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 number 811-05979
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: 617-543-9634
Date of fiscal year end: | May 31 |
Date of reporting period: | November 30, 2023 |
ITEM 1. REPORT TO STOCKHOLDERS.
United States and Europe
Manulife Investment Management
John Hancock Investment Management
SEMIANNUAL REPORT | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | 1 |
2 | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | SEMIANNUAL REPORT |
SEMIANNUAL REPORT | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | 3 |
4 | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | SEMIANNUAL REPORT |
SEMIANNUAL REPORT | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | 5 |
Account value on 6-1-2023 | Ending value on 11-30-2023 | Expenses paid during period ended 11-30-20231 | Annualized expense ratio | ||
Class A | Actual expenses/actual returns | $1,000.00 | $1,026.70 | $3.95 | 0.78% |
Hypothetical example | 1,000.00 | 1,021.10 | 3.94 | 0.78% | |
Class C | Actual expenses/actual returns | 1,000.00 | 1,022.80 | 7.74 | 1.53% |
Hypothetical example | 1,000.00 | 1,017.40 | 7.72 | 1.53% | |
Class I | Actual expenses/actual returns | 1,000.00 | 1,028.50 | 3.19 | 0.63% |
Hypothetical example | 1,000.00 | 1,021.90 | 3.18 | 0.63% | |
Class R6 | Actual expenses/actual returns | 1,000.00 | 1,027.50 | 3.14 | 0.62% |
Hypothetical example | 1,000.00 | 1,021.90 | 3.13 | 0.62% |
1 | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). |
6 | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | SEMIANNUAL REPORT |
Rate (%) | Maturity date | Par value^ | Value | ||
Municipal bonds 101.3% | $308,380,074 | ||||
(Cost $309,645,631) | |||||
California 99.8% | 303,988,383 | ||||
ABAG Finance Authority for Nonprofit Corps Sharp Healthcare, Series A | 5.000 | 08-01-43 | 2,000,000 | 2,000,811 | |
Alameda Corridor Transportation Authority Series A, (0.000% to 10-1-37, then 5.400% thereafter) | 0.000 | 10-01-50 | 2,500,000 | 1,271,611 | |
Alum Rock Union Elementary School District Election of 2022, Series A, GO (A) | 5.000 | 08-01-53 | 1,000,000 | 1,079,556 | |
Alvord Unified School District Election of 2022, Series A, GO (A) | 5.000 | 08-01-52 | 2,000,000 | 2,159,533 | |
Anaheim City School District Election of 2010, GO (A) | 5.000 | 08-01-51 | 2,150,000 | 2,340,899 | |
Antelope Valley Community College District Election of 2016, Series B, GO | 4.000 | 08-01-45 | 265,000 | 265,434 | |
Antelope Valley Community College District Election of 2016, Series C, GO (B) | 4.463 | 08-01-38 | 1,000,000 | 522,113 | |
Bay Area Water Supply & Conservation Agency Capital Cost Recovery Prepayment Program, Series A | 5.000 | 10-01-33 | 2,000,000 | 2,393,227 | |
Burlingame School District Election of 2020, Series B, GO | 5.000 | 08-01-52 | 3,460,000 | 3,797,058 | |
California Community Choice Financing Authority Clean Energy Project, Series A | 4.000 | 10-01-52 | 1,250,000 | 1,241,542 | |
California Community Choice Financing Authority Clean Energy Project, Series B-1 | 4.000 | 02-01-52 | 1,000,000 | 975,090 | |
California Community Choice Financing Authority Clean Energy Project, Series E1 | 5.000 | 02-01-54 | 1,000,000 | 1,046,228 | |
California Community Choice Financing Authority Series D | 5.500 | 05-01-54 | 1,500,000 | 1,585,366 | |
California Community College Financing Authority Napa Valley College Project, Series A (C) | 5.750 | 07-01-60 | 500,000 | 489,511 | |
California Community Housing Agency Stoneridge Apartments, Series A (C) | 4.000 | 02-01-56 | 600,000 | 431,166 | |
California Community Housing Agency Verdant at Green Valley Project, Series A (C) | 5.000 | 08-01-49 | 1,000,000 | 905,131 | |
California County Tobacco Securitization Agency Fresno County Funding Corp. | 6.000 | 06-01-35 | 730,000 | 730,526 | |
California County Tobacco Securitization Agency Kern County Tobacco Funding Corp. | 5.000 | 06-01-40 | 1,500,000 | 1,499,985 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | 7 |
Rate (%) | Maturity date | Par value^ | Value | ||
California (continued) | |||||
California County Tobacco Securitization Agency Louisiana County Securitization Corp. | 4.000 | 06-01-49 | 1,000,000 | $899,377 | |
California County Tobacco Securitization Agency Merced County Tobacco Funding Corp. | 5.000 | 06-01-50 | 1,235,000 | 1,208,375 | |
California County Tobacco Securitization Agency Series A | 5.000 | 06-01-29 | 400,000 | 428,266 | |
California Educational Facilities Authority Stanford University, Series V-1 | 5.000 | 05-01-49 | 1,865,000 | 2,166,128 | |
California Educational Facilities Authority University of Redlands, Series A | 5.000 | 10-01-35 | 1,000,000 | 1,008,219 | |
California Educational Facilities Authority University of the Pacific, Series A | 5.000 | 11-01-53 | 1,000,000 | 1,045,416 | |
California Enterprise Development Authority Academy for Academic Excellence Project, Series A (C) | 5.000 | 07-01-40 | 430,000 | 412,664 | |
California Enterprise Development Authority Academy for Academic Excellence Project, Series A (C) | 5.000 | 07-01-50 | 350,000 | 317,986 | |
California Enterprise Development Authority Academy for Academic Excellence Project, Series A (C) | 5.000 | 07-01-55 | 240,000 | 214,230 | |
California Health Facilities Financing Authority Adventist Health System, Series A | 5.000 | 03-01-40 | 1,330,000 | 1,400,371 | |
California Health Facilities Financing Authority Cedars Sinai Health System, Series A | 4.000 | 08-15-48 | 1,850,000 | 1,812,494 | |
California Health Facilities Financing Authority Cedars Sinai Health System, Series A | 5.000 | 08-15-51 | 450,000 | 483,624 | |
California Health Facilities Financing Authority Children’s Hospital, Series A | 5.000 | 08-15-47 | 850,000 | 858,149 | |
California Health Facilities Financing Authority City of Hope Obligated Group | 4.000 | 11-15-45 | 1,000,000 | 923,862 | |
California Health Facilities Financing Authority City of Hope Obligated Group | 5.000 | 11-15-49 | 750,000 | 757,284 | |
California Health Facilities Financing Authority Commonspirit Health, Series A | 4.000 | 04-01-37 | 1,550,000 | 1,545,722 | |
California Health Facilities Financing Authority El Camino Hospital | 5.000 | 02-01-42 | 1,000,000 | 1,024,775 | |
California Health Facilities Financing Authority El Camino Hospital | 5.000 | 02-01-47 | 1,425,000 | 1,454,469 | |
California Health Facilities Financing Authority Lucile Packard Children’s Hospital, Series A | 5.000 | 08-15-43 | 1,000,000 | 1,002,814 | |
California Health Facilities Financing Authority Lucile Packard Children’s Hospital, Series B | 5.000 | 08-15-55 | 1,000,000 | 1,015,846 | |
California Health Facilities Financing Authority Standford Health Care, Series A | 4.000 | 08-15-50 | 1,000,000 | 986,409 | |
California Health Facilities Financing Authority Sutter Health, Series B | 4.000 | 11-15-41 | 80,000 | 78,797 |
