John Hancock

Bond Fund

Semiannual report 11/30/16

A message to shareholders

Dear shareholder,

From the U.K.'s Brexit vote in June to Donald Trump's presidential election victory in November, the past six months have been marked by significant geopolitical changes. Longer-term interest rates in the United States generally rose during this time, especially in the final weeks of the period, making for a challenging environment for many segments of the fixed-income markets, particularly municipal bonds. The same was true of short-term rates, as the U.S. Federal Reserve decided in December to raise short-term lending rates for the first time in 2016.

The reality of higher interest rates is no surprise; rates around the world had for some time been hovering near historic lows, and in Japan and parts of Europe, central banks have been experimenting with pushing rates into negative territory. It's a trend that couldn't last forever, and the recent rise has been in the making for some time.

That said, fixed income still has a valuable role to play in diversified portfolios. At John Hancock Investments, we believe one of the best ways to navigate today's interest-rate volatility is by casting a wider net; your financial advisor can make sure that your fixed-income allocations are appropriate for your investment goals, and that they aren't overly reliant on interest rates as the primary driver of returns.

On behalf of everyone at John Hancock Investments, I'd like to take this opportunity to thank you for the continued trust you've placed in us.

Sincerely,

Andrew G. Arnott
President and Chief Executive Officer
John Hancock Investments

This commentary reflects the CEO's views, which are subject to change at any time. All investments entail risks, including the possible loss of principal. Diversification does not guarantee a profit or eliminate the risk of a loss. For more up-to-date information, you can visit our website at jhinvestments.com.

John Hancock
Bond Fund

Table of contents

2 Your fund at a glance

4 Discussion of fund performance

8 A look at performance

10 Your expenses

12 Fund's investments

38 Financial statements

41 Financial highlights

49 Notes to financial statements

57 Continuation of investment advisory and subadvisory agreements

62 More information

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 1

Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks a high level of current income consistent with prudent investment risk.

AVERAGE ANNUAL TOTAL RETURNS AS OF 11/30/16 (%)

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of dollar-denominated and non-convertible 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. Returns for periods shorter than one year are cumulative. 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.

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 2

PERFORMANCE HIGHLIGHTS OVER THE LAST SIX MONTHS

Investors regained appetite for risk

Investors appeared to be more willing to take risk after the November presidential election, as markets priced in the potential for stronger economic growth in the U.S.

Interest rates moved sharply higher

Longer-term rates rose throughout the period and were up sharply in November, while the U.S. Federal Reserve hiked short-term rates for the first time in 2016 in December, shortly after the end of the fund's reporting period.

The fund outperformed its benchmark

The fund posted a modest gain for the six-month period, buoyed by an underweight position in U.S. Treasuries and targeted exposure in the corporate debt markets.

PORTFOLIO COMPOSITION AS OF 11/30/16 (%)

A note about risks

Fixed-income investments are subject to interest-rate and credit risk; their value will normally decline as interest rates rise or if a creditor, grantor, or counterparty is unable or unwilling to make principal, interest, or settlement payments. Investments in higher-yielding, lower-rated securities are subject to a higher risk of default. A fund concentrated in one sector or that holds a limited number of securities may fluctuate more than a fund that invests in a wider variety of sectors. Foreign investing has additional risks, such as currency and market volatility and political and social instability. Mortgage- and asset-backed securities may be sensitive to changes in interest rates, and may be subject to early repayment and the market's perception of issuer creditworthiness. Liquidity—the extent to which a security may be sold or a derivative position closed without negatively affecting its market value—may be impaired by reduced trading volume, heightened volatility, rising interest rates, and other market conditions. Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Fund distributions generally depend on income from underlying investments and may vary or cease altogether in the future. Please see the fund's prospectus for additional risks.

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 3

Discussion of fund performance

An interview with Portfolio Managers Howard C. Greene, CFA, and Jeffrey N. Given, CFA, John Hancock Asset Management a division of Manulife Asset Management (US) LLC

Howard C. Greene, CFA
Portfolio Manager
John Hancock Asset Management

Jeffrey N. Given, CFA
Portfolio Manager
John Hancock Asset Management

The six months ended November 30, 2016, represented a volatile period for the fixed-income markets. What were some of the issues behind that turbulence?

The past six months were flanked by two political events that played a large role in shaping the markets. The first was the U.K.'s surprise decision at the end of June to leave the European Union. In the wake of that vote, investors sold off riskier positions and yields on U.S. Treasuries fell dramatically, with the 10-year note hitting an all-time low of 1.37% in early July. That sell-off was relatively short lived, however, as risk assets rallied and yields climbed gradually through the summer months and into early November.

The other significant political event, of course, was the U.S. presidential election. Donald J. Trump's victory caught most prognosticators off guard and markets were briefly volatile before launching into a significant rally for risk assets, including stocks and high-yield bonds. Yields on 10-year U.S. Treasuries spiked, climbing nearly 50 basis points in the three weeks from the election to the end of the month.

Meanwhile, interest rates, oil prices, and the general strength of the global economy also continued to be factors. With regard to interest rates, in December the U.S. Federal Reserve (Fed) finally raised rates for a second time, having held rates steady for most of the year, as it continued to normalize monetary policy. The move was widely anticipated by investors, and the real question for the Fed is what trajectory its policy moves take in 2017.

Where oil prices are headed is another question mark for investors. While prices at period end were close to double their January 2016 lows, they have been fairly volatile since the middle of the year, trading between $40 and $50 per barrel. Low energy prices have been a particular headwind to the high-yield bond market (generally bonds rated BB and lower), given the large number of smaller energy companies that had been issuing debt to expand operations. Investors expected an increase

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 4

"Two of the biggest positive contributors to performance were the fund's limited exposure to U.S. Treasuries and its slightly below-benchmark exposure to duration..."

in defaults in the absence of materially higher oil prices, and to that end defaults in commodity-linked segments of the high-yield market have trended higher for much of 2016, although defaults in other segments remain quite low. It remains to be seen whether bond prices in the high-yield market remain correlated with oil prices, or if investors are willing to overlook the risks in the energy sector in order to capture higher yields from what broadly are fundamentally sound companies.

Lastly, concern about the strength of the global economy remained a general concern for investors. Developed markets—especially Europe and Japan—contended with sluggish growth, while central banks in those markets pursued aggressive monetary policies with mixed results thus far.

QUALITY COMPOSITION AS OF 11/30/16 (%)

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 5

"... exposure to mortgage debt—specifically, commercial mortgage-backed securities and nonagency mortgage-backed securities—boosted relative returns."

What positions helped the fund's performance versus its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index?

Two of the biggest positive contributors to performance were the fund's limited exposure to U.S. Treasuries and its slightly below-benchmark exposure to duration, which measures a portfolio's sensitivity to interest rates. Treasuries sold off throughout the period and the fund's underweight position contributed positively to relative returns. Likewise, the fund's lower duration profile meant it was less susceptible to price declines as yields rose.

In a reversal from our last report to shareholders, the fund's modestly higher position in high-yield debt also helped returns. Investment-grade corporate debt was less of a factor, although the fund's exposure to the financials sector was beneficial, particularly after the sector's strong November rally.

Finally, exposure to mortgage debt—specifically, commercial mortgage-backed securities and nonagency mortgage-backed securities—boosted relative returns.

What positions detracted from relative performance?

The fund's small positions in high-grade U.S. utilities and foreign industrials were a slight drag on returns, as was security selection within the credit card receivables space among asset-backed securities. Altogether, these were relatively small positions for the fund and were only a minor factor in the fund's relative results versus the benchmark.

Given the level of uncertainty in the markets, how are you positioning the fund for the next several months?

We're continuing to take a fairly conservative stance in general as we head into 2017. We don't believe now is the time to be making big bets on either interest rates or credit. To that end, we held a modestly defensive stance with respect to the fund's duration. Managing interest-rate exposure is a less significant part of our overall strategy, however, as sector weighting and individual security selection remain our primary emphasis.

With that said, the fund holds some floating-rate securities, primarily mortgage-backed securities that hold adjustable rate loans. These investments can benefit if interest rates begin to move higher, and we believe they provide an element of diversification to the fund. With regard to credit, we have

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 6

been focused on high-quality securities within both the investment-grade space and the high-yield area. While our primary goal is to offer investors a well-diversified portfolio, in general we prefer credit-driven holdings over rate-sensitive securities, given the incremental yields offered and the potential opportunity for some spread tightening.

The reality for investors, however, is that for the foreseeable future, we are likely to remain in an environment of coupon-like returns. There are not a lot of opportunities in the market for meaningful price appreciation, and given the headwinds of rising interest rates and sluggish global economic growth, we prefer a more conservative tilt to the portfolio. As the Fed continues to navigate normalizing monetary policy, individual security selection will become increasingly important. While the markets have already begun to price in stronger economic growth under a Trump administration, we believe our slightly more conservative stance is warranted until potential policy changes become realities and that growth begins to manifest itself in real economic data.

MANAGED BY

Howard C. Greene, CFA
On the fund since 2002
Investing since 1979

Jeffrey N. Given, CFA
On the fund since 2006
Investing since 1993

The views expressed in this report are exclusively those of Howard C. Greene, CFA, and Jeffrey N. Given, CFA, John Hancock Asset Management, 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.

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 7

A look at performance

TOTAL RETURNS FOR THE PERIOD ENDED NOVEMBER 30, 2016

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 6-month 5-year 10-year as of
11-30-16 as of
11-30-16

Class A -0.91 3.78 5.21 -3.50 20.36 66.24 2.57 2.52

Class B -2.50 3.56 5.05 -4.77 19.10 63.71 1.96 1.90

Class C 1.43 3.90 4.91 -0.81 21.08 61.45 1.97 1.91

Class I² 3.47 4.98 6.05 0.62 27.51 79.89 3.07 3.01

Class R2^2,3 3.12 4.64 5.64 0.48 25.47 73.02 2.57 2.51

Class R4^2,3 3.41 4.77 5.80 0.62 26.25 75.75 3.03 2.87

Class R6^2,3 3.65 5.11 6.14 0.74 28.31 81.42 3.10 3.03

Class NAV^2,3 3.60 5.10 6.16 0.74 28.26 81.86 3.11 3.05

Index^† 2.17 2.43 4.27 -0.92 12.74 51.90 — —

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 R2, Class R4, Class R6, and Class NAV 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. Had the 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 R2 Class R4 Class R6 Class NAV

Gross (%) 0.93 1.63 1.63 0.61 1.02 0.87 0.52 0.50

Net (%) 0.88 1.58 1.58 0.56 0.97 0.72 0.45 0.45

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.

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 8

This chart and table show what happened to a hypothetical $10,000 investment in John Hancock 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 Barclays U.S. Aggregate Bond Index.

Start date With maximum
sales charge ($) Without
sales charge ($) Index 1 ($)

Class B⁴ 11-30-06 16,371 16,371 15,190

Class C⁴ 11-30-06 16,145 16,145 15,190

Class I^2,3 11-30-06 17,989 17,989 15,190

Class R2^2,3 11-30-06 17,302 17,302 15,190

Class R4^2,3 11-30-06 17,575 17,575 15,190

Class R6^2,3 11-30-06 18,142 18,142 15,190

Class NAV^2,3 11-30-06 18,186 18,186 15,190

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 non-convertible 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 effect of reimbursements and waivers.
2	For certain types of investors, as described in the fund's prospectuses.
3	Class R2 shares were first offered 3-1-12; Class R4 shares were first offered 3-27-15; Class R6 shares were first offered 9-1-11; Class NAV shares were first offered 8-31-15. Returns prior to these dates are those of Class A shares that have been recalculated to apply the gross fees and expenses of Class R2, Class R4, Class R6, and Class NAV shares, as applicable.
4	The contingent deferred sales charge is not applicable.

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 9

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 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, 2016, with the same investment held until November 30, 2016.

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, 2016, 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 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 fund's actual return). It assumes an account value of $1,000.00 on June 1, 2016, with the same investment held until November 30, 2016. 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.

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 prospectuses for details regarding transaction costs.

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 10

Actual expenses/actual returns

Account value
on 6-1-2016 Ending value
on 11-30-2016 Expenses paid
during period
ended 11-30-2016¹ Annualized
expense ratio

Class A $1,000.00 $1,005.30 $4.22 0.84%

Class B 1,000.00 1,001.80 7.73 1.54%

Class C 1,000.00 1,001.80 7.73 1.54%

Class I 1,000.00 1,006.20 2.62 0.52%

Class R2 1,000.00 1,004.80 4.67 0.93%

Class R4 1,000.00 1,006.20 3.27 0.65%

Class R6 1,000.00 1,007.40 2.11 0.42%

Class NAV 1,000.00 1,007.40 2.11 0.42%

Hypothetical example for comparison purposes

Account value
on 6-1-2016 Ending value
on 11-30-2016 Expenses paid
during period
ended 11-30-2016¹ Annualized
expense ratio

Class A $1,000.00 $1,020.90 $4.26 0.84%

Class B 1,000.00 1,017.30 7.79 1.54%

Class C 1,000.00 1,017.30 7.79 1.54%

Class I 1,000.00 1,022.50 2.64 0.52%

Class R2 1,000.00 1,020.40 4.71 0.93%

Class R4 1,000.00 1,021.80 3.29 0.65%

Class R6 1,000.00 1,023.00 2.13 0.42%

Class NAV 1,000.00 1,023.00 2.13 0.42%

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

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 11

Fund's investments

As of 11-30-16 (unaudited)

Rate (%) Maturity date Par value^ Value

Corporate bonds 43.8% $2,256,766,138

(Cost $2,256,378,000)

Consumer discretionary 5.7% 292,266,636

Auto components 0.4%

Delphi Automotive PLC 4.250 01-15-26 6,255,000 6,487,786

Lear Corp. 5.250 01-15-25 5,098,000 5,359,273

Nemak SAB de CV (S) 5.500 02-28-23 4,577,000 4,502,624

ZF North America Capital, Inc. (S) 4.750 04-29-25 4,375,000 4,385,938

Automobiles 1.4%

American Honda Finance Corp. 1.700 02-22-19 8,285,000 8,268,861

Ford Motor Company 4.750 01-15-43 3,825,000 3,583,245

Ford Motor Credit Company LLC 2.551 10-05-18 3,680,000 3,703,500

Ford Motor Credit Company LLC 5.875 08-02-21 15,725,000 17,356,941

General Motors Company 4.875 10-02-23 11,080,000 11,563,553

General Motors Company 6.250 10-02-43 6,110,000 6,575,796

General Motors Financial Company, Inc. 3.450 04-10-22 6,140,000 6,058,467

General Motors Financial Company, Inc. 4.000 01-15-25 10,730,000 10,414,098

General Motors Financial Company, Inc. 5.250 03-01-26 4,090,000 4,270,713

Diversified consumer services 0.1%

Service Corp. International 5.375 05-15-24 4,190,000 4,357,181

Hotels, restaurants and leisure 0.5%

CCM Merger, Inc. (S) 9.125 05-01-19 2,353,000 2,441,238

Chester Downs & Marina LLC (S) 9.250 02-01-20 3,800,000 3,686,000

Eldorado Resorts, Inc. 7.000 08-01-23 2,415,000 2,553,863

GLP Capital LP 5.375 04-15-26 3,915,000 4,003,088

Hilton Grand Vacations Borrower LLC (S) 6.125 12-01-24 2,415,000 2,481,413

International Game Technology PLC (S) 6.500 02-15-25 3,995,000 4,244,688

Mohegan Tribal Gaming Authority (S) 7.875 10-15-24 5,265,000 5,271,581

Seminole Tribe of Florida, Inc. (S) 6.535 10-01-20 1,879,000 1,888,395

Waterford Gaming LLC (H)(S) 8.625 09-15-14 372,111 0

Household durables 0.2%

Newell Brands, Inc. 2.150 10-15-18 2,512,000 2,526,944

Newell Brands, Inc. 4.200 04-01-26 5,795,000 6,031,251

Internet and direct marketing retail 0.6%

Expedia, Inc. 5.000 02-15-26 13,261,000 13,627,799

QVC, Inc. 4.375 03-15-23 6,620,000 6,457,433

QVC, Inc. 5.125 07-02-22 4,975,000 5,082,231

QVC, Inc. 5.450 08-15-34 5,050,000 4,426,396

Leisure products 0.1%

Vista Outdoor, Inc. 5.875 10-01-23 4,585,000 4,768,400

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 12

Rate (%) Maturity date Par value^ Value

Consumer discretionary (continued)

Media 2.0%

Altice Financing SA (S) 6.500 01-15-22 2,205,000 $2,272,528

Altice Financing SA (S) 6.625 02-15-23 3,145,000 3,192,175

Cengage Learning, Inc. (S) 9.500 06-15-24 4,275,000 3,729,938

Charter Communications Operating LLC (C) 6.484 10-23-45 1,940,000 2,172,771

Charter Communications Operating LLC (S) 6.484 10-23-45 7,260,000 8,131,091

Clear Channel Worldwide Holdings, Inc. 6.500 11-15-22 4,160,000 4,196,400

LG FinanceCo Corp. (S) 5.875 11-01-24 900,000 895,500

McGraw-Hill Global Education Holdings LLC (S) 7.875 05-15-24 975,000 949,406

MDC Partners, Inc. (S) 6.500 05-01-24 4,055,000 3,467,025

Midcontinent Communications (S) 6.875 08-15-23 4,695,000 4,935,619

Myriad International Holdings BV (S) 5.500 07-21-25 7,970,000 8,021,646

Omnicom Group, Inc. 3.600 04-15-26 5,060,000 5,026,113

Sinclair Television Group, Inc. (S) 5.625 08-01-24 5,065,000 5,001,688

Sirius XM Radio, Inc. (S) 5.250 08-15-22 4,289,000 4,482,005

Sirius XM Radio, Inc. (S) 5.375 04-15-25 4,100,000 4,112,792

Sirius XM Radio, Inc. (S) 5.375 07-15-26 6,030,000 5,984,775

Time Warner Cable LLC 8.250 04-01-19 7,090,000 8,000,703

Time Warner, Inc. (C) 3.800 02-15-27 7,148,000 7,107,721

Viacom, Inc. 4.375 03-15-43 14,207,000 12,398,889

WMG Acquisition Corp. (S) 4.875 11-01-24 3,000,000 2,970,000

WMG Acquisition Corp. (S) 6.750 04-15-22 5,902,000 6,182,345

Specialty retail 0.4%

AutoNation, Inc. 4.500 10-01-25 3,435,000 3,441,372

Jo-Ann Stores Holdings, Inc., PIK (S) 9.750 10-15-19 7,128,000 6,771,600

L Brands, Inc. 6.625 04-01-21 7,245,000 8,023,838

L Brands, Inc. 6.875 11-01-35 4,420,000 4,420,000

Consumer staples 2.6% 133,395,294

Beverages 0.7%

Anheuser-Busch InBev Finance, Inc. 4.900 02-01-46 18,915,000 20,188,490

Constellation Brands, Inc. 4.750 11-15-24 2,195,000 2,357,496

Molson Coors Brewing Company 1.450 07-15-19 2,734,000 2,691,087

Molson Coors Brewing Company 3.000 07-15-26 6,575,000 6,184,182

PepsiCo, Inc. 1.500 02-22-19 6,570,000 6,546,072

Food and staples retailing 0.9%

CVS Health Corp. 2.875 06-01-26 4,875,000 4,609,732

CVS Health Corp. 5.125 07-20-45 9,765,000 10,685,527

SUPERVALU, Inc. 7.750 11-15-22 5,225,000 5,172,750

Tops Holding II Corp. 8.750 06-15-18 1,075,000 951,375

Tops Holding LLC (S) 8.000 06-15-22 7,380,000 6,365,250

Walgreens Boots Alliance, Inc. 1.750 05-30-18 7,030,000 7,040,165

Whole Foods Market, Inc. 5.200 12-03-25 11,740,000 12,288,857

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 13

Rate (%) Maturity date Par value^ Value

Consumer staples (continued)

Food products 0.8%

Bunge, Ltd. Finance Corp. 8.500 06-15-19 4,786,000 $5,504,690

Kraft Heinz Foods Company 2.000 07-02-18 7,872,000 7,887,319

Kraft Heinz Foods Company (S) 4.875 02-15-25 3,582,000 3,893,168

Kraft Heinz Foods Company 5.200 07-15-45 6,600,000 7,013,114

Lamb Weston Holdings, Inc. (S) 4.625 11-01-24 1,115,000 1,112,213

Lamb Weston Holdings, Inc. (S) 4.875 11-01-26 1,115,000 1,109,425

Mondelez International Holdings Netherlands BV (S) 1.625 10-28-19 6,735,000 6,620,525

