As filed with the Securities and Exchange Commission
on
1933 Act File No. 033-31675
1940 Act File No. 811-05979
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | ☒ | |
PRE-EFFECTIVE AMENDMENT NO. | ☐ | |
POST-EFFECTIVE AMENDMENT NO. 62 | ||
and/or | ||
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | ☒ | |
AMENDMENT NO. 65 | ||
(CHECK APPROPRIATE BOX OR BOXES) |
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
200 BERKELEY STREET
BOSTON, MASSACHUSETTS 02116
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE
(800) 225-5291
CHRISTOPHER (KIT) SECHLER
200 BERKELEY STREET
BOSTON, MASSACHUSETTS 02116
(NAME AND ADDRESS OF AGENT FOR SERVICE)
COPIES OF COMMUNICATIONS TO:
MARK P. GOSHKO, ESQ.
K & L GATES LLP
ONE LINCOLN STREET
BOSTON, MA 02111-2950
TITLE OF SECURITIES BEING REGISTERED: Shares of beneficial interest ($0.00 par value) of the Registrant.
APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING: As soon as practicable after the effective date of this Registration Statement.
It is proposed that this filing will become effective (check appropriate box):
☐ | immediately upon filing pursuant to paragraph (b) of Rule 485 |
☑ | on |
☐ | 60 days after filing pursuant to paragraph (a)(1) of Rule 485 |
☐ | on (date) pursuant to paragraph (a)(1) of Rule 485 |
☐ | 75 days after filing pursuant to paragraph (a)(2) of Rule 485 |
☐ | on (date) pursuant to paragraph (a)(2) of Rule 485 |
If appropriate, check the following box:
☐ | this post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
A
|
C
|
I
|
R6
|
|||||||
TACAX
|
TCCAX
|
JCAFX
|
JCSRX
|
Fund summary
|
||
The summary section is a concise look at the investment objective, fees and expenses, principal investment strategies, principal risks, past performance, and investment management.
|
||
Fund details
|
||
More about topics covered in the summary section, including descriptions of the investment strategies and various risk factors that investors should understand before investing.
|
||
Your account
|
||
How to place an order to buy, sell, or exchange shares, as well as information about the business policies and any distributions that may be paid.
For more information See back cover |
||
|
A
|
C
|
I
|
R6
|
Maximum front-end sales charge (load) on purchases, as a % of purchase price
|
|
|
|
|
Maximum deferred sales charge (load) as a % of purchase or sale price, whichever is less
|
(on certain purchases, including those of $1 million or more) |
|
|
|
Small account fee ($) (for fund account balances under $1,000)
|
|
|
|
|
|
A
|
C
|
I
|
R6
|
Management fee
|
|
|
|
|
Distribution and service (Rule 12b-1) fees
|
|
|
|
|
Other expenses
|
|
|
|
|
Total annual fund operating expenses
|
|
|
|
|
Contractual expense reimbursement1
|
-
|
-
2
|
-
|
-
|
Total annual fund operating expenses after expense reimbursements
|
|
|
|
|
1 | The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement. This waiver is allocated proportionally among the participating funds. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on |
2 | The distributor contractually agrees to limit its Rule 12b-1 fees for Class C shares to 0.90%. This agreement expires on September 30, 2022 unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time. |
Expenses ($)
|
A
|
C
|
I
|
R6
|
|
Shares
|
|
|
|||
1 year
|
|
|
|
|
|
3 years
|
|
|
|
|
|
5 years
|
|
|
|
|
|
10 years
|
|
|
|
|
|
|
1 year
|
5 year
|
10 year
|
Class A (before tax)
|
-
|
|
|
after tax on distributions
|
-
|
|
|
after tax on distributions, with sale
|
-
|
|
|
Class C
|
|
|
|
Class I
|
|
|
|
Class R6
|
|
|
|
Bloomberg California Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)
|
|
|
|
Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)
|
|
|
|
Dennis DiCicco
Portfolio Manager Managed the fund since 2018 |
Adam A. Weigold, CFA
Senior Managing Director, Senior Portfolio Manager, and Head of the Municipal Fixed Income Team Managed the fund since 2021 |
Interest-rate risk. Fixed-income securities are affected by changes in interest rates. When interest rates decline, the market value of fixed-income securities generally can be expected to rise. Conversely, when interest rates rise, the market value of fixed-income securities generally can be expected to decline. The longer the duration or maturity of a fixed-income security, the more susceptible it is to interest-rate risk. Recent and potential future changes in government monetary policy may affect the level of interest rates. |