8 | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Rate (%) | Maturity date | Par value^ | Value | ||
California (continued) | |||||
California Housing Finance Agency Series A | 4.250 | 01-15-35 | 934,948 | $919,900 | |
California Infrastructure & Economic Development Bank Academy of Motion Picture Arts & Sciences, Series A | 4.000 | 11-01-41 | 1,000,000 | 1,018,373 | |
California Infrastructure & Economic Development Bank Academy of Motion Picture Arts & Sciences, Series A | 5.000 | 11-01-40 | 300,000 | 339,683 | |
California Infrastructure & Economic Development Bank California Science Center | 4.000 | 05-01-46 | 1,035,000 | 988,222 | |
California Infrastructure & Economic Development Bank California State Teachers Retirement System | 4.000 | 08-01-49 | 1,000,000 | 943,873 | |
California Infrastructure & Economic Development Bank Clean Water and Drinking Water State Revolving Fund | 4.000 | 10-01-47 | 1,000,000 | 1,010,508 | |
California Infrastructure & Economic Development Bank Equitable School Revolving Fund, Series B | 4.000 | 11-01-45 | 400,000 | 368,452 | |
California Infrastructure & Economic Development Bank Equitable School Revolving Fund, Series B | 4.125 | 11-01-52 | 700,000 | 629,980 | |
California Infrastructure & Economic Development Bank Los Angeles County Museum of Natural History Foundation | 4.000 | 07-01-50 | 700,000 | 668,834 | |
California Municipal Finance Authority Caritas Project, Series A | 5.250 | 08-15-58 | 800,000 | 832,370 | |
California Municipal Finance Authority Certificates of Participation, Palomar Health, Series A (A) | 5.250 | 11-01-52 | 750,000 | 821,077 | |
California Municipal Finance Authority Channing House Project, Series A (A) | 4.000 | 05-15-40 | 1,500,000 | 1,494,856 | |
California Municipal Finance Authority Community Facilities District No. 2020-6 | 5.000 | 09-01-42 | 500,000 | 493,864 | |
California Municipal Finance Authority HumanGood Obligated Group | 4.000 | 10-01-46 | 500,000 | 445,854 | |
California Municipal Finance Authority HumanGood Obligated Group | 5.000 | 10-01-35 | 350,000 | 372,317 | |
California Municipal Finance Authority HumanGood Obligated Group, Series A | 5.000 | 10-01-44 | 1,000,000 | 1,013,174 | |
California Municipal Finance Authority Kern Regional Center Project, Series A | 5.000 | 05-01-49 | 750,000 | 764,929 | |
California Municipal Finance Authority Northbay Healthcare, Series A | 5.250 | 11-01-47 | 2,000,000 | 1,912,742 | |
California Municipal Finance Authority Paradise Valley Estates Project, Series A (A) | 5.000 | 01-01-49 | 1,500,000 | 1,572,128 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | 9 |
Rate (%) | Maturity date | Par value^ | Value | ||
California (continued) | |||||
California Municipal Finance Authority Samuel Merritt University | 5.250 | 06-01-53 | 1,000,000 | $1,060,403 | |
California Municipal Finance Authority West Village Student Housing Project at UC Davis (A) | 4.000 | 05-15-48 | 1,250,000 | 1,125,410 | |
California Pollution Control Financing Authority American Water Capital Corp. Project | 3.700 | 08-01-40 | 1,000,000 | 1,005,828 | |
California Pollution Control Financing Authority San Diego County Water Authority Desalination Project Pipeline (C) | 5.000 | 11-21-45 | 3,000,000 | 3,022,599 | |
California Pollution Control Financing Authority Waste Management, Inc., Series A1, AMT | 3.375 | 07-01-25 | 1,000,000 | 983,798 | |
California Pollution Control Financing Authority Waste Management, Inc., Series A3, AMT | 4.300 | 07-01-40 | 4,675,000 | 4,625,675 | |
California Public Finance Authority Enso Village Project, Series A (C) | 5.000 | 11-15-51 | 1,050,000 | 899,675 | |
California Public Finance Authority Excelsior Charter Schools Project, Series A (C) | 5.000 | 06-15-50 | 400,000 | 354,460 | |
California Public Finance Authority Excelsior Charter Schools Project, Series A (C) | 5.000 | 06-15-55 | 475,000 | 414,116 | |
California Public Finance Authority Henry Mayo Newhall Hospital | 5.000 | 10-15-47 | 1,200,000 | 1,203,659 | |
California Public Finance Authority Sharp Healthcare, Series A | 5.000 | 08-01-47 | 1,010,000 | 1,046,726 | |
California Public Finance Authority Trinity Classical Academy, Series A (C) | 5.000 | 07-01-44 | 485,000 | 425,497 | |
California Public Finance Authority Trinity Classical Academy, Series A (C) | 5.000 | 07-01-54 | 1,000,000 | 829,243 | |
California School Finance Authority Aspire Public Schools (C) | 5.000 | 08-01-41 | 1,375,000 | 1,380,746 | |
California School Finance Authority Camino Nuevo Charter Academy (C) | 5.000 | 06-01-43 | 820,000 | 790,802 | |
California School Finance Authority Classical Academies Oceanside (C) | 5.000 | 10-01-42 | 50,000 | 49,744 | |
California School Finance Authority Granada Hills Charter High School Obligated Group (C) | 5.000 | 07-01-43 | 750,000 | 748,573 | |
California School Finance Authority Hawking Steam Charter School (C) | 5.250 | 07-01-52 | 500,000 | 485,576 | |
California School Finance Authority John Adams Academies, Series A (C) | 5.125 | 07-01-62 | 1,000,000 | 873,045 | |
California School Finance Authority KIPP LA Project, Series A (C) | 5.000 | 07-01-47 | 1,500,000 | 1,504,204 | |
California School Finance Authority Sonoma County Junior College (C) | 4.000 | 11-01-41 | 1,000,000 | 857,033 | |
California School Finance Authority Sonoma County Junior College (C) | 4.000 | 11-01-55 | 580,000 | 444,817 | |
California School Finance Authority Stem Preparatory School (C) | 5.000 | 06-01-43 | 750,000 | 733,098 |
10 | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Rate (%) | Maturity date | Par value^ | Value | ||
California (continued) | |||||
California School Finance Authority Value Schools, Series A (C) | 5.250 | 07-01-48 | 500,000 | $493,911 | |
California State Public Works Board Air Resource Board, Series D | 4.000 | 05-01-44 | 1,000,000 | 1,002,395 | |
California State Public Works Board Various Capital Projects, Series A | 5.000 | 08-01-36 | 1,000,000 | 1,133,936 | |
California State Public Works Board Various Capital Projects, Series B | 4.000 | 03-01-45 | 1,520,000 | 1,521,297 | |
California State University Series A | 3.000 | 11-01-52 | 575,000 | 430,843 | |
California State University Series A | 5.250 | 11-01-48 | 1,000,000 | 1,129,404 | |
California State University Series A | 5.250 | 11-01-53 | 350,000 | 391,925 | |
California Statewide Communities Development Authority Adventist Health System, Series A | 5.000 | 03-01-48 | 1,885,000 | 1,905,722 | |
California Statewide Communities Development Authority CHF Irvine LLC | 5.000 | 05-15-40 | 1,465,000 | 1,470,978 | |
California Statewide Communities Development Authority Community Facilities District No. 2020-02 | 5.125 | 09-01-42 | 1,000,000 | 1,012,798 | |
California Statewide Communities Development Authority Community Facilities District No. 2022-03 | 5.000 | 09-01-43 | 1,020,000 | 994,307 | |