Post Holdings, Inc. (S) 7.750 03-15-24 5,615,000 6,190,538

Personal products 0.1%

Revlon Consumer Products Corp. 5.750 02-15-21 4,015,000 3,989,906

Revlon Consumer Products Corp. (C) 6.250 08-01-24 1,000,000 985,000

Tobacco 0.1%

Vector Group, Ltd. 7.750 02-15-21 3,845,000 4,008,413

Energy 4.6% 238,368,001

Energy equipment and services 0.2%

Antero Midstream Partners LP (S) 5.375 09-15-24 5,427,000 5,549,108

Emera US Finance LP (S) 3.550 06-15-26 3,950,000 3,875,566

Oil, gas and consumable fuels 4.4%

Cenovus Energy, Inc. 4.450 09-15-42 7,647,000 6,289,619

Cimarex Energy Company 4.375 06-01-24 3,400,000 3,482,994

Colorado Interstate Gas Company LLC (S) 4.150 08-15-26 4,090,000 3,889,353

Columbia Pipeline Group, Inc. 4.500 06-01-25 8,660,000 8,987,738

Continental Resources, Inc. 5.000 09-15-22 11,153,000 11,125,118

DCP Midstream LLC (S) 9.750 03-15-19 4,795,000 5,346,425

DCP Midstream LLC (5.850% to 5-21-23, then 3 month LIBOR + 3.850%) (S) 5.850 05-21-43 4,620,000 3,927,000

DCP Midstream Operating LP 2.700 04-01-19 6,010,000 5,972,438

DCP Midstream Operating LP 3.875 03-15-23 4,365,000 4,188,218

Enbridge Energy Partners LP 4.375 10-15-20 4,010,000 4,188,305

Enbridge, Inc. 4.250 12-01-26 5,625,000 5,645,053

Energy Transfer Partners LP 5.150 03-15-45 6,575,000 5,889,661

Energy Transfer Partners LP 9.700 03-15-19 3,490,000 4,019,339

EnLink Midstream Partners LP 4.850 07-15-26 3,255,000 3,196,579

Enterprise Products Operating LLC (P) 4.593 08-01-66 5,865,000 5,505,769

Gulfport Energy Corp. (S) 6.000 10-15-24 1,665,000 1,694,138

Kerr-McGee Corp. 6.950 07-01-24 5,870,000 6,813,503

Kinder Morgan Energy Partners LP 7.750 03-15-32 3,635,000 4,284,149

Kinder Morgan, Inc. 4.300 06-01-25 3,676,000 3,704,640

Kinder Morgan, Inc. 5.550 06-01-45 8,795,000 8,755,546

Lukoil International Finance BV (S) 3.416 04-24-18 5,675,000 5,726,688

MPLX LP 4.000 02-15-25 5,515,000 5,241,037

MPLX LP 4.875 12-01-24 6,815,000 6,881,480

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 14

Rate (%) Maturity date Par value^ Value

Energy (continued)

Oil, gas and consumable fuels (continued)

MPLX LP 4.875 06-01-25 2,237,000 $2,247,237

Newfield Exploration Company 5.625 07-01-24 880,000 907,500

Newfield Exploration Company 5.750 01-30-22 2,035,000 2,106,225

Occidental Petroleum Corp. 3.400 04-15-26 5,155,000 5,150,948

Petrobras Global Finance BV 5.625 05-20-43 7,095,000 5,037,450

Petroleos Mexicanos 4.875 01-24-22 4,510,000 4,376,955

Regency Energy Partners LP 5.000 10-01-22 940,000 993,767

Regency Energy Partners LP 5.500 04-15-23 9,490,000 9,809,395

Regency Energy Partners LP 5.875 03-01-22 865,000 955,739

Resolute Energy Corp. 8.500 05-01-20 3,205,000 3,213,013

Shell International Finance BV 4.375 05-11-45 12,245,000 12,020,121

Summit Midstream Holdings LLC 7.500 07-01-21 4,315,000 4,519,963

Sunoco Logistics Partners Operations LP 3.900 07-15-26 8,094,000 7,695,209

Sunoco Logistics Partners Operations LP 4.400 04-01-21 5,320,000 5,615,042

Tallgrass Energy Partners LP (S) 5.500 09-15-24 1,575,000 1,559,250

Teekay Offshore Partners LP 6.000 07-30-19 9,633,000 8,115,803

Tesoro Logistics LP 5.250 01-15-25 2,585,000 2,617,313

Tesoro Logistics LP 6.125 10-15-21 7,545,000 7,893,956

Tesoro Logistics LP 6.375 05-01-24 5,305,000 5,716,138

Williams Partners LP 4.875 05-15-23 4,345,000 4,394,533

Williams Partners LP 4.875 03-15-24 9,178,000 9,242,980

Financials 13.7% 708,583,833

Banks 7.0%

Australia & New Zealand Banking Group, Ltd. (6.750% to 6-15-26, then 5 Year U.S. ISDAFIX + 5.168%) (Q)(S) 6.750 06-15-26 3,340,000 3,536,866

Bank of America Corp. 3.950 04-21-25 1,430,000 1,415,933

Bank of America Corp. 4.200 08-26-24 4,925,000 5,000,879

Bank of America Corp. 4.250 10-22-26 4,350,000 4,374,251

Bank of America Corp. 4.450 03-03-26 10,300,000 10,567,388

Bank of America Corp. 6.875 04-25-18 9,890,000 10,551,710

Bank of America Corp. (6.250% to 9-5-24, then 3 month LIBOR + 3.705%) (Q) 6.250 09-05-24 8,050,000 8,009,831

Bank of America Corp. (6.300% to 3-10-26, then 3 month LIBOR + 4.553%) (Q) 6.300 03-10-26 3,295,000 3,435,038

Bank of America Corp. (8.000% to 1-30-18, then 3 month LIBOR + 3.630%) (Q) 8.000 01-30-18 7,865,000 7,982,975

BankUnited, Inc. 4.875 11-17-25 5,855,000 5,704,632

Barclays Bank PLC (S) 10.179 06-12-21 5,225,000 6,455,320

Barclays PLC 4.375 01-12-26 6,055,000 6,044,101

BPCE SA (S) 4.500 03-15-25 7,925,000 7,649,773

BPCE SA (S) 5.700 10-22-23 6,930,000 7,235,752

Citigroup, Inc. 4.600 03-09-26 8,525,000 8,773,879

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 15

Rate (%) Maturity date Par value^ Value

Financials (continued)

Banks (continued)

Citigroup, Inc. (6.250% to 8-15-26, then 3 month LIBOR + 4.517%) (Q) 6.250 08-15-26 8,040,000 $8,261,100

Commerzbank AG (S) 8.125 09-19-23 6,890,000 7,690,963

Cooperatieve Rabobank UA (11.000% to 6-30-19, then 3 month LIBOR + 10.868%) (Q)(S) 11.000 06-30-19 7,672,000 9,105,130

Credit Agricole SA (6.625% to 9-23-19, then 5 Year U.S. Swap Rate + 4.697%) (Q)(S) 6.625 09-23-19 5,840,000 5,487,941

Credit Agricole SA (7.875% to 1-23-24, then 5 Year U.S. Swap Rate + 4.898%) (Q)(S) 7.875 01-23-24 6,325,000 6,238,158

Credit Agricole SA (8.125% to 9-19-18, then 5 Year U.S. Swap Rate + 6.283%) (S) 8.125 09-19-33 4,540,000 4,851,444

Fifth Third Bancorp (5.100% to 6-30-23, then 3 month LIBOR + 3.033%) (Q) 5.100 06-30-23 4,365,000 4,092,188

HBOS PLC (S) 6.750 05-21-18 9,875,000 10,447,385

HSBC Holdings PLC (6.375% to 9-17-24, then 5 Year U.S. ISDAFIX + 3.705%) (Q) 6.375 09-17-24 1,795,000 1,734,419

HSBC Holdings PLC (6.875% to 6-1-21, then 5 Year U.S. ISDAFIX + 5.514%) (Q) 6.875 06-01-21 5,280,000 5,451,600

ING Bank NV (S) 5.800 09-25-23 7,479,000 8,161,967

ING Groep NV (6.500% to 4-16-25, then 5 Year U.S. Swap Rate + 4.446%) (Q) 6.500 04-16-25 1,385,000 1,300,169

JPMorgan Chase & Co. 3.200 06-15-26 8,015,000 7,794,387

JPMorgan Chase & Co. 4.625 05-10-21 11,645,000 12,539,452

JPMorgan Chase & Co. (5.300% to 5-1-20, then 3 month LIBOR + 3.800%) (Q) 5.300 05-01-20 8,605,000 8,691,050

JPMorgan Chase & Co. (6.750% to 2-1-24, then 3 month LIBOR + 3.780%) (Q) 6.750 02-01-24 8,730,000 9,384,750

Lloyds Banking Group PLC 4.650 03-24-26 17,030,000 16,963,719

Lloyds Banking Group PLC (7.500% to 6-27-24, then 5 Year U.S. Swap Rate + 4.760%) (Q) 7.500 06-27-24 4,040,000 4,120,800

M&T Bank Corp. (5.125% to 11-1-26, then 3 month LIBOR + 3.520%) (Q) 5.125 11-01-26 6,215,000 6,005,244

Manufacturers & Traders Trust Company (5.629% to 12-1-16, then 3 month LIBOR + 6.400%) 5.629 12-01-21 5,880,000 5,757,990

Popular, Inc. 7.000 07-01-19 3,905,000 4,002,625

Royal Bank of Scotland Group PLC 4.800 04-05-26 6,495,000 6,368,880

Royal Bank of Scotland Group PLC (8.000% to 8-10-25, then 5 Year U.S. Swap Rate + 5.720%) (Q) 8.000 08-10-25 4,100,000 3,751,500

Royal Bank of Scotland Group PLC (8.625% to 8-15-21, then 5 Year U.S. Swap Rate + 7.598%) (Q) 8.625 08-15-21 4,020,000 3,954,675

Santander Holdings USA, Inc. 2.700 05-24-19 11,770,000 11,755,029

Santander UK Group Holdings PLC (S) 4.750 09-15-25 6,290,000 6,075,951

Societe Generale SA (7.375% to 9-13-21, then 5 Year U.S. Swap Rate + 6.238%) (Q)(S) 7.375 09-13-21 6,945,000 6,684,563

Societe Generale SA (8.000% to 9-29-25, then 5 Year U.S. ISDAFIX + 5.873%) (Q)(S) 8.000 09-29-25 6,315,000 6,149,231

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 16

Rate (%) Maturity date Par value^ Value

Financials (continued)

Banks (continued)

Societe Generale SA (8.250% to 11-29-18, then 5 Year U.S. Swap Rate + 6.394%) (Q) 8.250 11-29-18 4,125,000 $4,207,500

Standard Chartered PLC (S) 2.100 08-19-19 11,615,000 11,479,499

Sumitomo Mitsui Banking Corp. 2.450 01-10-19 11,379,000 11,438,797

Synovus Financial Corp. 7.875 02-15-19 4,886,000 5,374,600

The PNC Financial Services Group, Inc. (4.850% to 6-1-23, then 3 month LIBOR + 3.040%) (Q) 4.850 06-01-23 4,610,000 4,379,500

The PNC Financial Services Group, Inc. (6.750% to 8-1-21, then 3 month LIBOR + 3.678%) (Q) 6.750 08-01-21 6,195,000 6,620,906

Wells Fargo & Company 4.650 11-04-44 3,945,000 3,918,896

Wells Fargo & Company (5.875% to 6-15-25, then 3 month LIBOR + 3.990%) (Q) 5.875 06-15-25 18,080,000 18,642,107

Wells Fargo & Company, Series K (7.980% to 3-15-18, then 3 month LIBOR + 3.770%) (Q) 7.980 03-15-18 5,322,000 5,455,050

Capital markets 2.3%

Ares Capital Corp. 3.875 01-15-20 5,670,000 5,750,265

Credit Suisse Group AG (7.500% to 12-11-23, then 5 Year U.S. Swap Rate + 4.598%) (Q)(S) 7.500 12-11-23 3,445,000 3,492,369

FS Investment Corp. 4.000 07-15-19 5,040,000 5,083,314

Jefferies Group LLC 6.875 04-15-21 7,940,000 9,042,112

Jefferies Group LLC 8.500 07-15-19 3,455,000 3,928,985

Macquarie Bank, Ltd. (S) 4.875 06-10-25 10,125,000 10,227,465

Morgan Stanley 2.450 02-01-19 4,450,000 4,483,486

Morgan Stanley 3.875 01-27-26 6,920,000 7,001,095

Morgan Stanley 5.500 01-26-20 8,525,000 9,267,204

Morgan Stanley 7.300 05-13-19 14,915,000 16,663,381

Morgan Stanley (5.550% to 7-15-20, then 3 month LIBOR + 3.810%) (Q) 5.550 07-15-20 5,875,000 5,882,344

S&P Global, Inc. 4.000 06-15-25 8,725,000 8,975,704

S&P Global, Inc. 4.400 02-15-26 4,373,000 4,635,542

Stifel Financial Corp. 4.250 07-18-24 5,215,000 5,162,036

The Bear Stearns Companies LLC 7.250 02-01-18 4,525,000 4,806,030

The Goldman Sachs Group, Inc. 2.000 04-25-19 4,670,000 4,655,873

The Goldman Sachs Group, Inc. 3.750 05-22-25 6,765,000 6,809,446

The Goldman Sachs Group, Inc. 4.750 10-21-45 4,305,000 4,482,814

Consumer finance 1.7%

Ally Financial, Inc. 3.250 11-05-18 4,630,000 4,630,000

Ally Financial, Inc. 5.125 09-30-24 9,585,000 9,561,038

Capital One Financial Corp. 2.450 04-24-19 4,930,000 4,965,925

Capital One Financial Corp. 3.750 07-28-26 9,880,000 9,503,058

Capital One Financial Corp. 4.200 10-29-25 9,080,000 9,080,363

Capital One Financial Corp. (5.550% to 6-1-20, then 3 month LIBOR + 3.800%) (Q) 5.550 06-01-20 4,560,000 4,523,520

Capital One NA 2.350 08-17-18 6,635,000 6,676,071

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 17

Rate (%) Maturity date Par value^ Value

Financials (continued)

Consumer finance (continued)

Credit Acceptance Corp. 6.125 02-15-21 5,770,000 $5,813,275

Credito Real SAB de CV (S) 7.500 03-13-19 4,920,000 5,064,648

Discover Bank 2.600 11-13-18 8,000,000 8,076,920

Discover Financial Services 3.950 11-06-24 11,525,000 11,379,854

Discover Financial Services 5.200 04-27-22 4,530,000 4,881,841

Enova International, Inc. 9.750 06-01-21 5,345,000 5,184,650

Diversified financial services 0.5%

Doric Nimrod Air Alpha 2013-1 Class B Pass Through Trust (S) 6.125 11-30-21 1,044,313 1,083,475

Leucadia National Corp. 5.500 10-18-23 7,790,000 7,973,174

NewStar Financial, Inc. 7.250 05-01-20 6,870,000 6,818,475

Voya Financial, Inc. (5.650% to 5-15-23, then 3 month LIBOR + 3.580%) 5.650 05-15-53 8,323,000 8,198,155

Insurance 1.4%

Aquarius & Investments PLC (6.375% to 9-1-19, then 5 Year U.S. Swap Rate + 5.210%) 6.375 09-01-24 5,565,000 5,794,484

Assured Guaranty US Holdings, Inc. 5.000 07-01-24 4,815,000 5,099,326

AXA SA 8.600 12-15-30 2,905,000 4,038,531

AXA SA (6.379% to 12-14-36, then 3 month LIBOR + 2.256%) (Q)(S) 6.379 12-14-36 1,725,000 1,869,814

CNA Financial Corp. 7.250 11-15-23 1,875,000 2,207,308

CNO Financial Group, Inc. 5.250 05-30-25 6,720,000 6,711,600

Liberty Mutual Group, Inc. (7.800% to 3-15-37, then 3 month LIBOR +3.576%) (S) 7.800 03-07-87 8,101,000 9,073,120

MetLife, Inc. 6.400 12-15-66 5,550,000 6,007,875

Nippon Life Insurance Company (5.100% to 10-16-24, then 5 Year U.S. ISDAFIX + 3.650%) (S) 5.100 10-16-44 5,450,000 5,649,034

Prudential Financial, Inc. (5.200% to 3-15-24, then 3 month LIBOR + 3.040%) 5.200 03-15-44 4,460,000 4,443,275

Prudential Financial, Inc. (5.875% to 9-15-22, then 3 month LIBOR + 4.175%) 5.875 09-15-42 3,600,000 3,807,720

Teachers Insurance & Annuity Association of America (S) 6.850 12-16-39 7,770,000 9,932,321

The Hartford Financial Services Group, Inc. (8.125% to 6-15-18, then 3 month LIBOR + 4.603%) 8.125 06-15-68 9,200,000 9,924,500

Thrifts and mortgage finance 0.8%

Flagstar Bancorp, Inc. (S) 6.125 07-15-21 5,245,000 5,452,377

MGIC Investment Corp. 5.750 08-15-23 1,656,000 1,718,100

Nationstar Mortgage LLC 6.500 07-01-21 4,455,000 4,488,413

Nationstar Mortgage LLC 7.875 10-01-20 4,573,000 4,675,893

Nationstar Mortgage LLC 9.625 05-01-19 3,820,000 4,001,450

Quicken Loans, Inc. (S) 5.750 05-01-25 8,460,000 8,121,600

Radian Group, Inc. 5.250 06-15-20 3,575,000 3,682,250

Radian Group, Inc. 7.000 03-15-21 4,663,000 5,075,442

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 18

Rate (%) Maturity date Par value^ Value

Financials (continued)

Thrifts and mortgage finance (continued)

Stearns Holdings LLC (S) 9.375 08-15-20 1,968,000 $1,968,000

Health care 2.9% 148,951,907

Biotechnology 0.6%

AbbVie, Inc. 3.600 05-14-25 7,288,000 7,180,648

Amgen, Inc. 4.400 05-01-45 3,538,000 3,365,968

Shire Acquisitions Investments Ireland DAC 1.900 09-23-19 8,015,000 7,907,847

Shire Acquisitions Investments Ireland DAC 3.200 09-23-26 11,385,000 10,667,358

Health care equipment and supplies 0.2%

Medtronic, Inc. 4.625 03-15-45 5,460,000 5,747,895

Zimmer Biomet Holdings, Inc. 3.550 04-01-25 7,035,000 6,865,238

Health care providers and services 1.4%

Community Health Systems, Inc. 5.125 08-01-21 5,400,000 4,883,625

Covenant Surgical Partners, Inc. (S) 8.750 08-01-19 1,883,000 1,788,850

DaVita, Inc. 5.000 05-01-25 5,947,000 5,798,325

Express Scripts Holding Company 4.500 02-25-26 9,280,000 9,605,886

Fresenius US Finance II, Inc. (S) 4.500 01-15-23 3,860,000 3,975,800

HCA, Inc. 5.250 04-15-25 5,435,000 5,475,763

HCA, Inc. 5.250 06-15-26 3,890,000 3,894,201

HCA, Inc. 7.500 02-15-22 4,590,000 5,106,375

LifePoint Health, Inc. (S) 5.375 05-01-24 5,395,000 5,206,175

Medco Health Solutions, Inc. 7.125 03-15-18 3,105,000 3,306,735

MEDNAX, Inc. (S) 5.250 12-01-23 3,850,000 3,907,750

Molina Healthcare, Inc. 5.375 11-15-22 4,315,000 4,320,394

Select Medical Corp. 6.375 06-01-21 5,525,000 5,300,519

Universal Health Services, Inc. (S) 4.750 08-01-22 3,920,000 3,959,200

WellCare Health Plans, Inc. 5.750 11-15-20 3,920,000 4,018,000

Pharmaceuticals 0.7%

Actavis Funding SCS 3.800 03-15-25 7,235,000 7,266,827

Mylan NV (S) 2.500 06-07-19 5,765,000 5,737,547

Mylan NV (S) 3.950 06-15-26 16,130,000 15,101,922

Quintiles IMS, Inc. (S) 4.875 05-15-23 3,945,000 4,021,928

Teva Pharmaceutical Finance Netherlands III BV 3.150 10-01-26 4,910,000 4,541,131

Industrials 5.3% 273,507,956

Aerospace and defense 0.7%

Huntington Ingalls Industries, Inc. (S) 5.000 12-15-21 5,370,000 5,584,800

Huntington Ingalls Industries, Inc. (S) 5.000 11-15-25 4,390,000 4,488,775

L-3 Communications Corp. 3.850 12-15-26 2,183,000 2,178,232

Lockheed Martin Corp. 2.900 03-01-25 6,096,000 5,950,757

Lockheed Martin Corp. 4.700 05-15-46 5,500,000 5,945,902

Textron Financial Corp. (6.000% to 2-15-17, then 3 month LIBOR + 1.735%) (S) 6.000 02-15-67 9,625,000 7,032,025

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 19

Rate (%) Maturity date Par value^ Value

Industrials (continued)

Aerospace and defense (continued)

Textron, Inc. 7.250 10-01-19 2,230,000 $2,501,837

Air freight and logistics 0.2%

XPO Logistics, Inc. (S) 6.500 06-15-22 8,215,000 8,512,794

Airlines 1.5%

Air Canada 2013-1 Class C Pass Through Trust (S) 6.625 05-15-18 4,715,000 4,897,706

America West Airlines 2000-1 Pass Through Trust 8.057 01-02-22 318,830 358,683

American Airlines 2011-1 Class B Pass Through Trust (S) 7.000 07-31-19 6,114,483 6,328,489

