Semiannual report

John Hancock

ESG Core Bond Fund  

Fixed income

November 30, 2023

Beginning on July 24, 2024, as required by regulations adopted by the U.S. Securities and Exchange Commission, open-end mutual funds and ETFs will transmit tailored annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in shareholder reports transmitted to shareholders, but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR.

A message to shareholders

Dear shareholder,

Bonds posted mixed results for the six months ended November 30, 2023. Bond yields stayed elevated for most of the period, putting downward pressure on bond prices. The U.S. Federal Reserve raised short-term rates in July, then held rates steady at its policy meetings in September, October, and November. Most of the world’s central banks kept rates steady during this time as well. Investors started to hope that the banks are finished with their series of interest-rate hikes and could start lowering rates as soon as mid-2024.

As a result, bond yields declined sharply around the globe in November, leading to a significant increase in bond prices. Intermediate- and long-term bond yields fell the most during the month, while the decline in short-term bond yields was more muted. The stable economy helped credit-sensitive sectors, such as bank loans and high-yield bonds, produce strong returns during the period. Regionally, North American bond markets posted the best returns, while bond markets in the Asia-Pacific region lagged.

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,

Kristie M. Feinberg

Head of Wealth and Asset Management,
United States and Europe
Manulife Investment Management

President and CEO,
John Hancock Investment Management

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	Evaluation of advisory and subadvisory agreements by the Board of Trustees
33	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 11/30/2023 (%)

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.

2

JOHN HANCOCK ESG CORE BOND FUND  | SEMIANNUAL REPORT

Portfolio summary

PORTFOLIO COMPOSITION AS OF 11/30/2023 (% of net assets)

QUALITY COMPOSITION AS OF 11/30/2023 (% 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 11-30-23 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, armed conflicts, and any resulting economic sanctions on entities and/or individuals of a particular country could lead such a country into an economic recession. 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, 2023, with the same investment held until November 30, 2023.

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, 2023, 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, 2023, with the same investment held until November 30, 2023. 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 6-1-2023	Ending value on 11-30-2023	Expenses paid during period ended 11-30-20231	Annualized expense ratio
Class A	Actual expenses/actual returns	$1,000.00	$1,006.10	$4.11	0.82%
	Hypothetical example	1,000.00	1,020.90	4.14	0.82%
Class I	Actual expenses/actual returns	1,000.00	1,007.40	2.86	0.57%
	Hypothetical example	1,000.00	1,022.20	2.88	0.57%
Class R6	Actual expenses/actual returns	1,000.00	1,008.00	2.26	0.45%
	Hypothetical example	1,000.00	1,022.80	2.28	0.45%

    

1	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

SEMIANNUAL REPORT | JOHN HANCOCK ESG CORE BOND FUND

5

Fund’s investments

AS OF 11-30-23 (unaudited)

	Rate (%)	Maturity date		Par value^	Value
U.S. Government and Agency obligations 35.4%					$18,650,788
(Cost $19,257,252)
U.S. Government 31.8%					16,743,323
U.S. Treasury
Bond	4.750	02-15-37		780,000	809,829
Note	0.375	11-30-25		1,100,000	1,010,152
Note	0.500	05-31-27		1,970,000	1,722,442
Note	0.625	12-31-27		1,500,000	1,291,875
Note	0.750	03-31-26		1,480,000	1,356,744
Note	0.875	11-15-30		1,830,000	1,454,278
Note	1.625	09-30-26		2,265,000	2,096,010
Note	1.750	11-15-29		1,090,000	946,086
Note	1.875	02-15-32		1,110,000	920,910
Note	2.250	02-15-27		1,125,000	1,052,314
Note	2.375	05-15-29		925,000	836,619
Note	2.875	08-15-28		2,125,000	1,992,686
Note	3.375	05-15-33		555,000	512,855
Note	3.875	08-15-33		770,000	740,523
U.S. Government Agency 3.6%					1,907,465
Federal Home Loan Mortgage Corp. 30 Yr Pass Thru	3.500	03-01-48		180,909	161,638
Federal National Mortgage Association
15 Yr Pass Thru	5.000	08-01-38		564,863	558,765
30 Yr Pass Thru	3.000	05-01-48		166,933	144,375
30 Yr Pass Thru	3.500	02-01-45		86,243	78,481
30 Yr Pass Thru	3.500	09-01-46		202,048	182,546
30 Yr Pass Thru	3.500	07-01-47		109,985	98,372
30 Yr Pass Thru	4.000	07-01-44		69,631	65,541
30 Yr Pass Thru	4.000	10-01-47		149,748	139,594
30 Yr Pass Thru	4.000	07-01-56		68,739	62,105
30 Yr Pass Thru	4.000	07-01-56		59,287	53,576
30 Yr Pass Thru	4.500	01-01-46		113,311	108,718
30 Yr Pass Thru	4.500	03-01-47		69,644	66,668
30 Yr Pass Thru	4.500	08-01-56		60,770	57,148
30 Yr Pass Thru	5.000	11-01-39		130,726	129,938
Corporate bonds 40.0%					$21,073,012
(Cost $22,481,337)
Communication services 2.5%					1,315,174
Diversified telecommunication services 1.5%
AT&T, Inc.	4.300	02-15-30		445,000	421,023
Verizon Communications, Inc.	4.329	09-21-28		385,000	371,564

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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 0.5%
The Walt Disney Company	2.000	09-01-29		315,000	$271,985
Media 0.5%
Comcast Corp.	3.400	04-01-30		275,000	250,602
Consumer discretionary 1.8%					977,073
Automobiles 0.7%
American Honda Finance Corp.	1.200	07-08-25		395,000	370,889
Specialty retail 0.6%
Lowe’s Companies, Inc.	4.400	09-08-25		335,000	330,095
Textiles, apparel and luxury goods 0.5%
Tapestry, Inc.	7.350	11-27-28		274,000	276,089
Consumer staples 0.6%					297,608
Personal care products 0.6%
The Estee Lauder Companies, Inc.	4.375	05-15-28		305,000	297,608
Energy 1.9%					1,016,205
Oil, gas and consumable fuels 1.9%
Enbridge, Inc.	1.600	10-04-26		192,000	173,389
Enbridge, Inc.	4.250	12-01-26		185,000	179,830
Phillips 66	3.850	04-09-25		370,000	361,977
TotalEnergies Capital International SA	3.455	02-19-29		325,000	301,009
Financials 18.5%					9,740,005
Banks 13.4%
Bank of America Corp. (0.976% to 4-22-24, then Overnight SOFR + 0.690%)	0.976	04-22-25		325,000	317,870
Bank of America Corp. (1.898% to 7-23-30, then Overnight SOFR + 1.530%)	1.898	07-23-31		265,000	208,101
Bank of America Corp. (3.419% to 12-20-27, then 3 month CME Term SOFR + 1.302%)	3.419	12-20-28		200,000	183,721
Bank of Montreal	1.500	01-10-25		230,000	220,088
Citigroup, Inc. (1.122% to 1-28-26, then Overnight SOFR + 0.765%)	1.122	01-28-27		625,000	565,944
Citigroup, Inc. (6.174% to 5-25-33, then Overnight SOFR + 2.661%)	6.174	05-25-34		138,000	136,940
Citizens Bank NA (6.064% to 10-24-24, then Overnight SOFR + 1.450%)	6.064	10-24-25		594,000	572,760
Fifth Third Bancorp (6.361% to 10-27-27, then SOFR Compounded Index + 2.192%)	6.361	10-27-28		324,000	325,982
HSBC Holdings PLC (6.254% to 3-9-33, then Overnight SOFR + 2.390%)	6.254	03-09-34		290,000	295,361
International Bank for Reconstruction & Development	0.625	04-22-25		320,000	301,491
JPMorgan Chase & Co. (0.563% to 2-16-24, then Overnight SOFR + 0.420%)	0.563	02-16-25		330,000	325,941

