Form N-CSRS JOHN HANCOCK MUNICIPAL For: Nov 30

Semiannual report

John Hancock

High Yield Municipal Bond Fund

Fixed income

November 30, 2021

A message to shareholders

Dear shareholder,

The fixed-income markets grew increasingly volatile during the six months ended November 30, 2021. One factor was rising inflation; the 12-month inflation rate in the United States and eurozone reached 30-year highs, and inflation generally rose across Asia as well. Persistently high inflation led to expectations that central banks around the world will reduce or eliminate their accommodative policies sooner than expected.

Another factor was the spread of new, more-transmissible COVID-19 variants, including Delta and Omicron, that created uncertainty about global economic growth going forward. In this environment, global bond yields generally moved higher, led by short- and intermediate-term yields as investors began to price in changing central bank policies.

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

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

Sincerely,

Andrew G. Arnott
President and CEO,
John Hancock Investment Management
Head of Wealth and Asset Management,
United States and Europe

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

John Hancock

High Yield Municipal Bond Fund

Table of contents

2	Your fund at a glance
3	Portfolio summary
5	A look at performance
7	Your expenses
9	Fund’s investments
20	Financial statements
23	Financial highlights
27	Notes to financial statements
34	Evaluation of advisory and subadvisory agreements by the Board of Trustees
41	More information

SEMIANNUAL REPORT  | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND

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Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks a high level of current income that is largely exempt from federal income tax, consistent with the preservation of capital.

AVERAGE ANNUAL TOTAL RETURNS AS OF 11/30/2021 (%)

The Bloomberg High Yield Municipal Bond Index, formerly known as Bloomberg Barclays 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.

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JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND  | SEMIANNUAL REPORT

Portfolio summary

PORTFOLIO COMPOSITION AS OF 11/30/2021 (% of net assets)

QUALITY COMPOSITION AS OF 11/30/2021 (% of net assets)

Ratings are from Moody’s Investors Service, Inc. If not available, we have used Standard & Poor’s Ratings Services. 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 11-30-21 and do not reflect subsequent downgrades or upgrades, if any.

SEMIANNUAL REPORT | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND

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SECTOR COMPOSITION AS OF 11/30/2021 (% of net assets)

Notes about risk

The fund is subject to various risks as described in the fund’s prospectus. The novel COVID-19 disease has resulted in significant disruptions to global business activity. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, which may lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect fund performance. For more information, please refer to the “Principal risks” section of the prospectus.

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JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | SEMIANNUAL REPORT

A look at performance

TOTAL RETURNS FOR THE PERIOD ENDED NOVEMBER 30, 2021

Average annual total returns (%) with maximum sales charge					Cumulative total returns (%) with maximum sales charge			SEC 30-day yield (%) subsidized	SEC 30-day yield (%) unsubsidized†	Tax- equivalent subsidized yield (%)†
		1-year	5-year	10-year	6-month	5-year	10-year	as of 11-30-21	as of 11-30-21	as of 11-30-21
Class A		3.27	4.63	4.50	-2.39	25.42	55.35	1.52	1.42	2.57
Class C		5.76	4.71	4.15	0.25	25.88	50.11	0.84	0.73	1.42
Class I1,2		7.85	5.69	5.03	1.83	31.90	63.29	1.72	1.72	2.91
Class R61,2		7.75	5.68	5.02	1.72	31.82	63.19	1.76	1.75	2.97
Index 1††		9.50	7.77	6.88	2.57	45.37	94.48	—	—	—
Index 2††		1.97	4.38	3.90	0.56	23.91	46.65	—	—	—

Performance figures assume all distributions have been reinvested. Figures reflect maximum sales charges on Class A shares of 4.0% and the applicable contingent deferred sales charge (CDSC) on Class C shares. The returns for Class A shares have been adjusted to reflect the reduction in the maximum sales charge from 4.5% to 4.0%, effective 2-3-14. Class C shares sold within one year of purchase are subject to a 1% CDSC. Sales charges are not applicable to Class I and Class R6 shares.

The expense ratios of the fund, both net (including any fee waivers and/or expense limitations) and gross (excluding any fee waivers and/or expense limitations), are set forth according to the most recent publicly available prospectuses for the fund and may differ from those disclosed in the Financial highlights tables in this report. Net expenses reflect contractual fee waivers and expense limitations in effect until September 30, 2022 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply. The expense ratios are as follows:

	Class A	Class C	Class I	Class R6
Gross (%)	1.02	1.77	0.77	0.74
Net (%)	0.89	1.64	0.74	0.72

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown. For current to the most recent month-end performance data, please call 800–225–5291 or visit the fund’s website at jhinvestments.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The fund’s performance results reflect any applicable fee waivers or expense reductions, without which the expenses would increase and results would have been less favorable.

See the following page for footnotes.

SEMIANNUAL REPORT  | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND

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This chart and table show what happened to a hypothetical $10,000 investment in John Hancock High Yield Municipal Bond Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in two separate indexes.

	Start date	With maximum sales charge ($)	Without sales charge ($)	Index 1 ($)	Index 2 ($)
Class C3	11-30-11	15,011	15,011	19,448	14,665
Class I1,2	11-30-11	16,329	16,329	19,448	14,665
Class R61,2	11-30-11	16,319	16,319	19,448	14,665

The values shown in the chart for Class A shares with maximum sales charge have been adjusted to reflect the reduction in the Class A shares’ maximum sales charge from 4.5% to 4.0%, which became effective on 2-3-14.

The Bloomberg High Yield Municipal Bond Index, formerly known as Bloomberg Barclays High Yield Municipal Bond Index, tracks the performance of municipal bonds rated below investment grade (BBB/Baa) and those that are unrated.

The Bloomberg Municipal Bond Index, formerly known as Bloomberg Barclays 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.

Footnotes related to performance pages

1	Class I and Class R6 shares were first offered on 2-13-17 and 8-30-17, respectively. Returns prior to these dates are those of Class A shares that have not been adjusted for class-specific expenses; otherwise, returns would vary.
2	For certain types of investors, as described in the fund’s prospectus.
3	The contingent deferred sales charge is not applicable.

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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, 2021, with the same investment held until November 30, 2021.

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, 2021, 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, 2021, with the same investment held until November 30, 2021. 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

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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 6-1-2021	Ending value on 11-30-2021	Expenses paid during period ended 11-30-20211	Annualized expense ratio
Class A	Actual expenses/actual returns	$1,000.00	$1,016.30	$4.40	0.87%
	Hypothetical example	1,000.00	1,020.70	4.41	0.87%
Class C	Actual expenses/actual returns	1,000.00	1,012.50	8.17	1.62%
	Hypothetical example	1,000.00	1,016.90	8.19	1.62%
Class I	Actual expenses/actual returns	1,000.00	1,018.30	3.64	0.72%
	Hypothetical example	1,000.00	1,021.50	3.65	0.72%
Class R6	Actual expenses/actual returns	1,000.00	1,017.20	3.49	0.69%
	Hypothetical example	1,000.00	1,021.60	3.50	0.69%

    

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

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JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | SEMIANNUAL REPORT

Fund’s investments

AS OF 11-30-21 (unaudited)

	Rate (%)	Maturity date		Par value^	Value
Municipal bonds 94.6%					$168,390,345
(Cost $152,153,537)
Arizona 1.5%					2,648,533
Arizona Industrial Development Authority Macombs Facility Project, Series A	4.000	07-01-51		500,000	553,073
Industrial Development Authority Education Revenue Refunding Facility American Leadership (A)	4.000	06-15-57		1,000,000	1,021,104
Maricopa County Industrial Development Authority Education Revenue Arizona Autism Charter School Project (A)	4.000	07-01-61		1,000,000	1,074,356
Arkansas 0.6%					1,103,699
Arkansas Development Finance Authority Big River Steel Project, AMT (A)	4.500	09-01-49		1,000,000	1,103,699
California 5.9%					10,473,339
California Community Housing Agency Essential Housing Revenue Stoneridge Apartments, Series A (A)	4.000	02-01-56		400,000	416,824
California Infrastructure & Economic Development Bank Revenue Senior WFCS Portfolio PJS, Series A1 (A)	5.000	01-01-56		250,000	281,435
California Public Finance Authority Senior Living Revenue Refunding Enso Village Project, Series A (A)	5.000	11-15-46		100,000	114,789
California Public Finance Authority Senior Living Revenue Refunding Enso Village Project, Series A (A)	5.000	11-15-56		700,000	799,784
City of Sacramento Greenbriar Community Facilities District No. 2018-3	4.000	09-01-50		400,000	449,476
CSCDA Community Improvement Authority California Essential Housing Revenue Altana Glendale, Series A-2 (A)	4.000	10-01-56		500,000	519,779
CSCDA Community Improvement Authority California Essential Housing Revenue, Senior Pasadena Portfolio, Series A2 (A)	3.000	12-01-56		700,000	636,143
CSCDA Community Improvement Authority California Essential Housing Revenue, The Link Glendale, Series A2 (A)	4.000	07-01-56		400,000	413,843
Golden State Tobacco Securitization Corp. Series A-1	3.500	06-01-36		665,000	671,796
Golden State Tobacco Securitization Corp. Series A-2	5.300	06-01-37		1,000,000	1,022,078
Orange County Community Facilities District Esencia Villagers, Series A	5.000	08-15-41		1,000,000	1,147,656