American Airlines 2013-2 Class A Pass Through Trust 4.950 07-15-24 5,038,414 5,397,401

American Airlines 2015-1 Class B Pass Through Trust 3.700 11-01-24 5,702,274 5,559,718

American Airlines 2016-1 Class A Pass Through Trust 4.100 07-15-29 3,334,829 3,418,200

British Airways 2013-1 Class A Pass Through Trust (S) 4.625 12-20-25 8,211,247 8,703,922

British Airways 2013-1 Class B Pass Through Trust (S) 5.625 12-20-21 1,584,170 1,655,458

Continental Airlines 1997-4 Class A Pass Through Trust 6.900 07-02-19 486,887 491,172

Continental Airlines 1998-1 Class A Pass Through Trust 6.648 03-15-19 124,991 126,710

Continental Airlines 1999-1 Class A Pass Through Trust 6.545 08-02-20 749,213 789,483

Continental Airlines 2000-2 Class B Pass Through Trust 8.307 10-02-19 80,605 84,434

Continental Airlines 2007-1 Class A Pass Through Trust 5.983 10-19-23 4,700,217 5,170,238

Continental Airlines 2012-1 Class B Pass Through Trust 6.250 10-11-21 1,129,215 1,199,790

Delta Air Lines 2002-1 Class G-1 Pass Through Trust 6.718 07-02-24 4,355,661 4,965,454

Delta Air Lines 2010-1 Class A Pass Through Trust 6.200 01-02-20 598,190 632,586

Delta Air Lines 2011-1 Class A Pass Through Trust 5.300 10-15-20 980,651 1,039,490

Northwest Airlines 2007-1 Class A Pass Through Trust 7.027 05-01-21 2,401,082 2,695,214

UAL 2009-2A Pass Through Trust 9.750 07-15-18 554,238 560,534

United Airlines 2014-2 Class A Pass Through Trust 3.750 03-03-28 7,331,271 7,477,896

United Airlines 2014-2 Class B Pass Through Trust 4.625 03-03-24 5,244,517 5,355,963

United Airlines 2016-1 Class A Pass Through Trust 3.450 01-07-30 3,580,000 3,615,800

US Airways 2010-1 Class A Pass Through Trust 6.250 10-22-24 3,179,483 3,553,072

US Airways 2012-1 Class A Pass Through Trust 5.900 04-01-26 3,772,188 4,205,989

Building products 0.5%

Builders FirstSource, Inc. (S) 10.750 08-15-23 3,510,000 4,018,950

Masco Corp. 4.375 04-01-26 3,825,000 3,853,688

Masco Corp. 4.450 04-01-25 3,810,000 3,867,150

Owens Corning 3.400 08-15-26 7,578,000 7,238,983

Owens Corning 4.200 12-15-22 5,660,000 5,864,983

Commercial services and supplies 0.1%

LSC Communications, Inc. (S) 8.750 10-15-23 3,580,000 3,490,500

Prime Security Services Borrower LLC (S) 9.250 05-15-23 3,725,000 4,004,375

Construction and engineering 0.1%

Engility Corp. (S) 8.875 09-01-24 1,569,000 1,612,148

Tutor Perini Corp. 7.625 11-01-18 6,095,000 6,095,000

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 20

Rate (%) Maturity date Par value^ Value

Industrials (continued)

Electrical equipment 0.2%

AerCap Global Aviation Trust (6.500% to 6-15-25, then 3 month LIBOR + 4.300%) (S) 6.500 06-15-45 5,860,000 $5,823,375

Cortes NP Acquisition Corp. (S) 9.250 10-15-24 1,640,000 1,660,500

EnerSys (S) 5.000 04-30-23 1,095,000 1,097,738

Industrial conglomerates 0.3%

General Electric Company (P) 1.386 08-15-36 3,530,000 3,013,861

General Electric Company (5.000% to 1-21-21, then 3 month LIBOR + 3.330%) (Q) 5.000 01-21-21 12,703,000 13,084,090

Machinery 0.1%

SPL Logistics Escrow LLC (S) 8.875 08-01-20 1,871,000 1,618,415

Trinity Industries, Inc. 4.550 10-01-24 4,133,000 3,946,734

Professional services 0.2%

Verisk Analytics, Inc. 4.000 06-15-25 10,540,000 10,710,179

Road and rail 0.2%

Penske Truck Leasing Company LP (S) 3.375 02-01-22 11,965,000 12,078,703

Trading companies and distributors 1.1%

AerCap Ireland Capital, Ltd. 4.625 10-30-20 7,415,000 7,748,675

Ahern Rentals, Inc. (S) 7.375 05-15-23 7,805,000 6,204,195

Air Lease Corp. 3.000 09-15-23 4,685,000 4,470,844

Air Lease Corp. 3.375 01-15-19 2,815,000 2,871,694

Air Lease Corp. 3.875 04-01-21 3,920,000 4,076,800

Air Lease Corp. 5.625 04-01-17 2,625,000 2,657,314

Aircastle, Ltd. 5.500 02-15-22 3,120,000 3,276,000

Aircastle, Ltd. 6.250 12-01-19 2,960,000 3,196,800

Aircastle, Ltd. 7.625 04-15-20 1,520,000 1,708,100

Ashtead Capital, Inc. (S) 5.625 10-01-24 2,195,000 2,282,800

International Lease Finance Corp. 5.875 04-01-19 3,905,000 4,158,825

International Lease Finance Corp. (S) 7.125 09-01-18 3,720,000 4,036,200

United Rentals North America, Inc. 5.500 07-15-25 5,005,000 5,042,538

United Rentals North America, Inc. 5.750 11-15-24 4,095,000 4,238,325

Transportation infrastructure 0.1%

Florida East Coast Holdings Corp. (S) 6.750 05-01-19 3,865,000 3,980,950

Information technology 2.7% 137,536,457

Communications equipment 0.0%

Hughes Satellite Systems Corp. (S) 5.250 08-01-26 1,345,000 1,272,706

Electronic equipment, instruments and components 0.3%

Jabil Circuit, Inc. 4.700 09-15-22 13,518,000 13,910,022

Zebra Technologies Corp. 7.250 10-15-22 4,050,000 4,379,427

Internet software and services 0.2%

eBay, Inc. 2.500 03-09-18 3,905,000 3,935,510

Match Group, Inc. 6.375 06-01-24 4,145,000 4,383,338

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 21

Rate (%) Maturity date Par value^ Value

Information technology (continued)

Internet software and services (continued)

VeriSign, Inc. 5.250 04-01-25 3,980,000 $4,109,350

IT services 0.4%

Sixsigma Networks Mexico SA de CV (S) 8.250 11-07-21 3,925,000 3,669,875

Visa, Inc. 3.150 12-14-25 8,550,000 8,549,316

Visa, Inc. 4.300 12-14-45 6,153,000 6,408,977

Semiconductors and semiconductor equipment 0.4%

Micron Technology, Inc. 5.875 02-15-22 4,245,000 4,393,575

Micron Technology, Inc. (S) 7.500 09-15-23 4,350,000 4,785,000

Qorvo, Inc. 6.750 12-01-23 4,440,000 4,789,650

Qorvo, Inc. 7.000 12-01-25 4,320,000 4,687,200

Software 0.9%

Activision Blizzard, Inc. (S) 3.400 09-15-26 8,270,000 7,820,352

Activision Blizzard, Inc. (S) 6.125 09-15-23 6,320,000 6,904,600

Electronic Arts, Inc. 4.800 03-01-26 13,770,000 14,492,953

Microsoft Corp. 4.450 11-03-45 10,470,000 10,988,820

Open Text Corp. (S) 5.875 06-01-26 3,910,000 4,066,400

Technology hardware, storage and peripherals 0.5%

Diamond 1 Finance Corp. (S) 6.020 06-15-26 15,825,000 16,570,183

Diamond 1 Finance Corp. (S) 7.125 06-15-24 1,240,000 1,353,822

NCR Corp. 5.875 12-15-21 1,755,000 1,831,781

Western Digital Corp. (S) 7.375 04-01-23 3,920,000 4,233,600

Materials 1.5% 75,408,298

Chemicals 0.8%

Braskem Finance, Ltd. (S) 7.000 05-07-20 5,565,000 6,031,124

Incitec Pivot Finance LLC (S) 6.000 12-10-19 2,240,000 2,408,842

NOVA Chemicals Corp. (S) 5.000 05-01-25 7,940,000 7,741,500

Platform Specialty Products Corp. (S) 6.500 02-01-22 9,735,000 9,613,313

Rain CII Carbon LLC (S) 8.250 01-15-21 4,910,000 4,738,150

The Chemours Company 6.625 05-15-23 8,912,000 8,800,600

Construction materials 0.1%

Cemex SAB de CV (S) 6.125 05-05-25 6,410,000 6,313,850

Eagle Materials, Inc. 4.500 08-01-26 875,000 859,688

Containers and packaging 0.1%

Ardagh Packaging Finance PLC (S) 7.250 05-15-24 1,585,000 1,656,325

Cascades, Inc. (S) 5.500 07-15-22 3,689,000 3,739,724

Metals and mining 0.4%

Arconic, Inc. 5.125 10-01-24 7,645,000 7,797,900

Commercial Metals Company 7.350 08-15-18 3,140,000 3,328,400

Novelis Corp. (S) 5.875 09-30-26 2,017,000 2,014,479

Vale Overseas, Ltd. 6.250 08-10-26 4,802,000 5,000,083

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 22

Rate (%) Maturity date Par value^ Value

Materials (continued)

Paper and forest products 0.1%

Boise Cascade Company (S) 5.625 09-01-24 1,404,000 $1,375,920

Norbord, Inc. (S) 6.250 04-15-23 3,835,000 3,988,400

Real estate 1.5% 78,968,722

Equity real estate investment trusts 1.5%

American Tower Corp. 3.400 02-15-19 4,340,000 4,440,432

American Tower Corp. 4.700 03-15-22 4,530,000 4,866,783

Crown Castle Towers LLC (S) 4.883 08-15-40 6,952,000 7,437,427

Crown Castle Towers LLC (S) 6.113 01-15-40 6,362,000 6,984,840

Highwoods Realty LP 5.850 03-15-17 3,130,000 3,167,663

Iron Mountain, Inc. 5.750 08-15-24 6,305,000 6,398,314

Iron Mountain, Inc. 6.000 08-15-23 7,930,000 8,405,800

MPT Operating Partnership LP 6.375 02-15-22 3,735,000 3,833,044

Omega Healthcare Investors, Inc. 4.500 01-15-25 3,795,000 3,709,362

Omega Healthcare Investors, Inc. 4.950 04-01-24 4,740,000 4,799,515

Omega Healthcare Investors, Inc. 5.250 01-15-26 3,865,000 3,959,136

Ventas Realty LP 3.500 02-01-25 8,525,000 8,397,594

Ventas Realty LP 3.750 05-01-24 1,970,000 1,986,314

VEREIT Operating Partnership LP 4.600 02-06-24 6,390,000 6,527,385

Welltower, Inc. 3.750 03-15-23 3,990,000 4,055,113

Telecommunication services 2.0% 101,826,970

Diversified telecommunication services 1.2%

AT&T, Inc. 4.750 05-15-46 4,507,000 4,198,487

Cincinnati Bell, Inc. (S) 7.000 07-15-24 1,634,000 1,711,615

Columbus Cable Barbados, Ltd. (S) 7.375 03-30-21 1,750,000 1,861,563

CSC Holdings LLC (S) 5.500 04-15-27 2,800,000 2,779,000

Frontier Communications Corp. 8.875 09-15-20 6,485,000 6,768,719

GCI, Inc. 6.875 04-15-25 4,981,000 4,968,548

Sprint Spectrum Company LLC (S) 3.360 03-20-23 2,610,000 2,616,525

Telecom Italia Capital SA 7.200 07-18-36 4,035,000 4,033,790

Verizon Communications, Inc. 4.400 11-01-34 5,570,000 5,424,216

Verizon Communications, Inc. 4.672 03-15-55 5,103,000 4,764,212

Verizon Communications, Inc. 4.862 08-21-46 15,465,000 15,502,472

Verizon Communications, Inc. 5.012 08-21-54 4,434,000 4,360,152

Wind Acquisition Finance SA (S) 7.375 04-23-21 3,095,000 3,156,900

Wireless telecommunication services 0.8%

CC Holdings GS V LLC 3.849 04-15-23 5,985,000 6,096,249

Comcel Trust (S) 6.875 02-06-24 2,485,000 2,478,788

Digicel Group, Ltd. (S) 8.250 09-30-20 4,175,000 3,513,263

Digicel, Ltd. (S) 6.750 03-01-23 4,800,000 4,128,000

Millicom International Cellular SA (S) 4.750 05-22-20 4,070,000 4,090,350

Millicom International Cellular SA (S) 6.625 10-15-21 3,955,000 4,161,451

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 23

Rate (%) Maturity date Par value^ Value

Telecommunication services (continued)

Wireless telecommunication services (continued)

MTN Mauritius Investments, Ltd. (S) 4.755 11-11-24 4,400,000 $3,954,720

SBA Tower Trust (S) 3.598 04-15-43 3,285,000 3,296,503

T-Mobile USA, Inc. 6.125 01-15-22 3,760,000 3,937,397

T-Mobile USA, Inc. 6.250 04-01-21 3,860,000 4,024,050

Utilities 1.3% 67,952,064

Electric utilities 0.8%

Beaver Valley II Funding Corp. 9.000 06-01-17 33,000 32,999

BVPS II Funding Corp. 8.890 06-01-17 137,000 140,136

Electricite de France SA (S) 3.625 10-13-25 3,860,000 3,864,138

Electricite de France SA (5.250% to 1-29-23, then 10 Year U.S. Swap Rate + 3.709%) (Q)(S) 5.250 01-29-23 4,835,000 4,569,075

Empresa Electrica Angamos SA (S) 4.875 05-25-29 3,490,000 3,279,787

Israel Electric Corp., Ltd. (S) 5.625 06-21-18 3,535,000 3,680,430

Israel Electric Corp., Ltd. (S) 6.875 06-21-23 1,825,000 2,076,138

Israel Electric Corp., Ltd. (S) 7.250 01-15-19 2,890,000 3,120,622

NextEra Energy Capital Holdings, Inc. 1.649 09-01-18 3,690,000 3,682,919

NextEra Energy Capital Holdings, Inc. 2.300 04-01-19 3,930,000 3,959,129

Southern California Edison Company (6.250% to 2-1-22, then 3 month LIBOR + 4.199%) (Q) 6.250 02-01-22 2,215,000 2,458,650

Southern Power Company 1.950 12-15-19 8,800,000 8,718,670

W3A Funding Corp. 8.090 01-02-17 927,329 927,321

Independent power and renewable electricity producers 0.5%

NRG Energy, Inc. 6.250 05-01-24 11,110,000 10,748,925

NRG Energy, Inc. (S) 6.625 01-15-27 5,515,000 5,101,375

NRG Yield Operating LLC 5.375 08-15-24 11,650,000 11,591,750

U.S. Government and Agency obligations 29.4% $1,513,049,734

(Cost $1,543,445,623)

U.S. Government 12.5% 641,932,456

U.S. Treasury

Bond 2.250 08-15-46 380,975,000 320,867,431

Bond 2.500 02-15-45 12,518,000 11,189,427

Note 0.750 08-15-19 29,695,000 29,232,174

Note 0.875 09-15-19 73,685,000 72,709,263

Note 1.000 10-15-19 93,470,000 92,447,625

Note (C) 2.000 11-15-26 66,113,000 63,853,258

Treasury Inflation Protected Security 0.375 07-15-25 51,830,961 51,633,278

U.S. Government Agency 16.9% 871,117,278

Federal Home Loan Mortgage Corp.

30 Yr Pass Thru 3.000 03-01-43 5,588,762 5,590,508

30 Yr Pass Thru 3.000 04-01-43 8,768,118 8,781,818

30 Yr Pass Thru 3.000 05-01-46 5,794,079 5,780,499

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 24

Rate (%) Maturity date Par value^ Value

U.S. Government Agency (continued)

30 Yr Pass Thru 3.000 10-01-46 12,363,018 $12,337,906

30 Yr Pass Thru 3.000 11-01-46 21,684,224 21,619,848

30 Yr Pass Thru 3.500 06-01-42 8,713,795 8,979,294

30 Yr Pass Thru 3.500 09-01-42 2,775,511 2,858,343

30 Yr Pass Thru 3.500 04-01-44 9,720,493 10,028,815

30 Yr Pass Thru 3.500 05-01-45 23,462,538 24,155,417

30 Yr Pass Thru 3.500 09-01-46 16,642,870 17,181,163

30 Yr Pass Thru 3.500 09-01-46 31,326,897 32,145,560

30 Yr Pass Thru 4.000 01-01-41 17,495,574 18,492,001

30 Yr Pass Thru 4.000 03-01-42 11,599,665 12,254,865

30 Yr Pass Thru 4.000 11-01-43 6,878,087 7,309,580

30 Yr Pass Thru 4.000 02-01-44 1,730,128 1,827,853

30 Yr Pass Thru 4.500 11-01-39 3,799,740 4,114,999

30 Yr Pass Thru 4.500 02-01-41 6,172,858 6,675,367

30 Yr Pass Thru 4.500 03-01-41 3,766,049 4,105,581

30 Yr Pass Thru 5.500 05-01-38 372,594 426,024

30 Yr Pass Thru 5.500 12-01-38 215,441 242,969

30 Yr Pass Thru 5.500 11-01-39 8,105,155 9,275,020

Federal National Mortgage Association

15 Yr Pass Thru 2.500 06-01-27 305,526 308,522

15 Yr Pass Thru 3.000 09-01-27 5,013,875 5,162,138

15 Yr Pass Thru 3.500 02-01-26 764,465 797,941

15 Yr Pass Thru 3.500 03-01-26 6,159,334 6,429,045

15 Yr Pass Thru 4.000 12-01-24 3,274,696 3,461,456

30 Yr Pass Thru 3.000 07-01-42 6,203,374 6,196,104

30 Yr Pass Thru 3.000 08-01-42 236,380 236,103

30 Yr Pass Thru 3.000 10-01-42 5,946,864 5,943,612

30 Yr Pass Thru 3.000 12-01-42 3,020,753 3,019,101

30 Yr Pass Thru 3.000 01-01-43 2,132,617 2,131,450

30 Yr Pass Thru 3.000 03-01-43 1,538,202 1,537,360

30 Yr Pass Thru 3.000 04-01-43 3,722,997 3,720,961

30 Yr Pass Thru 3.000 05-01-43 2,122,613 2,121,452

30 Yr Pass Thru 3.000 06-01-43 3,418,995 3,417,125

30 Yr Pass Thru 3.000 07-01-43 38,245,528 38,224,611

30 Yr Pass Thru 3.000 09-01-46 8,050,295 8,035,830

30 Yr Pass Thru 3.000 10-01-46 5,482,984 5,473,131

30 Yr Pass Thru 3.500 11-01-40 4,794,040 4,932,992

30 Yr Pass Thru 3.500 06-01-42 4,999,095 5,155,707

30 Yr Pass Thru 3.500 08-01-42 8,231,922 8,489,812

30 Yr Pass Thru 3.500 01-01-43 3,928,137 4,048,743

30 Yr Pass Thru 3.500 06-01-43 19,552,659 20,183,537

30 Yr Pass Thru 3.500 07-01-43 17,062,331 17,612,857

30 Yr Pass Thru 3.500 01-01-45 6,571,343 6,799,800

30 Yr Pass Thru 3.500 04-01-45 44,262,401 45,559,152

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 25

Rate (%) Maturity date Par value^ Value

U.S. Government Agency (continued)