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK ESG CORE BOND FUND

7

	Rate (%)	Maturity date		Par value^	Value
Financials (continued)
Banks (continued)
JPMorgan Chase & Co. (3.702% to 5-6-29, then 3 month CME Term SOFR + 1.422%)	3.702	05-06-30		180,000	$164,780
JPMorgan Chase & Co. (4.452% to 12-5-28, then 3 month CME Term SOFR + 1.592%)	4.452	12-05-29		300,000	287,358
KeyCorp	2.550	10-01-29		320,000	257,401
Lloyds Banking Group PLC (1.627% to 5-11-26, then 1 Year CMT + 0.850%)	1.627	05-11-27		335,000	302,398
Mitsubishi UFJ Financial Group, Inc. (2.309% to 7-20-31, then 1 Year CMT + 0.950%)	2.309	07-20-32		345,000	275,282
Royal Bank of Canada	2.050	01-21-27		505,000	460,207
Sumitomo Mitsui Financial Group, Inc.	1.902	09-17-28		320,000	273,612
The PNC Financial Services Group, Inc.	1.150	08-13-26		472,000	422,456
The PNC Financial Services Group, Inc. (5.068% to 1-24-33, then Overnight SOFR + 1.933%)	5.068	01-24-34		210,000	196,925
The Toronto-Dominion Bank	0.750	09-11-25		413,000	380,380
The Toronto-Dominion Bank	4.108	06-08-27		220,000	211,585
Westpac Banking Corp.	1.150	06-03-26		415,000	377,137
Capital markets 3.0%
Morgan Stanley (6.342% to 10-18-32, then Overnight SOFR + 2.560%)	6.342	10-18-33		265,000	274,453
State Street Corp. (2.354% to 11-1-24, then Overnight SOFR + 0.940%)	2.354	11-01-25		400,000	387,285
The Bank of New York Mellon Corp. (4.414% to 7-24-25, then Overnight SOFR + 1.345%)	4.414	07-24-26		375,000	367,512
The Goldman Sachs Group, Inc. (1.093% to 12-9-25, then Overnight SOFR + 0.789%)	1.093	12-09-26		625,000	567,926
Consumer finance 0.6%
American Express Company	3.950	08-01-25		315,000	307,567
Insurance 1.5%
Aon Corp.	2.800	05-15-30		348,000	299,854
Lincoln National Corp.	3.050	01-15-30		205,000	171,939
Willis North America, Inc.	5.350	05-15-33		307,000	299,749
Health care 2.8%					1,452,987
Biotechnology 0.5%
Amgen, Inc.	5.250	03-02-33		253,000	250,440
Health care providers and services 1.2%
CVS Health Corp.	4.300	03-25-28		340,000	328,923
Seattle Children’s Hospital	1.208	10-01-27		325,000	278,075
Pharmaceuticals 1.1%
Astrazeneca Finance LLC	4.875	03-03-28		295,000	295,114
Merck & Company, Inc.	4.300	05-17-30		310,000	300,435

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JOHN HANCOCK ESG CORE BOND FUND | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Industrials 3.4%					$1,798,643
Aerospace and defense 0.5%
Northrop Grumman Corp.	3.250	01-15-28		305,000	285,126
Building products 0.3%
Carrier Global Corp.	2.700	02-15-31		200,000	167,314
Ground transportation 0.6%
Ryder System, Inc.	1.750	09-01-26		342,000	309,636
Machinery 1.4%
CNH Industrial Capital LLC	1.450	07-15-26		440,000	398,410
John Deere Capital Corp.	5.150	09-08-33		331,000	334,089
Trading companies and distributors 0.6%
AerCap Ireland Capital DAC	3.000	10-29-28		345,000	304,068
Information technology 0.5%					272,673
Semiconductors and semiconductor equipment 0.5%
Intel Corp.	2.450	11-15-29		310,000	272,673
Materials 1.3%					669,609
Chemicals 0.3%
Eastman Chemical Company	4.500	12-01-28		165,000	157,860
Containers and packaging 0.4%
WRKCo, Inc.	3.750	03-15-25		115,000	111,935
WRKCo, Inc.	4.650	03-15-26		110,000	107,713
Metals and mining 0.6%
BHP Billiton Finance USA, Ltd.	4.750	02-28-28		295,000	292,101
Real estate 2.5%					1,338,268
Health care REITs 0.3%
Welltower OP LLC	2.750	01-15-32		206,000	166,794
Office REITs 1.2%
Alexandria Real Estate Equities, Inc.	4.900	12-15-30		305,000	292,054
Boston Properties LP	3.800	02-01-24		350,000	348,532
Retail REITs 0.5%
Simon Property Group LP	1.375	01-15-27		301,000	266,757
Specialized REITs 0.5%
American Tower Corp.	3.375	10-15-26		280,000	264,131
Utilities 4.2%					2,194,767
Electric utilities 3.7%
American Electric Power Company, Inc.	4.300	12-01-28		430,000	411,897
DTE Electric Company	2.250	03-01-30		350,000	295,164
Eversource Energy	1.650	08-15-30		355,000	278,108
Exelon Corp.	3.400	04-15-26		228,000	218,566
National Rural Utilities Cooperative Finance Corp.	1.350	03-15-31		257,000	193,379

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK ESG CORE BOND FUND

9

	Rate (%)	Maturity date		Par value^	Value
Utilities (continued)
Electric utilities (continued)
NextEra Energy Capital Holdings, Inc.	4.900	02-28-28		294,000	$289,810
Xcel Energy, Inc.	4.000	06-15-28		275,000	261,991
Multi-utilities 0.5%
Public Service Electric & Gas Company	4.900	12-15-32		251,000	245,852
Municipal bonds 5.0%					$2,636,428
(Cost $2,875,461)
Bloomfield Township Board of Education (New Jersey)	1.523	09-01-27		155,000	136,715
California Health Facilities Financing Authority	1.829	06-01-29		250,000	212,691
California State University	1.740	11-01-30		210,000	169,581
City of Phoenix Civic Improvement Corp. (Arizona)	1.939	07-01-30		385,000	320,592
Geisinger Authority (Pennsylvania)	1.680	04-01-24		165,000	162,962
Kent Hospital Finance Authority (Michigan)	2.821	07-15-29		310,000	275,089
Municipal Improvement Corp. of Los Angeles (California)	1.341	11-01-26		270,000	242,247
New York City Housing Development Corp.	2.416	05-01-24		325,000	320,906
San Francisco City & County Airport Commission (California)	2.583	05-01-30		300,000	258,599
State Board of Administration Finance Corp. (Florida)	1.258	07-01-25		270,000	253,700
State of Hawaii	1.695	08-01-32		370,000	283,346
Collateralized mortgage obligations 5.2%					$2,715,167
(Cost $2,797,347)
Commercial and residential 3.9%					2,051,493
Bank5
Series 2023-5YR3, Class A3 (A)	6.724	09-15-56		259,000	269,006
Benchmark Mortgage Trust
Series 2023-V3, Class A3 (A)	6.363	07-15-56		215,000	220,006
BMO Mortgage Trust
Series 2023-5C2, Class A3 (A)	7.055	11-15-56		273,000	288,551
Citigroup Commercial Mortgage Trust
Series 2015-GC27, Class A5	3.137	02-10-48		302,000	292,594
Commercial Mortgage Trust (Deutsche Bank AG)
Series 2016-DC2, Class A5	3.765	02-10-49		324,000	308,271
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2015-C23, Class A4	3.719	07-15-50		194,000	186,533
Series 2015-C24, Class A4	3.732	05-15-48		508,000	486,532
U.S. Government Agency 1.3%					663,674
Federal National Mortgage Association
Series 2012-56, Class WB	3.500	05-25-42		114,476	100,928
Series 2013-31, Class NG	2.250	04-25-33		225,188	203,654
Series 2013-34, Class PA	2.000	08-25-42		214,403	192,712