California Statewide Communities Development Authority Emanate Health, Series A | 4.000 | 04-01-45 | 2,000,000 | 1,874,545 | |
California Statewide Communities Development Authority Enloe Medical Center, Series A (A) | 5.250 | 08-15-52 | 1,000,000 | 1,079,124 | |
California Statewide Communities Development Authority Front Porch Communities & Services | 3.000 | 04-01-37 | 2,000,000 | 1,729,693 | |
California Statewide Communities Development Authority Front Porch Communities & Services, Series A | 5.000 | 04-01-47 | 750,000 | 759,280 | |
California Statewide Communities Development Authority Infrastructure Program, Series A | 4.000 | 09-02-51 | 995,000 | 787,204 | |
California Statewide Communities Development Authority Infrastructure Program, Series B | 5.000 | 09-02-44 | 625,000 | 626,920 | |
California Statewide Communities Development Authority John Muir Health, Series A | 4.000 | 08-15-46 | 770,000 | 740,737 | |
California Statewide Communities Development Authority Redlands Community Hospital | 5.000 | 10-01-46 | 1,500,000 | 1,516,906 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | 11 |
Rate (%) | Maturity date | Par value^ | Value | ||
California (continued) | |||||
California Statewide Communities Development Authority Series 2021-A | 4.000 | 09-02-41 | 990,000 | $854,283 | |
California Statewide Financing Authority Tobacco Securitization Program, Series C (B)(C) | 9.185 | 06-01-55 | 12,000,000 | 723,557 | |
California Statewide Financing Authority Tobacco Settlement, Series A | 6.000 | 05-01-37 | 1,615,000 | 1,641,012 | |
California Statewide Financing Authority Tobacco Settlement, Series B | 6.000 | 05-01-37 | 1,940,000 | 1,971,247 | |
Center Joint Unified School District Election of 2008, Series C, GO (A) | 4.125 | 08-01-46 | 1,250,000 | 1,253,611 | |
Chaffey Joint Union High School District Election of 2012, Series G, GO | 5.250 | 08-01-52 | 2,000,000 | 2,205,800 | |
Chino Valley Unified School District Election of 2016, Series C, GO (B) | 3.886 | 08-01-36 | 250,000 | 153,134 | |
Chino Valley Unified School District Election of 2016, Series C, GO (B) | 4.290 | 08-01-40 | 400,000 | 196,574 | |
City & County of San Francisco Infrastructure & Revitalization Financing District No. 1 Series A (C) | 5.000 | 09-01-52 | 1,000,000 | 935,539 | |
City of Burbank Water and Power Electric Revenue | 5.000 | 06-01-38 | 200,000 | 223,331 | |
City of Burbank Water and Power Electric Revenue | 5.000 | 06-01-39 | 500,000 | 556,175 | |
City of Burbank Water and Power Electric Revenue | 5.000 | 06-01-40 | 700,000 | 775,687 | |
City of Emeryville Election of 2018, Series B, GO | 4.900 | 08-01-48 | 1,000,000 | 873,724 | |
City of Fresno Airport Revenue Series A, AMT (A) | 4.000 | 07-01-42 | 1,000,000 | 956,696 | |
City of Fresno Airport Revenue Series A, AMT (A) | 5.000 | 07-01-48 | 1,000,000 | 1,029,942 | |
City of Irvine Community Facilities District No. 2013-3 Great Park | 5.000 | 09-01-49 | 1,730,000 | 1,735,574 | |
City of Long Beach Alamitos Bay Marina Project | 5.000 | 05-15-45 | 380,000 | 381,654 | |
City of Long Beach Community Facilities District 6-Pike Project | 6.250 | 10-01-26 | 975,000 | 976,867 | |
City of Long Beach Airport System Revenue Series C, AMT (A) | 5.000 | 06-01-42 | 500,000 | 519,921 | |
City of Long Beach Harbor Revenue Series A | 5.000 | 05-15-44 | 500,000 | 537,448 | |
City of Los Angeles Department of Airports Los Angeles International Airport, AMT | 4.125 | 05-15-43 | 2,000,000 | 1,960,598 | |
City of Los Angeles Department of Airports Los Angeles International Airport, AMT | 5.250 | 05-15-48 | 1,000,000 | 1,065,958 |
12 | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Rate (%) | Maturity date | Par value^ | Value | ||
California (continued) | |||||
City of Los Angeles Department of Airports Los Angeles International Airport, Series A, AMT | 4.000 | 05-15-44 | 1,500,000 | $1,436,051 | |
City of Los Angeles Department of Airports Los Angeles International Airport, Series A, AMT | 4.000 | 05-15-49 | 1,500,000 | 1,386,249 | |
City of Los Angeles Department of Airports Los Angeles International Airport, Series F, AMT | 3.000 | 05-15-49 | 1,000,000 | 723,849 | |
City of Ontario Community Facilities District No. 56 (D) | 5.250 | 09-01-43 | 1,000,000 | 1,031,837 | |
City of Oroville Oroville Hospital | 5.250 | 04-01-49 | 1,000,000 | 589,306 | |
City of Rocklin Community Facilities District No. 10 Whitney (A) | 4.000 | 09-01-43 | 1,950,000 | 1,952,137 | |
City of Sacramento Greenbriar Community Facilities District No. 2018-3 | 4.000 | 09-01-50 | 600,000 | 502,061 | |
City of San Clemente Community Facilities District No. 2006-1 | 5.000 | 09-01-46 | 1,910,000 | 1,922,052 | |
City of San Francisco Public Utilities Commission Water Revenue Regional and Local Water, Series A | 5.250 | 11-01-48 | 2,000,000 | 2,253,497 | |
City of Vernon Electric System Revenue Series 2022-A | 5.000 | 08-01-40 | 340,000 | 356,413 | |
City of Vernon Electric System Revenue Series 2022-A | 5.000 | 08-01-41 | 800,000 | 835,904 | |
City of Victorville Electric Revenue Series A | 5.000 | 05-01-34 | 500,000 | 569,406 | |
City of Victorville Electric Revenue Series A | 5.000 | 05-01-35 | 540,000 | 612,113 | |
City of Victorville Electric Revenue Series A | 5.000 | 05-01-36 | 500,000 | 562,459 | |
Coachella Valley Water District Stormwater System Revenue Certificates of Participation, Series A | 5.000 | 08-01-35 | 920,000 | 1,079,039 | |
Coachella Valley Water District Stormwater System Revenue Certificates of Participation, Series A | 5.000 | 08-01-36 | 975,000 | 1,131,811 | |
Compton Community Redevelopment Agency Successor Agency Series A (A) | 5.000 | 08-01-42 | 1,250,000 | 1,350,619 | |
Contra Costa Water District Water Revenue | 5.000 | 10-01-53 | 1,000,000 | 1,098,586 | |
County of Sacramento Metro Air Park Community Facilities District No. 2000-1 | 5.000 | 09-01-47 | 1,000,000 | 968,540 | |
CSCDA Community Improvement Authority 1818 Platinum Triangle Anaheim, Series A-2 (C) | 3.250 | 04-01-57 | 300,000 | 197,877 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | 13 |
Rate (%) | Maturity date | Par value^ | Value | ||
California (continued) | |||||
CSCDA Community Improvement Authority Altana Glendale, Series A-2 (C) | 4.000 | 10-01-56 | 1,000,000 | $713,372 | |
CSCDA Community Improvement Authority Orange City Portfolio, Series A-2 (C) | 3.000 | 03-01-57 | 1,200,000 | 777,501 | |
CSCDA Community Improvement Authority Parallel Apartments Anaheim, Series A (C) | 4.000 | 08-01-56 | 1,000,000 | 724,990 | |
CSCDA Community Improvement Authority The Link-Glendale, Series A-2 (C) | 4.000 | 07-01-56 | 600,000 | 412,447 | |
Del Mar Union School District Election of 2018, Series B, GO | 4.000 | 08-01-46 | 1,000,000 | 1,006,446 | |
Downey Unified School District Series C, GO | 3.000 | 08-01-45 | 1,840,000 | 1,447,575 | |
