John Hancock

Income Fund

Annual report 5/31/2020

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund's shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change, and you do not need to take any action. You may elect to receive shareholder reports and other communications electronically by calling John Hancock Investment Management at 800-225-5291 (Class A, Class B and Class C shares) or 888-972-8696 (Class I, Class R1, Class R2, Class R3, Class R4, Class R5 and Class R6 shares) or by contacting your financial intermediary.

You may elect to receive all reports in paper, free of charge, at any time. You can inform John Hancock Investment Management or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions listed above. Your election to receive reports in paper will apply to all funds held with John Hancock Investment Management or your financial intermediary.

Dear shareholder,

Global financial markets delivered strong returns during first half of the 12-month period ended May 31, 2020; however, heightened fears over the coronavirus (COVID-19) sent markets tumbling during the latter half of February and early March. Investors reacted by exiting higher-risk assets and moving into cash, leading to a liquidity crunch in the fixed-income markets.

In response to the sell-off, the U.S. Federal Reserve acted quickly, lowering interest rates to near zero and reinstating quantitative easing, as well as announcing its plans to shore up short-term debt. These steps, along with the passage of a $2 trillion federal economic stimulus bill, helped lift the markets during the last two months of the period, while credit spreads rebounded off their highs as liquidity concerns eased.

The continued spread of COVID-19, trade disputes, rising unemployment, and other geopolitical tensions may continue to create uncertainty among businesses and investors. Your financial professional can help position your portfolio so that it's sufficiently diversified to seek to 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.

ANNUAL REPORT   |   JOHN HANCOCK INCOME FUND       1

INVESTMENT OBJECTIVE

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The fund seeks a high level of current income.

AVERAGE ANNUAL TOTAL RETURNS AS OF 5/31/2020 (%)

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The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of dollar-denominated and nonconvertible investment-grade debt issues.

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.

ANNUAL REPORT   |   JOHN HANCOCK INCOME FUND       2

PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

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Bonds performed well despite pandemic-related volatility

U.S. bonds posted strong returns in a period characterized by extraordinary volatility, due in large part to the COVID-19 pandemic.

Fund underperformed its benchmark

The fund delivered a solid gain for the period but trailed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.

Sector allocation detracted the most

The fund's underperformance of the benchmark resulted primarily from an underweight position in U.S. Treasury bonds and an out-of-index position in high-yield corporate bonds.

PORTFOLIO COMPOSITION AS OF 5/31/2020 (%)

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ANNUAL REPORT   |   JOHN HANCOCK INCOME FUND       3

QUALITY COMPOSITION AS OF 5/31/2020 (%)

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A note about risks

The fund may be subject to various risks as described in the fund's prospectus. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect fund performance. For example, the novel coronavirus disease (COVID-19) has resulted in significant disruptions to global business activity. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing political, social, and economic risks. Any such impact could adversely affect the fund's performance, resulting in losses to your investment. For more information, please refer to the "Principal risks" section of the prospectus.

ANNUAL REPORT   |   JOHN HANCOCK INCOME FUND       4

Can you describe the bond market environment during the 12 months ended May 31, 2020?

The broad U.S. bond market posted a strong overall return over the past year despite some significant volatility. In the second half of 2019, much of the volatility was driven by a trade war between the United States and China, which contributed to a deceleration in global economic growth. Uncertainty regarding the outcome and economic impact of Brexit was another factor that led to elevated levels of market volatility.

2020 brought a different source of volatility—the spread of the COVID-19 virus from a perceived local problem in China to a worldwide pandemic, which sent shock waves through the financial markets and heightened concerns about a broad disruption in global economic activity. Central banks responded swiftly, slashing interest rates and announcing new waves of quantitative easing. Global governments also stepped in with fiscal stimulus programs. By the end of the period, the U.S. had begun to gradually reopen its economy on a state-by-state basis.

