UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-5979
John Hancock California Tax-Free Income Fund
(Exact name of registrant as specified in charter)
200 Berkeley Street, Boston, Massachusetts 02116
(Address of principal executive offices) (Zip code)
Salvatore Schiavone
Treasurer
200 Berkeley Street
Boston, Massachusetts 02116
(Name and address of agent for service)
Registrant's telephone number, including area code:617-663-4497
Date of fiscal year end: | May 31 |
Date of reporting period: | May 31, 2019 |
ITEM 1. REPORTS TO STOCKHOLDERS.
John Hancock
California Tax-Free Income Fund
Annual report 5/31/19
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change, and you do not need to take any action. You may elect to receive shareholder reports and other communications electronically by calling John Hancock Investment Management at 800-225-5291 (Class A, Class B and Class C shares) or 888-972-8696 (Class I and Class R6 shares) or by contacting your financial intermediary.
You may elect to receive all reports in paper, free of charge, at any time. You can inform John Hancock Investment Management or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions listed above. Your election to receive reports in paper will apply to all funds held with John Hancock Investment Management or your financial intermediary.
A message to shareholders
Dear shareholder,
A solid and stable economy enabled the U.S. Federal Reserve (Fed) to continue normalizing monetary policy for most of 2018; however, concerns about the strength of the broader global economy and the durability of the now 10-year-old bull market led investors to dial back riskexposures. Those concerns may ultimately have been shared by the Fed, which shifted to a neutral stance on interest rates in the beginning of 2019 after three years of hikes. The markets responded favorably, with most bond indexes registering gains before hitting a patch of turbulence in May as trade turmoil between the United States and China flared again.
As always, your best resource in unpredictable markets is your financial advisor, who can help position your portfolio so that it's sufficiently diversified to meet your long-term objectives and to withstand the inevitable turbulence along the way.
On behalf of everyone at John Hancock Investment Management, I'd like to take this opportunity to welcome new shareholders and thank existing shareholders for the continued trust you've placed in us.
Sincerely,
Andrew G. Arnott
President and CEO,
John Hancock Investment Management
Head of Wealth and Asset Management,
United States and Europe
This commentary reflects the CEO's views as of this report's period end and are subject to change at any time. Diversification does not guarantee investment returns and does not eliminate risk of loss. All investments entail risks, including the possible loss of principal. For more up-to-date information, you can visit our website at jhinvestments.com.
John Hancock
California Tax-Free Income Fund
Table of contents
2 | Your fund at a glance | |
5 | Discussion of fund performance | |
7 | A look at performance | |
9 | Your expenses | |
11 | Fund's investments | |
17 | Financial statements | |
20 | Financial highlights | |
25 | Notes to financial statements | |
32 | Report of independent registered public accounting firm | |
33 | Tax information | |
34 | Trustees and Officers | |
38 | More information |
INVESTMENT OBJECTIVE
The fund seeks a high level of current income, consistent with preservation of capital, that is exempt from federal and California personal income taxes.
AVERAGE ANNUAL TOTAL RETURNS AS OF 5/31/19 (%)
The Bloomberg Barclays California Municipal Bond Index is an unmanaged index comprising California investment-grade municipal bonds.
It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.
Figures from Morningstar, Inc. include reinvested distributions and do not take into account sales charges. Actual load-adjusted performance is lower.
The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions, and does not guarantee future results. Performance of the other share classes will vary based on the difference in the fees and expenses of those classes. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current month-end performance may be lower or higher than the performance cited, and can be found at jhinvestments.com or by calling 800-225-5291. For further information on the fund's objectives, risks, and strategy, see the fund's prospectus.
PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS
Broad rally for municipal bonds
Municipal bonds advanced as declining new issuance and strong investor demand produced a favorable backdrop for municipal bond performance.
The fund trailed its benchmark
The fund posted a solid gain but underperformed its benchmark, the Bloomberg Barclays California Municipal Bond Index.
Individual security selection detracted
Individual security selection was the primary factor behind the fund's underperformance of its benchmark.
PORTFOLIO COMPOSITION AS OF 5/31/19 (%)
A note about risks
The fund is subject to various risks as described in the fund's prospectus. For more information, please refer to the "Principal risks" section of the prospectus.
QUALITY COMPOSITION AS OF 5/31/19 (%)
SECTOR COMPOSITION AS OF 5/31/19 (%)
How did the municipal bond market perform during the 12 months ended May 31, 2019?
Municipal bonds enjoyed strong returns for the period, with the Bloomberg Barclays Municipal Bond Index returning 6.40%. California municipal bonds modestly lagged the broader market as the fund's benchmark, the Bloomberg Barclays California Municipal Bond Index, returned 6.10%.
The most important factor was a supply-and-demand imbalance in the municipal bond market. The outstanding supply of municipal bonds contracted as tax reform provisions that took effect in 2018 led to a significant decline in new municipal bond issuance. On the demand side, banks and insurance companies continued to sell municipal bonds from their investment portfolios as a result of lower corporate tax rates, but this was more than offset by a significant increase in demand from retail investors, including those investing through mutual funds. Growing demand for municipal bonds, coupled with a shrinking supply of outstanding bonds, provided a tailwind for municipal bond performance.
Another key factor was a shift in interest-rate policy by the U.S. Federal Reserve (Fed). After raising short-term interest rates four times in 2018, the Fed shifted to a wait-and-see approach in 2019 amid trade tensions between the United States and China, continued uncertainty surrounding Brexit, and a slowdown in global economic growth. The bond market responded with a broad rally across the board, particularly in the last two months of the period, as investors began to price in expectations of a potential Fed rate cut later this year.
How about municipal credit quality in California?
Credit conditions in California improved notably, driven by higher-than-expected tax revenues at both the state and local levels. Federal tax reform and a stronger economy in 2018 contributed to the increase in municipal tax revenues. So far, California's new governor has maintained his predecessor's fiscal considerations, building up the state's rainy-day fund to its maximum level, as well as beginning to address the state's pension issues.
How did the fund perform during the period?
The fund posted a solid gain but trailed the return of its benchmark. The primary factor behind the underperformance was individual security selection, particularly
among healthcare and education bonds. The fund's exposure to advanced refunding bonds, which were historically used by municipal bond issuers to refinance existing debt, also detracted from performance as these bonds tend to underperform during sharp market rallies. On the positive side, the fund's duration (a measure of interest-rate sensitivity) was longer than that of the index, which contributed favorably to relative results as yields fell during the last part of the period.
What themes do you see affecting municipal bond market performance as we move into the second half of 2019?
Fed interest-rate policy and trade conflicts will be key factors for municipal bonds going forward. If inflation remains low and U.S. economic growth continues to slow, we could see the Fed lower short-term rates before year end. With regard to trade, continued uncertainty could put further downward pressure on global growth, while a successful resolution to the conflicts could provide an economic boost, which would have implications for both interest rates and municipal tax revenues. Within the municipal market, we don't expect to see any changes in the supply/demand situation in the near term. Demand for municipal bonds should remain robust, while new issuance is likely to remain subdued.
MANAGED BY
Jeffrey N. Given, CFA On the fund since 2018 Investing since 1993 | |
Dennis DiCicco On the fund since 2018 Investing since 2013 |
TOTAL RETURNS FOR THE PERIOD ENDED MAY 31, 2019
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 | Tax- equivalent subsidized yield (%)2 | |||||||||
1-year | 5-year | 10-year | 5-year | 10-year | as of 5-31-19 | as of 5-31-19 | as of 5-31-19 | ||||||
Class A | 1.32 | 2.77 | 4.96 | 14.62 | 62.22 | 1.94 | 1.93 | 3.78 | |||||
Class B | -0.22 | 2.48 | 4.74 | 13.05 | 58.90 | 1.28 | 1.18 | 2.49 | |||||
Class C | 3.78 | 2.84 | 4.57 | 15.05 | 56.41 | 1.28 | 1.18 | 2.49 | |||||
Class I3,4 | 5.72 | 3.68 | 5.42 | 19.83 | 69.47 | 2.17 | 2.17 | 4.23 | |||||
Class R63,4 | 5.76 | 3.66 | 5.41 | 19.70 | 69.29 | 2.20 | 2.19 | 4.29 | |||||
Index 1† | 6.10 | 3.61 | 5.07 | 19.42 | 64.02 | — | — | ||||||
Index 2† | 6.40 | 3.58 | 4.58 | 19.25 | 56.53 | — | — |
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 and Class R6 shares.
