A message to shareholders
John Hancock
High Yield Municipal Bond Fund
Table of contents
| SEMIANNUAL REPORT | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | 1 |
Your fund at a glance
INVESTMENT OBJECTIVE
The fund seeks a high level of
income that is largely exempt from federal income tax.
AVERAGE ANNUAL TOTAL RETURNS AS
OF 11/30/2023 (%)
The Bloomberg High Yield
Municipal Bond Index tracks the performance of municipal bonds rated below investment grade (BBB/Baa) and those that are unrated.
It is not possible to invest
directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.
The fund’s Morningstar
category average is a group of funds with similar investment objectives and strategies and is the equal-weighted return of all funds per category. Morningstar places funds in certain categories based on their
historical portfolio holdings. Figures from Morningstar, Inc. include reinvested distributions and do not take into account sales charges. Actual load-adjusted performance is lower.
The past performance shown here
reflects reinvested distributions and the beneficial effect of any expense reductions, and does not guarantee future results. Performance of the other share classes will vary based on the difference in the fees and
expenses of those classes. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current month-end performance may be lower or higher than the performance cited, and
can be found at jhinvestments.com or by calling 800-225-5291. For further information on the fund’s objectives, risks, and strategy, see the fund’s prospectus.
| 2 | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | SEMIANNUAL REPORT |
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.
| SEMIANNUAL REPORT | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | 3 |
SECTOR COMPOSITION AS OF
11/30/2023 (% of net assets)
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.
| 4 | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | SEMIANNUAL REPORT |
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.
| SEMIANNUAL REPORT | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | 5 |
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 | $1,017.20 | $4.08 | 0.81% |
| Hypothetical example | 1,000.00 | 1,021.00 | 4.09 | 0.81% | |
| Class C | Actual expenses/actual returns | 1,000.00 | 1,014.90 | 7.86 | 1.56% |
| Hypothetical example | 1,000.00 | 1,017.20 | 7.87 | 1.56% | |
| Class I | Actual expenses/actual returns | 1,000.00 | 1,018.00 | 3.33 | 0.66% |
| Hypothetical example | 1,000.00 | 1,021.70 | 3.34 | 0.66% | |
| Class R6 | Actual expenses/actual returns | 1,000.00 | 1,018.10 | 3.28 | 0.65% |
| Hypothetical example | 1,000.00 | 1,021.80 | 3.29 | 0.65% |
| 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). |
| 6 | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | SEMIANNUAL REPORT |
Fund’s investments
AS OF 11-30-23
(unaudited)
| Rate (%) | Maturity date | Par value^ | Value | ||
| Municipal bonds 98.2% | $182,449,338 | ||||
| (Cost $194,882,522) | |||||
| Alabama 0.6% | 1,038,079 | ||||
| The Lower Alabama Gas District Gas Project, Series A | 5.000 | 09-01-46 | 1,000,000 | 1,038,079 | |
| Alaska 0.6% | 1,106,076 | ||||
| Northern Tobacco Securitization Corp. Alaska Tobacco Settlement, Senior Class 1, Series A | 4.000 | 06-01-50 | 1,250,000 | 1,106,076 | |
| Arizona 3.3% | 6,091,512 | ||||
| Arizona Industrial Development Authority Benjamin Franklin Charter School Projects, Series A (A) | 5.250 | 07-01-53 | 685,000 | 620,366 | |
| Arizona Industrial Development Authority Macombs Facility Project, Series A | 4.000 | 07-01-61 | 2,420,000 | 1,949,923 | |
| Industrial Development Authority of the City of Phoenix Legacy Traditional Schools Project, Series A (A) | 5.000 | 07-01-41 | 750,000 | 716,191 | |
| Maricopa County Industrial Development Authority Arizona Autism Charter School Project (A) | 4.000 | 07-01-61 | 1,000,000 | 686,267 | |
| Maricopa County Industrial Development Authority Commercial Metals Company Project, AMT (A) | 4.000 | 10-15-47 | 1,000,000 | 836,966 | |
| Maricopa County Industrial Development Authority Valley Christian Schools Project, Series A (A) | 6.250 | 07-01-53 | 560,000 | 544,537 | |
| The Industrial Development Authority of the County of Pima American Leadership Academy (A) | 4.000 | 06-15-51 | 1,000,000 | 737,262 | |
| Arkansas 1.1% | 2,020,371 | ||||
| Arkansas Development Finance Authority Big River Steel Project, AMT (A) | 4.750 | 09-01-49 | 1,000,000 | 992,585 | |
| Arkansas Development Finance Authority Hybar Steel Project, Series A, AMT (A) | 6.875 | 07-01-48 | 1,000,000 | 1,027,786 | |
| California 10.5% | 19,426,652 | ||||
| California Community College Financing Authority Napa Valley College Project, Series A (A) | 5.750 | 07-01-60 | 1,045,000 | 1,023,078 | |
| California Community Housing Agency Stoneridge Apartments, Series A (A) | 4.000 | 02-01-56 | 400,000 | 287,444 | |
| California Municipal Finance Authority Northbay Healthcare, Series A | 5.250 | 11-01-47 | 1,000,000 | 956,371 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | 7 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| California (continued) | |||||
| California Public Finance Authority Enso Village Project, Series A (A) | 5.000 | 11-15-51 | 250,000 | $214,208 | |
| California Public Finance Authority Enso Village Project, Series A (A) | 5.000 | 11-15-56 | 700,000 | 586,871 | |
| California Public Finance Authority Trinity Classical Academy, Series A (A) | 5.000 | 07-01-54 | 575,000 | 476,815 | |
| California School Finance Authority Lighthouse Community Public Schools (A) | 6.500 | 06-01-62 | 1,000,000 | 1,018,423 | |
| California School Finance Authority Sonoma County Junior College Project, Series A (A) | 4.000 | 11-01-31 | 750,000 | 719,941 | |
| California School Finance Authority Valley International Preparatory High School (A) | 5.250 | 03-01-62 | 1,000,000 | 762,089 | |
| California Statewide Communities Development Authority Community Facilities District No. 2020-02 | 5.250 | 09-01-52 | 500,000 | 502,892 | |
| California Statewide Financing Authority Tobacco Securitization Program, Series C (A)(B) | 9.185 | 06-01-55 | 8,000,000 | 482,371 | |
| City & County of San Francisco Community Facilities District No. 2016-1 Improvement Area #2 - Treasure Island, Series A (A) | 4.000 | 09-01-42 | 1,000,000 | 890,196 | |
| City of Oroville Oroville Hospital | 5.250 | 04-01-49 | 705,000 | 415,461 | |
| City of Sacramento Greenbriar Community Facilities District No. 2018-3 | 4.000 | 09-01-50 | 400,000 | 334,707 | |
| CSCDA Community Improvement Authority 1818 Platinum Triangle Anaheim, Series A-2 (A) | 3.250 | 04-01-57 | 1,000,000 | 659,589 | |
| CSCDA Community Improvement Authority Altana Glendale, Series A-2 (A) | 4.000 | 10-01-56 | 500,000 | 356,686 | |
| CSCDA Community Improvement Authority Orange City Portfolio, Series A-2 (A) | 3.000 | 03-01-57 | 1,000,000 | 647,918 | |
| CSCDA Community Improvement Authority The Link-Glendale, Series A-2 (A) | 4.000 | 07-01-56 | 400,000 | 274,964 | |
| Golden State Tobacco Securitization Corp. Series B-2 (B) | 5.391 | 06-01-66 | 7,850,000 | 815,767 | |
| River Islands Public Financing Authority Community Facilities District No. 2003-1, Series A | 5.000 | 09-01-48 | 500,000 | 490,275 | |
| River Islands Public Financing Authority Community Facilities District No. 2016-1 (C) | 4.500 | 09-01-47 | 1,000,000 | 1,009,084 | |
| River Islands Public Financing Authority Community Facilities District No. 2023-1 | 5.500 | 09-01-48 | 1,000,000 | 997,329 | |
| San Francisco Bay Area Rapid Transit District Election of 2016, Series D1, GO (D) | 4.000 | 08-01-37 | 1,885,000 | 1,922,698 | |
| San Francisco Bay Area Rapid Transit District Election of 2016, Series D1, GO (D) | 4.250 | 08-01-52 | 2,000,000 | 2,025,938 |
| 8 | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| California (continued) | |||||
| Southern California Public Power Authority Natural Gas Project, Series A | 5.250 | 11-01-26 | 1,500,000 | $1,555,537 | |
| Colorado 5.0% | 9,363,763 | ||||
| Aerotropolis Regional Transportation Authority Special Revenue | 4.250 | 12-01-41 | 1,000,000 | 826,333 | |
| Colorado Health Facilities Authority CommonSpirit Health, Series A-1 | 4.000 | 08-01-44 | 1,575,000 | 1,425,862 | |
| Colorado Health Facilities Authority CommonSpirit Health, Series A-2 | 4.000 | 08-01-49 | 1,000,000 | 877,871 | |
| Fiddlers Business Improvement District Greenwood Village, GO (A) | 5.550 | 12-01-47 | 1,000,000 | 1,000,943 | |
| Gold Hill Mesa Metropolitan District No. 2 Series B, GO | 7.000 | 12-15-39 | 1,000,000 | 962,186 | |
| Longs Peak Metropolitan District, GO (A) | 5.250 | 12-01-51 | 1,000,000 | 829,625 | |
| Platte River Metropolitan District Series A, GO (A) | 6.500 | 08-01-53 | 750,000 | 757,323 | |
| Pueblo Urban Renewal Authority EVRAZ Project, Series A (A) | 4.750 | 12-01-45 | 1,000,000 | 680,000 | |
| Rampart Range Metropolitan District District No. 5 | 4.000 | 12-01-51 | 1,500,000 | 1,056,428 | |
| Villages at Castle Rock Metropolitan District No. 6 Cobblestone Ranch Project, Series 2, GO (B) | 8.139 | 12-01-37 | 1,333,334 | 438,636 | |
| West Meadow Metropolitan District Series A, GO (A) | 6.000 | 12-01-38 | 500,000 | 508,556 | |
| Connecticut 1.1% | 2,117,898 | ||||
| Great Pond Improvement District Great Pond Phase 1 Project (A) | 4.750 | 10-01-48 | 1,000,000 | 919,434 | |
| Town of Hamden Whitney Center Project | 5.000 | 01-01-50 | 1,500,000 | 1,198,464 | |
| Delaware 0.1% | 108,710 | ||||
| Delaware State Economic Development Authority Aspira of Delaware Charter Operations, Inc. Project, Series A | 4.000 | 06-01-42 | 140,000 | 108,710 | |
| District of Columbia 1.8% | 3,289,562 | ||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue Series C (C) | 6.500 | 10-01-41 | 3,000,000 | 3,289,562 | |
| Florida 7.2% | 13,291,610 | ||||
| Charlotte County Industrial Development Authority Town and Country Utilities Project, Series A, AMT (A) | 4.000 | 10-01-51 | 1,800,000 | 1,406,485 | |
| City of Jacksonville Jacksonville University Project, Series B (A) | 5.000 | 06-01-53 | 750,000 | 643,187 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | 9 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Florida (continued) | |||||
| County of Lake Imagine South Lake Charter School Project, Series A (A) | 5.000 | 01-15-54 | 995,000 | $858,292 | |
| Escambia County Health Facilities Authority Baptist Health Care Corp. Health Facilities, Series A | 4.000 | 08-15-50 | 1,500,000 | 1,276,650 | |
| Florida Development Finance Corp. 2017 Foundation for Global Understanding, Inc. Project, Series A (A) | 4.000 | 07-01-51 | 250,000 | 200,393 | |
| Florida Development Finance Corp. River City Science Academy | 5.000 | 07-01-57 | 680,000 | 653,454 | |
| Florida Development Finance Corp. Waste Pro USA, Inc. Project, AMT | 3.000 | 06-01-32 | 1,000,000 | 786,080 | |
| Florida Higher Educational Facilities Financial Authority Jacksonville University, Series A-1 (A) | 5.000 | 06-01-48 | 750,000 | 657,859 | |
| Hillsborough County Industrial Development Authority Tampa General Hospital Project, Series A | 4.000 | 08-01-50 | 1,000,000 | 881,996 | |
| Middleton Community Development District A Special Assessment Revenue | 6.200 | 05-01-53 | 995,000 | 1,015,625 | |
| Palm Beach County Health Facilities Authority Jupiter Medical Center Project, Series A | 5.000 | 11-01-52 | 1,000,000 | 1,003,111 | |
| Palm Beach County Health Facilities Authority Toby and Leon Cooperman Sinai Residences | 4.000 | 06-01-31 | 1,750,000 | 1,624,142 | |
| Polk County Industrial Development Authority Mineral Development LLC, AMT (A) | 5.875 | 01-01-33 | 1,000,000 | 995,436 | |
| St. Johns County Industrial Development Authority Vicar’s Landing Project, Series A | 4.000 | 12-15-50 | 720,000 | 499,876 | |
| Village Community Development District CDD No. 12 | 4.250 | 05-01-43 | 885,000 | 789,024 | |
| Georgia 1.6% | 3,068,303 | ||||
| Augusta Development Authority AU Health System, Inc. Project | 4.000 | 07-01-37 | 45,000 | 43,652 | |
| Augusta Development Authority AU Health System, Inc. Project | 5.000 | 07-01-33 | 245,000 | 257,339 | |
| Fulton County Residential Care Facilities for the Elderly Authority Lenbrook Square Foundation, Inc. | 5.000 | 07-01-42 | 1,090,000 | 1,003,217 | |
| Main Street Natural Gas, Inc. Series A | 5.000 | 05-15-49 | 750,000 | 756,789 | |
| Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project | 5.000 | 01-01-48 | 1,000,000 | 1,007,306 | |
| Illinois 6.6% | 12,304,722 | ||||
| Chicago Board of Education Series A, GO | 7.000 | 12-01-44 | 1,000,000 | 1,032,148 | |
| Chicago Board of Education Series D, GO | 5.000 | 12-01-46 | 500,000 | 475,101 |
| 10 | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Illinois (continued) | |||||
| Chicago Board of Education Series H, GO | 5.000 | 12-01-46 | 1,250,000 | $1,178,787 | |
| City of Chicago Series A, GO | 6.000 | 01-01-38 | 1,000,000 | 1,040,630 | |
| Illinois Finance Authority Clark-Lindsey Village, Series A | 5.500 | 06-01-57 | 1,250,000 | 1,072,752 | |
| Illinois Finance Authority DePaul College Prep Foundation, Series A (A) | 5.250 | 08-01-38 | 500,000 | 501,836 | |
| Illinois Finance Authority LRS Holdings LLC Project, Series B, AMT (A) | 7.375 | 09-01-42 | 750,000 | 783,524 | |
| Illinois Finance Authority Westminster Village, Series A | 5.250 | 05-01-38 | 1,000,000 | 862,245 | |
| Metropolitan Pier & Exposition Authority McCormick Place Expansion | 4.000 | 12-15-42 | 1,500,000 | 1,439,674 | |
| State of Illinois, GO | 4.000 | 06-01-33 | 750,000 | 753,516 | |
| Upper Illinois River Valley Development Authority Elgin Math & Science Academy Charter School Project, Series A (A) | 5.750 | 03-01-53 | 1,000,000 | 936,929 | |
| Upper Illinois River Valley Development Authority Prairie Crossing Charter School Project (A) | 5.000 | 01-01-55 | 1,000,000 | 871,178 | |
| Village of Lincolnwood Certificates of Participation, District 1860 Development Project, Series A (A) | 4.820 | 01-01-41 | 1,500,000 | 1,356,402 | |
| Indiana 1.9% | 3,488,414 | ||||
| Indiana Finance Authority BHI Senior Living | 5.000 | 11-15-38 | 1,000,000 | 963,268 | |
| Indiana Finance Authority Polyflow Industry Project, AMT (A) | 7.000 | 03-01-39 | 965,000 | 703,792 | |
| Indiana Finance Authority Tippecanoe LLC Student Housing Project, Series A | 5.375 | 06-01-64 | 1,000,000 | 992,644 | |
| Indianapolis Local Public Improvement Bond Bank Convention Center Hotel, Series E (E) | 6.125 | 03-01-57 | 800,000 | 828,710 | |
| Iowa 0.8% | 1,584,157 | ||||
| Iowa Finance Authority Alcoa, Inc. Project | 4.750 | 08-01-42 | 800,000 | 761,872 | |
| Iowa Finance Authority Northcrest, Inc. Project, Series A | 5.000 | 03-01-48 | 1,000,000 | 822,285 | |
| Kansas 0.9% | 1,611,451 | ||||
| City of Prairie Village Meadowbrook TIF Project | 2.875 | 04-01-30 | 580,000 | 540,132 | |
| Wyandotte County-Kansas City Unified Government Legends Apartments Garage & West Lawn Project | 4.500 | 06-01-40 | 665,000 | 609,594 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | 11 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Kansas (continued) | |||||
| Wyandotte County-Kansas City Unified Government Village East Project Areas 2B (A) | 5.250 | 09-01-35 | 480,000 | $461,725 | |
| Kentucky 0.3% | 639,472 | ||||
| Kentucky Municipal Power Agency Prairie State Project, Series A | 4.000 | 09-01-45 | 750,000 | 639,472 | |
| Louisiana 1.7% | 3,176,591 | ||||
| Louisiana Local Government Environmental Facilities & Community Development Authority Downsville Community Charter School Project (A) | 6.375 | 06-15-53 | 1,000,000 | 969,628 | |
| Louisiana Local Government Environmental Facilities & Community Development Authority Westlake Chemical Corp. Project | 3.500 | 11-01-32 | 200,000 | 185,727 | |
| Louisiana Public Facilities Authority Lincoln Preparatory School, Series A (A) | 6.375 | 06-01-52 | 1,000,000 | 939,627 | |
| St. James Parish NuStar Logistics LP Project (A) | 6.100 | 12-01-40 | 1,000,000 | 1,081,609 | |
| Maryland 2.4% | 4,447,075 | ||||
| Anne Arundel County Consolidated Special Taxing District Villages at 2 Rivers Project | 5.250 | 07-01-44 | 1,000,000 | 1,000,371 | |
| County of Howard Downtown Columbia Project, Series A (A) | 4.500 | 02-15-47 | 750,000 | 672,226 | |
| County of Prince George’s Collington Episcopal Life | 5.250 | 04-01-47 | 225,000 | 196,800 | |
| Maryland Economic Development Corp. Morgan St. University Project, Series A | 6.000 | 07-01-58 | 1,000,000 | 1,071,881 | |
| Maryland Economic Development Corp. Port Covington Project | 3.250 | 09-01-30 | 100,000 | 93,017 | |
| Maryland Economic Development Corp. Port Covington Project | 4.000 | 09-01-50 | 200,000 | 161,087 | |
| Maryland Health & Higher Educational Facilities Authority Meritus Medical Center | 5.000 | 07-01-45 | 1,000,000 | 1,004,715 | |
| Maryland Health & Higher Educational Facilities Authority Monocacy Montessori Communities (A) | 5.875 | 07-01-43 | 250,000 | 246,978 | |
| Massachusetts 2.0% | 3,741,883 | ||||
| Massachusetts Development Finance Agency Merrimack College | 5.000 | 07-01-42 | 250,000 | 250,937 | |
| Massachusetts Development Finance Agency NewBridge on the Charles, Inc. (A) | 5.000 | 10-01-47 | 750,000 | 671,206 | |
| Massachusetts Development Finance Agency Orchard Cove, Inc. | 5.000 | 10-01-49 | 895,000 | 809,643 |
| 12 | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Massachusetts (continued) | |||||
| Massachusetts Development Finance Agency Worcester Polytechnic Institute | 5.000 | 09-01-59 | 1,930,000 | $2,010,097 | |
| Michigan 1.4% | 2,636,474 | ||||
| City of Detroit, GO | 5.500 | 04-01-37 | 465,000 | 497,004 | |
| Michigan Finance Authority Local Government Loan Program, Series F-1, GO | 4.500 | 10-01-29 | 500,000 | 501,315 | |
| Michigan Mathematics & Science Initiative Public School Academy | 4.000 | 01-01-41 | 1,000,000 | 829,384 | |
| Summit Academy North Michigan Public School Academy | 4.000 | 11-01-41 | 1,000,000 | 808,771 | |
| Missouri 1.6% | 2,891,585 | ||||
| Health & Educational Facilities Authority Lutheran Senior Service Project, Series A | 5.000 | 02-01-42 | 750,000 | 707,219 | |
| Lee’s Summit Industrial Development Authority John Knox Village Project, Series A | 5.000 | 08-15-32 | 500,000 | 470,656 | |
| Lee’s Summit Industrial Development Authority John Knox Village, Series A | 5.000 | 08-15-46 | 1,160,000 | 937,271 | |
| Taney County Industrial Development Authority Big Cedar Infrastructure Project (A) | 6.000 | 10-01-49 | 800,000 | 776,439 | |
| Montana 0.2% | 466,128 | ||||
| Montana Facility Finance Authority Montana Children’s Home and Hospital | 4.000 | 07-01-50 | 600,000 | 466,128 | |
| Nevada 0.3% | 471,883 | ||||
| City of Las Vegas Special Improvement District No. 816 Summerlin Village 22 | 3.125 | 06-01-46 | 700,000 | 471,883 | |
| New Hampshire 0.9% | 1,626,441 | ||||
| New Hampshire Business Finance Authority Covanta Project, AMT (A) | 4.875 | 11-01-42 | 500,000 | 407,570 | |
| New Hampshire Business Finance Authority Series A (A) | 3.625 | 07-01-43 | 500,000 | 363,188 | |
| New Hampshire Business Finance Authority Springpoint Senior Living | 4.000 | 01-01-41 | 1,000,000 | 805,596 | |
| New Hampshire Health & Education Facilities Authority Hillside Village, Series A (A)(F) | 6.125 | 07-01-52 | 834,787 | 50,087 | |
| New Jersey 0.7% | 1,334,384 | ||||
| New Jersey Economic Development Authority School Facilities Construction | 4.000 | 06-15-49 | 1,000,000 | 921,882 | |
| New Jersey Health Care Facilities Financing Authority St. Joseph’s Healthcare System | 4.000 | 07-01-48 | 475,000 | 412,502 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | 13 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| New Mexico 0.2% | $415,576 | ||||
| Winrock Town Center Tax Increment Development District No. 1 (A) | 4.250 | 05-01-40 | 500,000 | 415,576 | |
| New York 7.5% | 13,859,533 | ||||
| Build NYC Resource Corp. Seton Education Partners Brilla Project (A) | 4.000 | 11-01-41 | 1,000,000 | 802,914 | |
| Build NYC Resource Corp. Shefa School Project, Series A (A) | 5.000 | 06-15-51 | 250,000 | 203,853 | |
| Build NYC Resource Corp. South Bronx Charter School for International Culture and the Arts Project, Series A (A) | 7.000 | 04-15-53 | 750,000 | 779,645 | |
| Erie Tobacco Asset Securitization Corp. Series A (A)(B) | 7.974 | 06-01-60 | 15,000,000 | 875,157 | |
| Metropolitan Transportation Authority Series C-1 | 4.750 | 11-15-45 | 130,000 | 131,122 | |
| Nassau County Tobacco Settlement Corp. Series D (B) | 8.124 | 06-01-60 | 12,000,000 | 665,116 | |
| New York Counties Tobacco Trust IV Series F (B) | 7.780 | 06-01-60 | 17,000,000 | 1,060,275 | |
| New York Liberty Development Corp. World Trade Center, Class 1-3 (A) | 5.000 | 11-15-44 | 850,000 | 825,269 | |
| New York Liberty Development Corp. World Trade Center, Class 2-3 (A) | 5.150 | 11-15-34 | 1,000,000 | 999,141 | |
| New York State Dormitory Authority Garnet Health Medical Center (A) | 5.000 | 12-01-45 | 1,000,000 | 930,204 | |
| New York State Environmental Facilities Corp. Casella Waste System, Inc. Project, Series R-2, AMT (A) | 5.125 | 09-01-50 | 1,000,000 | 998,509 | |
| New York Transportation Development Corp. American Airlines Inc., John F. Kennedy International Airport, AMT | 3.000 | 08-01-31 | 200,000 | 175,069 | |
| New York Transportation Development Corp. Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment | 4.375 | 10-01-45 | 1,000,000 | 899,057 | |
| New York Transportation Development Corp. Delta Airlines, Inc., Laguardia Airport, AMT | 4.000 | 01-01-36 | 1,000,000 | 929,906 | |
| New York Transportation Development Corp. Delta Airlines, Inc., Laguardia Airport, AMT | 5.000 | 01-01-36 | 1,000,000 | 1,005,895 | |
| New York Transportation Development Corp. New York State Thruway Service Areas Project, AMT | 4.000 | 04-30-53 | 500,000 | 413,476 | |
| Westchester County Local Development Corp. Westchester Medical Center Obligated Group Project (C) | 5.000 | 11-01-51 | 1,025,000 | 1,058,002 | |
| Westchester County Local Development Corp. Westchester Medical Center Obligated Group Project | 6.250 | 11-01-52 | 1,000,000 | 1,106,923 | |
| Ohio 5.4% | 10,068,728 | ||||
| Beachwood City School District, GO | 4.000 | 12-01-53 | 2,000,000 | 1,880,703 |
| 14 | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Ohio (continued) | |||||
| Buckeye Tobacco Settlement Financing Authority Series A-2, Class 1 | 4.000 | 06-01-48 | 500,000 | $437,503 | |
| Buckeye Tobacco Settlement Financing Authority Series B-2, Class 2 | 5.000 | 06-01-55 | 2,990,000 | 2,637,885 | |
| Buckeye Tobacco Settlement Financing Authority Series B-3, Class 2 (B) | 6.933 | 06-01-57 | 8,000,000 | 819,559 | |
| Northeast Ohio Medical University Series A | 4.000 | 12-01-35 | 70,000 | 68,400 | |
| Northeast Ohio Medical University Series A | 4.000 | 12-01-45 | 345,000 | 299,975 | |
| Ohio Air Quality Development Authority Ohio Valley Electric Corp. Project, Series A | 3.250 | 09-01-29 | 1,750,000 | 1,673,442 | |
| Ohio Air Quality Development Authority Pratt Paper LLC Project, AMT (A) | 4.250 | 01-15-38 | 500,000 | 471,528 | |
| Ohio Air Quality Development Authority Pratt Paper LLC Project, AMT (A) | 4.500 | 01-15-48 | 500,000 | 454,101 | |
| Ohio Higher Educational Facility Commission Otterbein University 2022 Project | 4.000 | 12-01-46 | 500,000 | 416,265 | |
| Southeastern Ohio Port Authority Marietta Memorial Hospital | 5.000 | 12-01-35 | 1,000,000 | 909,367 | |
| Oklahoma 0.5% | 1,012,212 | ||||
| Oklahoma Development Finance Authority OU Medicine Project, Series B | 5.500 | 08-15-52 | 1,000,000 | 966,918 | |
| Tulsa Industrial Authority University of Tulsa | 5.000 | 10-01-31 | 45,000 | 45,294 | |
| Oregon 0.9% | 1,620,424 | ||||
| Hospital Facilities Authority of Multnomah County Mirabella South Waterfront | 5.400 | 10-01-44 | 750,000 | 761,572 | |
| Salem Hospital Facility Authority Capital Manor Project | 5.000 | 05-15-53 | 1,000,000 | 858,852 | |
| Pennsylvania 3.6% | 6,616,034 | ||||
| Allentown Commercial and Industrial Development Authority Lincoln Leadership Academy Charter School Project | 5.500 | 06-15-38 | 600,000 | 616,580 | |
| Allentown Commercial and Industrial Development Authority Lincoln Leadership Academy Charter School Project | 6.000 | 06-15-53 | 500,000 | 512,194 | |
| Berks County Industrial Development Authority Tower Health Project | 3.750 | 11-01-42 | 500,000 | 265,178 | |
| Bucks County Industrial Development Authority Grand View Hospital Project | 4.000 | 07-01-46 | 350,000 | 262,819 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | 15 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Pennsylvania (continued) | |||||
| Chester County Industrial Development Authority Collegium Charter School Project (A) | 5.625 | 10-15-42 | 650,000 | $627,618 | |
| Lancaster County Hospital Authority Brethren Village Project | 5.000 | 07-01-30 | 500,000 | 477,578 | |
| Lancaster County Hospital Authority Brethren Village Project | 5.125 | 07-01-37 | 1,000,000 | 913,404 | |
| Pennsylvania Economic Development Financing Authority Presbyterian Senior Living Project, Series B-1 | 5.250 | 07-01-49 | 1,000,000 | 967,180 | |
| Philadelphia Authority for Industrial Development Discovery Charter School, Inc. Project (A) | 5.000 | 04-15-42 | 625,000 | 564,338 | |
| Philadelphia Authority for Industrial Development Philadelphia Electrical & Technology Charter High School | 4.000 | 06-01-51 | 1,200,000 | 880,022 | |
| Philadelphia Authority for Industrial Development Tacony Academy Charter School Project (A) | 5.500 | 06-15-43 | 545,000 | 529,123 | |
| Puerto Rico 3.2% | 5,900,690 | ||||
| Puerto Rico Commonwealth CW Guarantee Bond Claims, GO (B) | 3.288 | 11-01-43 | 1,363,800 | 709,176 | |
| Puerto Rico Commonwealth Series A, GO (B) | 4.181 | 07-01-24 | 7,715 | 7,529 | |
| Puerto Rico Commonwealth Series A, GO (B) | 5.237 | 07-01-33 | 60,892 | 37,065 | |
| Puerto Rico Commonwealth Series A-1, GO | 4.000 | 07-01-33 | 47,316 | 44,160 | |
| Puerto Rico Commonwealth Series A-1, GO | 4.000 | 07-01-35 | 906,531 | 829,058 | |
| Puerto Rico Commonwealth Series A-1, GO | 4.000 | 07-01-37 | 36,503 | 32,603 | |
| Puerto Rico Commonwealth Series A-1, GO | 4.000 | 07-01-41 | 49,630 | 42,821 | |
| Puerto Rico Commonwealth Series A-1, GO | 4.000 | 07-01-46 | 51,615 | 42,840 | |
| Puerto Rico Commonwealth Series A-1, GO | 5.375 | 07-01-25 | 52,697 | 53,605 | |
| Puerto Rico Commonwealth Series A-1, GO | 5.625 | 07-01-27 | 52,220 | 54,524 | |
| Puerto Rico Commonwealth Series A-1, GO | 5.625 | 07-01-29 | 51,373 | 54,296 | |
| Puerto Rico Commonwealth Series A-1, GO | 5.750 | 07-01-31 | 49,898 | 53,663 | |
| Puerto Rico Electric Power Authority Series A (F) | 7.000 | 07-01-43 | 1,250,000 | 312,500 | |
| Puerto Rico Electric Power Authority Series TT (F) | 5.000 | 07-01-24 | 765,000 | 191,250 |
| 16 | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Puerto Rico (continued) | |||||
| Puerto Rico Highway & Transportation Authority Teodoro Moscoso Bridge, Series A (B) | 7.299 | 07-01-26 | 1,343,000 | $1,116,461 | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-1 (B) | 5.490 | 07-01-46 | 2,475,000 | 727,261 | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-1 (B) | 5.623 | 07-01-51 | 3,450,000 | 746,270 | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-2 | 4.784 | 07-01-58 | 900,000 | 845,608 | |
| South Carolina 0.4% | 811,128 | ||||
| South Carolina Jobs-Economic Development Authority Episcopal Home at Still Hopes, Series A | 5.000 | 04-01-48 | 45,000 | 35,922 | |
| South Carolina Jobs-Economic Development Authority Last Step Recycling Project, Series A, AMT (A) | 6.250 | 06-01-40 | 1,000,000 | 775,206 | |
| Tennessee 1.3% | 2,408,082 | ||||
| Metropolitan Government Nashville & Davidson County Industrial Development Board South Nashville Central, Series A (A) | 4.000 | 06-01-51 | 500,000 | 402,156 | |
| Tennessee Energy Acquisition Corp. Series C | 5.000 | 02-01-25 | 2,000,000 | 2,005,926 | |
| Texas 8.3% | 15,444,568 | ||||
| Arlington Higher Education Finance Corp. Magellan International School (A) | 6.250 | 06-01-52 | 1,000,000 | 1,001,296 | |
| Board of Managers Joint Guadalupe County City of Seguin Hospital | 5.000 | 12-01-45 | 1,000,000 | 892,909 | |
| Brazoria County Industrial Development Corp. Aleon Renewable Metals LLC, AMT (A) | 10.000 | 06-01-42 | 1,000,000 | 961,105 | |
| Brazoria County Industrial Development Corp. Gladieux Metals Recycling, AMT | 7.000 | 03-01-39 | 1,000,000 | 914,284 | |
| City of Houston Airport System Revenue United Airlines, Inc. Terminal Project, AMT | 4.000 | 07-15-41 | 1,000,000 | 841,108 | |
| City of Houston Airport System Revenue United Airlines, Inc. Terminal Project, AMT | 6.625 | 07-15-38 | 1,000,000 | 1,000,239 | |
| City of Houston Airport System Revenue United Airlines, Inc. Terminal Project, Series B-2, AMT | 5.000 | 07-01-27 | 1,000,000 | 996,919 | |
| City of Houston Airport System Revenue United Airlines, Inc. Terminal Project, Series C, AMT | 5.000 | 07-15-28 | 1,100,000 | 1,097,429 | |
| Gulf Coast Industrial Development Authority CITGO Petroleum Corp. Project, AMT | 8.000 | 04-01-28 | 1,000,000 | 1,000,661 | |
| Harris County Cultural Education Facilities Finance Corp. Brazos Presbyterian Homes Project | 5.000 | 01-01-37 | 250,000 | 216,695 | |
| Love Field Airport Modernization Corp. General Airport Revenue, AMT (C) | 4.000 | 11-01-39 | 1,000,000 | 971,701 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | 17 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Texas (continued) | |||||
| New Hope Cultural Education Facilities Finance Corp. Legacy Midtown Park Project, Series A | 5.500 | 07-01-54 | 500,000 | $372,672 | |
| New Hope Cultural Education Facilities Finance Corp. Sanctuary LTC Project, Series A-1 | 5.500 | 01-01-57 | 1,000,000 | 692,905 | |
| New Hope Cultural Education Facilities Finance Corp. Sanctuary LTC Project, Series A-2 | 6.500 | 01-01-31 | 1,000,000 | 651,689 | |
| Port Beaumont Navigation District Jefferson Gulf Coast Energy, AMT (A) | 2.750 | 01-01-36 | 1,000,000 | 701,572 | |
| San Antonio Education Facilities Corp. Hallmark University Project, Series A | 5.000 | 10-01-51 | 1,000,000 | 761,251 | |
| Texas Municipal Gas Acquisition & Supply Corp. Series D | 6.250 | 12-15-26 | 1,015,000 | 1,048,593 | |
| Texas Private Activity Bond Surface Transportation Corp. Bond Surface Transportation Corp. | 5.500 | 06-30-43 | 250,000 | 265,218 | |
| Texas Private Activity Bond Surface Transportation Corp. North Tarrant Express Project, AMT | 5.500 | 12-31-58 | 1,000,000 | 1,056,322 | |
| Utah 1.2% | 2,315,199 | ||||
| Military Installation Development Authority Series A-1 | 4.000 | 06-01-52 | 1,220,000 | 868,149 | |
| Utah Charter School Finance Authority St. George Campus Project, Series A (A) | 5.000 | 06-15-41 | 1,020,000 | 897,193 | |
| Utah Infrastructure Agency Telecommunication Revenue | 4.000 | 10-15-35 | 150,000 | 136,013 | |
| Utah Infrastructure Agency Telecommunication Revenue | 4.000 | 10-15-41 | 500,000 | 413,844 | |
| Vermont 0.6% | 1,062,942 | ||||
| Vermont Economic Development Authority Wake Robin Corp. Project, Series A | 5.000 | 05-01-47 | 1,210,000 | 1,062,942 | |
| Virgin Islands 0.3% | 503,279 | ||||
| Matching Fund Special Purpose Securitization Corp. Series A | 5.000 | 10-01-28 | 500,000 | 503,279 | |
| Virginia 2.1% | 3,992,066 | ||||
| Tobacco Settlement Financing Corp. Series D (B) | 5.926 | 06-01-47 | 4,000,000 | 1,013,583 | |
| Virginia College Building Authority Regent University Project | 4.000 | 06-01-46 | 250,000 | 213,614 | |
| Virginia Small Business Financing Authority 95 Express Lanes LLC Project, AMT | 4.000 | 07-01-39 | 1,080,000 | 1,002,078 | |
| Virginia Small Business Financing Authority 95 Express Lanes LLC Project, AMT | 4.000 | 01-01-48 | 2,000,000 | 1,762,791 |
| 18 | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Washington 0.9% | $1,742,821 | ||||
| Washington State Convention Center Public Facilities District Series B | 3.000 | 07-01-58 | 1,000,000 | 660,604 | |
| Washington State Housing Finance Commission Seattle Academy of Arts and Sciences Project (A) | 6.250 | 07-01-59 | 1,000,000 | 1,082,217 | |
| West Virginia 0.5% | 944,538 | ||||
| City of South Charleston South Charleston Park Place (A) | 4.500 | 06-01-50 | 1,250,000 | 944,538 | |
| Wisconsin 6.7% | 12,388,322 | ||||
| Public Finance Authority A Challenge Foundation Academy (A) | 7.000 | 07-01-58 | 1,030,000 | 1,044,505 | |
| Public Finance Authority Air Cargo Facilities Project, AMT | 5.500 | 07-01-37 | 500,000 | 530,809 | |
| Public Finance Authority Air Cargo Facilities Project, AMT | 5.500 | 07-01-38 | 250,000 | 262,633 | |
| Public Finance Authority College Achieve Paterson Charter School (A) | 4.000 | 06-15-42 | 1,000,000 | 793,345 | |
| Public Finance Authority Founders Academy of Las Vegas Project, Series A (A) | 6.625 | 07-01-53 | 250,000 | 252,722 | |
| Public Finance Authority Friends Homes, Inc. (A) | 5.000 | 09-01-54 | 1,000,000 | 819,571 | |
| Public Finance Authority Mary’s Woods at Marylhurst (A) | 5.250 | 05-15-52 | 1,000,000 | 857,159 | |
| Public Finance Authority McLemore Hotel (A) | 4.500 | 06-01-56 | 1,000,000 | 734,159 | |
| Public Finance Authority Quality Education Academy Project, Series A (A) | 6.500 | 07-15-63 | 500,000 | 498,541 | |
| Public Finance Authority Roseman University of Health Sciences Project (A) | 4.000 | 04-01-42 | 490,000 | 399,391 | |
| Public Finance Authority Roseman University of Health Sciences Project (A) | 4.000 | 04-01-42 | 10,000 | 10,849 | |
| Public Finance Authority Roseman University of Health Sciences Project (A) | 4.000 | 04-01-52 | 780,000 | 578,005 | |
| Public Finance Authority Roseman University of Health Sciences Project (A) | 4.000 | 04-01-52 | 20,000 | 21,699 | |
| Public Finance Authority Shining Rock Classical Academy | 6.000 | 06-15-52 | 1,000,000 | 910,257 | |
| Public Finance Authority Sky Harbor Capital LLC, AMT | 4.250 | 07-01-54 | 1,000,000 | 693,952 | |
| Public Finance Authority Southminster, Inc. (A) | 5.000 | 10-01-53 | 1,085,000 | 883,816 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | 19 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Wisconsin (continued) | |||||
| Public Finance Authority University of Hawaii Foundation Project (A) | 4.000 | 07-01-61 | 500,000 | $369,514 | |
| Public Finance Authority University of Hawaii Foundation Project (A) | 5.250 | 07-01-61 | 250,000 | 200,714 | |
| Public Finance Authority Viticus Group Project, Series A (A) | 4.000 | 12-01-41 | 1,500,000 | 1,185,218 | |
| Public Finance Authority WFCS Portfolio Project (A) | 5.000 | 01-01-56 | 200,000 | 149,538 | |
| Wisconsin Health & Educational Facilities Authority Hope Christian School | 4.000 | 12-01-56 | 1,500,000 | 960,029 | |
| Wisconsin Health & Educational Facilities Authority Hope Christian Schools | 4.000 | 12-01-51 | 350,000 | 231,896 | |
| Corporate bonds 1.4% | $2,558,610 | ||||
| (Cost $2,612,070) | |||||
| Health care 0.4% | 696,870 | ||||
| Health care providers and services 0.4% | |||||
| Tower Health | 4.451 | 02-01-50 | 1,566,000 | 696,870 | |
| Industrials 1.0% | 1,861,740 | ||||
| Construction and engineering 1.0% | |||||
| LBJ Infrastructure Group LLC (A) | 3.797 | 12-31-57 | 3,000,000 | 1,861,740 | |
| Yield (%) | Shares | Value | |||
| Short-term investments 0.0% | $43,539 | ||||
| (Cost $43,523) | |||||
| Short-term funds 0.0% | |||||
| John Hancock Collateral Trust (G) | 5.4088(H) | 4,354 | 43,539 | ||
| Total investments (Cost $197,538,115) 99.6% | $185,051,487 | ||||
| Other assets and liabilities, net 0.4% | 654,266 | ||||
| Total net assets 100.0% | $185,705,753 | ||||
| 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 | |
| AMT | Interest earned from these securities may be considered a tax preference item for purpose of the Federal Alternative Minimum Tax. |
| GO | General Obligation |
| (A) | These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $62,716,775 or 33.8% of the fund’s net assets as of 11-30-23. |
| (B) | Zero coupon bonds are issued at a discount from their principal amount in lieu of paying interest periodically. Rate shown is the effective yield at period end. |
| (C) | Bond is insured by one or more of the companies listed in the insurance coverage table below. |
| 20 | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| (D) | Security represents the municipal bond held by a trust that issues residual inverse floating rate interests. See Note 2 for more information. |
| (E) | Security purchased or sold on a when-issued or delayed delivery basis. |
| (F) | Non-income producing - Issuer is in default. |
| (G) | Investment is an affiliate of the fund, the advisor and/or subadvisor. |
| (H) | The rate shown is the annualized seven-day yield as of 11-30-23. |
At 11-30-23, the aggregate cost
of investments for federal income tax purposes was $196,427,648. Net unrealized depreciation aggregated to $11,376,161, of which $5,685,449 related to gross unrealized appreciation and $17,061,610 related to gross
unrealized depreciation.