Sector returns were widely divergent for the period. U.S. Treasury bonds posted double-digit gains, benefiting from falling interest rates and a flight to quality. In contrast, high-yield corporate bonds produced relatively flat returns for the reporting period.

ANNUAL REPORT   |   JOHN HANCOCK INCOME FUND       5

How did the fund perform in this environment?

The fund delivered a gain for the period, but trailed the performance of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The fund's limited exposure to the U.S. Treasury sector and a noteworthy position in high-yield corporate bonds were key factors behind the underperformance. The fund's duration profile was another drag on performance versus the index. The fund's duration (a measure of interest-rate sensitivity) was shorter than that of the index, which meant that the fund did not benefit as much as the index from the decline in bond yields during the period. The fund's foreign currency exposure was also a net detractor from relative results. The U.S. dollar strengthened against most foreign currencies for the period, which weighed on the fund's holdings and currency positions outside of the U.S.

Did you make any changes to the portfolio in response to the pandemic?

We took advantage of market dislocations to selectively increase the fund's position in high-yield corporate bonds, with an emphasis on the higher-quality part of the sector. We also reduced the fund's exposure to emerging markets given their uncertain outlook. After the substantial decline in interest rates, we shortened the fund's duration as there is little room for rates to fall further. Finally, we added to the fund's foreign currency exposure, particularly in developed-market currencies, such as the Canadian dollar and the euro. We believe these changes balance strategic risk-taking with stability and liquidity, which should help the portfolio weather the uncertainty surrounding the economic impact of COVID-19.

MANAGED BY

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Daniel S. Janis III, Manulife IM (US)

Thomas C. Goggins, Manulife IM (US)

Kisoo Park, Manulife IM (US)

Christopher M. Chapman, CFA, Manulife IM (US)

The views expressed in this report are exclusively those of Daniel S. Janis III, Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.

ANNUAL REPORT   |   JOHN HANCOCK INCOME FUND       6

TOTAL RETURNS FOR THE PERIOD ENDED  MAY 31, 2020 

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Average annual total returns (%) with maximum sales charge					Cumulative total returns (%) with maximum sales charge				SEC 30-day yield (%) subsidized		SEC 30-day yield (%) unsubsidized1
	1-year	5-year	10-year			5-year	10-year		as of 5-31-20		as of 5-31-20
Class A	0.34	1.67	3.87			8.66	46.24		2.25		2.25
Class B	-1.23	1.42	3.70			7.29	43.76		1.66		1.66
Class C	2.77	1.78	3.57			9.24	41.99		1.66		1.66
Class I2	4.65	2.77	4.63			14.66	57.19		2.64		2.64
Class R12	4.15	2.12	3.97			11.05	47.67		2.05		2.04
Class R22,3	4.41	2.37	4.26			12.43	51.73		2.28		2.27
Class R32	4.09	2.22	4.06			11.61	48.92		2.13		2.12
Class R42	4.67	2.63	4.46			13.84	54.67		2.52		2.41
Class R52	4.88	2.86	4.68			15.15	58.00		2.71		2.71
Class R62,3	4.93	2.89	4.68			15.30	58.04		2.76		2.76
Index†	9.42	3.94	3.92			21.34	46.91		—		—

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 B and 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. The Class B shares' CDSC declines annually between years 1 to 6 according to the following schedule: 5%, 4%, 3%, 3%, 2%, 1%. No sales charge will be assessed after the sixth year. Class C shares sold within one year of purchase are subject to a 1% CDSC. Sales charges are not applicable to Class I, Class R1, Class R2, Class R3, Class R4, Class R5, 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 prospectus for the fund and may differ from those disclosed in the Financial highlights tables in this report. Net expenses reflect contractual expense limitations in effect until September 30, 2021 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 B	Class C	Class I	Class R1	Class R2	Class R3	Class R4	Class R5	Class R6
Gross (%)	0.83	1.53	1.53	0.53	1.17	0.92	1.07	0.77	0.47	0.42
Net (%)	0.82	1.52	1.52	0.52	1.16	0.91	1.06	0.66	0.46	0.41

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.