30 Yr Pass Thru 3.500 05-01-46 23,277,655 $23,948,706

30 Yr Pass Thru 3.500 07-01-46 40,103,284 41,202,992

30 Yr Pass Thru 3.500 07-01-46 16,340,726 16,781,159

30 Yr Pass Thru 4.000 09-01-40 30,013,460 31,729,853

30 Yr Pass Thru 4.000 11-01-40 1,856,581 1,977,258

30 Yr Pass Thru 4.000 01-01-41 6,886,568 7,280,392

30 Yr Pass Thru 4.000 01-01-41 2,730,718 2,887,734

30 Yr Pass Thru 4.000 09-01-41 5,556,527 5,909,886

30 Yr Pass Thru 4.000 09-01-41 3,458,568 3,663,380

30 Yr Pass Thru 4.000 09-01-41 9,544,406 10,090,226

30 Yr Pass Thru 4.000 10-01-41 6,381,164 6,744,092

30 Yr Pass Thru 4.000 10-01-41 2,624,735 2,780,168

30 Yr Pass Thru 4.000 01-01-42 5,275,804 5,589,878

30 Yr Pass Thru 4.000 07-01-42 686,068 727,017

30 Yr Pass Thru 4.000 09-01-43 11,665,129 12,448,879

30 Yr Pass Thru 4.000 10-01-43 14,369,871 15,290,439

30 Yr Pass Thru 4.000 10-01-43 5,671,632 6,010,157

30 Yr Pass Thru 4.000 01-01-44 4,950,470 5,267,609

30 Yr Pass Thru 4.000 02-01-46 23,378,666 24,606,043

30 Yr Pass Thru 4.000 03-01-46 22,749,777 23,944,138

30 Yr Pass Thru 4.000 04-01-46 23,131,453 24,360,309

30 Yr Pass Thru 4.000 06-01-46 15,287,986 16,100,159

30 Yr Pass Thru 4.000 07-01-46 30,395,050 32,035,905

30 Yr Pass Thru 4.500 11-01-39 6,969,633 7,552,523

30 Yr Pass Thru 4.500 08-01-40 8,205,368 8,886,479

30 Yr Pass Thru 4.500 02-01-41 8,721,768 9,437,567

30 Yr Pass Thru 4.500 05-01-41 8,051,163 8,723,248

30 Yr Pass Thru 4.500 06-01-41 8,956,309 9,691,357

30 Yr Pass Thru 4.500 07-01-41 3,950,201 4,274,396

30 Yr Pass Thru 4.500 08-01-41 5,670,239 6,133,826

30 Yr Pass Thru 4.500 05-01-42 11,351,246 12,282,847

30 Yr Pass Thru 4.500 01-01-43 2,367,217 2,561,496

30 Yr Pass Thru 4.500 05-01-46 19,456,167 21,092,464

30 Yr Pass Thru 5.000 08-01-40 5,645,458 6,232,057

30 Yr Pass Thru 5.000 09-01-40 4,909,684 5,424,434

30 Yr Pass Thru 5.000 02-01-41 3,861,979 4,260,849

30 Yr Pass Thru 5.000 03-01-41 4,146,717 4,582,121

30 Yr Pass Thru 5.000 04-01-41 1,588,849 1,773,056

30 Yr Pass Thru 5.000 07-01-42 3,240,037 3,575,685

30 Yr Pass Thru 5.500 05-01-35 1,955,789 2,209,184

30 Yr Pass Thru 5.500 04-01-36 458,607 518,459

30 Yr Pass Thru 5.500 05-01-36 2,020,962 2,282,648

30 Yr Pass Thru 5.500 01-01-39 1,669,307 1,893,946

30 Yr Pass Thru 6.500 01-01-39 2,063,350 2,364,848

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 26

Rate (%) Maturity date Par value^ Value

U.S. Government Agency (continued)

30 Yr Pass Thru 6.500 06-01-39 703,443 $805,437

Foreign government obligations 0.4% $18,657,825

(Cost $18,334,591)

Argentina 0.4% 18,657,825

City of Buenos Aires (S) 7.500 06-01-27 2,900,000 2,900,000

Provincia de Buenos Aires (S) 7.875 06-15-27 5,940,000 5,821,200

Provincia de Buenos Aires (S) 9.125 03-16-24 1,000,000 1,057,500

Republic of Argentina (S) 7.500 04-22-26 5,630,000 5,680,670

Republic of Argentina 8.280 12-31-33 3,126,545 3,198,455

Capital preferred securities 0.5% $26,154,639

(Cost $25,586,074)

Financials 0.5% 26,154,639

Banks 0.2%

BAC Capital Trust XIV, Series G (P)(Q) 4.000 12-19-16 6,563,000 5,324,234

Sovereign Capital Trust VI 7.908 06-13-36 3,068,000 3,068,000

Capital markets 0.1%

Goldman Sachs Capital II (P)(Q) 4.000 01-03-17 309,000 246,234

State Street Capital Trust IV (P) 1.850 06-01-77 7,085,000 6,181,663

Insurance 0.2%

MetLife Capital Trust IV (7.875% to 12-15-32, then 3 month LIBOR + 3.960%) (S) 7.875 12-15-67 1,135,000 1,381,863

MetLife Capital Trust X (9.250% to 4-8-33 then 3 month LIBOR + 5.540%) (S) 9.250 04-08-68 4,655,000 6,517,000

ZFS Finance USA Trust V (6.500% to 5-9-17, then 3 month LIBOR + 2.285%) (S) 6.500 05-09-67 3,405,000 3,435,645

Convertible bonds 0.1% $4,225,375

(Cost $4,307,664)

Utilities 0.1% 4,225,375

Independent power and renewable electricity producers 0.1%

NRG Yield, Inc. (S) 3.250 06-01-20 4,390,000 4,225,375

Municipal bonds 0.1% $4,304,106

(Cost $4,340,074)

State of Hawaii Department of Business Economic Development & Tourism 1.467 07-01-22 4,340,435 4,304,106

Term loans (M) 0.1% $6,542,763

(Cost $7,013,957)

Health care 0.0% 882,042

Health care providers and services 0.0%

Surgery Center Holdings, Inc. 4.750 11-03-20 884,252 882,042

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 27

Rate (%) Maturity date Par value^ Value

Industrials 0.1% $2,588,111

Aerospace and defense 0.0%

WP CPP Holdings LLC 4.500 12-28-19 962,500 938,437

Airlines 0.1%

Delta Air Lines, Inc. 3.250 10-18-18 1,639,167 1,649,674

Information technology 0.0% 1,537,563

Internet software and services 0.0%

Ancestry.com Operations, Inc. 5.250 10-19-23 1,535,000 1,537,563

Utilities 0.0% 1,535,047

Electric utilities 0.0%

ExGen Texas Power LLC 5.750 09-16-21 2,023,126 1,535,047

Collateralized mortgage obligations 9.4% $483,014,275

(Cost $475,933,601)

Commercial and residential 8.6% 443,987,962

Adjustable Rate Mortgage Trust
Series 2005-4, Class 7A12 (P) 1.114 08-25-35 2,078,490 2,010,309

American Home Mortgage Investment Trust

Series 2005-1, Class 1A1 (P) 0.965 06-25-45 4,382,448 4,212,284

Series 2005-1, Class AHM (P) 3.248 06-25-45 2,096,442 2,064,515

Americold 2010 LLC Trust
Series 2010-ARTA, Class D (S) 7.443 01-14-29 6,120,000 6,797,038

AOA Mortgage Trust
Series 2015-1177, Class C (P) (S) 3.110 12-13-29 5,021,000 4,974,057

BAMLL Commercial Mortgage Securities Trust

Series 2013-DSNY, Class E (P) (S) 3.135 09-15-26 2,645,000 2,638,591

Series 2015-200P, Class F (P) (S) 3.716 04-14-33 4,885,000 4,403,184

BBCMS Trust

Series 2015, Class C (P) (S) 2.535 02-15-28 2,515,000 2,478,965

Series 2015-MSQ, Class D (P) (S) 4.123 09-15-32 5,410,000 5,455,869

Bear Stearns Adjustable Rate Mortgage Trust

Series 2005-2, Class A1 (P) 3.090 03-25-35 4,283,667 4,304,531

Series 2005-5, Class A2 (P) 2.460 08-25-35 3,916,050 3,898,168

Bear Stearns ALT-A Trust

Series 2004-12, Class 1A1 (P) 1.225 01-25-35 4,273,002 4,136,990

Series 2004-12, Class A3 (P) 1.225 01-25-35 3,097,476 3,034,533

Series 2005-5, Class 1A4 (P) 1.094 07-25-35 2,559,978 2,429,113

Series 2005-7, Class 11A1 (P) 1.074 08-25-35 3,831,389 3,687,629

Bear Stearns Asset Backed Securities Trust
Series 2004-AC5, Class A1 5.250 10-25-34 4,149,046 4,103,198

BHMS Mortgage Trust
Series 2014-ATLS, Class DFL (P) (S) 3.533 07-05-33 5,965,000 5,840,948

BLCP Hotel Trust
Series 2014-CLRN, Class D (P) (S) 3.038 08-15-29 7,535,000 7,445,075

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 28

Rate (%) Maturity date Par value^ Value

Commercial and residential (continued)

BWAY Mortgage Trust

Series 2013-1515, Class F (P) (S) 4.058 03-10-33 6,895,000 $6,448,523

Series 2015-1740, Class D (P) (S) 3.787 01-13-35 4,315,000 4,195,665

Series 2015-1740, Class XA IO (S) 1.023 01-13-35 96,765,000 4,262,498

BXHTL Mortgage Trust

Series 2015-JWRZ, Class DR2 (P) (S) 4.124 05-15-29 5,350,000 5,151,939

Series 2015-JWRZ, Class GL2 (P) (S) 4.227 05-15-29 5,510,000 5,423,569

CDGJ Commercial Mortgage Trust
Series 2014-BXCH, Class DPA (P) (S) 3.538 12-15-27 6,605,136 6,592,695

CGBAM Commercial Mortgage Trust
Series 2015-SMRT, Class F (P) (S) 3.912 04-10-28 3,885,000 3,665,471

CGGS Commercial Mortgage Trust
Series 2016-RNDA, Class DFX (S) 4.387 02-10-33 8,220,000 8,342,669

Commercial Mortgage Trust (Cantor Fitzgerald/Deutsche Bank)

Series 2013-CR8, Class XA IO 0.785 06-10-46 42,872,538 1,057,918

Series 2015-CR27, Class B (P) 4.361 10-10-58 3,325,000 3,452,850

Commercial Mortgage Trust (Deutsche Bank)

Series 2012-CR3, Class XA IO 2.237 10-15-45 54,622,274 4,233,598

Series 2012-LC4, Class B (P) 4.934 12-10-44 2,145,000 2,330,666

Series 2013-300P, Class D (P) (S) 4.540 08-10-30 5,640,000 5,834,494

Series 2013-CR11, Class B (P) 5.329 10-10-46 8,879,000 9,831,566

Series 2013-CR13, Class C (P) 4.908 12-10-23 3,765,000 3,904,733

Series 2013-CR6, Class XA IO 1.610 03-10-46 39,842,089 1,556,897

Series 2013-LC13, Class B (P) (S) 5.009 08-10-46 4,580,000 5,006,545

Series 2014-FL4, Class D (P) (S) 2.988 07-13-31 8,100,000 7,901,334

Series 2014-TWC, Class D (P) (S) 2.789 02-13-32 4,850,000 4,811,040

Commercial Mortgage Trust (Deutsche Bank/Morgan Stanley)
Series 2014-PAT, Class D (P) (S) 2.585 08-13-27 7,475,000 7,388,117

Commercial Mortgage Trust (Wells Fargo)

Series 2012-CR2, Class XA IO 1.892 08-15-45 31,446,184 2,331,609

Series 2014-CR15, Class XA IO 1.447 02-10-47 59,504,519 2,842,489

Series 2014-CR16, Class C (P) 5.068 04-10-47 5,700,000 5,900,554

Core Industrial Trust
Series 2015-CALW, Class F (P) (S) 3.850 02-10-34 6,620,000 6,536,630

Deutsche Bank Commercial Mortgage Trust
Series 2016-C3, Class C (P) 3.637 09-10-49 1,920,000 1,806,834

Deutsche Mortgage Securities, Inc. Mortgage Loan Trust
Series 2004-4, Class 2AR1 (P) 1.028 06-25-34 2,291,228 2,180,372

GAHR Commercial Mortgage Trust

Series 2015-NRF, Class DFX (P) (S) 3.495 12-15-34 2,747,000 2,739,639

Series 2015-NRF, Class EFX (P) (S) 3.495 12-15-34 5,985,000 5,831,728

GMAC Mortgage Loan Trust
Series 2004-AR2, Class 3A (P) 3.611 08-19-34 1,574,072 1,524,332

Great Wolf Trust
Series 2015-WOLF, Class D (P) (S) 4.038 05-15-34 7,332,000 7,313,663

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 29

Rate (%) Maturity date Par value^ Value

Commercial and residential (continued)

GS Mortgage Securities Trust

Series 2012-GC17, Class XA IO 2.598 05-10-45 95,842,370 $7,414,787

Series 2014-NEW, Class C (S) 3.790 01-10-31 2,330,000 2,312,141

Series 2015-590M, Class C (P) (S) 3.932 10-10-35 5,490,000 5,218,879

Series 2016-ICE2, Class D (P) (S) 6.288 03-15-33 7,850,000 8,109,890

Series 2016-RENT, Class D (P) (S) 4.202 02-10-29 5,705,000 5,588,115

HarborView Mortgage Loan Trust

Series 2005-11, Class X IO 2.236 08-19-45 6,361,708 324,776

Series 2005-2, Class IX IO 1.808 05-19-35 28,496,157 1,770,104

Series 2005-9, Class 2A1C (P) 1.012 06-20-35 5,132,199 4,853,897

Series 2007-3, Class ES IO (S) 0.350 05-19-47 44,422,239 694,320

Series 2007-4, Class ES IO 0.350 07-19-47 47,571,012 692,349

Series 2007-6, Class ES IO (S) 0.342 08-19-37 36,859,340 470,288

HILT Mortgage Trust
Series 2014-ORL, Class D (P) (S) 2.584 07-15-29 5,835,000 5,717,854

Hilton USA Trust

Series 2013-HLT, Class DFX (S) 4.407 11-05-30 25,126 25,056

Series 2016-HHV, Class D (P) (S) 4.194 11-05-38 5,375,000 5,071,444

Hudsons Bay Simon JV Trust
Series 2015-HBFL, Class DFL (P) (S) 4.183 08-05-34 3,470,000 3,417,927

Impac Secured Assets CMN Owner Trust
Series 2004-4, Class M2 (P) 1.344 02-25-35 3,745,000 3,619,864

IndyMac Index Mortgage Loan Trust

Series 2005-AR12, Class AX2 IO 2.261 07-25-35 49,885,306 3,501,938

Series 2005-AR8, Class AX2 IO 2.267 05-25-35 46,124,793 3,040,574

Series 2005-AR18, Class 1X IO 2.146 10-25-36 19,590,847 1,419,827

Series 2005-AR18, Class 2X IO 1.889 10-25-36 30,453,386 1,384,402

JPMBB Commercial Mortgage Securities Trust
Series 2014-C19, Class C (P) 4.823 04-15-47 8,195,000 8,294,204

JPMorgan Chase Commercial Mortgage Securities Trust

Series 2012-HSBC, Class XA IO (S) 1.582 07-05-32 23,665,000 1,654,013

Series 2014-FL5, Class C (P) (S) 2.534 07-15-31 9,106,000 8,971,378

Series 2014-INN, Class F (P) (S) 4.538 06-15-29 6,060,000 5,900,763

Series 2014-PHH, Class C (P) (S) 2.638 08-15-27 8,298,000 8,287,580

Series 2015-MAR7, Class C (S) 4.490 06-05-32 6,930,000 6,772,145

Series 2015-SGP, Class B (P) (S) 3.288 07-15-36 4,784,000 4,805,174

Series 2016-JP3, Class C (P) 3.624 09-15-26 3,092,000 2,858,978

MASTR Adjustable Rate Mortgages Trust
Series 2004-11, Class M2 (P) 1.634 11-25-34 4,630,000 4,496,651

MASTR Alternative Loan Trust
Series 2005-2, Class 4A3 (P) 0.934 03-25-35 2,705,168 2,567,953

Merrill Lynch Mortgage Investors Trust
Series 2005-2, Class 1A (P) 1.904 10-25-35 3,597,102 3,591,596

Morgan Stanley Bank of America Merrill Lynch Trust

Series 2013-C7, Class C (P) 4.300 02-15-46 3,058,000 3,006,341

Series 2014-C18, Class 300D 5.279 08-15-31 3,130,000 3,091,082

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 30

Rate (%) Maturity date Par value^ Value

Commercial and residential (continued)

Morgan Stanley Capital I Trust

Series 2014-150E, Class D (P) (S) 4.295 09-09-32 14,365,000 $14,083,064

Series 2015, Class XLF1 C (P) (S) 2.634 08-14-31 5,505,000 5,487,099

Morgan Stanley Mortgage Loan Trust
Series 2004-6AR, Class 2A2 (P) 3.315 08-25-34 3,570,128 3,537,020

MortgageIT Trust
Series 2005-2, Class 1A2 (P) 0.855 05-25-35 2,298,122 2,175,043

MSCG Trust
Series 2016-SNR, Class D (S) 6.550 11-15-34 8,900,000 8,591,602

Opteum Mortgage Acceptance Corp. Asset Backed Pass Through Certificates

Series 2005-2, Class M2 (P) 0.984 04-25-35 4,672,672 4,411,008

Series 2005-3, Class APT (P) 0.824 07-25-35 3,161,826 3,091,192

Residential Accredit Loans, Inc.
Series 2005-QO4, Class XIO IO 2.416 12-25-45 16,251,077 1,627,565

Thornburg Mortgage Securities Trust
Series 2004-1, Class II2A (P) 1.873 03-25-44 2,949,538 2,862,511

TMSQ Mortgage Trust
Series 2011-1500, Class D (P) (S) 3.963 10-10-36 3,455,000 3,366,984

UBS Commercial Mortgage Trust
Series 2012-C1, Class B 4.822 05-10-45 2,745,000 2,896,685

UBS-Barclays Commercial Mortgage Trust
Series 2012-C2, Class XA IO (S) 1.789 05-10-63 36,818,463 1,851,203

VNDO Mortgage Trust
Series 2013-PENN, Class D (P) (S) 3.947 12-13-29 7,408,000 7,536,247

WaMu Mortgage Pass Through Certificates

Series 2005-AR19, Class A1A2 (P) 0.824 12-25-45 4,186,664 3,899,806

Series 2005-AR2, Class 2A1B (P) 0.895 01-25-45 1,416,135 1,300,428

Series 2005-AR2, Class 2A3 (P) 0.875 01-25-45 2,800,416 2,603,115

Series 2005-AR8, Class 2AB2 (P) 0.945 07-25-45 4,116,996 3,917,050

Wells Fargo Commercial Mortgage Trust

Series 2013-120B, Class C (P) (S) 2.800 03-18-28 9,245,000 9,118,733

Series 2013-BTC, Class E (P) (S) 3.668 04-16-35 5,680,000 5,114,555

Series 2015-LC22, Class B (P) 4.692 09-15-58 4,268,000 4,586,013

WF-RBS Commercial Mortgage Trust

Series 2012-C9, Class XA IO (S) 2.264 11-15-45 54,188,992 4,271,729

Series 2013-C15, Class B (P) 4.629 08-15-46 1,322,000 1,411,563

Series 2013-C16, Class B (P) 5.148 09-15-46 2,200,000 2,410,653

WFCG Commercial Mortgage Trust
Series 2015-BXRP, Class D (P) (S) 3.005 11-15-29 582,485 575,170

U.S. Government Agency 0.8% 39,026,313

Federal Home Loan Mortgage Corp.

Series 2015-DNA1, Class M2 (P) 2.374 10-25-27 4,880,000 4,935,176

Series 2015-DNA1, Class M3 (P) 3.746 10-25-27 1,325,000 1,367,823

Series 2016-DNA3, Class M2 (P) 2.670 12-25-28 2,170,000 2,190,972

Series 2016-HQA2, Class M2 (P) 2.694 11-25-28 2,440,000 2,477,703

Series 290, Class IO 3.500 11-15-32 8,183,069 1,101,046

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 31

Rate (%) Maturity date Par value^ Value

U.S. Government Agency (continued)

Series 4136, Class IH IO 3.500 09-15-27 9,262,962 $978,491

Series K017, Class X1 IO 1.519 12-25-21 19,293,523 1,076,897

Series K018, Class X1 IO 1.540 01-25-22 18,672,101 1,059,543

Series K021, Class X1 IO 1.488 06-25-22 5,090,506 340,083

Series K022, Class X1 IO 1.395 07-25-22 112,672,408 6,481,018

Series K709, Class X1 IO 1.649 03-25-19 16,418,940 472,591

Series K710, Class X1 IO 1.890 05-25-19 32,538,004 1,127,738

Series K711, Class X1 IO 1.815 07-25-19 60,717,652 2,131,080

Federal National Mortgage Association

Series 2012-137, Class QI IO 3.000 12-25-27 11,041,708 1,062,029

Series 2012-137, Class WI IO 3.500 12-25-32 8,928,119 1,335,362

Government National Mortgage Association

Series 2012-114, Class IO 0.847 01-16-53 12,901,460 777,076

Series 2016-142, Class IO 0.997 09-16-58 26,872,434 2,368,918

Series 2016-162, Class IO 0.996 09-16-58 63,245,000 5,350,173

Series 2016-87, Class IO 1.008 08-16-58 30,200,105 2,392,594

Asset backed securities 13.6% $697,615,434

(Cost $695,779,137)

Asset backed securities 13.6% 697,615,434

ACE Securities Corp. Home Equity Loan Trust
Series 2005-HE3, Class M2 (P) 1.209 05-25-35 2,250,569 2,187,404

Aegis Asset Backed Securities Trust

Series 2005-1, Class M3 (P) 1.084 03-25-35 55,000 52,811

Series 2005-4, Class M1 (P) 0.984 10-25-35 10,850,000 10,251,478

Ally Auto Receivables Trust

Series 2014-2, Class A4 1.840 01-15-20 8,344,000 8,395,601

Series 2015-1, Class A4 1.750 05-15-20 6,300,000 6,332,202

Ally Master Owner Trust
Series 2015-3, Class A 1.630 05-15-20 8,405,000 8,409,772

American Express Credit Account Master Trust
Series 2014-4, Class A 1.430 06-15-20 10,275,000 10,296,174

Ameriquest Mortgage Securities, Inc.