| Insurance coverage | As a % of total investments |
| Assured Guaranty Corp. | 1.8 |
| Assured Guaranty Municipal Corp. | 1.6 |
| TOTAL | 3.4 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | 21 |
Financial statements
STATEMENT OF ASSETS AND
LIABILITIES 11-30-23 (unaudited)
| Assets | |
| Unaffiliated investments, at value (Cost $197,494,592) | $185,007,948 |
| Affiliated investments, at value (Cost $43,523) | 43,539 |
| Total investments, at value (Cost $197,538,115) | 185,051,487 |
| Interest receivable | 3,123,683 |
| Receivable for fund shares sold | 1,139,962 |
| Receivable for investments sold | 284,851 |
| Receivable from affiliates | 1,266 |
| Other assets | 56,068 |
| Total assets | 189,657,317 |
| Liabilities | |
| Payable for floating rate interests issued | 2,585,000 |
| Distributions payable | 29,919 |
| Payable for delayed delivery securities purchased | 783,776 |
| Payable for fund shares repurchased | 488,150 |
| Payable to affiliates | |
| Accounting and legal services fees | 7,476 |
| Transfer agent fees | 2,585 |
| Distribution and service fees | 7,016 |
| Trustees’ fees | 242 |
| Other liabilities and accrued expenses | 47,400 |
| Total liabilities | 3,951,564 |
| Net assets | $185,705,753 |
| Net assets consist of | |
| Paid-in capital | $202,080,437 |
| Total distributable earnings (loss) | (16,374,684) |
| Net assets | $185,705,753 |
| 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 ($103,244,045 ÷ 15,585,536 shares)1 | $6.62 |
| Class C ($8,787,190 ÷ 1,326,337 shares)1 | $6.63 |
| Class I ($66,903,288 ÷ 10,085,845 shares) | $6.63 |
| Class R6 ($6,771,230 ÷ 1,019,838 shares) | $6.64 |
| Maximum offering price per share | |
| Class A (net asset value per share ÷ 96%)2 | $6.90 |
| 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. |
| 22 | JOHN HANCOCK High Yield Municipal Bond Fund | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
STATEMENT OF OPERATIONS For the six months ended 11-30-23 (unaudited)
| Investment income | |
| Interest | $4,687,828 |
| Dividends from affiliated investments | 70,007 |
| Total investment income | 4,757,835 |
| Expenses | |
| Investment management fees | 458,824 |
| Distribution and service fees | 169,349 |
| Interest expense | 53,513 |
| Accounting and legal services fees | 18,814 |
| Transfer agent fees | 14,789 |
| Trustees’ fees | 1,906 |
| Custodian fees | 21,173 |
| State registration fees | 44,524 |
| Printing and postage | 9,014 |
| Professional fees | 32,626 |
| Other | 9,950 |
| Total expenses | 834,482 |
| Less expense reductions | (163,031) |
| Net expenses | 671,451 |
| Net investment income | 4,086,384 |
| Realized and unrealized gain (loss) | |
| Net realized gain (loss) on | |
| Unaffiliated investments | (3,373,839) |
| Affiliated investments | 575 |
| (3,373,264) | |
| Change in net unrealized appreciation (depreciation) of | |
| Unaffiliated investments | 2,946,732 |
| Affiliated investments | 320 |
| 2,947,052 | |
| Net realized and unrealized loss | (426,212) |
| Increase in net assets from operations | $3,660,172 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK High Yield Municipal Bond Fund | 23 |
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 | $4,086,384 | $6,827,201 |
| Net realized loss | (3,373,264) | (2,686,323) |
| Change in net unrealized appreciation (depreciation) | 2,947,052 | (9,774,536) |
| Increase (decrease) in net assets resulting from operations | 3,660,172 | (5,633,658) |
| Distributions to shareholders | ||
| From earnings | ||
| Class A | (2,333,901) | (4,411,717) |
| Class C | (165,590) | (299,873) |
| Class I | (1,234,135) | (1,553,539) |
| Class R6 | (166,087) | (256,800) |
| Total distributions | (3,899,713) | (6,521,929) |
| From fund share transactions | 22,657,253 | 28,199,875 |
| Total increase | 22,417,712 | 16,044,288 |
| Net assets | ||
| Beginning of period | 163,288,041 | 147,243,753 |
| End of period | $185,705,753 | $163,288,041 |
| 24 | JOHN HANCOCK High Yield Municipal Bond Fund | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
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 | $6.66 | $7.23 | $8.26 | $7.32 | $8.06 | $7.93 |
| Net investment income2 | 0.16 | 0.30 | 0.27 | 0.28 | 0.30 | 0.32 |
| Net realized and unrealized gain (loss) on investments | (0.05) | (0.58) | (0.99) | 0.94 | (0.58) | 0.14 |
| Total from investment operations | 0.11 | (0.28) | (0.72) | 1.22 | (0.28) | 0.46 |
| Less distributions | ||||||
| From net investment income | (0.15) | (0.29) | (0.26) | (0.28) | (0.33) | (0.33) |
| From net realized gain | — | — | (0.05) | — | (0.13) | — |
| Total distributions | (0.15) | (0.29) | (0.31) | (0.28) | (0.46) | (0.33) |
| Net asset value, end of period | $6.62 | $6.66 | $7.23 | $8.26 | $7.32 | $8.06 |
| Total return (%)3,4 | 1.725 | (3.81) | (9.03) | 16.83 | (3.80) | 5.99 |
| Ratios and supplemental data | ||||||
| Net assets, end of period (in millions) | $103 | $100 | $112 | $125 | $107 | $111 |
| Ratios (as a percentage of average net assets): | ||||||
| Expenses before reductions6 | 1.047 | 1.05 | 0.96 | 1.03 | 1.06 | 1.07 |
| Expenses including reductions6 | 0.817 | 0.84 | 0.85 | 0.89 | 0.92 | 0.93 |
| Net investment income | 4.847 | 4.50 | 3.32 | 3.48 | 3.79 | 4.10 |
| Portfolio turnover (%) | 15 | 33 | 42 | 34 | 52 | 41 |
| 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 | Includes interest expense of 0.06% (annualized) and 0.05% for the periods ended 11-30-23 and 5-31-23, respectively. |
| 7 | Annualized. |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK High Yield Municipal Bond Fund | 25 |
| 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 | $6.66 | $7.23 | $8.26 | $7.32 | $8.06 | $7.93 |
| Net investment income2 | 0.13 | 0.25 | 0.21 | 0.22 | 0.24 | 0.26 |
| Net realized and unrealized gain (loss) on investments | (0.03) | (0.58) | (0.99) | 0.94 | (0.58) | 0.14 |
| Total from investment operations | 0.10 | (0.33) | (0.78) | 1.16 | (0.34) | 0.40 |
| Less distributions | ||||||
| From net investment income | (0.13) | (0.24) | (0.20) | (0.22) | (0.27) | (0.27) |
| From net realized gain | — | — | (0.05) | — | (0.13) | — |
| Total distributions | (0.13) | (0.24) | (0.25) | (0.22) | (0.40) | (0.27) |
| Net asset value, end of period | $6.63 | $6.66 | $7.23 | $8.26 | $7.32 | $8.06 |
| Total return (%)3,4 | 1.495 | (4.53) | (9.71) | 15.96 | (4.52) | 5.20 |
| Ratios and supplemental data | ||||||
| Net assets, end of period (in millions) | $9 | $8 | $10 | $15 | $20 | $29 |
| Ratios (as a percentage of average net assets): | ||||||
| Expenses before reductions6 | 1.797 | 1.80 | 1.71 | 1.78 | 1.81 | 1.82 |
| Expenses including reductions6 | 1.567 | 1.59 | 1.60 | 1.64 | 1.67 | 1.68 |
| Net investment income | 4.087 | 3.75 | 2.55 | 2.75 | 3.04 | 3.35 |
| Portfolio turnover (%) | 15 | 33 | 42 | 34 | 52 | 41 |
| 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 | Includes interest expense of 0.06% (annualized) and 0.05% for the periods ended 11-30-23 and 5-31-23, respectively. |
| 7 | Annualized. |
| 26 | JOHN HANCOCK High Yield Municipal 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 | $6.67 | $7.24 | $8.27 | $7.33 | $8.07 | $7.94 |
| Net investment income2 | 0.16 | 0.32 | 0.28 | 0.29 | 0.31 | 0.33 |
| Net realized and unrealized gain (loss) on investments | (0.04) | (0.59) | (0.99) | 0.94 | (0.58) | 0.14 |
| Total from investment operations | 0.12 | (0.27) | (0.71) | 1.23 | (0.27) | 0.47 |
| Less distributions | ||||||
| From net investment income | (0.16) | (0.30) | (0.27) | (0.29) | (0.34) | (0.34) |
| From net realized gain | — | — | (0.05) | — | (0.13) | — |
| Total distributions | (0.16) | (0.30) | (0.32) | (0.29) | (0.47) | (0.34) |
| Net asset value, end of period | $6.63 | $6.67 | $7.24 | $8.27 | $7.33 | $8.07 |
| Total return (%)3 | 1.804 | (3.65) | (8.88) | 16.99 | (3.65) | 6.15 |
| Ratios and supplemental data | ||||||
| Net assets, end of period (in millions) | $67 | $47 | $21 | $15 | $13 | $13 |
| Ratios (as a percentage of average net assets): | ||||||
| Expenses before reductions5 | 0.796 | 0.80 | 0.71 | 0.78 | 0.81 | 0.82 |
| Expenses including reductions5 | 0.666 | 0.69 | 0.70 | 0.74 | 0.77 | 0.78 |
| Net investment income | 4.996 | 4.68 | 3.48 | 3.62 | 3.94 | 4.23 |
| Portfolio turnover (%) | 15 | 33 | 42 | 34 | 52 | 41 |
| 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 | Includes interest expense of 0.06% (annualized) and 0.05% for the periods ended 11-30-23 and 5-31-23, respectively. |
| 6 | Annualized. |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK High Yield Municipal Bond Fund | 27 |
| 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 | $6.68 | $7.25 | $8.28 | $7.34 | $8.08 | $7.94 |
| Net investment income2 | 0.16 | 0.32 | 0.28 | 0.29 | 0.32 | 0.33 |
| Net realized and unrealized gain (loss) on investments | (0.04) | (0.59) | (0.99) | 0.94 | (0.59) | 0.16 |
| Total from investment operations | 0.12 | (0.27) | (0.71) | 1.23 | (0.27) | 0.49 |
| Less distributions | ||||||
| From net investment income | (0.16) | (0.30) | (0.27) | (0.29) | (0.34) | (0.35) |
| From net realized gain | — | — | (0.05) | — | (0.13) | — |
| Total distributions | (0.16) | (0.30) | (0.32) | (0.29) | (0.47) | (0.35) |
| Net asset value, end of period | $6.64 | $6.68 | $7.25 | $8.28 | $7.34 | $8.08 |
| Total return (%)3 | 1.814 | (3.62) | (8.83) | 17.01 | (3.61) | 6.31 |
| Ratios and supplemental data | ||||||
| Net assets, end of period (in millions) | $7 | $7 | $4 | $2 | $2 | $2 |
| Ratios (as a percentage of average net assets): | ||||||
| Expenses before reductions5 | 0.786 | 0.78 | 0.68 | 0.75 | 0.78 | 0.79 |
| Expenses including reductions5 | 0.656 | 0.67 | 0.67 | 0.71 | 0.74 | 0.75 |
| Net investment income | 4.986 | 4.69 | 3.53 | 3.66 | 3.98 | 4.27 |
| Portfolio turnover (%) | 15 | 33 | 42 | 34 | 52 | 41 |
| 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 | Includes interest expense of 0.06% (annualized) and 0.05% for the periods ended 11-30-23 and 5-31-23, respectively. |
| 6 | Annualized. |
| 28 | JOHN HANCOCK High Yield Municipal Bond Fund | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Notes to financial statements (unaudited)
Note 1—Organization
John Hancock High Yield Municipal
Bond Fund (the fund) is a series of John Hancock Municipal Securities Trust (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the
Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the fund is to seek a high level of income that is largely exempt from federal income tax. Under normal market conditions, the
fund invests in medium-and lower-quality municipal securities. Investments in high yield securities involve greater degrees of credit and market risk than investments in higher rated securities and tend to be more
sensitive to market conditions.
The fund may offer multiple
classes of shares. The shares currently outstanding are detailed in the Statement of assets and liabilities. Class A and Class C shares are offered to all investors. Class I shares are offered to institutions and
certain investors. Class R6 shares are only available to certain retirement plans, institutions and other investors. Class C shares convert to Class A shares eight years after purchase (certain exclusions may
apply). Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, and transfer agent fees for each class may differ.
Note 2—Significant accounting policies
The financial statements have been
prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial
statements. Actual results could differ from those estimates and those differences could be significant. The fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of US GAAP.
Events or transactions occurring
after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting
policies of the fund:
Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other
disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the
NYSE pursuant to the Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC.
In order to value the securities,
the fund uses the following valuation techniques: Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which
takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker
supplied prices. Investments by the fund in open-end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day.
Other portfolio securities and
assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the Pricing Committee following procedures established by the Advisor and adopted by the
Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready
market for such securities existed.
The fund uses a three tier hierarchy
to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities,
including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment
speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities
valued using significant unobservable inputs when market prices are not readily available or reliable, including the
| SEMIANNUAL REPORT | JOHN HANCOCK High Yield Municipal Bond Fund | 29 |
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 | ||||
| Municipal bonds | $182,449,338 | — | $182,449,338 | — |
| Corporate bonds | 2,558,610 | — | 2,558,610 | — |
| Short-term investments | 43,539 | $43,539 | — | — |
| Total investments in securities | $185,051,487 | $43,539 | $185,007,948 | — |
The fund holds liabilities for which
the fair value approximates the carrying amount for financial statement purposes. As of November 30, 2023, the liability for the fund’s Payable for floating rate interests issued on the Statement of assets and
liabilities is categorized as Level 2 within the disclosure hierarchy.
When-issued/delayed-delivery
securities. The fund may purchase or sell securities on a when-issued or delayed-delivery basis, or in a “To Be Announced” (TBA) or “forward commitment” transaction, with
delivery or payment to occur at a later date beyond the normal settlement period. TBA securities resulting from these transactions are included in the portfolio or in a schedule to the portfolio (Sale Commitments
Outstanding). At the time a fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the security is reflected in its NAV. The price of such security and the date that
the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. No interest accrues on debt securities until settlement
takes place. At the time that the fund enters into this type of transaction, the fund is required to have sufficient cash and/or liquid securities to cover its commitments.
Certain risks may arise upon
entering into when-issued or delayed-delivery securities transactions, including the potential inability of counterparties to meet the terms of their contracts, and the issuer’s failure to issue the securities
due to political, economic or other factors. Additionally, losses may arise due to changes in the value of the securities purchased or sold prior to settlement date.
Tender option bond transactions.
The fund may use tender option bond transactions to seek to enhance potential gains. In a tender option bond transaction, the fund transfers fixed rate long-term municipal bonds or other
municipal securities into a special purpose entity (TOB trust). A TOB trust typically issues two classes of beneficial interests floating rate interests (TOB floaters), which are sold to third party investors, and
residual inverse floating rate interests (TOB inverse residuals), which are generally issued to the fund. The fund may invest in TOB inverse residuals and may also invest in TOB floaters. The fund establishes and is
the sponsor of the TOB trust that issues TOB floaters and TOB inverse residuals. The fund’s participation in tender option bond transactions may increase volatility and/or reduce the fund’s returns. Tender
option bond transactions create leverage. Leverage magnifies returns, both positive and negative, and risk by magnifying the volatility of returns. An investment in a tender option bond transaction typically involves
greater risk than investing in the underlying municipal fixed rate bonds, including the risk of loss of principal. Distributions on TOB inverse residuals will bear an inverse relationship to short-term municipal
security interest rates. Distributions on TOB inverse residuals paid to the fund will be reduced or, in the extreme, eliminated as short-term municipal interest rates rise and will increase when short-term
| 30 | JOHN HANCOCK High Yield Municipal Bond Fund | SEMIANNUAL REPORT |
municipal interest rates fall. TOB inverse
residuals generally will underperform the market for fixed rate municipal securities in a rising interest rate environment. The interest payment on TOB inverse residuals generally will decrease when short-term
interest rates increase.
Pursuant to generally accepted
accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the fund accounts for the transaction described above as a secured borrowing by including the bond transferred
to the TOB Trust in the Fund’s investments and the TOB floaters as a liability under the caption Payable for floating rate interests issued on the Statement of assets and liabilities. The TOB floaters have
interest rates that generally reset weekly and their holders have the option to tender their notes to the TOB trust for redemption at par at each reset date. Accordingly, the fair value of the payable for floating
rate notes issued approximates its carrying value. The fund recognizes earnings of bonds transferred to the TOB Trust as Interest income. The fund recognizes interest paid to holders of the TOB floaters, and expenses
related to remarketing, administration, trustee, liquidity and other services to the TOB Trust, as Interest expense on the Statement of operations.
At November 30, 2023, the amount of
the fund’s TOB floaters and related interest rates and collateral were as follows:
| TOB floaters outstanding | $2,585,000 |
| Interest rate (%) | 3.31% |
| Collateral for TOB floaters outstanding | $3,948,636 |
For the six months ended November
30, 2023, the fund’s average settled TOB Floaters outstanding and the average interest rate, including fees, were as follows:
| Average TOB floaters outstanding | $2,585,000 |
| Average interest rate (%) | 4.14% |
TOB trusts are typically supported
by a liquidity facility provided by a third-party bank or other financial institution (the liquidity provider) that allows the holders of the TOB floaters to tender their certificates in exchange for payment of par
plus accrued interest on any business day, subject to the non-occurrence of tender option termination events. The fund may invest in TOB inverse residuals on a non-recourse or recourse basis. When the fund invests in
a TOB trust on a non-recourse basis, and the liquidity provider is required to make a payment under the liquidity facility, the liquidity provider will typically liquidate all or a portion of the municipal securities
held in the TOB trust and then fund the balance, if any, of the amount owed under the liquidity facility over the liquidation proceeds (the liquidation shortfall). If the fund invests in a TOB trust on a recourse
basis, the fund will typically enter into a reimbursement agreement with the liquidity provider where the fund is required to reimburse the liquidity provider the amount of any liquidation shortfall. As a result, if
the fund invests in a TOB trust on a recourse basis, the fund will bear the risk of loss with respect to any liquidation shortfall. The fund had no shortfalls as of November 30, 2023.
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.
| SEMIANNUAL REPORT | JOHN HANCOCK High Yield Municipal Bond Fund | 31 |
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 $2,148.
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 $2,486,355 and a long-term capital loss carryforward of $237,210 available to offset future net realized capital gains. These carryforwards do
not expire.
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.
| 32 | JOHN HANCOCK High Yield Municipal Bond Fund | SEMIANNUAL REPORT |
Capital accounts within the
financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent
period. Book-tax differences are primarily attributable to accretion on debt securities.
Note 3—Guarantees and indemnifications
Under the Trust’s
organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust, including the fund. Additionally, in the normal course of
business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund’s maximum exposure under these arrangements is unknown, as this would involve future claims
that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.
Note 4—Fees and transactions with affiliates
John Hancock Investment Management
LLC (the Advisor) serves as investment advisor for the fund. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as principal underwriter of the fund. The Advisor
and the Distributor are indirect, principally owned subsidiaries of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation.
Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor equivalent on an annual basis to the sum of: (a)
0.59% of the first $75 million of the fund’s average daily net assets, (b) 0.52% of the next $75 million of the fund’s average daily net assets, (c) 0.46% of the next $1.85 billion of the fund’s
average daily net assets, (d) 0.44% of the next $2 billion of the fund’s average daily net assets; and (e) 0.41% of the fund’s average daily net assets in excess of $4 billion. The Advisor has a
subadvisory agreement with Manulife Investment Management (US) LLC, an indirectly owned subsidiary of Manulife Financial Corporation and an affiliate of the Advisor. The fund is not responsible for payment of the
subadvisory fees.
The Advisor contractually agreed to
reduce its management fee or, if necessary, make payment to the fund, in an amount equal to the amount by which the expenses of the fund exceed 0.58% of average daily net assets attributable to the fund, excluding (a)
taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, (e) class-specific
expenses, (f) borrowing costs, (g) prime brokerage fees, (h) acquired fund fees and expenses paid indirectly, and (i) short dividend expense. This agreement expires on September 30, 2024, unless renewed by mutual
agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.
The Advisor has contractually agreed
to waive 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 contractually agreed to
reduce its management fee or, if necessary, make payment to Class A, Class C, Class I, and Class R6 shares, in an amount equal to the amount by which the expenses of Class A, Class C, Class I and Class R6 shares, as
applicable, exceed 0.89%, 1.64%, 0.74%, and 0.72%, respectively, of average daily net assets attributable to the class, excluding taxes, brokerage commissions, interest expense, litigation and indemnification expenses
and other extraordinary expenses not incurred in the ordinary course of the fund’s
| SEMIANNUAL REPORT | JOHN HANCOCK High Yield Municipal Bond Fund | 33 |
business, borrowing costs, prime brokerage fees,
acquired fund fees and expenses paid indirectly, and short dividend expense. This agreement expires on September 30, 2024, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that
this is appropriate under the circumstances at that time.
For the six months ended November
30, 2023, the expense reductions described above amounted to the following:
Expenses waived or
reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.
The investment management
fees, including the impact of the waivers and reimbursements as described above, incurred for the six months ended November 30, 2023, were equivalent to a net annual effective rate of 0.42% of the fund’s average
daily net assets.
Accounting and legal
services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and
recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based
on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred, for the six months ended November 30, 2023, amounted to an annual rate of 0.02% of
the fund’s average daily net assets.
Distribution and service
plans. The fund has a distribution agreement with the Distributor. The fund has adopted distribution and service plans for certain classes as detailed below pursuant to Rule 12b-1 under the 1940
Act, to pay the Distributor for services provided as the distributor of shares of the fund. The fund may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed
as an annual percentage of average daily net assets for each class of the fund’s shares:
| Class | Rule 12b-1 Fee |
| Class A | 0.25% |
| Class C | 1.00% |
The fund’s Distributor has
contractually agreed to waive 0.10% of Rule12b-1 fees for Class A and Class C shares. The current waiver agreement expires on September 30, 2024, unless renewed by mutual agreement of the fund and the Distributor
based upon a determination that this is appropriate under the circumstances at the time. This contractual waiver amounted to $50,593 and $4,287 for Class A and Class C shares, respectively, for the six months ended
November 30, 2023.
Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $19,304 for the six months ended November 30, 2023. Of this amount, $1,676
was retained and used for printing prospectuses, advertising, sales literature and other purposes and $17,628 was paid as sales commissions to broker-dealers.
Class A and Class C shares may be
subject to contingent deferred sales charges (CDSCs). Certain Class A shares purchased, including those that are acquired through purchases of $250,000 or more, and redeemed within 18 months of purchase are subject to
a 1.00% sales charge. 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 $1,051 and $425 for Class A and Class C shares, respectively.
| 34 | JOHN HANCOCK High Yield Municipal Bond Fund | SEMIANNUAL REPORT |
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 | $126,483 | $9,166 |
| Class C | 42,866 | 776 |
| Class I | — | 4,703 |
| Class R6 | — | 144 |
| Total | $169,349 | $14,789 |
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 | 1,629,201 | $10,633,120 | 4,222,582 | $28,448,775 |
| Distributions reinvested | 342,038 | 2,233,187 | 625,653 | 4,208,518 |
| Repurchased | (1,471,515) | (9,565,184) | (5,231,450) | (35,147,180) |
| Net increase (decrease) | 499,724 | $3,301,123 | (383,215) | $(2,489,887) |
| Class C shares | ||||
| Sold | 251,005 | $1,644,290 | 412,855 | $2,762,185 |
| Distributions reinvested | 25,255 | 164,794 | 44,257 | 297,799 |
| Repurchased | (215,705) | (1,399,777) | (573,128) | (3,889,779) |
| Net increase (decrease) | 60,555 | $409,307 | (116,016) | $(829,795) |
| SEMIANNUAL REPORT | JOHN HANCOCK High Yield Municipal Bond Fund | 35 |
| Six Months Ended 11-30-23 | Year Ended 5-31-23 | |||
| Shares | Amount | Shares | Amount | |
| Class I shares | ||||
| Sold | 4,898,585 | $31,478,192 | 7,521,610 | $50,991,850 |
| Distributions reinvested | 178,637 | 1,167,721 | 218,443 | 1,468,536 |
| Repurchased | (2,078,368) | (13,453,122) | (3,548,872) | (23,996,847) |
| Net increase | 2,998,854 | $19,192,791 | 4,191,181 | $28,463,539 |
| Class R6 shares | ||||
| Sold | 330,835 | $2,163,262 | 804,198 | $5,431,322 |
| Distributions reinvested | 25,376 | 166,087 | 38,132 | 256,594 |
| Repurchased | (396,050) | (2,575,317) | (392,266) | (2,631,898) |
| Net increase (decrease) | (39,839) | $(245,968) | 450,064 | $3,056,018 |
| Total net increase | 3,519,294 | $22,657,253 | 4,142,014 | $28,199,875 |
Affiliates of the fund owned 9% of
shares of Class R6 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, amounted to $49,017,534 and $24,997,280, respectively, for the six months ended November 30, 2023.
Note 7—State or region risk
To the extent that the fund invests
heavily in bonds from any given state or region, its performance could be disproportionately affected by factors particular to that state or region. These factors may include economic or political changes, tax-base
erosion, possible state constitutional limits on tax increases, detrimental budget deficits and other financial difficulties, and changes to the credit ratings assigned to those states’ municipal issuers.
Note 8—Investment in affiliated underlying funds
The fund may invest in affiliated
underlying funds that are managed by the Advisor and its affiliates. Information regarding the fund’s fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital
gains earned by the fund, if any, is as follows:
| Dividends and distributions | |||||||||
| 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 | 4,354 | $1,561,573 | $27,134,494 | $(28,653,423) | $575 | $320 | $70,007 | — | $43,539 |
| 36 | JOHN HANCOCK High Yield Municipal Bond Fund | SEMIANNUAL REPORT |
EVALUATION OF ADVISORY AND
SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES
This section describes the
evaluation by the Board of Trustees (the Board) of John Hancock Municipal Securities Trust (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management LLC (the Advisor) and
the Subadvisory Agreement (the Subadvisory Agreement) with Manulife Investment Management (US) LLC (the Subadvisor), for John Hancock High Yield Municipal Bond Fund (the fund). The Advisory Agreement and Subadvisory
Agreement are collectively referred to as the Agreements. Prior to the June 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.
| SEMIANNUAL REPORT | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | 37 |
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.
Nature, extent, and quality of services. Among the information received by the Board from the Advisor relating to the nature, extent, and quality of services provided to the fund, the Board reviewed information provided by the
Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor’s compliance and regulatory history, including its Form ADV.