Duarte Unified School District Election of 2020, Series B, GO (A) | 4.250 | 08-01-48 | 1,500,000 | 1,533,313 | |
El Monte City School District Election of 2008, Series C, GO (A) | 4.000 | 08-01-47 | 100,000 | 98,791 | |
Foothill-Eastern Transportation Corridor Agency Series B-2 (A) | 3.500 | 01-15-53 | 2,300,000 | 1,986,311 | |
Fremont Union High School District Santa Clara County, GO (D) | 5.000 | 08-01-33 | 1,000,000 | 1,162,186 | |
Fremont Union High School District Santa Clara County, GO (D) | 5.000 | 08-01-35 | 1,000,000 | 1,165,837 | |
Golden State Tobacco Securitization Corp. Series B-2 (B) | 5.391 | 06-01-66 | 15,650,000 | 1,626,337 | |
Golden State Tobacco Securitization Corp. Tobacco Settlement, Series A-1 | 5.000 | 06-01-51 | 1,000,000 | 1,025,902 | |
Hastings Campus Housing Finance Authority Series A (C) | 5.000 | 07-01-45 | 600,000 | 530,548 | |
Imperial Community College District Election of 2022, Series A, GO (A) | 5.250 | 08-01-53 | 745,000 | 817,816 | |
Independent Cities Finance Authority Union City Tropics | 3.250 | 05-15-39 | 1,250,000 | 1,099,555 | |
Inland Valley Development Agency Series A | 5.000 | 09-01-44 | 2,205,000 | 2,207,245 | |
Irvine Facilities Financing Authority Great Park Infrastructure Project (A) | 4.000 | 09-01-58 | 1,750,000 | 1,718,201 | |
Jefferson Union High School District Measure Z, Series A, GO | 5.000 | 08-01-43 | 400,000 | 446,188 | |
Jefferson Union High School District Measure Z, Series A, GO | 5.000 | 08-01-44 | 570,000 | 633,320 | |
Jurupa Community Services District Community Facilities District No. 31 Eastvale Project (A) | 4.000 | 09-01-38 | 1,045,000 | 1,063,170 | |
Jurupa Community Services District Community Facilities District No. 31 Eastvale Project (A) | 4.000 | 09-01-42 | 1,325,000 | 1,327,188 | |
La Mesa-Spring Valley School District Election of 2020, Series B, GO | 4.000 | 08-01-42 | 300,000 | 301,528 | |
La Mesa-Spring Valley School District Election of 2020, Series B, GO | 4.000 | 08-01-43 | 290,000 | 290,924 |
14 | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Rate (%) | Maturity date | Par value^ | Value | ||
California (continued) | |||||
La Mesa-Spring Valley School District Election of 2020, Series B, GO | 4.000 | 08-01-51 | 750,000 | $742,908 | |
Long Beach Bond Finance Authority Lease Revenue | 5.000 | 08-01-29 | 475,000 | 534,106 | |
Long Beach Bond Finance Authority Lease Revenue | 5.000 | 08-01-31 | 325,000 | 376,712 | |
Long Beach Bond Finance Authority Lease Revenue | 5.000 | 08-01-46 | 1,000,000 | 1,073,236 | |
Long Beach Community College District Election of 2016, Series C, GO | 4.000 | 08-01-45 | 15,000 | 15,049 | |
Los Angeles Community College District Election of 2008, Series K, GO | 3.000 | 08-01-39 | 1,080,000 | 927,561 | |
Los Angeles Department of Water & Power Series C | 5.000 | 07-01-51 | 2,000,000 | 2,156,447 | |
Los Angeles Department of Water & Power Series D | 5.000 | 07-01-52 | 1,000,000 | 1,089,707 | |
Los Angeles Unified School District Series QRR, GO | 5.250 | 07-01-47 | 2,500,000 | 2,801,101 | |
Los Angeles Unified School District Series RYQ, GO | 4.000 | 07-01-44 | 1,825,000 | 1,841,893 | |
Miracosta Community College District 2023 School Financing Project | 4.500 | 07-01-53 | 1,000,000 | 1,036,756 | |
Moreno Valley Unified School District Election of 2014, Series C, GO (A) | 3.000 | 08-01-46 | 1,945,000 | 1,493,501 | |
Moreno Valley Unified School District Election of 2014, Series D, GO (A) | 4.000 | 08-01-45 | 1,000,000 | 992,641 | |
Mount Diablo Unified School District Series B, GO | 4.000 | 08-01-33 | 1,300,000 | 1,394,686 | |
Mount San Antonio Community College District Election of 2008, Series E, GO (B) | 4.437 | 08-01-45 | 3,010,000 | 1,158,901 | |
Mountain View School District Election of 2020, Series B, GO (A) | 4.000 | 08-01-52 | 500,000 | 484,133 | |
Mountain View School District Election of 2020, Series B, GO (A) | 5.000 | 08-01-49 | 500,000 | 536,052 | |
M-S-R Energy Authority Series B | 6.500 | 11-01-39 | 1,500,000 | 1,842,749 | |
Norman Y. Mineta San Jose International Airport SJC Series A, AMT | 5.000 | 03-01-47 | 1,500,000 | 1,504,673 | |
Oak Grove School District Election of 2022, Series A-2, GO | 4.000 | 08-01-49 | 2,000,000 | 1,991,797 | |
Ontario Public Financing Authority Civic Center Improvements, Series A (A) | 5.000 | 11-01-52 | 1,410,000 | 1,497,949 | |
Orange County Community Facilities District 2017-1 Esencia Village Improvement Area No. 1, Series A | 5.000 | 08-15-47 | 1,565,000 | 1,584,978 | |
Orange County Community Facilities District No. 2021-1 Rienda, Series A | 5.000 | 08-15-52 | 500,000 | 500,112 | |
Orange County Community Facilities District Rienda Phase 2B (D) | 5.500 | 08-15-53 | 1,000,000 | 1,019,607 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | 15 |
Rate (%) | Maturity date | Par value^ | Value | ||
California (continued) | |||||
Pacifica School District Series C, GO (A)(B) | 3.440 | 08-01-26 | 1,000,000 | $912,481 | |
Palmdale Water District Public Financing Authority Series A (A) | 4.125 | 10-01-50 | 1,000,000 | 991,833 | |
Port of Los Angeles Series A, AMT | 5.000 | 08-01-44 | 1,840,000 | 1,846,278 | |
Poway Public Financing Authority Series A (A) | 5.250 | 06-01-53 | 2,000,000 | 2,201,097 | |
Redwood City Public Facilities & Infrastructure Authority Veterans Memorial Building Senior Center | 3.000 | 06-01-51 | 1,795,000 | 1,330,751 | |
Regents of the University of California Medical Center, Revenue Series P | 4.000 | 05-15-43 | 1,700,000 | 1,719,227 | |
River Islands Public Financing Authority Community Facilities District No. 2003-1, Series A | 5.000 | 09-01-48 | 1,000,000 | 980,550 | |
River Islands Public Financing Authority Community Facilities District No. 2016-1 (A) | 4.250 | 09-01-42 | 1,000,000 | 1,003,806 | |
River Islands Public Financing Authority Community Facilities District No. 2016-1 (A) | 5.250 | 09-01-52 | 500,000 | 540,674 | |
River Islands Public Financing Authority Lathrop Irrigation District (A) | 4.000 | 09-01-35 | 1,125,000 | 1,170,932 | |
Riverside County Transportation Commission Route 91 Express Lanes, Series C | 4.000 | 06-01-47 | 1,680,000 | 1,528,867 | |
Sacramento Municipal Utility District Series H | 4.000 | 08-15-45 | 750,000 | 754,675 | |
Salinas City Elementary School District Election of 2022, Measure G, Series A, GO (A) | 4.000 | 08-01-53 | 1,000,000 | 965,538 | |
Salinas City Elementary School District Election of 2022, Measure G, Series A, GO (A) | 5.250 | 08-01-48 | 1,000,000 | 1,089,362 | |
Salinas Union High School District Certificates of Participation, Workforce Housing Project (A) | 4.125 | 06-01-42 | 125,000 | 126,281 | |
Salinas Union High School District Series A, GO | 4.000 | 08-01-47 | 1,200,000 | 1,204,327 | |
Salinas Union High School District Series B, GO | 4.000 | 08-01-49 | 1,200,000 | 1,196,984 | |
San Bernardino Community College District Election of 2002, Series D, GO (B) | 3.445 | 08-01-33 | 2,000,000 | 1,434,480 | |