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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 2016-36, Class BC	2.500	03-25-43		52,239	$49,942
Series 2017-M13, Class A2 (A)	3.029	09-25-27		124,108	116,438
Asset backed securities 12.9%					$6,820,535
(Cost $7,060,506)
Asset backed securities 12.9%					6,820,535
BA Credit Card Trust
Series 2022-A2, Class A2	5.000	04-15-28		266,000	265,385
CarMax Auto Owner Trust
Series 2020-4, Class A3	0.500	08-15-25		84,051	82,959
Series 2021-1, Class A3	0.340	12-15-25		121,168	118,638
Series 2021-2, Class A4	0.810	12-15-26		213,000	199,870
Series 2022-2, Class A3	3.490	02-16-27		174,000	170,680
CNH Equipment Trust
Series 2021-B, Class A3	0.440	08-17-26		148,621	143,143
Series 2021-C, Class A3	0.810	12-15-26		223,128	213,858
Series 2022-A, Class A3	2.940	07-15-27		124,000	119,922
Series 2022-B, Class A3	3.890	08-16-27		216,000	210,494
Daimler Trucks Retail Trust
Series 2023-1, Class A3	5.900	03-15-27		220,000	221,099
Fifth Third Auto Trust
Series 2023-1, Class A3	5.530	08-15-28		231,000	232,113
Ford Credit Auto Owner Trust
Series 2022-C, Class A3	4.480	12-15-26		215,000	212,556
GM Financial Automobile Leasing Trust
Series 2023-3, Class A3	5.380	11-20-26		304,000	303,185
GM Financial Consumer Automobile Receivables Trust
Series 2020-3, Class A3	0.450	04-16-25		15,060	14,987
Series 2021-2, Class A3	0.510	04-16-26		59,773	58,267
Harley-Davidson Motorcycle Trust
Series 2023-A, Class A3	5.050	12-15-27		190,000	188,565
Honda Auto Receivables Owner Trust
Series 2022-2, Class A3	3.730	07-20-26		340,000	333,074
Series 2023-4, Class A3	5.670	06-21-28		271,000	273,964
John Deere Owner Trust
Series 2021-B, Class A3	0.520	03-16-26		116,740	112,881
Series 2022-A, Class A3	2.320	09-16-26		191,311	186,290
Series 2022-C, Class A3	5.090	06-15-27		237,000	235,112
Mercedes-Benz Auto Receivables Trust
Series 2022-1, Class A3	5.210	08-16-27		443,000	441,099

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		144,206	$129,316
Series 2016-20J, Class 1	2.210	10-01-36		54,054	47,514
Series 2017-20H, Class 1	2.750	08-01-37		104,469	93,847
Series 2020-20H, Class 1	0.900	08-01-40		139,148	110,176
Series 2020-20I, Class 1	1.050	09-01-40		143,498	113,985
Series 2022-20E, Class 1	3.820	05-01-42		279,091	256,022
Series 2022-20F, Class 1	3.890	06-01-42		347,304	319,872
Series 2022-20G, Class 1	3.810	07-01-42		133,125	121,812
Series 2022-20J, Class 1	4.890	10-01-42		178,137	172,572
Series 2022-20K, Class 1	4.980	11-01-42		190,682	185,735
Series 2023-20E, Class 1	4.600	05-01-43		331,111	315,186
Verizon Master Trust
Series 2022-2, Class A	1.530	07-20-28		431,000	412,017
Series 2022-7, Class A1A (5.230% to 11-20-24, then 5.980% thereafter)	5.230	11-22-27		205,000	204,340

    

		Yield (%)		Shares	Value
Short-term investments 0.9%					$443,205
(Cost $443,205)
Short-term funds 0.9%					443,205
JPMorgan U.S. Government Money Market Fund, Institutional Class		5.2342(B)		443,206	443,205

    

Total investments (Cost $54,915,108) 99.4%					$52,339,135
Other assets and liabilities, net 0.6%					340,166
Total net assets 100.0%					$52,679,301

    

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
CME	Chicago Mercantile Exchange
CMT	Constant Maturity Treasury
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 11-30-23.

At 11-30-23, the aggregate cost of investments for federal income tax purposes was $55,306,588. Net unrealized depreciation aggregated to $2,967,453, of which $78,119 related to gross unrealized appreciation and $3,045,572 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 11-30-23 (unaudited)

Assets
Unaffiliated investments, at value (Cost $54,915,108)	$52,339,135
Dividends and interest receivable	301,453
Receivable for fund shares sold	149,898
Receivable from affiliates	518
Other assets	51,051
Total assets	52,842,055
Liabilities
Distributions payable	40,175
Payable for fund shares repurchased	72,440
Payable to affiliates
Accounting and legal services fees	2,434
Transfer agent fees	5,403
Trustees’ fees	111
Other liabilities and accrued expenses	42,191
Total liabilities	162,754
Net assets	$52,679,301
Net assets consist of
Paid-in capital	$60,071,653
Total distributable earnings (loss)	(7,392,352)
Net assets	$52,679,301
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 ($2,193,919 ÷ 242,446 shares)1	$9.05
Class I ($49,955,496 ÷ 5,520,970 shares)	$9.05
Class R6 ($529,886 ÷ 58,513 shares)	$9.06
Maximum offering price per share
Class A (net asset value per share ÷ 96%)2	$9.43

    

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 11-30-23 (unaudited)

Investment income
Interest	$1,031,644
Dividends	21,354
Total investment income	1,052,998
Expenses
Investment management fees	129,605
Distribution and service fees	2,772
Accounting and legal services fees	5,876
Transfer agent fees	33,879
Trustees’ fees	683
Custodian fees	19,865
State registration fees	32,117
Printing and postage	5,703
Professional fees	34,453
Other	7,551
Total expenses	272,504
Less expense reductions	(106,247)
Net expenses	166,257
Net investment income	886,741
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments	(980,269)
	(980,269)
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments	437,152
	437,152
Net realized and unrealized loss	(543,117)
Increase in net assets from operations	$343,624

14

JOHN HANCOCK ESG Core Bond Fund | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

STATEMENTS OF CHANGES IN NET ASSETS  

	Six months ended 11-30-23 (unaudited)	Year ended 5-31-23
Increase (decrease) in net assets
From operations
Net investment income	$886,741	$1,479,157
Net realized loss	(980,269)	(2,851,838)
Change in net unrealized appreciation (depreciation)	437,152	566,999
Increase (decrease) in net assets resulting from operations	343,624	(805,682)
Distributions to shareholders
From earnings
Class A	(33,048)	(51,838)
Class I	(887,543)	(1,598,240)
Class R6	(6,151)	(6,171)
Total distributions	(926,742)	(1,656,249)
From fund share transactions	(6,893,000)	1,400,496
Total decrease	(7,476,118)	(1,061,435)
Net assets
Beginning of period	60,155,419	61,216,854
End of period	$52,679,301	$60,155,419

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK ESG Core Bond Fund

15

Financial highlights

CLASS A SHARES Period ended	11-30-231	5-31-23	5-31-22	5-31-21	5-31-20	5-31-19
Per share operating performance
Net asset value, beginning of period	$9.13	$9.43	$10.39	$10.65	$10.14	$9.85
Net investment income2	0.13	0.19	0.09	0.15	0.18	0.18
Net realized and unrealized gain (loss) on investments	(0.08)	(0.28)	(0.81)	(0.15)	0.54	0.31
Total from investment operations	0.05	(0.09)	(0.72)	—	0.72	0.49
Less distributions
From net investment income	(0.13)	(0.21)	(0.16)	(0.18)	(0.21)	(0.20)
From net realized gain	—	—	(0.08)	(0.08)	—	—
Total distributions	(0.13)	(0.21)	(0.24)	(0.26)	(0.21)	(0.20)
Net asset value, end of period	$9.05	$9.13	$9.43	$10.39	$10.65	$10.14
Total return (%)3,4	0.615	(0.89)	(7.04)	(0.03)	7.16	5.04
Ratios and supplemental data
Net assets, end of period (in millions)	$2	$2	$2	$1	$6	$5
Ratios (as a percentage of average net assets):
Expenses before reductions	1.196	1.16	1.10	1.12	1.15	1.12
Expenses including reductions	0.826	0.82	0.86	0.87	0.87	0.86
Net investment income	2.846	2.08	0.94	1.37	1.76	1.81
Portfolio turnover (%)	24	75	47	50	34	37

    