The Board also noted that on a regular basis it receives and reviews information from the Trust’s Chief Compliance Officer (CCO) regarding the fund’s compliance policies and procedures established pursuant
to Rule 38a-1 under the 1940 Act. The Board observed that the scope of services provided by the Advisor, and of the undertakings required of the Advisor in connection with those services, including maintaining and
monitoring its own and the fund’s compliance programs, risk management programs, liquidity management programs, derivatives risk management programs, and cybersecurity programs, had expanded over time as a
result of regulatory, market and other developments. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the fund, including, but not limited to, general supervision
of and coordination of the services provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and third-party service providers. The Board also considered the
significant risks assumed by the Advisor in connection with the services provided to the fund including entrepreneurial risk in sponsoring new funds and ongoing risks including investment, operational, enterprise,
litigation, regulatory and compliance risks with respect to all funds.
In considering the nature, extent,
and quality of the services provided by the Advisor, the Trustees also took into account their knowledge of the Advisor’s management and the quality of the performance of the Advisor’s duties, through
Board meetings, discussions and reports during the preceding year and through each Trustee’s experience as a Trustee of the Trust and of the other trusts in the John Hancock group of funds complex (the John
Hancock Fund Complex).
In the course of their deliberations
regarding the Advisory Agreement, the Board considered, among other things:
| (a) | the skills and competency with which the Advisor has in the past managed the Trust’s affairs and its subadvisory relationship, the Advisor’s oversight and monitoring of the Subadvisor’s investment performance and compliance programs, such as the Subadvisor’s compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor’s timeliness in responding to performance issues; |
| (b) | the background, qualifications and skills of the Advisor’s personnel; |
| (c) | the Advisor’s compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments; |
| (d) | the Advisor’s administrative capabilities, including its ability to supervise the other service providers for the fund, as well as the Advisor’s oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the fund, and bringing loss recovery actions on behalf of the fund; |
| (e) | the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund; |
| 38 | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | SEMIANNUAL REPORT |
| (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.
Investment performance. In considering the fund’s performance, the Board noted that it reviews at its regularly scheduled meetings information about the fund’s performance results. In
connection with the consideration of the Advisory Agreement, the Board:
| (a) | reviewed information prepared by management regarding the fund’s performance; |
| (b) | considered the comparative performance of an applicable benchmark index; |
| (c) | considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data; and |
| (d) | took into account the Advisor’s analysis of the fund’s performance and its plans and recommendations regarding the Trust’s subadvisory arrangements generally. |
The Board noted that while it found
the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and the results of the performance
comparisons may vary depending on the selection of the peer group. The Board noted that the fund underperformed its benchmark index 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.
Fees and expenses. The Board reviewed comparative information prepared by an independent third-party provider of fund data, including, among other data, the fund’s contractual and net management fees
(and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the fund in light of the nature, extent and quality of the
management and advisory and subadvisory services provided by the Advisor and the Subadvisor. The Board considered the fund’s ranking within a smaller group of peer funds chosen by the independent third-party
provider, as well as the fund’s ranking within a broader group of funds. In comparing the fund’s contractual and net management fees to those of comparable funds, the Board noted that such fees
include both advisory and administrative costs. The Board noted that net management fees for the fund are higher than the peer group median and net total expenses for the fund are equal to the peer group
median.
The Board took into account
management’s discussion of the fund’s expenses. The Board also took into account management’s discussion with respect to the overall management fee and the fees of the Subadvisor, including the
amount of the advisory fee retained by the Advisor after payment of the subadvisory fee, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board also noted
that the Advisor pays the subadvisory fee. In addition, the Board took into account that management had agreed to implement an overall fee waiver across the complex, including the fund, which is discussed further
below. The Board also noted actions taken over the past several years to reduce the fund’s operating expenses. The Board also noted that, in addition, the Advisor is currently waiving fees and/or reimbursing
expenses with respect to the fund and that the fund has breakpoints in its contractual management fee schedule that reduce management fees as assets increase. The Board also noted that the fund’s distributor, an
affiliate of the Advisor, has agreed to waive a
| SEMIANNUAL REPORT | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | 39 |
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.
Profitability/Fall out benefits. In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates (including the Subadvisor) from the Advisor’s relationship
with the Trust, the Board:
| (a) | reviewed financial information of the Advisor; |
| (b) | reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund; |
| (c) | received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund; |
| (d) | received information with respect to the Advisor’s allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor’s allocation methodologies; |
| (e) | considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability information reviewed by the Board; |
| (f) | considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement; |
| (g) | noted that affiliates of the Advisor provide transfer agency services and distribution services to the fund, and that the fund’s distributor also receives Rule 12b-1 payments to support distribution of the fund; |
| (h) | noted that the fund’s Subadvisor is an affiliate of the Advisor; |
| (i) | noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund; |
| (j) | noted that the subadvisory fee for the fund is paid by the Advisor; |
| (k) | considered the Advisor’s ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and |
| (l) | considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the risks that it assumes as Advisor, including entrepreneurial, operational, reputational, litigation and regulatory risk. |
Based upon its review, the Board
concluded that the level of profitability, if any, of the Advisor and its affiliates (including the Subadvisor) from their relationship with the fund was reasonable and not excessive.
Economies of scale. In considering the extent to which economies of scale would be realized as the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders, the
Board:
| 40 | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | SEMIANNUAL REPORT |
| (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. |
Nature, extent, and quality of services. With respect to the services provided by the Subadvisor, the Board received information provided to the Board by the Subadvisor, including the Subadvisor’s Form ADV, as well as took
into account information presented throughout the past year. The Board considered the Subadvisor’s current level of staffing and its overall resources, as well as received information relating to the
Subadvisor’s compensation program. The Board reviewed the Subadvisor’s history and investment experience, as well as information regarding the qualifications, background, and responsibilities of the
Subadvisor’s investment and compliance personnel who provide services to the fund. The Board also considered, among other things, the Subadvisor’s compliance program and any disciplinary history. The Board
also considered the Subadvisor’s risk assessment and monitoring process. The Board reviewed the Subadvisor’s regulatory history, including whether it was involved in any regulatory actions or
investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate. The Board noted that the Advisor conducts regular, periodic reviews of the Subadvisor and its
operations, including regarding investment processes and organizational and staffing matters. The Board also noted that the Trust’s CCO and his staff conduct regular, periodic compliance reviews with the
Subadvisor and present reports to the Independent Trustees regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisor and procedures reasonably designed to assure compliance with
the federal securities laws. The Board also took into account the financial condition of the Subadvisor.
The Board considered the
Subadvisor’s investment process and philosophy. The Board took into account that the Subadvisor’s responsibilities include the development and maintenance of an investment program for the fund that is
consistent with the fund’s investment objective, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance
controls related to performance of these services. The Board also received information with respect to the Subadvisor’s brokerage policies and practices, including with respect to best execution and soft
dollars.
| SEMIANNUAL REPORT | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | 41 |
Subadvisor compensation. In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the fund, the Board noted that the fees under the
Subadvisory Agreement are paid by the Advisor and not the fund. The Board also received information and took into account any other potential conflicts of interest the Advisor might have in connection with the
Subadvisory Agreement.
In addition, the Board considered
other potential indirect benefits that the Subadvisor and its affiliates may receive from the Subadvisor’s relationship with the fund, such as the opportunity to provide advisory services to additional funds in
the John Hancock Fund Complex and reputational benefits.
Subadvisory fees. The Board considered that the fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays a subadvisory fee to the Subadvisor. As noted above, the Board also considered the
fund’s subadvisory fees as compared to similarly situated investment companies deemed to be comparable to the fund as included in the report prepared by the independent third-party provider of fund data, to the
extent available. The Board also noted that the limited size of the Lipper peer group was not sufficient for comparative purposes. The Board also took into account the subadvisory fees paid by the Advisor to the
Subadvisor with respect to the fund and compared them to fees charged by the Subadvisor to manage other subadvised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.
Subadvisor performance. As noted above, the Board considered the fund’s performance as compared to the fund’s peer group median and the benchmark index and noted that the Board reviews information
about the fund’s performance results at its regularly scheduled meetings. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance
of the Subadvisor. The Board was mindful of the Advisor’s focus on the Subadvisor’s performance. The Board also noted the Subadvisor’s long-term performance record for similar accounts, as
applicable.
The Board’s decision to
approve the Subadvisory Agreement was based on a number of determinations, including the following:
| (1) | the Subadvisor has extensive experience and demonstrated skills as a manager; |
| (2) | the performance of the fund is being monitored and reasonably addressed, where appropriate; |
| (3) | the subadvisory fee is reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and |
| (4) | noted that the subadvisory fees are paid by the Advisor not the fund and that the subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit shareholders to benefit from economies of scale if the fund grows. |
***
Based on the Board’s
evaluation of all factors that the Board deemed to be material, including those factors described above, the Board, including the Independent Trustees, concluded that renewal of the Advisory Agreement and the
Subadvisory Agreement would be in the best interest of the fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Advisory Agreement and Subadvisory Agreement
for an additional one-year period.
| 42 | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | SEMIANNUAL REPORT |
More information
π Member of the Audit Committee as of September 26, 2023.
† Non-Independent Trustee
* Member of the Audit Committee
# Effective June 29, 2023.
The fund’s proxy
voting policies and procedures, as well as the fund proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) website at
sec.gov or on our website.
All of the fund’s
holdings as of the end of the third month of every fiscal quarter are filed with the SEC on Form N-PORT within 60 days of the end of the fiscal quarter. The fund’s Form N-PORT filings are available on our
website and the SEC’s website, sec.gov.
We make this information
on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-225-5291.
| You can also contact us: | ||
| 800-225-5291 | Regular mail: | Express mail: |
| jhinvestments.com | John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909 | John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407 |
| SEMIANNUAL REPORT | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | 43 |
John Hancock family of funds
A fund’s investment
objectives, risks, charges, and expenses should be considered carefully before investing. The prospectus contains this and other important information about the fund. To obtain a prospectus, contact your financial
professional, call John Hancock Investment Management at 800-225-5291, or visit our website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.
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
We serve investors globally through
a unique multimanager approach:
We search the world to find proven portfolio teams with specialized
expertise for every strategy we offer, then we apply robust investment
oversight to ensure they continue to meet our uncompromising
standards and serve the best interests of our shareholders.
We search the world to find proven portfolio teams with specialized
expertise for every strategy we offer, then we apply robust investment
oversight to ensure they continue to meet our uncompromising
standards and serve the best interests of our shareholders.
Results for investors
Our unique approach to asset
management enables us to provide
a diverse set of investments backed by some of the world’s best
managers, along with strong risk-adjusted returns across asset classes.
a 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
200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife Investment Management, the
Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO
BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
This report is for the information
of the shareholders of John Hancock High Yield Municipal Bond Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
| MF3267918 | 59SA 11/23 |
1/2024
A message to shareholders
John Hancock
Municipal Opportunities Fund
Table of contents
| SEMIANNUAL REPORT | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | 1 |
Your fund at a glance
INVESTMENT OBJECTIVE
The fund seeks as high a level of
interest income exempt from federal income tax as is consistent with preservation of capital.
AVERAGE ANNUAL TOTAL RETURNS AS
OF 11/30/2023 (%)
The Bloomberg Municipal Bond
Index tracks the performance of the U.S. investment-grade tax-exempt bond market.
It is not possible to invest
directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.
The fund’s Morningstar
category average is a group of funds with similar investment objectives and strategies and is the equal-weighted return of all funds per category. Morningstar places funds in certain categories based on their
historical portfolio holdings. Figures from Morningstar, Inc. include reinvested distributions and do not take into account sales charges. Actual load-adjusted performance is lower.
The past performance shown here
reflects reinvested distributions and the beneficial effect of any expense reductions, and does not guarantee future results. Performance of the other share classes will vary based on the difference in the fees and
expenses of those classes. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current month-end performance may be lower or higher than the performance cited, and
can be found at jhinvestments.com or by calling 800-225-5291. For further information on the fund’s objectives, risks, and strategy, see the fund’s prospectus.
| 2 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |
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.
| SEMIANNUAL REPORT | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | 3 |
SECTOR COMPOSITION AS OF
11/30/2023 (% of net assets)
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.
| 4 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |
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.
| SEMIANNUAL REPORT | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | 5 |
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 | $1,018.10 | $3.63 | 0.72% |
| Hypothetical example | 1,000.00 | 1,021.40 | 3.64 | 0.72% | |
| Class C | Actual expenses/actual returns | 1,000.00 | 1,014.30 | 7.40 | 1.47% |
| Hypothetical example | 1,000.00 | 1,017.70 | 7.42 | 1.47% | |
| Class I | Actual expenses/actual returns | 1,000.00 | 1,020.00 | 2.88 | 0.57% |
| Hypothetical example | 1,000.00 | 1,022.20 | 2.88 | 0.57% | |
| Class R6 | Actual expenses/actual returns | 1,000.00 | 1,020.10 | 2.83 | 0.56% |
| Hypothetical example | 1,000.00 | 1,022.20 | 2.83 | 0.56% |
| 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). |
| 6 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |
Fund’s investments
AS OF 11-30-23
(unaudited)
| Rate (%) | Maturity date | Par value^ | Value | ||
| Municipal bonds 98.7% | $976,833,545 | ||||
| (Cost $973,098,348) | |||||
| Alabama 1.0% | 10,106,495 | ||||
| Black Belt Energy Gas District Gas Project, Series D-1 | 5.500 | 06-01-49 | 1,000,000 | 1,048,559 | |
| Black Belt Energy Gas District Series D1 | 4.000 | 07-01-52 | 500,000 | 497,652 | |
| Black Belt Energy Gas District Series D-2 (Overnight SOFR + 1.400%) (A) | 4.964 | 07-01-52 | 1,325,000 | 1,329,282 | |
| Health Care Authority for Baptist Health Affiliate of UAB Health System, Series A | 5.000 | 11-15-37 | 645,000 | 682,746 | |
| Southeast Alabama Gas Supply District Project No. 2, Series A | 4.000 | 06-01-49 | 4,545,000 | 4,538,108 | |
| Southeast Energy Authority, a Cooperative District Project No. 4, Series B-2 (Overnight SOFR + 1.790%) (A) | 5.354 | 05-01-53 | 2,000,000 | 2,010,148 | |
| Alaska 0.6% | 6,254,592 | ||||
| Alaska Municipal Bond Bank Authority Series 2 | 4.250 | 12-01-42 | 2,120,000 | 2,086,879 | |
| Alaska Municipal Bond Bank Authority Series 2, AMT | 5.250 | 12-01-52 | 500,000 | 513,855 | |
| Alaska Municipal Bond Bank Authority Series 4, AMT (B) | 5.000 | 12-01-34 | 2,165,000 | 2,226,324 | |
| Alaska Municipal Bond Bank Authority Series 4, AMT (B) | 5.000 | 12-01-35 | 400,000 | 409,177 | |
| Northern Tobacco Securitization Corp. Series A-1 | 5.000 | 06-01-25 | 1,000,000 | 1,018,357 | |
| Arizona 1.3% | 13,176,673 | ||||
| Arizona Industrial Development Authority Benjamin Franklin Charter School Projects, Series A (C) | 4.430 | 07-01-33 | 850,000 | 813,460 | |
| Arizona Industrial Development Authority Benjamin Franklin Charter School Projects, Series A (C) | 5.000 | 07-01-43 | 750,000 | 690,175 | |
| Arizona Industrial Development Authority Equitable School Revolving Fund, Series A | 5.000 | 11-01-44 | 1,000,000 | 1,020,180 | |
| Arizona Industrial Development Authority Macombs Facility Project, Series A | 4.000 | 07-01-61 | 500,000 | 402,877 | |
| Chandler Industrial Development Authority Intel Corp. Project, Series 2, AMT | 5.000 | 09-01-52 | 1,500,000 | 1,548,576 | |
| City of Phoenix Civic Improvement Corp. Civic Plaza, Series B (B) | 5.500 | 07-01-28 | 1,000,000 | 1,118,507 | |
| Glendale Industrial Development Authority Royal Oaks Life Care Community | 5.000 | 05-15-39 | 3,000,000 | 2,675,503 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | 7 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Arizona (continued) | |||||
| Maricopa County Industrial Development Authority Choice Academies, Inc. Project (C) | 5.500 | 09-01-32 | 1,080,000 | $1,057,197 | |
| Maricopa County Industrial Development Authority Choice Academies, Inc. Project (C) | 5.750 | 09-01-45 | 1,000,000 | 952,278 | |
| Maricopa County Industrial Development Authority HonorHealth, Series A | 4.000 | 09-01-37 | 515,000 | 510,936 | |
| Maricopa County Industrial Development Authority HonorHealth, Series A | 5.000 | 09-01-36 | 555,000 | 594,079 | |
| Maricopa County Industrial Development Authority Legacy Cares Project (C) | 2.100 | 07-01-26 | 825,000 | 777,047 | |
| Salt River Project Agricultural Improvement & Power District Series A | 5.000 | 01-01-39 | 960,000 | 1,015,858 | |
| Arkansas 0.5% | 5,200,682 | ||||
| Arkansas Development Finance Authority Hybar Steel Project, Series A, AMT (C) | 6.875 | 07-01-48 | 500,000 | 513,893 | |
| Arkansas Development Finance Authority Hybar Steel Project, Series B (C) | 12.000 | 07-01-48 | 2,500,000 | 2,594,466 | |
| County of Pulaski Arkansas Children’s Hospital | 5.000 | 03-01-35 | 1,000,000 | 1,128,222 | |
| Stuttgart School District No. 22, GO | 4.125 | 02-01-50 | 1,000,000 | 964,101 | |
| California 7.4% | 72,955,928 | ||||
| ABAG Finance Authority for Nonprofit Corps Sharp Healthcare, Series A | 5.000 | 08-01-43 | 2,000,000 | 2,000,811 | |
| California Community Choice Financing Authority Clean Energy Project, Series A | 4.000 | 10-01-52 | 2,180,000 | 2,165,250 | |
| California Community Choice Financing Authority Clean Energy Project, Series B-1 | 5.000 | 07-01-53 | 1,500,000 | 1,556,103 | |
| California Community Choice Financing Authority Series D | 5.500 | 05-01-54 | 3,500,000 | 3,699,187 | |
| California Community College Financing Authority Napa Valley College Project, Series A (C) | 4.250 | 07-01-32 | 750,000 | 713,147 | |
| California Community College Financing Authority Napa Valley College Project, Series A (C) | 5.750 | 07-01-60 | 500,000 | 489,511 | |
| California County Tobacco Securitization Agency Kern County Tobacco Funding Corp. | 5.000 | 06-01-40 | 1,000,000 | 999,990 | |
| California Health Facilities Financing Authority Adventist Health System, Series A | 5.000 | 03-01-40 | 4,000,000 | 4,211,642 |
| 8 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| California (continued) | |||||
| California Health Facilities Financing Authority Stanford Health Care, Series A | 5.000 | 08-15-33 | 2,500,000 | $2,976,274 | |
| California Infrastructure & Economic Development Bank Colburn School (SIFMA + 0.900%) (A) | 4.710 | 08-01-72 | 1,500,000 | 1,474,911 | |
| California Municipal Finance Authority Certificates of Participation, Palomar Health, Series A (B) | 5.000 | 11-01-27 | 100,000 | 106,409 | |
| California Municipal Finance Authority Certificates of Participation, Palomar Health, Series A (B) | 5.000 | 11-01-28 | 115,000 | 124,210 | |
| California Municipal Finance Authority Certificates of Participation, Palomar Health, Series A (B) | 5.000 | 11-01-29 | 100,000 | 109,284 | |
| California Municipal Finance Authority NorthBay Healthcare, Series A | 5.250 | 11-01-41 | 1,000,000 | 991,815 | |
| California Municipal Finance Authority Paradise Valley Estates Project, Series A (B) | 5.000 | 01-01-49 | 1,500,000 | 1,572,128 | |
| California Municipal Finance Authority United Airlines, Inc. Project, AMT | 4.000 | 07-15-29 | 1,250,000 | 1,208,581 | |
| California Pollution Control Financing Authority Poseidon Resources LP Desalination Project, AMT (C) | 5.000 | 07-01-36 | 750,000 | 790,224 | |
| California Pollution Control Financing Authority San Diego County Water Authority Desalination Project Pipeline (C) | 5.000 | 11-21-45 | 500,000 | 503,767 | |
| California Pollution Control Financing Authority Waste Management, Inc., Series A1, AMT | 3.375 | 07-01-25 | 2,000,000 | 1,967,596 | |
| California Pollution Control Financing Authority Waste Management, Inc., Series A3, AMT | 4.300 | 07-01-40 | 1,000,000 | 989,450 | |
| California School Finance Authority John Adams Academies, Series A (C) | 4.500 | 07-01-32 | 810,000 | 777,640 | |
| California State Public Works Board Series B | 5.000 | 10-01-39 | 1,000,000 | 1,007,332 | |
| California State Public Works Board Various Correctional Facilities, Series A | 5.000 | 09-01-39 | 1,845,000 | 1,857,045 | |
| City & County of San Francisco Transbay Transit Center, Series A | 5.000 | 09-01-42 | 1,300,000 | 1,371,283 | |
| City of Oroville Oroville Hospital | 5.250 | 04-01-49 | 3,000,000 | 1,767,917 | |
| City of San Francisco Public Utilities Commission Water Revenue Regional and Local Water, Series A | 5.250 | 11-01-48 | 3,275,000 | 3,690,101 | |
| Compton Community Redevelopment Agency Successor Agency Series A (B) | 5.250 | 08-01-32 | 1,000,000 | 1,122,683 | |
| CSCDA Community Improvement Authority 1818 Platinum Triangle Anaheim, Series A-2 (C) | 3.250 | 04-01-57 | 425,000 | 280,325 | |
| Golden State Tobacco Securitization Corp. Tobacco Settlement, Series A-1 | 5.000 | 06-01-51 | 1,000,000 | 1,025,902 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | 9 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| California (continued) | |||||
| Los Angeles Department of Water & Power Series D | 5.000 | 07-01-52 | 2,000,000 | $2,179,413 | |
| Mount Diablo Unified School District Series B, GO | 4.000 | 08-01-33 | 1,445,000 | 1,550,247 | |
| M-S-R Energy Authority Series B | 6.500 | 11-01-39 | 945,000 | 1,160,932 | |
| M-S-R Energy Authority Series B | 7.000 | 11-01-34 | 2,500,000 | 3,111,178 | |
| Newark Unified School District Series B, GO (B) | 4.000 | 08-01-42 | 385,000 | 392,840 | |
| River Islands Public Financing Authority Community Facilities District No. 2023-1 | 5.625 | 09-01-53 | 600,000 | 600,688 | |
| San Bernardino Community College District Election of 2002, Series D, GO (D) | 3.445 | 08-01-33 | 1,900,000 | 1,362,756 | |
| San Bernardino County Transportation Authority Series A | 4.000 | 03-01-38 | 1,000,000 | 1,036,645 | |
| San Diego Unified School District Series I, GO (D) | 4.406 | 07-01-39 | 1,250,000 | 632,200 | |
| San Francisco Bay Area Rapid Transit District Election of 2016, Series D1, GO | 4.250 | 08-01-52 | 7,500,000 | 7,597,267 | |
| San Francisco City & County Airport Commission Series A, AMT | 5.000 | 05-01-38 | 2,015,000 | 2,151,433 | |
| San Francisco City & County Airport Commission SFO Fuel Company, AMT | 5.000 | 01-01-38 | 1,000,000 | 1,039,253 | |
| San Francisco City & County Airport Commission SFO Fuel Company, AMT | 5.000 | 01-01-39 | 1,510,000 | 1,564,215 | |
| San Francisco City & County Public Utilities Commission Power Revenue Series A | 5.000 | 11-01-45 | 1,500,000 | 1,522,129 | |
| State of California, GO | 3.500 | 12-01-27 | 720,000 | 720,414 | |
| State of California, GO | 3.650 | 12-01-28 | 550,000 | 554,470 | |
| State of California, GO | 3.800 | 12-01-29 | 425,000 | 431,545 | |
| University of California Series BM | 5.000 | 05-15-35 | 1,000,000 | 1,194,495 | |
| Windsor Unified School District Election of 2016, GO (B) | 4.000 | 08-01-46 | 2,595,000 | 2,603,290 | |
| Colorado 3.4% | 33,620,319 | ||||
| City & County of Denver Company Airport System Revenue Series D, AMT | 5.500 | 11-15-29 | 10,000,000 | 11,144,133 | |
| City & County of Denver Company Pledged Excise Tax Revenue Series A | 4.000 | 08-01-38 | 2,000,000 | 2,017,348 | |
| Colorado Bridge Enterprise Central 70 Project, AMT | 4.000 | 12-31-26 | 3,950,000 | 3,978,335 |
| 10 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Colorado (continued) | |||||
| Colorado Health Facilities Authority AdventHealth Obligated Group | 4.000 | 11-15-38 | 1,000,000 | $997,616 | |
| Colorado Health Facilities Authority Commonspirit Health Series A | 5.000 | 11-01-26 | 350,000 | 363,798 | |
| Colorado Health Facilities Authority Commonspirit Health Series A | 5.000 | 11-01-28 | 1,000,000 | 1,068,374 | |
| Colorado Health Facilities Authority Commonspirit Health Series A | 5.000 | 11-01-29 | 800,000 | 863,112 | |
| Colorado Health Facilities Authority Frasier Meadows Retirement Community Project, Series A | 5.250 | 05-15-37 | 500,000 | 489,607 | |
| Colorado Health Facilities Authority Frasier Meadows Retirement Community Project, Series A | 5.250 | 05-15-47 | 1,500,000 | 1,382,318 | |
| Colorado Health Facilities Authority Intermountain Healthcare, Series B | 5.000 | 05-15-62 | 1,000,000 | 1,046,084 | |
| Denver Convention Center Hotel Authority | 5.000 | 12-01-36 | 1,000,000 | 1,010,843 | |
| Denver Convention Center Hotel Authority Series 2016 | 5.000 | 12-01-33 | 1,620,000 | 1,651,809 | |
| Fiddler’s Business Improvement District Greenwood Village, GO (C) | 5.000 | 12-01-32 | 250,000 | 251,343 | |
| Gold Hill Mesa Metropolitan District No. 2 Series A, GO (B) | 5.000 | 12-01-25 | 135,000 | 138,534 | |
| Gold Hill Mesa Metropolitan District No. 2 Series A, GO (B) | 5.000 | 12-01-26 | 145,000 | 151,311 | |
| Gold Hill Mesa Metropolitan District No. 2 Series A, GO (B) | 5.000 | 12-01-28 | 70,000 | 75,198 | |
| Gold Hill Mesa Metropolitan District No. 2 Series A, GO (B) | 5.000 | 12-01-29 | 45,000 | 48,841 | |
| Gold Hill Mesa Metropolitan District No. 2 Series A, GO (B) | 5.000 | 12-01-30 | 15,000 | 16,456 | |
| Heritage Ridge Metropolitan District Series A, GO (B) | 4.000 | 12-01-29 | 210,000 | 218,015 | |
| Heritage Ridge Metropolitan District Series A, GO (B) | 4.000 | 12-01-31 | 240,000 | 248,116 | |
| Heritage Ridge Metropolitan District Series A, GO (B) | 4.000 | 12-01-34 | 125,000 | 128,974 | |
| Heritage Ridge Metropolitan District Series A, GO (B) | 4.000 | 12-01-42 | 125,000 | 122,200 | |
| Public Authority for Colorado Energy Natural Gas Revenue | 6.250 | 11-15-28 | 3,355,000 | 3,560,319 | |
| Rendezvous Residential Metropolitan District, GO (B) | 2.000 | 12-01-29 | 325,000 | 288,846 | |
| Rendezvous Residential Metropolitan District, GO (B) | 2.125 | 12-01-30 | 500,000 | 445,201 | |
| Rendezvous Residential Metropolitan District, GO (B) | 2.250 | 12-01-32 | 450,000 | 386,613 | |
| South Suburban Park & Recreation District Certificates of Participation | 4.000 | 12-15-41 | 435,000 | 430,385 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | 11 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Colorado (continued) | |||||
| Villages at Castle Rock Metropolitan District No. 6 Cobblestone Ranch Project, Series 2, GO (D) | 8.139 | 12-01-37 | 3,333,333 | $1,096,590 | |
| Connecticut 1.6% | 15,676,640 | ||||
| Connecticut State Health & Educational Facilities Authority Connecticut Children’s Medical Center, Series E | 5.000 | 07-15-39 | 750,000 | 792,801 | |