The expense ratios of the fund, both net (including any fee waivers and/or expense limitations) and gross (excluding any fee waivers and/or expense limitations), are set forth according to the most recent publicly available prospectus for the fund and may differ from those disclosed in the Financial highlights tables in this report. Net expenses reflect contractual expense limitations in effect until September 30, 2020 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply. The expense ratios are as follows:
Class A | Class B | Class C | Class I | Class R6 | |
Gross (%) | 0.85 | 1.70 | 1.70 | 0.70 | 0.68 |
Net (%) | 0.84 | 1.59 | 1.59 | 0.69 | 0.67 |
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 1 is the Bloomberg Barclays California Municipal Bond Index; Index 2 is the Bloomberg Barclays Municipal Bond Index. |
See the following page for footnotes.
This chart and table show what happened to a hypothetical $10,000 investment in John Hancock California Tax-Free Income Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we've shown the same investment in two separate indexes.
Start date | With maximum sales charge ($) | Without sales charge ($) | Index 1 ($) | Index 2 ($) | |
Class B5 | 5-31-09 | 15,890 | 15,890 | 16,402 | 15,653 |
Class C5 | 5-31-09 | 15,641 | 15,641 | 16,402 | 15,653 |
Class I3,4 | 5-31-09 | 16,947 | 16,947 | 16,402 | 15,653 |
Class R63,4 | 5-31-09 | 16,929 | 16,929 | 16,402 | 15,653 |
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 California Municipal Bond Index is an unmanaged index composed of California investment-grade municipal bonds.
The Bloomberg Barclays Municipal Bond Index is an unmanaged index representative of the tax-exempt bond market.
It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.
Footnotes related to performance pages
1 | Unsubsidized yield reflects what the yield would have been without the effect of reimbursements and waivers. |
2 | Tax-equivalent yield is based on the maximum federal income tax rate of 40.8% and a state tax rate of 13.3%. |
3 | Class I shares and Class R6 shares were first offered on 2-13-17 and 8-30-17, respectively. Returns prior to these dates are those of Class A shares that have not been adjusted for class-specific expenses; otherwise, returns would vary. |
4 | For certain type of investors, as described in the fund's prospectus. |
5 | The contingent deferred sales charge is not applicable. |
Your expenses |
ANNUAL REPORT | JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND | 9 |
Account value on 12-1-2018 | Ending value on 5-31-2019 | Expenses paid during period ended 5-31-20191 | Annualized expense ratio | ||
Class A | Actual expenses/actual returns | $1,000.00 | $1,057.50 | $4.36 | 0.85% |
Hypothetical example | 1,000.00 | 1,020.70 | 4.28 | 0.85% | |
Class B | Actual expenses/actual returns | 1,000.00 | 1,053.50 | 8.14 | 1.59% |
Hypothetical example | 1,000.00 | 1,017.00 | 8.00 | 1.59% | |
Class C | Actual expenses/actual returns | 1,000.00 | 1,053.50 | 8.14 | 1.59% |
Hypothetical example | 1,000.00 | 1,017.00 | 8.00 | 1.59% | |
Class I | Actual expenses/actual returns | 1,000.00 | 1,058.20 | 3.54 | 0.69% |
Hypothetical example | 1,000.00 | 1,021.50 | 3.48 | 0.69% | |
Class R6 | Actual expenses/actual returns | 1,000.00 | 1,058.40 | 3.39 | 0.66% |
Hypothetical example | 1,000.00 | 1,021.60 | 3.33 | 0.66% |
1 | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
10 | JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND | ANNUAL REPORT |
Fund’s investments |
Rate (%) | Maturity date | Par value^ | Value | ||
Municipal bonds 97.6% | $204,735,640 | ||||
(Cost $190,725,879) | |||||
California 96.7% | 202,877,647 | ||||
ABAG Finance Authority for Nonprofit Corps. Sharp HealthCare, Series A | 5.000 | 08-01-43 | 2,000,000 | 2,233,060 | |
Anaheim Public Financing Authority Series A | 5.000 | 05-01-46 | 1,000,000 | 1,131,590 | |
Burbank Unified School District Convertible Capital Appreciation Election 2013, GO (0.000% to 8-1-23, then 4.500% thereafter) | 0.000 | 08-01-37 | 1,770,000 | 1,720,192 | |
California Community Housing Agency Annadel Apartments, Series A (A) | 5.000 | 04-01-49 | 1,000,000 | 1,089,010 | |
California County Tobacco Securitization Agency Fresno County Funding Corp. | 6.000 | 06-01-35 | 1,765,000 | 1,765,812 | |
California County Tobacco Securitization Agency Kern County Tobacco Funding Corp., Series 2014 | 5.000 | 06-01-40 | 1,500,000 | 1,582,530 | |
California County Tobacco Securitization Agency Public Improvements | 5.250 | 06-01-21 | 2,530,000 | 2,565,319 | |
California County Tobacco Securitization Agency Stanislaus Funding, Series A | 5.500 | 06-01-33 | 110,000 | 110,000 | |
California Educational Facilities Authority Pepperdine University | 5.000 | 10-01-49 | 2,550,000 | 2,968,022 | |
California Educational Facilities Authority University of Redlands, Series A | 5.000 | 10-01-35 | 1,000,000 | 1,142,220 | |
California Health Facilities Financing Authority Children's Hospital, Series A | 5.000 | 08-15-47 | 1,000,000 | 1,153,060 | |
California Health Facilities Financing Authority El Camino Hospital | 5.000 | 02-01-42 | 1,000,000 | 1,162,210 | |
California Health Facilities Financing Authority El Camino Hospital | 5.000 | 02-01-47 | 1,425,000 | 1,650,278 | |
California Health Facilities Financing Authority Lucile Packard Children's Hospital, Series A | 5.000 | 08-15-43 | 1,000,000 | 1,125,110 | |
California Health Facilities Financing Authority Lucile Packard Children's Hospital, Series B | 5.000 | 08-15-55 | 1,000,000 | 1,134,690 | |
California Health Facilities Financing Authority Sutter Health, Series A | 5.000 | 08-15-43 | 1,000,000 | 1,143,730 | |
California Municipal Finance Authority Channing House Project, Series A (B) | 4.000 | 05-15-40 | 1,500,000 | 1,626,180 | |
California Municipal Finance Authority Collegiate Housing Foundation Davis-I, LLC, West Village Student Housing Project | 5.000 | 05-15-33 | 1,000,000 | 1,204,180 | |
California Municipal Finance Authority LINXS APM Project, Series A, AMT | 5.000 | 12-31-47 | 1,000,000 | 1,156,460 | |
California Municipal Finance Authority Paradise Valley Estates Project, Series A (B) | 5.000 | 01-01-49 | 1,500,000 | 1,762,485 |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND | 11 |
Rate (%) | Maturity date | Par value^ | Value | ||
California (continued) | |||||