The fixed-income securities market has been and may continue to be negatively affected by the novel coronavirus (COVID-19) pandemic. As with other serious economic disruptions, governmental authorities and regulators are responding to this crisis with significant fiscal and monetary policy changes, including considerably lowering interest rates, which, in some cases could result in negative interest rates. These actions, including their possible unexpected or sudden reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets and reduce market liquidity. To the extent the fund has a bank deposit or holds a debt instrument with a negative interest rate to maturity, the fund would generate a negative return on that investment. Similarly, negative rates on investments by money market funds and similar cash management products could lead to losses on investments, including on investments of the fund’s uninvested cash. |
Credit quality risk. Fixed-income securities are subject to the risk that the issuer of the security will not repay all or a portion of the principal borrowed and will not make all interest payments. If the credit quality of a fixed-income security deteriorates after a fund has purchased the security, the market value of the security may decrease and lead to a decrease in the value of the fund’s investments. An issuer’s credit quality could deteriorate as a result of poor management decisions, competitive pressures, technological obsolescence, undue reliance on suppliers, labor issues, shortages, corporate restructurings, fraudulent disclosures, or other factors. Funds that may invest in lower-rated fixed-income securities, |
commonly referred to as junk securities, are riskier than funds that may invest in higher-rated fixed-income securities. Additional information on the risks of investing in investment-grade fixed-income securities in the lowest rating category and lower-rated fixed-income securities is set forth below. |
Investment-grade fixed-income securities in the lowest rating category risk. Investment-grade fixed-income securities in the lowest rating category (such as Baa by Moody’s Investors Service, Inc. or BBB by S&P Global Ratings or Fitch Ratings, as applicable, and comparable unrated securities) involve a higher degree of risk than fixed-income securities in the higher rating categories. While such securities are considered investment-grade quality and are deemed to have adequate capacity for payment of principal and interest, such securities lack outstanding investment characteristics and have speculative characteristics as well. For example, changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments than is the case with higher-grade securities. |
Prepayment of principal risk. Many types of debt securities, including floating-rate loans, are subject to prepayment risk. Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the borrower more quickly than originally anticipated and the fund may have to invest the proceeds in securities with lower yields. Securities subject to prepayment risk can offer less potential for gains when the credit quality of the issuer improves. |
Futures contracts. Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), and risk of disproportionate loss are the principal risks of engaging in transactions involving futures contracts. |
Inverse floating-rate securities. Liquidity risk (i.e., the inability to enter into closing transactions), interest-rate risk, issuer risk, and risk of disproportionate loss are the principal risks of engaging in transactions involving inverse floating-rate securities. |
Options. Counterparty risk, liquidity risk (i.e., the inability to enter into closing transactions), and risk of disproportionate loss are the principal risks of engaging in transactions involving options. Counterparty risk does not apply to exchange-traded options. |
Risk to principal and income. Investing in lower-rated fixed-income securities is considered speculative. While these securities generally provide greater income potential than investments in higher-rated securities, there is a greater risk that principal and interest payments will not be made. Issuers of these securities may even go into default or become bankrupt. |
