive all or a portion of its management fee and/or reimburse or pay operating expenses of the fund to the extent necessary to maintain the total operating expenses at 0.98% for Class A shares, excluding certain expenses such as taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, acquired fund fees and expenses paid indirectly, borrowing costs, prime brokerage fees and short dividend expense. The fee waiver and/or expense reimbursements will expire on September 30, 2023, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at the time.

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

Class	Rule 12b-1 Fee
Class A	0.25%
Class C	1.00%

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JOHN HANCOCK Government Income Fund | SEMIANNUAL REPORT

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $24,560 for the six months ended November 30, 2022. Of this amount, $3,810 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $20,750 was paid as sales commissions to broker-dealers.

Class A and Class C shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares purchased, including those that are acquired through purchases of $1 million or more, and redeemed within one year of purchase are subject to a 1.00% sales charge. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the six months ended November 30, 2022, CDSCs received by the Distributor amounted to $3,947 and $91 for Class A and Class C shares, respectively.

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

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

Class	Distribution and service fees	Transfer agent fees
Class A	$221,761	$105,540
Class C	8,846	1,052
Class I	—	13,528
Class R6	—	1,306
Total	$230,607	$121,426

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

SEMIANNUAL REPORT | JOHN HANCOCK Government Income Fund

23

Note 5—Fund share transactions

Transactions in fund shares for the six months ended November 30, 2022 and for the year ended May 31, 2022 were as follows:

	Six Months Ended 11-30-22		Year Ended 5-31-22
	Shares	Amount	Shares	Amount
Class A shares
Sold	1,031,966	$8,483,472	2,503,305	$23,337,936
Distributions reinvested	264,203	2,176,211	328,457	3,053,898
Repurchased	(2,187,339)	(18,114,211)	(4,983,170)	(46,268,084)
Net decrease	(891,170)	$(7,454,528)	(2,151,408)	$(19,876,250)
Class C shares
Sold	6,009	$49,897	135,033	$1,290,966
Distributions reinvested	1,895	15,580	2,382	22,172
Repurchased	(59,826)	(488,473)	(280,454)	(2,633,070)
Net decrease	(51,922)	$(422,996)	(143,039)	$(1,319,932)
Class I shares
Sold	5,234,788	$42,636,382	327,346	$3,103,069
Distributions reinvested	44,862	363,222	20,962	195,269
Repurchased	(468,401)	(3,806,139)	(675,304)	(6,290,213)
Net increase (decrease)	4,811,249	$39,193,465	(326,996)	$(2,991,875)
Class R6 shares
Sold	338,908	$2,813,567	892,111	$8,354,750
Distributions reinvested	47,955	395,519	71,148	662,778
Repurchased	(642,210)	(5,336,076)	(1,775,137)	(16,495,961)
Net decrease	(255,347)	$(2,126,990)	(811,878)	$(7,478,433)
Total net increase (decrease)	3,612,810	$29,188,951	(3,433,321)	$(31,666,490)

Note 6—Purchase and sale of securities

Purchases and sales of securities, other than short-term investments and U.S. Treasury obligations, amounted to $36,603,643 and $39,712,730, respectively, for the six months ended November 30, 2022. Purchases and sales of U.S. Treasury obligations aggregated $545,288,793 and $514,443,118, respectively, for the six months ended November 30, 2022.

Note 7—Investment in affiliated underlying funds

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

24

JOHN HANCOCK Government Income Fund | SEMIANNUAL REPORT

							Dividends and distributions
Affiliate	Ending share amount	Beginning value	Cost of purchases	Proceeds from shares sold	Realized gain (loss)	Change in unrealized appreciation (depreciation)	Income distributions received	Capital gain distributions received	Ending value
John Hancock Collateral Trust	452,257	$414,127	$218,410,515	$(214,304,602)	$(1,555)	$1,240	$138,085	—	$4,519,725

Note 8—LIBOR discontinuation risk

LIBOR (London Interbank Offered Rate) is a measure of the average interest rate at which major global banks can borrow from one another. Following allegations of rate manipulation and concerns regarding its thin liquidity, in July 2017, the U.K. Financial Conduct Authority, which regulates LIBOR, announced that it will stop encouraging banks to provide the quotations needed to sustain LIBOR. As market participants transition away from LIBOR, LIBOR’s usefulness may deteriorate and these effects could be experienced until the permanent cessation of the majority of U.S. LIBOR rates in 2023. The transition process may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. LIBOR’s deterioration may adversely affect the liquidity and/or market value of securities that use LIBOR as a benchmark interest rate.

The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing certain LIBOR maturities, including some U.S. LIBOR maturities, on December 31, 2021, and is expected to cease publishing the remaining and most liquid U.S. LIBOR maturities on June 30, 2023. It is expected that market participants have or will transition to the use of alternative reference or benchmark rates prior to the applicable LIBOR publication cessation date. Additionally, although regulators have encouraged the development and adoption of alternative rates such as the Secured Overnight Financing Rate ("SOFR"), the future utilization of LIBOR or of any particular replacement rate remains uncertain.