1	Six months ended 11-30-23. 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	11-30-231	5-31-23	5-31-22	5-31-21	5-31-20	5-31-19
Per share operating performance
Net asset value, beginning of period	$9.13	$9.43	$10.39	$10.64	$10.14	$9.85
Net investment income2	0.14	0.21	0.12	0.16	0.21	0.20
Net realized and unrealized gain (loss) on investments	(0.07)	(0.27)	(0.81)	(0.12)	0.52	0.31
Total from investment operations	0.07	(0.06)	(0.69)	0.04	0.73	0.51
Less distributions
From net investment income	(0.15)	(0.24)	(0.19)	(0.21)	(0.23)	(0.22)
From net realized gain	—	—	(0.08)	(0.08)	—	—
Total distributions	(0.15)	(0.24)	(0.27)	(0.29)	(0.23)	(0.22)
Net asset value, end of period	$9.05	$9.13	$9.43	$10.39	$10.64	$10.14
Total return (%)3	0.744	(0.64)	(6.83)	0.34	7.32	5.29
Ratios and supplemental data
Net assets, end of period (in millions)	$50	$58	$58	$61	$58	$55
Ratios (as a percentage of average net assets):
Expenses before reductions	0.945	0.91	0.85	0.87	0.90	0.89
Expenses including reductions	0.575	0.57	0.61	0.62	0.62	0.63
Net investment income	3.095	2.30	1.19	1.53	2.01	2.05
Portfolio turnover (%)	24	75	47	50	34	37

    

1	Six months ended 11-30-23. 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	11-30-231	5-31-23	5-31-22	5-31-21	5-31-20	5-31-19
Per share operating performance
Net asset value, beginning of period	$9.14	$9.43	$10.39	$10.65	$10.14	$9.85
Net investment income2	0.15	0.19	0.13	0.17	0.22	0.21
Net realized and unrealized gain (loss) on investments	(0.08)	(0.23)	(0.81)	(0.13)	0.54	0.31
Total from investment operations	0.07	(0.04)	(0.68)	0.04	0.76	0.52
Less distributions
From net investment income	(0.15)	(0.25)	(0.20)	(0.22)	(0.25)	(0.23)
From net realized gain	—	—	(0.08)	(0.08)	—	—
Total distributions	(0.15)	(0.25)	(0.28)	(0.30)	(0.25)	(0.23)
Net asset value, end of period	$9.06	$9.14	$9.43	$10.39	$10.65	$10.14
Total return (%)3	0.804	(0.42)	(6.73)	0.35	7.54	5.41
Ratios and supplemental data
Net assets, end of period (in millions)	$1	$—5	$1	$1	$1	$2
Ratios (as a percentage of average net assets):
Expenses before reductions	0.826	0.80	0.75	0.77	0.79	0.77
Expenses including reductions	0.456	0.46	0.51	0.51	0.51	0.51
Net investment income	3.286	2.09	1.30	1.63	2.13	2.16
Portfolio turnover (%)	24	75	47	50	34	37

    

1	Six months ended 11-30-23. 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 Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC.

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, 2023, by major security category or type:

	Total value at 11-30-23	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Investments in securities:
Assets
U.S. Government and Agency obligations	$18,650,788	—	$18,650,788	—
Corporate bonds	21,073,012	—	21,073,012	—
Municipal bonds	2,636,428	—	2,636,428	—
Collateralized mortgage obligations	2,715,167	—	2,715,167	—
Asset backed securities	6,820,535	—	6,820,535	—
Short-term investments	443,205	$443,205	—	—
Total investments in securities	$52,339,135	$443,205	$51,895,930	—

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. Dividend income is recorded on ex-date, except for dividends of certain foreign securities where the dividend may not be known until

20

JOHN HANCOCK ESG Core Bond Fund | SEMIANNUAL REPORT

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

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

Line of credit. The fund and other affiliated funds have entered into a syndicated line of credit agreement with Citibank, N.A. as the administrative agent that enables them to participate in a $1 billion unsecured committed line of credit. Excluding commitments designated for a certain fund and subject to the needs of all other affiliated funds, the fund can borrow up to an aggregate commitment amount of $750 million, subject to asset coverage and other limitations as specified in the agreement. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund based on a combination of fixed and asset-based allocations and is reflected in Other expenses on the Statement of operations. For the six months ended November 30, 2023, the fund had no borrowings under the line of credit. Commitment fees for the six months ended November 30, 2023 were $1,690.

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

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

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

For federal income tax purposes, as of May 31, 2023, the fund has a short-term capital loss carryforward of $1,131,366 and a long-term capital loss carryforward of $2,252,647 available to offset future net realized capital gains. These carryforwards do not expire. Due to certain Internal Revenue Code rules, utilization of the capital loss carryforwards may be limited in future years.

As of May 31, 2023, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

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

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

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21

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 wash sale loss deferrals, distributions payable, and 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) 0.450% 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, 2023, this waiver amounted to 0.01% of the fund’s average daily net assets, on an annualized basis. This arrangement expires on July 31, 2025, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

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. This agreement expires on September 30, 2024, 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.

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JOHN HANCOCK ESG Core Bond Fund | SEMIANNUAL REPORT

For the six months ended November 30, 2023, the expense reductions described above amounted to the following:

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 $4,496 for the six months ended November 30, 2023. Of this amount, $632 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $3,864 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, 2023, 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.

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23

Class level expenses. Class level expenses for the six months ended November 30, 2023 were as follows:

Class	Distribution and service fees	Transfer agent fees
Class A	$2,772	$1,313
Class I	—	32,558
Class R6	—	8
Total	$2,772	$33,879

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

Note 5—Fund share transactions

Transactions in fund shares for the six months ended November 30, 2023 and for the year ended May 31, 2023 were as follows:

	Six Months Ended 11-30-23		Year Ended 5-31-23
	Shares	Amount	Shares	Amount
Class A shares
Sold	29,973	$271,767	62,393	$576,212
Distributions reinvested	3,662	32,937	5,664	51,819
Repurchased	(33,524)	(302,857)	(34,535)	(315,938)
Net increase	111	$1,847	33,522	$312,093
Class I shares
Sold	751,081	$6,717,978	3,766,925	$34,638,050
Distributions reinvested	67,988	611,380	92,788	847,605
Repurchased	(1,630,934)	(14,648,058)	(3,716,637)	(33,626,597)
Net increase (decrease)	(811,865)	$(7,318,700)	143,076	$1,859,058
Class R6 shares
Sold	50,664	$458,387	13,398	$122,218
Distributions reinvested	685	6,151	668	6,170
Repurchased	(4,484)	(40,685)	(95,987)	(899,043)
Net increase (decrease)	46,865	$423,853	(81,921)	$(770,655)
Total net increase (decrease)	(764,889)	$(6,893,000)	94,677	$1,400,496

Affiliates of the fund owned 20% of shares of Class I on November 30, 2023. 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 $5,062,489 and $9,467,154, respectively, for the six months ended November 30, 2023. Purchases and sales of U.S. Treasury obligations aggregated $8,733,747 and $11,438,691, respectively, for the six months ended November 30, 2023.

24

JOHN HANCOCK ESG Core Bond Fund | SEMIANNUAL REPORT

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.

SEMIANNUAL REPORT | JOHN HANCOCK ESG Core Bond Fund

25

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 26–29, 2023 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a meeting held on May 30–June 1, 2023. The Trustees who are not "interested persons" of the Trust as defined by the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees) also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees and a third-party consulting firm.

Approval of Advisory and Subadvisory Agreements

At meetings held on June 26–29, 2023, 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.

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.

26

JOHN HANCOCK ESG CORE BOND FUND  | SEMIANNUAL REPORT

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;
(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;

SEMIANNUAL REPORT  | JOHN HANCOCK ESG CORE BOND FUND

27

(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-, and five-year periods ended December 31, 2022. The Board also noted that the fund outperformed its peer group median for the one-, three- and five-year periods ended December 31, 2022. The Board took into account management’s discussion of the factors that contributed to the fund’s performance relative to the benchmark index for the one-, three- and five-year periods. The Board also took into account the fund’s favorable performance relative to the peer group median for the one-, three- and five-year periods. The Board concluded that the fund’s performance has generally been in line with or outperformed the historical performance of comparable funds.

The Board took into account management’s discussion of the fund’s expenses, including action taken during the prior year with respect to 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

28

JOHN HANCOCK ESG CORE BOND FUND  | SEMIANNUAL REPORT

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
(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.

SEMIANNUAL REPORT  | JOHN HANCOCK ESG CORE BOND FUND

29

(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.

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JOHN HANCOCK ESG CORE BOND FUND  | SEMIANNUAL REPORT

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;
(2)	the performance of the fund has generally been in line with or outperformed the historical performance of comparable funds;
(3)	the subadvisory fee is reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and

SEMIANNUAL REPORT  | JOHN HANCOCK ESG CORE BOND FUND

31

(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.