Price volatility. The price of lower-rated fixed-income securities may be more volatile than securities in the higher-rated categories. This volatility may increase during periods of economic uncertainty or change. The price of these securities is affected more than higher-rated fixed-income securities by the market’s perception of |
their credit quality, especially during times of adverse publicity. In the past, economic downturns or increases in interest rates have, at times, caused more defaults by issuers of these securities and may do so in the future. Economic downturns and increases in interest rates have an even greater effect on highly leveraged issuers of these securities. |
Liquidity. The market for lower-rated fixed-income securities may have more limited trading than the market for investment-grade fixed-income securities. Therefore, it may be more difficult to sell these securities, and these securities may have to be sold at prices below their market value in order to meet redemption requests or to respond to changes in market conditions. |
Dependence on manager’s own credit analysis. While a manager may rely on ratings by established credit rating agencies, it will also supplement such ratings with its own independent review of the credit quality of the issuer. Therefore, the assessment of the credit risk of lower-rated fixed-income securities is more dependent on the manager’s evaluation than the assessment of the credit risk of higher-rated securities. |
Average daily net assets ($)
|
Annual rate (%)
|
First 500 million
|
0.550
|
Next 500 million
|
0.500
|
Next 1 billion
|
0.475
|
Excess over 2 billion
|
0.450
|
• | Portfolio Manager |
• | Managed the fund since 2018 |
• | Joined Manulife IM (US) in 2016 |
• | Fixed Income Trader, Capital Security Advisors, LLC (2013–2016) |
• | Began business career in 2008 |
• | Senior Managing Director, Senior Portfolio Manager, and Head of the Municipal Fixed Income Team |
• | Managed the fund since 2021 |
• | Joined Manulife IM (US) in 2021 |
• | Vice President and Senior Portfolio Manager, Eaton Vance Management (1998–2021) |
• | Began business career in 1998 |
California Tax-Free Income Fund Class A Shares
|
||||||
Per share operating performance
|
Period ended
|
5-31-21
|
5-31-20
|
5-31-19
|
5-31-18
|
5-31-17
|
Net asset value, beginning of period
|
$10.66
|
$10.94
|
$10.73
|
$10.90
|
$11.22
|
|
Net investment income1
|
0.30
|
0.34
|
0.36
|
0.36
|
0.37
|
|
Net realized and unrealized gain (loss) on investments
|
0.40
|
(0.20
)
|
0.22
|
(0.16
)
|
(0.30
)
|
|
Total from investment operations
|
0.70
|
0.14
|
0.58
|
0.20
|
0.07
|
|
Less distributions
|
|
|
|
|
|
|
From net investment income
|
(0.30
)
|
(0.34
)
|
(0.36
)
|
(0.37
)
|
(0.39
)
|
|
From net realized gain
|
—
|
(0.08
)
|
(0.01
)
|
—
|
—
|
|
Total distributions
|
(0.30
)
|
(0.42
)
|
(0.37
)
|
(0.37
)
|
(0.39
)
|
|
Net asset value, end of period
|
$11.06
|
$10.66
|
$10.94
|
$10.73
|
$10.90
|
|
Total return (%)2,3
|
6.64
|
1.22
|
5.57
|
1.85
|
0.63
|
|
Ratios and supplemental data
|
|
|
|
|
|
|
Net assets, end of period (in millions)
|
$181
|
$173
|
$176
|
$181
|
$213
|
|
Ratios (as a percentage of average net assets):
|
|
|
|
|
|
|
Expenses before reductions
|
0.85
|
0.85
|
0.86
|
0.85
|
0.83
|
|
Expenses including reductions
|
0.84
|
0.84
|
0.85
|
0.84
|
0.83
|
|
Net investment income
|
2.76
|
3.12
|
3.42
|
3.37
|
3.35
|
|
Portfolio turnover (%)
|
23
|
22
|
22
|
9
|
17
|
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. |
California Tax-Free Income Fund Class C Shares
|
||||||
Per share operating performance
|
Period ended
|
5-31-21
|
5-31-20
|
5-31-19
|
5-31-18
|
5-31-17
|
Net asset value, beginning of period
|
$10.66
|
$10.94
|
$10.73
|
$10.90
|
$11.22
|
|
Net investment income1
|
0.22
|
0.26
|
0.28
|
0.28
|
0.29
|
|
Net realized and unrealized gain (loss) on investments
|
0.40
|
(0.20
)
|
0.22
|
(0.16
)
|
(0.31
)
|
|
Total from investment operations
|
0.62
|
0.06
|
0.50
|
0.12
|
(0.02
)
|
|
Less distributions
|
|
|
|
|
|
|
From net investment income
|
(0.22
)
|
(0.26
)
|
(0.28
)
|
(0.29
)
|
(0.30
)
|
|
From net realized gain
|
—
|
(0.08
)
|
(0.01
)
|
—
|
—
|
|
Total distributions
|
(0.22
)
|
(0.34
)
|
(0.29
)
|
(0.29
)
|
(0.30
)
|
|
Net asset value, end of period
|
$11.06
|
$10.66
|
$10.94
|
$10.73
|
$10.90
|
|
Total return (%)2,3
|
5.85
|
0.47
|
4.78
|
1.09
|
(0.13
)
|
|
Ratios and supplemental data
|
|
|
|
|
|
|
Net assets, end of period (in millions)
|
$11
|
$16
|
$19
|
$21
|
$30
|