†	Index is the Bloomberg Barclays U.S. Aggregate Bond Index.

See the following page for footnotes.

ANNUAL REPORT   |   JOHN HANCOCK INCOME FUND       7

This chart and table show what happened to a hypothetical $10,000 investment in John Hancock Income Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we've shown the same investment in the Bloomberg Barclays U.S. Aggregate Bond Index.

	Start date	With maximum sales charge ($)	Without sales charge ($)	Index ($)
Class B4	5-31-10	14,376	14,376	14,691
Class C4	5-31-10	14,199	14,199	14,691
Class I2	5-31-10	15,719	15,719	14,691
Class R12	5-31-10	14,767	14,767	14,691
Class R22,3	5-31-10	15,173	15,173	14,691
Class R32	5-31-10	14,892	14,892	14,691
Class R42	5-31-10	15,467	15,467	14,691
Class R52	5-31-10	15,800	15,800	14,691
Class R62,3	5-31-10	15,804	15,804	14,691

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 Barclays U.S. Aggregate Bond Index is an unmanaged index of dollar-denominated and nonconvertible investment-grade debt issues.

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	Unsubsidized yield reflects what the yield would have been without the effects of reimbursements and waivers.
2	For certain types of investors, as described in the fund's prospectus.
3	Class R2 shares were first offered on 3-1-12; Class R6 shares were first offered 9-1-11. Returns prior to these dates are those of Class A, that have not been adjusted for class-specific expenses; otherwise, returns would vary.
4	The contingent deferred sales charge is not applicable.

ANNUAL REPORT   |   JOHN HANCOCK INCOME FUND       8

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 December 1, 2019, with the same investment held until May 31, 2020.

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 May 31, 2020, 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 December 1, 2019, with the same investment held until May 31, 2020. 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.

ANNUAL REPORT | JOHN HANCOCK INCOME 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.

    

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

AS OF 5-31-20

	Rate (%)	Maturity date		Par value^	Value
U.S. Government and Agency obligations 9.8%					$174,831,721
(Cost $147,776,191)
U.S. Government 9.8%					174,831,721
U.S. Treasury
Bond	2.000	02-15-50		7,000,000	8,002,148
Bond	2.750	11-15-42		22,110,000	28,208,387
Bond	3.000	02-15-49		21,885,000	30,138,894
Bond	3.125	02-15-43		6,319,700	8,543,938
Bond	4.375	02-15-38		14,475,000	22,481,484
Note	1.125	02-28-22		10,590,000	10,765,811
Note	2.000	11-15-26		14,850,000	16,300,775
Note	2.375	02-29-24		11,145,000	12,035,294
Note	2.375	05-15-29		18,095,000	20,890,536
Note	2.625	02-15-29		7,120,000	8,349,591
Treasury Inflation Protected Security	0.125	01-15-30		8,588,248	9,114,863
Foreign government obligations 15.9%					$282,085,826
(Cost $299,024,685)
Australia 0.5%					8,458,978
New South Wales Treasury Corp.	4.000	04-08-21	AUD	6,375,000	4,379,434
Queensland Treasury Corp.	5.500	06-21-21	AUD	5,810,000	4,079,544
Austria 0.2%					4,054,888
Republic of Austria (A)	0.500	02-20-29	EUR	3,450,000	4,054,888
Canada 2.5%					44,732,546
Canada Housing Trust No. 1 (A)	2.350	06-15-23	CAD	4,935,000	3,780,794
Export Development Canada	2.400	06-07-21	AUD	3,560,000	2,418,252
Government of Canada	1.500	09-01-24	CAD	2,637,000	2,008,858
Government of Canada	2.250	03-01-24	CAD	19,415,000	15,117,289
Province of Alberta	3.400	12-01-23	CAD	9,000,000	7,117,311
Province of British Columbia	2.850	06-18-25	CAD	3,408,000	2,709,692
Province of Ontario	2.900	06-02-28	CAD	4,350,000	3,539,302
Province of Ontario	3.450	06-02-45	CAD	3,895,000	3,539,009
Province of Quebec	3.750	09-01-24	CAD	5,530,000	4,502,039
Colombia 0.3%					5,304,217
Republic of Colombia	4.000	02-26-24		5,050,000	5,304,217
Finland 0.2%					3,744,383
Republic of Finland (A)	0.500	09-15-28	EUR	3,180,000	3,744,383
Hungary 0.1%					2,316,283
Republic of Hungary	6.375	03-29-21		2,224,000	2,316,283