San Bernardino Community College District Election of 2008, Series B, GO (B) | 4.646 | 08-01-44 | 1,530,000 | 590,246 | |
San Bernardino County Transportation Authority Series A | 4.000 | 03-01-38 | 2,000,000 | 2,073,291 | |
San Diego County Regional Airport Authority Series A | 4.000 | 07-01-51 | 2,000,000 | 1,909,378 | |
San Diego County Regional Airport Authority Series B, AMT | 4.000 | 07-01-39 | 1,295,000 | 1,264,676 |
16 | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Rate (%) | Maturity date | Par value^ | Value | ||
California (continued) | |||||
San Diego Unified School District Election of 2008, Series K-2, GO (B) | 3.852 | 07-01-33 | 205,000 | $141,943 | |
San Diego Unified School District Election of 2012, Series O-2, GO | 4.250 | 07-01-47 | 1,460,000 | 1,489,781 | |
San Diego Unified School District Election of 2022, Series A-3, GO | 4.000 | 07-01-53 | 3,000,000 | 2,942,185 | |
San Diego Unified School District Series I, GO (B) | 4.406 | 07-01-39 | 1,250,000 | 632,200 | |
San Francisco Bay Area Rapid Transit District Election of 2016, Series D1, GO (E) | 4.000 | 08-01-37 | 2,810,000 | 2,866,197 | |
San Francisco Bay Area Rapid Transit District Election of 2016, Series D1, GO (E) | 4.250 | 08-01-52 | 7,305,000 | 7,399,738 | |
San Francisco Bay Area Rapid Transit District Sales Tax Revenue Series A | 3.000 | 07-01-44 | 2,000,000 | 1,543,260 | |
San Francisco City & County Airport Commission Series A, AMT | 4.000 | 05-01-49 | 815,000 | 749,761 | |
San Francisco City & County Airport Commission Series A, AMT | 5.000 | 05-01-38 | 1,000,000 | 1,067,709 | |
San Francisco City & County Airport Commission Series A, AMT | 5.000 | 05-01-49 | 1,500,000 | 1,526,685 | |
San Francisco City & County Airport Commission SFO Fuel Company, AMT | 5.000 | 01-01-47 | 2,000,000 | 2,038,277 | |
San Francisco City & County Public Utilities Commission Power Revenue Local Water, Series C | 4.000 | 11-01-50 | 1,135,000 | 1,126,306 | |
San Francisco City & County Public Utilities Commission Power Revenue Series A | 5.000 | 11-01-45 | 1,500,000 | 1,522,129 | |
San Francisco City & County Public Utilities Commission Wastewater Revenue Series A | 4.000 | 10-01-51 | 1,355,000 | 1,341,643 | |
San Francisco City & County Redevelopment Successor Agency Community Facilities District No. 6, Mission Bay South, Series A | 5.150 | 08-01-35 | 1,250,000 | 1,253,948 | |
San Francisco City & County Redevelopment Successor Agency Mission Bay Project, Series A | 5.000 | 08-01-43 | 475,000 | 475,840 | |
San Joaquin Hills Transportation Corridor Agency Series A | 4.000 | 01-15-50 | 1,000,000 | 974,944 | |
San Jose Evergreen Community College District Election of 2016, Series C, GO | 4.000 | 09-01-43 | 1,000,000 | 1,015,131 | |
San Jose Financing Authority Series B | 5.000 | 11-01-52 | 1,000,000 | 1,094,320 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | 17 |
Rate (%) | Maturity date | Par value^ | Value | ||
California (continued) | |||||
San Luis Obispo Public Financing Authority Cultural Arts District Parking Project | 5.000 | 12-01-53 | 1,490,000 | $1,610,675 | |
San Mateo Foster City School District Election of 2020, Series B, GO | 4.000 | 08-01-42 | 1,000,000 | 1,020,146 | |
Santa Ana Financing Authority Police Administration & Holding Facility, Series A (A) | 6.250 | 07-01-24 | 1,125,000 | 1,144,188 | |
Santa Ana Financing Authority Prerefunded, Police Administration & Holding Facility, Series A (A) | 6.250 | 07-01-24 | 1,130,000 | 1,149,534 | |
Santa Ana Unified School District Election of 2018, Series C, GO | 4.000 | 08-01-44 | 2,000,000 | 2,017,081 | |
Santa Clara Valley Water District Safe Clean Water Revenue Series A | 5.000 | 08-01-47 | 1,000,000 | 1,104,101 | |
Santa Cruz County Capital Financing Authority Green Bond | 4.125 | 06-01-48 | 1,005,000 | 1,007,079 | |
Santa Maria Joint Union High School District Election of 2016, GO | 3.000 | 08-01-41 | 1,000,000 | 831,228 | |
Santa Maria Joint Union High School District Election of 2016, GO | 3.000 | 08-01-42 | 1,670,000 | 1,358,595 | |
Santa Monica Community College District Series B, GO | 4.000 | 08-01-45 | 1,155,000 | 1,168,366 | |
Southern California Public Power Authority Apex Power Project, Series A | 5.000 | 07-01-38 | 1,000,000 | 1,004,145 | |
Southern California Public Power Authority Natural Gas Project, Series A | 5.250 | 11-01-26 | 2,000,000 | 2,074,050 | |
State of California Series CU, GO | 4.850 | 12-01-46 | 1,000,000 | 1,018,929 | |
State of California Various Purpose, GO | 5.000 | 04-01-32 | 2,335,000 | 2,745,037 | |
State of California Various Purpose, GO | 5.000 | 10-01-42 | 2,000,000 | 2,255,193 | |
State of California Various Purpose, GO | 5.000 | 10-01-45 | 1,100,000 | 1,221,612 | |
Sweetwater Union High School District Election of 2018, Series A-1, GO | 5.000 | 08-01-52 | 2,000,000 | 2,131,326 | |
Three Rivers Levee Improvement Authority Community Facilities District No. 2006-1, Series A | 4.000 | 09-01-51 | 1,000,000 | 786,390 | |
Tobacco Securitization Authority of Southern California Tobacco Settlement, Series B1-2 | 5.000 | 06-01-48 | 2,000,000 | 2,029,965 | |
Transbay Joint Powers Authority Series A | 5.000 | 10-01-32 | 345,000 | 367,002 | |
Union Elementary School District Election of 2022, Series A, GO | 4.000 | 09-01-52 | 1,000,000 | 994,503 | |
University of California Series AZ | 5.000 | 05-15-48 | 1,500,000 | 1,579,306 |
18 | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Rate (%) | Maturity date | Par value^ | Value | ||
California (continued) | |||||
University of California Series BK | 5.000 | 05-15-52 | 1,720,000 | $1,869,758 | |
University of California Series BM | 5.000 | 05-15-39 | 1,000,000 | 1,146,947 | |
Val Verde Unified School District Election of 2020, Series B, GO (A) | 4.000 | 08-01-51 | 2,120,000 | 2,051,963 | |
Vista Unified School District Series B, GO (A) | 4.250 | 08-01-44 | 1,500,000 | 1,540,160 | |
Vista Unified School District Series B, GO (A) | 5.000 | 08-01-42 | 1,000,000 | 1,105,256 | |
West Hollywood Public Financing Authority Series A | 3.000 | 04-01-42 | 2,000,000 | 1,651,583 | |
William S. Hart Union High School District Community Facilities District No. 2015-1 | 5.000 | 09-01-47 | 1,000,000 | 1,009,806 | |
Windsor Unified School District Election of 2016, GO (A) | 4.000 | 08-01-46 | 2,100,000 | 2,106,708 | |
Yorba Linda Water District Public Financing Corp. Series A | 4.000 | 10-01-52 | 190,000 | 190,084 | |
Connecticut 0.1% | 399,488 | ||||
Town of Hamden Whitney Center Project | 5.000 | 01-01-50 | 500,000 | 399,488 | |
Ohio 0.5% | 1,323,354 | ||||
Buckeye Tobacco Settlement Financing Authority Series B-2, Class 2 | 5.000 | 06-01-55 | 1,500,000 | 1,323,354 | |