|
Ratios (as a percentage of average net assets):
|
|
|
|
|
|
|
Expenses before reductions
|
1.70
|
1.70
|
1.71
|
1.70
|
1.68
|
|
Expenses including reductions
|
1.59
|
1.59
|
1.60
|
1.59
|
1.58
|
|
Net investment income
|
2.02
|
2.37
|
2.67
|
2.62
|
2.60
|
|
Portfolio turnover (%)
|
23
|
22
|
22
|
9
|
17
|
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. |
California Tax-Free Income Fund Class I Shares
|
||||||
Per share operating performance
|
Period ended
|
5-31-21
|
5-31-20
|
5-31-19
|
5-31-18
|
5-31-17
1
|
Net asset value, beginning of period
|
$10.66
|
$10.94
|
$10.73
|
$10.91
|
$10.70
|
|
Net investment income2
|
0.32
|
0.35
|
0.38
|
0.38
|
0.12
|
|
Net realized and unrealized gain (loss) on investments
|
0.41
|
(0.20
)
|
0.22
|
(0.17
)
|
0.21
|
|
Total from investment operations
|
0.73
|
0.15
|
0.60
|
0.21
|
0.33
|
|
Less distributions
|
|
|
|
|
|
|
From net investment income
|
(0.32
)
|
(0.35
)
|
(0.38
)
|
(0.39
)
|
(0.12
)
|
|
From net realized gain
|
—
|
(0.08
)
|
(0.01
)
|
—
|
—
|
|
Total distributions
|
(0.32
)
|
(0.43
)
|
(0.39
)
|
(0.39
)
|
(0.12
)
|
|
Net asset value, end of period
|
$11.07
|
$10.66
|
$10.94
|
$10.73
|
$10.91
|
|
Total return (%)3
|
6.90
|
1.37
|
5.72
|
1.91
|
3.09
4
|
|
Ratios and supplemental data
|
|
|
|
|
|
|
Net assets, end of period (in millions)
|
$13
|
$15
|
$10
|
$10
|
$5
|
|
Ratios (as a percentage of average net assets):
|
|
|
|
|
|
|
Expenses before reductions
|
0.70
|
0.70
|
0.71
|
0.70
|
0.67
5
|
|
Expenses including reductions
|
0.69
|
0.69
|
0.70
|
0.69
|
0.66
5
|
|
Net investment income
|
2.90
|
3.25
|
3.58
|
3.53
|
3.76
5
|
|
Portfolio turnover (%)
|
23
|
22
|
22
|
9
|
17
6
|
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. |
California Tax-Free Income Fund Class R6 Shares
|
|||||
Per share operating performance
|
Period ended
|
5-31-21
|
5-31-20
|
5-31-19
|
5-31-18
1
|
Net asset value, beginning of period
|
$10.66
|
$10.94
|
$10.73
|
$10.95
|
|
Net investment income2
|
0.32
|
0.36
|
0.38
|
0.29
|
|
Net realized and unrealized gain (loss) on investments
|
0.41
|
(0.20
)
|
0.22
|
(0.22
)
|
|
Total from investment operations
|
0.73
|
0.16
|
0.60
|
0.07
|
|
Less distributions
|
|
|
|
|
|
From net investment income
|
(0.32
)
|
(0.36
)
|
(0.38
)
|
(0.29
)
|
|
From net realized gain
|
—
|
(0.08
)
|
(0.01
)
|
—
|
|
Total distributions
|
(0.32
)
|
(0.44
)
|
(0.39
)
|
(0.29
)
|
|
Net asset value, end of period
|
$11.07
|
$10.66
|
$10.94
|
$10.73
|
|
Total return (%)3
|
6.93
|
1.40
|
5.76
|
0.66
4
|
|
Ratios and supplemental data
|
|
|
|
|
|
Net assets, end of period (in millions)
|
$9
|
$7
|
$4
|
$2
|
|
Ratios (as a percentage of average net assets):
|
|
|
|
|
|
Expenses before reductions
|
0.66
|
0.67
|
0.68
|
0.68
5
|
|
Expenses including reductions
|
0.65
|
0.66
|
0.67
|
0.67
5
|
|
Net investment income
|
2.93
|
3.28
|
3.58
|
3.56
5
|
|
Portfolio turnover (%)
|
23
|
22
|
22
|
9
6
|
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. |
• | The plan currently holds assets in Class A shares of the fund or any John Hancock fund; |
• | Class A shares of the fund or any other John Hancock fund were established as an investment option under the plan prior to January 1, 2013, and the fund’s representatives have agreed that the plan may invest in Class A shares after that date; |
• | Class A shares of the fund or any other John Hancock fund were established as a part of an investment model prior to January 1, 2013, and the fund’s representatives have agreed that plans utilizing such model may invest in Class A shares after that date; and |
• | Such group retirement plans offered through an intermediary brokerage platform that does not require payments relating to the provisions of services to the fund, such as providing omnibus account services, transaction-processing services, or effecting portfolio transactions for the fund, that are specific to assets held in such group retirement plans and vary from such payments otherwise made for such services with respect to assets held in non-group retirement plan accounts. |
• | Clients of financial intermediaries who: (i) charge such clients a fee for advisory, investment, consulting, or similar services; (ii) have entered into an agreement with the distributor to offer Class I shares through a no-load program or investment platform; or (iii) have entered into an agreement with the distributor to offer Class I shares to clients on certain brokerage platforms where the intermediary is acting solely as an agent for the investor who may be required to pay a commission and/or other forms of compensation to the intermediary. Other share classes of the fund have different fees and expenses. |