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JOHN HANCOCK ESG CORE BOND FUND  | SEMIANNUAL REPORT

More information

SEMIANNUAL REPORT | JOHN HANCOCK ESG CORE BOND FUND

33

John Hancock family of funds

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EXCHANGE-TRADED FUNDS

John Hancock Corporate Bond ETF

John Hancock Disciplined Value International Select ETF

John Hancock Dynamic Municipal Bond ETF

John Hancock Fundamental All Cap Core 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

ASSET ALLOCATION/TARGET DATE FUNDS

Balanced

Multi-Asset High Income

Lifestyle Blend Portfolios

Lifetime Blend Portfolios

Multimanager Lifestyle Portfolios

Multimanager Lifetime Portfolios

ENVIRONMENTAL, SOCIAL, AND
GOVERNANCE FUNDS

ESG Core Bond

ESG International Equity

ESG Large Cap Core

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 better way to invest

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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.

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.

MF3267914

468SA 11/23

1/2024

Semiannual report

John Hancock

Government Income Fund  

Fixed income

November 30, 2023

Beginning on July 24, 2024, as required by regulations adopted by the U.S. Securities and Exchange Commission, open-end mutual funds and ETFs will transmit tailored annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in shareholder reports transmitted to shareholders, but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR.

A message to shareholders

Dear shareholder,

Bonds posted mixed results for the six months ended November 30, 2023. Bond yields stayed elevated for most of the period, putting downward pressure on bond prices. The U.S. Federal Reserve raised short-term rates in July, then held rates steady at its policy meetings in September, October, and November. Most of the world’s central banks kept rates steady during this time as well. Investors started to hope that the banks are finished with their series of interest-rate hikes and could start lowering rates as soon as mid-2024.

As a result, bond yields declined sharply around the globe in November, leading to a significant increase in bond prices. Intermediate- and long-term bond yields fell the most during the month, while the decline in short-term bond yields was more muted. The stable economy helped credit-sensitive sectors, such as bank loans and high-yield bonds, produce strong returns during the period. Regionally, North American bond markets posted the best returns, while bond markets in the Asia-Pacific region lagged.

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,

Kristie M. Feinberg

Head of Wealth and Asset Management,
United States and Europe
Manulife Investment Management

President and CEO,
John Hancock Investment Management

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
11	Financial statements
14	Financial highlights
18	Notes to financial statements
27	Evaluation of advisory and subadvisory agreements by the Board of Trustees
33	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 11/30/2023 (%)

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 11/30/2023 (% of net assets)

QUALITY COMPOSITION AS OF 11/30/2023 (% 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 11-30-23 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, armed conflicts, and any resulting economic sanctions on entities and/or individuals of a particular country could lead such a country into an economic recession. 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, 2023, with the same investment held until November 30, 2023.

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, 2023, 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, 2023, with the same investment held until November 30, 2023. 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 6-1-2023	Ending value on 11-30-2023	Expenses paid during period ended 11-30-20231	Annualized expense ratio
Class A	Actual expenses/actual returns	$1,000.00	$978.50	$4.80	0.97%
	Hypothetical example	1,000.00	1,020.20	4.90	0.97%
Class C	Actual expenses/actual returns	1,000.00	974.70	8.49	1.72%
	Hypothetical example	1,000.00	1,016.40	8.67	1.72%
Class I	Actual expenses/actual returns	1,000.00	979.70	3.56	0.72%
	Hypothetical example	1,000.00	1,021.40	3.64	0.72%
Class R6	Actual expenses/actual returns	1,000.00	979.00	2.97	0.60%
	Hypothetical example	1,000.00	1,022.00	3.03	0.60%

    

1	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

SEMIANNUAL REPORT | JOHN HANCOCK GOVERNMENT INCOME FUND

5

Fund’s investments

AS OF 11-30-23 (unaudited)

	Rate (%)	Maturity date		Par value^	Value
U.S. Government and Agency obligations 96.0%					$179,061,403
(Cost $184,162,870)
U.S. Government 71.1%					132,632,757
U.S. Treasury
Bond	3.000	08-15-52		9,005,000	6,793,850
Bond	3.375	11-15-48		1,900,000	1,534,398
Bond	4.125	08-15-53		8,035,000	7,513,980
Bond	4.375	08-15-43		16,550,000	15,818,180
Bond	4.750	11-15-43		350,000	352,625
Bond	4.750	11-15-53		350,000	363,836
Note	4.500	11-15-33		3,648,000	3,693,030
Note	4.625	09-15-26		500,000	501,719
Note	4.625	10-15-26		34,150,000	34,275,397
Note	4.875	11-30-25		13,000,000	13,040,625
Note	4.875	10-31-28		29,126,000	29,840,497
Note	4.875	10-31-30		18,354,000	18,904,620
U.S. Government Agency 24.9%					46,428,646
Federal Home Loan Bank Note	6.000	06-26-28		2,500,000	2,489,339
Federal Home Loan Mortgage Corp.
15 Yr Pass Thru	4.500	12-01-37		146,018	142,550
15 Yr Pass Thru	4.500	01-01-38		977,791	954,571
30 Yr Pass Thru	3.000	04-01-43		518,430	458,406
30 Yr Pass Thru	3.500	12-01-44		1,434,940	1,299,528
30 Yr Pass Thru	3.500	02-01-47		412,881	372,886
30 Yr Pass Thru	3.500	06-01-49		420,177	373,974
30 Yr Pass Thru	3.500	03-01-52		247,850	219,395
30 Yr Pass Thru	4.000	12-01-40		257,643	243,136
30 Yr Pass Thru	4.000	01-01-41		336,661	317,634
30 Yr Pass Thru	4.000	01-01-41		266,517	251,314
30 Yr Pass Thru	4.000	11-01-43		564,700	529,788
30 Yr Pass Thru	4.000	12-01-46		417,168	388,749
30 Yr Pass Thru	4.000	06-01-47		406,980	379,891
30 Yr Pass Thru	5.000	10-01-52		657,039	636,923
30 Yr Pass Thru	5.500	09-01-52		1,097,662	1,091,019
30 Yr Pass Thru	5.500	06-01-53		678,477	673,523
30 Yr Pass Thru	6.500	10-01-53		538,594	550,484
Note	6.250	09-13-28		1,500,000	1,495,758
Federal National Mortgage Association
15 Yr Pass Thru	3.000	03-01-28		340,633	327,286
15 Yr Pass Thru	4.500	11-01-37		753,007	735,125
15 Yr Pass Thru	4.500	12-01-37		243,871	238,080
30 Yr Pass Thru	2.000	10-01-50		1,068,198	847,582

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	2.500	07-01-50		491,567	$406,948
30 Yr Pass Thru	2.500	08-01-50		2,218,602	1,831,143
30 Yr Pass Thru	2.500	09-01-50		921,808	760,822
30 Yr Pass Thru	2.500	09-01-50		2,369,392	1,955,598
30 Yr Pass Thru	2.500	10-01-50		825,539	685,751
30 Yr Pass Thru	3.000	10-01-49		1,115,036	955,301
30 Yr Pass Thru	3.000	11-01-49		927,465	794,601
30 Yr Pass Thru	3.500	07-01-43		920,326	834,963
30 Yr Pass Thru	3.500	03-01-44		386,826	352,322
30 Yr Pass Thru	3.500	01-01-45		1,843,140	1,676,178
30 Yr Pass Thru	3.500	04-01-45		1,490,252	1,346,408
30 Yr Pass Thru	3.500	05-01-48		623,382	552,692
30 Yr Pass Thru	3.500	06-01-49		522,417	467,420
30 Yr Pass Thru	3.500	03-01-52		2,211,636	1,965,333
30 Yr Pass Thru	4.000	09-01-40		713,830	672,853
30 Yr Pass Thru	4.000	12-01-40		493,674	465,315
30 Yr Pass Thru	4.000	09-01-41		541,317	509,247
30 Yr Pass Thru	4.000	10-01-41		586,933	552,278
30 Yr Pass Thru	4.000	01-01-42		303,301	285,303
30 Yr Pass Thru	4.000	07-01-42		799,533	750,575
30 Yr Pass Thru	4.000	11-01-42		1,295,317	1,218,304
30 Yr Pass Thru	4.000	11-01-43		1,331,829	1,246,759
30 Yr Pass Thru	4.000	12-01-43		549,055	514,228
30 Yr Pass Thru	4.000	06-01-49		2,011,205	1,862,892
30 Yr Pass Thru	4.500	08-01-40		496,087	477,032
30 Yr Pass Thru	4.500	06-01-41		1,020,677	980,078
30 Yr Pass Thru	4.500	07-01-41		958,152	920,389
30 Yr Pass Thru	4.500	11-01-41		171,985	165,099
30 Yr Pass Thru	4.500	02-01-42		516,812	495,559
30 Yr Pass Thru	4.500	04-01-48		495,188	473,104
30 Yr Pass Thru	5.000	10-01-52		629,590	611,820
30 Yr Pass Thru	5.000	10-01-52		647,608	628,995
30 Yr Pass Thru	5.500	10-01-52		251,291	249,299
30 Yr Pass Thru	5.500	12-01-52		1,449,539	1,438,049
30 Yr Pass Thru	5.500	05-01-53		674,677	670,594
30 Yr Pass Thru	6.500	08-01-53		527,925	543,209
30 Yr Pass Thru	6.500	08-01-53		527,123	541,395
30 Yr Pass Thru	6.500	10-01-53		538,430	553,849
Collateralized mortgage obligations 3.2%					$5,941,961
(Cost $10,267,686)
Commercial and residential 1.1%					2,023,310
Citigroup Mortgage Loan Trust, Inc.
Series 2018-RP1, Class A1 (A)(B)	3.000	09-25-64		411,410	392,432
Seasoned Credit Risk Transfer Trust