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME FUND

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SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME FUND

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	Rate (%)	Maturity date		Par value^	Value
Communication services (continued)
Entertainment (continued)
Netflix, Inc.	4.875	04-15-28		2,180,000	$2,327,150
Interactive media and services 0.2%
Match Group, Inc. (A)	4.125	08-01-30		2,690,000	2,636,200
Twitter, Inc. (A)	3.875	12-15-27		773,000	770,101
Media 5.8%
Altice Financing SA (A)	7.500	05-15-26		5,820,000	6,127,703
Altice France SA (A)	7.375	05-01-26		2,065,000	2,178,575
CCO Holdings LLC (A)	4.500	08-15-30		5,295,000	5,493,563
CCO Holdings LLC (A)	4.750	03-01-30		5,095,000	5,324,275
CCO Holdings LLC (A)	5.125	05-01-27		8,665,000	9,098,423
CCO Holdings LLC (A)	5.750	02-15-26		1,480,000	1,543,166
Charter Communications Operating LLC	5.125	07-01-49		9,195,000	10,670,702
Charter Communications Operating LLC	5.750	04-01-48		5,180,000	6,378,666
Charter Communications Operating LLC	6.484	10-23-45		3,655,000	4,720,868
CSC Holdings LLC (A)	5.375	02-01-28		4,217,000	4,483,198
CSC Holdings LLC (A)	5.500	04-15-27		3,850,000	4,071,375
CSC Holdings LLC (A)	5.750	01-15-30		9,377,000	9,892,735
CSC Holdings LLC	5.875	09-15-22		1,300,000	1,370,590
CSC Holdings LLC (A)	7.500	04-01-28		4,560,000	5,050,200
CSC Holdings LLC (A)	10.875	10-15-25		2,215,000	2,398,181
Diamond Sports Group LLC (A)	5.375	08-15-26		8,060,000	6,407,700
Diamond Sports Group LLC (A)	6.625	08-15-27		8,043,000	4,839,473
DISH DBS Corp.	5.875	07-15-22		5,975,000	6,140,627
Sirius XM Radio, Inc. (A)	5.000	08-01-27		6,990,000	7,304,550
WMG Acquisition Corp. (A)	5.500	04-15-26		660,000	679,800
Wireless telecommunication services 0.6%
T-Mobile USA, Inc. (A)	3.750	04-15-27		2,500,000	2,702,975
T-Mobile USA, Inc.	4.500	02-01-26		2,805,000	2,883,175
T-Mobile USA, Inc.	6.500	01-15-26		4,610,000	4,864,933
Consumer discretionary 4.0%					71,779,229
Automobiles 0.5%
BMW Finance NV	1.000	11-14-24	EUR	1,495,000	1,684,437
Ford Motor Credit Company LLC	2.979	08-03-22		1,650,000	1,575,750
Ford Motor Credit Company LLC	3.087	01-09-23		1,110,000	1,050,060
Ford Motor Credit Company LLC	3.350	11-01-22		1,525,000	1,441,445
Ford Motor Credit Company LLC	4.250	09-20-22		1,245,000	1,210,763
General Motors Company	6.125	10-01-25		2,620,000	2,862,727
Diversified consumer services 0.5%
Brown University	1.914	09-01-30		3,575,000	3,628,155