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND

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	Rate (%)	Maturity date		Par value^	Value
California (continued)
River Islands Public Financing Authority Community Facilities District, No. 2003-1	5.500	09-01-45		795,000	$831,425
River Islands Public Financing Authority Community Facilities District, No. 2003-1, Series A	5.000	09-01-48		750,000	861,364
Southern California Public Power Authority Natural Gas Project Revenue, Series A	5.250	11-01-26		1,500,000	1,814,736
Tobacco Securitization Authority of Northern California Tobacco Settlement Revenue (B)	3.654	06-01-60		2,000,000	492,211
Colorado 6.0%					10,674,827
Aerotropolis Regional Transportation Authority Special Revenue	4.375	12-01-52		1,000,000	1,017,101
Colorado Health Facilities Authority Commonspirit Health Series A-2	4.000	08-01-49		1,000,000	1,139,389
Longs Peak Metropolitan District Colorado Limited Tax, GO (A)	5.250	12-01-51		1,000,000	1,001,918
Public Authority for Colorado Energy Natural Gas Revenue	6.250	11-15-28		2,500,000	3,127,582
Pueblo Urban Renewal Authority Tax Increment Revenue Evraz Project, Series A (A)	4.750	12-01-45		1,000,000	1,132,041
Rampart Range Metropolitan District No 5 Colorado Limited Tax Supported and Special Revenue	4.000	12-01-51		1,000,000	1,022,774
Sterling Ranch Community Authority Board Series A	5.000	12-01-47		1,500,000	1,572,087
Villages at Castle Rock Metropolitan District No. 6 Cobblestone Ranch Project, Series 2, GO (B)	7.048	12-01-37		2,000,000	661,935
Connecticut 1.6%					2,770,199
Steelpointe Infrastructure Improvement District Connecticut Special Obligation Revenue Steelpointe Harbor Project (A)	4.000	04-01-51		1,630,000	1,696,768
Town of Hamden Whitney Center Project	5.000	01-01-50		1,000,000	1,073,431
District of Columbia 2.8%					4,948,645
District of Columbia KIPP DC Project	4.000	07-01-39		1,000,000	1,139,721
Metropolitan Washington DC Airports Authority Highway Revenue Tolls, Series C (C)	6.500	10-01-41		3,000,000	3,808,924
Florida 5.4%					9,680,224
Celebration Pointe Community Development District No. 1 Alachua County (A)	5.000	05-01-48		500,000	550,133
Charlotte County Industrial Development Authority Town and Country Utilities Project, AMT (A)	5.000	10-01-49		500,000	552,351

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JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Florida (continued)
County of Lake Imagine South Lake Charter School (A)	5.000	01-15-54		625,000	$696,935
Escambia County Health Facilities Authority Health Care Facility Revenue, Series A	4.000	08-15-50		1,500,000	1,676,512
Florida Development Finance Corp. Educational Facilities Revenue Drs Kiran and Pallavi Patel 2017 (A)	4.000	07-01-51		250,000	266,385
Florida Development Finance Corp. Solid Waste Disposal Revenue USA Inc. Project, AMT	3.000	06-01-32		1,000,000	1,046,986
Hillsborough County Industrial Development Authority Tampa General Hospital Project, Series A	4.000	08-01-50		1,000,000	1,154,010
Palm Beach County Health Facilities Authority Revenue Refunding Toby and Leon Cooperman (D)	4.000	06-01-31		750,000	797,624
Palm Beach County Health Facilities Authority Sinai Residences Boca Raton Project, Series A	7.500	06-01-49		1,000,000	1,045,540
Polk County Industrial Development Authority Mineral Development LLC, AMT (A)	5.875	01-01-33		250,000	312,765
St. Johns County Industrial Development Authority Senior Living Revenue Vicars Landing Project, Series A	4.000	12-15-50		500,000	542,565
Village Community Development District No. 12 (A)	4.250	05-01-43		935,000	1,038,418
Georgia 2.0%					3,606,813
Fulton County Residential Care Facilities for the Elderly Authority Lenbrook Square Foundation, Inc.	5.000	07-01-42		840,000	897,652
Main Street Natural Gas, Inc. Series A	5.000	05-15-49		1,000,000	1,493,638
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project	5.000	01-01-48		1,000,000	1,215,523
Illinois 9.3%					16,602,028
Chicago Board of Education Series A, GO	7.000	12-01-44		1,000,000	1,206,992
Chicago Board of Education Series D, GO	5.000	12-01-46		500,000	597,277
City of Chicago Series A, GO	5.000	01-01-31		1,000,000	1,238,484
City of Chicago Series A, GO	6.000	01-01-38		1,000,000	1,239,214
Illinois Finance Authority Learn Charter School Project	4.000	11-01-51		250,000	286,217
Illinois Finance Authority Learn Charter School Project	4.000	11-01-56		655,000	743,685
Illinois Finance Authority Westminster Village, Series A	5.250	05-01-38		1,000,000	1,060,717

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND

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	Rate (%)	Maturity date		Par value^	Value
Illinois (continued)
Illinois Sports Facilities Authority State Tax Supported (C)	5.250	06-15-32		750,000	$818,359
Metropolitan Pier & Exposition Authority Illinois Revenue Refunding Mccormick Place Expansion, Series A (D)	4.000	06-15-52		1,500,000	1,693,064
Metropolitan Pier & Exposition Authority McCormick Place Project, Series B	4.250	06-15-42		1,500,000	1,531,832
Sales Tax Securitization Corp. Series A	4.000	01-01-39		1,500,000	1,762,662
State of Illinois Series A, GO	5.000	10-01-28		1,250,000	1,539,857
State of Illinois, GO	4.000	06-01-33		750,000	827,266
Upper Illinois River Valley Development Authority Prairie Crossing Charter School Project (A)	5.000	01-01-55		1,000,000	1,051,635
Village of Lincolnwood Il Tax Increment Allocation Revenue Note Certificates Participation North Lincoln Redevelopment Project Area, Series A (A)	4.820	01-01-41		1,000,000	1,004,767
Indiana 1.2%					2,092,803
Indiana Finance Authority BHI Senior Living	5.000	11-15-38		1,000,000	1,146,441
Indiana Finance Authority Green Bond Polyflow Industry Project, AMT (A)	7.000	03-01-39		1,000,000	946,362
Iowa 0.6%					1,075,962
Iowa Finance Authority Northcrest, Inc. Project, Series A	5.000	03-01-48		1,000,000	1,075,962
Kansas 0.3%					550,934
City of Prairie Village Special Obligation Tax Increment Revenue Refunding Meadowbrook TIF Project (D)	2.875	04-01-30		550,000	550,934
Kentucky 0.5%					834,258
Kentucky Municipal Power Agency Prairie State Project, Series A	4.000	09-01-45		750,000	834,258
Louisiana 1.8%					3,189,989
Louisiana Local Government Environmental Facilities & Community Development Authority Westlake Chemical Corp. Project	3.500	11-01-32		1,000,000	1,096,120
St. James Parish NuStar Logistics LP Project (A)	6.100	12-01-40		1,000,000	1,318,930
St. John Baptist Parish Marathon Oil Corp. Project, Series B-1	2.125	06-01-37		750,000	774,939

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JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Maryland 1.4%					$2,524,566
Anne Arundel County Consolidated Special Taxing District Villages at 2 Rivers Project	5.250	07-01-44		1,000,000	1,061,842
Maryland Economic Development Corp. Special Obligation Port Covington Project	3.250	09-01-30		100,000	111,001
Maryland Economic Development Corp. Special Obligation Port Covington Project	4.000	09-01-50		200,000	225,949
Maryland Health & Higher Educational Facilities Authority Meritus Medical Center	5.000	07-01-40		1,000,000	1,125,774
Massachusetts 1.7%					2,937,913
Massachusetts Development Finance Agency Green Bonds-Boston Medical Center, Series D	5.000	07-01-44		1,000,000	1,132,206
Massachusetts Development Finance Agency NewBridge on the Charles, Inc. (A)	5.000	10-01-47		750,000	810,002
Massachusetts Development Finance Agency Orchard Cove, Inc.	5.000	10-01-49		895,000	995,705
Michigan 2.2%					3,946,152
City of Detroit, GO	5.500	04-01-50		1,000,000	1,237,032
Michigan Finance Authority Local Government Loan Program, Series F-1	4.500	10-01-29		500,000	531,098
Michigan Mathematics & Science Initiative Public School Academy	4.000	01-01-51		1,000,000	1,097,294
Summit Academy North Michigan Public School Academy Revenue Refunding	4.000	11-01-41		1,000,000	1,080,728
Minnesota 2.0%					3,509,232
City of Anoka Homestead at Anoka, Inc. Project	4.750	11-01-35		500,000	539,449
City of Anoka Homestead at Anoka, Inc. Project	5.500	11-01-46		500,000	547,035
Housing & Redevelopment Authority of The City of St. Paul Carondelet Village Project, Series A	5.000	12-01-47		1,250,000	1,380,941
Woodbury Housing & Redevelopment Authority St. Therese of Woodbury	5.125	12-01-44		1,000,000	1,041,807
Missouri 1.2%					2,180,639
Health & Educational Facilities Authority Lutheran Senior Service Projects, Series A	5.000	02-01-42		1,000,000	1,104,699
Lees Summit Industrial Development Authority John Knox Village, Series A	5.000	08-15-46		1,000,000	1,075,940
Montana 0.4%					661,794
Montana Facility Finance Authority Montana Children’s Home and Hospital	4.000	07-01-50		600,000	661,794