Series 2005-R10, Class M1 (P) 0.944 01-25-36 3,100,000 2,970,012

Series 2005-R3, Class M2 (P) 1.239 05-25-35 4,450,000 4,277,432

Applebee's Funding LLC
Series 2014-1, Class A2 (S) 4.277 09-05-44 15,440,000 15,358,623

Arby's Funding LLC
Series 2015-1A, Class A2 (S) 4.969 10-30-45 10,107,900 10,014,705

Argent Securities, Inc.

Series 2003-W10, Class M1 (P) 1.614 01-25-34 1,722,077 1,614,761

Series 2004-W6, Class M1 (P) 1.359 05-25-34 872,519 837,412

BA Credit Card Trust
Series 2015-A2, Class A 1.360 09-15-20 17,422,000 17,433,821

Bank of the West Auto Trust

Series 2014-1, Class A4 (S) 1.650 03-16-20 6,400,000 6,418,063

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 32

Rate (%) Maturity date Par value^ Value

Asset backed securities (continued)

Series 2015-1, Class A4 (S) 1.660 09-15-20 6,545,000 $6,556,699

BMW Vehicle Owner Trust
Series 2016-A, Class A4 1.370 12-27-22 4,670,000 4,620,682

Cabela's Credit Card Master Note Trust
Series 2016-1, Class A1 1.780 06-15-22 16,262,500 16,234,551

California Republic Auto Receivables Trust

Series 2014-4, Class A4 1.840 06-15-20 6,450,000 6,482,618

Series 2015-2, Class A4 1.750 01-15-21 7,485,000 7,495,799

Series 2016-2, Class A4 1.830 12-15-21 3,435,000 3,423,548

Capital One Multi-Asset Execution Trust

Series 2015-A5, Class A5 1.600 05-17-21 9,002,000 9,029,913

Series 2016-A3, Class A3 1.340 04-15-22 14,350,000 14,256,051

CarMax Auto Owner Trust

Series 2015-2, Class A4 1.800 03-15-21 3,145,000 3,152,040

Series 2016-1, Class A4 1.880 06-15-21 3,545,000 3,544,029

Series 2016-2, Class A4 1.680 09-15-21 4,340,000 4,304,461

Chase Issuance Trust

Series 2014-A7, Class A 1.380 11-15-19 10,670,000 10,687,919

Series 2015-A2, Class A2 1.590 02-18-20 12,041,000 12,084,101

Series 2015-A5, Class A5 1.360 04-15-20 13,310,000 13,317,227

Series 2016-A2, Class A 1.370 06-15-21 9,985,000 9,907,909

Chrysler Capital Auto Receivables Trust

Series 2014-BA, Class A4 (S) 1.760 12-16-19 3,205,000 3,216,663

Series 2016-BA, Class A4 (S) 1.870 02-15-22 4,635,000 4,583,807

Citibank Credit Card Issuance Trust
Series 2016-A1, Class A1 (C) 1.750 11-19-21 19,890,000 19,888,934

CKE Restaurant Holdings, Inc.
Series 2013-1A, Class A2 (S) 4.474 03-20-43 11,625,825 11,523,929

CNH Equipment Trust

Series 2015-C, Class A3 1.660 11-16-20 11,561,000 11,594,119

Series 2016-B, Class A3 1.630 08-16-21 3,725,000 3,720,516

ContiMortgage Home Equity Loan Trust
Series 1995-2, Class A5 8.100 08-15-25 98,526 74,067

Countrywide Asset-Backed Certificates Trust
Series 2004-10, Class AF5B (P) 5.036 02-25-35 2,347,579 2,355,489

Credit-Based Asset Servicing and Securitization LLC
Series 2005-CB4, Class M1 (P) 0.908 07-25-35 1,555,633 1,527,789

CSMC Trust
Series 2006-CF2, Class M1 (P) (S) 0.916 05-25-36 2,237,473 2,214,700

DB Master Finance LLC
Series 2015-1A, Class A2II (S) 3.980 02-20-45 10,385,025 10,426,222

Discover Card Execution Note Trust
Series 2016-A1, Class A1 1.640 07-15-21 21,810,000 21,842,859

Driven Brands Funding LLC
Series 2015-1A, Class A2 (S) 5.216 07-20-45 5,316,300 5,085,620

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 33

Rate (%) Maturity date Par value^ Value

Asset backed securities (continued)

EquiFirst Mortgage Loan Trust
Series 2004-3, Class M3 (P) 1.509 12-25-34 3,492,040 $3,213,242

Ford Credit Auto Owner Trust

Series 2014-1, Class B (S) 2.410 11-15-25 4,175,000 4,183,131

Series 2015-A, Class A4 1.640 06-15-20 3,892,000 3,907,518

Series 2015-B, Class A4 1.580 08-15-20 4,230,000 4,240,783

Series 2016-B, Class A4 1.520 08-15-21 2,390,000 2,379,332

Series 2016-C, Class A4 1.400 02-15-22 5,150,000 5,083,572

Ford Credit Floorplan Master Owner Trust

Series 2012-5, Class A 1.490 09-15-19 7,965,000 7,979,046

Series 2014-4, Class A1 1.400 08-15-19 11,650,000 11,665,020

Series 2015-1, Class A1 1.420 01-15-20 8,485,000 8,490,454

GM Financial Automobile Leasing Trust

Series 2015-1, Class A4 1.730 06-20-19 2,045,000 2,050,719

Series 2015-2, Class A4 1.850 07-22-19 7,012,000 7,040,565

GMF Floorplan Owner Revolving Trust
Series 2015-1, Class A1 (S) 1.650 05-15-20 4,690,000 4,692,981

GSAA Home Equity Trust
Series 2005-11, Class 3A1 (P) 0.804 10-25-35 2,521,573 2,384,972

GSAA Trust
Series 2005-10, Class M3 (P) 1.084 06-25-35 4,386,621 4,282,911

Hertz Vehicle Financing LLC
Series 2016-3A, Class A (S) 2.270 07-25-20 5,845,000 5,802,316

Home Equity Asset Trust

Series 2005-1, Class M4 (P) 1.554 05-25-35 3,145,000 3,063,658

Series 2005-3, Class M4 (P) 1.174 08-25-35 2,995,000 2,822,106

Honda Auto Receivables Owner Trust

Series 2014-3, Class A4 1.310 10-15-20 12,155,000 12,166,572

Series 2015-2, Class A4 1.470 08-23-21 5,660,000 5,669,213

Series 2015-3, Class A4 1.560 10-18-21 8,034,000 8,049,386

Series 2016-2, Class A4 1.620 08-15-22 6,670,000 6,676,939

Series 2016-3, Class A4 1.330 11-18-22 19,450,000 19,252,326

Series 2016-4, Class A4 1.360 01-18-23 8,985,000 8,874,611

Huntington Auto Trust
Series 2016-1, Class A4 1.930 04-15-22 17,065,000 17,064,365

John Deere Owner Trust

Series 2014-B, Class A4 1.500 06-15-21 5,920,000 5,929,133

Series 2015-A, Class A4 1.650 12-15-21 2,961,000 2,970,270

Merrill Lynch Mortgage Investors Trust

Series 2004-OPT1, Class A1A (P) 1.054 06-25-35 3,324,816 3,209,709

Series 2005-WMC1, Class M1 (P) 1.284 09-25-35 2,086,424 1,924,946

MVW Owner Trust

Series 2014-1A, Class A (S) 2.250 09-22-31 893,127 884,874

Series 2015-1A, Class A (S) 2.520 12-20-32 3,065,980 3,056,619

Nationstar Home Equity Loan Trust
Series 2006-B, Class AV4 (P) 0.814 09-25-36 5,595,686 5,288,455

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 34

Rate (%) Maturity date Par value^ Value

Asset backed securities (continued)

New Century Home Equity Loan Trust

Series 2005-1, Class M1 (P) 1.209 03-25-35 8,600,000 $8,081,976

Series 2005-2, Class M2 (P) 1.209 06-25-35 11,651,000 11,209,306

Nissan Auto Receivables Owner Trust
Series 2016-B, Class A4 1.540 10-17-22 3,255,000 3,232,192

Nissan Master Owner Trust Receivables Trust
Series 2015-A, Class A2 1.440 01-15-20 7,823,000 7,827,006

RAAC Series Trust
Series 2006-SP4, Class M1 (P) 0.932 11-25-36 3,110,000 2,910,991

Renaissance Home Equity Loan Trust
Series 2005-2, Class AF4 4.934 08-25-35 7,330,000 7,357,427

Saxon Asset Securities Trust
Series 2006-2, Class A3C (P) 0.684 09-25-36 7,079,230 6,865,453

Sierra Timeshare Receivables Funding LLC
Series 2014-2A, Class A (S) 2.050 06-20-31 1,486,226 1,484,373

Sonic Capital LLC
Series 2016-1A, Class A2 (S) 4.472 05-20-46 2,731,275 2,717,785

Soundview Home Loan Trust
Series 2005-CTX1, Class M2 (P) 0.974 11-25-35 3,073,500 2,987,005

Specialty Underwriting & Residential Finance Trust
Series 2006-BC1, Class A2D (P) 0.834 12-25-36 8,282,541 8,191,182

Structured Asset Investment Loan Trust

Series 2005-1, Class M2 (P) (S) 1.254 02-25-35 5,883,890 5,671,401

Series 2005-2, Class M2 (P) 1.269 03-25-35 8,415,000 8,013,668

Structured Asset Securities Corp. Mortgage Loan Trust
Series 2005-2XS, Class 2A2 (P) 2.025 02-25-35 3,886,485 3,700,491

Structured Asset Securities Corp. Trust
Series 2005-AR1, Class M1 (P) 0.955 09-25-35 2,870,000 2,773,250

SunTrust Auto Receivables Trust
Series 2015-1A, Class A4 (S) 1.780 01-15-21 6,555,000 6,556,451

Synchrony Credit Card Master Note Trust
Series 2016-1, Class A 2.040 03-15-22 4,910,000 4,937,960

Taco Bell Funding LLC
Series 2016-1A, Class A2I (S) 3.832 05-25-46 7,630,875 7,689,877

TAL Advantage V LLC
Series 2014-1A, Class A (S) 3.510 02-22-39 2,185,875 2,114,574

Toyota Auto Receivables Owner Trust

Series 2015-B, Class A4 1.740 09-15-20 5,860,000 5,890,572

Series 2016-B, Class A4 1.520 08-16-21 3,910,000 3,887,290

Series 2016-C, Class A4 1.320 11-15-21 4,202,000 4,157,219

Verizon Owner Trust

Series 2016-1A, Class A (S) 1.420 01-20-21 7,190,000 7,155,428

Series 2016-2A, Class A (S) 1.680 05-20-21 13,425,000 13,402,380

Volkswagen Credit Auto Master Trust
Series 2014-1A, Class A2 (S) 1.400 07-22-19 4,725,000 4,721,427

Wells Fargo Home Equity Trust
Series 2005-4, Class M1 (P) 0.906 12-25-35 2,790,000 2,715,434

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 35

Rate (%) Maturity date Par value^ Value

Asset backed securities (continued)

Wendys Funding LLC
Series 2015-1A, Class A2I (S) 3.371 06-15-45 12,316,590 $12,312,334

Westgate Resorts LLC

Series 2013-1A, Class B (S) 3.750 08-20-25 269,758 270,516

Series 2014-1A, Class A (S) 2.150 12-20-26 4,905,426 4,879,427

Series 2014-1A, Class B (S) 3.250 12-20-26 2,253,087 2,244,638

Series 2014-AA, Class A (S) 6.250 10-20-26 608,172 608,172

Series 2015-1A, Class A (S) 2.750 05-20-27 2,065,016 2,048,424

Series 2015-2A, Class B (S) 4.000 07-20-28 3,668,556 3,669,175

Series 2016-1A, Class A (S) 3.500 12-20-28 2,564,852 2,582,506

World Omni Auto Receivables Trust
Series 2016-A, Class A3 1.770 09-15-21 10,410,000 10,445,848

Shares Value

Preferred securities 0.7% $37,704,244

(Cost $38,384,336)

Consumer staples 0.0% 2,024,931

Food and staples retailing 0.0%

Ocean Spray Cranberries, Inc., Series A, 6.250% (S) 23,250 2,024,931

Financials 0.4% 19,140,958

Banks 0.1%

F.N.B. Corp. (7.250% to 2-15-24, then 3 month LIBOR + 4.600%) 79,989 2,168,502

Regions Financial Corp., 6.375% 86,609 2,179,082

Wells Fargo & Company, Series L, 7.500% 1,726 2,075,291

Capital markets 0.1%

The Goldman Sachs Group, Inc. (5.500% to 5-10-23, then 3 month LIBOR + 3.640%) 112,018 2,815,012

Consumer finance 0.0%

Discover Financial Services, 6.500% 92,257 2,354,399

Diversified financial services 0.2%

GMAC Capital Trust I, 6.691% (P) 300,146 7,548,672

Utilities 0.3% 16,538,355

Electric utilities 0.0%

Exelon Corp., 6.500% 48,565 2,226,705

Multi-utilities 0.3%

Dominion Resources, Inc., 6.750% 211,405 10,382,100

DTE Energy Company, 6.500% 77,050 3,929,550

Warrants 0.0% $6,192

(Cost $0)

HealthSouth Corp. (Expiration Date: 1-17-17; Strike Price: $41.40) (I) 3,143 6,192

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 36

Yield* (%) Maturity date Par value^ Value

Short-term investments 1.1% $57,951,000

(Cost $57,951,000)

U.S. Government Agency 0.6% 33,510,000

Federal Farm Credit Bank Discount Note 0.180 12-01-16 2,746,000 2,746,000

Federal Home Loan Bank Discount Note 0.100 12-01-16 30,764,000 30,764,000

Par value^ Value

Repurchase agreement 0.5% 24,441,000

Barclays Tri-Party Repurchase Agreement dated 11-30-16 at 0.260% to be repurchased at $19,796,143 on 12-1-16, collateralized by $19,445,300 U.S. Treasury Inflation Indexed Notes, 0.125% due 4-15-20 (valued at $20,192,110, including interest) 19,796,000 19,796,000

Repurchase Agreement with State Street Corp. dated 11-30-16 at 0.030% to be repurchased at $4,645,004 on 12-1-16, collateralized by $4,535,000 U.S. Treasury Notes, 2.750% due 2-15-24 (valued at $4,739,075, including interest) 4,645,000 4,645,000

Total investments (Cost $5,127,454,057)† 99.2% $5,105,991,725

Other assets and liabilities, net 0.8% $43,728,202

Total net assets 100.0% $5,149,719,927

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.

Key to Security Abbreviations and Legend

IO Interest Only Security — (Interest Tranche of Stripped Mortgage Pool). Rate shown is the effective yield at period end.

ISDAFIX International Swaps and Derivatives Association Fixed Interest Rate Swap Rate

LIBOR London Interbank Offered Rate

PIK Payment-in-kind

(C) Security purchased or sold on a when-issued or delayed delivery basis.

(H) Non-income producing - Issuer is in default.

(I) Non-income producing security.

(M) Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.

(P) Variable rate obligation. The coupon rate shown represents the rate at period end.

(Q) Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.

(S) 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 $1,124,702,811 or 21.8% of the fund's net assets as of 11-30-16.

* 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.

† At 11-30-16, the aggregate cost of investment securities for federal income tax purposes was $5,141,211,132. Net unrealized depreciation aggregated to $35,219,407, of which $45,057,512 related to appreciated investment securities and $80,276,919 related to depreciated investment securities.

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 37

Financial statements

STATEMENT OF ASSETS AND LIABILITIES 11-30-16 (unaudited)

Assets

Investments, at value (Cost $5,127,454,057) $5,105,991,725

Cash 196,870

Receivable for investments sold 27,821,698

Receivable for fund shares sold 63,126,058

Receivable for delayed delivery securities sold 6,685,427

Dividends and interest receivable 39,966,195

Other receivables and prepaid expenses 372,492

Total assets 5,244,160,465

Liabilities

Payable for investments purchased 47,907,100

Payable for delayed delivery securities purchased 27,009,414

Payable for fund shares repurchased 17,580,117

Distributions payable 592,175

Payable to affiliates

Accounting and legal services fees 177,192

Transfer agent fees 478,361

Distribution and service fees 281,494

Other liabilities and accrued expenses 414,685

Total liabilities 94,440,538

Net assets $5,149,719,927

Net assets consist of

Paid-in capital $5,232,437,401

Accumulated distributions in excess of net investment income (5,599,345 )

Accumulated net realized gain (loss) on investments (55,655,804 )

Net unrealized appreciation (depreciation) on investments (21,462,325 )

Net assets $5,149,719,927

Net asset value per share

Based on net asset values and shares outstanding-the fund has an unlimited number of shares authorized with no par value

Class A ($1,896,449,468 ÷ 121,338,598 shares)¹ $15.63

Class B ($18,780,860 ÷ 1,201,751 shares)¹ $15.63

Class C ($313,049,718 ÷ 20,028,236 shares)¹ $15.63

Class I ($2,729,173,886 ÷ 174,598,462 shares) $15.63

Class R2 ($53,031,943 ÷ 3,389,276 shares) $15.65

Class R4 ($846,118 ÷ 54,067 shares) $15.65

Class R6 ($136,578,922 ÷ 8,727,889 shares) $15.65

Class NAV ($1,809,012 ÷ 115,594 shares) $15.65

Maximum offering price per share

Class A (net asset value per share ÷ 96%)² $16.28

1 Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

2 On single retail sales of less than $100,000. On sales of $100,000 or more and on group sales the offering price is reduced.

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 38

STATEMENT OF OPERATIONS For the six months ended 11-30-16 (unaudited)

Investment income

Interest $78,077,744

Dividends 942,552

Total investment income 79,020,296

Expenses

Investment management fees 9,016,626

Distribution and service fees 4,802,142

Accounting and legal services fees 499,837

Transfer agent fees 2,534,397

Trustees' fees 29,054

State registration fees 157,506

Printing and postage 200,818

Professional fees 126,652

Custodian fees 294,820

Other 30,218

Total expenses 17,692,070

Less expense reductions (1,277,454 )

Net expenses 16,414,616

Net investment income 62,605,680

Realized and unrealized gain (loss)

Net realized gain (loss) on

Investments (15,245,276 )

(15,245,276 )

Change in net unrealized appreciation (depreciation) of

Investments (53,224,668 )

(53,224,668 )

Net realized and unrealized loss (68,469,944 )

Decrease in net assets from operations ($5,864,264 )

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 39

STATEMENTS OF CHANGES IN NET ASSETS

Six months ended 11-30-16 Year ended 5-31-16

(unaudited)

Increase (decrease) in net assets

From operations

Net investment income $62,605,680 $96,547,961

Net realized loss (15,245,276 ) (11,865,176 )

Change in net unrealized appreciation (depreciation) (53,224,668 ) (24,697,088 )

Increase (decrease) in net assets resulting from operations (5,864,264 ) 59,985,697

Distributions to shareholders

From net investment income

Class A (30,212,746 ) (58,302,581 )

Class B (256,598 ) (629,610 )

Class C (3,848,235 ) (7,007,749 )

Class I (31,959,875 ) (33,385,576 )

Class R2 (827,888 ) (1,438,202 )

Class R4 (6,244 ) (5,612 )

Class R6 (2,312,774 ) (3,813,054 )

Class NAV¹ (27,328 ) (41,131 )

Total distributions (69,451,688 ) (104,623,515 )

From fund share transactions 1,445,670,310 880,827,449

Total increase 1,370,354,358 836,189,631

Net assets

Beginning of period 3,779,365,569 2,943,175,938

End of period $5,149,719,927 $3,779,365,569

Undistributed (accumulated distributions in excess of) net investment income ($5,599,345 ) $1,246,663

1 The inception date for Class NAV shares is 8-31-15.

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 40

Financial highlights

Class A Shares Period ended 11-30-16 ¹ 5-31-16 5-31-15 5-31-14 5-31-13 5-31-12

Per share operating performance

Net asset value, beginning of period $15.79 $16.06 $16.26 $16.37 $15.86 $15.86

Net investment income² 0.22 0.47 0.53 0.61 0.63 0.72

Net realized and unrealized gain (loss) on investments (0.13 ) (0.23 ) (0.05 ) 0.02 0.61 0.08

Total from investment operations 0.09 0.24 0.48 0.63 1.24 0.80

Less distributions

From net investment income (0.25 ) (0.51 ) (0.63 ) (0.67 ) (0.70 ) (0.79 )

From net realized gain — — (0.05 ) (0.07 ) (0.03 ) (0.01 )

Total distributions (0.25 ) (0.51 ) (0.68 ) (0.74 ) (0.73 ) (0.80 )

Net asset value, end of period $15.63 $15.79 $16.06 $16.26 $16.37 $15.86

Total return (%)^3,4 0.53 ⁵ 1.59 3.02 4.06 7.93 5.21

Ratios and supplemental data

Net assets, end of period (in millions) $1,896 $1,904 $1,740 $1,411 $1,434 $1,061