	Rate (%)	Maturity date		Par value^	Value
Consumer discretionary (continued)
Diversified consumer services (continued)
Duke University	2.682	10-01-44		5,615,000	$5,763,016
Hotels, restaurants and leisure 2.0%
Connect Finco SARL (A)	6.750	10-01-26		1,615,000	1,566,550
Hilton Domestic Operating Company, Inc.	5.125	05-01-26		1,790,000	1,795,155
Hilton Domestic Operating Company, Inc. (A)	5.375	05-01-25		1,715,000	1,753,931
Hilton Worldwide Finance LLC (B)	4.625	04-01-25		2,805,000	2,783,963
International Game Technology PLC (A)	6.500	02-15-25		6,815,000	7,022,040
KFC Holding Company/Pizza Hut Holdings LLC/Taco Bell of America LLC (A)	5.000	06-01-24		5,305,000	5,430,145
KFC Holding Company/Pizza Hut Holdings LLC/Taco Bell of America LLC (A)	5.250	06-01-26		3,786,000	3,937,440
New Red Finance, Inc. (A)	3.875	01-15-28		5,230,000	5,152,753
New Red Finance, Inc. (A)	5.000	10-15-25		5,720,000	5,781,147
Household durables 0.4%
Lennar Corp.	4.500	04-30-24		1,365,000	1,437,072
Lennar Corp.	4.750	11-29-27		2,790,000	3,041,100
Lennar Corp.	5.875	11-15-24		2,360,000	2,554,700
Internet and direct marketing retail 0.6%
Expedia Group, Inc.	5.000	02-15-26		4,490,000	4,591,373
Expedia Group, Inc.	5.950	08-15-20		820,000	824,553
Expedia Group, Inc. (A)	6.250	05-01-25		4,585,000	4,890,954
Consumer staples 2.2%					39,005,905
Beverages 0.2%
Molson Coors Beverage Company	1.250	07-15-24	EUR	2,975,000	3,109,243
Food products 1.8%
Darling Ingredients, Inc. (A)	5.250	04-15-27		2,934,000	3,051,360
JBS Investments II GmbH (A)	7.000	01-15-26		1,490,000	1,583,796
Kraft Heinz Foods Company	3.000	06-01-26		5,773,000	5,778,400
Kraft Heinz Foods Company	3.950	07-15-25		1,346,000	1,415,953
Kraft Heinz Foods Company (A)	4.250	03-01-31		2,335,000	2,484,610
MARB BondCo PLC (A)	7.000	03-15-24		2,838,000	2,845,095
NBM US Holdings, Inc. (A)	7.000	05-14-26		628,000	632,710
Post Holdings, Inc. (A)	4.625	04-15-30		1,735,000	1,711,144
Post Holdings, Inc. (A)	5.000	08-15-26		1,855,000	1,901,375
Post Holdings, Inc. (A)	5.500	12-15-29		1,050,000	1,097,250
Post Holdings, Inc. (A)	5.625	01-15-28		5,270,000	5,520,325
Post Holdings, Inc. (A)	5.750	03-01-27		4,605,000	4,800,713