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND

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	Rate (%)	Maturity date		Par value^	Value
Nevada 0.3%					$511,244
City of Las Vegas Special Improvement District No. 816 Local Improvement Summerlin Village 22	3.125	06-01-46		500,000	511,244
New Hampshire 0.6%					1,051,133
New Hampshire Business Finance Authority Covanta Project, AMT (A)	4.875	11-01-42		500,000	521,133
New Hampshire Health & Education Facilities Authority Hillside Village, Series A (A)(E)	6.125	07-01-52		1,000,000	530,000
New Jersey 3.1%					5,543,795
Casino Reinvestment Development Authority Luxury Tax Revenue	5.250	11-01-44		1,000,000	1,083,980
New Jersey Economic Development Authority Port Newark Container Terminal LLC, AMT	5.000	10-01-47		750,000	862,973
New Jersey Economic Development Authority Revenue Refunding Municipal Rehabilitation, Series A	5.250	04-01-28		400,000	500,608
New Jersey Economic Development Authority School Facilities Construction	4.000	06-15-49		1,000,000	1,124,044
New Jersey Health Care Facilities Financing Authority St. Joseph’s Healthcare System	4.000	07-01-48		750,000	824,553
New Jersey Transportation Trust Fund Authority Transportation System, Series A (D)	4.000	06-15-42		1,000,000	1,147,637
New York 7.3%					13,076,603
Build NYC Resource Corp. New York Revenue Seton Education Partners Brilla Project (A)	4.000	11-01-41		250,000	282,509
Build NYC Resource Corp. New York Revenue Seton Education Partners Brilla Project (A)	4.000	11-01-51		750,000	835,677
Build NYC Resource Corp. New York Revenue Shefa School Project, Series A (A)	5.000	06-15-51		250,000	299,215
Erie Tobacco Asset Securitization Corp. Series A (A)(B)	7.680	06-01-60		15,000,000	833,327
Metropolitan Transportation Authority Series D-1	5.000	11-15-39		750,000	830,587
Nassau County Tobacco Settlement Corp. Series D (B)	6.716	06-01-60		12,000,000	946,998
New York Counties Tobacco Trust IV Series F (B)	7.179	06-01-60		17,000,000	1,133,040
New York Liberty Development Corp. World Trade Center, Class 1-3 (A)	5.000	11-15-44		850,000	928,126
New York Liberty Development Corp. World Trade Center, Class 2-3 (A)	5.150	11-15-34		1,000,000	1,111,474
New York State Dormitory Authority Orange Regional Medical Center (A)	5.000	12-01-45		1,000,000	1,130,908

14

JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
New York (continued)
New York Transportation Development Corp. Delta Airlines, Inc., Laguardia, AMT	4.000	01-01-36		1,000,000	$1,123,215
New York Transportation Development Corp. Delta Airlines, Inc., Laguardia, AMT	5.000	01-01-36		1,000,000	1,193,136
New York Transportation Development Corp. John F. Kennedy International Airport, AMT	5.250	08-01-31		940,000	1,122,432
New York Transportation Development Corp. New York State Thruway Service Areas Project, AMT	4.000	04-30-53		500,000	568,642
New York Transportation Development Corp. Special Facility Revenue American Airlines Inc., JFK, AMT	3.000	08-01-31		200,000	217,309
Niagara Area Development Corp. Covanta Project, Series A, AMT (A)	4.750	11-01-42		500,000	520,008
Ohio 4.0%					7,101,250
Buckeye Tobacco Settlement Financing Authority Series A-2, Class 1	3.000	06-01-48		1,000,000	1,030,320
Buckeye Tobacco Settlement Financing Authority Series A-2, Class 1	4.000	06-01-48		1,000,000	1,130,510
Northeast Ohio Medical University General Receipts Refunding, Series A	4.000	12-01-35		250,000	289,598
Northeast Ohio Medical University General Receipts Refunding, Series A	4.000	12-01-45		225,000	254,387
Ohio Air Quality Development Authority Ohio Valley Electric Corp. Project	3.250	09-01-29		1,000,000	1,083,257
Ohio Air Quality Development Authority Ohio Valley Electric Corp. Project, Series B, AMT	2.500	11-01-42		1,000,000	1,096,777
Ohio Air Quality Development Authority Pratt Paper LLC Project, AMT (A)	4.250	01-15-38		500,000	570,984
Ohio Air Quality Development Authority Pratt Paper LLC Project, AMT (A)	4.500	01-15-48		500,000	578,199
Southeastern Ohio Port Authority Marietta Memorial Hospital	5.000	12-01-35		1,000,000	1,067,218
Oklahoma 0.3%					547,482
Tulsa Industrial Authority University of Tulsa	5.000	10-01-31		500,000	547,482
Oregon 0.6%					1,132,162
Salem Hospital Facility Authority Capital Manor Project	5.000	05-15-48		1,000,000	1,132,162
Pennsylvania 1.3%					2,396,721
Bucks County Industrial Development Authority Hospital Revenue Grand View Hospital Project	4.000	07-01-46		350,000	395,542
Lancaster County Hospital Authority Brethen Village Project	5.125	07-01-37		1,000,000	1,134,803

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND

15

	Rate (%)	Maturity date		Par value^	Value
Pennsylvania (continued)
Philadelphia Authority for Industrial Development Charter School Revenue Philadelphia Electrical	4.000	06-01-51		800,000	$866,376
Puerto Rico 5.6%					9,905,179
Puerto Rico Electric Power Authority Series 2013A-RSA-1 (E)	7.000	07-01-43		1,250,000	1,256,250
Puerto Rico Electric Power Authority Series TT-RSA-1 (E)	5.000	07-01-24		765,000	751,613
Puerto Rico Highway & Transportation Authority Teodoro Moscoso Bridge, Series A (B)	6.275	07-01-26		1,343,000	1,011,964
Puerto Rico Public Buildings Authority Government Facilities, Series S-PSA (E)	6.000	07-01-41		500,000	556,250
Puerto Rico Public Buildings Authority Revenue Guaranteed Refunding Government Facilities, Series U (E)	5.250	07-01-42		1,000,000	1,022,500
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-1 (B)	2.291	07-01-31		1,000,000	802,329
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-1 (B)	4.505	07-01-46		2,500,000	832,884
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-1	4.750	07-01-53		1,332,000	1,506,251
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-1	5.000	07-01-58		1,000,000	1,145,557
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-2	4.784	07-01-58		900,000	1,019,581
Rhode Island 1.6%					2,764,583
Tobacco Settlement Financing Corp. Series A	5.000	06-01-35		1,500,000	1,684,767
Tobacco Settlement Financing Corp. Series B	4.500	06-01-45		1,000,000	1,079,816
South Carolina 1.2%					2,113,892
South Carolina Jobs-Economic Development Authority Episcopal Home at Still Hopes	5.000	04-01-48		1,000,000	1,078,093
South Carolina Jobs-Economic Development Authority Solid Waste Disposal Revenue, AMT (A)	6.500	06-01-51		1,000,000	1,035,799
Tennessee 2.7%					4,730,321
Metropolitan Government Nashville & Davidson County Industrial Development Board Special Assessment Revenue South Nashville Central (A)	4.000	06-01-51		500,000	514,344
Tennessee Energy Acquisition Corp. Natural Gas Revenue, Series C	5.000	02-01-25		3,720,000	4,215,977

16

JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Texas 8.6%					$15,375,165
Board of Managers Joint Guadalupe County Hospital Mortgage Revenue	5.000	12-01-45		1,000,000	1,071,737
Brazoria County Industrial Development Corp. Gladieux Metals Recycling, AMT	7.000	03-01-39		1,000,000	1,107,642
City of Houston Airport System Revenue Special Facilities United Airlines, AMT	4.000	07-15-41		1,000,000	1,065,431
City of Houston Airport System Revenue United Airlines, Inc. Terminal Projects, AMT	6.625	07-15-38		1,000,000	1,006,001
City of Houston Airport System Revenue United Airlines, Inc. Terminal Projects, Series B-2, AMT	5.000	07-01-27		500,000	584,971
City of Houston Airport System Revenue United Airlines, Inc. Terminal Projects, Series C, AMT	5.000	07-15-28		1,100,000	1,310,047
Gulf Coast Industrial Development Authority CITGO Petroleum Corp. Project, AMT	4.875	05-01-25		500,000	507,572
Gulf Coast Industrial Development Authority CITGO Petroleum Corp. Project, AMT	8.000	04-01-28		500,000	500,750
Mission Economic Development Corp. Natgasoline Project, AMT (A)	4.625	10-01-31		1,500,000	1,577,812
New Hope Cultural Education Facilities Finance Corp. Legacy Midtown Park Project, Series A	5.500	07-01-54		500,000	526,921
New Hope Cultural Education Facilities Finance Corp. Texas Senior Living Revenue Sanctuary LTC Project, Series A-1	5.500	01-01-57		1,000,000	1,001,365
New Hope Cultural Education Facilities Finance Corp. Texas Senior Living Revenue Taxable Sanctuary LTC Project Series	6.500	01-01-31		1,000,000	998,372
Port Beaumont Navigation District Dock & Wharf Facility Revenue Jefferson Gulf Coast Energy, AMT (A)	2.875	01-01-41		500,000	493,565
Port Beaumont Navigation District Dock & Wharf Facility Revenue Jefferson Gulf Coast Energy, AMT (A)	3.000	01-01-50		500,000	488,823
San Antonio Education Facilities Corp. Revenue Higher Education Hallmark University Project, Series A	5.000	10-01-51		250,000	268,459
Texas Municipal Gas Acquisition & Supply Corp. Natural Gas Revenue, Series D	6.250	12-15-26		1,520,000	1,753,147
Texas Private Activity Bond Surface Transportation Corp. NTE Mobility Partners Segments LLC, AMT	7.000	12-31-38		1,000,000	1,112,550
Utah 1.6%					2,925,840
Military Installation Development Authority Utah Tax Allocation Revenue Hotel Tax, Series A-1	4.000	06-01-52		1,220,000	1,212,652
Utah Charter School Finance Authority St. George Campus Project, Series A (A)	5.000	06-15-52		1,000,000	1,136,350

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND

17

	Rate (%)	Maturity date		Par value^	Value
Utah (continued)
Utah Infrastructure Agency Telecommunication Revenue	4.000	10-15-41		500,000	$576,838
Vermont 0.4%					788,699
Vermont Economic Development Authority Wake Robin Corporation Project, Series A	5.000	05-01-47		710,000	788,699
Virginia 1.7%					3,007,827
Alexandria Industrial Development Authority Goodwin House, Inc.	5.000	10-01-50		1,000,000	1,114,373
James City County Economic Development Authority Residential Care Facility Revenue Windsormeade, Series A	4.000	06-01-47		660,000	711,235
Tobacco Settlement Financing Corp. Series D (B)	5.938	06-01-47		4,000,000	899,258
Virginia College Building Authority Educational Facilities Revenue Regent University Project	4.000	06-01-46		250,000	282,961
Washington 0.6%					1,003,055
Washington State Convention Center Public Facilities District Refunding Subordinated Lodging Tax, Series B	3.000	07-01-58		1,000,000	1,003,055
Wisconsin 4.7%					8,402,845
Public Finance Authority Friends Homes (A)	5.000	09-01-54		1,000,000	1,130,616
Public Finance Authority Retirement Facility Revenue Southminster (A)	5.000	10-01-53		1,150,000	1,258,964
Public Finance Authority Rose Villa Project, Series A (A)	5.750	11-15-44		1,000,000	1,077,432
Public Finance Authority Rose Villa Project, Series A (A)	6.000	11-15-49		1,000,000	1,082,974
Public Finance Authority Wisconsin Revenue First Tier Mclemore Hotel (A)	4.500	06-01-56		1,000,000	1,012,114
Public Finance Authority Wisconsin Revenue, Series A1 (A)	5.000	01-01-56		200,000	222,666
Public Finance Authority Wisconsin Special Facility Revenue Senior Sky Harbor Capital LLC Aviation, AMT	4.250	07-01-54		1,000,000	1,047,872
Public Finance Authority Wisconsin Student Housing Revenue Senior University Hawaii Foundation Project Series	4.000	07-01-61		500,000	534,475