Puerto Rico 0.9% | 2,668,849 | ||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-1 (B) | 5.490 | 07-01-46 | 3,825,000 | 1,123,949 | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-1 (B) | 5.623 | 07-01-51 | 3,450,000 | 746,270 | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-2 | 4.784 | 07-01-58 | 850,000 | 798,630 | |
Shares | Value | ||||
Closed-end funds 0.4% | $1,077,550 | ||||
(Cost $1,039,842) | |||||
Invesco California Value Municipal Income Trust | 115,000 | 1,077,550 | |||
Yield (%) | Shares | Value | |||
Short-term investments 0.9% | $2,872,483 | ||||
(Cost $2,872,264) | |||||
Short-term funds 0.9% | |||||
John Hancock Collateral Trust (F) | 5.4088(G) | 287,245 | 2,872,483 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | 19 |
Yield (%) | Shares | Value | |||
Total investments (Cost $313,557,737) 102.6% | $312,330,107 | ||||
Other assets and liabilities, net (2.6%) | (7,823,059) | ||||
Total net assets 100.0% | $304,507,048 |
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) | Bond is insured by one or more of the companies listed in the insurance coverage table below. |
(B) | Zero coupon bonds are issued at a discount from their principal amount in lieu of paying interest periodically. Rate shown is the effective yield at period end. |
(C) | 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. |
(D) | Security purchased or sold on a when-issued or delayed delivery basis. |
(E) | Security represents the municipal bond held by a trust that issues residual inverse floating rate interests. See Note 2 for more information. |
(F) | Investment is an affiliate of the fund, the advisor and/or subadvisor. |
(G) | The rate shown is the annualized seven-day yield as of 11-30-23. |
Insurance coverage | As a % of total investments |
Assured Guaranty Municipal Corp. | 7.3 |
Build America Mutual Assurance Company | 6.9 |
National Public Finance Guarantee Corp. | 1.0 |
California Mortgage Insurance | 1.0 |
TOTAL | 16.2 |
20 | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Assets | |
Unaffiliated investments, at value (Cost $310,685,473) | $309,457,624 |
Affiliated investments, at value (Cost $2,872,264) | 2,872,483 |
Total investments, at value (Cost $313,557,737) | 312,330,107 |
Interest receivable | 3,599,760 |
Receivable for fund shares sold | 1,415,124 |
Receivable for investments sold | 105,637 |
Other assets | 46,898 |
Total assets | 317,497,526 |
Liabilities | |
Payable for floating rate interests issued | 5,095,000 |
Distributions payable | 41,956 |
Payable for investments purchased | 2,490,138 |
Payable for delayed delivery securities purchased | 4,333,170 |
Payable for fund shares repurchased | 819,969 |
Payable to affiliates | |
Investment management fees | 109,118 |
Accounting and legal services fees | 13,111 |
Transfer agent fees | 3,999 |
Distribution and service fees | 23,318 |
Trustees’ fees | 358 |
Other liabilities and accrued expenses | 60,341 |
Total liabilities | 12,990,478 |
Net assets | $304,507,048 |
Net assets consist of | |
Paid-in capital | $311,055,114 |
Total distributable earnings (loss) | (6,548,066) |
Net assets | $304,507,048 |
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 ($198,475,934 ÷ 20,201,384 shares)1 | $9.82 |
Class C ($3,793,808 ÷ 386,173 shares)1 | $9.82 |
Class I ($64,076,018 ÷ 6,518,069 shares) | $9.83 |
Class R6 ($38,161,288 ÷ 3,880,478 shares) | $9.83 |
Maximum offering price per share | |
Class A (net asset value per share ÷ 96%)2 | $10.23 |
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 California Municipal Bond Fund | 21 |
Investment income | |
Interest | $6,265,105 |
Dividends from affiliated investments | 147,247 |
Dividends | 22,597 |
Total investment income | 6,434,949 |
Expenses | |
Investment management fees | 764,543 |
Distribution and service fees | 165,269 |
Interest expense | 94,535 |
Accounting and legal services fees | 32,306 |
Transfer agent fees | 24,852 |
Trustees’ fees | 3,330 |
Custodian fees | 24,874 |
State registration fees | 23,487 |
Printing and postage | 9,970 |
Professional fees | 32,947 |
Other | 11,688 |
Total expenses | 1,187,801 |
Less expense reductions | (80,636) |
Net expenses | 1,107,165 |
Net investment income | 5,327,784 |
Realized and unrealized gain (loss) | |
Net realized gain (loss) on | |
Unaffiliated investments | (5,502,906) |
Affiliated investments | 597 |
(5,502,309) | |
Change in net unrealized appreciation (depreciation) of | |
Unaffiliated investments | 7,033,627 |
Affiliated investments | 157 |
7,033,784 | |
Net realized and unrealized gain | 1,531,475 |
Increase in net assets from operations | $6,859,259 |
22 | JOHN HANCOCK California Municipal Bond Fund | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Six months ended 11-30-23 (unaudited) | Year ended 5-31-23 | |
Increase (decrease) in net assets | ||
From operations | ||
Net investment income | $5,327,784 | $8,232,542 |
Net realized loss | (5,502,309) | (1,467,255) |
Change in net unrealized appreciation (depreciation) | 7,033,784 | (7,307,629) |
Increase (decrease) in net assets resulting from operations | 6,859,259 | (542,342) |
Distributions to shareholders | ||
From earnings | ||
Class A | (3,315,156) | (6,357,879) |
Class C | (53,129) | (162,323) |
Class I | (1,216,390) | (1,708,294) |
Class R6 | (607,595) | (792,549) |
Total distributions | (5,192,270) | (9,021,045) |
From fund share transactions | 16,561,023 | 76,174,163 |
Total increase | 18,228,012 | 66,610,776 |
Net assets | ||
Beginning of period | 286,279,036 | 219,668,260 |
End of period | $304,507,048 | $286,279,036 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK California Municipal Bond Fund | 23 |
CLASS A SHARES Period ended | 11-30-231 | 5-31-23 | 5-31-22 | 5-31-21 | 5-31-20 | 5-31-19 |
Per share operating performance | ||||||
Net asset value, beginning of period | $9.73 | $10.14 | $11.06 | $10.66 | $10.94 | $10.73 |
Net investment income2 | 0.17 | 0.32 | 0.27 | 0.30 | 0.34 | 0.36 |
Net realized and unrealized gain (loss) on investments | 0.08 | (0.39) | (0.84) | 0.40 | (0.20) | 0.22 |
Total from investment operations | 0.25 | (0.07) | (0.57) | 0.70 | 0.14 | 0.58 |
Less distributions | ||||||
From net investment income | (0.16) | (0.31) | (0.28) | (0.30) | (0.34) | (0.36) |
From net realized gain | — | (0.03) | (0.07) | — | (0.08) | (0.01) |
Total distributions | (0.16) | (0.34) | (0.35) | (0.30) | (0.42) | (0.37) |
Net asset value, end of period | $9.82 | $9.73 | $10.14 | $11.06 | $10.66 | $10.94 |
Total return (%)3,4 | 2.675 | (0.55) | (5.26) | 6.64 | 1.22 | 5.57 |
Ratios and supplemental data | ||||||
Net assets, end of period (in millions) | $198 | $188 | $181 | $181 | $173 | $176 |
Ratios (as a percentage of average net assets): | ||||||
Expenses before reductions6 | 0.837 | 0.85 | 0.82 | 0.85 | 0.85 | 0.86 |
Expenses including reductions6 | 0.787 | 0.79 | 0.81 | 0.84 | 0.84 | 0.85 |
Net investment income | 3.517 | 3.26 | 2.53 | 2.76 | 3.12 | 3.42 |
Portfolio turnover (%) | 27 | 23 | 17 | 23 | 22 | 22 |