Ratios (as a percentage of average net assets):

Expenses before reductions 0.90 ⁶ 0.93 0.94 0.98 1.03 1.06

Expenses including reductions 0.84 ⁶ 0.87 0.89 0.92 0.98 1.02

Net investment income 2.77 ⁶ 3.01 3.25 3.80 3.84 4.63

Portfolio turnover (%) 35 56 66 77 72 76

1 Six months ended 11-30-16. Unaudited.

2 Based on average daily shares outstanding.

3 Does not reflect the effect of sales charges, if any.

4 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

5 Not annualized.

6 Annualized.

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 41

Class B Shares Period ended 11-30-16 ¹ 5-31-16 5-31-15 5-31-14 5-31-13 5-31-12

Per share operating performance

Net asset value, beginning of period $15.79 $16.06 $16.26 $16.37 $15.86 $15.86

Net investment income² 0.17 0.36 0.42 0.50 0.51 0.61

Net realized and unrealized gain (loss) on investments (0.14 ) (0.23 ) (0.05 ) 0.02 0.61 0.08

Total from investment operations 0.03 0.13 0.37 0.52 1.12 0.69

Less distributions

From net investment income (0.19 ) (0.40 ) (0.52 ) (0.56 ) (0.58 ) (0.68 )

From net realized gain — — (0.05 ) (0.07 ) (0.03 ) (0.01 )

Total distributions (0.19 ) (0.40 ) (0.57 ) (0.63 ) (0.61 ) (0.69 )

Net asset value, end of period $15.63 $15.79 $16.06 $16.26 $16.37 $15.86

Total return (%)^3,4 0.18 ⁵ 0.88 2.31 3.34 7.18 4.48

Ratios and supplemental data

Net assets, end of period (in millions) $19 $23 $28 $33 $44 $37

Ratios (as a percentage of average net assets):

Expenses before reductions 1.60 ⁶ 1.63 1.64 1.68 1.73 1.76

Expenses including reductions 1.54 ⁶ 1.57 1.59 1.62 1.68 1.72

Net investment income 2.08 ⁶ 2.32 2.57 3.11 3.15 3.92

Portfolio turnover (%) 35 56 66 77 72 76

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 42

Class C Shares Period ended 11-30-16 ¹ 5-31-16 5-31-15 5-31-14 5-31-13 5-31-12

Per share operating performance

Net asset value, beginning of period $15.79 $16.06 $16.26 $16.37 $15.87 $15.86

Net investment income² 0.17 0.36 0.41 0.49 0.51 0.61

Net realized and unrealized gain (loss) on investments (0.14 ) (0.23 ) (0.04 ) 0.03 0.60 0.09

Total from investment operations 0.03 0.13 0.37 0.52 1.11 0.70

Less distributions

From net investment income (0.19 ) (0.40 ) (0.52 ) (0.56 ) (0.58 ) (0.68 )

From net realized gain — — (0.05 ) (0.07 ) (0.03 ) (0.01 )

Total distributions (0.19 ) (0.40 ) (0.57 ) (0.63 ) (0.61 ) (0.69 )

Net asset value, end of period $15.63 $15.79 $16.06 $16.26 $16.37 $15.87

Total return (%)^3,4 0.18 ⁵ 0.88 2.31 3.34 7.11 4.55

Ratios and supplemental data

Net assets, end of period (in millions) $313 $310 $250 $162 $195 $116

Ratios (as a percentage of average net assets):

Expenses before reductions 1.60 ⁶ 1.63 1.64 1.72 1.77

Expenses including reductions 1.54 ⁶ 1.57 1.59 1.62 1.67 1.72

Net investment income 2.07 ⁶ 2.31 2.53 3.10 3.12 3.91

Portfolio turnover (%) 35 56 66 77 72 76

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 43

Class I Shares Period ended 11-30-16 ¹ 5-31-16 5-31-15 5-31-14 5-31-13 5-31-12

Per share operating performance

Net asset value, beginning of period $15.80 $16.06 $16.26 $16.37 $15.87 $15.86

Net investment income² 0.24 0.52 0.57 0.66 0.68 0.78

Net realized and unrealized gain (loss) on investments (0.14 ) (0.22 ) (0.04 ) 0.02 0.61 0.09

Total from investment operations 0.10 0.30 0.53 0.68 1.29 0.87

Less distributions

From net investment income (0.27 ) (0.56 ) (0.68 ) (0.72 ) (0.76 ) (0.85 )

From net realized gain — — (0.05 ) (0.07 ) (0.03 ) (0.01 )

Total distributions (0.27 ) (0.56 ) (0.73 ) (0.79 ) (0.79 ) (0.86 )

Net asset value, end of period $15.63 $15.80 $16.06 $16.26 $16.37 $15.87

Total return (%)³ 0.62 ⁴ 1.97 3.35 4.40 8.27 5.70

Ratios and supplemental data

Net assets, end of period (in millions) $2,729 $1,367 $793 $302 $277 $123

Ratios (as a percentage of average net assets):

Expenses before reductions 0.58 ⁵ 0.61 0.63 0.66 0.65 0.67

Expenses including reductions 0.52 ⁵ 0.56 0.57 0.60 0.60 0.62

Net investment income 3.05 ⁵ 3.32 3.53 4.11 4.19 4.99

Portfolio turnover (%) 35 56 66 77 72 76

1 Six months ended 11-30-16. Unaudited.

2 Based on average daily shares outstanding.

3 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

4 Not annualized.

5 Annualized.

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 44

Class R2 Shares Period ended 11-30-16 ¹ 5-31-16 5-31-15 5-31-14 5-31-13 5-31-12 ²

Per share operating performance

Net asset value, beginning of period $15.81 $16.08 $16.27 $16.38 $15.87 $15.80

Net investment income³ 0.22 0.46 0.51 0.60 0.62 0.17

Net realized and unrealized gain (loss) on investments (0.14 ) (0.23 ) (0.02 ) 0.02 0.64 0.09

Total from investment operations 0.08 0.23 0.49 0.62 1.26 0.26

Less distributions

From net investment income (0.24 ) (0.50 ) (0.63 ) (0.66 ) (0.72 ) (0.19 )

From net realized gain — — (0.05 ) (0.07 ) (0.03 ) —

Total distributions (0.24 ) (0.50 ) (0.68 ) (0.73 ) (0.75 ) (0.19 )

Net asset value, end of period $15.65 $15.81 $16.08 $16.27 $16.38 $15.87

Total return (%)⁴ 0.48 ⁵ 1.55 2.97 4.01 8.09 1.68 ⁵

Ratios and supplemental data

Net assets, end of period (in millions) $53 $56 $39 $7 $2 — ⁶

Ratios (as a percentage of average net assets):

Expenses before reductions 0.99 ⁷ 1.03 0.98 1.05 1.03 0.86 ⁷

Expenses including reductions 0.93 ⁷ 0.97 0.93 0.99 0.98 0.80 ⁷

Net investment income 2.68 ⁷ 2.92 3.16 3.76 3.88 4.28 ⁷

Portfolio turnover (%) 35 56 66 77 72 76 ⁸

1 Six months ended 11-30-16. Unaudited.

2 The inception date for Class R2 shares is 3-1-12.

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 Less than $500,000.

7 Annualized.

8 The portfolio turnover is shown for the period from 6-1-11 to 5-31-12.

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 45

Class R4 Shares Period ended 11-30-16 ¹ 5-31-16 5-31-15 ²

Per share operating performance

Net asset value, beginning of period $15.81 $16.08 $16.15

Net investment income³ 0.24 0.51 0.06

Net realized and unrealized loss on investments (0.14 ) (0.22 ) (0.03 )

Total from investment operations 0.10 0.29 0.03

Less distributions

From net investment income (0.26 ) (0.56 ) (0.10 )

Net asset value, end of period $15.65 $15.81 $16.08

Total return (%)⁴ 0.62 ⁵ 1.86 0.18 ⁵

Ratios and supplemental data

Net assets, end of period (in millions) $1 — ⁶ — ⁶

Ratios (as a percentage of average net assets):

Expenses before reductions 0.81 ⁷ 0.82 0.80 ⁷

Expenses including reductions 0.65 ⁷ 0.66 0.64 ⁷

Net investment income 2.96 ⁷ 3.24 2.21 ⁷

Portfolio turnover (%) 35 56 66 ⁸

1 Six months ended 11-30-16. Unaudited.

2 The inception date for Class R4 shares is 3-27-15.

3 Based on average daily shares outstanding.

4 Total returns would have been lower had certain expenses not been reduced during the period.

5 Not annualized.

6 Less than $500,000.

7 Annualized.

8 The portfolio turnover is shown for the period from 6-1-14 to 5-31-15.

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 46

Class R6 Shares Period ended 11-30-16 ¹ 5-31-16 5-31-15 5-31-14 5-31-13 5-31-12 ²

Per share operating performance

Net asset value, beginning of period $15.81 $16.08 $16.28 $16.38 $15.87 $15.55

Net investment income³ 0.26 0.54 0.59 0.68 0.70 0.57

Net realized and unrealized gain (loss) on investments (0.14 ) (0.23 ) (0.04 ) 0.03 0.61 0.40

Total from investment operations 0.12 0.31 0.55 0.71 1.31 0.97

Less distributions

From net investment income (0.28 ) (0.58 ) (0.70 ) (0.74 ) (0.77 ) (0.64 )

From net realized gain — — (0.05 ) (0.07 ) (0.03 ) (0.01 )

Total distributions (0.28 ) (0.58 ) (0.75 ) (0.81 ) (0.80 ) (0.65 )

Net asset value, end of period $15.65 $15.81 $16.08 $16.28 $16.38 $15.87

Total return (%)⁴ 0.74 ⁵ 2.02 3.45 4.58 8.42 6.38 ⁵

Ratios and supplemental data

Net assets, end of period (in millions) $137 $118 $93 $43 $3 $2

Ratios (as a percentage of average net assets):

Expenses before reductions 0.49 ⁶ 0.52 0.54 0.56 0.57 0.63 ⁶

Expenses including reductions 0.42 ⁶ 0.44 0.46 0.50 0.52 0.57 ⁶

Net investment income 3.20 ⁶ 3.45 3.66 4.26 4.30 5.04 ⁶

Portfolio turnover (%) 35 56 66 77 72 76 ⁷

1 Six months ended 11-30-16. Unaudited.

2 The inception date for Class R6 shares is 9-1-11.

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 The portfolio turnover is shown for the period from 6-1-11 to 5-31-12.

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 47

Class NAV Shares Period ended 11-30-16 ¹ 5-31-16 ²

Per share operating performance

Net asset value, beginning of period $15.81 $15.78

Net investment income³ 0.26 0.41

Net realized and unrealized gain (loss) on investments (0.14 ) 0.06

Total from investment operations 0.12 0.47

Less distributions

From net investment income (0.28 ) (0.44 )

Net asset value, end of period $15.65 $15.81

Total return (%)⁴ 0.74 ⁵ 3.03 ⁵

Ratios and supplemental data

Net assets, end of period (in millions) $2 $2

Ratios (as a percentage of average net assets):

Expenses before reductions 0.47 ⁶ 0.50 ⁶

Expenses including reductions 0.42 ⁶ 0.44 ⁶

Net investment income 3.21 ⁶ 3.44 ⁶

Portfolio turnover (%) 35 56 ⁷

1 Six months ended 11-30-16. Unaudited.

2 The inception date for Class NAV shares is 8-31-15.

3 Based on average daily shares outstanding.

4 Total returns would have been lower had certain expenses not been reduced during the period.

5 Not annualized.

6 Annualized.

7 The portfolio turnover is shown for the period from 6-1-15 to 5-31-16.

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 48

Notes to financial statements (unaudited)

Note 1 — Organization

John Hancock Bond Fund (the fund) is a series of John Hancock Sovereign Bond Fund (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the fund is to seek a high level of current income consistent with prudent investment risk.

The fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of assets and liabilities. Class A and Class C shares are offered to all investors. Class B shares are closed to new investors. Class I shares are offered to institutions and certain investors. Class R2 and R4 shares are available only to certain retirement plans. Class R6 shares are available only to certain retirement plans, institutions and other investors. Class NAV shares are offered to John Hancock affiliated funds of funds and certain 529 plans. 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. Class B shares convert to Class A shares eight years after purchase.

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. The time at which shares and transactions are priced and until which orders are accepted may vary to the extent permitted by the Securities and Exchange Commission (SEC) and applicable regulations.

In order to value the securities, the fund uses the following valuation techniques: Debt obligations are valued based on the evaluated prices provided by an independent pricing vendor or from broker-dealers. Independent pricing vendors utilize matrix pricing which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Equity securities held by the fund are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price.

In certain instances, the Pricing Committee may determine to value equity securities using prices obtained from another exchange or market if trading on the exchange or market on which prices are typically obtained did not open for trading as scheduled, or if trading closed earlier than scheduled, and trading occurred as normal on another exchange or market.

Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the 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. 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

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 49

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 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, 2016, by major security category or type:

Total
value at
11-30-16 Level 1
quoted
price Level 2
significant
observable
inputs Level 3
significant
unobservable
inputs

Corporate bonds $2,256,766,138 — $2,256,766,138 —

U.S. Government and Agency obligations 1,513,049,734 — 1,513,049,734 —

Foreign government obligations 18,657,825 — 18,657,825 —

Capital preferred securities 26,154,639 — 26,154,639 —

Convertible bonds 4,225,375 — 4,225,375 —

Municipal bonds 4,304,106 — 4,304,106 —

Term loans 6,542,763 — 6,542,763 —

Collateralized mortgage obligations 483,014,275 — 483,014,275 —

Asset backed securities 697,615,434 — 697,615,434 —

Preferred securities 37,704,244 $33,510,811 4,193,433 —

Warrants 6,192 6,192 — —

Short-term investments 57,951,000 — 57,951,000 —

Total investments in securities $5,105,991,725 $33,517,003 $5,072,474,722 —

Repurchase agreements. The fund may enter into repurchase agreements. When the fund enters into a repurchase agreement, it receives collateral that is held in a segregated account by the fund's custodian, or for tri-party repurchase agreements, collateral is held at a third-party custodian bank in a segregated account for the benefit of the fund. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. Collateral received by the fund for repurchase agreements is disclosed in the Fund's investments as part of the caption related to the repurchase agreement.

Repurchase agreements are typically governed by the terms and conditions of the Master Repurchase Agreement and/or Global Master Repurchase Agreement (collectively, MRA). Upon an event of default, the non-defaulting party may close out all transactions traded under the MRA and net amounts owed. Absent an event of default, assets and liabilities resulting from repurchase agreements are not offset in the Statement of assets and liabilities. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline or the counterparty may have insufficient assets to pay back claims resulting from close-out of the transactions.

Stripped securities. Stripped securities are financial instruments structured to separate principal and interest cash flows so that one class receives principal payments from the underlying assets (PO or principal only), while the other class receives the interest cash flows (IO or interest only). Both PO and IO investments represent an interest in the cash flows of an underlying stripped security. If the underlying assets experience greater than anticipated prepayments of principal, the fund may fail to fully recover its initial investment in an IO security. The market value of these securities can be extremely volatile in response to changes in interest rates or prepayments on the underlying securities. In addition, these securities present additional credit risk such that the fund may not receive all or part of its principal or interest payments because the borrower or issuer has defaulted on its obligation.

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

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date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income is recorded on the ex-date, except for dividends of foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the fund becomes aware of the dividends. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

Line of credit. The fund may 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.

Effective June 30, 2016, 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 certain funds, the fund can borrow up to an aggregate commitment amount of $750 million, subject to asset coverage and other limitations as specified in the agreement. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund based on a combination of fixed and asset based allocations and is reflected in Other expenses on the Statement of operations. Prior to June 30, 2016, the fund had a similar agreement that enabled it to participate in a $750 million unsecured committed line of credit. For the six months ended November 30, 2016, the fund had no borrowings under either line of credit. Commitment fees for the six months ended November 30, 2016 were $5,242.

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 calculated 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, 2016, the fund has a short-term capital loss carryfoward of $7,840,389 and a long-term capital loss carryforward of $20,499,932 available to offset future net realized capital gains. These carryforwards do not expire.

As of May 31, 2016, 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 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.

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Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to amortization and accretion on debt securities.

Note 3 — Guarantees and indemnifications

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

Note 4 — Fees and transactions with affiliates

John Hancock Advisers, LLC (the Advisor) serves as investment advisor for the fund. John Hancock Funds, LLC (the Distributor), an affiliate of the Advisor, serves as principal underwriter of the fund. The Advisor and the Distributor are indirect, wholly owned subsidiaries of Manulife Financial Corporation (MFC).

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) 0.500% of the first $500 million of the fund's average daily net assets, (b) 0.475% of the next $500 million of the fund's average daily net assets, (c) 0.450% of the next $500 million of the fund's average daily net assets, (d) 0.450% of the next $500 million of the fund's average daily net assets, (e) 0.400% of the next $500 million of the fund's average daily net assets; and (f) 0.350% of the fund's average daily net assets in excess of $2.5 billion. The Advisor has a subadvisory agreement with John Hancock Asset Management a division of Manulife Asset Management (US) LLC, an indirectly owned subsidiary of MFC 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 six months ended November 30, 2016, this waiver amounted to 0.01% of the fund's average net assets on an annualized basis. This arrangement may be amended or terminated at any time by the Advisor upon notice to the fund and with the approval of the Board of Trustees.

The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse or pay operating expenses of the fund in order to reduce the total annual fund operating expenses by 0.05% of the fund's average daily net assets. These fee waivers and/or reimbursements expire on September 30, 2017, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

The Advisor has contractually agreed to waive and/or reimburse all class-specific expenses for Class R6 shares of the fund to the extent they exceed 0.00% of average net assets, on an annualized basis, attributable to the class. The fee waiver and/or reimbursement expires on September 30, 2017, unless renewed by mutual agreement of the fund and Advisor based upon a determination that this is appropriate under the circumstances at that time.

For the six months ended November 30, 2016, these expense reductions described above amounted to the following:

Class Expense reduction Class Expense reduction

Class A $566,172 Class R4 $111

Class B 6,205 Class R6 49,465

Class C 93,294 Class NAV 450

Class I 545,577 Total $1,277,261

Class R2 15,987

Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.

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The investment management fees incurred for the six months ended Novemeber 30, 2016 were equivalent to a net annual effective rate of 0.35% of the fund's average daily net assets.

Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred for the six months ended Novemeber 30, 2016 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 with respect to Class A, Class B, Class C, Class R2 and Class R4 shares pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the fund. In addition, under a service plan for Class R2 and Class R4 shares, the fund pays for certain other services. 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 Service Fee Class Rule 12b-1 fee Service Fee

Class A 0.30% — Class R2 0.25% 0.25%

Class B 1.00% — Class R4 0.25% 0.10%

Class C 1.00% —

The fund's Distributor has contractually agreed to waive 0.10% of Rule12b-1 fees for Class R4 shares. The current waiver agreement expires September 30, 2017, 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 $193 for Class R4 shares for the six months ended November 30, 2016.

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $2,759,458 for the six months ended November 30, 2016. Of this amount, $383,087 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $2,315,357 was paid as sales commissions to broker-dealers and $61,014 was paid as sales commissions to sales personnel of Signator Investors, Inc., a broker-dealer affiliate of the Advisor.

Class A, Class B and Class C shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares that are acquired through purchases of $1 million or more and are redeemed within one year of purchase are subject to a 1.00% sales charge. Class B shares that are redeemed within six years of purchase are subject to CDSCs, at declining rates, beginning at 5.00%. 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, 2016, CDSCs received by the Distributor amounted to $12,668, $24,345 and $67,635 for Class A, Class B and Class C shares, respectively.

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

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Class level expenses. Class level expenses for the six months ended November 30, 2016 were:

Class Distribution and service fees Transfer agent fees

Class A $2,941,397 $1,233,451

Class B 107,204 13,491

Class C 1,614,534 203,097

Class I — 1,068,278

Class R2 138,388 4,747

Class R4 619 33

Class R6 — 11,300

Total $4,802,142 $2,534,397

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 each fund based on its net assets relative to other funds within the John Hancock group of funds complex.