California Municipal Finance Authority Retirement Housing Foundation Obligation Group, Series A | 5.000 | 11-15-31 | 1,500,000 | $1,900,830 | |
California Municipal Finance Authority William Jessup University | 5.000 | 08-01-39 | 1,500,000 | 1,654,440 | |
California Municipal Finance Authority Wineville School Project, Series A (B) | 5.000 | 10-01-42 | 2,000,000 | 2,295,680 | |
California Pollution Control Financing Authority Calplant I Project, AMT (A) | 7.500 | 07-01-32 | 1,000,000 | 1,051,530 | |
California Pollution Control Financing Authority San Diego County Water Authority Desalination Project Pipeline (A) | 5.000 | 07-01-39 | 1,000,000 | 1,181,790 | |
California Pollution Control Financing Authority San Diego County Water Authority Desalination Project Pipeline (A) | 5.000 | 11-21-45 | 1,500,000 | 1,756,215 | |
California Pollution Control Financing Authority Waste Management, Inc., Series A1, AMT | 3.375 | 07-01-25 | 1,000,000 | 1,062,160 | |
California Pollution Control Financing Authority Waste Management, Inc., Series A3, AMT | 4.300 | 07-01-40 | 4,675,000 | 5,068,448 | |
California Public Finance Authority Henry Mayo Newhall Hospital | 5.000 | 10-15-47 | 2,000,000 | 2,216,200 | |
California School Finance Authority Aspire Public Schools (A) | 5.000 | 08-01-46 | 3,275,000 | 3,612,947 | |
California School Finance Authority Kipp LA Project, Series A (A) | 5.000 | 07-01-47 | 1,500,000 | 1,713,825 | |
California State Public Works Board Various Capital Projects, Series A | 5.000 | 04-01-37 | 1,000,000 | 1,089,590 | |
California State Public Works Board Various Correctional Facilities, Series A | 5.000 | 09-01-39 | 2,500,000 | 2,840,800 | |
California State University College and University Revenue, Series A | 5.000 | 11-01-44 | 2,000,000 | 2,285,860 | |
California Statewide Communities Development Authority Adventist Health System, Series A | 5.000 | 03-01-48 | 1,885,000 | 2,219,154 | |
California Statewide Communities Development Authority American Baptist Homes West | 6.250 | 10-01-39 | 2,000,000 | 2,030,400 | |
California Statewide Communities Development Authority CHF Irvine LLC | 5.000 | 05-15-40 | 2,735,000 | 3,130,782 | |
California Statewide Communities Development Authority Front Porch Communities and Services, Series A | 5.000 | 04-01-47 | 500,000 | 578,210 | |
California Statewide Communities Development Authority Infrastructure Program Revenue, Series B | 5.000 | 09-02-44 | 1,000,000 | 1,055,060 | |
California Statewide Communities Development Authority Los Angeles Jewish Homes, Series S (B) | 5.000 | 08-01-44 | 2,625,000 | 2,930,996 |
12 | JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Rate (%) | Maturity date | Par value^ | Value | ||
California (continued) | |||||
California Statewide Communities Development Authority Redlands Community Hospital OB | 5.000 | 10-01-46 | 2,000,000 | $2,291,540 | |
California Statewide Communities Development Authority Redwoods Project (B) | 5.375 | 11-15-44 | 1,500,000 | 1,725,150 | |
California Statewide Communities Development Authority Senior Living of Southern California (A) | 7.250 | 11-15-41 | 1,700,000 | 1,740,732 | |
California Statewide Financing Authority Tobacco Settlement, Series A | 6.000 | 05-01-37 | 2,500,000 | 2,516,400 | |
California Statewide Financing Authority Tobacco Settlement, Series B | 6.000 | 05-01-37 | 3,000,000 | 3,019,680 | |
City of Belmont Library Project, Series A (B) | 5.750 | 08-01-24 | 1,000,000 | 1,141,460 | |
City of Irvine Community Facilities District | 5.000 | 09-01-49 | 2,000,000 | 2,185,200 | |
City of La Verne Brethren Hillcrest Homes | 5.000 | 05-15-36 | 750,000 | 786,278 | |
City of Long Beach Alamitos Bay Marina Project, Series 2015 | 5.000 | 05-15-45 | 1,000,000 | 1,100,740 | |
City of Long Beach District 6-Pike Project | 6.250 | 10-01-26 | 2,265,000 | 2,267,786 | |
City of Los Angeles Department of Airports Los Angeles International Airport, AMT | 5.000 | 05-15-43 | 2,000,000 | 2,420,140 | |
City of San Clemente Community Facilities District, Series 2006-1 | 5.000 | 09-01-46 | 1,980,000 | 2,196,810 | |
City of San Francisco Public Utilities Commission Green Bonds, Series A | 5.000 | 11-01-45 | 1,500,000 | 1,722,195 | |
City of San Mateo Community Facilities District, Series 2008-1 Bay Meadows | 5.500 | 09-01-44 | 2,000,000 | 2,161,620 | |
Foothill-Eastern Transportation Corridor Agency Highway Revenue Tolls, Series A | 5.750 | 01-15-46 | 5,000,000 | 5,792,200 | |
Golden State Tobacco Securitization Corp. Series A | 5.000 | 06-01-40 | 5,000,000 | 5,765,900 | |
Golden State Tobacco Securitization Corp. Series A | 5.000 | 06-01-45 | 3,250,000 | 3,734,900 | |
Inland Valley Development Agency Series A | 5.000 | 09-01-44 | 2,500,000 | 2,802,450 | |
Lancaster School District School Improvements (B)(C) | 1.418 | 04-01-22 | 1,380,000 | 1,325,186 | |
Los Angeles Community Facilities District Cascades Business Park | 6.400 | 09-01-22 | 310,000 | 311,345 | |
Los Angeles County Public Works Financing Authority Series D | 5.000 | 12-01-45 | 3,000,000 | 3,484,950 | |
Los Angeles County Regional Financing Authority Montecedro, Inc. Project, Series A (B) | 5.000 | 11-15-44 | 1,355,000 | 1,499,579 |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND | 13 |
Rate (%) | Maturity date | Par value^ | Value | ||
California (continued) | |||||
Los Angeles Department of Water & Power Power Systems, Series D | 5.000 | 07-01-44 | 1,000,000 | $1,142,500 | |
Marin Healthcare District Election of 2013, GO | 4.000 | 08-01-45 | 1,000,000 | 1,072,070 | |
Morgan Hill Redevelopment Agency Successor Agency Series A | 5.000 | 09-01-33 | 1,750,000 | 1,984,675 | |
M-S-R Energy Authority Natural Gas Revenue, Series B | 6.500 | 11-01-39 | 1,500,000 | 2,250,915 | |
Norman Y. Mineta San Jose International Airport SJC Series A, AMT | 5.000 | 03-01-47 | 3,000,000 | 3,471,810 | |
Oakland Unified School District/Alameda County Election of 2012, GO | 6.625 | 08-01-38 | 1,000,000 | 1,114,310 | |
Oakland Unified School District/Alameda County Series A, GO | 5.000 | 08-01-40 | 1,500,000 | 1,702,140 | |
Orange County Community Facilities District 2017-1 Esencia Village, Series A | 5.000 | 08-15-47 | 2,000,000 | 2,310,640 | |
Pacifica School District Series C, GO (B)(C) | 2.005 | 08-01-26 | 1,000,000 | 865,550 | |
Port of Los Angeles Series A, AMT | 5.000 | 08-01-44 | 2,000,000 | 2,260,020 | |