| Connecticut State Health & Educational Facilities Authority Connecticut Children’s Medical Center, Series E | 5.000 | 07-15-40 | 500,000 | 524,150 | |
| Connecticut State Health & Educational Facilities Authority Connecticut Children’s Medical Center, Series E | 5.000 | 07-15-41 | 750,000 | 783,307 | |
| Connecticut State Health & Educational Facilities Authority Series A | 2.800 | 07-01-48 | 1,500,000 | 1,474,600 | |
| Connecticut State Health & Educational Facilities Authority Stamford Hospital, Series M | 4.000 | 07-01-39 | 2,000,000 | 1,896,099 | |
| Harbor Point Infrastructure Improvement District Harbor Point Project (C) | 5.000 | 04-01-39 | 3,500,000 | 3,511,444 | |
| State of Connecticut Series C, GO | 4.000 | 06-01-39 | 185,000 | 186,303 | |
| State of Connecticut Series D, GO | 5.000 | 09-15-30 | 650,000 | 738,844 | |
| State of Connecticut Bradley International Airport CFC Revenue Ground Transportation Center Project, AMT | 5.000 | 07-01-49 | 1,435,000 | 1,436,772 | |
| State of Connecticut Special Tax Revenue Series B | 5.000 | 10-01-36 | 1,000,000 | 1,073,796 | |
| State of Connecticut Special Tax Revenue Series B | 5.000 | 10-01-37 | 1,000,000 | 1,066,941 | |
| Town of Hamden Whitney Center Project | 5.000 | 01-01-50 | 750,000 | 599,232 | |
| Town of Hamden, GO (B) | 5.000 | 08-15-33 | 1,390,000 | 1,592,351 | |
| Delaware 0.5% | 5,349,956 | ||||
| Delaware State Economic Development Authority NRG Energy Project, Series A | 1.250 | 10-01-45 | 4,000,000 | 3,713,748 | |
| Delaware State Economic Development Authority NRG Energy Project, Series B | 1.250 | 10-01-40 | 500,000 | 464,219 | |
| Delaware Transportation Authority Transportation System Senior Revenue | 3.000 | 07-01-35 | 1,225,000 | 1,171,989 |
| 12 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| District of Columbia 0.6% | $6,147,641 | ||||
| District of Columbia DC Smart Street Lighting Project, AMT | 5.000 | 08-31-28 | 2,000,000 | 2,127,729 | |
| District of Columbia KIPP DC Project | 4.000 | 07-01-39 | 1,750,000 | 1,664,755 | |
| District of Columbia The Catholic University of America | 5.000 | 10-01-32 | 35,000 | 37,247 | |
| Metropolitan Washington Airports Authority Aviation Revenue Series A, AMT | 5.000 | 10-01-26 | 315,000 | 327,727 | |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue Series C (B) | 6.500 | 10-01-41 | 1,815,000 | 1,990,183 | |
| Florida 7.6% | 75,433,272 | ||||
| Alachua County Health Facilities Authority Oak Hammock at the University of Florida, Inc. Project | 4.000 | 10-01-40 | 250,000 | 202,046 | |
| Alachua County Health Facilities Authority Shands Teaching Hospital & Clinics | 5.000 | 12-01-44 | 750,000 | 751,749 | |
| City of Atlantic Beach Fleet Landing Project, Series A | 5.000 | 11-15-48 | 1,000,000 | 867,955 | |
| City of Fort Lauderdale Series A | 5.000 | 07-01-53 | 635,000 | 675,803 | |
| City of Jacksonville Series A | 5.000 | 10-01-32 | 150,000 | 175,087 | |
| City of Tampa H. Lee Moffitt Cancer Center Project | 5.000 | 07-01-50 | 485,000 | 497,210 | |
| County of Broward Airport System Revenue, Series A, AMT | 5.000 | 10-01-27 | 1,500,000 | 1,580,034 | |
| County of Lake Imagine South Lake Charter School Project, Series A (C) | 5.000 | 01-15-54 | 225,000 | 194,086 | |
| County of Lee Airport Revenue Series A, AMT | 5.000 | 10-01-30 | 3,500,000 | 3,788,573 | |
| County of Lee Airport Revenue Series B, AMT | 5.000 | 10-01-28 | 4,060,000 | 4,314,440 | |
| County of Miami-Dade Seaport Department Series A, AMT | 5.000 | 10-01-36 | 1,300,000 | 1,402,075 | |
| County of Miami-Dade Seaport Department Series A, AMT | 5.000 | 10-01-39 | 3,000,000 | 3,168,611 | |
| County of Miami-Dade Seaport Department Series A-1, AMT (B) | 4.000 | 10-01-45 | 1,000,000 | 933,023 | |
| County of Miami-Dade Seaport Department Series B-2 | 4.000 | 10-01-41 | 2,000,000 | 1,982,246 | |
| County of Monroe Airport Revenue Key West International Airport, AMT | 5.000 | 10-01-25 | 130,000 | 132,626 | |
| County of Monroe Airport Revenue Key West International Airport, AMT | 5.000 | 10-01-26 | 150,000 | 154,673 | |
| County of Monroe Airport Revenue Key West International Airport, AMT | 5.000 | 10-01-27 | 70,000 | 72,970 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | 13 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Florida (continued) | |||||
| County of Monroe Airport Revenue Key West International Airport, AMT | 5.000 | 10-01-28 | 180,000 | $189,243 | |
| County of Monroe Airport Revenue Key West International Airport, AMT | 5.000 | 10-01-29 | 425,000 | 447,863 | |
| County of Monroe Airport Revenue Key West International Airport, AMT | 5.000 | 10-01-33 | 1,000,000 | 1,059,154 | |
| Duval County Public Schools School Board Certificates of Participation Series A (B) | 5.000 | 07-01-30 | 500,000 | 554,816 | |
| Duval County Public Schools School Board Certificates of Participation Series A (B) | 5.000 | 07-01-31 | 250,000 | 277,780 | |
| Florida Atlantic University Finance Corp. Student Housing Project, Series B | 4.000 | 07-01-35 | 1,280,000 | 1,295,996 | |
| Florida Department of Management Services Certificates of Participation, Series A | 3.000 | 11-01-37 | 2,315,000 | 2,028,303 | |
| Florida Development Finance Corp. IPS Florida LLC (C) | 5.250 | 06-15-29 | 700,000 | 685,545 | |
| Florida Development Finance Corp. River City Science Academy | 5.000 | 07-01-31 | 325,000 | 338,032 | |
| Florida Development Finance Corp. River City Science Academy | 5.000 | 07-01-42 | 705,000 | 709,281 | |
| Florida Development Finance Corp. UF Health Jacksonville Project | 5.000 | 02-01-33 | 1,000,000 | 1,014,078 | |
| Florida Development Finance Corp. Waste Pro USA, Inc. Project, AMT | 3.000 | 06-01-32 | 3,000,000 | 2,358,241 | |
| Florida Development Finance Corp. Waste Pro USA, Inc. Project, AMT (C) | 5.250 | 08-01-29 | 1,000,000 | 953,320 | |
| Florida Development Finance Corp. Waste Pro USA, Inc. Project, AMT (C) | 6.125 | 07-01-32 | 1,000,000 | 1,002,791 | |
| Florida Gulf Coast University Financing Corp. Housing Project, Series A | 5.000 | 02-01-27 | 805,000 | 843,867 | |
| Florida Gulf Coast University Financing Corp. Housing Project, Series A | 5.000 | 02-01-28 | 400,000 | 426,169 | |
| Florida Gulf Coast University Financing Corp. Housing Project, Series A | 5.000 | 02-01-29 | 435,000 | 469,834 | |
| Florida Gulf Coast University Financing Corp. Housing Project, Series A | 5.000 | 02-01-30 | 440,000 | 480,460 | |
| Florida Gulf Coast University Financing Corp. Housing Project, Series A | 5.000 | 02-01-31 | 460,000 | 507,948 | |
| Florida Gulf Coast University Financing Corp. Housing Project, Series A | 5.000 | 02-01-32 | 485,000 | 540,809 | |
| Florida Higher Educational Facilities Financial Authority Jacksonville University (C) | 4.500 | 06-01-33 | 4,035,000 | 3,860,457 | |
| Florida State Board of Governors Polytech University, Series A (B) | 4.250 | 07-01-38 | 1,000,000 | 1,011,230 | |
| Florida State Board of Governors University of Florida Research Revenue Series B | 4.125 | 07-01-53 | 1,620,000 | 1,598,657 |
| 14 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Florida (continued) | |||||
| Hillsborough County Aviation Authority Tampa International Airport, AMT | 5.000 | 10-01-48 | 1,500,000 | $1,522,411 | |
| Hillsborough County Industrial Development Authority Tampa General Hospital Project, Series A | 4.000 | 08-01-50 | 2,075,000 | 1,830,141 | |
| Miami Beach Health Facilities Authority Mt. Sinai Medical Center of Florida, Series B | 4.000 | 11-15-51 | 1,500,000 | 1,322,390 | |
| Miami Beach Redevelopment Agency City Center/Historic Convention Village (B) | 5.000 | 02-01-44 | 5,150,000 | 5,155,479 | |
| Miami-Dade County Health Facilities Authority Nicklaus Children’s Hospital | 5.000 | 08-01-47 | 1,000,000 | 1,015,290 | |
| Middleton Community Development District A Special Assessment Revenue | 5.200 | 05-01-27 | 500,000 | 504,368 | |
| Middleton Community Development District A Special Assessment Revenue | 5.450 | 05-01-32 | 250,000 | 257,170 | |
| Orange County Health Facilities Authority Orlando Health Obligated Group, Series A | 5.000 | 10-01-41 | 1,000,000 | 1,065,235 | |
| Orange County Health Facilities Authority Orlando Health Obligated Group, Series A | 5.000 | 10-01-42 | 1,250,000 | 1,324,753 | |
| Orange County Health Facilities Authority Presbyterian Retirement Communities | 4.000 | 08-01-36 | 3,500,000 | 3,224,953 | |
| Palm Beach County Health Facilities Authority Jupiter Medical Center Project, Series A | 5.000 | 11-01-31 | 350,000 | 371,067 | |
| Palm Beach County Health Facilities Authority Retirement Life Communities, Inc. | 5.000 | 11-15-32 | 2,785,000 | 2,822,196 | |
| Palm Beach County Health Facilities Authority Retirement Life Communities, Inc. | 5.000 | 11-15-45 | 1,950,000 | 1,867,266 | |
| Palm Beach County Health Facilities Authority Toby and Leon Cooperman Sinai Residences | 4.000 | 06-01-26 | 300,000 | 293,257 | |
| Palm Beach County Health Facilities Authority Toby and Leon Cooperman Sinai Residences | 4.000 | 06-01-31 | 2,300,000 | 2,134,587 | |
| Palm Beach County Health Facilities Authority Toby and Leon Cooperman Sinai Residences | 4.000 | 06-01-36 | 1,500,000 | 1,297,391 | |
| Polk County Industrial Development Authority Mineral Development LLC, AMT (C) | 5.875 | 01-01-33 | 1,750,000 | 1,742,012 | |
| St. Johns County Industrial Development Authority Vicar’s Landing Project, Series A | 4.000 | 12-15-50 | 700,000 | 485,990 | |
| University of Florida Department of Housing & Residence Series A | 4.000 | 07-01-35 | 3,165,000 | 3,233,655 | |
| Village Community Development District CDD No. 6 (B) | 4.000 | 05-01-37 | 415,000 | 416,580 | |
| Georgia 4.2% | 41,737,523 | ||||
| Athens-Clarke County Unified Government Development Authority University of Georgia Athletic Association Project | 5.000 | 04-01-40 | 1,230,000 | 1,355,603 | |
| Augusta Development Authority AU Health System, Inc. Project | 4.000 | 07-01-38 | 150,000 | 144,154 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | 15 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Georgia (continued) | |||||
| Augusta Development Authority AU Health System, Inc. Project | 4.000 | 07-01-39 | 40,000 | $38,225 | |
| Augusta Development Authority AU Health System, Inc. Project | 5.000 | 07-01-26 | 1,775,000 | 1,839,683 | |
| Augusta Development Authority AU Health System, Inc. Project | 5.000 | 07-01-33 | 1,790,000 | 1,880,154 | |
| Augusta Development Authority AU Health System, Inc. Project | 5.000 | 07-01-35 | 2,000,000 | 2,091,068 | |
| Decatur Public Facilities Authority Decatur City Projects, GO | 3.000 | 02-01-47 | 1,000,000 | 786,063 | |
| Development Authority of Burke County Georgia Power Company Vogtle Project, Fifth Series 1995 | 2.200 | 10-01-32 | 2,350,000 | 1,900,718 | |
| Development Authority of Burke County Georgia Power Company Vogtle Project, Fourth Series 1994 | 3.800 | 10-01-32 | 1,000,000 | 990,597 | |
| Development Authority of Monroe County Georgia Power Company Plant Scherer Project | 3.875 | 06-01-42 | 250,000 | 248,148 | |
| Development Authority of Rockdale County Pratt Paper LLC Project, AMT (C) | 4.000 | 01-01-38 | 1,000,000 | 913,034 | |
| Fulton County Residential Care Facilities for the Elderly Authority Canterbury Court Project, Series A (C) | 5.000 | 04-01-37 | 1,500,000 | 1,380,401 | |
| Fulton County Residential Care Facilities for the Elderly Authority Lenbrook Square Foundation, Inc. | 5.000 | 07-01-42 | 3,250,000 | 2,991,244 | |
| Georgia Ports Authority | 4.000 | 07-01-52 | 660,000 | 638,593 | |
| Georgia State Road & Tollway Authority Managed Lane System, Series A | 4.000 | 07-15-38 | 4,500,000 | 4,623,662 | |
| Main Street Natural Gas, Inc. Series A | 5.000 | 05-15-27 | 4,000,000 | 4,097,329 | |
| Main Street Natural Gas, Inc. Series A | 5.000 | 05-15-37 | 335,000 | 351,939 | |
| Main Street Natural Gas, Inc. Series A | 5.000 | 05-15-43 | 750,000 | 760,141 | |
| Main Street Natural Gas, Inc. Series B | 5.000 | 07-01-53 | 2,750,000 | 2,865,185 | |
| Main Street Natural Gas, Inc. Series E-1 | 5.000 | 12-01-53 | 3,000,000 | 3,144,754 | |
| Main Street Natural Gas, Inc. (Georgia) Series A | 5.000 | 05-15-35 | 1,840,000 | 1,947,211 | |
| Municipal Electric Authority of Georgia Series EE (B) | 7.250 | 01-01-24 | 2,000,000 | 2,005,363 | |
| Municipal Electric Authority of Georgia Series HH | 5.000 | 01-01-29 | 3,000,000 | 3,191,169 | |
| Private Colleges & Universities Authority Mercer University Project | 4.000 | 10-01-50 | 1,345,000 | 1,229,595 | |
| Private Colleges & Universities Authority Mercer University Project | 5.000 | 10-01-28 | 300,000 | 323,490 |
| 16 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Hawaii 0.2% | $1,517,286 | ||||
| State of Hawaii Airports System Revenue Series A, AMT | 5.000 | 07-01-48 | 1,000,000 | 1,016,330 | |
| State of Hawaii Harbor System Revenue Series A, AMT | 5.000 | 07-01-27 | 475,000 | 500,956 | |
| Illinois 8.6% | 84,881,716 | ||||
| Chicago Board of Education Dedicated Capital Improvement | 5.000 | 04-01-42 | 1,400,000 | 1,398,968 | |
| Chicago Board of Education Dedicated Capital Improvement | 6.000 | 04-01-46 | 3,500,000 | 3,609,372 | |
| Chicago Board of Education Series A, GO | 5.000 | 12-01-34 | 3,000,000 | 3,139,535 | |
| Chicago Board of Education Series B, GO | 4.000 | 12-01-38 | 2,000,000 | 1,785,295 | |
| Chicago Board of Education Series B, GO | 5.000 | 12-01-30 | 1,000,000 | 1,041,228 | |
| Chicago O’Hare International Airport Series A, AMT | 5.000 | 01-01-48 | 1,500,000 | 1,523,490 | |
| Chicago O’Hare International Airport Series C | 5.000 | 01-01-38 | 1,545,000 | 1,574,069 | |
| Chicago O’Hare International Airport Series D | 5.000 | 01-01-52 | 3,670,000 | 3,715,112 | |
| City of Chicago 2nd Lien Project | 3.150 | 11-01-24 | 500,000 | 497,567 | |
| City of Chicago Series A (B) | 5.250 | 01-01-48 | 200,000 | 215,798 | |
| City of Chicago Series A, GO | 5.000 | 01-01-29 | 4,000,000 | 4,209,189 | |
| City of Chicago Series A, GO | 5.000 | 01-01-31 | 1,000,000 | 1,048,767 | |
| City of Chicago Series C | 5.000 | 01-01-39 | 2,500,000 | 2,505,080 | |
| County of Cook Series B | 5.000 | 11-15-29 | 225,000 | 247,654 | |
| Illinois Finance Authority DePaul College Prep Foundation, Series A (C) | 4.500 | 08-01-33 | 1,155,000 | 1,135,406 | |
| Illinois Finance Authority Dominican University | 5.000 | 03-01-27 | 510,000 | 516,993 | |
| Illinois Finance Authority Dominican University | 5.000 | 03-01-29 | 560,000 | 570,247 | |
| Illinois Finance Authority Dominican University | 5.000 | 03-01-31 | 620,000 | 630,471 | |
| Illinois Finance Authority LRS Holdings LLC Project, Series A, AMT (C) | 7.250 | 09-01-52 | 1,000,000 | 1,033,363 | |
| Illinois Finance Authority LRS Holdings LLC Project, Series B, AMT (C) | 7.375 | 09-01-42 | 1,250,000 | 1,305,873 | |
| Illinois Finance Authority Shedd Aquarium Society Project | 5.000 | 06-01-31 | 600,000 | 675,076 | |
| Illinois Finance Authority UChicago Medicine, Series B-2 | 5.000 | 08-15-52 | 2,000,000 | 2,121,067 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | 17 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Illinois (continued) | |||||
| Illinois State Toll Highway Authority Series A | 5.000 | 01-01-45 | 2,365,000 | $2,513,917 | |
| Metropolitan Pier & Exposition Authority McCormick Place Expansion | 4.000 | 12-15-42 | 2,000,000 | 1,919,566 | |
| Metropolitan Pier & Exposition Authority McCormick Place Expansion | 5.000 | 12-15-27 | 3,345,000 | 3,416,724 | |
| Northern Illinois University Auxiliary Facilities System Revenue (B) | 4.000 | 10-01-37 | 30,000 | 29,561 | |
| Sales Tax Securitization Corp. Series A | 4.000 | 01-01-39 | 750,000 | 743,590 | |
| Sales Tax Securitization Corp. Series A | 4.000 | 01-01-42 | 1,950,000 | 1,933,530 | |
| Sales Tax Securitization Corp. Series A | 5.000 | 01-01-32 | 905,000 | 954,603 | |
| Sales Tax Securitization Corp. Series A | 5.000 | 01-01-36 | 1,000,000 | 1,066,322 | |
| Sales Tax Securitization Corp. Series A | 5.000 | 01-01-37 | 4,215,000 | 4,368,726 | |
| Sales Tax Securitization Corp. Series C | 5.000 | 01-01-35 | 1,250,000 | 1,351,942 | |
| Sales Tax Securitization Corp. Series D | 5.000 | 01-01-36 | 1,100,000 | 1,220,286 | |
| Sales Tax Securitization Corp. Series D | 5.000 | 01-01-37 | 1,310,000 | 1,430,734 | |
| Sales Tax Securitization Corp. Series D | 5.000 | 01-01-38 | 1,385,000 | 1,490,513 | |
| Sales Tax Securitization Corp. Series D | 5.000 | 01-01-39 | 1,520,000 | 1,630,971 | |
| South Suburban College Community School District No. 510, GO (B) | 5.250 | 12-01-37 | 1,190,000 | 1,299,906 | |
| South Suburban College Community School District No. 510, GO (B) | 5.250 | 12-01-39 | 1,345,000 | 1,454,598 | |
| South Suburban College Community School District No. 510, GO (B) | 5.250 | 12-01-41 | 1,490,000 | 1,601,428 | |
| State of Illinois Series A, GO | 5.000 | 10-01-28 | 1,750,000 | 1,875,336 | |
| State of Illinois Series A, GO | 5.000 | 05-01-34 | 2,000,000 | 2,097,053 | |
| State of Illinois Series A, GO | 5.000 | 05-01-40 | 350,000 | 360,624 | |
| State of Illinois Series B, GO | 4.000 | 11-01-35 | 2,000,000 | 2,007,234 | |
| State of Illinois Series B, GO | 5.000 | 10-01-30 | 2,000,000 | 2,190,119 | |
| State of Illinois Series D, GO | 3.250 | 11-01-26 | 2,815,000 | 2,760,288 | |
| State of Illinois, GO (B) | 4.000 | 02-01-31 | 1,000,000 | 1,013,734 | |
| Upper Illinois River Valley Development Authority Prairie Crossing Charter School Project (C) | 5.000 | 01-01-55 | 625,000 | 544,486 |
| 18 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Illinois (continued) | |||||
| Village of Lincolnwood Certificates of Participation, District 1860 Development Project, Series A (C) | 4.820 | 01-01-41 | 5,790,000 | $5,235,713 | |
| Winnebago & Boone Counties School District No. 205 Rockford, GO (B) | 5.000 | 02-01-32 | 3,500,000 | 3,870,592 | |
| Indiana 1.9% | 18,345,361 | ||||
| City of Whiting BP Products North America, Inc., Series A, AMT | 4.400 | 03-01-46 | 3,825,000 | 3,833,514 | |
| Greensburg Building Corp. Fire Station Project, Series A (B) | 5.000 | 07-15-33 | 1,555,000 | 1,753,935 | |
| Greensburg Building Corp. Public Works Building Project, Series B (B) | 5.000 | 07-15-33 | 1,195,000 | 1,347,879 | |
| Indiana Finance Authority CWA Authority Project. Series 2024-A (E) | 5.000 | 10-01-40 | 500,000 | 528,518 | |
| Indiana Finance Authority Ohio Valley Electric Corp. Project, Series A | 4.250 | 11-01-30 | 1,000,000 | 1,003,781 | |
| Indiana Finance Authority Polyflow Industry Project, AMT (C) | 7.000 | 03-01-39 | 1,210,000 | 882,474 | |
| Indiana Finance Authority University Evansville Project, Series A | 5.000 | 09-01-24 | 500,000 | 501,665 | |
| Indiana Finance Authority University Evansville Project, Series A | 5.000 | 09-01-25 | 500,000 | 503,422 | |
| Indiana Municipal Power Agency Series A | 5.000 | 01-01-42 | 1,555,000 | 1,615,976 | |
| Indianapolis Local Public Improvement Bond Bank Circle City Forward Phase II | 4.125 | 02-01-52 | 800,000 | 775,476 | |
| Indianapolis Local Public Improvement Bond Bank Convention Center Hotel, Series E (E) | 5.500 | 03-01-38 | 800,000 | 827,796 | |
| Indianapolis Local Public Improvement Bond Bank Indianapolis Airport Authority Project, Series G-2, AMT | 5.000 | 01-01-30 | 405,000 | 437,657 | |
| Indianapolis Local Public Improvement Bond Bank Indianapolis Airport Authority Project, Series G-2, AMT | 5.000 | 01-01-31 | 1,295,000 | 1,413,375 | |
| Indianapolis Local Public Improvement Bond Bank Indianapolis Airport Authority Project, Series G-2, AMT | 5.000 | 01-01-32 | 450,000 | 493,697 | |
| Indianapolis Local Public Improvement Bond Bank Indianapolis Airport Authority Project, Series G-2, AMT | 5.000 | 01-01-33 | 690,000 | 759,330 | |
| Indianapolis Local Public Improvement Bond Bank Indianapolis Airport Authority Project, Series G-2, AMT | 5.000 | 01-01-34 | 465,000 | 511,032 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | 19 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Indiana (continued) | |||||
| Indianapolis Local Public Improvement Bond Bank Stormwater Project, Series C | 4.000 | 01-01-47 | 1,185,000 | $1,155,834 | |
| Iowa 0.3% | 3,133,399 | ||||
| Harlan Community School District, GO (B) | 4.000 | 06-01-32 | 515,000 | 540,402 | |
| Harlan Community School District, GO (B) | 4.000 | 06-01-33 | 540,000 | 564,188 | |
| PEFA, Inc. Gas Project Revenue | 5.000 | 09-01-49 | 2,000,000 | 2,028,809 | |
| Kansas 0.5% | 5,008,456 | ||||
| City of Prairie Village Meadowbrook TIF Project | 2.875 | 04-01-30 | 470,000 | 437,693 | |
| Kansas Development Finance Authority Adventhealth Obligated Group, Series B | 5.000 | 11-15-54 | 3,000,000 | 3,346,991 | |
| Wyandotte County-Kansas City Unified Government Legends Apartments Garage & West Lawn Project | 4.500 | 06-01-40 | 1,335,000 | 1,223,772 | |
| Kentucky 0.9% | 8,749,624 | ||||
| County of Trimble Louisville Gas and Electric Company, AMT | 1.300 | 09-01-44 | 2,500,000 | 2,158,146 | |
| Eastern Kentucky University Series A | 5.000 | 04-01-27 | 480,000 | 506,994 | |
| Kentucky Municipal Power Agency Prairie State Project, Series A | 4.000 | 09-01-45 | 500,000 | 426,315 | |
| Kentucky Public Energy Authority Series C | 4.000 | 08-01-24 | 635,000 | 635,229 | |
| Kentucky Public Energy Authority Series C | 4.000 | 08-01-25 | 600,000 | 600,407 | |
| Kentucky Turnpike Authority Revitalization Projects, Series 2022-A | 5.000 | 07-01-32 | 2,000,000 | 2,285,235 | |
| Louisville/Jefferson County Metropolitan Government UofL Health Project, Series A (B) | 5.000 | 05-15-47 | 900,000 | 931,189 | |
| Woodford County School District Finance Corp. Series A (B) | 6.000 | 08-01-31 | 1,015,000 | 1,206,109 | |
| Louisiana 2.3% | 22,858,364 | ||||
| City of Shreveport Water & Sewer Revenue | 5.000 | 12-01-40 | 15,000 | 15,240 | |
| Louisiana Local Government Environmental Facilities & Community Development Authority Downsville Community Charter School Project (C) | 6.375 | 06-15-53 | 3,500,000 | 3,393,698 | |
| Louisiana Local Government Environmental Facilities & Community Development Authority Entergy Louisiana LLC Project, Series A | 2.000 | 06-01-30 | 770,000 | 663,067 |
| 20 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Louisiana (continued) | |||||
| Louisiana Local Government Environmental Facilities & Community Development Authority Louisiana Insurance Guaranty Association Project, Series B | 5.000 | 08-15-32 | 5,000,000 | $5,253,174 | |
| Louisiana Local Government Environmental Facilities & Community Development Authority Westlake Chemical Corp. Project | 3.500 | 11-01-32 | 5,000,000 | 4,643,172 | |
| Louisiana Public Facilities Authority Lincoln Preparatory School, Series A (C) | 6.375 | 06-01-52 | 250,000 | 234,907 | |
| Louisiana Public Facilities Authority Ochsner Clinic Foundation Project | 5.000 | 05-15-46 | 2,500,000 | 2,529,702 | |
| New Orleans Aviation Board Parking Facilities Corp. Consolidated Garage System (B) | 5.000 | 10-01-48 | 1,000,000 | 1,027,378 | |
| New Orleans Aviation Board Series B, AMT | 5.000 | 01-01-39 | 375,000 | 395,803 | |
| New Orleans Aviation Board Series B, AMT | 5.000 | 01-01-41 | 1,490,000 | 1,565,238 | |
| New Orleans Aviation Board Series B, AMT | 5.000 | 01-01-42 | 685,000 | 715,883 | |
| New Orleans Aviation Board Series B, AMT | 5.000 | 01-01-48 | 245,000 | 245,065 | |
| St. James Parish NuStar Logistics LP Project (C) | 5.850 | 08-01-41 | 1,000,000 | 1,017,385 | |
| State of Louisiana Gasoline & Fuels Tax Revenue Series B | 3.000 | 05-01-41 | 1,420,000 | 1,158,652 | |
| Maine 0.1% | 974,364 | ||||
| City of Lewiston, GO | 5.000 | 03-15-32 | 860,000 | 974,364 | |
| Maryland 1.3% | 13,301,379 | ||||
| City of Gaithersburg Asbury Maryland Obligated Group | 5.000 | 01-01-37 | 2,000,000 | 1,938,336 | |
| County of Howard Consolidated Public Improvement Project, Series A, GO | 4.000 | 08-15-37 | 1,000,000 | 1,028,902 | |
| Maryland Economic Development Corp. Morgan St. University Project, Series A | 5.250 | 07-01-31 | 500,000 | 541,501 | |
| Maryland Economic Development Corp. Morgan St. University Project, Series A | 5.250 | 07-01-32 | 500,000 | 544,598 | |
| Maryland Economic Development Corp. Morgan St. University Project, Series A | 5.250 | 07-01-33 | 500,000 | 543,086 | |
| Maryland Health & Higher Educational Facilities Authority Broadmead Issue, Series A | 5.000 | 07-01-43 | 1,240,000 | 1,227,737 | |
| Maryland Health & Higher Educational Facilities Authority University of Maryland Medical System, Series B-1 | 5.000 | 07-01-45 | 1,000,000 | 1,015,656 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | 21 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Maryland (continued) | |||||
| Maryland Stadium Authority Built to Learn | 5.000 | 06-01-27 | 845,000 | $903,808 | |
| State of Maryland Department of Transportation Series A | 3.000 | 10-01-33 | 5,860,000 | 5,557,755 | |
| Massachusetts 3.8% | 37,637,894 | ||||
| Commonwealth of Massachusetts Transportation Fund Revenue Rail Enhancement and Accelerated Bridge Programs, Series A | 5.000 | 06-01-42 | 3,185,000 | 3,302,347 | |
| Massachusetts Bay Transportation Authority Sales Tax Revenue Series A 1 | 4.000 | 07-01-36 | 2,900,000 | 3,010,540 | |
| Massachusetts Development Finance Agency Boston College, Series T | 5.000 | 07-01-39 | 1,480,000 | 1,552,321 | |
| Massachusetts Development Finance Agency Boston Medical Center, Series D | 5.000 | 07-01-44 | 3,540,000 | 3,556,568 | |
| Massachusetts Development Finance Agency Boston Medical Center, Series G | 4.375 | 07-01-52 | 640,000 | 593,634 | |
| Massachusetts Development Finance Agency Boston Medical Center, Series G | 5.250 | 07-01-48 | 1,000,000 | 1,048,329 | |
| Massachusetts Development Finance Agency Boston University, Series BB1 | 5.000 | 10-01-46 | 580,000 | 593,617 | |
| Massachusetts Development Finance Agency Boston University, Series FF | 5.000 | 10-01-48 | 1,000,000 | 1,080,597 | |
| Massachusetts Development Finance Agency Carleton-Willard Village Homes, Inc. | 5.000 | 12-01-42 | 1,050,000 | 1,052,668 | |
| Massachusetts Development Finance Agency Dana Farber Cancer Institute, Series N | 5.000 | 12-01-41 | 2,450,000 | 2,506,546 | |
| Massachusetts Development Finance Agency Merrimack College | 5.000 | 07-01-37 | 725,000 | 752,979 | |
| Massachusetts Development Finance Agency Merrimack College | 5.000 | 07-01-52 | 1,000,000 | 985,634 | |
| Massachusetts Development Finance Agency Newbridge Charles, Inc. (C) | 5.000 | 10-01-37 | 2,000,000 | 1,935,863 | |
| Massachusetts Development Finance Agency NewBridge on the Charles, Inc. (C) | 5.000 | 10-01-47 | 560,000 | 501,167 | |
| Massachusetts Development Finance Agency Suffolk University | 5.000 | 07-01-35 | 750,000 | 782,589 | |
| Massachusetts Development Finance Agency UMass Memorial Health Care, Series I | 5.000 | 07-01-46 | 1,150,000 | 1,156,448 | |
| Massachusetts Development Finance Agency Worcester Polytechnic Institute | 3.000 | 09-01-36 | 85,000 | 75,813 | |
| Massachusetts Development Finance Agency Worcester Polytechnic Institute | 5.000 | 09-01-31 | 20,000 | 21,936 | |
| Massachusetts Development Finance Agency Worcester Polytechnic Institute | 5.000 | 09-01-42 | 305,000 | 316,108 | |
| Massachusetts Development Finance Agency Worcester Polytechnic Institute | 5.000 | 09-01-52 | 250,000 | 255,228 |
| 22 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Massachusetts (continued) | |||||
| Massachusetts Development Finance Agency Worcester Polytechnic Institute | 5.000 | 09-01-59 | 6,750,000 | $7,030,132 | |
| Massachusetts Educational Financing Authority Series A, GO | 5.950 | 07-01-44 | 1,265,000 | 1,241,728 | |
| Massachusetts Housing Finance Agency Series 162 | 3.450 | 12-01-37 | 1,255,000 | 1,154,935 | |
| Massachusetts Port Authority BOSFuel Project, Series A, AMT | 5.000 | 07-01-39 | 1,000,000 | 1,039,051 | |
| Massachusetts Port Authority BOSFuel Project, Series A, AMT | 5.000 | 07-01-49 | 1,000,000 | 1,015,823 | |
| Massachusetts Port Authority Series C, AMT | 5.000 | 07-01-30 | 1,000,000 | 1,075,293 | |
| Michigan 2.3% | 22,479,850 | ||||
| City of Detroit, GO | 5.000 | 04-01-24 | 300,000 | 300,602 | |
| City of Detroit, GO | 5.000 | 04-01-26 | 660,000 | 673,464 | |
| City of Detroit, GO | 5.000 | 04-01-30 | 800,000 | 847,140 | |
| City of Detroit, GO | 5.500 | 04-01-32 | 295,000 | 320,932 | |
| City of Detroit, GO | 5.500 | 04-01-33 | 470,000 | 510,900 | |
| City of Detroit, GO | 5.500 | 04-01-34 | 330,000 | 358,197 | |
| City of Detroit, GO | 5.500 | 04-01-39 | 1,290,000 | 1,360,512 | |
| Detroit City School District School Building and Site Improvement, Series A, GO (B) | 5.250 | 05-01-32 | 1,100,000 | 1,259,371 | |
| Detroit Downtown Development Authority Catalyst Development Project, Series A (B) | 5.000 | 07-01-43 | 1,000,000 | 1,002,284 | |
| Great Lakes Water Authority Sewage Disposal System Revenue Series C | 5.000 | 07-01-35 | 4,000,000 | 4,129,394 | |
| Great Lakes Water Authority Water Supply System Revenue Series A | 5.000 | 07-01-45 | 500,000 | 526,635 | |
| Michigan Finance Authority Beaumont-Spectrum Consolidation (SIFMA + 0.750%) (A) | 4.560 | 04-15-47 | 1,750,000 | 1,739,753 | |
| Michigan Finance Authority Lawrence Technological University | 4.000 | 02-01-32 | 490,000 | 460,481 | |
| Michigan Finance Authority Lawrence Technological University | 4.000 | 02-01-42 | 540,000 | 437,390 | |
| Michigan Finance Authority Local Government Loan Program (B) | 5.000 | 07-01-36 | 250,000 | 251,107 | |
| Michigan Finance Authority Local Government Loan Program, Series F-1, GO | 4.500 | 10-01-29 | 1,500,000 | 1,503,945 | |
| Michigan Finance Authority McLaren Healthcare Hospital, Series A | 5.000 | 05-15-38 | 1,450,000 | 1,461,834 | |
| Michigan Finance Authority Series A-1 | 4.000 | 06-01-49 | 1,800,000 | 1,612,218 | |
| Oakland University Series B | 5.000 | 03-01-34 | 615,000 | 686,123 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | 23 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Michigan (continued) | |||||
| State of Michigan Trunk Line Revenue Rebuilding Michigan Program, Series B | 4.000 | 11-15-39 | 3,000,000 | $3,037,568 | |
| Minnesota 0.1% | 726,609 | ||||
| Minnesota Housing Finance Agency Series A | 2.950 | 02-01-46 | 822,947 | 726,609 | |
| Mississippi 0.3% | 2,797,376 | ||||
| Mississippi Business Finance Corp. System Energy Resources, Inc. Project | 2.375 | 06-01-44 | 1,595,000 | 934,751 | |
| Mississippi Development Bank Magnolia Regional Health Center Project (C) | 4.000 | 10-01-41 | 1,000,000 | 818,349 | |
| State of Mississippi Gaming Tax Revenue Series A | 5.000 | 10-15-36 | 1,000,000 | 1,044,276 | |
| Missouri 1.2% | 12,000,372 | ||||
| Andrew County Reorganized School District No. 3 Certificates of Participation, Series A (B) | 5.000 | 04-15-37 | 335,000 | 364,136 | |
| Andrew County Reorganized School District No. 3 Certificates of Participation, Series A (B) | 5.000 | 04-15-38 | 380,000 | 407,150 | |
| Health & Educational Facilities Authority of the State of Missouri Lake Regional Health System Obligated Group | 4.000 | 02-15-34 | 250,000 | 239,399 | |
| Health & Educational Facilities Authority of the State of Missouri Mercy Health | 5.500 | 12-01-48 | 1,000,000 | 1,093,294 | |
| Kansas City Industrial Development Authority Kansas City International Airport Terminal, AMT | 4.000 | 03-01-45 | 1,000,000 | 911,103 | |
| Lee’s Summit Industrial Development Authority John Knox Village ,Series A | 5.000 | 08-15-36 | 125,000 | 112,345 | |
| Missouri Development Finance Board Infrastructure Facilities Revenue (B) | 5.000 | 06-01-28 | 2,000,000 | 2,164,491 | |
| Missouri Development Finance Board St. Louis Zoo Projects | 5.000 | 05-01-31 | 1,000,000 | 1,115,541 | |
| Missouri Development Finance Board St. Louis Zoo Projects | 5.000 | 05-01-32 | 1,125,000 | 1,269,018 | |