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK GOVERNMENT INCOME FUND

7

	Rate (%)	Maturity date		Par value^	Value
Commercial and residential (continued)
Series 2018-3, Class MA (B)	3.500	08-25-57		857,601	$794,039
Series 2019-1, Class MA	3.500	07-25-58		660,603	607,772
Towd Point Mortgage Trust
Series 2017-1, Class A1 (A)(B)	2.750	10-25-56		3,338	3,311
Series 2017-3, Class A1 (A)(B)	2.750	07-25-57		134,385	131,524
Series 2017-5, Class A1 (1 month CME Term SOFR + 0.714%) (A)(C)	5.512	02-25-57		93,677	94,232
U.S. Government Agency 2.1%					3,918,651
Federal Home Loan Mortgage Corp.
Series 4083, Class PB	3.500	09-15-41		454,405	437,586
Series 4459, Class CA	5.000	12-15-34		24,967	24,521
Series K038, Class X1 IO	1.224	03-25-24		5,325,617	6,519
Series K048, Class X1 IO	0.332	06-25-25		4,682,023	12,027
Series K050, Class X1 IO	0.422	08-25-25		67,884,088	301,514
Series K053, Class X1 IO	1.008	12-25-25		26,374,081	383,706
Series K054, Class X1 IO	1.287	01-25-26		20,310,887	401,975
Federal National Mortgage Association
Series 2014-44, Class DA	3.000	07-25-36		563,178	527,331
Series 2014-49, Class CA	3.000	08-25-44		333,501	312,912
Government National Mortgage Association
Series 2012-114, Class IO	0.622	01-16-53		588,825	9,173
Series 2015-7, Class IO	0.454	01-16-57		4,464,208	90,755
Series 2017-109, Class IO	0.230	04-16-57		800,905	12,845
Series 2017-124, Class IO	0.628	01-16-59		661,098	21,025
Series 2017-140, Class IO	0.486	02-16-59		590,962	18,095
Series 2017-20, Class IO	0.527	12-16-58		1,358,764	31,881
Series 2017-41, Class IO	0.591	07-16-58		726,643	20,469
Series 2017-46, Class IO	0.645	11-16-57		1,022,855	35,575
Series 2017-54, Class IO	0.682	12-16-58		3,992,538	138,055
Series 2017-61, Class IO	0.745	05-16-59		664,826	24,111
Series 2017-74, Class IO	0.439	09-16-58		1,196,447	24,048
Series 2017-89, Class IO	0.493	07-16-59		1,013,940	28,813
Series 2018-114, Class IO	0.728	04-16-60		575,569	21,703
Series 2018-68, Class A	2.850	04-16-50		162,451	153,696
Series 2018-9, Class IO	0.443	01-16-60		1,164,635	34,970
Series 2020-118, Class IO	0.882	06-16-62		2,400,930	145,324
Series 2020-119, Class IO	0.603	08-16-62		1,248,852	58,659
Series 2020-120, Class IO	0.762	05-16-62		3,254,396	182,237
Series 2020-137, Class IO	0.795	09-16-62		2,253,132	123,686
Series 2020-170, Class IO	0.834	11-16-62		2,766,516	169,455
Series 2021-40, Class IO	0.824	02-16-63		750,963	45,494
Series 2022-53, Class IO	0.711	06-16-64		2,392,682	120,491

8

JOHN HANCOCK GOVERNMENT INCOME FUND | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Asset backed securities 0.2%					$355,010
(Cost $353,688)
Asset backed securities 0.2%					355,010
Pennsylvania Higher Education Assistance Agency
Series 2006-2, Class A3 (30 day Average SOFR + 0.392%) (C)	5.385	10-25-36		357,517	355,010

    

		Yield (%)		Shares	Value
Short-term investments 0.1%					$152,210
(Cost $152,196)
Short-term funds 0.1%					152,210
John Hancock Collateral Trust (D)		5.4088(E)		15,221	152,210

    

Total investments (Cost $194,936,440) 99.5%					$185,510,584
Other assets and liabilities, net 0.5%					977,338
Total net assets 100.0%					$186,487,922

    

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
CME	Chicago Mercantile Exchange
IO	Interest-Only Security - (Interest Tranche of Stripped Mortgage Pool). Rate shown is the annualized yield at the end of the period.
SOFR	Secured Overnight Financing Rate
(A)	These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration.
(B)	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.
(C)	Variable rate obligation. The coupon rate shown represents the rate at period end.
(D)	Investment is an affiliate of the fund, the advisor and/or subadvisor.
(E)	The rate shown is the annualized seven-day yield as of 11-30-23.

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK GOVERNMENT INCOME FUND

9

DERIVATIVES

FUTURES

Open contracts	Number of contracts	Position	Expiration date	Notional basis^	Notional value^	Unrealized appreciation (depreciation)
2-Year U.S. Treasury Note Futures	28	Long	Mar 2024	$5,707,235	$5,724,906	$17,671
5-Year U.S. Treasury Note Futures	18	Long	Mar 2024	1,913,656	1,923,328	9,672
						$27,343

^ Notional basis refers to the contractual amount agreed upon at inception of open contracts; notional value represents the current value of the open contract.

At 11-30-23, the aggregate cost of investments for federal income tax purposes was $195,358,931. Net unrealized depreciation aggregated to $9,821,004, of which $2,224,207 related to gross unrealized appreciation and $12,045,211 related to gross unrealized depreciation.

See Notes to financial statements regarding investment transactions and other derivatives information.