River Islands Public Financing Authority Community Facilities District, Series 2003-1 | 5.000 | 09-01-48 | 1,250,000 | 1,376,875 | |
River Islands Public Financing Authority Community Facilities District, Series 2003-1 | 5.500 | 09-01-45 | 2,000,000 | 2,158,480 | |
Riverside County Transportation Commission Senior Lien, Series A | 5.750 | 06-01-48 | 1,000,000 | 1,105,790 | |
San Diego County Regional Airport Authority Consol Rental Car Facilities, Series A | 5.000 | 07-01-44 | 4,925,000 | 5,608,935 | |
San Diego Public Facilities Financing Authority Series A | 5.000 | 10-15-44 | 1,000,000 | 1,167,150 | |
San Diego Unified School District Series I, GO (C) | 3.738 | 07-01-39 | 1,250,000 | 591,713 | |
San Francisco City & County Airport Commission International Airport Special Facilities Lease, SFO Fuel Company LLC, Series A, AMT | 5.000 | 01-01-47 | 2,000,000 | 2,378,500 | |
San Francisco City & County Redevelopment Agency Department of General Services Lease, No. 6, Mission Bay South, Series A | 5.150 | 08-01-35 | 1,250,000 | 1,251,675 | |
San Francisco City & County Redevelopment Agency Mission Bay Project, Series A | 5.000 | 08-01-43 | 1,000,000 | 1,128,390 | |
San Joaquin Hills Transportation Corridor Agency Highway Revenue Tolls, Escrowed to Maturity (C) | 1.367 | 01-01-22 | 6,500,000 | 6,272,240 | |
San Joaquin Hills Transportation Corridor Agency Highway Revenue Tolls, Series A | 5.000 | 01-15-44 | 2,500,000 | 2,814,725 |
14 | JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Rate (%) | Maturity date | Par value^ | Value | ||
California (continued) | |||||
San Mateo Joint Powers Financing Authority Capital Projects Program (B) | 5.000 | 07-01-21 | 1,815,000 | $1,916,132 | |
Santa Ana Financing Authority Police Administration & Holding Facility (B) | 6.250 | 07-01-24 | 5,000,000 | 5,703,150 | |
Santa Ana Financing Authority Prerefunded, Police Administration & Holding Facility (B) | 6.250 | 07-01-24 | 5,000,000 | 5,762,300 | |
Santa Margarita Water District Community Facilities District, Series 2013-1 | 5.625 | 09-01-43 | 775,000 | 850,485 | |
South Orange County Public Financing Authority Series A | 5.000 | 08-15-33 | 1,000,000 | 1,079,080 | |
South Orange County Public Financing Authority Series A | 5.000 | 08-15-34 | 450,000 | 485,271 | |
Southern California Public Power Authority Natural Gas Revenue, Series A | 5.250 | 11-01-26 | 2,000,000 | 2,407,340 | |
Southern California Public Power Authority Series A | 5.000 | 07-01-38 | 1,000,000 | 1,156,040 | |
State of California Various Purpose, GO | 5.000 | 04-01-29 | 1,000,000 | 1,303,370 | |
State of California Various Purpose, GO | 5.000 | 04-01-32 | 2,000,000 | 2,711,460 | |
Stockton Public Financing Authority Delta Water Supply Project, Series A | 6.250 | 10-01-40 | 1,150,000 | 1,364,130 | |
Sweetwater Union High School District Election of 2006, Series 2016 B, GO | 4.000 | 08-01-42 | 500,000 | 528,300 | |
Tobacco Securitization Authority of Southern California Series A1 | 5.000 | 06-01-37 | 1,500,000 | 1,507,575 | |
University of California Series AZ | 5.000 | 05-15-48 | 4,000,000 | 4,821,400 | |
West Covina Redevelopment Agency Fashion Plaza | 6.000 | 09-01-22 | 2,825,000 | 3,034,107 | |
William S. Hart Union High School District Community Facilities District, Series 2015-1 | 5.000 | 09-01-47 | 1,000,000 | 1,125,108 | |
Puerto Rico 0.9% | 1,857,993 | ||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series A-1 | 4.750 | 07-01-53 | 1,926,000 | 1,857,993 | |
Yield* (%) | Maturity date | Par value^ | Value | ||
Short-term investments 1.4% | $2,866,000 | ||||
(Cost $2,865,815) | |||||
U.S. Government Agency 0.7% | 1,473,000 | ||||
Federal Agricultural Mortgage Corp. Discount Note | 2.250 | 06-03-19 | 277,000 | 277,000 | |
Federal Home Loan Bank Discount Note | 2.250 | 06-03-19 | 1,196,000 | 1,196,000 |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND | 15 |
Par value^ | Value | ||||
Repurchase agreement 0.7% | $1,393,000 | ||||
Barclays Tri-Party Repurchase Agreement dated 5-31-19 at 2.450% to be repurchased at $1,287,263 on 6-3-19, collateralized by $1,216,700 U.S. Treasury Bonds, 3.000% due 2-15-47 (valued at $1,313,011, including interest) | 1,287,000 | 1,287,000 | |||
Repurchase Agreement with State Street Corp. dated 5-31-19 at 1.300% to be repurchased at $106,011 on 6-3-19, collateralized by $110,000 U.S. Treasury Notes, 2.375% due 3-15-21 (valued at $111,044, including interest) | 106,000 | 106,000 | |||
Total investments (Cost $193,591,694) 99.0% | $207,601,640 | ||||
Other assets and liabilities, net 1.0% | 2,081,293 | ||||
Total net assets 100.0% | $209,682,933 |
The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. | |
^All par values are denominated in U.S. dollars unless otherwise indicated. | |
Security Abbreviations and Legend | |
AMT | Interest earned from these securities may be considered a tax preference item for purpose of the Federal Alternative Minimum Tax. |
GO | General Obligation |
(A) | These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. |
(B) | Bond is insured by one or more of the companies listed in the insurance coverage table below. |
(C) | Zero coupon bonds are issued at a discount from their principal amount in lieu of paying interest periodically. Rate shown is the effective yield at period end. |
* | 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. |
Insurance coverage | As a % of total investments |
National Public Finance Guarantee Corp. | 6.9 |
California Mortgage Insurance | 4.6 |
Build America Mutual Assurance Company | 1.1 |
Assured Guaranty Municipal Corp. | 0.6 |
Ambac Financial Group, Inc. | 0.5 |
TOTAL | 13.7 |
16 | JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Financial statements |
Assets | |
Unaffiliated investments, at value (Cost $193,591,694) | $207,601,640 |
Cash | 456 |
Interest receivable | 2,473,881 |
Receivable for fund shares sold | 99,189 |
Other assets | 14,247 |
Total assets | 210,189,413 |
Liabilities | |
Distributions payable | 68,996 |
Payable for fund shares repurchased | 201,765 |
Payable to affiliates | |
Investment management fees | 96,720 |
Accounting and legal services fees | 21,212 |
Transfer agent fees | 7,260 |
Distribution and service fees | 22,089 |
Trustees' fees | 251 |
Other liabilities and accrued expenses | 88,187 |
Total liabilities | 506,480 |
Net assets | $209,682,933 |
Net assets consist of | |
Paid-in capital | $192,812,010 |