| Missouri Joint Municipal Electric Utility Commission MoPEP Facilities | 5.000 | 12-01-28 | 750,000 | 816,473 | |
| Missouri Joint Municipal Electric Utility Commission MoPEP Facilities | 5.000 | 12-01-31 | 1,000,000 | 1,130,425 | |
| Missouri Joint Municipal Electric Utility Commission MoPEP Facilities | 5.000 | 12-01-32 | 500,000 | 570,865 | |
| Missouri Joint Municipal Electric Utility Commission MoPEP Facilities | 5.000 | 12-01-34 | 735,000 | 823,701 |
| 24 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Missouri (continued) | |||||
| Taney County Industrial Development Authority Big Cedar Infrastructure Project (C) | 5.000 | 10-01-33 | 1,000,000 | $982,431 | |
| Montana 0.3% | 3,015,013 | ||||
| City of Forsyth NorthWestern Corp. Colstrip Project | 3.875 | 07-01-28 | 3,000,000 | 3,015,013 | |
| Nebraska 0.7% | 6,586,712 | ||||
| Nebraska State Colleges Student Fees & Facilities Revenue (B) | 5.000 | 07-01-48 | 1,000,000 | 1,065,818 | |
| Omaha Public Power District Series A | 5.000 | 02-01-43 | 5,000,000 | 5,520,894 | |
| Nevada 1.0% | 9,807,347 | ||||
| City of Henderson Series A-1, GO | 4.000 | 06-01-36 | 1,000,000 | 1,029,312 | |
| Clark County School District Series A, GO | 4.000 | 06-15-43 | 190,000 | 188,842 | |
| County of Clark Department of Aviation Series A, AMT | 5.000 | 07-01-26 | 1,000,000 | 1,033,450 | |
| Las Vegas Convention & Visitors Authority Series A | 5.000 | 07-01-37 | 700,000 | 779,170 | |
| Las Vegas Convention & Visitors Authority Series A | 5.000 | 07-01-38 | 1,350,000 | 1,486,500 | |
| Las Vegas Valley Water District Series C, GO | 4.000 | 06-01-39 | 3,000,000 | 3,052,946 | |
| Washoe County School District School Improvement, Series A, GO (B) | 3.000 | 06-01-34 | 2,400,000 | 2,237,127 | |
| New Hampshire 0.6% | 5,471,792 | ||||
| New Hampshire Business Finance Authority Series A (C) | 3.625 | 07-01-43 | 1,500,000 | 1,089,563 | |
| New Hampshire Business Finance Authority Springpoint Senior Living | 4.000 | 01-01-41 | 1,000,000 | 805,596 | |
| New Hampshire Health and Education Facilities Authority Act Dartmouth Hitchcock Group, Series A | 5.000 | 08-01-34 | 3,405,000 | 3,576,633 | |
| New Jersey 2.8% | 27,695,449 | ||||
| Casino Reinvestment Development Authority, Inc. Luxury Tax Revenue | 5.250 | 11-01-39 | 2,515,000 | 2,527,797 | |
| County of Somerset Series A & C, GO | 3.000 | 07-15-30 | 750,000 | 736,063 | |
| New Jersey Economic Development Authority Municipal Rehabilitation, Series A | 5.250 | 04-01-28 | 1,600,000 | 1,739,623 | |
| New Jersey Economic Development Authority Port Newark Container Terminal LLC, AMT | 5.000 | 10-01-47 | 2,000,000 | 1,958,949 | |
| New Jersey Economic Development Authority Series DDD | 5.000 | 06-15-42 | 1,000,000 | 1,076,595 | |
| New Jersey Economic Development Authority Series RRR | 5.000 | 03-01-28 | 2,500,000 | 2,699,885 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | 25 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| New Jersey (continued) | |||||
| New Jersey Economic Development Authority Series SSS (E) | 5.250 | 06-15-36 | 1,000,000 | $1,108,775 | |
| New Jersey Economic Development Authority Series SSS (E) | 5.250 | 06-15-37 | 1,000,000 | 1,095,693 | |
| New Jersey Economic Development Authority Series SSS (E) | 5.250 | 06-15-39 | 1,000,000 | 1,076,821 | |
| New Jersey Transportation Trust Fund Authority Series A | 4.000 | 06-15-35 | 2,255,000 | 2,317,841 | |
| New Jersey Transportation Trust Fund Authority Series A | 4.250 | 06-15-40 | 1,400,000 | 1,429,207 | |
| New Jersey Transportation Trust Fund Authority Series AA | 5.000 | 06-15-30 | 500,000 | 558,573 | |
| New Jersey Transportation Trust Fund Authority Series AA | 5.000 | 06-15-44 | 1,415,000 | 1,416,719 | |
| New Jersey Transportation Trust Fund Authority Series AA | 5.250 | 06-15-43 | 1,000,000 | 1,048,436 | |
| New Jersey Transportation Trust Fund Authority Series BB-1 | 5.000 | 06-15-29 | 1,700,000 | 1,850,077 | |
| New Jersey Transportation Trust Fund Authority Series C (B)(D) | 3.527 | 12-15-31 | 750,000 | 565,271 | |
| State of New Jersey, GO | 2.000 | 06-01-29 | 2,470,000 | 2,253,804 | |
| Tobacco Settlement Financing Corp. Series B | 5.000 | 06-01-46 | 2,230,000 | 2,235,320 | |
| New Mexico 0.1% | 1,055,012 | ||||
| City of Albuquerque Transportation Infrastructure | 4.000 | 07-01-33 | 1,000,000 | 1,030,185 | |
| New Mexico Educational Assistance Foundation Education Loan, Series A-1, AMT | 3.875 | 04-01-34 | 25,000 | 24,827 | |
| New York 8.0% | 79,689,756 | ||||
| Albany County Airport Authority Series B, AMT | 5.000 | 12-15-26 | 600,000 | 623,328 | |
| Battery Park City Authority Series A | 5.000 | 11-01-49 | 755,000 | 795,427 | |
| Build NYC Resource Corp. KIPP NYC Public Charter Schools - Canal West Project | 5.250 | 07-01-52 | 1,000,000 | 1,027,346 | |
| Build NYC Resource Corp. KIPP NYC Public Charter Schools - Canal West Project | 5.250 | 07-01-62 | 2,000,000 | 2,040,274 | |
| Build NYC Resource Corp. Seton Education Partners Brilla Project (C) | 4.000 | 11-01-41 | 250,000 | 200,728 | |
| Build NYC Resource Corp. Seton Education Partners Brilla Project, Series A (C) | 4.000 | 11-01-51 | 255,000 | 186,045 | |
| City of New York Fiscal 2021, Series C, GO | 4.000 | 08-01-37 | 1,320,000 | 1,340,373 | |
| City of New York Fiscal 2024, Series A, GO | 4.125 | 08-01-53 | 1,000,000 | 977,627 |
| 26 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| New York (continued) | |||||
| City of New York Series F-1, GO | 5.000 | 03-01-50 | 1,525,000 | $1,616,233 | |
| City of Yonkers Series F, GO (B) | 5.000 | 11-15-28 | 250,000 | 274,978 | |
| City of Yonkers Series F, GO (B) | 5.000 | 11-15-29 | 250,000 | 279,195 | |
| City of Yonkers Series F, GO (B) | 5.000 | 11-15-30 | 375,000 | 424,816 | |
| City of Yonkers Series F, GO (B) | 5.000 | 11-15-31 | 300,000 | 344,399 | |
| City of Yonkers Series F, GO (B) | 5.000 | 11-15-32 | 250,000 | 290,360 | |
| City of Yonkers Series G, GO (B) | 5.000 | 11-15-29 | 390,000 | 435,544 | |
| City of Yonkers Series G, GO (B) | 5.000 | 11-15-30 | 410,000 | 464,466 | |
| City of Yonkers Series G, GO (B) | 5.000 | 11-15-31 | 430,000 | 493,639 | |
| City of Yonkers Series G, GO (B) | 5.000 | 11-15-32 | 155,000 | 180,023 | |
| County of Nassau Series B, GO (B) | 5.000 | 07-01-37 | 1,135,000 | 1,208,682 | |
| Dutchess County Local Development Corp. Marist College Project | 5.000 | 07-01-33 | 150,000 | 171,900 | |
| Dutchess County Local Development Corp. Marist College Project | 5.000 | 07-01-34 | 200,000 | 228,746 | |
| Dutchess County Local Development Corp. Marist College Project | 5.000 | 07-01-35 | 250,000 | 283,838 | |
| Dutchess County Local Development Corp. Nuvance Health, Series B | 4.000 | 07-01-49 | 1,000,000 | 824,700 | |
| Hempstead Town Local Development Corp. Hofstra University Project | 5.000 | 07-01-47 | 1,490,000 | 1,526,819 | |
| Long Island Power Authority Electric System Revenue, Series E | 5.000 | 09-01-53 | 500,000 | 537,677 | |
| Metropolitan Transportation Authority Series A (B) | 4.000 | 11-15-46 | 2,000,000 | 1,872,307 | |
| Metropolitan Transportation Authority Series A-1 | 5.000 | 11-15-45 | 2,000,000 | 2,009,374 | |
| Metropolitan Transportation Authority Series A-2 | 5.000 | 11-15-27 | 1,250,000 | 1,297,403 | |
| Metropolitan Transportation Authority Series C-1 | 5.000 | 11-15-30 | 500,000 | 517,814 | |
| New York City Industrial Development Agency Yankee Stadium Project Pilot (B) | 5.000 | 03-01-28 | 350,000 | 374,484 | |
| New York City Municipal Water Finance Authority 2nd General Resolution Fiscal 2021, Series AA-2 | 4.000 | 06-15-43 | 1,100,000 | 1,101,636 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | 27 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| New York (continued) | |||||
| New York City Municipal Water Finance Authority Series GG | 5.000 | 06-15-50 | 2,925,000 | $3,091,963 | |
| New York City Transitional Finance Authority Future Tax Subordinated Bonds, Series A | 4.000 | 11-01-38 | 1,000,000 | 1,003,121 | |
| New York City Transitional Finance Authority Future Tax Subordinated Bonds, Series C-1 | 4.000 | 11-01-38 | 3,010,000 | 3,017,546 | |
| New York City Transitional Finance Authority Future Tax Subordinated Bonds, Series C-1 | 4.000 | 05-01-40 | 330,000 | 329,400 | |
| New York City Transitional Finance Authority Future Tax Subordinated Bonds, Series C-1 | 4.000 | 05-01-45 | 250,000 | 245,549 | |
| New York City Transitional Finance Authority Future Tax Subordinated Bonds, Series C-1 | 5.000 | 05-01-41 | 300,000 | 325,458 | |
| New York City Transitional Finance Authority Series E-1 | 4.000 | 02-01-39 | 2,000,000 | 1,996,269 | |
| New York Liberty Development Corp. World Trade Center, Class 2-3 (C) | 5.150 | 11-15-34 | 2,500,000 | 2,497,852 | |
| New York Power Authority Series A | 4.000 | 11-15-45 | 500,000 | 494,081 | |
| New York State Dormitory Authority Garnet Health Medical Center (C) | 5.000 | 12-01-40 | 1,000,000 | 958,578 | |
| New York State Dormitory Authority General Purpose, Series A | 4.000 | 03-15-37 | 2,295,000 | 2,344,342 | |
| New York State Dormitory Authority General Purpose, Series D | 4.000 | 02-15-39 | 2,450,000 | 2,461,712 | |
| New York State Dormitory Authority Northwell Health Obligation Group | 5.000 | 05-01-37 | 1,000,000 | 1,089,618 | |
| New York State Dormitory Authority Series E | 4.000 | 03-15-39 | 620,000 | 623,534 | |
| New York State Dormitory Authority Teachers College | 4.000 | 07-01-46 | 750,000 | 720,651 | |
| New York State Environmental Facilities Corp. Casella Waste System, Inc. Project, AMT | 2.750 | 09-01-50 | 3,595,000 | 3,445,718 | |
| New York State Environmental Facilities Corp. Series B | 4.000 | 06-15-37 | 495,000 | 504,918 | |
| New York State Thruway Authority Series A-1 | 4.000 | 03-15-53 | 1,165,000 | 1,127,913 | |
| New York State Thruway Authority Series A-1 | 4.000 | 03-15-54 | 4,115,000 | 3,975,685 | |
| New York State Urban Development Corp. Series A | 5.000 | 03-15-50 | 5,500,000 | 5,937,571 | |
| New York State Urban Development Corp. Series C | 5.000 | 03-15-31 | 1,745,000 | 1,981,519 | |
| New York Transportation Development Corp. American Airlines Inc., John F. Kennedy International Airport, AMT | 2.250 | 08-01-26 | 120,000 | 113,613 | |
| New York Transportation Development Corp. Delta Airlines, Inc., Laguardia Airport, AMT | 4.000 | 01-01-36 | 2,000,000 | 1,859,812 |
| 28 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| New York (continued) | |||||
| New York Transportation Development Corp. John F. Kennedy International Airport Project, Terminal 4, AMT | 4.000 | 12-01-42 | 565,000 | $506,362 | |
| New York Transportation Development Corp. John F. Kennedy International Airport Project, Terminal 4, AMT | 5.000 | 12-01-24 | 1,000,000 | 1,009,401 | |
| New York Transportation Development Corp. John F. Kennedy International Airport Project, Terminal 4, AMT | 5.000 | 12-01-25 | 1,100,000 | 1,121,794 | |
| New York Transportation Development Corp. Laguardia Airport Terminal B Redevelopment Project, AMT | 5.000 | 07-01-46 | 2,500,000 | 2,475,044 | |
| New York Transportation Development Corp. New York State Thruway Service Areas Project, AMT | 2.500 | 10-31-31 | 500,000 | 417,394 | |
| Port Authority of New York & New Jersey 194th Series | 5.250 | 10-15-55 | 3,000,000 | 3,046,440 | |
| Schenectady County Capital Resource Corp. Union College Project | 5.000 | 07-01-32 | 200,000 | 228,906 | |
| Suffolk Tobacco Asset Securitization Corp. New York Tobacco Settlement Asset Backed Subordinated, Series B-1 | 4.000 | 06-01-50 | 470,000 | 454,329 | |
| Triborough Bridge & Tunnel Authority MTA Bridges & Tunnels, Series A | 4.000 | 11-15-54 | 500,000 | 482,905 | |
| Triborough Bridge & Tunnel Authority MTA Bridges & Tunnels, Series A | 5.000 | 11-15-49 | 450,000 | 475,832 | |
| Triborough Bridge & Tunnel Authority Series A-1 | 4.000 | 05-15-46 | 210,000 | 206,094 | |
| Troy Capital Resource Corp. Rensselaer Polytechnic Institute, Series A | 5.000 | 09-01-30 | 1,365,000 | 1,493,506 | |
| Troy Capital Resource Corp. Rensselaer Polytechnic Institute, Series A | 5.000 | 09-01-39 | 1,775,000 | 1,859,271 | |
| Westchester County Local Development Corp. Purchase Senior Learning Community Inc. Project, Series B (C) | 3.600 | 07-01-29 | 2,000,000 | 1,815,874 | |
| North Carolina 0.7% | 7,381,788 | ||||
| City of Charlotte Water & Sewer System Revenue Series A | 4.000 | 07-01-52 | 1,515,000 | 1,485,659 | |
| City of Raleigh Combined Enterprise System Revenue | 4.000 | 09-01-53 | 1,205,000 | 1,178,604 | |
| City of Wilmington Series D | 5.000 | 09-01-40 | 1,260,000 | 1,413,172 | |
| Greater Asheville Regional Airport Authority North Carolina Airport System Revenue, AMT (B) | 5.250 | 07-01-40 | 1,060,000 | 1,148,291 | |
| University of North Carolina at Charlotte UNC Board of Governors | 5.000 | 10-01-42 | 2,065,000 | 2,156,062 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | 29 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| North Dakota 0.1% | $1,003,422 | ||||
| City of Grand Forks Altru Health System, Series A (B) | 5.000 | 12-01-39 | 675,000 | 724,036 | |
| City of Grand Forks Altru Health System, Series A (B) | 5.000 | 12-01-43 | 265,000 | 279,386 | |
| Ohio 2.4% | 24,197,188 | ||||
| American Municipal Power, Inc. Prairie State Energy Campus Project, Series A | 4.000 | 02-15-35 | 840,000 | 855,144 | |
| City of Cleveland Series A, GO | 5.000 | 12-01-44 | 575,000 | 616,901 | |
| City of Cleveland Series A, GO | 5.000 | 12-01-47 | 1,000,000 | 1,063,055 | |
| Cleveland-Cuyahoga County Port Authority Cleveland Museum of Natural History | 4.000 | 07-01-51 | 1,000,000 | 914,925 | |
| Copley-Fairlawn City School District, GO | 5.000 | 12-01-41 | 815,000 | 857,054 | |
| Copley-Fairlawn City School District, GO | 5.000 | 12-01-42 | 885,000 | 926,539 | |
| Copley-Fairlawn City School District, GO | 5.000 | 12-01-43 | 700,000 | 731,585 | |
| County of Hamilton Life Enriching Communities Project | 5.000 | 01-01-46 | 1,000,000 | 889,672 | |
| County of Hamilton Life Enriching Communities Project, Series A | 5.250 | 01-01-38 | 500,000 | 491,200 | |
| County of Hamilton Life Enriching Communities Project, Series A | 5.500 | 01-01-43 | 500,000 | 493,009 | |
| County of Hamilton TriHealth, Inc. Obligation Group Project, Series A | 5.000 | 08-15-42 | 4,000,000 | 4,082,406 | |
| Cuyahoga Falls City School District Certificates of Participation (B) | 5.000 | 12-01-38 | 325,000 | 342,391 | |
| Miami University Series A | 5.000 | 09-01-33 | 1,055,000 | 1,204,536 | |
| Ohio Air Quality Development Authority American Electric Power Company | 1.900 | 05-01-26 | 2,000,000 | 1,940,925 | |
| Ohio Air Quality Development Authority American Electric Power Company, AMT | 2.100 | 04-01-28 | 1,500,000 | 1,457,492 | |
| Ohio Air Quality Development Authority Duke Energy Corp. Project, AMT | 4.250 | 11-01-39 | 1,000,000 | 1,003,535 | |
| Ohio Air Quality Development Authority Duke Energy Corp. Project, Series 2022-B | 4.000 | 09-01-30 | 1,055,000 | 1,055,334 | |
| Ohio Air Quality Development Authority Pratt Paper LLC Project, AMT (C) | 4.250 | 01-15-38 | 1,000,000 | 943,056 | |
| Ohio Water Development Authority Drinking Water Assistance Fund, Series A | 5.000 | 12-01-32 | 650,000 | 766,621 | |
| State of Ohio Highway Capital Improvement, Series W, GO | 5.000 | 05-01-32 | 620,000 | 700,365 | |
| State of Ohio Portsmouth Bypass Project, AMT (B) | 5.000 | 12-31-35 | 750,000 | 758,753 | |
| State of Ohio Portsmouth Bypass Project, AMT | 5.000 | 12-31-39 | 2,030,000 | 2,040,820 | |
| University of Cincinnati Series A | 5.000 | 06-01-44 | 60,000 | 61,870 |
| 30 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Oklahoma 1.2% | $11,408,406 | ||||
| Kay County Public Buildings Authority Ponca City Public Schools Project | 5.000 | 09-01-27 | 2,000,000 | 2,105,530 | |
| McClain County Economic Development Authority Washington Public Schools Project | 4.000 | 09-01-34 | 1,810,000 | 1,875,852 | |
| Oklahoma Development Finance Authority OU Medicine Project, Series B | 5.000 | 08-15-38 | 2,150,000 | 2,025,068 | |
| Oklahoma Water Resources Board Series B | 4.000 | 10-01-48 | 2,000,000 | 1,973,598 | |
| Oklahoma Water Resources Board Series B | 4.125 | 10-01-53 | 1,400,000 | 1,341,661 | |
| Stephens County Educational Facilities Authority Marlow Public Schools Project | 5.000 | 09-01-27 | 500,000 | 530,168 | |
| Tulsa County Industrial Authority Montereau, Inc. Project | 5.250 | 11-15-37 | 1,000,000 | 985,401 | |
| Tulsa County Industrial Authority Montereau, Inc. Project | 5.250 | 11-15-45 | 605,000 | 571,128 | |
| Oregon 0.7% | 6,605,975 | ||||
| City of Forest Grove Pacific University, Series 2022-A | 4.000 | 05-01-34 | 1,340,000 | 1,308,455 | |
| Port of Portland Airport Revenue Series 24B, AMT | 5.000 | 07-01-42 | 1,220,000 | 1,241,084 | |
| Port of Portland Airport Revenue Series 28, AMT | 4.000 | 07-01-35 | 1,990,000 | 2,001,588 | |
| Salem Hospital Facility Authority Capital Manor Project | 5.000 | 05-15-53 | 250,000 | 214,713 | |
| Union County Hospital Facility Authority Grande Ronde Hospital Project | 5.000 | 07-01-28 | 125,000 | 130,618 | |
| Union County Hospital Facility Authority Grande Ronde Hospital Project | 5.000 | 07-01-29 | 185,000 | 194,106 | |
| Union County Hospital Facility Authority Grande Ronde Hospital Project | 5.000 | 07-01-40 | 1,000,000 | 1,002,394 | |
| Union County Hospital Facility Authority Grande Ronde Hospital Project | 5.000 | 07-01-42 | 515,000 | 513,017 | |
| Pennsylvania 4.5% | 44,701,103 | ||||
| Allegheny County Higher Education Building Authority Duquesne University (E) | 5.000 | 03-01-42 | 1,250,000 | 1,338,896 | |
| Allegheny County Higher Education Building Authority Duquesne University (E) | 5.000 | 03-01-43 | 1,000,000 | 1,067,801 | |
| Allegheny County Higher Education Building Authority Duquesne University, Series 2022-A | 5.000 | 03-01-33 | 610,000 | 688,404 | |
| Allentown Commercial And Industrial Development Authority Lincoln Leadership Academy Charter School Project | 5.000 | 06-15-33 | 3,325,000 | 3,408,258 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | 31 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Pennsylvania (continued) | |||||
| Berks County Industrial Development Authority Tower Health Project | 3.750 | 11-01-42 | 740,000 | $392,463 | |
| Chester County Industrial Development Authority Longwood Gardens Project | 4.000 | 12-01-49 | 1,345,000 | 1,287,578 | |
| City of Philadelphia Series A, GO | 5.000 | 05-01-34 | 2,010,000 | 2,265,156 | |
| City of Philadelphia Airport Revenue Private Activity, AMT (B) | 4.000 | 07-01-46 | 755,000 | 693,318 | |
| Delaware County Authority Cabrini University | 4.000 | 07-01-37 | 40,000 | 36,337 | |
| Delaware County Authority Cabrini University | 5.000 | 07-01-42 | 110,000 | 107,628 | |
| Delaware County Authority Cabrini University | 5.000 | 07-01-47 | 385,000 | 366,440 | |
| Delaware River Port Authority Pennsylvania and New Jersey Port District Project | 5.000 | 01-01-26 | 1,500,000 | 1,561,377 | |
| Delaware River Port Authority Pennsylvania and New Jersey Port District Project | 5.000 | 01-01-27 | 1,250,000 | 1,328,181 | |
| Delaware Valley Regional Finance Authority Series A | 4.000 | 03-01-35 | 1,235,000 | 1,269,711 | |
| Greater Greensburg Sewer Authority Series A (B) | 5.000 | 03-15-30 | 110,000 | 121,398 | |
| Greater Greensburg Sewer Authority Series B (B) | 5.000 | 03-15-33 | 100,000 | 114,257 | |
| Greater Greensburg Sewer Authority Series C (B) | 5.000 | 03-15-34 | 195,000 | 223,208 | |
| Lancaster County Hospital Authority Brethren Village Project | 5.125 | 07-01-37 | 565,000 | 516,073 | |
| Lancaster County Hospital Authority Brethren Village Project | 5.250 | 07-01-41 | 1,390,000 | 1,258,052 | |
| Lancaster County Hospital Authority Masonic Villages Project | 5.000 | 11-01-30 | 2,485,000 | 2,597,039 | |
| Lancaster County Hospital Authority Masonic Villages Project | 5.125 | 11-01-38 | 1,200,000 | 1,235,247 | |
| Montgomery County Higher Education & Health Authority Thomas Jefferson University, Series B | 4.000 | 05-01-35 | 600,000 | 597,953 | |
| Montgomery County Industrial Development Authority Acts Retirement-Life Communities, Series C | 5.000 | 11-15-45 | 2,365,000 | 2,264,658 | |
| Pennsylvania Economic Development Financing Authority PennDOT Major Bridges Project, AMT (B) | 5.000 | 12-31-57 | 2,000,000 | 2,018,812 | |
| Pennsylvania Economic Development Financing Authority Presbyterian Senior Living | 5.000 | 07-01-38 | 2,000,000 | 1,987,653 | |
| Pennsylvania Turnpike Commission Series A | 5.000 | 12-01-44 | 1,000,000 | 1,045,980 |
| 32 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Pennsylvania (continued) | |||||
| Pennsylvania Turnpike Commission Series B | 5.000 | 12-01-29 | 250,000 | $279,812 | |
| Pennsylvania Turnpike Commission Series B | 5.000 | 12-01-30 | 250,000 | 283,735 | |
| Pennsylvania Turnpike Commission Series B | 5.000 | 12-01-31 | 250,000 | 287,752 | |
| Pennsylvania Turnpike Commission Series B | 5.000 | 12-01-32 | 250,000 | 291,602 | |
| Pennsylvania Turnpike Commission Series B | 5.000 | 12-01-33 | 250,000 | 284,429 | |
| Pennsylvania Turnpike Commission Series B | 5.000 | 12-01-34 | 250,000 | 287,473 | |
| Pennsylvania Turnpike Commission Series B | 5.000 | 12-01-35 | 250,000 | 287,129 | |
| Pennsylvania Turnpike Commission Series C | 5.000 | 12-01-44 | 1,630,000 | 1,642,437 | |
| Philadelphia Authority for Industrial Development Holy Family University Project | 5.000 | 09-01-27 | 1,225,000 | 1,280,007 | |
| Philadelphia Authority for Industrial Development Holy Family University Project | 5.000 | 09-01-28 | 645,000 | 677,562 | |
| Philadelphia Authority for Industrial Development Holy Family University Project | 5.000 | 09-01-29 | 1,355,000 | 1,430,764 | |
| Philadelphia Gas Works Company 1998 General Ordinance, Fifteenth Series | 5.000 | 08-01-42 | 2,000,000 | 2,042,391 | |
| Pittsburgh Water & Sewer Authority Series A (B) | 5.000 | 09-01-43 | 1,730,000 | 1,883,632 | |
| Sports & Exhibition Authority of Pittsburgh and Allegheny County Series B (B) | 5.000 | 02-01-28 | 3,425,000 | 3,678,004 | |
| Sports & Exhibition Authority of Pittsburgh and Allegheny County Series B (B) | 5.000 | 02-01-29 | 250,000 | 272,496 | |
| Puerto Rico 1.2% | 12,214,912 | ||||
| Puerto Rico Commonwealth CW Guarantee Bond Claims, GO (D) | 3.288 | 11-01-43 | 3,898,171 | 2,027,049 | |
| Puerto Rico Commonwealth Series A, GO (D) | 4.181 | 07-01-24 | 13,810 | 13,478 | |
| Puerto Rico Commonwealth Series A, GO (D) | 5.237 | 07-01-33 | 109,001 | 66,349 | |
| Puerto Rico Commonwealth Series A-1, GO | 4.000 | 07-01-33 | 84,700 | 79,050 | |
| Puerto Rico Commonwealth Series A-1, GO | 4.000 | 07-01-35 | 76,134 | 69,628 | |
| Puerto Rico Commonwealth Series A-1, GO | 4.000 | 07-01-37 | 65,344 | 58,362 | |
| Puerto Rico Commonwealth Series A-1, GO | 4.000 | 07-01-41 | 88,842 | 76,654 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | 33 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Puerto Rico (continued) | |||||
| Puerto Rico Commonwealth Series A-1, GO | 4.000 | 07-01-46 | 92,394 | $76,686 | |
| Puerto Rico Commonwealth Series A-1, GO | 5.375 | 07-01-25 | 94,333 | 95,959 | |
| Puerto Rico Commonwealth Series A-1, GO | 5.625 | 07-01-27 | 93,478 | 97,602 | |
| Puerto Rico Commonwealth Series A-1, GO | 5.625 | 07-01-29 | 91,962 | 97,195 | |
| Puerto Rico Commonwealth Series A-1, GO | 5.750 | 07-01-31 | 89,322 | 96,062 | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-1 (D) | 4.358 | 07-01-31 | 2,989,000 | 2,152,663 | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-1 | 4.500 | 07-01-34 | 2,000,000 | 1,983,298 | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-1 (D) | 5.623 | 07-01-51 | 1,400,000 | 302,834 | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-2 | 4.329 | 07-01-40 | 5,200,000 | 4,922,043 | |
| Rhode Island 0.5% | 5,256,472 | ||||
| Rhode Island Health and Educational Building Corp. Providence College | 5.000 | 11-01-53 | 1,350,000 | 1,421,389 | |
| Rhode Island Health and Educational Building Corp. University of Rhode Island | 4.000 | 09-15-40 | 325,000 | 323,222 | |
| Rhode Island Health and Educational Building Corp. University of Rhode Island | 4.125 | 09-15-43 | 500,000 | 498,555 | |
| Rhode Island Health and Educational Building Corp. University of Rhode Island | 5.000 | 09-15-41 | 1,095,000 | 1,177,412 | |
| Rhode Island Health and Educational Building Corp. University of Rhode Island | 5.250 | 09-15-42 | 350,000 | 383,048 | |
| Tobacco Settlement Financing Corp. Series B | 4.500 | 06-01-45 | 1,495,000 | 1,452,846 | |
| South Carolina 1.2% | 11,755,228 | ||||
| City of Columbia Waterworks & Sewer System Revenue | 5.000 | 02-01-34 | 165,000 | 193,688 | |
| City of Columbia Waterworks & Sewer System Revenue | 5.000 | 02-01-35 | 250,000 | 292,320 | |
| City of Columbia Waterworks & Sewer System Revenue | 5.000 | 02-01-36 | 300,000 | 346,931 | |
| City of Myrtle Beach Water & Sewer Revenue, Series C | 4.000 | 03-01-48 | 1,705,000 | 1,653,559 | |
| City of Myrtle Beach Water & Sewer Revenue, Series C | 5.000 | 03-01-45 | 1,350,000 | 1,463,840 | |
| Patriots Energy Group Financing Agency Series A-1 | 5.250 | 10-01-54 | 3,000,000 | 3,155,584 |
| 34 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| South Carolina (continued) | |||||
| South Carolina Jobs-Economic Development Authority Episcopal Home at Still Hopes, Series A | 5.000 | 04-01-48 | 1,000,000 | $798,256 | |
| South Carolina Jobs-Economic Development Authority Last Step Recycling Project, Series A, AMT (C) | 6.250 | 06-01-40 | 1,000,000 | 775,206 | |
| South Carolina Jobs-Economic Development Authority Last Step Recycling Project, Series A, AMT (C) | 6.500 | 06-01-51 | 750,000 | 551,342 | |
| South Carolina Jobs-Economic Development Authority Wofford College Project | 5.000 | 04-01-37 | 50,000 | 52,660 | |
| South Carolina Public Service Authority Series A | 5.000 | 12-01-43 | 1,115,000 | 1,158,623 | |
| Town of Summerville Limited Obligation Tax Increment | 5.000 | 10-01-31 | 315,000 | 355,372 | |
| Town of Summerville Limited Obligation Tax Increment | 5.000 | 10-01-32 | 270,000 | 308,139 | |
| Town of Summerville Limited Obligation Tax Increment | 5.000 | 10-01-33 | 570,000 | 649,708 | |
| Tennessee 3.5% | 34,667,509 | ||||
| City of Lenoir Electric System Revenue | 4.000 | 06-01-36 | 500,000 | 518,920 | |
| City of Lenoir Electric System Revenue | 4.000 | 06-01-37 | 500,000 | 511,909 | |
| City of Lenoir Electric System Revenue | 5.000 | 06-01-35 | 325,000 | 370,483 | |
| County of Hamblen, GO | 4.000 | 05-01-45 | 3,065,000 | 3,019,991 | |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Belmont University | 4.000 | 05-01-37 | 1,620,000 | 1,632,063 | |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Belmont University | 4.000 | 05-01-51 | 985,000 | 926,535 | |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Vanderbilt University Medical Center, Series A | 5.000 | 07-01-46 | 8,400,000 | 8,470,771 | |
| Metropolitan Government Nashville & Davidson County Sports Authority Stadium Project, Series A (B) | 5.000 | 07-01-37 | 1,000,000 | 1,118,911 | |
| Metropolitan Government Nashville & Davidson County Sports Authority Stadium Project, Series A (B) | 5.000 | 07-01-40 | 2,000,000 | 2,186,177 | |
| Metropolitan Government Nashville & Davidson County Sports Authority Stadium Project, Series A (B) | 5.250 | 07-01-53 | 1,000,000 | 1,077,128 | |
| Metropolitan Government of Nashville & Davidson County Water and Sewer Revenue, Series A | 4.000 | 07-01-46 | 2,000,000 | 1,978,096 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | 35 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Tennessee (continued) | |||||
| Metropolitan Nashville Airport Authority Series B, AMT | 5.000 | 07-01-29 | 2,000,000 | $2,151,175 | |
| Metropolitan Nashville Airport Authority Series B, AMT | 5.000 | 07-01-30 | 1,605,000 | 1,743,198 | |
| Metropolitan Nashville Airport Authority Series B, AMT | 5.000 | 07-01-31 | 1,600,000 | 1,754,468 | |
| Metropolitan Nashville Airport Authority Series B, AMT | 5.250 | 07-01-32 | 850,000 | 952,007 | |
| Metropolitan Nashville Airport Authority Series B, AMT | 5.250 | 07-01-33 | 900,000 | 1,014,647 | |
| Tennessee Energy Acquisition Corp. Gas Supply Revenue | 4.000 | 11-01-49 | 5,275,000 | 5,241,030 | |
| Texas 8.6% | 84,861,939 | ||||
| Alamo Community College District, GO | 4.000 | 08-15-38 | 1,000,000 | 1,001,664 | |
| Arlington Higher Education Finance Corp. Kipp Texas, Inc. | 4.000 | 08-15-37 | 120,000 | 118,112 | |
| Arlington Higher Education Finance Corp. Trinity Basin Preparatory, Inc. | 5.000 | 08-15-28 | 150,000 | 162,192 | |
| Arlington Higher Education Finance Corp. Trinity Basin Preparatory, Inc. | 5.000 | 08-15-29 | 130,000 | 142,443 | |
| Arlington Higher Education Finance Corp. Trinity Basin Preparatory, Inc. | 5.000 | 08-15-30 | 100,000 | 111,005 | |
| Arlington Higher Education Finance Corp. Trinity Basin Preparatory, Inc. | 5.000 | 08-15-31 | 120,000 | 134,911 | |
| Arlington Higher Education Finance Corp. Trinity Basin Preparatory, Inc. | 5.000 | 08-15-32 | 120,000 | 134,640 | |
| Arlington Higher Education Finance Corp. Trinity Basin Preparatory, Inc. | 5.000 | 08-15-48 | 1,000,000 | 1,067,296 | |
| Arlington Independent School District, GO | 4.000 | 02-15-48 | 950,000 | 922,940 | |
| Austin Community College District, GO | 5.250 | 08-01-53 | 2,000,000 | 2,193,801 | |
| Austin Independent School District, GO | 5.000 | 08-01-42 | 65,000 | 71,731 | |
| Bexar County Hospital District, GO | 5.000 | 02-15-48 | 1,000,000 | 1,064,457 | |
| Bullard Independent School District, GO | 2.750 | 02-15-52 | 450,000 | 444,993 | |
| Cedar Port Navigation & Improvement District District No. 1, GO | 4.000 | 09-01-45 | 525,000 | 479,401 | |
| Central Texas Regional Mobility Authority Series A | 5.000 | 01-01-45 | 500,000 | 515,050 | |
| Central Texas Turnpike System Series C | 5.000 | 08-15-42 | 2,000,000 | 2,006,495 | |
| City of Austin Water & Wastewater System Revenue | 5.000 | 11-15-28 | 3,000,000 | 3,309,938 | |
| City of Austin Water & Wastewater System Revenue | 5.000 | 11-15-29 | 3,000,000 | 3,353,819 | |
| City of Austin Water & Wastewater System Revenue, Series A | 3.200 | 05-15-28 | 335,000 | 326,336 | |
| City of Beaumont Series 2 (B) | 4.000 | 09-01-47 | 500,000 | 474,013 |
| 36 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Texas (continued) | |||||
| City of Denton, GO | 4.000 | 02-15-49 | 1,000,000 | $997,678 | |
| City of Denton, GO | 5.000 | 02-15-43 | 1,500,000 | 1,522,764 | |
| City of Georgetown Utility System Revenue (B) | 5.250 | 08-15-53 | 1,525,000 | 1,634,288 | |
| City of Houston Series A, AMT | 4.000 | 07-01-47 | 1,070,000 | 976,394 | |
| City of Houston Airport System Revenue United Airlines, Inc. Terminal Project, Series C, AMT | 5.000 | 07-15-28 | 4,400,000 | 4,389,718 | |
| City of Pflugerville Series A, GO | 4.125 | 08-01-53 | 2,000,000 | 1,901,612 | |
| City of Temple CTFS Obligated, Series B, GO | 4.000 | 08-01-47 | 2,770,000 | 2,623,657 | |
| Clifton Higher Education Finance Corp. Idea Public Shools, Series T | 4.000 | 08-15-42 | 780,000 | 769,007 | |
| Clifton Higher Education Finance Corp. International Leadership of Texas, Inc. | 4.000 | 08-15-42 | 1,000,000 | 960,633 | |
| Comal County Water Control & Improvement District No. 6 Series A, GO (B) | 4.375 | 03-01-32 | 1,480,000 | 1,511,063 | |
| Corpus Christi Independent School District, GO | 4.000 | 08-15-47 | 1,000,000 | 979,789 | |
| County of Collin, GO | 3.000 | 02-15-38 | 1,000,000 | 867,679 | |
| County of Collin, GO | 3.000 | 02-15-39 | 1,000,000 | 849,935 | |
| County of Fort Bend, GO | 5.250 | 03-01-53 | 1,000,000 | 1,093,383 | |
| Decatur Hospital Authority Wise Health System, Series B | 5.000 | 09-01-25 | 300,000 | 299,569 | |
| Decatur Hospital Authority Wise Health System, Series B | 5.000 | 09-01-26 | 100,000 | 100,607 | |