Interfund lending program Pursuant to an Exemptive Order issued by the SEC, the fund, along with certain other funds advised by the Advisor or its affiliates, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, no interfund loans were outstanding. Interest income is included in Interest on the Statement of operations. The fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower
or lender Weighted average
loan balance Days
outstanding Weighted average
interest rate Interest income

Lender $55,000,000 3 0.715% $3,277

Note 5 — Fund share transactions

Transactions in fund shares for the six months ended November 30, 2016 and the year ended May 31, 2016 were as follows:

Six months ended 11-30-16 Year ended 5-31-16

Shares Amount Shares Amount

Class A shares

Sold 18,689,216 $299,653,965 35,391,749 $554,961,010

Distributions reinvested 1,795,973 28,766,758 3,513,492 55,111,261

Repurchased (19,690,840 ) (315,476,633 ) (26,690,242 ) (418,500,249 )

Net increase 794,349 $12,944,090 12,214,999 $191,572,022

Class B shares

Sold 28,552 $458,356 82,433 $1,288,500

Distributions reinvested 13,832 221,593 32,988 517,501

Repurchased (266,316 ) (4,271,250 ) (431,764 ) (6,776,648 )

Net decrease (223,932 ) ($3,591,301 ) (316,343 ) ($4,970,647 )

Class C shares

Sold 3,154,930 $50,578,651 7,058,923 $110,691,432

Distributions reinvested 222,787 3,568,594 409,330 6,420,042

Repurchased (2,971,428 ) (47,566,408 ) (3,423,907 ) (53,698,550 )

Net increase 406,289 $6,580,837 4,044,346 $63,412,924

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Six months ended 11-30-16 Year ended 5-31-16

Shares Amount Shares Amount

Class I shares

Sold 101,887,560 $1,632,020,313 56,304,150 $884,365,532

Distributions reinvested 1,887,959 30,180,858 1,944,559 30,506,400

Repurchased (15,747,106 ) (251,344,912 ) (21,083,501 ) (329,474,837 )

Net increase 88,028,413 $1,410,856,259 37,165,208 $585,397,095

Class R2 shares

Sold 626,117 $10,054,728 1,698,660 $26,609,115

Distributions reinvested 49,414 792,497 88,114 1,383,168

Repurchased (830,897 ) (13,360,751 ) (661,225 ) (10,392,657 )

Net increase (decrease) (155,366 ) ($2,513,526 ) 1,125,549 $17,599,626

Class R4 shares

Sold 34,408 $547,894 13,084 $204,641

Distributions reinvested 289 4,615 138 2,171

Repurchased (44 ) (695 ) — —

Net increase 34,653 $551,814 13,222 $206,812

Class R6 shares

Sold 1,871,345 $29,939,898 2,204,481 $34,512,931

Distributions reinvested 140,593 2,254,198 242,793 3,812,467

Repurchased (733,688 ) (11,662,974 ) (779,808 ) (12,233,469 )

Net increase 1,278,250 $20,531,122 1,667,466 $26,091,929

Class NAV shares¹

Sold 32,590 $523,076 113,500 $1,786,571

Distributions reinvested 1,705 27,328 2,626 41,131

Repurchased (14,828 ) (239,389 ) (19,999 ) (310,014 )

Net increase 19,467 $311,015 96,127 $1,517,688

Total net increase 90,182,123 $1,445,670,310 56,010,574 $880,827,449

¹ The inception date for Class NAV shares is 8-31-15.

Affiliates of the fund owned 11% and 100% of shares of beneficial interest of Class R4 and Class NAV shares, respectively, on November 30, 2016. Such concentration of shareholders' capital could have a material effect on the fund if such shareholders redeem from the fund.

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities and U.S. Treasury obligations, amounted to $1,796,748,727 and $545,076,736, respectively, for the six months ended November 30, 2016. Purchases and sales of U.S. Treasury obligations aggregated $1,160,599,972 and $962,947,134, respectively for the six months ended November 30, 2016.

Note 7 — Investment by affiliated funds

Certain investors in the fund are affiliated funds that are managed by the Advisor and its affiliates. The affiliated funds do not invest in the fund for the purpose of exercising management or control; however, this investment may represent a significant portion of the fund's net assets. At November 30, 2016, funds within the John Hancock group of funds complex held 0.04% of the fund's net assets.

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Note 8 — Interfund trading

The fund is permitted to purchase or sell securities from or to certain other affiliated funds, as set forth in Rule 17a-7 of the 1940 Act, under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the fund from or to another fund that is or could be considered an affiliate complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended November 30, 2016, the fund engaged in purchases amounting to $137,826,604.

Note 9 — New rule issuance

In October 2016, the SEC issued Final Rule Release No. 33-10231, Investment Company Reporting Modernization (the Release). The Release calls for the adoption of new rules and forms as well as amendments to its rules and forms to modernize the reporting and disclosure of information by registered investment companies. The SEC is adopting amendments to Regulation S-X, which will require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. Management is in the process of reviewing the impact to the financial statements.

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Continuation of Investment Advisory and Subadvisory Agreements

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 Sovereign Bond Fund (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Advisers, LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with John Hancock Asset Management a division of Manulife Asset Management (US) LLC (the Subadvisor), for John Hancock Bond Fund. The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 21-23, 2016 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at an in-person meeting held on May 24-25, 2016.

Approval of Advisory and Subadvisory Agreements

At in-person meetings held on June 21-23, 2016, the Board, including the Trustees who are not considered to be interested persons of the Trust under the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees), 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 mutual 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 notes 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 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 Board noted the affiliation of the Subadvisor with the Advisor, noting any potential conflicts of interest. The Board also considered the nature, quality, and extent of non-advisory services, if any, to be provided to the fund by the Advisor's affiliates, including distribution services.

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 does not treat any single factor as determinative, and each Trustee may attribute 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.

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Nature, extent, and quality of services. Among the information received by the Board from the Advisor relating to the nature, extent, and quality of services provided to the fund, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor's compliance and regulatory history, including its Form ADV. The Board also noted that on a regular basis it receives and reviews information from the Trust's Chief Compliance Officer (CCO) regarding the fund's compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board also considered the Advisor's risk management processes. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the fund, including, but not limited to, general supervision of and coordination of the services provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and third-party service providers.

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

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

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

(b) the background, qualifications and skills of the Advisor's personnel;

(c) the Advisor's compliance policies and procedures and its responsiveness to regulatory changes and mutual fund industry developments;

(d) the Advisor's administrative capabilities, including its ability to supervise the other service providers for 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; and

(f) 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 the fund underperformed its benchmark index for the one year period ended December 31, 2015, and outperformed its benchmark for the three- and five-year periods ended December 31, 2015. The Board noted that the fund

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outperformed its peer group average for the one-, three- and five year period ended December 31, 2015. The Board took into account management's discussion of the fund's performance, including the favorable performance relative to the benchmark index and peer group for the three- and five-year periods. The Board concluded that the fund's performance has generally outperformed the historical performance of comparable funds and the fund's benchmark index.

Fees and expenses. The Board reviewed comparative information prepared by an independent third-party provider of mutual fund data, including, among other data, the fund's contractual and net management fees (and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the fund. The Board considered the fund's ranking within a smaller group of peer funds chosen by the independent third-party provider, as well as the fund's ranking within a broader group of funds. In comparing the fund's contractual and net management fees to those of comparable funds, the Board noted that such fees include both advisory and administrative costs. The Board noted that net management fees for the fund are lower than the peer group median and total expenses for the fund are lower than the peer group median.

The Board also took into account management's discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fee. 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, 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 reduces management fees as assets increase. 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.

Profitability/indirect benefits. In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates from the Advisor's relationship with the Trust, the Board:

(a) reviewed financial information of the Advisor;

(b) reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;

(c) received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole;

(d) received information with respect to the Advisor's allocation methodologies used in preparing the profitability data;

(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; and

(i) noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund;

(j) noted that the subdvisory fee for the fund is paid by the Advisor; and

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(k) considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the entrepreneurial risk that it assumes as Advisor.

Based upon its review, the Board concluded that the level of profitability, if any, of the Advisor and its affiliates from their relationship with the fund was reasonable and not excessive.

Economies of scale. In considering the extent to which economies of scale would be realized as the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders, the Board:

(a) considered that the Advisor has contractually agreed to waive a portion of its management fee for certain funds of the John Hancock Fund Complex, including the fund (the participating portfolios) or otherwise reimburse the expenses of the participating portfolios (the reimbursement). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund;

(b) reviewed the fund's advisory fee structure and concluded that: (i) the fund's fee structure contains breakpoints at the subadvisory fee level and that such breakpoints are reflected as breakpoints in the advisory fees for the fund; and (ii) although economies of scale cannot be measured with precision, these arrangements permit shareholders of the fund to benefit from economies of scale if the fund grows. The Board also took into account management's discussion of the fund's advisory fee structure; and

(c) the Board also considered the effect of the fund's growth in size on its performance and fees. The Board also noted that if the fund's assets increase over time, the fund may realize other economies of scale.

Approval of Subadvisory Agreement

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

(1) information relating to the Subadvisor's business, including current subadvisory services to the Trust (and other funds in the John Hancock Fund Complex);

(2) the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds; and

(3) the subadvisory fee for the fund, including any breakpoints, and to the extent available, comparable fee information prepared by an independent third party provider of fund data;

Nature, extent, and quality of services. With respect to the services provided by the Subadvisor, the Board received information provided to the Board by the Subadvisor, including the Subadvisor's Form ADV, as well as took into account information presented throughout the past year. The Board considered the Subadvisor's current level of staffing and its overall resources, as well as received information relating to the Subadvisor's compensation program. The Board reviewed the Subadvisor's history and investment experience, as well as information regarding the qualifications, background, and responsibilities of the Subadvisor's investment and compliance personnel who provide services to the fund. The Board also considered, among other things, the Subadvisor's compliance program and any disciplinary history. The Board also considered the Subadvisor's risk assessment and monitoring process. The Board reviewed the Subadvisor's regulatory history, including whether it was involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate. The Board noted that the Advisor conducts regular, periodic reviews of the Subadvisor and its operations, including regarding investment processes and organizational and staffing matters. The Board also noted that the Trust's CCO and his staff conduct regular, periodic compliance reviews with the Subadvisor and present reports to the Independent Trustees regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisor and procedures reasonably designed to assure compliance with the federal securities laws. The Board also took into account the financial condition of the Subadvisor.

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 60

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.

Subadvisor compensation. In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the fund, the Board noted that the fees under the Subadvisory Agreement are paid by the Advisor and not the fund. The Board also received information and took into account any other potential conflicts of interest the Advisor might have in connection with the Subadvisory Agreement.

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

Subadvisory fees. The Board considered that the fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays a subadvisory fee to the Subadvisor. As noted above, the Board also considered the fund's subadvisory fees as compared to similarly situated investment companies deemed to be comparable to the fund as included in the report prepared by the independent third party provider of fund data, to the extent available. The Board noted that the limited size of the Lipper peer group was not sufficient for comparative purposes. The Board also took into account the subadvisory fees paid by the Advisor to the Subadvisor with respect to the fund and compared them to fees charged by the Subadvisor to manage other subadvised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.

Subadvisor performance. As noted above, the Board considered the fund's performance as compared to the fund's peer group and the benchmark index and noted that the Board reviews information about the fund's performance results at its regularly scheduled meetings. The Board noted the Advisor's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadvisor. The Board was mindful of the Advisor's focus on the Subadvisor's performance. The Board also noted the Subadvisor's long-term performance record for similar accounts, as applicable.

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

(1) the Subadvisor has extensive experience and demonstrated skills as a manager;

(2) the performance of the fund has generally outperformed the historical performance of comparable funds and the fund's benchmark index;

(3) the subadvisory fee is reasonable in relation to the level and quality of services being provided; and

(4) noted that the subadvisory fees are paid by the Advisor not the fund and that the subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit shareholders to benefit from economies of scale if the fund grows.

* * *

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

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 61

More information

Trustees

James M. Oates, Chairperson
Steven R. Pruchansky, Vice Chairperson
Charles L. Bardelis*
James R. Boyle†
Craig Bromley†
Peter S. Burgess*
William H. Cunningham
Grace K. Fey
Theron S. Hoffman*
Deborah C. Jackson
Hassell H. McClellan
Gregory A. Russo
Warren A. Thomson†

Officers

Andrew G. Arnott
President

John J. Danello
Senior Vice President, Secretary,
and Chief Legal Officer

Francis V. Knox, Jr.
Chief Compliance Officer

Charles A. Rizzo
Chief Financial Officer

Salvatore Schiavone
Treasurer

Investment advisor

John Hancock Advisers, LLC

Subadvisor

John Hancock Asset Management a division of Manulife Asset Management (US) LLC

Principal distributor

John Hancock Funds, LLC

Custodian

State Street Bank and Trust Company

Transfer agent

John Hancock Signature Services, Inc.

Legal counsel

K&L Gates LLP

*Member of the Audit Committee
†Non-Independent Trustee

The fund's proxy voting policies and procedures, as well as the fund proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) website at sec.gov or on our website.

The fund's complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The fund's Form N-Q is available on our website and the SEC's website, sec.gov, and can be reviewed and copied (for a fee) at the SEC's Public Reference Room in Washington, DC. Call 800-SEC-0330 to receive information on the operation of the SEC's Public Reference Room.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-225-5291.

You can also contact us:

800-225-5291
jhinvestments.com
Regular mail:

John Hancock Signature Services, Inc.
P.O. Box 55913
Boston, MA 02205-5913

Express mail:

John Hancock Signature Services, Inc.
Suite 55913
30 Dan Road
Canton, MA 02021

SEMIANNUAL REPORT | JOHN HANCOCK BOND FUND 62

John Hancock family of funds

DOMESTIC EQUITY FUNDS

Balanced

Blue Chip Growth

Classic Value

Disciplined Value

Disciplined Value Mid Cap

Equity Income

Fundamental All Cap Core

Fundamental Large Cap Core

Fundamental Large Cap Value

New Opportunities

Small Cap Value

Small Company

Strategic Growth

U.S. Global Leaders Growth

U.S. Growth

Value Equity

GLOBAL AND INTERNATIONAL EQUITY FUNDS

Disciplined Value International

Emerging Markets

Emerging Markets Equity

Global Equity

Global Shareholder Yield

Greater China Opportunities

International Growth

International Small Company

International Value Equity

INCOME FUNDS

Bond

California Tax-Free Income

Emerging Markets Debt

Floating Rate Income

Global Income

Government Income

High Yield

High Yield Municipal Bond

Income

Investment Grade Bond

Money Market

Short Duration Credit Opportunities

Spectrum Income

Strategic Income Opportunities

Tax-Free Bond

ALTERNATIVE AND SPECIALTY FUNDS

Absolute Return Currency

Alternative Asset Allocation

Enduring Assets

Financial Industries

Global Absolute Return Strategies

Global Conservative Absolute Return

Global Focused Strategies

Global Real Estate

Natural Resources

Redwood

Regional Bank

Seaport

Technical Opportunities

A fund's investment objectives, risks, charges, and expenses should be considered carefully before investing. The prospectus contains this and other important information about the fund. To obtain a prospectus, contact your financial professional, call John Hancock Investments at 800-225-5291, or visit our website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.

ASSET ALLOCATION

Income Allocation Fund

Lifestyle Aggressive Portfolio

Lifestyle Balanced Portfolio

Lifestyle Conservative Portfolio

Lifestyle Growth Portfolio

Lifestyle Moderate Portfolio

Retirement Choices Portfolios

Retirement Living Portfolios

Retirement Living II Portfolios

EXCHANGE-TRADED FUNDS

John Hancock Multifactor Consumer Discretionary ETF

John Hancock Multifactor Consumer Staples ETF

John Hancock Multifactor Developed International 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 Mid Cap ETF

John Hancock Multifactor Technology ETF

John Hancock Multifactor Utilities ETF

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE FUNDS

ESG All Cap Core

ESG Core Bond

ESG International Equity

ESG Large Cap Core

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 Multifactor 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 Dimensional Fund Advisors LP.
Foreside is not affiliated with John Hancock Funds, 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.

John Hancock Investments

A trusted brand

John Hancock Investments is a premier asset manager representing one of
America's most trusted brands, 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 build funds based on investor needs, then search the world to find proven
portfolio teams with specialized expertise in those strategies. As a manager of
managers, we apply vigorous oversight to ensure that they continue to meet
our uncompromising standards and serve the best interests of our shareholders.

Results for investors

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

John Hancock Funds, LLC n Member FINRA, SIPC
601 Congress Street n Boston, MA 02210-2805
800-225-5291 n jhinvestments.com

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

MF336775 21SA 11/16
1/17

ITEM 2. CODE OF ETHICS.

Not applicable at this time.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable at this time.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable at this time.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable at this time.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a)

Not applicable.

(b)

Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-CSR, the registrant's principal executive officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

(a) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(b) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.

(c)(1) Submission of Matters to a Vote of Security Holders is attached. See attached “John Hancock Funds – Nominating and Governance Committee Charter”.

(c)(2) Contact person at the registrant.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

John Hancock Sovereign Bond Fund

By:	/s/ Andrew Arnott
	Andrew Arnott
	President


Date:	January 17, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Andrew Arnott
	Andrew Arnott
	President


Date:	January 17, 2017

By:	/s/ Charles A. Rizzo
	Charles A. Rizzo
	Chief Financial Officer


Date:	January 17, 2017

Date of fiscal year end:	May 31

Date of reporting period:	November 30, 2016


	Howard C. Greene, CFA On the fund since 2002 Investing since 1979
	Jeffrey N. Given, CFA On the fund since 2006 Investing since 1993


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	6-month	5-year	10-year	as of 11-30-16	as of 11-30-16
Class A	-0.91	3.78	5.21	-3.50	20.36	66.24	2.57	2.52
Class B	-2.50	3.56	5.05	-4.77	19.10	63.71	1.96	1.90
Class C	1.43	3.90	4.91	-0.81	21.08	61.45	1.97	1.91
Class I²	3.47	4.98	6.05	0.62	27.51	79.89	3.07	3.01
Class R2^2,3	3.12	4.64	5.64	0.48	25.47	73.02	2.57	2.51
Class R4^2,3	3.41	4.77	5.80	0.62	26.25	75.75	3.03	2.87
Class R6^2,3	3.65	5.11	6.14	0.74	28.31	81.42	3.10	3.03
Class NAV^2,3	3.60	5.10	6.16	0.74	28.26	81.86	3.11	3.05
Index^†	2.17	2.43	4.27	-0.92	12.74	51.90	—	—


	Start date	With maximum sales charge ($)	Without sales charge ($)	Index 1 ($)
Class B⁴	11-30-06	16,371	16,371	15,190
Class C⁴	11-30-06	16,145	16,145	15,190
Class I^2,3	11-30-06	17,989	17,989	15,190
Class R2^2,3	11-30-06	17,302	17,302	15,190
Class R4^2,3	11-30-06	17,575	17,575	15,190
Class R6^2,3	11-30-06	18,142	18,142	15,190
Class NAV^2,3	11-30-06	18,186	18,186	15,190


	Account value on 6-1-2016	Ending value on 11-30-2016	Expenses paid during period ended 11-30-2016¹	Annualized expense ratio
Class A	$1,000.00	$1,005.30	$4.22	0.84%
Class B	1,000.00	1,001.80	7.73	1.54%
Class C	1,000.00	1,001.80	7.73	1.54%
Class I	1,000.00	1,006.20	2.62	0.52%
Class R2	1,000.00	1,004.80	4.67	0.93%
Class R4	1,000.00	1,006.20	3.27	0.65%
Class R6	1,000.00	1,007.40	2.11	0.42%
Class NAV	1,000.00	1,007.40	2.11	0.42%


As of 11-30-16 (unaudited)
	Rate (%)	Maturity date	Par value^		Value
Corporate bonds 43.8%					$2,256,766,138
(Cost $2,256,378,000)
Consumer discretionary 5.7%					292,266,636
Auto components 0.4%
Delphi Automotive PLC	4.250	01-15-26		6,255,000	6,487,786
Lear Corp.	5.250	01-15-25		5,098,000	5,359,273
Nemak SAB de CV (S)	5.500	02-28-23		4,577,000	4,502,624
ZF North America Capital, Inc. (S)	4.750	04-29-25		4,375,000	4,385,938
Automobiles 1.4%
American Honda Finance Corp.	1.700	02-22-19		8,285,000	8,268,861
Ford Motor Company	4.750	01-15-43		3,825,000	3,583,245
Ford Motor Credit Company LLC	2.551	10-05-18		3,680,000	3,703,500
Ford Motor Credit Company LLC	5.875	08-02-21		15,725,000	17,356,941
General Motors Company	4.875	10-02-23		11,080,000	11,563,553
General Motors Company	6.250	10-02-43		6,110,000	6,575,796
General Motors Financial Company, Inc.	3.450	04-10-22		6,140,000	6,058,467
General Motors Financial Company, Inc.	4.000	01-15-25		10,730,000	10,414,098
General Motors Financial Company, Inc.	5.250	03-01-26		4,090,000	4,270,713
Diversified consumer services 0.1%
Service Corp. International	5.375	05-15-24		4,190,000	4,357,181
Hotels, restaurants and leisure 0.5%
CCM Merger, Inc. (S)	9.125	05-01-19		2,353,000	2,441,238
Chester Downs & Marina LLC (S)	9.250	02-01-20		3,800,000	3,686,000
Eldorado Resorts, Inc.	7.000	08-01-23		2,415,000	2,553,863
GLP Capital LP	5.375	04-15-26		3,915,000	4,003,088
Hilton Grand Vacations Borrower LLC (S)	6.125	12-01-24		2,415,000	2,481,413
International Game Technology PLC (S)	6.500	02-15-25		3,995,000	4,244,688
Mohegan Tribal Gaming Authority (S)	7.875	10-15-24		5,265,000	5,271,581
Seminole Tribe of Florida, Inc. (S)	6.535	10-01-20		1,879,000	1,888,395
Waterford Gaming LLC (H)(S)	8.625	09-15-14		372,111	0
Household durables 0.2%
Newell Brands, Inc.	2.150	10-15-18		2,512,000	2,526,944
Newell Brands, Inc.	4.200	04-01-26		5,795,000	6,031,251
Internet and direct marketing retail 0.6%
Expedia, Inc.	5.000	02-15-26		13,261,000	13,627,799
QVC, Inc.	4.375	03-15-23		6,620,000	6,457,433
QVC, Inc.	5.125	07-02-22		4,975,000	5,082,231
QVC, Inc.	5.450	08-15-34		5,050,000	4,426,396
Leisure products 0.1%
Vista Outdoor, Inc.	5.875	10-01-23		4,585,000	4,768,400