18

JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Wisconsin (continued)
Public Finance Authority Wisconsin Student Housing Revenue University Hawaii Foundation Project Subordinated Series	5.250	07-01-61		250,000	$257,580
Wisconsin Health & Educational Facilities Authority Revenue Hope Christian School Obligation	4.000	12-01-56		750,000	778,152
Corporate bonds 0.3%					$502,863
(Cost $2,143,340)
Health care 0.3%					502,863
Health care providers and services 0.3%
Tower Health	4.451	02-01-50		566,000	502,863

    

		Yield (%)		Shares	Value
Short-term investments 6.7%					$12,039,496
(Cost $12,039,903)
Short-term funds 6.7%
John Hancock Collateral Trust (F)		0.0000(G)		1,203,336	12,039,496
Total investments (Cost $166,336,780) 101.6%					$180,932,704
Other assets and liabilities, net (1.6%)					(2,916,949)
Total net assets 100.0%					$178,015,755

    

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 $37,934,185 or 21.3% of the fund’s net assets as of 11-30-21.
(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.
(D)	Security purchased or sold on a when-issued or delayed delivery basis.
(E)	Non-income producing - Issuer is in default.
(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 11-30-21.

At 11-30-21, the aggregate cost of investments for federal income tax purposes was $164,701,065. Net unrealized appreciation aggregated to $16,231,639, of which $17,072,407 related to gross unrealized appreciation and $840,768 related to gross unrealized depreciation.

Insurance coverage	As a % of total investments
Assured Guaranty Corp.	2.1
Assured Guaranty Municipal Corp.	0.5
TOTAL	2.6

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND

19

Financial statements

STATEMENT OF ASSETS AND LIABILITIES 11-30-21 (unaudited)

Assets
Unaffiliated investments, at value (Cost $154,296,877)	$168,893,208
Affiliated investments, at value (Cost $12,039,903)	12,039,496
Total investments, at value (Cost $166,336,780)	180,932,704
Interest receivable	1,938,259
Receivable for fund shares sold	697,782
Receivable from affiliates	1,112
Other assets	43,548
Total assets	183,613,405
Liabilities
Distributions payable	17,953
Payable for investments purchased	1,012,030
Payable for delayed delivery securities purchased	4,150,740
Payable for fund shares repurchased	290,551
Payable to affiliates
Accounting and legal services fees	8,497
Transfer agent fees	5,998
Distribution and service fees	11,124
Trustees’ fees	148
Other liabilities and accrued expenses	100,609
Total liabilities	5,597,650
Net assets	$178,015,755
Net assets consist of
Paid-in capital	$159,950,380
Total distributable earnings (loss)	18,065,375
Net assets	$178,015,755
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 ($134,489,288 ÷ 16,255,612 shares)1	$8.27
Class C ($13,372,424 ÷ 1,616,203 shares)1	$8.27
Class I ($26,798,398 ÷ 3,233,964 shares)	$8.29
Class R6 ($3,355,645 ÷ 404,759 shares)	$8.29
Maximum offering price per share
Class A (net asset value per share ÷ 96%)2	$8.61

    

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.

20

JOHN HANCOCK High Yield Municipal Bond Fund | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

STATEMENT OF OPERATIONS For the six months ended 11-30-21 (unaudited)

Investment income
Interest	$3,329,050
Dividends from affiliated investments	975
Total investment income	3,330,025
Expenses
Investment management fees	458,702
Distribution and service fees	233,547
Accounting and legal services fees	14,297
Transfer agent fees	34,627
Trustees’ fees	1,299
Custodian fees	21,695
State registration fees	38,369
Printing and postage	10,800
Professional fees	25,689
Other	9,186
Total expenses	848,211
Less expense reductions	(81,936)
Net expenses	766,275
Net investment income	2,563,750
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments	1,860,377
Affiliated investments	656
	1,861,033
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments	(1,786,336)
Affiliated investments	(523)
	(1,786,859)
Net realized and unrealized gain	74,174
Increase in net assets from operations	$2,637,924

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK High Yield Municipal Bond Fund

21

STATEMENTS OF CHANGES IN NET ASSETS  

	Six months ended 11-30-21 (unaudited)	Year ended 5-31-21
Increase (decrease) in net assets
From operations
Net investment income	$2,563,750	$5,151,419
Net realized gain	1,861,033	2,746,139
Change in net unrealized appreciation (depreciation)	(1,786,859)	15,196,049
Increase in net assets resulting from operations	2,637,924	23,093,607
Distributions to shareholders
From earnings
Class A	(1,954,594)	(4,092,891)
Class B1	—	(6,140)
Class C	(156,027)	(468,259)
Class I	(321,826)	(516,238)
Class R6	(45,477)	(77,303)
Total distributions	(2,477,924)	(5,160,831)
From fund share transactions	20,581,827	(2,438,333)
Total increase	20,741,827	15,494,443
Net assets
Beginning of period	157,273,928	141,779,485
End of period	$178,015,755	$157,273,928

    

1	Share class was redesignated during the period. Refer to Note 5 for further details.

22

JOHN HANCOCK High Yield Municipal Bond Fund | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

Financial highlights

CLASS A SHARES Period ended	11-30-211	5-31-21	5-31-20	5-31-19	5-31-18	5-31-17
Per share operating performance
Net asset value, beginning of period	$8.26	$7.32	$8.06	$7.93	$8.01	$8.33
Net investment income2	0.13	0.28	0.30	0.32	0.34	0.34
Net realized and unrealized gain (loss) on investments	—3	0.94	(0.58)	0.14	(0.06)	(0.28)
Total from investment operations	0.13	1.22	(0.28)	0.46	0.28	0.06
Less distributions
From net investment income	(0.12)	(0.28)	(0.33)	(0.33)	(0.36)	(0.38)
From net realized gain	—	—	(0.13)	—	—	—
Total distributions	(0.12)	(0.28)	(0.46)	(0.33)	(0.36)	(0.38)
Net asset value, end of period	$8.27	$8.26	$7.32	$8.06	$7.93	$8.01
Total return (%)4,5	1.636	16.83	(3.80)	5.99	3.55	0.76
Ratios and supplemental data
Net assets, end of period (in millions)	$134	$125	$107	$111	$117	$133
Ratios (as a percentage of average net assets):
Expenses before reductions	0.987	1.03	1.06	1.07	1.05	1.00
Expenses including reductions	0.877	0.89	0.92	0.93	0.91	0.89
Net investment income	3.097	3.48	3.79	4.10	4.31	4.24
Portfolio turnover (%)	19	34	52	41	8	27

    

1	Six months ended 11-30-21. Unaudited.
2	Based on average daily shares outstanding.
3	Less than $0.005 per share.
4	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
5	Does not reflect the effect of sales charges, if any.
6	Not annualized.
7	Annualized.

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK High Yield Municipal Bond Fund

23

CLASS C SHARES Period ended	11-30-211	5-31-21	5-31-20	5-31-19	5-31-18	5-31-17
Per share operating performance
Net asset value, beginning of period	$8.26	$7.32	$8.06	$7.93	$8.01	$8.33
Net investment income2	0.10	0.22	0.24	0.26	0.29	0.28
Net realized and unrealized gain (loss) on investments	—3	0.94	(0.58)	0.14	(0.07)	(0.28)
Total from investment operations	0.10	1.16	(0.34)	0.40	0.22	—
Less distributions
From net investment income	(0.09)	(0.22)	(0.27)	(0.27)	(0.30)	(0.32)
From net realized gain	—	—	(0.13)	—	—	—
Total distributions	(0.09)	(0.22)	(0.40)	(0.27)	(0.30)	(0.32)
Net asset value, end of period	$8.27	$8.26	$7.32	$8.06	$7.93	$8.01
Total return (%)4,5	1.256	15.96	(4.52)	5.20	2.78	0.00
Ratios and supplemental data
Net assets, end of period (in millions)	$13	$15	$20	$29	$35	$43
Ratios (as a percentage of average net assets):
Expenses before reductions	1.737	1.78	1.81	1.82	1.80	1.75
Expenses including reductions	1.627	1.64	1.67	1.68	1.66	1.64
Net investment income	2.347	2.75	3.04	3.35	3.56	3.50
Portfolio turnover (%)	19	34	52	41	8	27

    

1	Six months ended 11-30-21. 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.

24

JOHN HANCOCK High Yield Municipal Bond Fund | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

CLASS I SHARES Period ended	11-30-211	5-31-21	5-31-20	5-31-19	5-31-18	5-31-172
Per share operating performance
Net asset value, beginning of period	$8.27	$7.33	$8.07	$7.94	$8.02	$7.91
Net investment income3	0.13	0.29	0.31	0.33	0.36	0.12
Net realized and unrealized gain (loss) on investments	0.02	0.94	(0.58)	0.14	(0.07)	0.10
Total from investment operations	0.15	1.23	(0.27)	0.47	0.29	0.22
Less distributions
From net investment income	(0.13)	(0.29)	(0.34)	(0.34)	(0.37)	(0.11)
From net realized gain	—	—	(0.13)	—	—	—
Total distributions	(0.13)	(0.29)	(0.47)	(0.34)	(0.37)	(0.11)
Net asset value, end of period	$8.29	$8.27	$7.33	$8.07	$7.94	$8.02
Total return (%)4	1.835	16.99	(3.65)	6.15	3.71	2.845
Ratios and supplemental data
Net assets, end of period (in millions)	$27	$15	$13	$13	$9	$8
Ratios (as a percentage of average net assets):
Expenses before reductions	0.736	0.78	0.81	0.82	0.80	0.736
Expenses including reductions	0.726	0.74	0.77	0.78	0.76	0.736
Net investment income	3.226	3.62	3.94	4.23	4.47	4.966
Portfolio turnover (%)	19	34	52	41	8	277

    

1	Six months ended 11-30-21. Unaudited.
2	The inception date for Class I shares is 2-13-17.
3	Based on average daily shares outstanding.
4	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
5	Not annualized.
6	Annualized.
7	Portfolio turnover is shown for the period from 6-1-16 to 5-31-17.