| Fort Bend County Municipal Utility District No. 182, GO (B) | 5.250 | 09-01-27 | 950,000 | 1,014,925 | |
| Fort Bend County Municipal Utility District No. 182, GO (B) | 5.250 | 09-01-28 | 1,090,000 | 1,182,314 | |
| Fort Bend County Municipal Utility District No. 50, GO (B) | 4.125 | 09-01-52 | 1,000,000 | 883,729 | |
| Grand Parkway Transportation Corp. First Tier Toll, Series C | 4.000 | 10-01-49 | 4,000,000 | 3,856,366 | |
| Gulf Coast Authority Series B | 5.000 | 10-01-32 | 450,000 | 508,016 | |
| Gulf Coast Authority Series B | 5.000 | 10-01-33 | 520,000 | 590,351 | |
| Gulf Coast Industrial Development Authority CITGO Petroleum Corp. Project, AMT | 8.000 | 04-01-28 | 2,130,000 | 2,131,408 | |
| Gulf Coast Water Authority Thomas S. Mackey Water Treatment Plant Expansion Project, Series A | 4.375 | 08-15-47 | 150,000 | 150,462 | |
| Gunter Independent School District, GO | 4.000 | 02-15-48 | 1,000,000 | 967,080 | |
| Harris County Municipal Utility District No. 489, GO (B) | 3.000 | 09-01-24 | 1,000,000 | 991,767 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | 37 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Texas (continued) | |||||
| Harris County Municipal Utility District No. 489, GO (B) | 4.000 | 09-01-30 | 600,000 | $616,996 | |
| Harris County Municipal Utility District No. 489, GO (B) | 4.125 | 09-01-31 | 780,000 | 803,660 | |
| Harris County Municipal Utility District No. 489, GO (B) | 4.250 | 09-01-32 | 730,000 | 754,584 | |
| Highway 380 Municipal Management District No. 1, GO (B) | 4.000 | 05-01-45 | 3,510,000 | 3,237,756 | |
| Lake Houston Redevelopment Authority Tax Increment Contract Revenue | 4.000 | 09-01-33 | 345,000 | 327,600 | |
| Leander Municipal Utility District No. 1 Williamson County, GO (B)(E) | 4.250 | 08-15-33 | 180,000 | 182,288 | |
| Lower Colorado River Authority LCRA Transmission Services Corp. | 5.000 | 05-15-44 | 1,000,000 | 1,027,866 | |
| Matagorda County Navigation District No. 1 AEP Texas Central Company Project, Series B-2 | 4.000 | 06-01-30 | 1,100,000 | 1,079,042 | |
| New Hope Cultural Education Facilities Finance Corp. Westminster Manor Project | 4.000 | 11-01-36 | 1,890,000 | 1,720,161 | |
| Newark Higher Education Finance Corp. Village Tech Schools, Series A | 4.375 | 08-15-29 | 2,440,000 | 2,343,996 | |
| Northlake Municipal Management District No. 2, GO (B) | 5.000 | 03-01-32 | 335,000 | 357,816 | |
| Northlake Municipal Management District No. 2, GO (B) | 5.000 | 03-01-33 | 350,000 | 373,554 | |
| Northlake Municipal Management District No. 2, GO (B) | 5.000 | 03-01-35 | 750,000 | 801,281 | |
| Northlake Municipal Management District No. 2, GO (B) | 6.625 | 03-01-27 | 230,000 | 251,033 | |
| Northlake Municipal Management District No. 2, GO (B) | 6.625 | 03-01-28 | 280,000 | 313,596 | |
| Northwest Harris County Municipal Utility District No. 5, GO (B) | 4.000 | 05-01-32 | 1,060,000 | 1,084,825 | |
| Northwest Harris County Municipal Utility District No. 5, GO (B) | 4.000 | 05-01-33 | 860,000 | 878,207 | |
| Northwest Harris County Municipal Utility District No. 5, GO (B) | 4.000 | 05-01-34 | 1,060,000 | 1,076,651 | |
| Red Oak Independent School District, GO | 4.000 | 02-15-53 | 1,000,000 | 956,998 | |
| Southwest Independent School District, GO | 4.000 | 02-01-53 | 1,000,000 | 949,113 | |
| Spring Independent School District School Building, GO | 5.000 | 08-15-42 | 1,150,000 | 1,187,605 | |
| Sunfield Municipal Utility District No. 4, GO (B) | 4.000 | 09-01-34 | 1,460,000 | 1,454,259 | |
| Sunfield Municipal Utility District No. 4, GO (B) | 4.000 | 09-01-48 | 1,000,000 | 884,436 | |
| Tarrant County Cultural Education Facilities Finance Corp. Baylor Scott & White Health Project, Series F | 5.000 | 11-15-52 | 1,000,000 | 1,100,334 |
| 38 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Texas (continued) | |||||
| Texas Department of Housing & Community Affairs Series A | 3.625 | 09-01-44 | 1,000,000 | $874,444 | |
| Texas Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue | 5.000 | 12-15-29 | 5,000 | 5,170 | |
| Texas Private Activity Bond Surface Transportation Corp. North Tarrant Express Project, AMT | 5.500 | 12-31-58 | 1,500,000 | 1,584,483 | |
| Texas Water Development Board Series A | 4.875 | 10-15-48 | 5,000,000 | 5,332,788 | |
| Texas Water Development Board Water Implementation Reserve Fund | 4.750 | 10-15-42 | 500,000 | 537,270 | |
| Viridian Municipal Management District Texas Utility Improvement, GO (B) | 4.000 | 12-01-30 | 965,000 | 974,696 | |
| Utah 1.0% | 9,861,194 | ||||
| City of Salt Lake City Airport Revenue Series A, AMT | 5.000 | 07-01-36 | 2,000,000 | 2,150,619 | |
| Intermountain Power Agency Series A | 5.000 | 07-01-41 | 1,000,000 | 1,108,743 | |
| University of Utah Series B | 5.250 | 08-01-48 | 1,015,000 | 1,134,809 | |
| Utah Charter School Finance Authority Legacy Preparatory Academy Project | 4.000 | 04-15-42 | 1,000,000 | 907,385 | |
| Utah Infrastructure Agency Pleasant Grove City Project | 4.000 | 10-15-44 | 1,000,000 | 924,984 | |
| Utah Infrastructure Agency Telecommunication Revenue | 4.000 | 10-15-27 | 570,000 | 558,125 | |
| Utah Infrastructure Agency Telecommunication Revenue | 4.000 | 10-15-30 | 400,000 | 383,371 | |
| Utah Telecommunication Open Infrastructure Agency Sales Tax and Telecommunications Revenue | 5.000 | 06-01-28 | 100,000 | 107,789 | |
| Utah Telecommunication Open Infrastructure Agency Sales Tax and Telecommunications Revenue | 5.000 | 06-01-29 | 100,000 | 109,041 | |
| Utah Telecommunication Open Infrastructure Agency Sales Tax and Telecommunications Revenue | 5.000 | 06-01-30 | 100,000 | 110,353 | |
| Utah Telecommunication Open Infrastructure Agency Sales Tax and Telecommunications Revenue | 5.000 | 06-01-31 | 100,000 | 111,311 | |
| Utah Telecommunication Open Infrastructure Agency Sales Tax and Telecommunications Revenue | 5.000 | 06-01-32 | 100,000 | 112,511 | |
| Utah Telecommunication Open Infrastructure Agency Sales Tax and Telecommunications Revenue | 5.250 | 06-01-33 | 100,000 | 114,941 | |
| Utah Transit Authority Sales Tax Revenue | 4.000 | 12-15-31 | 2,000,000 | 2,027,212 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | 39 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Vermont 0.5% | $4,659,469 | ||||
| City of Burlington Airport Revenue, Series A | 5.000 | 07-01-27 | 475,000 | 496,068 | |
| City of Burlington Airport Revenue, Series A | 5.000 | 07-01-28 | 540,000 | 570,991 | |
| Vermont Educational & Health Buildings Financing Agency Middlebury College Project | 4.000 | 11-01-50 | 2,595,000 | 2,525,286 | |
| Vermont Educational & Health Buildings Financing Agency Middlebury College Project | 5.000 | 11-01-52 | 1,000,000 | 1,067,124 | |
| Virgin Islands 0.3% | 2,623,451 | ||||
| Matching Fund Special Purpose Securitization Corp. Series A | 5.000 | 10-01-28 | 1,460,000 | 1,469,574 | |
| Matching Fund Special Purpose Securitization Corp. Series A | 5.000 | 10-01-30 | 1,150,000 | 1,153,877 | |
| Virginia 1.9% | 18,314,801 | ||||
| Alexandria Industrial Development Authority Goodwin House, Inc. | 5.000 | 10-01-50 | 1,700,000 | 1,754,053 | |
| Arlington County Industrial Development Authority VHC Health, Series A | 5.000 | 07-01-53 | 1,000,000 | 1,087,328 | |
| Arlington County Industrial Development Authority Virginia Hospital Center | 4.000 | 07-01-38 | 1,000,000 | 1,001,079 | |
| Chesapeake Economic Development Authority Virginia Electric & Power Company Project, Series A | 3.650 | 02-01-32 | 1,000,000 | 994,450 | |
| City of Richmond Public Utility Revenue Series A | 4.000 | 01-15-38 | 2,000,000 | 2,039,894 | |
| County of Fairfax Series A, GO | 4.000 | 10-01-33 | 1,575,000 | 1,613,613 | |
| Louisa Industrial Development Authority Virginia Electric & Power Company Project, Series A | 3.650 | 11-01-35 | 1,000,000 | 994,450 | |
| Virginia Commonwealth Transportation Board Capital Projects | 4.000 | 05-15-37 | 650,000 | 674,803 | |
| Virginia Small Business Financing Authority 95 Express Lanes LLC Project, AMT | 4.000 | 01-01-40 | 840,000 | 774,619 | |
| Virginia Small Business Financing Authority Elizabeth River Crossings OpCo LLC Project, AMT | 4.000 | 01-01-36 | 3,000,000 | 2,930,255 | |
| Virginia Small Business Financing Authority Elizabeth River Crossings OpCo LLC Project, AMT | 4.000 | 01-01-40 | 125,000 | 116,881 | |
| Virginia Small Business Financing Authority Lifespire Virginia | 4.000 | 12-01-41 | 1,000,000 | 850,418 | |
| Virginia Small Business Financing Authority Transform 66 P3 Project, AMT | 5.000 | 12-31-49 | 1,500,000 | 1,505,780 |
| 40 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Virginia (continued) | |||||
| Williamsburg Economic Development Authority William & Mary Project, Series A (B) | 4.375 | 07-01-63 | 1,000,000 | $982,728 | |
| York County Economic Development Authority Virginia Electric & Power Company Project, Series A | 3.650 | 05-01-33 | 1,000,000 | 994,450 | |
| Washington 1.1% | 11,002,782 | ||||
| City of Seattle Municipal Light & Power Revenue | 5.000 | 07-01-42 | 505,000 | 554,079 | |
| City of Seattle Municipal Light & Power Revenue, Series A | 4.000 | 07-01-38 | 1,005,000 | 1,020,035 | |
| County of King Sewer Revenue | 5.000 | 07-01-49 | 2,350,000 | 2,437,333 | |
| Port of Seattle Series B, AMT | 5.000 | 08-01-41 | 1,570,000 | 1,654,954 | |
| Port of Seattle Series C, AMT | 5.000 | 08-01-25 | 1,535,000 | 1,571,096 | |
| Snohomish County Housing Authority Carvel Apartments Project | 4.000 | 04-01-44 | 2,000,000 | 1,798,782 | |
| Washington State Housing Finance Commission Municipal Certificates, Series A-1 | 3.500 | 12-20-35 | 963,207 | 885,600 | |
| Washington State Housing Finance Commission Seattle Academy of Arts and Sciences Project (C) | 6.125 | 07-01-53 | 1,000,000 | 1,080,903 | |
| West Virginia 0.7% | 7,183,277 | ||||
| West Virginia Hospital Finance Authority Vandalia Health Group, Series B (B) | 5.000 | 09-01-40 | 1,325,000 | 1,380,434 | |
| West Virginia Hospital Finance Authority Vandalia Health Group, Series B (B) | 5.375 | 09-01-53 | 3,000,000 | 3,157,013 | |
| West Virginia Hospital Finance Authority West Virginia University Health System Obligated Group, Series A | 5.000 | 06-01-41 | 1,000,000 | 1,057,827 | |
| West Virginia Parkways Authority Turnpike Toll Revenue | 4.000 | 06-01-47 | 1,635,000 | 1,588,003 | |
| Wisconsin 2.2% | 21,636,320 | ||||
| County of Waushara Series A | 4.500 | 06-01-27 | 1,200,000 | 1,222,800 | |
| Milwaukee Metropolitan Sewerage District Series A, GO | 3.000 | 10-01-35 | 1,500,000 | 1,351,433 | |
| Public Finance Authority A Challenge Foundation Academy (C) | 6.875 | 07-01-53 | 50,000 | 50,720 | |
| Public Finance Authority CHF Manoa LLC, Series A (C) | 5.250 | 07-01-38 | 1,000,000 | 1,008,947 | |
| Public Finance Authority CHF Manoa LLC, Series A (C) | 5.500 | 07-01-43 | 1,000,000 | 1,011,823 | |
| Public Finance Authority Duke Energy Progress Project | 3.300 | 10-01-46 | 2,500,000 | 2,498,317 | |
| Public Finance Authority Lenoir Rhyne University | 5.000 | 04-01-28 | 700,000 | 710,551 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | 41 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Wisconsin (continued) | |||||
| Public Finance Authority Mary’s Woods at Marylhurst Project, Series A (C) | 5.250 | 05-15-42 | 2,610,000 | $2,360,900 | |
| Public Finance Authority Rose Villa Project, Series A (C) | 5.000 | 11-15-24 | 210,000 | 212,466 | |
| Public Finance Authority Rose Villa Project, Series A (C) | 5.750 | 11-15-44 | 1,000,000 | 1,018,658 | |
| Public Finance Authority Viticus Group Project, Series A (C) | 4.000 | 12-01-41 | 500,000 | 395,073 | |
| Public Finance Authority WakeMed Hospital, Series A | 5.000 | 10-01-44 | 1,000,000 | 1,022,471 | |
| Public Finance Authority Waste Management, Inc. Project, Series A2, AMT | 2.875 | 05-01-27 | 3,000,000 | 2,820,326 | |
| Waunakee Community School District, GO | 3.250 | 04-01-28 | 4,000,000 | 3,964,821 | |
| Wisconsin Health & Educational Facilities Authority Bellin Memorial Hospital, Inc., Series A | 5.000 | 12-01-37 | 975,000 | 1,037,861 | |
| Wisconsin Health & Educational Facilities Authority Hope Christian School | 4.000 | 12-01-56 | 250,000 | 160,005 | |
| Wisconsin Health & Educational Facilities Authority Rogers Memorial Hospital, Inc., Series A | 5.000 | 07-01-49 | 15,000 | 15,175 | |
| Wisconsin Health & Educational Facilities Authority St. John’s Communities, Inc. | 4.000 | 09-15-41 | 500,000 | 396,679 | |
| Wisconsin Health & Educational Facilities Authority St. John’s Communities, Inc. | 4.000 | 09-15-45 | 500,000 | 377,294 | |
| Wyoming 0.4% | 4,105,457 | ||||
| County of Campbell Basin Electric Power Cooperative | 3.625 | 07-15-39 | 4,720,000 | 4,105,457 | |
| Corporate bonds 0.3% | $2,845,580 | ||||
| (Cost $5,432,129) | |||||
| Health care 0.2% | 2,225,000 | ||||
| Health care providers and services 0.2% | |||||
| Tower Health | 4.451 | 02-01-50 | 5,000,000 | 2,225,000 | |
| Industrials 0.1% | 620,580 | ||||
| Construction and engineering 0.1% | |||||
| LBJ Infrastructure Group LLC (C) | 3.797 | 12-31-57 | 1,000,000 | 620,580 | |
| Shares | Value | ||||
| Closed-end funds 0.3% | $3,151,700 | ||||
| (Cost $3,240,650) | |||||
| BlackRock Municipal Income Trust | 75,000 | 736,500 | |||
| BlackRock MuniYield Fund, Inc. | 125,000 | 1,296,250 |
| 42 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Shares | Value | ||||
| Eaton Vance Municipal Bond Fund | 115,000 | 1,118,950 | |||
| Yield (%) | Shares | Value | |||
| Short-term investments 0.0% | $197 | ||||
| (Cost $197) | |||||
| Short-term funds 0.0% | |||||
| John Hancock Collateral Trust (F) | 5.4088(G) | 20 | 197 | ||
| Total investments (Cost $981,771,324) 99.3% | $982,831,022 | ||||
| Other assets and liabilities, net 0.7% | 7,345,190 | ||||
| Total net assets 100.0% | $990,176,212 | ||||
| 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 | |
| AMT | Interest earned from these securities may be considered a tax preference item for purpose of the Federal Alternative Minimum Tax. |
| GO | General Obligation |
| SIFMA | Securities Industry and Financial Markets Association Municipal Swap Index |
| SOFR | Secured Overnight Financing Rate |
| (A) | Variable rate obligation. The coupon rate shown represents the rate at period end. |
| (B) | Bond is insured by one or more of the companies listed in the insurance coverage table below. |
| (C) | These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. |
| (D) | Zero coupon bonds are issued at a discount from their principal amount in lieu of paying interest periodically. Rate shown is the effective yield at period end. |
| (E) | Security purchased or sold on a when-issued or delayed delivery basis. |
| (F) | Investment is an affiliate of the fund, the advisor and/or subadvisor. |
| (G) | The rate shown is the annualized seven-day yield as of 11-30-23. |
| Insurance Coverage | As a % of total investments |
| Assured Guaranty Municipal Corp. | 6.0 |
| Build America Mutual Assurance Company | 3.4 |
| National Public Finance Guarantee Corp. | 0.5 |
| Ambac Financial Group, Inc. | 0.2 |
| Assured Guaranty Corp. | 0.2 |
| California Mortgage Insurance | 0.2 |
| TOTAL | 10.5 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | 43 |
DERIVATIVES
FUTURES
| Open contracts | Number of contracts | Position | Expiration date | Notional basis^ | Notional value^ | Unrealized appreciation (depreciation) |
| 10-Year U.S. Treasury Note Futures | 530 | Short | Mar 2024 | $(57,653,072) | $(58,192,344) | $(539,272) |
| $(539,272) |
^ 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 $981,215,006. Net unrealized appreciation aggregated to $1,076,744, of which $20,104,656 related to gross unrealized appreciation and $19,027,912 related to gross
unrealized depreciation.
See Notes to financial statements
regarding investment transactions and other derivatives information.
| 44 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES 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 $981,771,127) | $982,830,825 |
| Affiliated investments, at value (Cost $197) | 197 |
| Total investments, at value (Cost $981,771,324) | 982,831,022 |
| Receivable for futures variation margin | 273,316 |
| Collateral held at broker for futures contracts | 1,750,000 |
| Dividends and interest receivable | 12,879,260 |
| Receivable for fund shares sold | 4,304,925 |
| Receivable for investments sold | 7,531,100 |
| Receivable from affiliates | 1,454 |
| Other assets | 129,729 |
| Total assets | 1,009,700,806 |
| Liabilities | |
| Due to custodian | 1,299,942 |
| Distributions payable | 91,798 |
| Payable for investments purchased | 7,701,456 |
| Payable for delayed delivery securities purchased | 7,077,997 |
| Payable for fund shares repurchased | 3,197,771 |
| Payable to affiliates | |
| Accounting and legal services fees | 42,615 |
| Transfer agent fees | 13,131 |
| Distribution and service fees | 6,294 |
| Trustees’ fees | 1,111 |
| Other liabilities and accrued expenses | 92,479 |
| Total liabilities | 19,524,594 |
| Net assets | $990,176,212 |
| Net assets consist of | |
| Paid-in capital | $1,012,775,795 |
| Total distributable earnings (loss) | (22,599,583) |
| Net assets | $990,176,212 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK Municipal Opportunities Fund | 45 |
STATEMENT OF ASSETS AND LIABILITIES (continued)
| Net asset value per share | |
| Based on net asset value and shares outstanding - the fund has an unlimited number of shares authorized with no par value | |
| Class A ($478,531,412 ÷ 53,863,453 shares)1 | $8.88 |
| Class C ($7,848,702 ÷ 883,590 shares)1 | $8.88 |
| Class I ($370,799,009 ÷ 41,671,191 shares) | $8.90 |
| Class R6 ($132,997,089 ÷ 14,942,508 shares) | $8.90 |
| Maximum offering price per share | |
| Class A (net asset value per share ÷ 96%)2 | $9.25 |
| 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. |
| 46 | JOHN HANCOCK Municipal Opportunities Fund | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
STATEMENT OF OPERATIONS For the six months ended 11-30-23 (unaudited)
| Investment income | |
| Interest | $19,736,289 |
| Dividends from affiliated investments | 199,763 |
| Dividends | 62,494 |
| Total investment income | 19,998,546 |
| Expenses | |
| Investment management fees | 2,327,003 |
| Distribution and service fees | 618,118 |
| Accounting and legal services fees | 85,563 |
| Transfer agent fees | 78,152 |
| Trustees’ fees | 10,442 |
| Custodian fees | 57,460 |
| State registration fees | 117,312 |
| Printing and postage | 19,698 |
| Professional fees | 38,679 |
| Other | 44,770 |
| Total expenses | 3,397,197 |
| Less expense reductions | (282,708) |
| Net expenses | 3,114,489 |
| Net investment income | 16,884,057 |
| Realized and unrealized gain (loss) | |
| Net realized gain (loss) on | |
| Unaffiliated investments | (11,900,386) |
| Affiliated investments | (191) |
| Futures contracts | (2,196,037) |
| (14,096,614) | |
| Change in net unrealized appreciation (depreciation) of | |
| Unaffiliated investments | 15,655,453 |
| Affiliated investments | 1,245 |
| Futures contracts | (539,272) |
| 15,117,426 | |
| Net realized and unrealized gain | 1,020,812 |
| Increase in net assets from operations | $17,904,869 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK Municipal Opportunities Fund | 47 |
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 | $16,884,057 | $23,515,648 |
| Net realized loss | (14,096,614) | (8,773,017) |
| Change in net unrealized appreciation (depreciation) | 15,117,426 | (10,881,603) |
| Increase in net assets resulting from operations | 17,904,869 | 3,861,028 |
| Distributions to shareholders | ||
| From earnings | ||
| Class A | (7,742,967) | (13,069,392) |
| Class C | (109,721) | (247,260) |
| Class I | (6,369,295) | (7,240,114) |
| Class R6 | (2,202,963) | (2,628,655) |
| Total distributions | (16,424,946) | (23,185,421) |
| From fund share transactions | 74,992,270 | 398,153,388 |
| Total increase | 76,472,193 | 378,828,995 |
| Net assets | ||
| Beginning of period | 913,704,019 | 534,875,024 |
| End of period | $990,176,212 | $913,704,019 |
| 48 | JOHN HANCOCK Municipal Opportunities Fund | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
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 | $8.87 | $9.19 | $10.14 | $9.55 | $9.83 | $9.65 |
| Net investment income2 | 0.15 | 0.28 | 0.25 | 0.27 | 0.29 | 0.34 |
| Net realized and unrealized gain (loss) on investments | 0.01 | (0.32) | (0.93) | 0.60 | (0.28) | 0.18 |
| Total from investment operations | 0.16 | (0.04) | (0.68) | 0.87 | 0.01 | 0.52 |
| Less distributions | ||||||
| From net investment income | (0.15) | (0.28) | (0.27) | (0.28) | (0.29) | (0.34) |
| Net asset value, end of period | $8.88 | $8.87 | $9.19 | $10.14 | $9.55 | $9.83 |
| Total return (%)3,4 | 1.815 | (0.44) | (6.94) | 9.34 | 0.09 | 5.55 |
| Ratios and supplemental data | ||||||
| Net assets, end of period (in millions) | $479 | $454 | $399 | $450 | $417 | $439 |
| Ratios (as a percentage of average net assets): | ||||||
| Expenses before reductions | 0.836 | 0.88 | 0.91 | 0.93 | 0.93 | 0.93 |
| Expenses including reductions | 0.726 | 0.74 | 0.80 | 0.82 | 0.82 | 0.83 |
| Net investment income | 3.466 | 3.14 | 2.55 | 2.75 | 2.97 | 3.52 |
| Portfolio turnover (%) | 32 | 38 | 32 | 20 | 54 | 33 |
| 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. |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK Municipal Opportunities Fund | 49 |
| 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 | $8.87 | $9.19 | $10.14 | $9.55 | $9.83 | $9.65 |
| Net investment income2 | 0.12 | 0.21 | 0.18 | 0.20 | 0.22 | 0.26 |
| Net realized and unrealized gain (loss) on investments | —3 | (0.32) | (0.93) | 0.60 | (0.28) | 0.19 |
| Total from investment operations | 0.12 | (0.11) | (0.75) | 0.80 | (0.06) | 0.45 |
| Less distributions | ||||||
| From net investment income | (0.11) | (0.21) | (0.20) | (0.21) | (0.22) | (0.27) |
| Net asset value, end of period | $8.88 | $8.87 | $9.19 | $10.14 | $9.55 | $9.83 |
| Total return (%)4,5 | 1.436 | (1.18) | (7.55) | 8.42 | (0.65) | 4.76 |
| Ratios and supplemental data | ||||||
| Net assets, end of period (in millions) | $8 | $9 | $12 | $15 | $27 | $33 |
| Ratios (as a percentage of average net assets): | ||||||
| Expenses before reductions | 1.587 | 1.63 | 1.66 | 1.68 | 1.68 | 1.68 |
| Expenses including reductions | 1.477 | 1.49 | 1.55 | 1.57 | 1.57 | 1.58 |
| Net investment income | 2.707 | 2.37 | 1.80 | 2.02 | 2.23 | 2.77 |
| Portfolio turnover (%) | 32 | 38 | 32 | 20 | 54 | 33 |
| 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. |
| 50 | JOHN HANCOCK Municipal Opportunities 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 | $8.88 | $9.21 | $10.16 | $9.57 | $9.84 | $9.66 |
| Net investment income2 | 0.16 | 0.30 | 0.26 | 0.29 | 0.31 | 0.35 |
| Net realized and unrealized gain (loss) on investments | 0.01 | (0.34) | (0.93) | 0.60 | (0.27) | 0.19 |
| Total from investment operations | 0.17 | (0.04) | (0.67) | 0.89 | 0.04 | 0.54 |
| Less distributions | ||||||
| From net investment income | (0.15) | (0.29) | (0.28) | (0.30) | (0.31) | (0.36) |
| Net asset value, end of period | $8.90 | $8.88 | $9.21 | $10.16 | $9.57 | $9.84 |
| Total return (%)3 | 2.004 | (0.39) | (6.69) | 9.38 | 0.35 | 5.71 |
| Ratios and supplemental data | ||||||
| Net assets, end of period (in millions) | $371 | $333 | $87 | $18 | $15 | $13 |
| Ratios (as a percentage of average net assets): | ||||||
| Expenses before reductions | 0.585 | 0.63 | 0.66 | 0.68 | 0.68 | 0.68 |
| Expenses including reductions | 0.575 | 0.59 | 0.65 | 0.67 | 0.67 | 0.68 |
| Net investment income | 3.605 | 3.32 | 2.72 | 2.90 | 3.13 | 3.66 |
| Portfolio turnover (%) | 32 | 38 | 32 | 20 | 54 | 33 |
| 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 Municipal Opportunities Fund | 51 |
| 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 | $8.88 | $9.21 | $10.16 | $9.57 | $9.85 | $9.67 |
| Net investment income2 | 0.16 | 0.30 | 0.27 | 0.29 | 0.31 | 0.35 |
| Net realized and unrealized gain (loss) on investments | 0.01 | (0.34) | (0.93) | 0.60 | (0.28) | 0.19 |
| Total from investment operations | 0.17 | (0.04) | (0.66) | 0.89 | 0.03 | 0.54 |
| Less distributions | ||||||
| From net investment income | (0.15) | (0.29) | (0.29) | (0.30) | (0.31) | (0.36) |
| Net asset value, end of period | $8.90 | $8.88 | $9.21 | $10.16 | $9.57 | $9.85 |
| Total return (%)3 | 2.014 | (0.37) | (6.66) | 9.42 | 0.28 | 5.74 |
| Ratios and supplemental data | ||||||
| Net assets, end of period (in millions) | $133 | $118 | $37 | $12 | $9 | $8 |
| Ratios (as a percentage of average net assets): | ||||||
| Expenses before reductions | 0.575 | 0.61 | 0.63 | 0.65 | 0.65 | 0.65 |
| Expenses including reductions | 0.565 | 0.58 | 0.62 | 0.64 | 0.64 | 0.64 |
| Net investment income | 3.625 | 3.33 | 2.73 | 2.92 | 3.14 | 3.69 |
| Portfolio turnover (%) | 32 | 38 | 32 | 20 | 54 | 33 |
| 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. |
| 52 | JOHN HANCOCK Municipal Opportunities Fund | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Notes to financial statements (unaudited)
Note 1—Organization
John Hancock Municipal Opportunities
Fund (the fund) is a series of John Hancock Municipal Securities Trust (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment
Company Act of 1940, as amended (the 1940 Act). The investment objective of the fund is to seek as high a level of interest income exempt from federal income tax as is consistent with preservation of capital.
The fund may offer multiple
classes of shares. The shares currently outstanding are detailed in the Statement of assets and liabilities. Class A and Class C shares are offered to all investors. Class I shares are offered to institutions and
certain investors. Class R6 shares are only available to certain retirement plans, institutions and other investors. Class C shares convert to Class A shares eight years after purchase (certain exclusions may
apply). Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, and transfer agent fees for each class may differ.
Note 2—Significant accounting policies
The financial statements have been
prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial
statements. Actual results could differ from those estimates and those differences could be significant. The fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of US GAAP.
Events or transactions occurring
after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting
policies of the fund:
Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other
disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the
NYSE pursuant to the Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC.
In order to value the securities,
the fund uses the following valuation techniques: Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which
takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker
supplied prices. Equity securities, including exchange-traded or closed-end funds, are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades.
In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Investments by the fund in open-end mutual funds, including John
Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day. Futures contracts 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.
In certain instances, the Pricing
Committee of the Advisor may determine to value equity securities using prices obtained from another exchange or market if trading on the exchange or market on which prices are typically obtained did not open for
trading as scheduled, or if trading closed earlier than scheduled, and trading occurred as normal on another exchange or market.
Other portfolio securities and
assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the Pricing Committee following procedures established by the Advisor and adopted by the
Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready
market for such securities existed.
| SEMIANNUAL REPORT | JOHN HANCOCK Municipal Opportunities Fund | 53 |
The fund uses a three tier hierarchy
to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities,
including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment
speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities
valued using significant unobservable inputs when market prices are not readily available or reliable, including the Advisor’s assumptions in determining the fair value of investments. Factors used in
determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the
risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.
The following is a summary of the
values by input classification of the fund’s investments as of November 30, 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 | ||||
| Municipal bonds | $976,833,545 | — | $976,833,545 | — |
| Corporate bonds | 2,845,580 | — | 2,845,580 | — |
| Closed-end funds | 3,151,700 | $3,151,700 | — | — |
| Short-term investments | 197 | 197 | — | — |
| Total investments in securities | $982,831,022 | $3,151,897 | $979,679,125 | — |
| Derivatives: | ||||
| Liabilities | ||||
| Futures | $(539,272) | $(539,272) | — | — |
When-issued/delayed-delivery
securities. The fund may purchase or sell securities on a when-issued or delayed-delivery basis, or in a “To Be Announced” (TBA) or “forward commitment” transaction, with
delivery or payment to occur at a later date beyond the normal settlement period. TBA securities resulting from these transactions are included in the portfolio or in a schedule to the portfolio (Sale Commitments
Outstanding). At the time a fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the security is reflected in its NAV. The price of such security and the date that
the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. No interest accrues on debt securities until settlement
takes place. At the time that the fund enters into this type of transaction, the fund is required to have sufficient cash and/or liquid securities to cover its commitments.
Certain risks may arise upon
entering into when-issued or delayed-delivery securities transactions, including the potential inability of counterparties to meet the terms of their contracts, and the issuer’s failure to issue the securities
due to political, economic or other factors. Additionally, losses may arise due to changes in the value of the securities purchased or sold prior to settlement date.
Security transactions and related
investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are
reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a
non-accrual status and related interest income may be reduced by stopping current accruals and writing off
| 54 | JOHN HANCOCK Municipal Opportunities Fund | SEMIANNUAL REPORT |
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. Overdrafts at period end are presented under the caption Due to custodian in the Statement of assets and liabilities.
Line of credit. The fund and other affiliated funds have entered into a syndicated line of credit agreement with Citibank, N.A. as the administrative agent that enables them to participate in a $1 billion
unsecured committed line of credit. Excluding commitments designated for a certain fund and subject to the needs of all other affiliated funds, the fund can borrow up to an aggregate commitment amount of $750 million,
subject to asset coverage and other limitations as specified in the agreement. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged
to each participating fund based on a combination of fixed and asset-based allocations and is reflected in Other expenses on the Statement of operations. Commitment fees for the six months ended November 30, 2023 were
$3,530.
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 $7,891,148 and a long-term capital loss carryforward of $3,672,170 available to offset future net realized capital gains. These carryforwards do
not expire.