10

JOHN HANCOCK GOVERNMENT INCOME FUND | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

Financial statements

STATEMENT OF ASSETS AND LIABILITIES 11-30-23 (unaudited)

Assets
Unaffiliated investments, at value (Cost $194,784,244)	$185,358,374
Affiliated investments, at value (Cost $152,196)	152,210
Total investments, at value (Cost $194,936,440)	185,510,584
Collateral held at broker for futures contracts	208,500
Interest receivable	1,153,824
Receivable for fund shares sold	127,092
Receivable from affiliates	574
Other assets	65,984
Total assets	187,066,558
Liabilities
Payable for futures variation margin	14,619
Distributions payable	25,660
Payable for fund shares repurchased	446,367
Payable to affiliates
Accounting and legal services fees	8,146
Transfer agent fees	15,661
Distribution and service fees	1,283
Trustees’ fees	362
Other liabilities and accrued expenses	66,538
Total liabilities	578,636
Net assets	$186,487,922
Net assets consist of
Paid-in capital	$245,137,011
Total distributable earnings (loss)	(58,649,089)
Net assets	$186,487,922
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 ($150,509,445 ÷ 19,447,611 shares)1	$7.74
Class C ($1,385,672 ÷ 179,241 shares)1	$7.73
Class I ($9,903,024 ÷ 1,277,637 shares)	$7.75
Class R6 ($24,689,781 ÷ 3,188,131 shares)	$7.74
Maximum offering price per share
Class A (net asset value per share ÷ 96%)2	$8.06

    

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 11-30-23 (unaudited)

Investment income
Interest	$4,188,834
Dividends from affiliated investments	54,566
Total investment income	4,243,400
Expenses
Investment management fees	522,501
Distribution and service fees	200,094
Accounting and legal services fees	22,103
Transfer agent fees	102,734
Trustees’ fees	2,487
Custodian fees	19,419
State registration fees	42,963
Printing and postage	15,639
Professional fees	35,256
Other	10,423
Total expenses	973,619
Less expense reductions	(80,739)
Net expenses	892,880
Net investment income	3,350,520
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments	(6,561,809)
Affiliated investments	687
Futures contracts	(116,759)
	(6,677,881)
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments and translation of assets and liabilities in foreign currencies	(1,103,226)
Affiliated investments	89
Futures contracts	61,733
	(1,041,404)
Net realized and unrealized loss	(7,719,285)
Decrease in net assets from operations	$(4,368,765)

12

JOHN HANCOCK Government Income Fund | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

STATEMENTS OF CHANGES IN NET ASSETS  

	Six months ended 11-30-23 (unaudited)	Year ended 5-31-23
Increase (decrease) in net assets
From operations
Net investment income	$3,350,520	$6,845,926
Net realized loss	(6,677,881)	(13,575,343)
Change in net unrealized appreciation (depreciation)	(1,041,404)	(1,091,653)
Decrease in net assets resulting from operations	(4,368,765)	(7,821,070)
Distributions to shareholders
From earnings
Class A	(2,671,038)	(5,336,514)
Class C	(23,586)	(39,128)
Class I	(314,586)	(1,361,840)
Class R6	(473,781)	(895,762)
Total distributions	(3,482,991)	(7,633,244)
From fund share transactions	(49,864,075)	31,397,696
Total increase (decrease)	(57,715,831)	15,943,382
Net assets
Beginning of period	244,203,753	228,260,371
End of period	$186,487,922	$244,203,753

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK Government Income Fund

13

Financial highlights

CLASS A SHARES Period ended	11-30-231	5-31-23	5-31-22	5-31-21	5-31-20	5-31-19
Per share operating performance
Net asset value, beginning of period	$8.05	$8.63	$9.54	$10.07	$9.34	$9.08
Net investment income2	0.13	0.23	0.10	0.08	0.13	0.18
Net realized and unrealized gain (loss) on investments	(0.30)	(0.55)	(0.87)	(0.49)	0.75	0.31
Total from investment operations	(0.17)	(0.32)	(0.77)	(0.41)	0.88	0.49
Less distributions
From net investment income	(0.14)	(0.26)	(0.14)	(0.12)	(0.15)	(0.23)
Net asset value, end of period	$7.74	$8.05	$8.63	$9.54	$10.07	$9.34
Total return (%)3,4	(2.15)5	(3.75)	(8.14)	(4.08)	9.51	5.46
Ratios and supplemental data
Net assets, end of period (in millions)	$151	$162	$188	$229	$249	$217
Ratios (as a percentage of average net assets):
Expenses before reductions	1.056	1.03	1.00	1.01	1.04	1.03
Expenses including reductions	0.976	0.97	0.98	0.98	0.98	0.98
Net investment income	3.356	2.79	1.04	0.79	1.34	2.04
Portfolio turnover (%)	251	351	336	169	166	87

    

1	Six months ended 11-30-23. 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	11-30-231	5-31-23	5-31-22	5-31-21	5-31-20	5-31-19
Per share operating performance
Net asset value, beginning of period	$8.04	$8.62	$9.53	$10.07	$9.34	$9.08
Net investment income2	0.10	0.17	0.02	—3	0.05	0.11
Net realized and unrealized gain (loss) on investments	(0.30)	(0.56)	(0.85)	(0.49)	0.75	0.30
Total from investment operations	(0.20)	(0.39)	(0.83)	(0.49)	0.80	0.41
Less distributions
From net investment income	(0.11)	(0.19)	(0.08)	(0.05)	(0.07)	(0.15)
Net asset value, end of period	$7.73	$8.04	$8.62	$9.53	$10.07	$9.34
Total return (%)4,5	(2.53)6	(4.48)	(8.80)	(4.90)	8.64	4.63
Ratios and supplemental data
Net assets, end of period (in millions)	$1	$2	$2	$4	$9	$6
Ratios (as a percentage of average net assets):
Expenses before reductions	1.807	1.78	1.75	1.76	1.79	1.78
Expenses including reductions	1.727	1.72	1.74	1.75	1.78	1.77
Net investment income	2.597	2.02	0.24	0.01	0.53	1.25
Portfolio turnover (%)	251	351	336	169	166	87

    

1	Six months ended 11-30-23. 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	11-30-231	5-31-23	5-31-22	5-31-21	5-31-20	5-31-19
Per share operating performance
Net asset value, beginning of period	$8.06	$8.64	$9.55	$10.07	$9.34	$9.09
Net investment income2	0.14	0.26	0.12	0.10	0.15	0.20
Net realized and unrealized gain (loss) on investments	(0.30)	(0.56)	(0.86)	(0.47)	0.75	0.29
Total from investment operations	(0.16)	(0.30)	(0.74)	(0.37)	0.90	0.49
Less distributions
From net investment income	(0.15)	(0.28)	(0.17)	(0.15)	(0.17)	(0.24)
Net asset value, end of period	$7.75	$8.06	$8.64	$9.55	$10.07	$9.34
Total return (%)3	(2.03)4	(3.51)	(7.91)	(3.76)	9.73	5.55
Ratios and supplemental data
Net assets, end of period (in millions)	$10	$55	$9	$13	$22	$5
Ratios (as a percentage of average net assets):
Expenses before reductions	0.805	0.78	0.75	0.76	0.79	0.79
Expenses including reductions	0.725	0.72	0.74	0.75	0.78	0.79
Net investment income	3.445	3.22	1.27	1.02	1.52	2.24
Portfolio turnover (%)	251	351	336	169	166	87

    

1	Six months ended 11-30-23. 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.

16

JOHN HANCOCK Government Income Fund | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

CLASS R6 SHARES Period ended	11-30-231	5-31-23	5-31-22	5-31-21	5-31-20	5-31-19
Per share operating performance
Net asset value, beginning of period	$8.06	$8.64	$9.54	$10.07	$9.34	$9.09
Net investment income2	0.14	0.26	0.13	0.11	0.16	0.21
Net realized and unrealized gain (loss) on investments	(0.31)	(0.56)	(0.86)	(0.48)	0.75	0.29
Total from investment operations	(0.17)	(0.30)	(0.73)	(0.37)	0.91	0.50
Less distributions
From net investment income	(0.15)	(0.28)	(0.17)	(0.16)	(0.18)	(0.25)
Net asset value, end of period	$7.74	$8.06	$8.64	$9.54	$10.07	$9.34
Total return (%)3	(2.10)4	(3.40)	(7.72)	(3.76)	9.85	5.67
Ratios and supplemental data
Net assets, end of period (in millions)	$25	$25	$29	$40	$38	$19
Ratios (as a percentage of average net assets):
Expenses before reductions	0.685	0.67	0.64	0.65	0.67	0.68
Expenses including reductions	0.605	0.61	0.63	0.64	0.67	0.67
Net investment income	3.725	3.14	1.38	1.13	1.64	2.35
Portfolio turnover (%)	251	351	336	169	166	87

    

1	Six months ended 11-30-23. 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 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 Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC.

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. Futures contracts whose settlement prices are determined as of the close of the NYSE are typically valued based on the settlement price while other futures contracts are typically valued at the last traded price on the exchange on which they trade. Foreign securities and currencies are valued in U.S. dollars based on foreign currency exchange rates supplied by an independent pricing vendor.

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

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JOHN HANCOCK Government Income Fund | SEMIANNUAL REPORT

valued using significant unobservable inputs when market prices are not readily available or reliable, including the Advisor’s assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.

