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John Hancock Income Fund JOBNAME: No Job Name PAGE: 3 SESS: 111 OUTPUT: Wed Jul 17 18:15:18 2019 SUM: 2CEDA707 /qaJobz/JohnHancock/shareholder_2015/JH91IncomeFund/JH91_Income_Fund_AR John Hancock Income Fund Annual report 5/31/19 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. JOBNAME: No Job Name PAGE: 4 SESS: 111 OUTPUT: Wed Jul 17 18:15:18 2019 SUM: 3C4F8236 /qaJobz/JohnHancock/shareholder_2015/JH91IncomeFund/JH91_Income_Fund_AR A message to shareholders Dear shareholder, A solid and stable economy enabled the U.S.Federal Reserve (Fed) to continue normalizing monetary policy for most of 2018;however,concerns about the strength of the broader global economy and the durability of the now 10-year-old bull market led investors to dial back risk exposures.Those concerns may ultimately have been shared by the Fed,which shifted to a neutral stance on interest rates in the beginning of 2019 after three years of hikes.The markets responded favorably,with most bond indexes registering gains before hitting a patch of turbulence in May as trade turmoil between the United States and China flared again. As always,your best resource in unpredictable markets is your financial advisor,who can help position your portfolio so that it’s sufficiently diversified to meet your long-term objectives and to withstand the inevitable turbulence 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. JOBNAME: No Job Name PAGE: 5 SESS: 111 OUTPUT: Wed Jul 17 18:15:18 2019 SUM: 969A22F4 /qaJobz/JohnHancock/shareholder_2015/JH91IncomeFund/JH91_Income_Fund_AR John Hancock Income Fund Table of contents 2 Your fund at a glance 5 Discussion of fund performance 7 A look at performance 9 Your expenses 11 Fund’s investments 31 Financial statements 35 Financial highlights 45 Notes to financial statements 60 Report of independent registered public accounting firm 61 Tax information 62 Trustees and Officers 66 More information ANNUAL REPORT | JOHN HANCOCK INCOME FUND 1 JOBNAME: No Job Name PAGE: 6 SESS: 111 OUTPUT: Wed Jul 17 18:15:18 2019 SUM: 5E0D9C93 /qaJobz/JohnHancock/shareholder_2015/JH91IncomeFund/JH91_Income_Fund_AR Your fund at a glance INVESTMENT OBJECTIVE The fund seeks a high level of current income. AVERAGE ANNUAL TOTAL RETURNS AS OF 5/31/19 (%) Class A shares (without sales charge) Bloomberg Barclays U.S. Aggregate Bond Index Morningstar multisector bond fund category average 6.40 5.92 5.90 4.45 4.29 3.72 3.83 2.70 2.50 2.56 2.06 1.86 1 year3 year 5 year 10 year 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. 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 INCOME FUND | ANNUAL REPORT JOBNAME: No Job Name PAGE: 7 SESS: 111 OUTPUT: Wed Jul 17 18:15:18 2019 SUM: 6B0E1A16 /qaJobz/JohnHancock/shareholder_2015/JH91IncomeFund/JH91_Income_Fund_AR PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS Bonds gained and yields fell late in the period Bonds posted solid returns as slowing economic growth and a shift in interest-rate policy by the U.S. Federal Reserve in early 2019 led to lower bond yields and rising bond prices. Duration and currency positioning detracted The fund’s underperformance of the Bloomberg Barclays U.S. Aggregate Bond Index was driven primarily by a relatively short duration and foreign currency exposure. Sector allocation added value The fund’s holdings of convertible bonds, nongovernment-agency mortgage-backed securities, and bank loans, all of which aren’t represented in the index, contributed positively to relative performance. PORTFOLIO COMPOSITION AS OF 5/31/19 (%) Corporate bonds 48.4 Foreign government obligations 19.5 U.S. Government 10.2 Collateralized mortgage obligations – Commercial and residential 7.7 Preferred securities 4.8 Asset backed securities 3.7 Capital preferred securities 1.3 Convertible bonds 1.1 Collateralized mortgage obligations – U.S. Government Agency 0.2 Short-term investments and other 3.1 As a percentage of net assets. A note about risks The fund is subject to various risks as described in the fund’s prospectus.For more information,please refer to the “Principal risks”section of the prospectus. ANNUAL REPORT | JOHN HANCOCK INCOME FUND 3 JOBNAME: No Job Name PAGE: 8 SESS: 111 OUTPUT: Wed Jul 17 18:15:18 2019 SUM: B92CEE0D /qaJobz/JohnHancock/shareholder_2015/JH91IncomeFund/JH91_Income_Fund_AR COUNTRY COMPOSITION AS OF 5/31/19 (%) United States 66.4 Canada 4.9 Supranational 3.5 Brazil 3.1 Indonesia 2.6 Philippines 2.3 Norway 2.0 Ireland 1.8 Singapore 1.6 Netherlands 1.4 Other countries 10.4 TOTAL 100.0 As a percentage of net assets. QUALITY COMPOSITION AS OF 5/31/19 (%) U.S. Government 10.2 Collateralized mortgage obligations – U.S. Government Agency 0.2 AAA 16.5 AA 4.7 A 9.0 BBB 24.7 BB 17.6 B 5.7 CCC and below 0.4 Equity 4.8 Not rated 3.1 Short-term investments and other 3.1 As a percentage 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 5-31-19 and do not reflect subsequent downgrades or upgrades, if any. 4 JOHN HANCOCK INCOME FUND | ANNUAL REPORT JOBNAME: No Job Name PAGE: 9 SESS: 111 OUTPUT: Wed Jul 17 18:15:18 2019 SUM: 5C1CEA27 /qaJobz/JohnHancock/shareholder_2015/JH91IncomeFund/JH91_Income_Fund_AR Discussion of fund performance Can you talk about the bond market and its performance for the 12 months ended May 31, 2019? U.S.bonds posted solid overall returns for the period.The fund’s benchmark,the Bloomberg Barclays U.S.Aggregate Bond Index,returned 6.40%.U.S.economic growth accelerated in the first half of the reporting period,driven in part by federal tax reform legislation that took effect at the beginning of 2018.In response,the U.S. Federal Reserve (Fed) raised short-term interest rates three times.Signs of slowing economic activity emerged during the second half of the 12-month period,in part due to an escalating trade war between the United States and China.As a result,the Fed pivoted to a wait-and-see approach,holding interest rates steady through the first five months of 2019. Bond yields tracked the swings in the economy,rising during the first half of the reporting period and then falling back in the last six months.Bond yields fell especially sharply during the last two months of the period as the bond market began to price in the possibility of a Fed interest-rate cut later in the year. Investment-grade corporate bonds and commercial mortgage-backed securities were the best-performing sectors,while high-yield corporate bonds (generally those rated BB or lower) lagged.
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