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK High Yield Municipal Bond Fund

25

CLASS R6 SHARES Period ended	11-30-211	5-31-21	5-31-20	5-31-19	5-31-182
Per share operating performance
Net asset value, beginning of period	$8.28	$7.34	$8.08	$7.94	$8.08
Net investment income3	0.14	0.29	0.32	0.33	0.28
Net realized and unrealized gain (loss) on investments	—4	0.94	(0.59)	0.16	(0.14)
Total from investment operations	0.14	1.23	(0.27)	0.49	0.14
Less distributions
From net investment income	(0.13)	(0.29)	(0.34)	(0.35)	(0.28)
From net realized gain	—	—	(0.13)	—	—
Total distributions	(0.13)	(0.29)	(0.47)	(0.35)	(0.28)
Net asset value, end of period	$8.29	$8.28	$7.34	$8.08	$7.94
Total return (%)5	1.726	17.01	(3.61)	6.31	1.806
Ratios and supplemental data
Net assets, end of period (in millions)	$3	$2	$2	$2	$2
Ratios (as a percentage of average net assets):
Expenses before reductions	0.707	0.75	0.78	0.79	0.777
Expenses including reductions	0.697	0.71	0.74	0.75	0.737
Net investment income	3.257	3.66	3.98	4.27	4.527
Portfolio turnover (%)	19	34	52	41	88

    

1	Six months ended 11-30-21. Unaudited.
2	The inception date for Class R6 shares is 8-30-17.
3	Based on average daily shares outstanding.
4	Less than $0.005 per share.
5	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
6	Not annualized.
7	Annualized.
8	Portfolio turnover is shown for the period from 6-1-17 to 5-31-18.

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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 current income that is largely exempt from federal income tax, consistent with the preservation of capital. 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 fund’s Valuation Policies and Procedures.

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

Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the fund’s Pricing Committee following procedures established 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

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fund’s own 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, 2021, by major security category or type:

	Total value at 11-30-21	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Investments in securities:
Assets
Municipal bonds	$168,390,345	—	$168,390,345	—
Corporate bonds	502,863	—	502,863	—
Short-term investments	12,039,496	$12,039,496	—	—
Total investments in securities	$180,932,704	$12,039,496	$168,893,208	—

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

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

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

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

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JOHN HANCOCK High Yield Municipal Bond Fund | SEMIANNUAL REPORT

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. Prior to June 24, 2021, the fund could borrow up to an aggregate commitment amount of $850 million. 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, 2021, the fund had no borrowings under the line of credit. Commitment fees for the six months ended November 30, 2021 were $1,903.

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, 2021, the fund has a short-term capital loss carryforward of $63,745 available to offset future net realized capital gains. This carryforward does not expire.

As of May 31, 2021, 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 characterization of distributions and accretion on debt securities.

Note 3—Guarantees and indemnifications

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

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Note 4—Fees and transactions with affiliates

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

Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor equivalent on an annual basis to the sum of: (a) 0.5900% of the first $75 million of the fund’s average daily net assets, (b) 0.5200% of the next $75 million of the fund’s average daily net assets, (c) 0.4600% of the next $1.85 billion of the fund’s average daily net assets, (d) 0.4400% of the next $2 billion of the fund’s average daily net assets; and (e) 0.4100% 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 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, 2021, this waiver amounted to 0.01% of the fund’s average daily net assets, on an annualized basis. This arrangement expires on July 31, 2023, 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 agrees 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 (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) borrowing costs, (f) prime brokerage fees, (g) acquired fund fees and expenses paid indirectly, and (h) short dividend expense. This agreement expires on September 30, 2022, 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, 2021, the expense reductions described above amounted to the following:

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JOHN HANCOCK High Yield Municipal Bond Fund | SEMIANNUAL REPORT

the time the expense was incurred. These accounting and legal services fees incurred, for the six months ended November 30, 2021, 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, 2022, 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 $65,483 and $6,984 for Class A and Class C shares, respectively, for the six months ended November 30, 2021.

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $61,956 for the six months ended November 30, 2021. Of this amount, $9,130 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $52,826 was paid as sales commissions to broker-dealers.

Class A and Class C shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares purchased, including those that are acquired through purchases of $1 million or more, and redeemed within one year of purchase are subject to a 1.00% sales charge. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the six months ended November 30, 2021, CDSCs received by the Distributor amounted to $364 and $143 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, 2021 were as follows:

Class	Distribution and service fees	Transfer agent fees
Class A	$163,707	$27,306
Class C	69,840	2,914
Class I	—	4,280
Class R6	—	127

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Class	Distribution and service fees	Transfer agent fees
Total	$233,547	$34,627

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, 2021 and for the year ended May 31, 2021 were as follows:

	Six Months Ended 11-30-21		Year Ended 5-31-21
	Shares	Amount	Shares	Amount
Class A shares
Sold	1,873,186	$15,548,868	2,540,670	$20,064,197
Distributions reinvested	223,194	1,849,557	486,961	3,869,965
Repurchased	(978,581)	(8,108,663)	(2,485,224)	(19,623,934)
Net increase	1,117,799	$9,289,762	542,407	$4,310,228
Class B shares
Sold	—	—	18	$140
Distributions reinvested	—	—	669	5,178
Repurchased	—	—	(96,817)	(747,058)
Net decrease	—	—	(96,130)	$(741,740)
Class C shares
Sold	66,405	$550,066	136,999	$1,085,234
Distributions reinvested	18,653	154,671	57,680	456,498
Repurchased	(249,428)	(2,074,324)	(1,122,789)	(8,798,617)
Net decrease	(164,370)	$(1,369,587)	(928,110)	$(7,256,885)
Class I shares
Sold	1,553,537	$12,935,890	509,759	$4,052,174
Distributions reinvested	38,617	320,220	64,389	512,640
Repurchased	(195,017)	(1,616,907)	(448,139)	(3,563,317)
Net increase	1,397,137	$11,639,203	126,009	$1,001,497
Class R6 shares
Sold	135,661	$1,129,449	104,705	$820,354
Distributions reinvested	5,480	45,477	9,693	77,220
Repurchased	(18,444)	(152,477)	(82,061)	(649,007)
Net increase	122,697	$1,022,449	32,337	$248,567
Total net increase (decrease)	2,473,263	$20,581,827	(323,487)	$(2,438,333)

Affiliates of the fund owned 9% of shares of R6 on November 30, 2021. Such concentration of shareholders’ capital could have a material effect on the fund if such shareholders redeem from the fund.

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JOHN HANCOCK High Yield Municipal Bond Fund | SEMIANNUAL REPORT

On June 25, 2020, the Board of Trustees approved redesignations of certain share classes. As a result of the redesignations, Class B was terminated, and shareholders in this class became shareholders of the respective class identified below, with the same or lower total net expenses. The following amount is included in the amount repurchased of the terminated class and the amount sold of the redesignated class.

Redesignation	Effective date	Amount
Class B shares as Class A shares	October 14, 2020	$447,566

Note 6—Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to $44,114,958 and $31,433,395, respectively, for the six months ended November 30, 2021.

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	1,203,336	$3,704,236	$43,144,941	$(34,809,814)	$656	$(523)	$975	—	$12,039,496

Note 9—Coronavirus (COVID-19) pandemic

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

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EVALUATION OF ADVISORY AND SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Municipal Securities Trust (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with Manulife Investment Management (US) LLC (the Subadvisor), for John Hancock High Yield Municipal Bond Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 22-24, 2021 videoconference¹ meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a videoconference meeting held on May 25-26, 2021. The Trustees who are not "interested persons" of the Trust as defined by the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees") also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees and a third-party consulting firm.

Approval of Advisory and Subadvisory Agreements

At videoconference meetings held on June 22-24, 2021, 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

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JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND  | SEMIANNUAL REPORT

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.

Approval of Advisory Agreement

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

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

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

(a)

the skills and competency with which the Advisor has in the past managed the Trust’s affairs and its subadvisory relationship, the Advisor’s oversight and monitoring of the Subadvisor’s investment performance and compliance programs, such as the Subadvisor’s compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor’s timeliness in responding to performance issues;

(b)

the background, qualifications and skills of the Advisor’s personnel;

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35

(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;
(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, 2020. The Board also noted that the fund outperformed the peer group median for the one-year period and underperformed the peer group median for the three-, five- and ten-year periods ended December 31, 2020. 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 relative to the peer group median for the 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.

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JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND  | SEMIANNUAL REPORT

group of funds. In comparing the fund’s contractual and net management fees to those of comparable funds, the Board noted that such fees include both advisory and administrative costs. The Board noted that net management fees and net total expenses for the fund are 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 assets increase. The Board also noted that the fund’s distributor, an affiliate of the Advisor, has agreed to waive a portion of its Rule 12b-1 fee for a share class of the fund. The Board noted that the fund has a voluntary fee waiver and/or expense reimbursement, which reduces certain expenses of the fund. The Board reviewed information provided by the Advisor concerning the investment advisory fee charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the John Hancock Fund Complex) having similar investment mandates, if any. The Board considered any differences between the Advisor’s and Subadvisor’s services to the fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to the fund is reasonable in light of the nature, extent and quality of the services provided to the fund under the Advisory Agreement.