• | Retirement and other benefit plans |
• | Endowment funds and foundations |
• | Any state, county, or city, or its instrumentality, department, authority, or agency |
• | Accounts registered to insurance companies, trust companies, and bank trust departments |
• | Any entity that is considered a corporation for tax purposes |
• | Investment companies, both affiliated and not affiliated with the advisor |
• | Fund Trustees and other individuals who are affiliated with the fund and other John Hancock funds |
• | Qualified 401(a) plans (including 401(k) plans, Keogh plans, profit-sharing pension plans, money purchase pension plans, target benefit plans, defined benefit pension plans, and Taft-Hartley multi-employer pension plans) (collectively, qualified plans) |
• | Endowment funds and foundations |
• | Any state, county, or city, or its instrumentality, department, authority, or agency |
• | 403(b) plans and 457 plans, including 457(a) governmental entity plans and tax-exempt plans |
• | Accounts registered to insurance companies, trust companies, and bank trust departments |
• | Investment companies, both affiliated and not affiliated with the advisor |
• | Any entity that is considered a corporation for tax purposes, including corporate nonqualified deferred compensation plans of such corporations |
• | Trustees, employees of the advisor or its affiliates, employees of the subadvisor, members of the fund’s portfolio management team and the spouses and children (under age 21) of the aforementioned |
• | Financial intermediaries utilizing fund shares in certain eligible qualifying investment product platforms under a signed agreement with the distributor |
• | A front-end sales charge, as described in the section “How sales charges for Class A and Class C shares are calculated” |
• | Distribution and service (Rule 12b-1) fees of 0.15% |
• | A 1.00% Contingent Deferred Sales Charge (CDSC) on certain shares sold within one year of purchase |
• | No front-end sales charge; all your money goes to work for you right away |
• | Rule 12b-1 fees of 0.90% (under the Rule 12b-1 plan, the distributor has the ability to collect 1.00%; however, the distributor has contractually agreed to waive 0.10% of these fees until September 30, 2022) |
• | A 1.00% CDSC on shares sold within one year of purchase |
• | Automatic conversion to Class A shares after eight years, thus reducing future annual expenses (certain exclusions may apply) |
• | No front-end or deferred sales charges; however, if you purchase Class I shares through a broker acting solely as an agent on behalf of its customers, you may be required to pay a commission to the broker |
• | No Rule 12b-1 fees |
• | No front-end or deferred sales charges; all your money goes to work for you right away |
• | No Rule 12b-1 fees |
• | directly, by the payment of sales commissions, if any; and |
• | indirectly, as a result of the fund paying Rule 12b-1 fees. |
Your investment ($)
|
As a % of offering price*
|
As a % of your investment
|
Up to 99,999
|
4.00
|
4.17
|
100,000–249,999
|
3.50
|
3.63
|
250,000–499,999
|
2.50
|
2.56
|
500,000–999,999
|
2.00
|
2.04
|
1,000,000 and over
|
See below
|
* | Offering price is the net asset value per share plus any initial sales charge. |
Years after purchase
|
CDSC (%)
|
1st year
|
1.00
|
After 1st year
|
None
|
Years after purchase
|
CDSC (%)
|
1st year
|
1.00
|
After 1st year
|
None
|
• | Accumulation privilege—lets you add the value of any class of shares of any John Hancock open-end fund you already own to the amount of your next Class A investment for purposes of calculating the sales charge. However, Class A shares of money market funds will not qualify unless you have already paid a sales charge on those shares. |
• | Letter of intention—lets you purchase Class A shares of a fund over a 13-month period and receive the same sales charge as if all shares had been purchased at once. You can use a letter of intention to qualify for reduced sales charges if you plan to invest at least to the |