Total distributable earnings (loss) | 16,870,923 |
Net assets | $209,682,933 |
Net asset value per share | |
Based on net asset value and shares outstanding - the fund has an unlimited number of shares authorized with no par value | |
Class A ($175,963,731 ÷ 16,090,999 shares)1 | $10.94 |
Class B ($456,864 ÷ 41,750 shares)1 | $10.94 |
Class C ($19,050,679 ÷ 1,742,113 shares)1 | $10.94 |
Class I ($10,397,322 ÷ 950,300 shares) | $10.94 |
Class R6 ($3,814,337 ÷ 348,524 shares) | $10.94 |
Maximum offering price per share | |
Class A (net asset value per share ÷ 96%)2 | $11.40 |
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 | ANNUAL REPORT | JOHN HANCOCK California Tax-Free Income Fund | 17 |
Investment income | |
Interest | $8,746,570 |
Expenses | |
Investment management fees | 1,125,514 |
Distribution and service fees | 454,780 |
Accounting and legal services fees | 45,511 |
Transfer agent fees | 91,710 |
Trustees' fees | 3,722 |
Custodian fees | 42,444 |
State registration fees | 16,200 |
Printing and postage | 42,121 |
Professional fees | 64,574 |
Other | 19,679 |
Total expenses | 1,906,255 |
Less expense reductions | (35,619) |
Net expenses | 1,870,636 |
Net investment income | 6,875,934 |
Realized and unrealized gain (loss) | |
Net realized gain (loss) on | |
Unaffiliated investments | 1,195,778 |
1,195,778 | |
Change in net unrealized appreciation (depreciation) of | |
Unaffiliated investments | 2,813,074 |
2,813,074 | |
Net realized and unrealized gain | 4,008,852 |
Increase in net assets from operations | $10,884,786 |
18 | JOHN HANCOCK California Tax-Free Income Fund | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Year ended 5-31-19 | Year ended 5-31-18 | |
Increase (decrease) in net assets | ||
From operations | ||
Net investment income | $6,875,934 | $7,567,995 |
Net realized gain | 1,195,778 | 3,657,106 |
Change in net unrealized appreciation (depreciation) | 2,813,074 | (7,254,241) |
Increase in net assets resulting from operations | 10,884,786 | 3,970,860 |
Distributions to shareholders | ||
From net investment income and net realized gain | ||
Class A | (5,986,856) | — |
Class B | (13,485) | — |
Class C | (524,922) | — |
Class I | (383,200) | — |
Class R61 | (95,093) | — |
From net investment income | ||
Class A | — | (6,668,292) |
Class B | — | (21,463) |
Class C | — | (713,380) |
Class I | — | (232,023) |
Class R61 | — | (37,906) |
Total distributions | (7,003,556) | (7,673,064) |
From fund share transactions | (7,928,934) | (31,580,973) |
Total decrease | (4,047,704) | (35,283,177) |
Net assets | ||
Beginning of year | 213,730,637 | 249,013,814 |
End of year2 | $209,682,933 | $213,730,637 |
1 | The inception date for Class R6 shares is 8-30-17. |
2 | Net assets - End of year includes undistributed net investment income of $(25,404) at May 31, 2018. The SEC eliminated the requirement to disclose undistributed net investment income in the current reporting period. |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK California Tax-Free Income Fund | 19 |
Financial highlights |
CLASS A SHARES Period ended | 5-31-19 | 5-31-18 | 5-31-17 | 5-31-16 | 5-31-15 |
Per share operating performance | |||||
Net asset value, beginning of period | $10.73 | $10.90 | $11.22 | $10.91 | $10.95 |
Net investment income1 | 0.36 | 0.36 | 0.37 | 0.39 | 0.42 |
Net realized and unrealized gain (loss) on investments | 0.22 | (0.16) | (0.30) | 0.32 | (0.04) |
Total from investment operations | 0.58 | 0.20 | 0.07 | 0.71 | 0.38 |
Less distributions | |||||
From net investment income | (0.36) | (0.37) | (0.39) | (0.40) | (0.42) |
From net realized gain | (0.01) | — | — | — | — |
Total distributions | (0.37) | (0.37) | (0.39) | (0.40) | (0.42) |
Net asset value, end of period | $10.94 | $10.73 | $10.90 | $11.22 | $10.91 |
Total return (%)2,3 | 5.57 | 1.85 | 0.63 | 6.63 | 3.53 |
Ratios and supplemental data | |||||
Net assets, end of period (in millions) | $176 | $181 | $213 | $254 | $235 |
Ratios (as a percentage of average net assets): | |||||
Expenses before reductions | 0.86 | 0.85 | 0.83 | 0.84 | 0.83 |
Expenses including reductions | 0.85 | 0.84 | 0.83 | 0.83 | 0.82 |
Net investment income | 3.42 | 3.37 | 3.35 | 3.53 | 3.78 |
Portfolio turnover (%) | 22 | 9 | 17 | 20 | 19 |
1 | Based on average daily shares outstanding. |
2 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
3 | Does not reflect the effect of sales charges, if any. |
20 | JOHN HANCOCK California Tax-Free Income Fund | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
CLASS B SHARES Period ended | 5-31-19 | 5-31-18 | 5-31-17 | 5-31-16 | 5-31-15 |
Per share operating performance | |||||
Net asset value, beginning of period | $10.73 | $10.91 | $11.23 | $10.91 | $10.95 |
Net investment income1 | 0.28 | 0.28 | 0.28 | 0.31 | 0.34 |
Net realized and unrealized gain (loss) on investments | 0.22 | (0.17) | (0.30) | 0.33 | (0.04) |
Total from investment operations | 0.50 | 0.11 | (0.02) | 0.64 | 0.30 |
Less distributions | |||||
From net investment income | (0.28) | (0.29) | (0.30) | (0.32) | (0.34) |
From net realized gain | (0.01) | — | — | — | — |
Total distributions | (0.29) | (0.29) | (0.30) | (0.32) | (0.34) |
Net asset value, end of period | $10.94 | $10.73 | $10.91 | $11.23 | $10.91 |
Total return (%)2,3 | 4.78 | 1.00 | (0.12) | 5.93 | 2.76 |
Ratios and supplemental data | |||||
Net assets, end of period (in millions) | $—4 | $1 | $1 | $2 | $2 |
Ratios (as a percentage of average net assets): | |||||
Expenses before reductions | 1.71 | 1.70 | 1.69 | 1.69 | 1.68 |
Expenses including reductions | 1.60 | 1.59 | 1.58 | 1.58 | 1.58 |
Net investment income | 2.67 | 2.61 | 2.59 | 2.78 | 3.04 |
Portfolio turnover (%) | 22 | 9 | 17 | 20 | 19 |
1 | Based on average daily shares outstanding. |
2 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
3 | Does not reflect the effect of sales charges, if any. |
4 | Less than $500,000. |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK California Tax-Free Income Fund | 21 |
CLASS C SHARES Period ended | 5-31-19 | 5-31-18 | 5-31-17 | 5-31-16 | 5-31-15 |
Per share operating performance | |||||
Net asset value, beginning of period | $10.73 | $10.90 | $11.22 | $10.91 | $10.95 |
Net investment income1 | 0.28 | 0.28 | 0.29 | 0.31 | 0.33 |
Net realized and unrealized gain (loss) on investments | 0.22 | (0.16) | (0.31) | 0.32 | (0.03) |