	Yield* (%)	Maturity date	Par value^			Value
Short-term investments 1.1%						$57,951,000
(Cost $57,951,000)
U.S. Government Agency 0.6%						33,510,000
Federal Farm Credit Bank Discount Note	0.180	12-01-16			2,746,000	2,746,000
Federal Home Loan Bank Discount Note	0.100	12-01-16			30,764,000	30,764,000
				Par value^		Value
Repurchase agreement 0.5%						24,441,000
Barclays Tri-Party Repurchase Agreement dated 11-30-16 at 0.260% to be repurchased at $19,796,143 on 12-1-16, collateralized by $19,445,300 U.S. Treasury Inflation Indexed Notes, 0.125% due 4-15-20 (valued at $20,192,110, including interest)				19,796,000		19,796,000
Repurchase Agreement with State Street Corp. dated 11-30-16 at 0.030% to be repurchased at $4,645,004 on 12-1-16, collateralized by $4,535,000 U.S. Treasury Notes, 2.750% due 2-15-24 (valued at $4,739,075, including interest)				4,645,000		4,645,000
Total investments (Cost $5,127,454,057)† 99.2%						$5,105,991,725
Other assets and liabilities, net 0.8%						$43,728,202
Total net assets 100.0%						$5,149,719,927




Assets
Investments, at value (Cost $5,127,454,057)	$5,105,991,725
Cash	196,870
Receivable for investments sold	27,821,698
Receivable for fund shares sold	63,126,058
Receivable for delayed delivery securities sold	6,685,427
Dividends and interest receivable	39,966,195
Other receivables and prepaid expenses	372,492
Total assets	5,244,160,465
Liabilities
Payable for investments purchased	47,907,100
Payable for delayed delivery securities purchased	27,009,414
Payable for fund shares repurchased	17,580,117
Distributions payable	592,175
Payable to affiliates
Accounting and legal services fees	177,192
Transfer agent fees	478,361
Distribution and service fees	281,494
Other liabilities and accrued expenses	414,685
Total liabilities	94,440,538
Net assets	$5,149,719,927
Net assets consist of
Paid-in capital	$5,232,437,401
Accumulated distributions in excess of net investment income	(5,599,345	)
Accumulated net realized gain (loss) on investments	(55,655,804	)
Net unrealized appreciation (depreciation) on investments	(21,462,325	)
Net assets	$5,149,719,927

Net asset value per share
Based on net asset values and shares outstanding-the fund has an unlimited number of shares authorized with no par value
Class A ($1,896,449,468 ÷ 121,338,598 shares)¹	$15.63
Class B ($18,780,860 ÷ 1,201,751 shares)¹	$15.63
Class C ($313,049,718 ÷ 20,028,236 shares)¹	$15.63
Class I ($2,729,173,886 ÷ 174,598,462 shares)	$15.63
Class R2 ($53,031,943 ÷ 3,389,276 shares)	$15.65
Class R4 ($846,118 ÷ 54,067 shares)	$15.65
Class R6 ($136,578,922 ÷ 8,727,889 shares)	$15.65
Class NAV ($1,809,012 ÷ 115,594 shares)	$15.65
Maximum offering price per share
Class A (net asset value per share ÷ 96%)²	$16.28


	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.




	Six months ended 11-30-16		Year ended 5-31-16
	(unaudited)
Increase (decrease) in net assets
From operations
Net investment income	$62,605,680		$96,547,961
Net realized loss	(15,245,276	)	(11,865,176	)
Change in net unrealized appreciation (depreciation)	(53,224,668	)	(24,697,088	)
Increase (decrease) in net assets resulting from operations	(5,864,264	)	59,985,697
Distributions to shareholders
From net investment income
Class A	(30,212,746	)	(58,302,581	)
Class B	(256,598	)	(629,610	)
Class C	(3,848,235	)	(7,007,749	)
Class I	(31,959,875	)	(33,385,576	)
Class R2	(827,888	)	(1,438,202	)
Class R4	(6,244	)	(5,612	)
Class R6	(2,312,774	)	(3,813,054	)
Class NAV¹	(27,328	)	(41,131	)
Total distributions	(69,451,688	)	(104,623,515	)
From fund share transactions	1,445,670,310		880,827,449
Total increase	1,370,354,358		836,189,631
Net assets
Beginning of period	3,779,365,569		2,943,175,938
End of period	$5,149,719,927		$3,779,365,569
Undistributed (accumulated distributions in excess of) net investment income	($5,599,345	)	$1,246,663





Class A Shares Period ended		11-30-16	¹	5-31-16		5-31-15		5-31-14		5-31-13		5-31-12
Per share operating performance
Net asset value, beginning of period		$15.79		$16.06		$16.26		$16.37		$15.86		$15.86
Net investment income²		0.22		0.47		0.53		0.61		0.63		0.72
Net realized and unrealized gain (loss) on investments		(0.13	)	(0.23	)	(0.05	)	0.02		0.61		0.08
Total from investment operations		0.09		0.24		0.48		0.63		1.24		0.80
Less distributions
From net investment income		(0.25	)	(0.51	)	(0.63	)	(0.67	)	(0.70	)	(0.79	)
From net realized gain		—		—		(0.05	)	(0.07	)	(0.03	)	(0.01	)
Total distributions		(0.25	)	(0.51	)	(0.68	)	(0.74	)	(0.73	)	(0.80	)
Net asset value, end of period		$15.63		$15.79		$16.06		$16.26		$16.37		$15.86
Total return (%)^3,4		0.53	⁵	1.59		3.02		4.06		7.93		5.21
Ratios and supplemental data
Net assets, end of period (in millions)		$1,896		$1,904		$1,740		$1,411		$1,434		$1,061
Ratios (as a percentage of average net assets):
	Expenses before reductions	0.90	⁶	0.93		0.94		0.98		1.03		1.06
	Expenses including reductions	0.84	⁶	0.87		0.89		0.92		0.98		1.02
	Net investment income	2.77	⁶	3.01		3.25		3.80		3.84		4.63
Portfolio turnover (%)		35		56		66		77		72		76


	1			Six months ended 11-30-16. Unaudited.
	2			Based on average daily shares outstanding.
	3			Does not reflect the effect of sales charges, if any.
	4			Total returns would have been lower had certain expenses not been reduced during the applicable periods.
	5			Not annualized.
	6			Annualized.





Class B Shares Period ended		11-30-16	¹	5-31-16		5-31-15		5-31-14		5-31-13		5-31-12
Per share operating performance
Net asset value, beginning of period		$15.79		$16.06		$16.26		$16.37		$15.86		$15.86
Net investment income²		0.17		0.36		0.42		0.50		0.51		0.61
Net realized and unrealized gain (loss) on investments		(0.14	)	(0.23	)	(0.05	)	0.02		0.61		0.08
Total from investment operations		0.03		0.13		0.37		0.52		1.12		0.69
Less distributions
From net investment income		(0.19	)	(0.40	)	(0.52	)	(0.56	)	(0.58	)	(0.68	)
From net realized gain		—		—		(0.05	)	(0.07	)	(0.03	)	(0.01	)
Total distributions		(0.19	)	(0.40	)	(0.57	)	(0.63	)	(0.61	)	(0.69	)
Net asset value, end of period		$15.63		$15.79		$16.06		$16.26		$16.37		$15.86
Total return (%)^3,4		0.18	⁵	0.88		2.31		3.34		7.18		4.48
Ratios and supplemental data
Net assets, end of period (in millions)		$19		$23		$28		$33		$44		$37
Ratios (as a percentage of average net assets):
	Expenses before reductions	1.60	⁶	1.63		1.64		1.68		1.73		1.76
	Expenses including reductions	1.54	⁶	1.57		1.59		1.62		1.68		1.72
	Net investment income	2.08	⁶	2.32		2.57		3.11		3.15		3.92
Portfolio turnover (%)		35		56		66		77		72		76





Class C Shares Period ended		11-30-16	¹	5-31-16		5-31-15		5-31-14		5-31-13		5-31-12
Per share operating performance
Net asset value, beginning of period		$15.79		$16.06		$16.26		$16.37		$15.87		$15.86
Net investment income²		0.17		0.36		0.41		0.49		0.51		0.61
Net realized and unrealized gain (loss) on investments		(0.14	)	(0.23	)	(0.04	)	0.03		0.60		0.09
Total from investment operations		0.03		0.13		0.37		0.52		1.11		0.70
Less distributions
From net investment income		(0.19	)	(0.40	)	(0.52	)	(0.56	)	(0.58	)	(0.68	)
From net realized gain		—		—		(0.05	)	(0.07	)	(0.03	)	(0.01	)
Total distributions		(0.19	)	(0.40	)	(0.57	)	(0.63	)	(0.61	)	(0.69	)
Net asset value, end of period		$15.63		$15.79		$16.06		$16.26		$16.37		$15.87
Total return (%)^3,4		0.18	⁵	0.88		2.31		3.34		7.11		4.55
Ratios and supplemental data
Net assets, end of period (in millions)		$313		$310		$250		$162		$195		$116
Ratios (as a percentage of average net assets):
	Expenses before reductions	1.60	⁶	1.63		1.64				1.72		1.77
	Expenses including reductions	1.54	⁶	1.57		1.59		1.62		1.67		1.72
	Net investment income	2.07	⁶	2.31		2.53		3.10		3.12		3.91
Portfolio turnover (%)		35		56		66		77		72		76





Class I Shares Period ended		11-30-16	¹	5-31-16		5-31-15		5-31-14		5-31-13		5-31-12
Per share operating performance
Net asset value, beginning of period		$15.80		$16.06		$16.26		$16.37		$15.87		$15.86
Net investment income²		0.24		0.52		0.57		0.66		0.68		0.78
Net realized and unrealized gain (loss) on investments		(0.14	)	(0.22	)	(0.04	)	0.02		0.61		0.09
Total from investment operations		0.10		0.30		0.53		0.68		1.29		0.87
Less distributions
From net investment income		(0.27	)	(0.56	)	(0.68	)	(0.72	)	(0.76	)	(0.85	)
From net realized gain		—		—		(0.05	)	(0.07	)	(0.03	)	(0.01	)
Total distributions		(0.27	)	(0.56	)	(0.73	)	(0.79	)	(0.79	)	(0.86	)
Net asset value, end of period		$15.63		$15.80		$16.06		$16.26		$16.37		$15.87
Total return (%)³		0.62	⁴	1.97		3.35		4.40		8.27		5.70
Ratios and supplemental data
Net assets, end of period (in millions)		$2,729		$1,367		$793		$302		$277		$123
Ratios (as a percentage of average net assets):
	Expenses before reductions	0.58	⁵	0.61		0.63		0.66		0.65		0.67
	Expenses including reductions	0.52	⁵	0.56		0.57		0.60		0.60		0.62
	Net investment income	3.05	⁵	3.32		3.53		4.11		4.19		4.99
Portfolio turnover (%)		35		56		66		77		72		76





Class R2 Shares Period ended		11-30-16	¹	5-31-16		5-31-15		5-31-14		5-31-13		5-31-12	²
Per share operating performance
Net asset value, beginning of period		$15.81		$16.08		$16.27		$16.38		$15.87		$15.80
Net investment income³		0.22		0.46		0.51		0.60		0.62		0.17
Net realized and unrealized gain (loss) on investments		(0.14	)	(0.23	)	(0.02	)	0.02		0.64		0.09
Total from investment operations		0.08		0.23		0.49		0.62		1.26		0.26
Less distributions
From net investment income		(0.24	)	(0.50	)	(0.63	)	(0.66	)	(0.72	)	(0.19	)
From net realized gain		—		—		(0.05	)	(0.07	)	(0.03	)	—
Total distributions		(0.24	)	(0.50	)	(0.68	)	(0.73	)	(0.75	)	(0.19	)
Net asset value, end of period		$15.65		$15.81		$16.08		$16.27		$16.38		$15.87
Total return (%)⁴		0.48	⁵	1.55		2.97		4.01		8.09		1.68	⁵
Ratios and supplemental data
Net assets, end of period (in millions)		$53		$56		$39		$7		$2		—	⁶
Ratios (as a percentage of average net assets):
	Expenses before reductions	0.99	⁷	1.03		0.98		1.05		1.03		0.86	⁷
	Expenses including reductions	0.93	⁷	0.97		0.93		0.99		0.98		0.80	⁷
	Net investment income	2.68	⁷	2.92		3.16		3.76		3.88		4.28	⁷
Portfolio turnover (%)		35		56		66		77		72		76	⁸


	1			Six months ended 11-30-16. Unaudited.
	2			The inception date for Class R2 shares is 3-1-12.
	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			Less than $500,000.
	7			Annualized.
	8			The portfolio turnover is shown for the period from 6-1-11 to 5-31-12.





Class R4 Shares Period ended		11-30-16	¹	5-31-16		5-31-15	²
Per share operating performance
Net asset value, beginning of period		$15.81		$16.08		$16.15
Net investment income³		0.24		0.51		0.06
Net realized and unrealized loss on investments		(0.14	)	(0.22	)	(0.03	)
Total from investment operations		0.10		0.29		0.03
Less distributions
From net investment income		(0.26	)	(0.56	)	(0.10	)
Net asset value, end of period		$15.65		$15.81		$16.08
Total return (%)⁴		0.62	⁵	1.86		0.18	⁵
Ratios and supplemental data
Net assets, end of period (in millions)		$1		—	⁶	—	⁶
Ratios (as a percentage of average net assets):
	Expenses before reductions	0.81	⁷	0.82		0.80	⁷
	Expenses including reductions	0.65	⁷	0.66		0.64	⁷
	Net investment income	2.96	⁷	3.24		2.21	⁷
Portfolio turnover (%)		35		56		66	⁸


	1			Six months ended 11-30-16. Unaudited.
	2			The inception date for Class R4 shares is 3-27-15.
	3			Based on average daily shares outstanding.
	4			Total returns would have been lower had certain expenses not been reduced during the period.
	5			Not annualized.
	6			Less than $500,000.
	7			Annualized.
	8			The portfolio turnover is shown for the period from 6-1-14 to 5-31-15.





Class R6 Shares Period ended		11-30-16	¹	5-31-16		5-31-15		5-31-14		5-31-13		5-31-12	²
Per share operating performance
Net asset value, beginning of period		$15.81		$16.08		$16.28		$16.38		$15.87		$15.55
Net investment income³		0.26		0.54		0.59		0.68		0.70		0.57
Net realized and unrealized gain (loss) on investments		(0.14	)	(0.23	)	(0.04	)	0.03		0.61		0.40
Total from investment operations		0.12		0.31		0.55		0.71		1.31		0.97
Less distributions
From net investment income		(0.28	)	(0.58	)	(0.70	)	(0.74	)	(0.77	)	(0.64	)
From net realized gain		—		—		(0.05	)	(0.07	)	(0.03	)	(0.01	)
Total distributions		(0.28	)	(0.58	)	(0.75	)	(0.81	)	(0.80	)	(0.65	)
Net asset value, end of period		$15.65		$15.81		$16.08		$16.28		$16.38		$15.87
Total return (%)⁴		0.74	⁵	2.02		3.45		4.58		8.42		6.38	⁵
Ratios and supplemental data
Net assets, end of period (in millions)		$137		$118		$93		$43		$3		$2
Ratios (as a percentage of average net assets):
	Expenses before reductions	0.49	⁶	0.52		0.54		0.56		0.57		0.63	⁶
	Expenses including reductions	0.42	⁶	0.44		0.46		0.50		0.52		0.57	⁶
	Net investment income	3.20	⁶	3.45		3.66		4.26		4.30		5.04	⁶
Portfolio turnover (%)		35		56		66		77		72		76	⁷


	1			Six months ended 11-30-16. Unaudited.
	2			The inception date for Class R6 shares is 9-1-11.
	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			The portfolio turnover is shown for the period from 6-1-11 to 5-31-12.





Class NAV Shares Period ended		11-30-16	¹	5-31-16	²
Per share operating performance
Net asset value, beginning of period		$15.81		$15.78
Net investment income³		0.26		0.41
Net realized and unrealized gain (loss) on investments		(0.14	)	0.06
Total from investment operations		0.12		0.47
Less distributions
From net investment income		(0.28	)	(0.44	)
Net asset value, end of period		$15.65		$15.81
Total return (%)⁴		0.74	⁵	3.03	⁵
Ratios and supplemental data
Net assets, end of period (in millions)		$2		$2
Ratios (as a percentage of average net assets):
	Expenses before reductions	0.47	⁶	0.50	⁶
	Expenses including reductions	0.42	⁶	0.44	⁶
	Net investment income	3.21	⁶	3.44	⁶
Portfolio turnover (%)		35		56	⁷


	1			Six months ended 11-30-16. Unaudited.
	2			The inception date for Class NAV shares is 8-31-15.
	3			Based on average daily shares outstanding.
	4			Total returns would have been lower had certain expenses not been reduced during the period.
	5			Not annualized.
	6			Annualized.
	7			The portfolio turnover is shown for the period from 6-1-15 to 5-31-16.


	Total value at 11-30-16	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Corporate bonds	$2,256,766,138	—	$2,256,766,138	—
U.S. Government and Agency obligations	1,513,049,734	—	1,513,049,734	—
Foreign government obligations	18,657,825	—	18,657,825	—
Capital preferred securities	26,154,639	—	26,154,639	—
Convertible bonds	4,225,375	—	4,225,375	—
Municipal bonds	4,304,106	—	4,304,106	—
Term loans	6,542,763	—	6,542,763	—
Collateralized mortgage obligations	483,014,275	—	483,014,275	—
Asset backed securities	697,615,434	—	697,615,434	—
Preferred securities	37,704,244	$33,510,811	4,193,433	—
Warrants	6,192	6,192	—	—
Short-term investments	57,951,000	—	57,951,000	—
Total investments in securities	$5,105,991,725	$33,517,003	$5,072,474,722	—


Class	Expense reduction	Class	Expense reduction
Class A	$566,172	Class R4	$111
Class B	6,205	Class R6	49,465
Class C	93,294	Class NAV	450
Class I	545,577	Total	$1,277,261
Class R2	15,987


Class	Rule 12b-1 fee	Service Fee	Class	Rule 12b-1 fee	Service Fee
Class A	0.30%	—	Class R2	0.25%	0.25%
Class B	1.00%	—	Class R4	0.25%	0.10%
Class C	1.00%	—


Class	Distribution and service fees	Transfer agent fees
Class A	$2,941,397	$1,233,451
Class B	107,204	13,491
Class C	1,614,534	203,097
Class I	—	1,068,278
Class R2	138,388	4,747
Class R4	619	33
Class R6	—	11,300
Total	$4,802,142	$2,534,397


Borrower or lender	Weighted average loan balance	Days outstanding	Weighted average interest rate	Interest income
Lender	$55,000,000	3	0.715%	$3,277



		Six months ended 11-30-16					Year ended 5-31-16
	Shares			Amount		Shares			Amount
Class A shares
Sold	18,689,216			$299,653,965		35,391,749			$554,961,010
Distributions reinvested	1,795,973			28,766,758		3,513,492			55,111,261
Repurchased	(19,690,840		)	(315,476,633	)	(26,690,242		)	(418,500,249	)
Net increase	794,349			$12,944,090		12,214,999			$191,572,022
Class B shares
Sold	28,552			$458,356		82,433			$1,288,500
Distributions reinvested	13,832			221,593		32,988			517,501
Repurchased	(266,316		)	(4,271,250	)	(431,764		)	(6,776,648	)
Net decrease	(223,932		)	($3,591,301	)	(316,343		)	($4,970,647	)
Class C shares
Sold	3,154,930			$50,578,651		7,058,923			$110,691,432
Distributions reinvested	222,787			3,568,594		409,330			6,420,042
Repurchased	(2,971,428		)	(47,566,408	)	(3,423,907		)	(53,698,550	)
Net increase	406,289			$6,580,837		4,044,346			$63,412,924


	(a)	the skills and competency with which the Advisor has in the past managed the Trust's affairs and its subadvisory relationship, the Advisor's oversight and monitoring of the Subadvisor's investment performance and compliance programs, such as the Subadvisor's compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor's timeliness in responding to performance issues;
	(b)	the background, qualifications and skills of the Advisor's personnel;
	(c)	the Advisor's compliance policies and procedures and its responsiveness to regulatory changes and mutual fund industry developments;
	(d)	the Advisor's administrative capabilities, including its ability to supervise the other service providers for 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; and
	(f)	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.