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME FUND

15

	Rate (%)	Maturity date		Par value^	Value
Consumer staples (continued)
Personal products 0.2%
Natura Cosmeticos SA (A)(B)	5.375	02-01-23		1,465,000	$1,459,140
Walnut Bidco PLC (A)	9.125	08-01-24		1,760,000	1,614,791
Energy 5.5%					97,455,933
Oil, gas and consumable fuels 5.5%
Aker BP ASA (A)	3.750	01-15-30		3,615,000	3,309,637
Aker BP ASA (A)	5.875	03-31-25		7,345,000	7,348,026
Enbridge, Inc.	4.250	12-01-26		7,635,000	8,448,453
Energy Transfer Operating LP	5.500	06-01-27		1,590,000	1,720,240
Enterprise Products Operating LLC	3.125	07-31-29		6,165,000	6,516,719
EOG Resources, Inc.	4.375	04-15-30		1,585,000	1,870,125
Kinder Morgan, Inc.	4.300	06-01-25		1,670,000	1,856,597
Medco Oak Tree Pte, Ltd. (A)	7.375	05-14-26		4,075,000	3,412,648
Occidental Petroleum Corp.	2.700	08-15-22		1,380,000	1,262,286
Occidental Petroleum Corp.	2.700	02-15-23		1,225,000	1,050,805
Occidental Petroleum Corp.	3.500	08-15-29		2,755,000	1,852,738
Pertamina Persero PT (A)(B)	3.650	07-30-29		1,085,000	1,109,296
Pertamina Persero PT (A)	4.300	05-20-23		4,970,000	5,169,129
Petrobras Global Finance BV (A)	5.093	01-15-30		9,113,000	8,684,689
Petrobras Global Finance BV	5.750	02-01-29		2,735,000	2,744,709
Petrobras Global Finance BV	5.999	01-27-28		1,010,000	1,017,878
Petrobras Global Finance BV	6.900	03-19-49		5,630,000	5,607,762
Saudi Arabian Oil Company (A)	3.500	04-16-29		3,655,000	3,880,021
Saudi Arabian Oil Company (A)	4.250	04-16-39		4,230,000	4,592,582
Saudi Arabian Oil Company (A)	4.375	04-16-49		4,175,000	4,620,227
Suncor Energy, Inc.	3.100	05-15-25		4,125,000	4,317,383
The Williams Companies, Inc.	3.750	06-15-27		5,160,000	5,488,160
The Williams Companies, Inc.	4.300	03-04-24		1,510,000	1,623,681
The Williams Companies, Inc.	4.550	06-24-24		5,742,000	6,224,818
TransCanada PipeLines, Ltd.	4.250	05-15-28		1,650,000	1,871,233
Valero Energy Corp.	3.400	09-15-26		1,745,000	1,856,091
Financials 13.5%					239,696,221
Banks 9.4%
Banco Actinver SA (A)	4.800	12-18-32		775,000	527,000
Banco Actinver SA (A)	9.500	12-18-32	MXN	44,200,000	1,534,826
Bank of America Corp. (2.884% to 10-22-29, then 3 month LIBOR + 1.190%)	2.884	10-22-30		2,926,000	3,074,838
Bank of America Corp. (3.974% to 2-7-29, then 3 month LIBOR + 1.210%)	3.974	02-07-30		2,263,000	2,570,212
Bank of Montreal (3 month CDOR + 0.190%) (C)	0.853	02-01-23	CAD	5,825,000	4,184,853
BNG Bank NV	0.250	06-07-24	EUR	1,950,000	2,204,182