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

SEMIANNUAL REPORT  | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND

37

(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.

(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.

38

JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND  | SEMIANNUAL REPORT

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.

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

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

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

SEMIANNUAL REPORT  | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND

39

***

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.

40

JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND  | SEMIANNUAL REPORT

More information

SEMIANNUAL REPORT | JOHN HANCOCK HIGH YIELD MUNICIPAL BOND FUND

41

John Hancock family of funds

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EXCHANGE-TRADED FUNDS

John Hancock Corporate Bond ETF

John Hancock Mortgage-Backed Securities ETF

John Hancock Multifactor Consumer Discretionary ETF

John Hancock Multifactor Consumer Staples ETF

John Hancock Multifactor Developed International ETF

John Hancock Multifactor Emerging Markets ETF

John Hancock Multifactor Energy ETF

John Hancock Multifactor Financials ETF

John Hancock Multifactor Healthcare ETF

John Hancock Multifactor Industrials ETF

John Hancock Multifactor Large Cap ETF

John Hancock Multifactor Materials ETF

John Hancock Multifactor Media and

Communications ETF

John Hancock Multifactor Mid Cap ETF

John Hancock Multifactor Small Cap ETF

John Hancock Multifactor Technology ETF

John Hancock Multifactor Utilities ETF

John Hancock Preferred Income ETF

ENVIRONMENTAL, SOCIAL, AND
GOVERNANCE FUNDS

ESG Core Bond

ESG International Equity

ESG Large Cap Core

ASSET ALLOCATION/TARGET DATE FUNDS

Balanced

Multi-Asset High Income

Multi-Index Lifetime Portfolios

Multi-Index Preservation Portfolios

Multimanager Lifestyle Portfolios

Multimanager Lifetime Portfolios

Retirement Income 2040

CLOSED-END FUNDS

Financial Opportunities

Hedged Equity & Income

Income Securities Trust

Investors Trust

Preferred Income

Preferred Income II

Preferred Income III

Premium Dividend

Tax-Advantaged Dividend Income

Tax-Advantaged Global Shareholder Yield

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

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

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

A trusted brand

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

A better way to invest

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

Results for investors

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

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

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

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

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

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

MF1949182

59SA 11/21

1/2022

Semiannual report

John Hancock

Tax-Free Bond Fund

Fixed income

November 30, 2021

A message to shareholders

Dear shareholder,

The fixed-income markets grew increasingly volatile during the six months ended November 30, 2021. One factor was rising inflation; the 12-month inflation rate in the United States and eurozone reached 30-year highs, and inflation generally rose across Asia as well. Persistently high inflation led to expectations that central banks around the world will reduce or eliminate their accommodative policies sooner than expected.

Another factor was the spread of new, more-transmissible COVID-19 variants, including Delta and Omicron, that created uncertainty about global economic growth going forward. In this environment, global bond yields generally moved higher, led by short- and intermediate-term yields as investors began to price in changing central bank policies.

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

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

Sincerely,

Andrew G. Arnott
President and CEO,
John Hancock Investment Management
Head of Wealth and Asset Management,
United States and Europe

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

John Hancock

Tax-Free Bond Fund

Table of contents

2	Your fund at a glance
3	Portfolio summary
5	A look at performance
7	Your expenses
9	Fund’s investments
26	Financial statements
29	Financial highlights
33	Notes to financial statements
42	Evaluation of advisory and subadvisory agreements by the Board of Trustees
49	More information

SEMIANNUAL REPORT  | JOHN HANCOCK TAX-FREE BOND 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 11/30/2021 (%)

The Bloomberg Municipal Bond Index, formerly known as Bloomberg Barclays 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 TAX-FREE BOND FUND  | SEMIANNUAL REPORT

Portfolio summary

PORTFOLIO COMPOSITION AS OF 11/30/2021 (% of total investments)

QUALITY COMPOSITION AS OF 11/30/2021 (% of total investments)

Ratings are from Moody’s Investors Service, Inc. If not available, we have used Standard & Poor’s Ratings Services. 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 11-30-21 and do not reflect subsequent downgrades or upgrades, if any.

SEMIANNUAL REPORT | JOHN HANCOCK TAX-FREE BOND FUND

3

SECTOR COMPOSITION AS OF 11/30/2021 (% of total investments)

Notes about risk

The fund is subject to various risks as described in the fund’s prospectus. The novel COVID-19 disease has resulted in significant disruptions to global business activity. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, which may lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect fund performance. For more information, please refer to the “Principal risks” section of the prospectus.

4

JOHN HANCOCK TAX-FREE BOND FUND | SEMIANNUAL REPORT

A look at performance

TOTAL RETURNS FOR THE PERIOD ENDED NOVEMBER 30, 2021

Average annual total returns (%) with maximum sales charge					Cumulative total returns (%) with maximum sales charge			SEC 30-day yield (%) subsidized	SEC 30-day yield (%) unsubsidized†	Tax- equivalent subsidized yield (%)†
		1-year	5-year	10-year	6-month	5-year	10-year	as of 11-30-21	as of 11-30-21	as of 11-30-21
Class A		0.04	3.45	3.42	-3.40	18.49	39.95	0.76	0.65	1.28
Class C		2.39	3.52	3.06	-0.68	18.90	35.24	0.05	-0.06	0.08
Class I1,2		4.32	4.49	3.93	0.77	24.55	47.07	0.94	0.93	1.59
Class R61,2		4.36	4.46	3.92	0.79	24.38	46.87	0.97	0.96	1.64
Index††		1.97	4.38	3.90	0.56	23.91	46.65	—	—	—

Performance figures assume all distributions have been reinvested. Figures reflect maximum sales charges on Class A shares of 4.0% and the applicable contingent deferred sales charge (CDSC) on Class C shares. The returns for Class A shares have been adjusted to reflect the reduction in the maximum sales charge from 4.5% to 4.0%, effective 2-3-14. Class C shares sold within one year of purchase are subject to a 1% CDSC. Sales charges are not applicable to Class I and Class R6 shares.

The expense ratios of the fund, both net (including any fee waivers and/or expense limitations) and gross (excluding any fee waivers and/or expense limitations), are set forth according to the most recent publicly available prospectuses for the fund and may differ from those disclosed in the Financial highlights tables in this report. Net expenses reflect contractual fee waivers and expense limitations in effect until September 30, 2022 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply. The expense ratios are as follows:

	Class A	Class C	Class I	Class R6
Gross (%)	0.93	1.68	0.68	0.65
Net (%)	0.82	1.57	0.67	0.64

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown. For current to the most recent month-end performance data, please call 800–225–5291 or visit the fund’s website at jhinvestments.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The fund’s performance results reflect any applicable fee waivers or expense reductions, without which the expenses would increase and results would have been less favorable.

See the following page for footnotes.

SEMIANNUAL REPORT  | JOHN HANCOCK TAX-FREE BOND FUND

5

This chart and table show what happened to a hypothetical $10,000 investment in John Hancock Tax-Free Bond Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in the Bloomberg Municipal Bond Index.

	Start date	With maximum sales charge ($)	Without sales charge ($)	Index ($)
Class C3	11-30-11	13,524	13,524	14,665
Class I1,2	11-30-11	14,707	14,707	14,665
Class R61,2	11-30-11	14,687	14,687	14,665

The values shown in the chart for Class A shares with maximum sales charge have been adjusted to reflect the reduction in the Class A shares’ maximum sales charge from 4.5% to 4.0%, which became effective on 2-3-14.

The Bloomberg Municipal Bond Index, formerly known as Bloomberg Barclays 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.

Footnotes related to performance pages

1	Class I and Class R6 shares were first offered on 2-13-17 and 8-30-17, respectively. Returns prior to these dates are those of Class A shares that have not been adjusted for class-specific expenses; otherwise returns would vary.
2	For certain types of investors, as described in the fund’s prospectus.
3	The contingent deferred sales charge is not applicable.

6

JOHN HANCOCK TAX-FREE 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, 2021, with the same investment held until November 30, 2021.

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, 2021, 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, 2021, with the same investment held until November 30, 2021. 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 TAX-FREE BOND FUND

7

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 6-1-2021	Ending value on 11-30-2021	Expenses paid during period ended 11-30-20211	Annualized expense ratio
Class A	Actual expenses/actual returns	$1,000.00	$1,005.90	$4.02	0.80%
	Hypothetical example	1,000.00	1,021.10	4.05	0.80%
Class C	Actual expenses/actual returns	1,000.00	1,003.20	7.78	1.55%
	Hypothetical example	1,000.00	1,017.30	7.84	1.55%
Class I	Actual expenses/actual returns	1,000.00	1,007.70	3.27	0.65%
	Hypothetical example	1,000.00	1,021.80	3.29	0.65%
Class R6	Actual expenses/actual returns	1,000.00	1,007.90	3.12	0.62%
	Hypothetical example	1,000.00	1,022.00	3.14	0.62%

    

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

8

JOHN HANCOCK TAX-FREE BOND FUND | SEMIANNUAL REPORT

Fund’s investments

AS OF 11-30-21 (unaudited)