1 | Six months ended 11-30-23. 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 | Does not reflect the effect of sales charges, if any. |
5 | Not annualized. |
6 | Includes interest expense of 0.06% (annualized) and 0.04% for the periods ended 11-30-23 and 5-31-23, respectively. |
7 | Annualized. |
24 | JOHN HANCOCK California Municipal Bond Fund | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
CLASS C SHARES Period ended | 11-30-231 | 5-31-23 | 5-31-22 | 5-31-21 | 5-31-20 | 5-31-19 |
Per share operating performance | ||||||
Net asset value, beginning of period | $9.73 | $10.14 | $11.06 | $10.66 | $10.94 | $10.73 |
Net investment income2 | 0.13 | 0.24 | 0.19 | 0.22 | 0.26 | 0.28 |
Net realized and unrealized gain (loss) on investments | 0.09 | (0.38) | (0.84) | 0.40 | (0.20) | 0.22 |
Total from investment operations | 0.22 | (0.14) | (0.65) | 0.62 | 0.06 | 0.50 |
Less distributions | ||||||
From net investment income | (0.13) | (0.24) | (0.20) | (0.22) | (0.26) | (0.28) |
From net realized gain | — | (0.03) | (0.07) | — | (0.08) | (0.01) |
Total distributions | (0.13) | (0.27) | (0.27) | (0.22) | (0.34) | (0.29) |
Net asset value, end of period | $9.82 | $9.73 | $10.14 | $11.06 | $10.66 | $10.94 |
Total return (%)3,4 | 2.285 | (1.29) | (5.97) | 5.85 | 0.47 | 4.78 |
Ratios and supplemental data | ||||||
Net assets, end of period (in millions) | $4 | $5 | $8 | $11 | $16 | $19 |
Ratios (as a percentage of average net assets): | ||||||
Expenses before reductions6 | 1.687 | 1.71 | 1.67 | 1.70 | 1.70 | 1.71 |
Expenses including reductions6 | 1.537 | 1.55 | 1.56 | 1.59 | 1.59 | 1.60 |
Net investment income | 2.757 | 2.51 | 1.78 | 2.02 | 2.37 | 2.67 |
Portfolio turnover (%) | 27 | 23 | 17 | 23 | 22 | 22 |
1 | Six months ended 11-30-23. 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 | Does not reflect the effect of sales charges, if any. |
5 | Not annualized. |
6 | Includes interest expense of 0.06% (annualized) and 0.04% for the periods ended 11-30-23 and 5-31-23, respectively. |
7 | Annualized. |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK California Municipal Bond Fund | 25 |
CLASS I SHARES Period ended | 11-30-231 | 5-31-23 | 5-31-22 | 5-31-21 | 5-31-20 | 5-31-19 |
Per share operating performance | ||||||
Net asset value, beginning of period | $9.73 | $10.15 | $11.07 | $10.66 | $10.94 | $10.73 |
Net investment income2 | 0.17 | 0.33 | 0.29 | 0.32 | 0.35 | 0.38 |
Net realized and unrealized gain (loss) on investments | 0.10 | (0.39) | (0.84) | 0.41 | (0.20) | 0.22 |
Total from investment operations | 0.27 | (0.06) | (0.55) | 0.73 | 0.15 | 0.60 |
Less distributions | ||||||
From net investment income | (0.17) | (0.33) | (0.30) | (0.32) | (0.35) | (0.38) |
From net realized gain | — | (0.03) | (0.07) | — | (0.08) | (0.01) |
Total distributions | (0.17) | (0.36) | (0.37) | (0.32) | (0.43) | (0.39) |
Net asset value, end of period | $9.83 | $9.73 | $10.15 | $11.07 | $10.66 | $10.94 |
Total return (%)3 | 2.854 | (0.50) | (5.11) | 6.90 | 1.37 | 5.72 |
Ratios and supplemental data | ||||||
Net assets, end of period (in millions) | $64 | $64 | $19 | $13 | $15 | $10 |
Ratios (as a percentage of average net assets): | ||||||
Expenses before reductions5 | 0.686 | 0.70 | 0.67 | 0.70 | 0.70 | 0.71 |
Expenses including reductions5 | 0.636 | 0.64 | 0.66 | 0.69 | 0.69 | 0.70 |
Net investment income | 3.656 | 3.41 | 2.68 | 2.90 | 3.25 | 3.58 |
Portfolio turnover (%) | 27 | 23 | 17 | 23 | 22 | 22 |
1 | Six months ended 11-30-23. 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 | Includes interest expense of 0.06% (annualized) and 0.04% for the periods ended 11-30-23 and 5-31-23, respectively. |
6 | Annualized. |
26 | JOHN HANCOCK California Municipal Bond Fund | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
CLASS R6 SHARES Period ended | 11-30-231 | 5-31-23 | 5-31-22 | 5-31-21 | 5-31-20 | 5-31-19 |
Per share operating performance | ||||||
Net asset value, beginning of period | $9.74 | $10.15 | $11.07 | $10.66 | $10.94 | $10.73 |
Net investment income2 | 0.18 | 0.33 | 0.29 | 0.32 | 0.36 | 0.38 |
Net realized and unrealized gain (loss) on investments | 0.08 | (0.38) | (0.83) | 0.41 | (0.20) | 0.22 |
Total from investment operations | 0.26 | (0.05) | (0.54) | 0.73 | 0.16 | 0.60 |
Less distributions | ||||||
From net investment income | (0.17) | (0.33) | (0.31) | (0.32) | (0.36) | (0.38) |
From net realized gain | — | (0.03) | (0.07) | — | (0.08) | (0.01) |
Total distributions | (0.17) | (0.36) | (0.38) | (0.32) | (0.44) | (0.39) |
Net asset value, end of period | $9.83 | $9.74 | $10.15 | $11.07 | $10.66 | $10.94 |
Total return (%)3 | 2.754 | (0.38) | (5.08) | 6.93 | 1.40 | 5.76 |
Ratios and supplemental data | ||||||
Net assets, end of period (in millions) | $38 | $30 | $12 | $9 | $7 | $4 |
Ratios (as a percentage of average net assets): | ||||||
Expenses before reductions5 | 0.676 | 0.69 | 0.63 | 0.66 | 0.67 | 0.68 |
Expenses including reductions5 | 0.626 | 0.63 | 0.63 | 0.65 | 0.66 | 0.67 |
Net investment income | 3.676 | 3.41 | 2.70 | 2.93 | 3.28 | 3.58 |
Portfolio turnover (%) | 27 | 23 | 17 | 23 | 22 | 22 |
1 | Six months ended 11-30-23. 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 | Includes interest expense of 0.06% (annualized) and 0.04% for the periods ended 11-30-23 and 5-31-23, respectively. |
6 | Annualized. |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK California Municipal Bond Fund | 27 |
28 | JOHN HANCOCK California Municipal Bond Fund | SEMIANNUAL REPORT |
Total value at 11-30-23 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs | |
Investments in securities: | ||||
Assets | ||||
Municipal bonds | $308,380,074 | — | $308,380,074 | — |
Closed-end funds | 1,077,550 | $1,077,550 | — | — |
Short-term investments | 2,872,483 | 2,872,483 | — | — |
Total investments in securities | $312,330,107 | $3,950,033 | $308,380,074 | — |
SEMIANNUAL REPORT | JOHN HANCOCK California Municipal Bond Fund | 29 |
TOB floaters outstanding | $5,095,000 |
Interest rate (%) | 3.31% |
Collateral for TOB floaters outstanding | $7,774,032 |
Average TOB floaters outstanding | $4,298,415 |
Average interest rate (%) | 4.40% |
30 | JOHN HANCOCK California Municipal Bond Fund | SEMIANNUAL REPORT |
SEMIANNUAL REPORT | JOHN HANCOCK California Municipal Bond Fund | 31 |
32 | JOHN HANCOCK California Municipal Bond Fund | SEMIANNUAL REPORT |
Class | Expense reduction |
Class A | $50,870 |
Class C | 1,048 |
Class I | 17,821 |
Class | Expense reduction |
Class R6 | $8,898 |
Total | $78,637 |
Class | Rule 12b-1 Fee |
Class A | 0.15% |
Class C | 1.00% |
SEMIANNUAL REPORT | JOHN HANCOCK California Municipal Bond Fund | 33 |
Class | Distribution and service fees | Transfer agent fees |
Class A | $145,278 | $17,570 |
Class C | 19,991 | 359 |
Class I | — | 6,205 |
Class R6 | — | 718 |
Total | $165,269 | $24,852 |
Six Months Ended 11-30-23 | Year Ended 5-31-23 | |||