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	Rate (%)	Maturity date		Par value^	Value
Financials (continued)
Diversified financial services (continued)
European Financial Stability Facility	1.875	05-23-23	EUR	2,130,000	$2,531,966
European Stability Mechanism	0.125	04-22-24	EUR	4,410,000	4,996,624
Swiss Insured Brazil Power Finance Sarl (A)	9.850	07-16-32	BRL	22,650,000	4,732,633
Insurance 0.6%
American International Group, Inc. (8.175% to 5-15-38, then 3 month LIBOR + 4.195%)	8.175	05-15-58		7,990,000	9,865,253
Thrifts and mortgage finance 0.6%
MGIC Investment Corp.	5.750	08-15-23		6,290,000	6,384,350
Nationstar Mortgage Holdings, Inc. (A)	6.000	01-15-27		4,515,000	4,063,500
Health care 5.6%					100,577,648
Health care equipment and supplies 0.3%
Becton Dickinson Euro Finance Sarl	1.208	06-04-26	EUR	2,800,000	3,048,044
Boston Scientific Corp.	0.625	12-01-27	EUR	3,300,000	3,523,827
Health care providers and services 3.1%
Ascension Health	2.532	11-15-29		2,395,000	2,520,013
Banner Health	2.338	01-01-30		2,755,000	2,809,623
Centene Corp.	3.375	02-15-30		4,165,000	4,194,155
Centene Corp. (A)	5.250	04-01-25		1,130,000	1,163,188
HCA, Inc.	3.500	09-01-30		13,395,000	13,191,758
HCA, Inc.	4.125	06-15-29		5,360,000	5,821,983
HCA, Inc.	5.250	04-15-25		2,695,000	3,057,200
HCA, Inc.	5.375	02-01-25		10,000,000	10,976,900
Rede D'or Finance Sarl (A)	4.500	01-22-30		2,550,000	2,135,625
Select Medical Corp. (A)	6.250	08-15-26		6,655,000	6,996,069
Stanford Health Care	3.310	08-15-30		1,725,000	1,928,957
Life sciences tools and services 0.5%
Thermo Fisher Scientific, Inc.	0.500	03-01-28	EUR	2,130,000	2,307,046
Thermo Fisher Scientific, Inc.	0.750	09-12-24	EUR	1,699,000	1,901,634
Thermo Fisher Scientific, Inc.	1.375	09-12-28	EUR	1,595,000	1,852,505
Thermo Fisher Scientific, Inc.	1.400	01-23-26	EUR	2,566,000	2,954,419
Pharmaceuticals 1.7%
Allergan Funding SCS	1.250	06-01-24	EUR	1,870,000	2,107,230
Allergan Funding SCS	2.625	11-15-28	EUR	1,145,000	1,406,628
Bausch Health Companies, Inc. (A)	5.000	01-30-28		7,395,000	7,145,271
Bausch Health Companies, Inc. (A)	5.250	01-30-30		9,650,000	9,481,125
Bausch Health Companies, Inc. (A)	5.500	11-01-25		1,765,000	1,823,280
Bausch Health Companies, Inc. (A)(B)	5.875	05-15-23		701,000	700,565

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SEE NOTES TO FINANCIAL STATEMENTS

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	Rate (%)	Maturity date		Par value^	Value
Real estate 2.3%					$40,367,327
Equity real estate investment trusts 2.3%
American Tower Corp.	1.950	05-22-26	EUR	1,450,000	1,664,734
American Tower Corp.	2.250	01-15-22		2,800,000	2,861,619
American Tower Corp.	3.500	01-31-23		5,016,000	5,345,929
Crown Castle International Corp.	3.800	02-15-28		2,650,000	2,937,298
CyrusOne LP	3.450	11-15-29		5,520,000	5,453,650
SBA Communications Corp. (A)	3.875	02-15-27		8,085,000	8,209,509
SBA Communications Corp.	4.875	09-01-24		48,000	49,274
SBA Tower Trust (A)	2.836	01-15-25		1,954,000	2,010,322
SBA Tower Trust (A)	3.448	03-15-23		7,251,000	7,543,431
VICI Properties LP (A)	4.125	08-15-30		3,005,000	2,899,825
VICI Properties LP (A)	4.625	12-01-29		1,395,000	1,391,736
Utilities 2.9%					52,062,332
Electric utilities 2.2%
Edison International	4.950	04-15-25		2,765,000	3,012,971
Israel Electric Corp., Ltd. (A)	5.000	11-12-24		2,180,000	2,403,450
Israel Electric Corp., Ltd. (A)	6.875	06-21-23		1,415,000	1,602,031
NextEra Energy Capital Holdings, Inc.	2.403	09-01-21		1,535,000	1,570,515
NextEra Energy Capital Holdings, Inc.	2.900	04-01-22		3,115,000	3,238,025
NRG Energy, Inc. (A)	5.250	06-15-29		2,383,000	2,597,470
NRG Energy, Inc.	6.625	01-15-27		3,550,000	3,780,750
NRG Energy, Inc.	7.250	05-15-26		1,040,000	1,118,957
NSTAR Electric Company	3.950	04-01-30		1,860,000	2,212,021
Perusahaan Listrik Negara PT (A)	5.450	05-21-28		2,840,000	3,155,950
Vistra Operations Company LLC (A)	3.550	07-15-24		4,905,000	5,014,963
Vistra Operations Company LLC (A)	5.000	07-31-27		5,035,000	5,267,869
Vistra Operations Company LLC (A)	5.500	09-01-26		1,800,000	1,890,000
Vistra Operations Company LLC (A)	5.625	02-15-27		2,626,000	2,790,676
Independent power and renewable electricity producers 0.7%
Adani Green Energy UP, Ltd. (A)	6.250	12-10-24		1,715,000	1,752,301
Greenko Dutch BV (A)	5.250	07-24-24		4,285,000	4,092,175
Greenko Solar Mauritius, Ltd. (A)	5.550	01-29-25		1,660,000	1,585,370
The AES Corp.	4.500	03-15-23		4,885,000	4,976,838