Total from investment operations | 0.50 | 0.12 | (0.02) | 0.63 | 0.30 |
Less distributions | |||||
From net investment income | (0.28) | (0.29) | (0.30) | (0.32) | (0.34) |
From net realized gain | (0.01) | — | — | — | — |
Total distributions | (0.29) | (0.29) | (0.30) | (0.32) | (0.34) |
Net asset value, end of period | $10.94 | $10.73 | $10.90 | $11.22 | $10.91 |
Total return (%)2,3 | 4.78 | 1.09 | (0.13) | 5.83 | 2.76 |
Ratios and supplemental data | |||||
Net assets, end of period (in millions) | $19 | $21 | $30 | $36 | $34 |
Ratios (as a percentage of average net assets): | |||||
Expenses before reductions | 1.71 | 1.70 | 1.68 | 1.69 | 1.68 |
Expenses including reductions | 1.60 | 1.59 | 1.58 | 1.58 | 1.57 |
Net investment income | 2.67 | 2.62 | 2.60 | 2.78 | 3.03 |
Portfolio turnover (%) | 22 | 9 | 17 | 20 | 19 |
1 | Based on average daily shares outstanding. |
2 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
3 | Does not reflect the effect of sales charges, if any. |
22 | JOHN HANCOCK California Tax-Free Income Fund | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
CLASS I SHARES Period ended | 5-31-19 | 5-31-18 | 5-31-171 |
Per share operating performance | |||
Net asset value, beginning of period | $10.73 | $10.91 | $10.70 |
Net investment income2 | 0.38 | 0.38 | 0.12 |
Net realized and unrealized gain (loss) on investments | 0.22 | (0.17) | 0.21 |
Total from investment operations | 0.60 | 0.21 | 0.33 |
Less distributions | |||
From net investment income | (0.38) | (0.39) | (0.12) |
From net realized gain | (0.01) | — | — |
Total distributions | (0.39) | (0.39) | (0.12) |
Net asset value, end of period | $10.94 | $10.73 | $10.91 |
Total return (%)3 | 5.72 | 1.91 | 3.094 |
Ratios and supplemental data | |||
Net assets, end of period (in millions) | $10 | $10 | $5 |
Ratios (as a percentage of average net assets): | |||
Expenses before reductions | 0.71 | 0.70 | 0.675 |
Expenses including reductions | 0.70 | 0.69 | 0.665 |
Net investment income | 3.58 | 3.53 | 3.765 |
Portfolio turnover (%) | 22 | 9 | 176 |
1 | The inception date for Class I shares is 2-13-17. |
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. |
6 | Portfolio turnover is shown for the period from 6-1-16 to 5-31-17. |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK California Tax-Free Income Fund | 23 |
CLASS R6 SHARES Period ended | 5-31-19 | 5-31-181 |
Per share operating performance | ||
Net asset value, beginning of period | $10.73 | $10.95 |
Net investment income2 | 0.38 | 0.29 |
Net realized and unrealized gain (loss) on investments | 0.22 | (0.22) |
Total from investment operations | 0.60 | 0.07 |
Less distributions | ||
From net investment income | (0.38) | (0.29) |
From net realized gain | (0.01) | — |
Total distributions | (0.39) | (0.29) |
Net asset value, end of period | $10.94 | $10.73 |
Total return (%)3 | 5.76 | 0.664 |
Ratios and supplemental data | ||
Net assets, end of period (in millions) | $4 | $2 |
Ratios (as a percentage of average net assets): | ||
Expenses before reductions | 0.68 | 0.685 |
Expenses including reductions | 0.67 | 0.675 |
Net investment income | 3.58 | 3.565 |
Portfolio turnover (%) | 22 | 96 |
1 | The inception date for Class R6 shares is 8-30-17. |
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. |
6 | Portfolio turnover is shown for the period from 6-1-17 to 5-31-18. |
24 | JOHN HANCOCK California Tax-Free Income Fund | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Notes to financial statements |
ANNUAL REPORT | JOHN HANCOCK California Tax-Free Income Fund | 25 |
26 | JOHN HANCOCK California Tax-Free Income Fund | ANNUAL REPORT |
May 31, 2019 | May 31, 2018 | |
Ordinary Income | $71,775 | $38,301 |
Exempt Income | 6,741,640 | 7,634,763 |
Tax Long-term cap gains | 190,141 | - |
Total | $7,003,556 | $7,673,064 |
ANNUAL REPORT | JOHN HANCOCK California Tax-Free Income Fund | 27 |
Class | Expense reduction |
Class A | $13,359 |
Class B | 39 |
Class C | 1,495 |
Class | Expense reduction |
Class I | $818 |
Class R6 | 200 |
Total | $15,911 |
28 | JOHN HANCOCK California Tax-Free Income Fund | ANNUAL REPORT |
Class | Rule 12b-1 Fee |
Class A | 0.15% |
Class B | 1.00% |
Class | Rule 12b-1 Fee |
Class C | 1.00% |
Class | Distribution and service fees | Transfer agent fees |
Class A | $257,696 | $77,689 |
Class B | 4,935 | 223 |
Class C | 192,149 | 8,699 |
Class I | — | 4,763 |
Class R6 | — | 336 |
Total | $454,780 | $91,710 |
ANNUAL REPORT | JOHN HANCOCK California Tax-Free Income Fund | 29 |
Year Ended 5-31-19 | Year Ended 5-31-18 | |||
Shares | Amount | Shares | Amount | |
Class A shares | ||||
Sold | 1,485,306 | $15,841,456 | 1,413,219 | $15,285,851 |
Distributions reinvested | 486,236 | 5,184,585 | 537,129 | 5,808,310 |
Repurchased | (2,729,594) | (29,030,019) | (4,646,534) | (50,310,393) |
Net decrease | (758,052) | $(8,003,978) | (2,696,186) | $(29,216,232) |
Class B shares | ||||
Sold | — | — | 5 | $54 |
Distributions reinvested | 1,180 | $12,592 | 1,797 | 19,477 |
Repurchased | (10,172) | (108,962) | (51,019) | (556,337) |
Net decrease | (8,992) | $(96,370) | (49,217) | $(536,806) |
Class C shares | ||||
Sold | 170,291 | $1,816,298 | 159,254 | $1,732,105 |
Distributions reinvested | 44,213 | 471,363 | 58,072 | 628,003 |
Repurchased | (414,613) | (4,418,882) | (1,041,792) | (11,261,086) |
Net decrease | (200,109) | $(2,131,221) | (824,466) | $(8,900,978) |
Class I shares | ||||
Sold | 402,220 | $4,291,234 | 608,319 | $6,559,214 |
Distributions reinvested | 34,749 | 370,533 | 19,526 | 210,739 |
Repurchased | (379,555) | (4,028,096) | (166,355) | (1,794,490) |
Net increase | 57,414 | $633,671 | 461,490 | $4,975,463 |
Class R6 shares1 | ||||
Sold | 208,519 | $2,218,628 | 207,692 | $2,268,357 |
Distributions reinvested | 8,894 | 95,093 | 3,427 | 36,852 |
Repurchased | (60,709) | (644,757) | (19,299) | (207,629) |
Net increase | 156,704 | $1,668,964 | 191,820 | $2,097,580 |
Total net decrease | (753,035) | $(7,928,934) | (2,916,559) | $(31,580,973) |
1 | The inception date for Class R6 shares is 8-30-17. |
30 | JOHN HANCOCK California Tax-Free Income Fund | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK California Tax-Free Income Fund | 31 |
32 | JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND | 33 |
This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the fund and execute policies formulated by the Trustees.