Shares | Amount | Shares | Amount | |
Class A shares | ||||
Sold | 3,132,831 | $30,127,019 | 5,346,401 | $52,160,877 |
Distributions reinvested | 322,200 | 3,078,128 | 596,376 | 5,808,527 |
Repurchased | (2,574,315) | (23,984,954) | (4,447,616) | (43,216,692) |
Net increase | 880,716 | $9,220,193 | 1,495,161 | $14,752,712 |
Class C shares | ||||
Sold | 43,594 | $418,804 | 90,279 | $886,250 |
Distributions reinvested | 4,884 | 46,686 | 14,246 | 138,718 |
Repurchased | (143,675) | (1,392,643) | (372,372) | (3,634,831) |
Net decrease | (95,197) | $(927,153) | (267,847) | $(2,609,863) |
Class I shares | ||||
Sold | 2,508,457 | $24,118,764 | 6,480,980 | $63,457,049 |
Distributions reinvested | 126,704 | 1,209,950 | 173,875 | 1,693,883 |
Repurchased | (2,652,728) | (24,834,502) | (1,970,598) | (19,157,990) |
Net increase (decrease) | (17,567) | $494,212 | 4,684,257 | $45,992,942 |
34 | JOHN HANCOCK California Municipal Bond Fund | SEMIANNUAL REPORT |
Six Months Ended 11-30-23 | Year Ended 5-31-23 | |||
Shares | Amount | Shares | Amount | |
Class R6 shares | ||||
Sold | 1,535,862 | $14,721,489 | 2,712,508 | $26,429,221 |
Distributions reinvested | 63,567 | 607,505 | 81,253 | 792,535 |
Repurchased | (799,358) | (7,555,223) | (943,750) | (9,183,384) |
Net increase | 800,071 | $7,773,771 | 1,850,011 | $18,038,372 |
Total net increase | 1,568,023 | $16,561,023 | 7,761,582 | $76,174,163 |
Dividends and distributions | |||||||||
Affiliate | Ending share amount | Beginning value | Cost of purchases | Proceeds from shares sold | Realized gain (loss) | Change in unrealized appreciation (depreciation) | Income distributions received | Capital gain distributions received | Ending value |
John Hancock Collateral Trust | 287,245 | $3,774,313 | $45,386,076 | $(46,288,660) | $597 | $157 | $147,247 | — | $2,872,483 |
SEMIANNUAL REPORT | JOHN HANCOCK California Municipal Bond Fund | 35 |
36 | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | SEMIANNUAL REPORT |
(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 fund industry developments; |
(d) | the Advisor’s administrative capabilities, including its ability to supervise the other service providers for the fund, as well as the Advisor’s oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the fund, and bringing loss recovery actions on behalf of the fund; |
(e) | the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund; |
SEMIANNUAL REPORT | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | 37 |
(f) | the Advisor’s initiatives intended to improve various aspects of the Trust’s operations and investor experience with the fund; and |
(g) | the Advisor’s reputation and experience in serving as an investment advisor to the Trust and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments. |
(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. |
38 | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | SEMIANNUAL REPORT |
(a) | reviewed financial information of the Advisor; |
(b) | reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund; |
(c) | received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund; |
(d) | received information with respect to the Advisor’s allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor’s allocation methodologies; |
(e) | considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability information reviewed by the Board; |
(f) | considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement; |
(g) | noted that affiliates of the Advisor provide transfer agency services and distribution services to the fund, and that the fund’s distributor also receives Rule 12b-1 payments to support distribution of the fund; |
(h) | noted that the fund’s Subadvisor is an affiliate of the Advisor; |
(i) | noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund; |
(j) | noted that the subadvisory fee for the fund is paid by the Advisor; |
(k) | considered the Advisor’s ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and |
(l) | considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the risks that it assumes as Advisor, including entrepreneurial, operational, reputational, litigation and regulatory risk. |
SEMIANNUAL REPORT | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | 39 |
(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. |
(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. |
40 | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | SEMIANNUAL REPORT |
(1) | the Subadvisor has extensive experience and demonstrated skills as a manager; |
(2) | the performance of the fund has generally been in line with or outperformed the historical performance of comparable funds; |
(3) | the subadvisory fee is reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and |
(4) | noted that the subadvisory fees are paid by the Advisor not the fund and that the subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit shareholders to benefit from economies of scale if the fund grows. |
SEMIANNUAL REPORT | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | 41 |
Steven R. Pruchansky, Vice Chairperson
Andrew G. Arnott†
James R. Boyle
William H. Cunningham*
Grace K. Fey
Noni L. Ellison
Dean C. Garfield
Deborah C. Jackson
Paul Lorentz†
Frances G. Rathke*
Gregory A. Russo
President
Chief Financial Officer
Treasurer
Secretary and Chief Legal Officer
Chief Compliance Officer
Adam A. Weigold, CFA
You can also contact us: | ||
800-225-5291 | Regular mail: | Express mail: |
jhinvestments.com | John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909 | John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407 |
42 | JOHN HANCOCK CALIFORNIA MUNICIPAL BOND FUND | SEMIANNUAL REPORT |
GOVERNANCE FUNDS
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.
a diverse set of investments backed by some of the world’s best
managers, along with strong risk-adjusted returns across asset classes.
200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
MF3267910 | 53SA 11/23 |
ITEM 2. CODE OF ETHICS.
Not Applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not Applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not Applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not Applicable.
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.
(a)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 and Governance 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 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) Not applicable
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 California Tax-Free Income Fund
By: | /s/ Kristie M. Feinberg |
| Kristie M. Feinberg |
| President |
Date: | January 12, 2024 |
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/ Kristie M. Feinberg |
| Kristie M. Feinberg |
| President |
Date: | January 12, 2024 |
By: | /s/ Charles A. Rizzo |
| Charles A. Rizzo |
| Chief Financial Officer |
Date: | January 12, 2024 |