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ANNUAL REPORT | JOHN HANCOCK INCOME FUND

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SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME FUND

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SEE NOTES TO FINANCIAL STATEMENTS

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NZD	New Zealand Dollar
PHP	Philippine Peso
SGD	Singapore Dollar
Security Abbreviations and Legend
BBSW	Bank Bill Swap Rate
CDOR	Canadian Dollar Offered Rate
CMT	Constant Maturity Treasury
ICE	Intercontinental Exchange
IO	Interest-Only Security - (Interest Tranche of Stripped Mortgage Pool). Rate shown is the annualized yield at the end of the period.
LIBOR	London Interbank Offered Rate
NIBOR	Norwegian Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Interbank Average Rate
(A)	These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $566,562,150 or 31.8% of the fund's net assets as of 5-31-20.
(B)	All or a portion of this security is on loan as of 5-31-20.
(C)	Variable rate obligation. The coupon rate shown represents the rate at period end.
(D)	Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(E)	Variable or floating rate security, the interest rate of which adjusts periodically based on a weighted average of interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of period end.
(F)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements.
(G)	Non-income producing security.
(H)	Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending.
(I)	The rate shown is the annualized seven-day yield as of 5-31-20.
*	Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end.

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ANNUAL REPORT | JOHN HANCOCK INCOME FUND

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

    

Derivatives Currency Abbreviations
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
DKK	Danish Krone
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
SGD	Singapore Dollar
USD	U.S. Dollar

    

Derivatives Abbreviations
ANZ	Australia and New Zealand Banking Group Limited
BOA	Bank of America, N.A.
CIBC	Canadian Imperial Bank of Commerce
CITI	Citibank, N.A.
GSI	Goldman Sachs International

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ANNUAL REPORT | JOHN HANCOCK INCOME FUND

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At 5-31-20, the aggregate cost of investments for federal income tax purposes was $1,748,955,313. Net unrealized appreciation aggregated to $14,916,793, of which $88,035,844 related to gross unrealized appreciation and $73,119,051 related to gross unrealized depreciation.

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

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ANNUAL REPORT | JOHN HANCOCK Income Fund

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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.

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ANNUAL REPORT | JOHN HANCOCK Income Fund

35

    

1	Based on average daily shares outstanding.
2	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
3	Does not reflect the effect of sales charges, if any.

    

1	Based on average daily shares outstanding.
2	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
3	Does not reflect the effect of sales charges, if any.

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ANNUAL REPORT | JOHN HANCOCK Income Fund

39

    

1	Based on average daily shares outstanding.
2	Total returns would have been lower had certain expenses not been reduced during the applicable periods.

    

1	Based on average daily shares outstanding.
2	Total returns would have been lower had certain expenses not been reduced during the applicable periods.

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK Income Fund

41