The following is a summary of the values by input classification of the fund’s investments as of November 30, 2023, by major security category or type:

	Total value at 11-30-23	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Investments in securities:
Assets
U.S. Government and Agency obligations	$179,061,403	—	$179,061,403	—
Collateralized mortgage obligations	5,941,961	—	5,941,961	—
Asset backed securities	355,010	—	355,010	—
Short-term investments	152,210	$152,210	—	—
Total investments in securities	$185,510,584	$152,210	$185,358,374	—
Derivatives:
Assets
Futures	$27,343	$27,343	—	—

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, 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

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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. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

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

Line of credit. The fund and other affiliated funds have entered into a syndicated line of credit agreement with Citibank, N.A. as the administrative agent that enables them to participate in a $1 billion unsecured committed line of credit. Excluding commitments designated for a certain fund and subject to the needs of all other affiliated funds, the fund can borrow up to an aggregate commitment amount of $750 million, subject to asset coverage and other limitations as specified in the agreement. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund based on a combination of fixed and asset-based allocations and is reflected in Other expenses on the Statement of operations. For the six months ended November 30, 2023, the fund had no borrowings under the line of credit. Commitment fees for the six months ended November 30, 2023 were $2,194.

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

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

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

For federal income tax purposes, as of May 31, 2023, the fund has a short-term capital loss carryforward of $36,325,360 and a long-term capital loss carryforward of $5,905,268 available to offset future net realized capital gains. These carryforwards do not expire.

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JOHN HANCOCK Government Income Fund | SEMIANNUAL REPORT

As of May 31, 2023, 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—Derivative instruments

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

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

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

Upon entering into a futures contract, the fund is required to deposit initial margin with the broker in the form of cash or securities. The amount of required margin is set by the broker and is generally based on a percentage of the contract value. The margin deposit must then be maintained at the established level over the life of the contract. Cash that has been pledged by the fund, if any, is detailed in the Statement of assets and liabilities as Collateral held at broker for futures contracts. Securities pledged by the fund, if any, are identified in the Fund’s investments. Subsequent payments, referred to as variation margin, are made or received by the fund periodically and are based on changes in the market value of open futures contracts. Futures contracts are marked-to-market

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daily and unrealized gain or loss is recorded by the fund. Payable for futures variation margin is included on the Statement of assets and liabilities. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

During the six months ended November 30, 2023, the fund used futures contracts to manage the duration of the fund. The fund held futures contracts with USD notional values ranging $7.6 million to $15.8 million as measured at each quarter end.

Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the fund at November 30, 2023 by risk category:

Risk	Statement of assets and liabilities location	Financial instruments location	Assets derivatives fair value	Liabilities derivatives fair value
Interest rate	Receivable/payable for futures variation margin1	Futures	$27,343	—

    

1	Reflects cumulative appreciation/depreciation on open futures as disclosed in the Derivatives section of Fund’s investments. Only the period end variation margin receivable/payable is separately reported on the Statement of assets and liabilities.

Effect of derivative instruments on the Statement of operations

The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the six months ended November 30, 2023:

	Statement of operations location - Net realized gain (loss) on:
Risk	Futures contracts
Interest rate	$(116,759)

The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the six months ended November 30, 2023:

	Statement of operations location - Change in net unrealized appreciation (depreciation) of:
Risk	Futures contracts
Interest rate	$61,733

Note 4—Guarantees and indemnifications

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

Note 5—Fees and transactions with affiliates

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

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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.

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, 2023, this waiver amounted to 0.01% of the fund’s average daily net assets, on an annualized basis. This arrangement expires on July 31, 2025, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

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 0.60% 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. This agreement expires on September 30, 2024, 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, 2023, the expense reductions described above amounted to the following:

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

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $17,468 for the six months ended November 30, 2023. Of this amount, $2,413 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $15,055 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, 2023, CDSCs received by the Distributor amounted to $19 for Class A shares. There were no CDSCs received by the Distributor for Class C shares.  

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

Class level expenses. Class level expenses for the six months ended November 30, 2023 were as follows:

Class	Distribution and service fees	Transfer agent fees
Class A	$191,447	$90,640
Class C	8,647	1,024
Class I	—	10,560
Class R6	—	510
Total	$200,094	$102,734

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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JOHN HANCOCK Government Income Fund | SEMIANNUAL REPORT

Note 6—Fund share transactions

Transactions in fund shares for the six months ended November 30, 2023 and for the year ended May 31, 2023 were as follows:

	Six Months Ended 11-30-23		Year Ended 5-31-23
	Shares	Amount	Shares	Amount
Class A shares
Sold	734,971	$5,664,196	2,110,785	$17,258,149
Distributions reinvested	325,196	2,519,971	617,458	5,030,289
Repurchased	(1,762,236)	(13,687,366)	(4,417,755)	(36,199,167)
Net decrease	(702,069)	$(5,503,199)	(1,689,512)	$(13,910,729)
Class C shares
Sold	19,844	$154,553	91,571	$741,443
Distributions reinvested	3,001	23,212	4,737	38,512
Repurchased	(78,951)	(610,453)	(92,061)	(750,789)
Net increase (decrease)	(56,106)	$(432,688)	4,247	$29,166
Class I shares
Sold	266,354	$2,088,778	6,645,243	$54,113,341
Distributions reinvested	40,069	314,142	168,259	1,361,617
Repurchased	(5,866,089)	(46,973,497)	(1,002,769)	(8,149,019)
Net increase (decrease)	(5,559,666)	$(44,570,577)	5,810,733	$47,325,939
Class R6 shares
Sold	592,213	$4,577,860	785,542	$6,439,924
Distributions reinvested	61,149	473,781	109,808	895,724
Repurchased	(570,685)	(4,409,252)	(1,140,279)	(9,382,328)
Net increase (decrease)	82,677	$642,389	(244,929)	$(2,046,680)
Total net increase (decrease)	(6,235,164)	$(49,864,075)	3,880,539	$31,397,696

Note 7—Purchase and sale of securities

Purchases and sales of securities, other than short-term investments and U.S. Treasury obligations, amounted to $12,020,573 and $27,578,257, respectively, for the six months ended November 30, 2023. Purchases and sales of U.S. Treasury obligations aggregated $478,866,811 and $510,518,823, respectively, for the six months ended November 30, 2023.

Note 8—Investment in affiliated underlying funds

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

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							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	15,221	$1,238,413	$33,944,101	$(35,031,080)	$687	$89	$54,566	—	$152,210

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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 26–29, 2023 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a meeting held on May 30–June 1, 2023. The Trustees who are not "interested persons" of the Trust as defined by the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees) also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees and a third-party consulting firm.

Approval of Advisory and Subadvisory Agreements

At meetings held on June 26–29, 2023, the Board, including the Trustees who are not parties to any Agreement or considered to be interested persons of the Trust under the 1940 Act, reapproved for an annual period the continuation of the Advisory Agreement between the Trust and the Advisor and the Subadvisory Agreement between the Advisor and the Subadvisor with respect to the fund.

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

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

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Approval of Advisory Agreement

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

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

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

(a)	the skills and competency with which the Advisor has in the past managed the Trust’s affairs and its subadvisory relationship, the Advisor’s oversight and monitoring of the Subadvisor’s investment performance and compliance programs, such as the Subadvisor’s compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor’s timeliness in responding to performance issues;
(b)	the background, qualifications and skills of the Advisor’s personnel;
(c)	the Advisor’s compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;
(d)	the Advisor’s administrative capabilities, including its ability to supervise the other service providers for the fund, as well as the Advisor’s oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the fund, and bringing loss recovery actions on behalf of the fund;
(e)	the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund;

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(f)	the Advisor’s initiatives intended to improve various aspects of the Trust’s operations and investor experience with the fund; and
(g)	the Advisor’s reputation and experience in serving as an investment advisor to the Trust and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments.

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

(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-, five- and ten-year periods ended December 31, 2022. The Board took into account management’s discussion of the factors that contributed to the fund’s performance relative to the benchmark index and the peer group median for the one-, three-, five- and ten-year periods, including the impact of past and current market conditions on the fund’s strategy and management’s outlook for the fund. The Board concluded that the fund’s performance is being monitored and reasonably addressed, where appropriate.

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

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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;
(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.

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

Approval of Subadvisory Agreement

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

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

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

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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.

***

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

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More information

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John Hancock family of funds

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