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.
| SEMIANNUAL REPORT | JOHN HANCOCK Municipal Opportunities Fund | 55 |
Such distributions, on a tax basis,
are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund’s financial statements as a
return of capital. The final determination of tax characteristics of the fund’s distribution will occur at the end of the year and will subsequently be reported to shareholders.
Capital accounts within the
financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent
period. Book-tax differences are primarily attributable to accretion on debt securities.
Note 3—Derivative instruments
The fund may invest in derivatives
in order to meet its investment objective. Derivatives include a variety of different instruments that may be traded in the over-the-counter (OTC) market, on a regulated exchange or through a clearing facility. The
risks in using derivatives vary depending upon the structure of the instruments, including the use of leverage, optionality, the liquidity or lack of liquidity of the contract, the creditworthiness of the counterparty
or clearing organization and the volatility of the position. Some derivatives involve risks that are potentially greater than the risks associated with investing directly in the referenced securities or other
referenced underlying instrument. Specifically, the fund is exposed to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor
its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction.
Certain derivatives are traded or
cleared on an exchange or central clearinghouse. Exchange-traded or centrally-cleared transactions generally present less counterparty risk to a fund than OTC transactions. The exchange or clearinghouse stands between
the fund and the broker to the contract and therefore, credit risk is generally limited to the failure of the exchange or clearinghouse and the clearing member.
Futures. A futures contract is a contractual agreement to buy or sell a particular currency or financial instrument at a pre-determined price in the future. Futures are traded on an exchange and
cleared through a central clearinghouse. Risks related to the use of futures contracts include possible illiquidity of the futures markets and contract prices that can be highly volatile and imperfectly correlated to
movements in the underlying financial instrument and potential losses in excess of the amounts recognized on the Statement of assets and liabilities. Use of long futures contracts subjects the fund to the risk of loss
up to the notional value of the futures contracts. Use of short futures contracts subjects the fund to unlimited risk of loss.
Upon entering into a futures
contract, the fund is required to deposit initial margin with the broker in the form of cash or securities. The amount of required margin is set by the broker and is generally based on a percentage of the contract
value. The margin deposit must then be maintained at the established level over the life of the contract. Cash that has been pledged by the fund, if any, is detailed in the Statement of assets and liabilities as
Collateral held at broker for futures contracts. Securities pledged by the fund, if any, are identified in the Fund’s investments. Subsequent payments, referred to as variation margin, are made or received by
the fund periodically and are based on changes in the market value of open futures contracts. Futures contracts are marked-to-market daily and unrealized gain or loss is recorded by the fund. Receivable 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 up to $58.2 million, as measured at each quarter end.
| 56 | JOHN HANCOCK Municipal Opportunities Fund | SEMIANNUAL REPORT |
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 | — | $(539,272) |
| 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 | $(2,196,037) |
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 | $(539,272) |
Note 4—Guarantees and indemnifications
Under the Trust’s
organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust, including the fund. Additionally, in the normal course of
business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund’s maximum exposure under these arrangements is unknown, as this would involve future claims
that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.
Note 5—Fees and transactions with affiliates
John Hancock Investment Management
LLC (the Advisor) serves as investment advisor for the fund. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as principal underwriter of the fund. The Advisor
and the Distributor are indirect, principally owned subsidiaries of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation.
Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor equivalent on an annual basis to the sum of: (a)
0.510% of the first $500 million of the fund’s average daily net assets; (b) 0.460% of the next $500 million of the fund’s average daily net assets; (c) 0.410% of the next $2 billion of the fund’s
average daily net assets; and (d) 0.385% of the fund’s average daily net assets in excess of $3 billion. The Advisor has a subadvisory agreement with Manulife Investment Management (US) LLC, an indirectly owned
subsidiary of Manulife Financial Corporation and an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.
| SEMIANNUAL REPORT | JOHN HANCOCK Municipal Opportunities Fund | 57 |
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 0.55% of average daily net assets of the fund. For purposes of this
agreement, “expenses of the fund” means all fund expenses, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses
not incurred in the ordinary course of the fund’s business, (e) class-specific expenses, (f) borrowing costs, (g) prime brokerage fees, (h) acquired fund fees and expenses paid indirectly, and (i) short dividend
expense. This agreement expires on September 30, 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.
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.
For the six months ended November
30, 2023, the expense reductions described above amounted to the following:
Expenses waived or
reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.
The investment management
fees, including the impact of the waivers and reimbursements as described above, incurred for the six months ended November 30, 2023, were equivalent to a net annual effective rate of 0.48% of the fund’s average
daily net assets.
Accounting and legal
services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and
recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based
on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred, for the six months ended November 30, 2023, amounted to an annual rate of 0.02% of
the fund’s average daily net assets.
Distribution and service
plans. The fund has a distribution agreement with the Distributor. The fund has adopted distribution and service plans for certain classes as detailed below pursuant to Rule 12b-1 under the 1940
Act, to pay the Distributor for services provided as the distributor of shares of the fund. The fund may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed
as an annual percentage of average daily net assets for each class of the fund’s shares:
| Class | Rule 12b-1 Fee |
| Class A | 0.25% |
| Class C | 1.00% |
| 58 | JOHN HANCOCK Municipal Opportunities Fund | SEMIANNUAL REPORT |
The fund’s Distributor has
contractually agreed to waive 0.10% of Rule12b-1 fees for Class A and Class C shares. The current waiver agreement expires on September 30, 2024, unless renewed by mutual agreement of the fund and the Distributor
based upon a determination that this is appropriate under the circumstances at the time. This contractual waiver amounted to $230,371 and $4,219 for Class A and Class C shares, respectively, for the six months ended
November 30, 2023.
Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $100,584 for the six months ended November 30, 2023. Of this amount, $13,464
was retained and used for printing prospectuses, advertising, sales literature and other purposes and $87,120 was paid as sales commissions to broker-dealers.
Class A and Class C shares may be
subject to contingent deferred sales charges (CDSCs). Certain Class A shares purchased, including those that are acquired through purchases of $250,000 or more, and redeemed within 18 months of purchase are subject to
a 1.00% sales charge. 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 $9,798 and $408 for Class A and Class C shares, respectively.
Transfer agent fees. The John Hancock group of funds has a complex-wide transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an affiliate of the Advisor. The transfer agent
fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. It also includes out-of-pocket expenses, including payments made to
third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain fees that Signature Services receives in
connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to five categories of share classes: Retail Share and Institutional Share Classes of
Non-Municipal Bond Funds, Class R6 Shares, Retirement Share Classes and Municipal Bond Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds
and/or classes, based on the relative average daily net assets.
Class level expenses. Class level expenses for the six months ended November 30, 2023 were as follows:
| Class | Distribution and service fees | Transfer agent fees |
| Class A | $575,928 | $41,756 |
| Class C | 42,190 | 761 |
| Class I | — | 33,001 |
| Class R6 | — | 2,634 |
| Total | $618,118 | $78,152 |
Trustee expenses. The fund compensates each Trustee who is not an employee of the Advisor or its affiliates. The costs of paying Trustee compensation and expenses are allocated to the fund based on its net
assets relative to other funds within the John Hancock group of funds complex.
| SEMIANNUAL REPORT | JOHN HANCOCK Municipal Opportunities Fund | 59 |
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 | 6,845,275 | $59,868,113 | 17,367,879 | $154,417,983 |
| Distributions reinvested | 829,470 | 7,246,994 | 1,356,065 | 12,041,854 |
| Repurchased | (4,980,370) | (43,401,327) | (10,960,238) | (97,614,761) |
| Net increase | 2,694,375 | $23,713,780 | 7,763,706 | $68,845,076 |
| Class C shares | ||||
| Sold | 115,202 | $1,017,071 | 474,091 | $4,229,357 |
| Distributions reinvested | 12,239 | 106,940 | 26,985 | 239,567 |
| Repurchased | (279,732) | (2,445,288) | (722,257) | (6,434,420) |
| Net decrease | (152,291) | $(1,321,277) | (221,181) | $(1,965,496) |
| Class I shares | ||||
| Sold | 14,317,689 | $125,572,493 | 37,832,188 | $335,935,043 |
| Distributions reinvested | 721,825 | 6,312,202 | 804,284 | 7,156,159 |
| Repurchased | (10,886,813) | (94,341,575) | (10,601,571) | (93,940,955) |
| Net increase | 4,152,701 | $37,543,120 | 28,034,901 | $249,150,247 |
| Class R6 shares | ||||
| Sold | 4,731,881 | $41,311,311 | 11,971,811 | $106,573,936 |
| Distributions reinvested | 251,781 | 2,202,926 | 295,301 | 2,628,041 |
| Repurchased | (3,279,530) | (28,457,590) | (3,055,567) | (27,078,416) |
| Net increase | 1,704,132 | $15,056,647 | 9,211,545 | $82,123,561 |
| Total net increase | 8,398,917 | $74,992,270 | 44,788,971 | $398,153,388 |
Note 7—Purchase and sale of securities
Purchases and sales of securities,
other than short-term investments, amounted to $383,772,802 and $309,847,090, respectively, for the six months ended November 30, 2023.
Note 8—State or region risk
To the extent that the fund invests
heavily in bonds from any given state or region, its performance could be disproportionately affected by factors particular to that state or region. These factors may include economic or political changes, tax-base
erosion, possible state constitutional limits on tax increases, detrimental budget deficits and other financial difficulties, and changes to the credit ratings assigned to those states’ municipal issuers.
Note 9—Investment in affiliated underlying funds
The fund may invest in affiliated
underlying funds that are managed by the Advisor and its affiliates. Information regarding the fund’s fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital
gains earned by the fund, if any, is as follows:
| 60 | JOHN HANCOCK Municipal Opportunities Fund | SEMIANNUAL REPORT |
| Dividends and distributions | |||||||||
| Affiliate | Ending share amount | Beginning value | Cost of purchases | Proceeds from shares sold | Realized gain (loss) | Change in unrealized appreciation (depreciation) | Income distributions received | Capital gain distributions received | Ending value |
| John Hancock Collateral Trust | 20 | $9,952,545 | $135,537,622 | $(145,491,024) | $(191) | $1,245 | $199,763 | — | $197 |
| SEMIANNUAL REPORT | JOHN HANCOCK Municipal Opportunities Fund | 61 |
EVALUATION OF ADVISORY AND
SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES
This section describes the
evaluation by the Board of Trustees (the Board) of John Hancock Municipal Securities Trust (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management LLC (the Advisor) and
the Subadvisory Agreement (the Subadvisory Agreement) with Manulife Investment Management (US) LLC (the Subadvisor), for John Hancock Municipal Opportunities Fund. The Advisory Agreement and Subadvisory Agreement are
collectively referred to as the Agreements. Prior to the June 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.
| 62 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES 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.
Nature, extent, and quality of services. Among the information received by the Board from the Advisor relating to the nature, extent, and quality of services provided to the fund, the Board reviewed information provided by the
Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor’s compliance and regulatory history, including its Form ADV.
The Board also noted that on a regular basis it receives and reviews information from the Trust’s Chief Compliance Officer (CCO) regarding the fund’s compliance policies and procedures established pursuant
to Rule 38a-1 under the 1940 Act. The Board observed that the scope of services provided by the Advisor, and of the undertakings required of the Advisor in connection with those services, including maintaining and
monitoring its own and the fund’s compliance programs, risk management programs, liquidity management programs, derivatives risk management programs, and cybersecurity programs, had expanded over time as a
result of regulatory, market and other developments. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the fund, including, but not limited to, general supervision
of and coordination of the services provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and third-party service providers. The Board also considered the
significant risks assumed by the Advisor in connection with the services provided to the fund including entrepreneurial risk in sponsoring new funds and ongoing risks including investment, operational, enterprise,
litigation, regulatory and compliance risks with respect to all funds.
In considering the nature, extent,
and quality of the services provided by the Advisor, the Trustees also took into account their knowledge of the Advisor’s management and the quality of the performance of the Advisor’s duties, through
Board meetings, discussions and reports during the preceding year and through each Trustee’s experience as a Trustee of the Trust and of the other trusts in the John Hancock group of funds complex (the John
Hancock Fund Complex).
In the course of their deliberations
regarding the Advisory Agreement, the Board considered, among other things:
| (a) | the skills and competency with which the Advisor has in the past managed the Trust’s affairs and its subadvisory relationship, the Advisor’s oversight and monitoring of the Subadvisor’s investment performance and compliance programs, such as the Subadvisor’s compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor’s timeliness in responding to performance issues; |
| (b) | the background, qualifications and skills of the Advisor’s personnel; |
| (c) | the Advisor’s compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments; |
| (d) | the Advisor’s administrative capabilities, including its ability to supervise the other service providers for the fund, as well as the Advisor’s oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the fund, and bringing loss recovery actions on behalf of the fund; |
| (e) | the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund; |
| SEMIANNUAL REPORT | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | 63 |
| (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.
Investment performance. In considering the fund’s performance, the Board noted that it reviews at its regularly scheduled meetings information about the fund’s performance results. In connection with
the consideration of the Advisory Agreement, the Board:
| (a) | reviewed information prepared by management regarding the fund’s performance; |
| (b) | considered the comparative performance of an applicable benchmark index; |
| (c) | considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data; and |
| (d) | took into account the Advisor’s analysis of the fund’s performance and its plans and recommendations regarding the Trust’s subadvisory arrangements generally. |
The Board noted that while it found
the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and the results of the performance
comparisons may vary depending on the selection of the peer group. The Board noted that the fund underperformed its benchmark index for the one-, three-, five- and ten-year periods ended December 31, 2022. The Board
also noted that the fund outperformed its peer group median for the ten-year period ended December 31, 2022, and underperformed for the one-, three- and five-year periods.. The Board took into account
management’s discussion of the factors that contributed to the fund’s performance relative to the benchmark index for the one-, three-, five- and ten-year periods and its peer group median for the one-,
three- and five-year periods, including the impact of past and current market conditions on the fund’s strategy and management’s outlook for the fund. The Board concluded that the fund’s performance
is being monitored and reasonably addressed, where appropriate.
Fees and expenses. The Board reviewed comparative information prepared by an independent third-party provider of fund data, including, among other data, the fund’s contractual and net management fees
(and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the fund in light of the nature, extent and quality of the
management and advisory and subadvisory services provided by the Advisor and the Subadvisor. The Board considered the fund’s ranking within a smaller group of peer funds chosen by the independent third-party
provider, as well as the fund’s ranking within a broader group of funds. In comparing the fund’s contractual and net management fees to those of comparable funds, the Board noted that such fees include
both advisory and administrative costs. The Board noted that net management fees and net total expenses for the fund were higher than the peer group median.
The Board took into account
management’s discussion of the fund’s expenses. The Board also took into account management’s discussion with respect to the overall management fee and the fees of the Subadvisor, including the
amount of the advisory fee retained by the Advisor after payment of the subadvisory fee, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board also noted
that the Advisor pays the subadvisory fee. In addition, the Board took into account that management had agreed to implement an overall fee waiver across the complex, including the fund, which is discussed further
below. The Board also noted actions taken over the past several years to reduce the fund’s operating expenses. The Board also noted that, in addition, the Advisor is currently waiving fees and/or reimbursing
expenses with respect to the fund and that the fund has breakpoints in its contractual management fee schedule that reduce management fees as
| 64 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |
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.
Profitability/Fall out benefits. In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates (including the Subadvisor) from the Advisor’s relationship
with the Trust, the Board:
| (a) | reviewed financial information of the Advisor; |
| (b) | reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund; |
| (c) | received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund; |
| (d) | received information with respect to the Advisor’s allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor’s allocation methodologies; |
| (e) | considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability information reviewed by the Board; |
| (f) | considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement; |
| (g) | noted that affiliates of the Advisor provide transfer agency services and distribution services to the fund, and that the fund’s distributor also receives Rule 12b-1 payments to support distribution of the fund; |
| (h) | noted that the fund’s Subadvisor is an affiliate of the Advisor; |
| (i) | noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund; |
| (j) | noted that the subadvisory fee for the fund is paid by the Advisor; |
| (k) | considered the Advisor’s ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and |
| (l) | considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the risks that it assumes as Advisor, including entrepreneurial, operational, reputational, litigation and regulatory risk. |
Based upon its review, the Board
concluded that the level of profitability, if any, of the Advisor and its affiliates (including the Subadvisor) from their relationship with the fund was reasonable and not excessive.
| SEMIANNUAL REPORT | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | 65 |
Economies of scale. In considering the extent to which economies of scale would be realized as the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders, the
Board:
| (a) | considered that the Advisor has contractually agreed to waive a portion of its management fee for certain funds of the John Hancock Fund Complex, including the fund (the participating portfolios) or otherwise reimburse the expenses of the participating portfolios (the reimbursement). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund; |
| (b) | reviewed the fund’s advisory fee structure and concluded that: (i) the fund’s fee structure contains breakpoints at the subadvisory fee level and that such breakpoints are reflected as breakpoints in the advisory fees for the fund; and (ii) although economies of scale cannot be measured with precision, these arrangements permit shareholders of the fund to benefit from economies of scale if the fund grows. The Board also took into account management’s discussion of the fund’s advisory fee structure; and |
| (c) | the Board also considered the effect of the fund’s growth in size on its performance and fees. The Board also noted that if the fund’s assets increase over time, the fund may realize other economies of scale. |
Approval of Subadvisory Agreement
In making its determination with
respect to approval of the Subadvisory Agreement, the Board reviewed:
| (1) | information relating to the Subadvisor’s business, including current subadvisory services to the Trust (and other funds in the John Hancock Fund Complex); |
| (2) | the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds; and |
| (3) | the subadvisory fee for the fund, including any breakpoints, and to the extent available, comparable fee information prepared by an independent third-party provider of fund data. |
Nature, extent, and quality of services. With respect to the services provided by the Subadvisor, the Board received information provided to the Board by the Subadvisor, including the Subadvisor’s Form ADV, as well as took
into account information presented throughout the past year. The Board considered the Subadvisor’s current level of staffing and its overall resources, as well as received information relating to the
Subadvisor’s compensation program. The Board reviewed the Subadvisor’s history and investment experience, as well as information regarding the qualifications, background, and responsibilities of the
Subadvisor’s investment and compliance personnel who provide services to the fund. The Board also considered, among other things, the Subadvisor’s compliance program and any disciplinary history. The Board
also considered the Subadvisor’s risk assessment and monitoring process. The Board reviewed the Subadvisor’s regulatory history, including whether it was involved in any regulatory actions or
investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate. The Board noted that the Advisor conducts regular, periodic reviews of the Subadvisor and its
operations, including regarding investment processes and organizational and staffing matters. The Board also noted that the Trust’s CCO and his staff conduct regular, periodic compliance reviews with the
Subadvisor and present reports to the Independent Trustees regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisor and procedures reasonably designed to assure compliance with
the federal securities laws. The Board also took into account the financial condition of the Subadvisor.
The Board considered the
Subadvisor’s investment process and philosophy. The Board took into account that the Subadvisor’s responsibilities include the development and maintenance of an investment program for the fund that is
consistent with the fund’s investment objective, the selection of investment securities and the placement of
| 66 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |
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.
Subadvisor compensation. In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the fund, the Board noted that the fees under the
Subadvisory Agreement are paid by the Advisor and not the fund. The Board also received information and took into account any other potential conflicts of interest the Advisor might have in connection with the
Subadvisory Agreement.
In addition, the Board considered
other potential indirect benefits that the Subadvisor and its affiliates may receive from the Subadvisor’s relationship with the fund, such as the opportunity to provide advisory services to additional funds in
the John Hancock Fund Complex and reputational benefits.
Subadvisory fees. The Board considered that the fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays a subadvisory fee to the Subadvisor. As noted above, the Board also considered the
fund’s subadvisory fees as compared to similarly situated investment companies deemed to be comparable to the fund as included in the report prepared by the independent third-party provider of fund data, to the
extent available. The Board also noted that the limited size of the Lipper peer group was not sufficient for comparative purposes. The Board also took into account the subadvisory fees paid by the Advisor to the
Subadvisor with respect to the fund and compared them to fees charged by the Subadvisor to manage other subadvised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.
Subadvisor performance. As noted above, the Board considered the fund’s performance as compared to the fund’s peer group median and the benchmark index and noted that the Board reviews information
about the fund’s performance results at its regularly scheduled meetings. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance
of the Subadvisor. The Board was mindful of the Advisor’s focus on the Subadvisor’s performance. The Board also noted the Subadvisor’s long-term performance record for similar accounts, as
applicable.
The Board’s decision to
approve the Subadvisory Agreement was based on a number of determinations, including the following:
| (1) | the Subadvisor has extensive experience and demonstrated skills as a manager; |
| (2) | the performance of the fund is being monitored and reasonably addressed, where appropriate; |
| (3) | the subadvisory fee is reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and |
| (4) | noted that the subadvisory fees are paid by the Advisor not the fund and that the subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit shareholders to benefit from economies of scale if the fund grows. |
***
Based on the Board’s
evaluation of all factors that the Board deemed to be material, including those factors described above, the Board, including the Independent Trustees, concluded that renewal of the Advisory Agreement and the
Subadvisory Agreement would be in the best interest of the fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Advisory Agreement and Subadvisory Agreement
for an additional one-year period.
| SEMIANNUAL REPORT | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | 67 |
More information
π Member of the Audit Committee as of September 26, 2023.
† Non-Independent Trustee
* Member of the Audit Committee
# Effective June 29, 2023.
The fund’s proxy
voting policies and procedures, as well as the fund proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) website at
sec.gov or on our website.
All of the fund’s
holdings as of the end of the third month of every fiscal quarter are filed with the SEC on Form N-PORT within 60 days of the end of the fiscal quarter. The fund’s Form N-PORT filings are available on our
website and the SEC’s website, sec.gov.
We make this information
on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-225-5291.
| You can also contact us: | ||
| 800-225-5291 | Regular mail: | Express mail: |
| jhinvestments.com | John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909 | John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407 |
| 68 | JOHN HANCOCK MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |
John Hancock family of funds
A fund’s investment
objectives, risks, charges, and expenses should be considered carefully before investing. The prospectus contains this and other important information about the fund. To obtain a prospectus, contact your financial
professional, call John Hancock Investment Management at 800-225-5291, or visit our website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.
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
We serve investors globally through
a unique multimanager approach:
We search the world to find proven portfolio teams with specialized
expertise for every strategy we offer, then we apply robust investment
oversight to ensure they continue to meet our uncompromising
standards and serve the best interests of our shareholders.
We search the world to find proven portfolio teams with specialized
expertise for every strategy we offer, then we apply robust investment
oversight to ensure they continue to meet our uncompromising
standards and serve the best interests of our shareholders.
Results for investors
Our unique approach to asset
management enables us to provide
a diverse set of investments backed by some of the world’s best
managers, along with strong risk-adjusted returns across asset classes.
a 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
200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife Investment Management, the
Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO
BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
This report is for the information
of the shareholders of John Hancock Municipal Opportunities Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
| MF3267923 | 52SA 11/23 |
1/2024
A message to shareholders
John Hancock
Short Duration Municipal Opportunities Fund
Table of contents
| SEMIANNUAL REPORT | JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND | 1 |
Your fund at a glance
INVESTMENT OBJECTIVE
The fund seeks total return exempt
from federal income tax as is consistent with preservation of capital.
TOTAL RETURNS AS OF
11/30/2023 (%)
The Bloomberg Municipal 1-5 Year
Index tracks the performance of U.S. dollar-denominated tax-exempt bonds with maturities of between 1-5 years.
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 SHORT DURATION MUNICIPAL OPPORTUNITIES 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.
| SEMIANNUAL REPORT | JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND | 3 |
SECTOR COMPOSITION AS OF
11/30/2023 (% of net assets)
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.
| 4 | JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |
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
| SEMIANNUAL REPORT | JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND | 5 |
report to find its hypothetical example and you
will be able to compare these expenses. Please remember that these hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
Remember, these examples do not
include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See
the prospectus for details regarding transaction costs.
SHAREHOLDER EXPENSE EXAMPLE
CHART
| Account 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 | $1,039.80 | $3.06 | 0.60% |
| Hypothetical example | 1,000.00 | 1,022.00 | 3.03 | 0.60% | |
| Class C | Actual expenses/actual returns | 1,000.00 | 1,036.00 | 6.87 | 1.35% |
| Hypothetical example | 1,000.00 | 1,018.30 | 6.81 | 1.35% | |
| Class I | Actual expenses/actual returns | 1,000.00 | 1,040.60 | 2.30 | 0.45% |
| Hypothetical example | 1,000.00 | 1,022.80 | 2.28 | 0.45% | |
| Class R6 | Actual expenses/actual returns | 1,000.00 | 1,040.70 | 2.19 | 0.43% |
| Hypothetical example | 1,000.00 | 1,022.90 | 2.17 | 0.43% |
| 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). |
| 6 | JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |
Fund’s investments
AS OF 11-30-23
(unaudited)
| Rate (%) | Maturity date | Par value^ | Value | ||
| Municipal bonds 94.8% | $19,249,904 | ||||
| (Cost $19,256,195) | |||||
| Alabama 2.6% | 525,149 | ||||
| Lower Alabama Gas District Gas Project No. 2, Series A | 4.000 | 12-01-50 | 250,000 | 248,404 | |
| Southeast Energy Authority, a Cooperative District Commodity Supply Project No. 5, Series A | 5.250 | 01-01-54 | 265,000 | 276,745 | |
| Arizona 2.5% | 505,887 | ||||
| Chandler Industrial Development Authority Intel Corp. Project, Series 2, AMT | 5.000 | 09-01-52 | 475,000 | 490,382 | |
| University of Arizona Board of Regents | 5.000 | 06-01-37 | 15,000 | 15,505 | |
| California 5.1% | 1,027,892 | ||||
| California Community Choice Financing Authority Clean Energy Project, Series B-1 | 4.000 | 02-01-52 | 250,000 | 243,773 | |
| California Municipal Finance Authority Northbay Healthcare, Series A | 5.000 | 11-01-25 | 250,000 | 253,036 | |
| California Statewide Communities Development Authority Kaiser Permanente, Series 2003-D | 5.000 | 05-01-33 | 480,000 | 531,083 | |
| Colorado 1.8% | 375,193 | ||||
| South Maryland Creek Ranch Metropolitan District, GO (A) | 5.000 | 12-01-27 | 155,000 | 164,098 | |
| South Maryland Creek Ranch Metropolitan District, GO (A) | 5.000 | 12-01-29 | 195,000 | 211,095 | |
| Connecticut 3.3% | 679,705 | ||||
| City of Bridgeport Series B, GO | 5.000 | 08-15-27 | 445,000 | 472,617 | |
| Connecticut State Health & Educational Facilities Authority Quinnipiac University, Series M | 5.000 | 07-01-36 | 15,000 | 15,334 | |
| Town of Hamden Whitney Center Project | 5.000 | 01-01-50 | 240,000 | 191,754 | |
| Delaware 2.3% | 464,219 | ||||
| Delaware State Economic Development Authority NRG Energy Project, Series B | 1.250 | 10-01-40 | 500,000 | 464,219 | |
| District of Columbia 2.6% | 520,202 | ||||
| Metropolitan Washington Airports Authority Aviation Revenue Series A, AMT | 5.000 | 10-01-26 | 500,000 | 520,202 | |
| Florida 6.8% | 1,373,653 | ||||
| County of Broward Port Facilities Revenue Series B, AMT | 5.000 | 09-01-28 | 500,000 | 528,798 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND | 7 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Florida (continued) | |||||
| Palm Beach County Health Facilities Authority Jupiter Medical Center Project, Series A | 5.000 | 11-01-28 | 150,000 | $156,945 | |
| Palm Beach County Health Facilities Authority Jupiter Medical Center Project, Series A | 5.000 | 11-01-29 | 175,000 | 183,752 | |
| Palm Beach County Health Facilities Authority Jupiter Medical Center Project, Series A | 5.000 | 11-01-30 | 200,000 | 210,901 | |
| Palm Beach County Health Facilities Authority Toby and Leon Cooperman Sinai Residences | 4.000 | 06-01-26 | 300,000 | 293,257 | |
| Georgia 5.1% | 1,042,330 | ||||
| Augusta Development Authority AU Health System, Inc. Project | 4.000 | 07-01-39 | 5,000 | 4,778 | |
| Augusta Development Authority AU Health System, Inc. Project | 5.000 | 07-01-26 | 250,000 | 259,110 | |
| City of Atlanta Airport Passenger Facility Charge Series D, AMT | 5.000 | 07-01-26 | 500,000 | 517,971 | |
| Main Street Natural Gas, Inc. Series B | 5.000 | 07-01-53 | 250,000 | 260,471 | |
| Illinois 9.2% | 1,865,948 | ||||
| Chicago Midway International Airport Series A, AMT | 5.000 | 01-01-30 | 550,000 | 559,029 | |
| Illinois Finance Authority Clark-Lindsey Village, Series A | 4.600 | 06-01-27 | 280,000 | 271,660 | |
| Metropolitan Pier & Exposition Authority McCormick Place Expansion Project, Series A | 5.000 | 12-15-28 | 500,000 | 530,221 | |
| State of Illinois, GO | 4.125 | 11-01-31 | 500,000 | 505,038 | |
| Indiana 3.3% | 676,952 | ||||
| City of Whiting BP Products North America, Inc., AMT | 5.000 | 11-01-47 | 500,000 | 501,562 | |
| City of Whiting BP Products North America, Inc., Series A, AMT | 4.400 | 03-01-46 | 175,000 | 175,390 | |
| Kentucky 3.8% | 771,903 | ||||
| County of Boone Duke Energy Project | 3.700 | 08-01-27 | 500,000 | 492,613 | |
| Northern Kentucky Water District Series B | 3.125 | 02-01-29 | 280,000 | 279,290 | |
| Maryland 2.6% | 534,798 | ||||
| Maryland Stadium Authority Built to Learn | 5.000 | 06-01-27 | 500,000 | 534,798 | |
| Massachusetts 1.0% | 201,076 | ||||
| Massachusetts Bay Transportation Authority Sales Tax Revenue Series A-1 | 5.000 | 07-01-38 | 5,000 | 5,232 | |
| Massachusetts Development Finance Agency Worcester Polytechnic Institute | 4.000 | 09-01-44 | 175,000 | 169,100 |
| 8 | JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Massachusetts (continued) | |||||
| Massachusetts Development Finance Agency Worcester Polytechnic Institute | 5.000 | 09-01-30 | 15,000 | $15,961 | |
| Massachusetts Development Finance Agency Worcester Polytechnic Institute | 5.000 | 09-01-37 | 10,000 | 10,783 | |
| Michigan 2.5% | 513,587 | ||||
| Grand Valley State University Series A | 5.000 | 12-01-32 | 500,000 | 513,587 | |
| Montana 1.2% | 251,251 | ||||
| City of Forsyth NorthWestern Corp. Colstrip Project | 3.875 | 07-01-28 | 250,000 | 251,251 | |
| Nevada 0.1% | 10,469 | ||||
| County of Washoe Fuel Tax | 5.000 | 02-01-42 | 10,000 | 10,469 | |
| New Hampshire 0.6% | 118,147 | ||||
| New Hampshire Health and Education Facilities Authority Act Catholic Medical Center | 3.500 | 07-01-34 | 130,000 | 118,147 | |
| New Jersey 2.7% | 558,573 | ||||
| New Jersey Transportation Trust Fund Authority Series AA | 5.000 | 06-15-30 | 500,000 | 558,573 | |
| New York 6.0% | 1,210,342 | ||||
| Albany County Airport Authority Series B, AMT | 5.000 | 12-15-26 | 500,000 | 519,440 | |
| Dutchess County Local Development Corp. Marist College Project, Series A | 5.000 | 07-01-45 | 45,000 | 45,447 | |
| Hudson Yards Infrastructure Corp. Series A | 4.000 | 02-15-44 | 30,000 | 29,212 | |
| New York City Transitional Finance Authority Future Tax Secured Revenue Series D-1 | 5.000 | 11-01-26 | 385,000 | 409,268 | |
| New York State Urban Development Corp. Personal Income Tax, Series C-3 | 5.000 | 03-15-39 | 50,000 | 52,170 | |
| New York Transportation Development Corp. John F. Kennedy International Airport Project, Terminal 4, AMT | 5.000 | 12-01-26 | 150,000 | 154,805 | |
| Oklahoma 3.9% | 796,311 | ||||
| Blaine County Educational Facilities Authority Watonga Public Schools Project | 5.000 | 12-01-28 | 240,000 | 258,393 | |
| Oklahoma County Independent School District No. 89 Oklahoma City Series A, GO | 3.000 | 07-01-25 | 290,000 | 288,382 | |
| Oklahoma Development Finance Authority OU Medicine Project, Series B | 5.000 | 08-15-24 | 250,000 | 249,536 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND | 9 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Oregon 1.0% | $196,879 | ||||
| Union County Hospital Facility Authority Grande Ronde Hospital Project | 5.000 | 07-01-27 | 190,000 | 196,879 | |
| Pennsylvania 4.0% | 819,603 | ||||
| Berks County Municipal Authority Tower Health Project, Series B | 5.000 | 02-01-40 | 500,000 | 302,318 | |
| Boyertown Area School District, GO (A) | 4.000 | 11-01-27 | 425,000 | 433,421 | |
| Lancaster County Hospital Authority Brethren Village Project | 4.250 | 07-01-28 | 35,000 | 32,967 | |
| Philadelphia Authority for Industrial Development Temple University, 1st Series 2015 | 5.000 | 04-01-35 | 50,000 | 50,897 | |
| South Carolina 0.2% | 31,468 | ||||
| State of South Carolina Series A, GO | 5.000 | 04-01-26 | 30,000 | 31,468 | |
| Tennessee 0.1% | 21,037 | ||||
| County of Knox Series C, GO | 5.000 | 06-01-26 | 20,000 | 21,037 | |
| Texas 14.4% | 2,930,079 | ||||
| City of Austin Public Improvement, GO | 5.000 | 09-01-33 | 150,000 | 161,161 | |
| Dallas Fort Worth International Airport Series C, AMT | 5.000 | 11-01-30 | 500,000 | 544,828 | |
| Decatur Hospital Authority Wise Health System, Series B (A) | 3.000 | 09-01-41 | 95,000 | 74,657 | |
| Decatur Hospital Authority Wise Health System, Series B | 5.000 | 09-01-25 | 30,000 | 29,957 | |
| Decatur Hospital Authority Wise Health System, Series B | 5.000 | 09-01-30 | 225,000 | 226,217 | |
| Decatur Hospital Authority Wise Health System, Series B | 5.000 | 09-01-33 | 75,000 | 75,382 | |
| Gulf Coast Industrial Development Authority CITGO Petroleum Corp. Project, AMT | 8.000 | 04-01-28 | 500,000 | 500,331 | |
| Harris County Cultural Education Facilities Finance Corp. Brazos Presbyterian Homes Project | 5.000 | 01-01-38 | 10,000 | 8,580 | |
| New Hope Cultural Education Facilities Finance Corp. Windhaven Project, Series B2 | 4.500 | 10-01-26 | 500,000 | 487,938 | |
| Newark Higher Education Finance Corp. Village Tech Schools, Series A | 4.375 | 08-15-29 | 300,000 | 288,196 | |
| Texas Public Finance Authority Texas Southern University | 5.000 | 05-01-26 | 520,000 | 532,832 | |
| Washington 3.8% | 766,668 | ||||
| Port of Seattle Series B, AMT | 5.000 | 08-01-26 | 500,000 | 518,055 | |
| Washington State Housing Finance Commission Emerald Heights Project, Series B1 | 4.750 | 07-01-27 | 250,000 | 248,613 |
| 10 | JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Wisconsin 2.3% | $460,583 | ||||
| Public Finance Authority Friends Homes, Inc. (B) | 4.000 | 09-01-24 | 55,000 | 54,554 | |
| Public Finance Authority Lenoir Rhyne University | 5.000 | 04-01-28 | 400,000 | 406,029 | |
| Yield (%) | Shares | Value | |||
| Short-term investments 3.9% | $797,851 | ||||
| (Cost $797,608) | |||||
| Short-term funds 3.9% | |||||
| John Hancock Collateral Trust (C) | 5.4088(D) | 79,784 | 797,851 | ||
| Total investments (Cost $20,053,803) 98.7% | $20,047,755 | ||||
| Other assets and liabilities, net 1.3% | 253,921 | ||||
| Total net assets 100.0% | $20,301,676 | ||||
| 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 | |
| AMT | Interest earned from these securities may be considered a tax preference item for purpose of the Federal Alternative Minimum Tax. |
| GO | General Obligation |
| (A) | Bond is insured by one or more of the companies listed in the insurance coverage table below. |
| (B) | These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. |
| (C) | Investment is an affiliate of the fund, the advisor and/or subadvisor. |
| (D) | 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 $20,049,083. Net unrealized depreciation aggregated to $1,328, of which $298,954 related to gross unrealized appreciation and $300,282 related to gross unrealized
depreciation.