	Rate (%)	Maturity date		Par value^	Value
Municipal bonds 101.0%					$505,471,345
(Cost $467,363,846)
Alabama 0.2%					1,172,134
Southeast Energy Authority A Cooperative District Commodity Supply Revenue Alabama Project No. 1, Series A	4.000	11-01-51		1,000,000	1,172,134
Alaska 0.9%					4,450,436
Alaska Municipal Bond Bank Authority Series 4, AMT (A)	5.000	12-01-34		2,165,000	2,527,693
Alaska Municipal Bond Bank Authority Series 4, AMT (A)	5.000	12-01-35		1,160,000	1,353,113
Northern Tobacco Securitization Corp. Tobacco Settlement Revenue, Series B-1, Class 2	4.000	06-01-50		500,000	569,630
Arizona 1.6%					7,791,068
Arizona Industrial Development Authority Equitable School Revolving Fund, Series A	5.000	11-01-44		1,000,000	1,204,598
Arizona Industrial Development Authority Jerome Facilities Project, Series B	4.000	07-01-51		500,000	530,414
City of Phoenix Civic Improvement Corp. Civic Plaza, Series B (A)	5.500	07-01-28		1,000,000	1,276,014
Glendale Industrial Development Authority Senior Royal Oaks Life Care Community	5.000	05-15-39		3,000,000	3,247,351
Maricopa County Industrial Development Authority Hospital Revenue Honorhealth, Series A	4.000	09-01-37		515,000	619,241
Maricopa County Industrial Development Authority Hospital Revenue Honorhealth, Series A	5.000	09-01-36		700,000	913,450
California 7.3%					36,761,897
ABAG Finance Authority for Nonprofit Corporations Sharp HealthCare, Series A	5.000	08-01-43		2,000,000	2,147,484
California County Tobacco Securitization Agency Kern County Tobacco Funding Corp.	5.000	06-01-40		1,000,000	1,055,182
California Municipal Finance Authority Paradise Valley Estates Project, Series A (A)	5.000	01-01-49		1,500,000	1,816,915
California Pollution Control Financing Authority Waste Management, Inc., Series A1, AMT	3.375	07-01-25		2,000,000	2,183,642
California Pollution Control Financing Authority Waste Management, Inc., Series A3, AMT	4.300	07-01-40		1,000,000	1,120,655
California State Public Works Board Lease Revenue, Series A (B)	5.000	08-01-26		1,500,000	1,763,822
California State Public Works Board Lease Revenue, Series B	5.000	10-01-39		1,000,000	1,117,480

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK TAX-FREE BOND FUND

9

	Rate (%)	Maturity date		Par value^	Value
California (continued)
California State Public Works Board Various Correctional Facilities, Series A	5.000	09-01-39		1,845,000	$2,055,273
County of Sacramento Airport System Revenue	4.000	07-01-39		1,900,000	2,255,197
County of San Bernardino Medical Center Financing Project	5.500	08-01-22		1,285,000	1,330,456
Golden State Tobacco Securitization Corp. Series A-1	5.000	06-01-47		3,000,000	3,064,923
Mount Diablo Unified School District Series B, GO (B)	4.000	06-01-37		1,625,000	1,930,646
M-S-R Energy Authority Natural Gas Revenue, Series B	6.500	11-01-39		1,000,000	1,601,163
M-S-R Energy Authority Natural Gas Revenue, Series B	7.000	11-01-34		2,500,000	3,819,837
River Islands Public Financing Authority Community Facilities District, No. 2003-1	5.500	09-01-45		2,000,000	2,091,636
San Diego Unified School District Series I, GO (C)	3.579	07-01-39		1,250,000	667,508
San Francisco City & County Public Utilities Commission Power Revenue Green Bonds, Series A	5.000	11-01-45		1,500,000	1,710,068
San Joaquin Hills Transportation Corridor Agency Highway Revenue Tolls, Series A	5.000	01-15-44		4,500,000	5,030,010
Colorado 3.8%					18,888,614
City & County of Denver Series A	4.000	08-01-46		3,000,000	3,316,675
Colorado Health Facilities Authority Revenue Refunding and Improvement Frasier Meadows, Series A	5.250	05-15-37		500,000	581,581
Colorado Health Facilities Authority Revenue Refunding and Improvement Frasier Meadows, Series A	5.250	05-15-47		1,125,000	1,296,019
Denver Convention Center Hotel Authority Senior	5.000	12-01-40		2,500,000	2,856,663
Park Creek Metropolitan District Senior Limited Property Tax Supported, Series A	5.000	12-01-45		4,265,000	4,804,223
Public Authority for Colorado Energy Natural Gas Revenue	6.250	11-15-28		3,500,000	4,378,615
Villages at Castle Rock Metropolitan District No. 6 Cobblestone Ranch Project, Series 2, GO (C)	7.048	12-01-37		5,000,000	1,654,838
Connecticut 1.3%					6,617,908
Connecticut State Health & Educational Facilities Authority Stamford Hospital, Series M (B)	4.000	07-01-42		2,000,000	2,306,320
State of Connecticut Bradley International Airport CFC Revenue Ground Transportation Center Project, AMT	5.000	07-01-49		1,500,000	1,806,056

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SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Connecticut (continued)
State of Connecticut Special Tax Revenue Series B	5.000	10-01-36		1,000,000	$1,252,780
State of Connecticut Special Tax Revenue Series B	5.000	10-01-37		1,000,000	1,252,752
Delaware 0.6%					2,765,837
Delaware State Economic Development Authority Acts Retirement Communities, Obligated Group, Series B	5.000	11-15-48		1,250,000	1,432,195
Delaware Transportation Authority Transportation System	3.000	07-01-35		1,225,000	1,333,642
District of Columbia 2.2%					11,082,543
District of Columbia KIPP DC Project	4.000	07-01-39		1,750,000	1,994,512
District of Columbia Tobacco Settlement Financing Corp. Asset Backed Bonds	6.500	05-15-33		1,550,000	1,703,818
Metropolitan Washington DC Airports Authority Highway Revenue Tolls, Series B (A)(C)	2.022	10-01-33		6,565,000	5,162,342
Metropolitan Washington DC Airports Authority Highway Revenue Tolls, Series C (A)	6.500	10-01-41		1,750,000	2,221,871
Florida 5.6%					28,109,930
Alachua County Health Facilities Authority Oak Hammock at the University of Florida, Inc., Project (B)	4.000	10-01-40		1,250,000	1,354,340
Alachua County Health Facilities Authority Shands Teaching Hospital & Clinics	5.000	12-01-44		2,000,000	2,235,122
City of Atlantic Beach Fleet Landing Project, Series A	5.000	11-15-48		1,000,000	1,131,311
City of Atlantic Beach Fleet Landing Project, Series B-2	3.000	11-15-23		1,250,000	1,252,092
County of Lee Airport Revenue Series A, AMT	5.000	10-01-32		2,750,000	3,606,356
County of Miami-Dade Seaport Department Series A-1, AMT (A)	4.000	10-01-45		1,000,000	1,178,755
Hillsborough County Aviation Authority PFC Subordinated Tampa International Airport, AMT	5.000	10-01-48		2,000,000	2,414,862
Miami Beach Health Facilities Authority Mt. Sinai Medical Center of Florida, Series B	4.000	11-15-51		1,500,000	1,748,463
Miami Beach Redevelopment Agency City Center, Series A (A)	5.000	02-01-44		2,500,000	2,718,103
Miami-Dade County Health Facilities Authority Nicklaus Children’s Hospital	5.000	08-01-47		1,500,000	1,782,092
Orange County Health Facilities Authority Presbyterian Retirement Communities	5.000	08-01-47		4,500,000	4,907,476
Palm Beach County Health Facilities Authority Retirement Life Communities, Inc.	5.000	11-15-32		1,715,000	2,024,731

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK TAX-FREE BOND FUND

11

	Rate (%)	Maturity date		Par value^	Value
Florida (continued)
Palm Beach County Health Facilities Authority Toby & Leon Cooperman Sinai Residences of Boca Raton (B)	4.000	06-01-26		300,000	$318,379
Polk County Industrial Development Authority Mineral Development LLC, AMT (D)	5.875	01-01-33		750,000	938,294
Village Community Development District No. 6 Special Assessment Revenue Refunding Bonds, Series 2017 (A)	4.000	05-01-37		450,000	499,554
Georgia 3.4%					16,990,412
Development Authority of Burke County Georgia Power Company Vogtle Project, Fifth Series 1995	2.200	10-01-32		500,000	500,253
Development Authority of Rockdale County Pratt Paper LLC Project, AMT (D)	4.000	01-01-38		1,000,000	1,126,777
Fulton County Residential Care Facilities for the Elderly Authority Lenbrook Square Foundation, Inc.	5.000	07-01-42		3,000,000	3,205,900
Main Street Natural Gas, Inc. Series A	5.000	05-15-38		1,435,000	2,029,344
Main Street Natural Gas, Inc. Series A	5.000	05-15-43		1,000,000	1,204,715
Municipal Electric Authority of Georgia Electric, Power & Light Revenues, Series EE (A)	7.250	01-01-24		2,000,000	2,280,800
Municipal Electric Authority of Georgia Power Revenue, Series HH	5.000	01-01-29		3,000,000	3,678,984
Municipal Electric Authority of Georgia Power Revenue, Series HH	5.000	01-01-39		2,445,000	2,963,639
Guam 0.2%					1,100,642
Guam International Airport Authority General, Series C, AMT (A)	6.125	10-01-43		180,000	196,322
Guam International Airport Authority General, Series C, AMT, Prerefunded (A)	6.125	10-01-43		820,000	904,320
Hawaii 0.1%					607,625
State of Hawaii Harbor System Revenue Series A, AMT	5.000	07-01-27		500,000	607,625
Illinois 10.7%					53,437,944
Chicago Board of Education Dedicated Capital Improvement	5.000	04-01-42		1,400,000	1,666,622
Chicago Board of Education Dedicated Capital Improvement	6.000	04-01-46		3,500,000	4,235,651
Chicago Board of Education Dedicated Revenues, Series A, GO	5.000	12-01-34		1,000,000	1,260,894
Chicago O’Hare International Airport Customer Facility Charge (A)	5.500	01-01-43		2,000,000	2,105,732
Chicago O’Hare International Airport Series A, AMT	5.000	01-01-48		1,500,000	1,799,754