Independent Trustees
Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years | Trustee of the Trust since1 | Number of John Hancock funds overseen by Trustee |
Hassell H. McClellan, Born: 1945 | 2012 | 211 |
Trustee and Chairperson of the Board Director/Trustee, Virtus Funds (since 2008); Director, The Barnes Group (since 2010); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2005) and Chairperson of the Board (since 2017) of various trusts within the John Hancock Fund Complex. |
Charles L. Bardelis,2 Born: 1941 | 2012 | 211 |
Trustee Director, Island Commuter Corp. (marine transport). Trustee of various trusts within the John Hancock Fund Complex (since 1988). |
James R. Boyle,Born: 1959 | 2015 | 211 |
Trustee Chief Executive Officer, Foresters Financial (since 2018); Chairman and Chief Executive Officer, Zillion Group, Inc. (formerly HealthFleet, Inc.) (healthcare) (2014-2018); Executive Vice President and Chief Executive Officer, U.S. Life Insurance Division of Genworth Financial, Inc. (insurance) (January 2014-July 2014); Senior Executive Vice President, Manulife Financial, President and Chief Executive Officer, John Hancock (1999-2012); Chairman and Director, John Hancock Investment Management LLC, John Hancock Investment Management Distributors LLC, and John Hancock Variable Trust Advisers LLC (2005-2010). Trustee of various trusts within the John Hancock Fund Complex (2005-2014 and since 2015). |
Peter S. Burgess,2 Born: 1942 | 2012 | 211 |
Trustee Consultant (financial, accounting, and auditing matters) (since 1999); Certified Public Accountant; Partner, Arthur Andersen (independent public accounting firm) (prior to 1999); Director, Lincoln Educational Services Corporation (since 2004); Director, Symetra Financial Corporation (2010-2016); Director, PMA Capital Corporation (2004-2010). Trustee of various trusts within the John Hancock Fund Complex (since 2005). |
William H. Cunningham, Born: 1944 | 1989 | 211 |
Trustee Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Chairman (since 2009) and Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000); former Director, LIN Television (2009-2014). Trustee of various trusts within the John Hancock Fund Complex (since 1986). |
Grace K. Fey, Born: 1946 | 2012 | 211 |
Trustee Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988-2007); Director, Fiduciary Trust (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2008). |
Independent Trustees (continued)
Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years | Trustee of the Trust since1 | Number of John Hancock funds overseen by Trustee |
Theron S. Hoffman,2 Born: 1947 | 2012 | 211 |
Trustee Chief Executive Officer, T. Hoffman Associates, LLC (consulting firm) (since 2003); Director, The Todd Organization (consulting firm) (2003-2010); President, Westport Resources Management (investment management consulting firm) (2006-2008); Board Member, Senior Managing Director, Partner, and Operating Head, Putnam Investments (2000-2003); Executive Vice President, The Thomson Corp. (financial and legal information publishing) (1997-2000). Trustee of various trusts within the John Hancock Fund Complex (since 2008). |
Deborah C. Jackson, Born: 1952 | 2008 | 211 |
Trustee President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, National Association of Corporate Directors/New England (since 2015); Board of Directors, Association of Independent Colleges and Universities of Massachusetts (since 2014); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002-2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of American Student Assistance Corporation (1996-2009); Board of Directors of Boston Stock Exchange (2002-2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007-2011). Trustee of various trusts within the John Hancock Fund Complex (since 2008). |
James M. Oates, Born: 1946 | 2012 | 211 |
Trustee Managing Director, Wydown Group (financial consulting firm) (since 1994); Chairman and Director, Emerson Investment Management, Inc. (2000-2015); Independent Chairman, Hudson Castle Group, Inc. (formerly IBEX Capital Markets, Inc.) (financial services company) (1997-2011); Director, Stifel Financial (since 1996); Director, Investor Financial Services Corporation (1995-2007); Director, Connecticut River Bancorp (1998-2014); Director/Trustee, Virtus Funds (since 1988). Trustee (since 2004) and Chairperson of the Board (2005-2016) of various trusts within the John Hancock Fund Complex. |
Steven R. Pruchansky, Born: 1944 | 1994 | 211 |
Trustee and Vice Chairperson of the Board Managing Director, Pru Realty (since 2017); Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real estate) (since 2000); Partner, Right Funding, LLC (2014-2017); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President, Maxwell Building Corp. (until 1991). Trustee (since 1992), Chairperson of the Board (2011-2012), and Vice Chairperson of the Board (since 2012) of various trusts within the John Hancock Fund Complex. |
Gregory A. Russo, Born: 1949 | 2009 | 211 |
Trustee Director and Audit Committee Chairman (since 2012), and Member, Audit Committee and Finance Committee (since 2011), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Director and Member (since 2012) and Finance Committee Chairman (since 2014), The Moorings, Inc. (nonprofit continuing care community); Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002-2006); Vice Chairman, Industrial Markets, KPMG (1998-2002); Chairman and Treasurer, Westchester County, New York, Chamber of Commerce (1986-1992); Director, Treasurer, and Chairman of Audit and Finance Committees, Putnam Hospital Center (1989-1995); Director and Chairman of Fundraising Campaign, United Way of Westchester and Putnam Counties, New York (1990-1995). Trustee of various trusts within the John Hancock Fund Complex (since 2008). |
Non-Independent Trustees3
Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years | Trustee of the Trust since1 | Number of John Hancock funds overseen by Trustee |
Andrew G. Arnott, Born: 1971 | 2017 | 211 |
President and Non-Independent Trustee Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2018); Executive Vice President, John Hancock Financial Services (since 2009, including prior positions); Director and Executive Vice President, John Hancock Investment Management LLC (since 2005, including prior positions); Director and Executive Vice President, John Hancock Variable Trust Advisers LLC (since 2006, including prior positions); President, John Hancock Investment Management Distributors LLC (since 2004, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). |
Marianne Harrison, Born: 1963 | 2018 | 211 |
Non-Independent Trustee President and CEO, John Hancock (since 2017); President and CEO, Manulife Canadian Division (2013-2017); Member, Board of Directors, American Council of Life Insurers (ACLI) (since 2018); Member, Board of Directors, Communitech, an industry-led innovation center that fosters technology companies in Canada (since 2017); Member, Board of Directors, Manulife Assurance Canada (since 2015); Board Member, St. Mary's General Hospital Foundation (since 2014); Member, Board of Directors, Manulife Bank of Canada (since 2013); Member, Standing Committee of the Canadian Life & Health Assurance Association (since 2013); Member, Board of Directors, John Hancock USA, John Hancock Life & Health, John Hancock New York (2012-2013). Trustee of various trusts within the John Hancock Fund Complex (since 2018). |
Principal officers who are not Trustees
Name, year of birth Position(s) held with Trust Principal occupation(s) during past 5 years | Officer of the Trust since |
Francis V. Knox, Jr.,Born: 1947 | 2005 |
Chief Compliance Officer Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, various trusts within the John Hancock Fund Complex, John Hancock Investment Management LLC, and John Hancock Variable Trust Advisers LLC (since 2005). |
Charles A. Rizzo, Born: 1957 | 2007 |
Chief Financial Officer Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2008); Chief Financial Officer of various trusts within the John Hancock Fund Complex (since 2007). |
Salvatore Schiavone, Born: 1965 | 2010 |
Treasurer Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2007); Treasurer of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). |
Principal officers who are notTrustees (continued)
Name, year of birth Position(s) held with Trust Principal occupation(s) during past 5 years | Officer of the Trust since | |
Christopher (Kit) Sechler,Born: 1973 | 2018 | |
Chief Legal Officer and Secretary Vice President and Deputy Chief Counsel, John Hancock Investments (since 2015); Assistant Vice President and Senior Counsel (2009-2015), John Hancock Investments; Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2018); Assistant Secretary of John Hancock Investment Management, LLC and John Hancock Variable Trust Advisers LLC (since 2009). |
The business address for all Trustees and Officers is 200 Berkeley Street, Boston, Massachusetts 02116-5023.
The Statement of Additional Information of the fund includes additional information about members of the Board of Trustees of the Trust and is available without charge, upon request, by calling 800-225-5291.
1 | Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee's death, retirement, resignation, or removal. Mr. Boyle has served as Trustee at various times prior to the date listed in the table. |
2 | Member of the Audit Committee. |
3 | The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain affiliates. |
Trustees Hassell H. McClellan,Chairperson Officers Andrew G. Arnott Francis V. Knox, Jr. Charles A. Rizzo Salvatore Schiavone Christopher (Kit) Sechler** | Investment advisor John Hancock Investment Management LLC Subadvisor Manulife Investment Management (US) LLC Portfolio Managers Dennis DiCicco Principal distributor John Hancock Investment Management Distributors LLC Custodian State Street Bank and Trust Company Transfer agent John Hancock Signature Services, Inc. Legal counsel K&L Gates LLP Independent registered public accounting firm PricewaterhouseCoopers LLP |
* Member of the Audit Committee
† Non-Independent Trustee
# Effective 6-19-18
** Effective 9-13-18
The fund's proxy voting policies and procedures, as well as the fund proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) website at sec.gov or on our website.
All of the fund's holdings as of the end of the third month of every fiscal quarter are filed with the SEC on Form N-PORT within 60 days of the end of the fiscal quarter. The fund's Form N-PORT filings are available on our website and the SEC's website, sec.gov.