The impact on the transition away from LIBOR referenced financial instruments remains uncertain. It is expected that market participants will adopt alternative rates such as SOFR or otherwise amend such financial instruments to include fallback provisions and other measures that contemplate the discontinuation of LIBOR. Uncertainty and risk remain regarding the willingness and ability of issuers and lenders to include alternative rates and revised provisions in new and existing contracts or instruments. To facilitate the transition of legacy derivatives contracts referencing LIBOR, the International Swaps and Derivatives Association, Inc. launched a protocol to incorporate fallback provisions. There are obstacles to converting certain longer term securities to a new benchmark or benchmarks and the effectiveness of one versus multiple alternative reference rates has not been determined. Certain proposed replacement rates, such as SOFR, are materially different from LIBOR, and will require changes to the applicable spreads. Furthermore, the risks associated with the conversion from LIBOR may be exacerbated if an orderly transition is not completed in a timely manner.

Note 9—Coronavirus (COVID-19) pandemic

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

Note 10—New accounting pronouncement

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

SEMIANNUAL REPORT | JOHN HANCOCK Government Income Fund

25

SHAREHOLDER MEETING

(Unaudited)

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

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

THE PROPOSAL PASSED ON September 9, 2022.

	Total votes for the nominee	Total votes withheld from the nominee
Independent Trustees
James R. Boyle	616,518,318.324	22,346,753.662
Noni L. Ellison	617,240,759.341	21,624,312.645
Dean C. Garfield	616,232,946.892	22,632,125.094
Patricia Lizarraga	617,683,558.095	21,181,513.891
Frances G. Rathke	614,483,486.147	24,381,585.839

    

Non-Independent Trustees
Andrew G. Arnott	615,231,800.904	23,633,271.082
Marianne Harrison	615,166,431.221	23,698,640.765
Paul Lorentz	615,997,259.581	22,867,812.405

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JOHN HANCOCK GOVERNMENT INCOME FUND  | SEMIANNUAL REPORT

EVALUATION OF ADVISORY AND SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Bond Trust (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with Manulife Investment Management (US) LLC (the Subadvisor), for John Hancock Government Income Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 21-23, 2022 videoconference¹ meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a videoconference meeting held on May 24-25, 2022. The Trustees who are not "interested persons" of the Trust as defined by the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees) also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees and a third-party consulting firm.

Approval of Advisory and Subadvisory Agreements

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

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

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

Approval of Advisory Agreement

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

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

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

(a)	the skills and competency with which the Advisor has in the past managed the Trust’s affairs and its subadvisory relationship, the Advisor’s oversight and monitoring of the Subadvisor’s investment performance and compliance programs, such as the Subadvisor’s compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor’s timeliness in responding to performance issues;
(b)	the background, qualifications and skills of the Advisor’s personnel;
(c)	the Advisor’s compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;

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(d)	the Advisor’s administrative capabilities, including its ability to supervise the other service providers for the fund, as well as the Advisor’s oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the fund, and bringing loss recovery actions on behalf of the fund;
(e)	the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund;
(f)	the Advisor’s initiatives intended to improve various aspects of the Trust’s operations and investor experience with the fund; and
(g)	the Advisor’s reputation and experience in serving as an investment advisor to the Trust and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments.

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

(a)	reviewed information prepared by management regarding the fund’s performance;
(b)	considered the comparative performance of an applicable benchmark index;
(c)	considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data; and
(d)	took into account the Advisor’s analysis of the fund’s performance and its plans and recommendations regarding the Trust’s subadvisory arrangements generally.

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

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

(a)	reviewed financial information of the Advisor;
(b)	reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;
(c)	received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund;
(d)	received information with respect to the Advisor’s allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor’s allocation methodologies;
(e)	considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability information reviewed by the Board;
(f)	considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement;
(g)	noted that affiliates of the Advisor provide transfer agency services and distribution services to the fund, and that the fund’s distributor also receives Rule 12b-1 payments to support distribution of the fund;
(h)	noted that the fund’s Subadvisor is an affiliate of the Advisor;
(i)	noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund;
(j)	noted that the subadvisory fee for the fund is paid by the Advisor;

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(k)	considered the Advisor’s ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and
(l)	considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the risks that it assumes as Advisor, including entrepreneurial, operational, reputational, litigation and regulatory risk.

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

(a)	considered that the Advisor has contractually agreed to waive a portion of its management fee for certain funds of the John Hancock Fund Complex, including the fund (the participating portfolios) or otherwise reimburse the expenses of the participating portfolios (the reimbursement). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund;
(b)	reviewed the fund’s advisory fee structure and concluded that: (i) the fund’s fee structure contains breakpoints at the subadvisory fee level and that such breakpoints are reflected as breakpoints in the advisory fees for the fund; and (ii) although economies of scale cannot be measured with precision, these arrangements permit shareholders of the fund to benefit from economies of scale if the fund grows. The Board also took into account management’s discussion of the fund’s advisory fee structure; and
(c)	the Board also considered the effect of the fund’s growth in size on its performance and fees. The Board also noted that if the fund’s assets increase over time, the fund may realize other economies of scale.

Approval of Subadvisory Agreement

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

(1)	information relating to the Subadvisor’s business, including current subadvisory services to the Trust (and other funds in the John Hancock Fund Complex);
(2)	the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds; and
(3)	the subadvisory fee for the fund, including any breakpoints, and to the extent available, comparable fee information prepared by an independent third-party provider of fund data.

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

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

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

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

(1)	the Subadvisor has extensive experience and demonstrated skills as a manager;
(2)	the performance of the fund is being monitored and reasonably addressed, where appropriate;
(3)	the subadvisory fee is reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and
(4)	noted that the subadvisory fees are paid by the Advisor not the fund and that the subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit shareholders to benefit from economies of scale if the fund grows.

***

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

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