12

JOHN HANCOCK TAX-FREE BOND FUND | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Illinois (continued)
Chicago O’Hare International Airport Series D	5.250	01-01-42		3,670,000	$4,410,211
City of Chicago Series A, GO	5.000	01-01-31		1,000,000	1,238,484
City of Chicago Series A, GO	5.000	01-01-33		540,000	541,668
City of Chicago Series A, GO	5.250	01-01-35		1,000,000	1,008,320
City of Chicago Series C, GO	5.000	01-01-22		1,555,000	1,560,818
City of Chicago Wastewater Transmission Revenue, Series C	5.000	01-01-39		3,000,000	3,370,055
City of Chicago Waterworks Revenue	3.150	11-01-24		500,000	536,606
Illinois Finance Authority 2020-Advocate Health Care Network	4.000	06-01-47		1,065,000	1,085,180
Illinois Finance Authority 2020-Advocate Health Care Network, Prerefunded	4.000	06-01-47		40,000	40,758
Illinois Finance Authority Advocate Health Care Network, Prerefunded	4.000	06-01-47		1,895,000	1,930,908
Illinois State Toll Highway Authority Highway Revenue Tolls, Series A	5.000	01-01-45		2,000,000	2,530,300
Illinois State Toll Highway Authority Series A	4.000	01-01-39		2,000,000	2,346,987
Lake County Community Consolidated School District No. 24 Capital Appreciation Bonds, Series 2004, GO (A)(C)	0.497	01-01-22		2,440,000	2,438,926
Metropolitan Pier & Exposition Authority McCormick Place Expansion Project, Series A (B)	4.000	12-15-47		1,000,000	1,132,540
Sales Tax Securitization Corp. Series A	4.000	01-01-39		750,000	881,331
Sales Tax Securitization Corp. Series A	5.000	01-01-32		905,000	1,105,558
Sales Tax Securitization Corp. Series A	5.000	01-01-36		1,000,000	1,270,437
Sales Tax Securitization Corp. Series A	5.000	01-01-48		4,000,000	4,791,898
State of Illinois Series A, GO	5.000	10-01-28		1,750,000	2,155,800
State of Illinois Series A, GO	5.000	05-01-34		2,000,000	2,400,365
State of Illinois Series B, GO	4.000	11-01-35		2,000,000	2,305,747
State of Illinois, GO (A)	4.000	02-01-31		1,000,000	1,133,792
State of Illinois, GO (A)	5.500	07-01-38		1,000,000	1,077,126
State of Illinois, GO	5.500	07-01-38		1,000,000	1,075,476

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK TAX-FREE BOND FUND

13

	Rate (%)	Maturity date		Par value^	Value
Indiana 0.1%					$236,591
Indiana Finance Authority Green Bond Polyflow Industry Project, AMT (D)	7.000	03-01-39		250,000	236,591
Kentucky 1.4%					7,018,294
County of Trimble Louisville Gas and Electric Company, AMT	1.300	09-01-44		2,500,000	2,520,054
Kentucky Municipal Power Agency Prairie State Project, Series A	4.000	09-01-45		500,000	556,172
Kentucky Public Energy Authority Series C	4.000	08-01-24		635,000	690,025
Kentucky Public Energy Authority Series C	4.000	08-01-25		600,000	667,295
Kentucky Turnpike Authority Revitalization Projects, Series 2022-A (B)	5.000	07-01-31		1,000,000	1,295,063
Kentucky Turnpike Authority Revitalization Projects, Series 2022-A (B)	5.000	07-01-32		1,000,000	1,289,685
Louisiana 1.8%					9,075,345
City of Shreveport Water & Sewer Revenue Water and Sewer Revenue and Refunding Bonds	5.000	12-01-40		1,000,000	1,158,616
Louisiana Local Government Environmental Facilities & Community Development Authority Entergy Louisiana LLC Project, Series A	2.000	06-01-30		770,000	778,457
Louisiana Public Facilities Authority Ochsner Clinic Foundation Project	5.000	05-15-46		2,500,000	2,958,405
New Orleans Aviation Board Parking Facilities Corp. Consolidated Garage System (A)	5.000	10-01-48		1,000,000	1,228,375
New Orleans Aviation Board Series B, AMT	5.000	01-01-48		500,000	589,775
St. Charles Parish Valero Energy Corp.	4.000	12-01-40		1,200,000	1,221,391
St. James Parish Nustar Logistics LP Project (D)	5.850	08-01-41		1,000,000	1,140,326
Maryland 1.2%					5,895,788
County of Howard Series A, GO	4.000	08-15-39		1,000,000	1,213,784
Maryland Health & Higher Educational Facilities Authority Broadmead Issue, Series A	5.000	07-01-48		1,000,000	1,143,345
Maryland Health & Higher Educational Facilities Authority University of Maryland Medical System, Series B-1	5.000	07-01-45		1,000,000	1,132,168
University System of Maryland Auxiliary Facility & Tuition Revenue, Series A	4.000	04-01-47		2,000,000	2,406,491

14

JOHN HANCOCK TAX-FREE BOND FUND | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date		Par value^	Value
Massachusetts 5.5%					$27,476,083
Commonwealth of Massachusetts Transportation Fund Revenue Rail Enhancement and Accelerated	5.000	06-01-47		3,180,000	3,856,604
Massachusetts Development Finance Agency Carleton-Willard Village Homes, Inc.	5.000	12-01-42		1,050,000	1,208,739
Massachusetts Development Finance Agency Dana-Farber Cancer Institute, Series N	5.000	12-01-46		3,000,000	3,535,824
Massachusetts Development Finance Agency Green Bonds-Boston Medical Center, Series D	5.000	07-01-44		2,500,000	2,830,515
Massachusetts Development Finance Agency NewBridge on the Charles, Inc. (D)	5.000	10-01-47		2,060,000	2,224,804
Massachusetts Development Finance Agency Suffolk University	5.000	07-01-35		870,000	1,065,409
Massachusetts Development Finance Agency UMass Memorial Health Care, Series I	5.000	07-01-46		1,500,000	1,757,202
Massachusetts Development Finance Agency Worcester Polytechnic Institute	5.000	09-01-45		1,745,000	2,106,894
Massachusetts Educational Financing Authority Education Issue K Senior, Series A, AMT	3.625	07-01-32		105,000	107,395
Massachusetts Educational Financing Authority Education Issue L Senior, Series B, AMT	5.000	07-01-24		350,000	385,262
Massachusetts Educational Financing Authority Education Loan Revenue, Issue I, AMT	5.000	01-01-25		2,000,000	2,234,395
Massachusetts Housing Finance Agency Series 162	3.450	12-01-37		1,505,000	1,519,089
Massachusetts Port Authority BOSFuel Project, Series A, AMT	5.000	07-01-39		1,000,000	1,240,678
Massachusetts Port Authority BOSFuel Project, Series A, AMT	5.000	07-01-49		1,000,000	1,218,921
Massachusetts School Building Authority Series B	5.000	11-15-36		1,820,000	2,184,352
Michigan 2.8%					14,041,927
City of Detroit, GO	5.000	04-01-24		300,000	326,319
City of Detroit, GO	5.000	04-01-26		660,000	758,237
Detroit City School District School Building and Site Improvement, Series A, GO (A)	5.250	05-01-32		1,280,000	1,721,279
Detroit Downtown Development Authority Catalyst Development Project, Series A (A)	5.000	07-01-43		1,000,000	1,102,636
Great Lakes Water Authority Sewage Disposal System Revenue Series C	5.000	07-01-35		4,000,000	4,734,296
Great Lakes Water Authority Water Supply System Revenue Series A	5.000	07-01-45		500,000	631,721
Michigan Finance Authority Henry Ford Health System, Series A	5.000	11-15-48		1,000,000	1,238,195
Michigan Finance Authority Local Government Loan Program (A)	5.000	07-01-36		250,000	276,945

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK TAX-FREE BOND FUND

15

	Rate (%)	Maturity date		Par value^	Value
Michigan (continued)
Michigan Finance Authority Local Government Loan Program, Series F-1	4.500	10-01-29		1,500,000	$1,593,295
Michigan Finance Authority McLaren Healthcare Hospital, Series A	5.000	05-15-38		1,460,000	1,659,004
Minnesota 0.5%					2,610,630
Minnesota Housing Finance Agency Series A	2.950	02-01-46		1,105,089	1,131,265
Woodbury Housing & Redevelopment Authority St. Therese of Woodbury	5.125	12-01-44		1,420,000	1,479,365
Mississippi 0.8%					3,845,256
Mississippi Business Finance Corp. System Energy Resources, Inc., Project	2.375	06-01-44		1,595,000	1,532,775
Mississippi Development Bank Magnolia Regional Health Center Project (D)	4.000	10-01-41		1,000,000	1,077,692
State of Mississippi Series A	5.000	10-15-37		1,000,000	1,234,789
Nevada 0.2%					1,205,633
City of Henderson Series A1, GO	4.000	06-01-36		1,000,000	1,205,633
New Jersey 4.2%					20,910,281
Casino Reinvestment Development Authority, Inc. Luxury Tax Revenue	5.250	11-01-39		2,520,000	2,737,677
New Jersey Economic Development Authority Port Newark Container Terminal LLC, AMT	5.000	10-01-47		2,000,000	2,301,263
New Jersey Economic Development Authority Revenue Refunding Municipal Rehabilitation, Series A	5.250	04-01-28		1,600,000	2,002,433
New Jersey Economic Development Authority Series DDD	5.000	06-15-42		1,000,000	1,174,804
New Jersey Economic Development Authority The Geothals Bridge Replacement P3 Project, AMT	5.375	01-01-43		1,500,000	1,649,829
New Jersey Transportation Trust Fund Authority Transportation Program, Series AA	5.000	06-15-44		1,415,000	1,549,747
New Jersey Transportation Trust Fund Authority Transportation Program, Series AA	5.250	06-15-43		1,000,000	1,224,622
New Jersey Transportation Trust Fund Authority Transportation System, Series A (B)	4.000	06-15-40		1,000,000	1,154,936
New Jersey Transportation Trust Fund Authority Transportation System, Series A (B)	4.000	06-15-41		1,000,000	1,151,365
New Jersey Transportation Trust Fund Authority Transportation System, Series C (A)(C)	1.888	12-15-31		750,000	619,889
State of New Jersey Covid-19 Emergency, Series A, GO	4.000	06-01-32		1,000,000	1,243,071
State of New Jersey Covid-19 Emergency, Series A, GO	5.000	06-01-26		1,000,000	1,185,623