We make this information on your fund, as well asmonthly 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. | Express mail: John Hancock Signature Services, Inc. |
John Hancock family of funds
DOMESTIC EQUITY FUNDS Blue Chip Growth Classic Value Disciplined Value Disciplined Value Mid Cap Equity Income Financial Industries Fundamental All Cap Core Fundamental Large Cap Core Fundamental Large Cap Value New Opportunities Regional Bank Small Cap Core Small Cap Growth Small Cap Value U.S. Global Leaders Growth U.S. Quality Growth Value Equity GLOBAL AND INTERNATIONAL EQUITY FUNDS Disciplined Value International Emerging Markets Emerging Markets Equity Fundamental Global Franchise Global Equity Global Shareholder Yield Global Thematic Opportunities International Dynamic Growth International Growth International Small Company | INCOME FUNDS Bond California Tax-Free Income Emerging Markets Debt Floating Rate Income Government Income High Yield High Yield Municipal Bond Income Investment Grade Bond Money Market Short Duration Bond Short Duration Credit Opportunities Spectrum Income Strategic Income Opportunities Tax-Free Bond ALTERNATIVE AND SPECIALTY FUNDS Absolute Return Currency Alternative Asset Allocation Disciplined Alternative Yield Global Absolute Return Strategies Infrastructure Seaport Long/Short |
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 Balanced Income Allocation Multi-Index Lifetime Portfolios Multi-Index Preservation Portfolios Multimanager Lifestyle Portfolios Multimanager Lifetime Portfolios Retirement Income 2040 EXCHANGE-TRADED FUNDS John Hancock Multifactor Consumer Discretionary ETF John Hancock Multifactor Consumer Staples ETF John Hancock Multifactor Developed International ETF John Hancock Multifactor Emerging Markets ETF John Hancock Multifactor Energy ETF John Hancock Multifactor Financials ETF John Hancock Multifactor Healthcare ETF John Hancock Multifactor Industrials ETF John Hancock Multifactor Large Cap ETF John Hancock Multifactor Materials ETF John Hancock Multifactor Media and John Hancock Multifactor Mid Cap ETF John Hancock Multifactor Small Cap ETF John Hancock Multifactor Technology ETF John Hancock Multifactor Utilities ETF | ENVIRONMENTAL, SOCIAL, AND 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 Investment Management
A trusted brand
John Hancock Investment Management 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 serve investors globally through a unique multimanager approach:
We search the world to find proven portfolio teams with specialized
expertise for every strategy we offer, then we apply robust investment
oversight to ensure they continue to meet our uncompromising
standards and serve the best interests of our shareholders.
Results for investors
Our unique approach to asset management enables us to provide
a diverse set of investments backed by some of the world's best
managers, along with strong risk-adjusted returns across asset classes.
John Hancock Investment Management Distributors, LLC n Member FINRA, SIPC
200 Berkeley Street n Boston, MA 02116-5010 n 800-225-5291 n jhinvestments.com
This report is for the information of the shareholders of John Hancock California Tax-Free Income Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
MF876850 | 53A 5/19 7/19 |
ITEM 2. CODE OF ETHICS.
As of the end of the year, May 31, 2019, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Chief Executive Officer, Chief Financial Officer and Treasurer (respectively, the principal executive officer, the principal financial officer and the principal accounting officer, the “Covered Officers”). A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Peter S. Burgess is the audit committee financial expert and is “independent”, pursuant to general instructions on Form N-CSR Item 3.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees
The aggregate fees billed for professional services rendered by the principal accountant for the audits of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements amounted to the following for the fiscal years ended May 31, 2019 and 2018. These fees were billed to the registrant and were approved by the registrant’s audit committee.
Fund | May 31, 2019 | May 31, 2018 | ||
John Hancock California Tax-Free Income Fund | $ | 44,425 | $ | 40,625 |
(b) Audit-Related Services
Audit-related fees for assurance and related services by the principal accountant are billed to the registrant or to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser ("control affiliates") that provides ongoing services to the registrant. The nature of the services provided was affiliated service provider internal controls reviews. Additionally, amounts billed to control affiliates were $113,000 and $110,200 for the fiscal years ended May 31, 2019 and 2018, respectively.
Fund | May 31, 2019 | May 31, 2018 | ||
John Hancock California Tax-Free Income Fund | $ | 571 | $ | 540 |
(c) Tax Fees
The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning (“tax fees”) amounted to the following for the fiscal years ended May 31, 2019 and 2018. The nature of the services comprising the tax fees was the review of the registrant’s tax returns and tax distribution requirements. These fees were billed to the registrant and were approved by the registrant’s audit committee.
Fund | May 31, 2019 | May 31, 2018 | ||
John Hancock California Tax-Free Income Fund | $ | 3,650 | $ | 3,650 |
(d) All Other Fees
The nature of the services comprising all other fees is attestation services surrounding new class launches. Other fees billed for professional services rendered by the principal accountant to the registrant or to the control affiliates for the fiscal years ended May 31, 2019 and 2018 amounted to the following:
Fund | May 31, 2019 | May 31, 2018 | ||
John Hancock California Tax-Free Income Fund | $ | 89 | $ | 3,834 |
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm (the “Auditor”) relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The trust’s Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of audit-related and non-audit services by the Auditor. The policies and procedures require that any audit-related and non-audit service provided by the Auditor and any non-audit service provided by the Auditor to a fund service provider that relates directly to the operations and financial reporting of a fund are subject to approval by the Audit Committee before such service is provided. Audit-related services provided by the Auditor that are expected to exceed $25,000 per year/per fund are subject to specific pre-approval by the Audit Committee. Tax services provided by the Auditor that are expected to exceed $30,000 per year/per fund are subject to specific pre-approval by the Audit Committee.
All audit services, as well as the audit-related and non-audit services that are expected to exceed the amounts stated above, must be approved in advance of provision of the service by formal resolution of the Audit Committee. At the regularly scheduled Audit Committee meetings, the Committee reviews a report summarizing the services, including fees, provided by the Auditor.
(e)(2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
Audit-Related Fees, Tax Fees and All Other Fees:
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
(f) According to the registrant’s principal accountant for the fiscal year ended May 31, 2019, the percentage of hours spent on the audit of the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons who were not full-time, permanent employees of principal accountant was less than 50%.
(g) The aggregate non-audit fees billed by the registrant’s principal accountant for non-audit services rendered to the registrant and rendered to the registrant's control affiliates for the fiscal years ended May 31, 2019 and 2018 amounted to the following:
Trust | May 31, 2019 | May 31, 2018 | ||
John Hancock California Tax-Free Income Fund | $ | 919,444 | $ | 6,716,119 |
(h) The audit committee of the registrant has considered the non-audit services provided by the registrant’s principal accountant to the control affiliates and has determined that the services that were not pre-approved are compatible with maintaining the principal accountant’s independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The registrant has a separately-designated standing audit committee comprised of independent trustees. The members of the audit committee are as follows:
Peter S. Burgess - Chairman
Charles L. Bardelis
Theron S. Hoffman
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.
The registrant has adopted procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees. A copy of the procedures is filed as an exhibit to this Form N-CSR. See attached “John Hancock Funds – Nominating, Governance and Administration Committee Charter”.
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 fourth fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.: Not applicable.
ITEM 13. EXHIBITS.
(a)(1) Code of Ethics for Covered Officers is attached.
(a)(2) 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)(1) 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, Governance and Administration Committee Charter”.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the InvestmentCompany Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
John Hancock California Tax-Free Income Fund
By: | /s/ Andrew Arnott | |
Andrew Arnott | ||
President | ||
Date: | July 22, 2019 |
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: | July 22, 2019 |
By: | /s/ Charles A. Rizzo | |
Charles A. Rizzo | ||
Chief Financial Officer | ||
Date: | July 22, 2019 |