| Insurance Coverage | As a % of total investments |
| Assured Guaranty Municipal Corp. | 2.3 |
| Build America Mutual Assurance Company | 2.2 |
| TOTAL | 4.5 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND | 11 |
Financial statements
STATEMENT OF ASSETS AND
LIABILITIES 11-30-23 (unaudited)
| Assets | |
| Unaffiliated investments, at value (Cost $19,256,195) | $19,249,904 |
| Affiliated investments, at value (Cost $797,608) | 797,851 |
| Total investments, at value (Cost $20,053,803) | 20,047,755 |
| Interest receivable | 263,085 |
| Receivable for investments sold | 58,783 |
| Receivable from affiliates | 569 |
| Other assets | 38,840 |
| Total assets | 20,409,032 |
| Liabilities | |
| Distributions payable | 66,492 |
| Payable to affiliates | |
| Accounting and legal services fees | 876 |
| Transfer agent fees | 80 |
| Trustees’ fees | 27 |
| Other liabilities and accrued expenses | 39,881 |
| Total liabilities | 107,356 |
| Net assets | $20,301,676 |
| Net assets consist of | |
| Paid-in capital | $20,144,632 |
| Total distributable earnings (loss) | 157,044 |
| Net assets | $20,301,676 |
| 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 ($170,096 ÷ 16,885 shares)1 | $10.07 |
| Class C ($88,195 ÷ 8,758 shares) | $10.07 |
| Class I ($50,360 ÷ 5,000 shares) | $10.07 |
| Class R6 ($19,993,025 ÷ 1,985,000 shares) | $10.07 |
| Maximum offering price per share | |
| Class A (net asset value per share ÷ 97.75%)2 | $10.30 |
| 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. |
| 12 | JOHN HANCOCK Short Duration Municipal Opportunities Fund | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
STATEMENT OF OPERATIONS For the six months ended 11-30-23 (unaudited)
| Investment income | |
| Interest | $374,660 |
| Dividends from affiliated investments | 21,050 |
| Total investment income | 395,710 |
| Expenses | |
| Investment management fees | 36,810 |
| Distribution and service fees | 608 |
| Accounting and legal services fees | 2,496 |
| Transfer agent fees | 433 |
| Trustees’ fees | 233 |
| Custodian fees | 8,638 |
| State registration fees | 38,188 |
| Printing and postage | 10,166 |
| Professional fees | 24,917 |
| Other | 5,618 |
| Total expenses | 128,107 |
| Less expense reductions | (84,392) |
| Net expenses | 43,715 |
| Net investment income | 351,995 |
| Realized and unrealized gain (loss) | |
| Net realized gain (loss) on | |
| Unaffiliated investments | 39,546 |
| Affiliated investments | 80 |
| 39,626 | |
| Change in net unrealized appreciation (depreciation) of | |
| Unaffiliated investments | 404,524 |
| Affiliated investments | 315 |
| 404,839 | |
| Net realized and unrealized gain | 444,465 |
| Increase in net assets from operations | $796,460 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK Short Duration Municipal Opportunities Fund | 13 |
STATEMENTS OF CHANGES IN NET
ASSETS
| Six months ended 11-30-23 (unaudited) | Period ended 5-31-231 | |
| Increase (decrease) in net assets | ||
| From operations | ||
| Net investment income | $351,995 | $579,263 |
| Net realized gain | 39,626 | 196,571 |
| Change in net unrealized appreciation (depreciation) | 404,839 | (410,887) |
| Increase in net assets resulting from operations | 796,460 | 364,947 |
| Distributions to shareholders | ||
| From earnings | ||
| Class A | (2,449) | (1,834) |
| Class C | (1,145) | (1,718) |
| Class I | (877) | (1,639) |
| Class R6 | (349,607) | (654,179) |
| Total distributions | (354,078) | (659,370) |
| From fund share transactions | 80,729 | 20,072,988 |
| Total increase | 523,111 | 19,778,565 |
| Net assets | ||
| Beginning of period | 19,778,565 | — |
| End of period | $20,301,676 | $19,778,565 |
| 1 | Period from 6-9-22 (commencement of operations) to 5-31-23. |
| 14 | JOHN HANCOCK Short Duration Municipal Opportunities Fund | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Financial highlights
| CLASS A SHARES Period ended | 11-30-23 | 5-31-231 |
| Per share operating performance | ||
| Net asset value, beginning of period | $9.85 | $10.00 |
| Net investment income2 | 0.17 | 0.28 |
| Net realized and unrealized gain (loss) on investments | 0.22 | (0.12) |
| Total from investment operations | 0.39 | 0.16 |
| Less distributions | ||
| From net investment income | (0.17) | (0.31) |
| Net asset value, end of period | $10.07 | $9.85 |
| Total return (%)3,4 | 3.985 | 1.685 |
| Ratios and supplemental data | ||
| Net assets, end of period (in millions) | $—6 | $—6 |
| Ratios (as a percentage of average net assets): | ||
| Expenses before reductions | 1.547 | 2.157 |
| Expenses including reductions | 0.607 | 0.617 |
| Net investment income | 3.447 | 2.877 |
| Portfolio turnover (%) | 155 | 248 |
| 1 | Period from 6-9-22 (commencement of operations) to 5-31-23. |
| 2 | Based on average daily shares outstanding. |
| 3 | Total returns would have been lower had certain expenses not been reduced during the period. |
| 4 | Does not reflect the effect of sales charges, if any. |
| 5 | Not annualized. |
| 6 | Less than $500,000. |
| 7 | Annualized. |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK Short Duration Municipal Opportunities Fund | 15 |
| CLASS C SHARES Period ended | 11-30-23 | 5-31-231 |
| Per share operating performance | ||
| Net asset value, beginning of period | $9.85 | $10.00 |
| Net investment income2 | 0.13 | 0.19 |
| Net realized and unrealized gain (loss) on investments | 0.22 | (0.10) |
| Total from investment operations | 0.35 | 0.09 |
| Less distributions | ||
| From net investment income | (0.13) | (0.24) |
| Net asset value, end of period | $10.07 | $9.85 |
| Total return (%)3,4 | 3.605 | 0.945 |
| Ratios and supplemental data | ||
| Net assets, end of period (in millions) | $—6 | $—6 |
| Ratios (as a percentage of average net assets): | ||
| Expenses before reductions | 2.297 | 2.907 |
| Expenses including reductions | 1.357 | 1.367 |
| Net investment income | 2.637 | 1.977 |
| Portfolio turnover (%) | 155 | 248 |
| 1 | Period from 6-9-22 (commencement of operations) to 5-31-23. |
| 2 | Based on average daily shares outstanding. |
| 3 | Total returns would have been lower had certain expenses not been reduced during the period. |
| 4 | Does not reflect the effect of sales charges, if any. |
| 5 | Not annualized. |
| 6 | Less than $500,000. |
| 7 | Annualized. |
| 16 | JOHN HANCOCK Short Duration Municipal Opportunities Fund | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| CLASS I SHARES Period ended | 11-30-23 | 5-31-231 |
| Per share operating performance | ||
| Net asset value, beginning of period | $9.85 | $10.00 |
| Net investment income2 | 0.17 | 0.29 |
| Net realized and unrealized gain (loss) on investments | 0.23 | (0.11) |
| Total from investment operations | 0.40 | 0.18 |
| Less distributions | ||
| From net investment income | (0.18) | (0.33) |
| Net asset value, end of period | $10.07 | $9.85 |
| Total return (%)3 | 4.064 | 1.834 |
| Ratios and supplemental data | ||
| Net assets, end of period (in millions) | $—5 | $—5 |
| Ratios (as a percentage of average net assets): | ||
| Expenses before reductions | 1.296 | 1.906 |
| Expenses including reductions | 0.456 | 0.466 |
| Net investment income | 3.536 | 2.976 |
| Portfolio turnover (%) | 155 | 248 |
| 1 | Period from 6-9-22 (commencement of operations) to 5-31-23. |
| 2 | Based on average daily shares outstanding. |
| 3 | Total returns would have been lower had certain expenses not been reduced during the period. |
| 4 | Not annualized. |
| 5 | Less than $500,000. |
| 6 | Annualized. |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK Short Duration Municipal Opportunities Fund | 17 |
| CLASS R6 SHARES Period ended | 11-30-23 | 5-31-231 |
| Per share operating performance | ||
| Net asset value, beginning of period | $9.85 | $10.00 |
| Net investment income2 | 0.18 | 0.29 |
| Net realized and unrealized gain (loss) on investments | 0.22 | (0.11) |
| Total from investment operations | 0.40 | 0.18 |
| Less distributions | ||
| From net investment income | (0.18) | (0.33) |
| Net asset value, end of period | $10.07 | $9.85 |
| Total return (%)3 | 4.074 | 1.844 |
| Ratios and supplemental data | ||
| Net assets, end of period (in millions) | $20 | $20 |
| Ratios (as a percentage of average net assets): | ||
| Expenses before reductions | 1.285 | 1.885 |
| Expenses including reductions | 0.435 | 0.445 |
| Net investment income | 3.545 | 2.995 |
| Portfolio turnover (%) | 155 | 248 |
| 1 | Period from 6-9-22 (commencement of operations) to 5-31-23. |
| 2 | Based on average daily shares outstanding. |
| 3 | Total returns would have been lower had certain expenses not been reduced during the period. |
| 4 | Not annualized. |
| 5 | Annualized. |
| 18 | JOHN HANCOCK Short Duration Municipal Opportunities Fund | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Notes to financial statements (unaudited)
Note 1—Organization
John Hancock Short Duration
Municipal Opportunities Fund (the fund) is a series of John Hancock Municipal Securities Trust (the Trust), an open-end management investment company organized as a Massachusetts business trust and
registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the fund is to seek total return exempt from federal income tax as is consistent with preservation of
capital.
The fund may offer multiple
classes of shares. The shares currently outstanding are detailed in the Statement of assets and liabilities. Class A and Class C shares are offered to all investors. Class I shares are offered to institutions and
certain investors. Class R6 shares are only available to certain retirement plans, institutions and other investors. Class C shares convert to Class A shares eight years after purchase (certain exclusions may
apply). Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, and transfer agent fees for each class may differ.
Note 2—Significant accounting policies
The financial statements have been
prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial
statements. Actual results could differ from those estimates and those differences could be significant. The fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of US GAAP.
Events or transactions occurring
after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting
policies of the fund:
Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other
disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the
NYSE pursuant to the Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC.
In order to value the securities,
the fund uses the following valuation techniques: Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which
takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker
supplied prices. Investments by the fund in open-end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day.
Other portfolio securities and
assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the Pricing Committee following procedures established by the Advisor and adopted by the
Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready
market for such securities existed.
The fund uses a three tier hierarchy
to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities,
including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment
speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities
valued using significant unobservable inputs when market prices are not readily available or reliable, including the Advisor’s assumptions in determining the fair value of investments. Factors used in
determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology
| SEMIANNUAL REPORT | JOHN HANCOCK Short Duration Municipal Opportunities 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 | ||||
| Municipal bonds | $19,249,904 | — | $19,249,904 | — |
| Short-term investments | 797,851 | $797,851 | — | — |
| Total investments in securities | $20,047,755 | $797,851 | $19,249,904 | — |
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 $1,783.
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.
| 20 | JOHN HANCOCK Short Duration Municipal Opportunities Fund | SEMIANNUAL REPORT |
Class allocations. Income, common expenses and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net assets of the class.
Class-specific expenses, such as distribution and service fees, if any, and transfer agent fees, for all classes, are charged daily at the class level based on the net assets of each class and the specific expense
rates applicable to each class.
Federal income taxes. The fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income
tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.
As of May 31, 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 distributions payable.
Note 3—Guarantees and indemnifications
Under the Trust’s
organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust, including the fund. Additionally, in the normal course of
business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund’s maximum exposure under these arrangements is unknown, as this would involve future claims
that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.
Note 4—Fees and transactions with affiliates
John Hancock Investment Management
LLC (the Advisor) serves as investment advisor for the fund. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as principal underwriter of the fund. The Advisor
and the Distributor are indirect, principally owned subsidiaries of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation.
Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor, equivalent on an annual basis, to the sum of: (a)
0.370% of the first $100 million of the fund’s average daily net assets, (b) 0.340% of the next $400 million of the fund’s average daily net assets, (c) 0.300% of the fund’s average daily net
assets in excess of $500 million. The Advisor has a subadvisory agreement with Manulife Investment Management (US) LLC, an indirectly owned subsidiary of Manulife Financial Corporation and an affiliate of the
Advisor. The fund is not responsible for payment of the subadvisory fees.
| SEMIANNUAL REPORT | JOHN HANCOCK Short Duration Municipal Opportunities Fund | 21 |
The Advisor has contractually agreed
to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate
net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the
six months ended November 30, 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 for the fund, or if necessary, make payment to the fund, in an amount equal to the amount by which the fund’s expenses exceed 0.43% of daily average net assets, on an annualized
basis. Expenses means all the expenses of the fund, excluding taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary
course of the fund’s business, class-specific expenses, borrowing costs, prime brokerage fees, acquired fund fees and expenses paid indirectly, and short dividend expense. This arrangement expires on September
30, 2024, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.
For the six months ended November
30, 2023, the expense reductions described above amounted to the following:
Expenses waived or
reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.
The investment management
fees, including the impact of the waivers and reimbursements as described above, incurred for the six months ended November 30, 2023, were equivalent to a net annual effective rate of 0.00% of the fund’s average
daily net assets.
Accounting and legal
services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and
recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based
on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred, for the six months ended November 30, 2023, amounted to an annual rate of 0.02% of
the fund’s average daily net assets.
Distribution and service
plans. The fund has a distribution agreement with the Distributor. The fund has adopted distribution and service plans for certain classes as detailed below pursuant to Rule 12b-1 under the 1940
Act, to pay the Distributor for services provided as the distributor of shares of the fund. The fund may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed
as an annual percentage of average daily net assets for each class of the fund’s shares:
| Class | Rule 12b-1 Fee |
| Class A | 0.25% |
| Class C | 1.00% |
| 22 | JOHN HANCOCK Short Duration Municipal Opportunities Fund | SEMIANNUAL REPORT |
The fund’s Distributor has
contractually agreed to waive 0.10% of Rule12b-1 fees for Class A and Class C shares. The current waiver agreement expires on September 30, 2024, unless renewed by mutual agreement of the fund and the Distributor
based upon a determination that this is appropriate under the circumstances at the time. This contractual waiver amounted to $71 and $43 for Class A and Class C shares, respectively, for the six months ended November
30, 2023.
Sales charges. Class A shares may be subject to up-front sales charges. For the six months ended November 30, 2023, no sales charges were assessed.
Class A and Class C shares may be
subject to contingent deferred sales charges (CDSCs). Certain Class A shares purchased, including those that are acquired through purchases of $250,000 or more, and redeemed within 18 months of purchase are subject to
a 0.50% sales charge. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original
purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the six months
ended November 30, 2023, there were no CDSCs received by the Distributor for Class A or Class C shares.
Transfer agent fees. The John Hancock group of funds has a complex-wide transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an affiliate of the Advisor. The transfer agent
fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. It also includes out-of-pocket expenses, including payments made to
third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain fees that Signature Services receives in
connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to 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 | $177 | $13 |
| Class C | 431 | 8 |
| Class I | — | 4 |
| Class R6 | — | 408 |
| Total | $608 | $433 |
Trustee expenses. The fund compensates each Trustee who is not an employee of the Advisor or its affiliates. The costs of paying Trustee compensation and expenses are allocated to the fund based on its net
assets relative to other funds within the John Hancock group of funds complex.
| SEMIANNUAL REPORT | JOHN HANCOCK Short Duration Municipal Opportunities Fund | 23 |
Note 5—Fund share transactions
Transactions in fund shares for the
six months ended November 30, 2023 and for the period ended May 31, 2023 were as follows:
| Six Months Ended 11-30-23 | Period ended 5-31-231 | |||
| Shares | Amount | Shares | Amount | |
| Class A shares | ||||
| Sold | 8,156 | $80,638 | 9,510 | $94,474 |
| Distributions reinvested | 162 | 1,608 | 26 | 262 |
| Repurchased | (203) | (2,006) | (766) | (7,510) |
| Net increase | 8,115 | $80,240 | 8,770 | $87,226 |
| Class C shares | ||||
| Sold | — | — | 8,657 | $85,253 |
| Distributions reinvested | 50 | $489 | 51 | 509 |
| Net increase | 50 | $489 | 8,708 | $85,762 |
| Class I shares | ||||
| Sold | — | — | 5,000 | $50,000 |
| Net increase | — | — | 5,000 | $50,000 |
| Class R6 shares | ||||
| Sold | — | — | 1,985,000 | $19,850,000 |
| Net increase | — | — | 1,985,000 | $19,850,000 |
| Total net increase | 8,165 | $80,729 | 2,007,478 | $20,072,988 |
| 1 | Period from 6-9-22 (commencement of operations) to 5-31-23. |
Affiliates of the fund owned 30%,
57%, 100% and 100% of shares of Class A, Class C, Class I and Class R6, respectively, 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, amounted to $30,217,766 and $32,029,890, respectively, for the six months ended November 30, 2023.
Note 7—Investment in affiliated underlying funds
The fund may invest in affiliated
underlying funds that are managed by the Advisor and its affiliates. Information regarding the fund’s fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital
gains earned by the fund, if any, is as follows:
| Dividends and distributions | |||||||||
| 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 | 79,784 | $751,881 | $8,185,618 | $(8,140,043) | $80 | $315 | $21,050 | — | $797,851 |
| 24 | JOHN HANCOCK Short Duration Municipal Opportunities 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 Municipal Securities Trust (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management, LLC (the Advisor) and
the Subadvisory Agreement (the Subadvisory Agreement) with Manulife Investment Management (US) LLC (the Subadvisor), for John Hancock Short Duration Municipal Opportunities Fund (the fund). The Advisory Agreement and
Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 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 the 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 meeting a variety of materials relating to the fund, the Advisor and the Subadvisor, including comparative performance, fee and expense
information for a peer group of similar funds prepared by an independent third-party provider of fund data, performance information for an applicable benchmark index; and, with respect to the Subadvisor, comparative
performance information for comparatively managed accounts, as applicable, and other information provided by the Advisor and the Subadvisor regarding the nature, extent, and quality of services to be provided by the
Advisor and the Subadvisor under their respective Agreements, as well as information regarding the Advisor’s anticipated revenues and costs of providing services to the fund and any compensation paid to
affiliates of the Advisor. At the meetings at which the renewal of the Advisory Agreement and Subadvisory Agreement are considered, particular focus is given to information concerning fund performance, comparability
of fees and total expenses, and profitability. However, the Board noted that the evaluation process with respect to the Advisor and the Subadvisor is an ongoing one. In this regard, the Board also took into account
discussions with management and information provided to the Board (including its various committees) at prior meetings with respect to the services provided by the Advisor and the Subadvisor to the fund, including
quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Subadvisor with respect to the fund. The information received and considered by the Board
in connection with the May and June meetings and throughout the year was both written and oral. The Board noted the affiliation of the Subadvisor with the Advisor, noting any potential conflicts of interest. The Board
also considered the nature, quality, and extent of the non-advisory services, if any, to be provided to the fund by the Advisor’s affiliates, including distribution services. The Board considered the Advisory
Agreement and the Subadvisory Agreement separately in the course of its review. In doing so, the Board noted the respective roles of the Advisor and Subadvisor in providing services to the fund.
Throughout the process, the Board
asked questions of and were afforded the opportunity to request additional information from management. The Board is assisted by counsel for the Trust and the Independent Trustees are also separately assisted by
independent legal counsel throughout the process. The Independent Trustees also received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed
continuation of the Agreements and discussed the proposed continuation of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.
| SEMIANNUAL REPORT | JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND | 25 |
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.
Nature, extent, and quality of services. Among the information received by the Board from the Advisor relating to the nature, extent, and quality of services provided to the fund, the Board reviewed information provided by the
Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor’s compliance and regulatory history, including its Form ADV.
The Board also noted that on a regular basis it receives and reviews information from the Trust’s Chief Compliance Officer (CCO) regarding the Fund’s compliance policies and procedures established pursuant
to Rule 38a-1 under the 1940 Act. The Board observed that the scope of services provided by the Advisor, and of the undertakings required of the Advisor in connection with those services, including maintaining and
monitoring its own and the fund’s compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs, and cybersecurity programs, had expanded over time as a
result of regulatory, market and other developments. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the fund, including, but not limited to, general supervision
of and coordination of the services provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and third-party service providers. The Board also considered the
significant risks assumed by the Advisor in connection with the services provided to the fund including entrepreneurial risk in sponsoring new funds and ongoing risks including investment, operational, enterprise,
litigation, regulatory and compliance risks with respect to all funds.
In considering the nature, extent,
and quality of the services provided by the Advisor, the Trustees also took into account their knowledge of the Advisor’s management and the quality of the performance of the Advisor’s duties, through
Board meetings, discussions and reports during the preceding year and through each Trustee’s experience as a Trustee of the Trust and of the other trusts in the John Hancock group of funds complex (the John
Hancock Fund Complex).
In the course of their deliberations
regarding the Advisory Agreement, the Board considered, among other things:
| (a) | the skills and competency with which the Advisor has in the past managed the Trust’s affairs and its subadvisory relationships, the Advisor’s oversight and monitoring of the Subadvisor’s investment performance and compliance programs, such as the Subadvisor’s compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor’s timeliness in responding to performance issues; |
| (b) | the background, qualifications and skills of the Advisor’s personnel; |
| (c) | the Advisor’s compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments; |
| (d) | the Advisor’s administrative capabilities, including its ability to supervise the other service providers for the fund, as well as the Advisor’s oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the fund, and bringing loss recovery actions on behalf of the fund; |
| (e) | the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund; |
| 26 | JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |
| (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.
Investment performance. In considering the fund’s performance, the Board noted that it reviews at its regularly scheduled meetings information about the fund’s performance results. In connection with
the consideration of the Advisory Agreement, the Board:
| (a) | reviewed information prepared by management regarding the fund’s performance; |
| (b) | considered the comparative performance of an applicable benchmark index; |
| (c) | considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data; and |
| (d) | took into account the Advisor’s analysis of the fund’s performance and its plans and recommendations regarding the Trust’s subadvisory arrangements generally. |
The Board noted that while it found
the data provided by the independent third-party generally useful it recognized its limitations, including in particular that data may vary depending on the end date selected and the results of the performance
comparisons may vary depending on the selection of the peer group. The Board noted that the fund outperformed its benchmark index since its inception on June 30, 2022, for the period ended December 31, 2022. The Board
also noted that the fund outperformed its peer group median since its inception on June 30, 2022, for the period ended December 31, 2022. The Board took into account management’s discussion of the fund’s
performance, including the favorable performance relative to its benchmark index and peer group median since its inception. The Board also noted the fund’s limited performance history. The Board concluded that
the fund’s performance has generally been in line with or outperformed the benchmark index and the historical performance of comparable funds.
Fees and expenses. The Board reviewed comparative information prepared by an independent third-party provider of fund data, including, among other data, the fund’s contractual and net management fees
(and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the fund in light of the nature, extent and quality of the
management and advisory and subadvisory services provided by the Advisor and the Subadvisor. The Board considered the fund’s ranking within a smaller group of peer funds chosen by the independent third-party
provider, as well as the fund’s ranking within a broader group of funds. In comparing the fund’s contractual and net management fees to those of comparable funds, the Board noted that such fees include
both advisory and administrative costs. The Board noted that net management fees for the fund are lower than the peer group median and net total expenses for the fund are equal to the peer group median.
The Board took into account
management’s discussion with respect to the overall management fee and the fees of the Subadvisor, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fee, in each
case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board also noted that the Advisor pays the subadvisory fee. In addition, the Board took into account that
management had agreed to implement an overall fee waiver across the complex, including the fund, which is discussed further below. The Board also noted actions taken over the past several years to reduce the
fund’s operating expenses. The Board also noted that, in addition, the fund has breakpoints in its contractual management fee schedule that reduces management fees as assets increase. The Board also noted that
the fund’s distributor, an affiliate of the Advisor, has agreed to waive a portion of its Rule 12b-1 fee for a share class of the
| SEMIANNUAL REPORT | JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND | 27 |
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.
Profitability/Fall out benefits. In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates (including the Subadvisor) from the Advisor’s relationship
with the Trust, the Board:
| (a) | reviewed financial information of the Advisor; |
| (b) | reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund; |
| (c) | received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund; |
| (d) | received information with respect to the Advisor’s allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor’s allocation methodologies; |
| (e) | considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability information reviewed by the Board;considered that the Advisor will also provide administrative services to the fund on a cost basis pursuant to an administrative services agreement; |
| (f) | considered that the Advisor will also provide administrative services to the fund on a cost basis pursuant to an administrative services agreement; |
| (g) | noted that affiliates of the Advisor provide transfer agency services and distribution services to the fund, and that the fund’s distributor also receive Rule 12b-1 payments to support distribution of the fund; |
| (h) | noted that the fund’s Subadvisor is an affiliate of the Advisor; |
| (i) | noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund; |
| (j) | noted that the subadvisory fee for the fund will be paid by the Advisor; |
| (k) | considered the Advisor’s ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and |
| (l) | considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it will provide to the fund and the risks that it will assume as Advisor, including entrepreneurial, operational, reputational, litigation and regulatory risk. |
Based upon its review, the Board
concluded that the level of profitability, if any, of the Advisor and its affiliates from their relationship with the fund was reasonable and not excessive.
Economies of scale. In considering the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders, the
Board:
| 28 | JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |
| (a) | considered that the Advisor has contractually agreed to waive a portion of its management fee for certain funds of the John Hancock Fund Complex, including the fund (the participating portfolios) or otherwise reimburse the expenses of the participating portfolios (the reimbursement). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund; |
| (b) | reviewed the proposed advisory fee structure for the fund and concluded that: (i) the fund’s fee structure contains breakpoints at the subadvisory fee level and that such breakpoints are reflected as breakpoints in the advisory fees for the fund; and (ii) although economies of scale cannot be measured with precision, these arrangements will permit shareholders of the fund to benefit from economies of scale if the fund grows. The Board also took into account management’s discussion of the fund’s advisory fee structure; and |
| (c) | the Board also considered the potential effect of the fund’s growth in size on its performance and fees. The Board also noted that if the fund’s assets increase over time, the fund may realize other economies of scale. |
Approval of Subadvisory Agreement
In making its determination with
respect to approval of the Subadvisory Agreement, the Board reviewed:
| (1) | information relating to the Subadvisor’s business, including current subadvisory services to the Trust (and other funds in the John Hancock Fund Complex); |
| (2) | the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds; and |
| (3) | the subadvisory fee for the fund, including any breakpoints, and to the extent available, comparable fee information prepared by an independent third party provider of fund data. |
Nature, extent, and quality of services. With respect to the services provided by the Subadvisor, the Board received and reviewed information provided to the Board by the Subadvisor, including the Subadvisor’s Form ADV. The
Board considered the Subadvisor’s current level of staffing and its overall resources, as well as considered information relating to the Subadvisor’s compensation program. The Board reviewed the
Subadvisor’s history and investment experience, as well as information regarding the qualifications, background, and responsibilities of the Subadvisor’s investment and compliance personnel who provide
services to the fund. The Board considered, among other things, the Subadvisor’s compliance program and any disciplinary history. The Board also considered the Subadvisor’s risk assessment and
monitoring process. The Board reviewed the Subadvisor’s regulatory history, including whether it was involved in any regulatory actions or investigations as well as material litigation, and any settlements and
amelioratory actions undertaken, as appropriate. The Board noted that the Advisor conducts regular periodic reviews of the Subadvisor and its operations in regard to the Funds, including regarding investment processes
and organizational and staffing matters. The Board also noted that the Trust’s CCO and his staff conduct regular, periodic compliance reviews with the Subadvisor and present reports to the Independent Trustees
regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisor and procedures reasonably designed to assure compliance with the federal securities laws. The Board also took into
account the financial condition of the Subadvisor.
The Board considered the
Subadvisor’s investment process and philosophy. The Board took into account that the Subadvisor’s responsibilities include the development and maintenance of an investment program for the fund that is
consistent with the fund’s investment objective, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance
controls related to performance of these services. The Board also received information with respect to the Subadvisor’s brokerage policies and practices, including with respect to best execution and soft
dollars.
| SEMIANNUAL REPORT | JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND | 29 |
Subadvisor compensation. In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the fund, the Board noted that the fees under the
Subadvisory Agreement are paid by the Advisor and not the fund. The Board also considered any potential conflicts of interest the Advisor might have in connection with the Subadvisory Agreement.
In addition, the Board considered
other potential indirect benefits that the Subadvisor and its affiliates may receive from the Subadvisor’s relationship with the fund, such as the opportunity to provide advisory services to additional funds in
the John Hancock Fund Complex and reputational benefits.
Subadvisory fees.The Board considered that the fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays a subadvisory fee to the Subadvisor. The Board also considered the fund’s
subadvisory fee as compared to similarly situated investment companies deemed to be comparable to the fund, as included in the report prepared by the independent third party provider of fund data, to the extent
available. The Board also noted that the limited size of the Lipper peer group was not sufficient for comparative purposes. The Board also took into account the subadvisory fees paid by the Advisor to the
Subadvisor with respect to the fund and compared them to fees charged by the Subadvisor to manage other subadvised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.
Subadvisor performance. As noted above, the Board considered performance results of comparable funds managed by the Subadvisor against an applicable benchmark. The Board also noted that it reviews at its regularly
scheduled meetings information about the performance of other John Hancock Funds managed by the Subadvisor. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style
and risk-adjusted performance of the Subadvisor. The Board was mindful of the Advisor’s focus on the Subadvisor’s performance. The Board also noted the Subadvisor’s long-term performance record for
similar accounts, as applicable.
The Board’s decision to
approve the Subadvisory Agreement was based on a number of determinations, including the following:
| (1) | the Subadvisor has extensive experience and demonstrated skills as a manager; |
| (2) | the performance of the fund has generally been in line with or outperformed the fund’s benchmark index and the historical performance of comparable funds; |
| (3) | the subadvisory fee is reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and |
| (4) | noted that the subadvisory fees are paid by the Advisor not the fund and that the subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit shareholders to benefit from economies of scale if the fund grows. |
***
Based on the Board’s
evaluation of all factors that the Board deemed to be material, including those factors described above, the Board, including the Independent Trustees, concluded that renewal of the Advisory Agreement and the
Subadvisory Agreement would be in the best interest of the fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Advisory Agreement and Subadvisory Agreement
for an additional one-year period.
| 30 | JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |
More information
π Member of the Audit Committee as of September 26, 2023.
† Non-Independent Trustee
* Member of the Audit Committee
# Effective June 29, 2023.
The fund’s proxy
voting policies and procedures, as well as the fund proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) website at
sec.gov or on our website.
All of the fund’s
holdings as of the end of the third month of every fiscal quarter are filed with the SEC on Form N-PORT within 60 days of the end of the fiscal quarter. The fund’s Form N-PORT filings are available on our
website and the SEC’s website, sec.gov.
We make this information
on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-225-5291.
| You can also contact us: | ||
| 800-225-5291 | Regular mail: | Express mail: |
| jhinvestments.com | John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909 | John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407 |
| SEMIANNUAL REPORT | JOHN HANCOCK SHORT DURATION MUNICIPAL OPPORTUNITIES FUND | 31 |
John Hancock family of funds
A fund’s investment
objectives, risks, charges, and expenses should be considered carefully before investing. The prospectus contains this and other important information about the fund. To obtain a prospectus, contact your financial
professional, call John Hancock Investment Management at 800-225-5291, or visit our website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.
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
We serve investors globally through
a unique multimanager approach:
We search the world to find proven portfolio teams with specialized
expertise for every strategy we offer, then we apply robust investment
oversight to ensure they continue to meet our uncompromising
standards and serve the best interests of our shareholders.
We search the world to find proven portfolio teams with specialized
expertise for every strategy we offer, then we apply robust investment
oversight to ensure they continue to meet our uncompromising
standards and serve the best interests of our shareholders.
Results for investors
Our unique approach to asset
management enables us to provide
a diverse set of investments backed by some of the world’s best
managers, along with strong risk-adjusted returns across asset classes.
a 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
200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife Investment Management, the
Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO
BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
This report is for the information
of the shareholders of John Hancock Short Duration Municipal Opportunities Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
| MF3267929 | 489SA 11/23 |
1/2024