first breakpoint level (generally $50,000 or $100,000 depending on the specific fund) in a John Hancock fund’s Class A shares during the next 13 months. Completing a letter of intention does not obligate you to purchase additional shares. However, if you do not buy enough shares to qualify for the lower sales charges by the earlier of the end of the 13-month period or when you sell your shares, your sales charges will be recalculated to reflect your actual amount purchased. It is your responsibility to tell John Hancock Signature Services Inc. or your financial professional when you believe you have purchased shares totaling an amount eligible for reduced sales charges, as stated in your letter of intention. Further information is provided in the SAI. |
• | Combination privilege—lets you combine shares of all funds for purposes of calculating the Class A sales charge. |
• | to make payments through certain systematic withdrawal plans |
• | certain retirement plans participating in PruSolutionsSM programs |
• | redemptions pursuant to the fund’s right to liquidate an account that is below the minimum account value stated below in “Dividends and account policies,” under the subsection “Small accounts” |
• | redemptions of Class A shares made after one year from the inception of a retirement plan at John Hancock |
• | redemptions made under certain liquidation, merger or acquisition transactions involving other investment companies or personal holding companies |
• | to make certain distributions from a retirement plan |
• | because of shareholder death or disability |
• | rollovers, contract exchanges, or transfers of John Hancock custodial 403(b)(7) account assets required by John Hancock as a result of its decision to discontinue maintaining and administering 403(b)(7) accounts |
• | Selling brokers and their employees and sales representatives (and their Immediate Family, as defined in the SAI) |
• | Financial intermediaries utilizing fund shares in eligible retirement platforms, fee-based, or wrap investment products |
• | Financial intermediaries who offer shares to self-directed investment brokerage accounts that may or may not charge a transaction fee to their customers |
• | Fund Trustees and other individuals who are affiliated with these or other John Hancock funds, including employees of John Hancock companies or Manulife Financial Corporation (and their Immediate Family, as defined in the SAI) |
• | Individuals exchanging shares held in an eligible fee-based program for Class A shares, provided however, subsequent purchases in Class A shares will be subject to applicable sales charges |
• | Individuals transferring assets held in a SIMPLE IRA, SEP, or SARSEP invested in John Hancock funds directly to an IRA |
• | Individuals converting assets held in an IRA, SIMPLE IRA, SEP, or SARSEP invested in John Hancock funds directly to a Roth IRA |
• | Individuals recharacterizing assets from an IRA, Roth IRA, SEP, SARSEP, or SIMPLE IRA invested in John Hancock funds back to the original account type from which they were converted |
• | Participants in group retirement plans that are eligible and permitted to purchase Class A shares as described in the “Choosing an eligible share class” section above. This waiver is contingent upon the group retirement plan being in a recordkeeping arrangement and does not apply to group retirement plans transacting business with the fund through a brokerage relationship in which sales charges are customarily imposed, unless such brokerage relationship qualifies for a sales charge waiver as described. In addition, this waiver does not apply to a group retirement plan that leaves its current recordkeeping arrangement and subsequently transacts business with the fund through a brokerage relationship in which sales charges are customarily imposed. Whether a sales charge waiver is available to your group retirement plan through its record keeper depends upon the policies and procedures of your intermediary. Please consult your financial professional for further information |
• | Retirement plans participating in PruSolutionsSM programs |
• | Terminating participants in a pension, profit-sharing, or other plan qualified under Section 401(a) of the Code, or described in Section 457(b) of the Code, (i) that is funded by certain John Hancock group annuity contracts, (ii) for which John Hancock Trust Company serves as trustee or custodian, or (iii) the trustee or custodian of which has retained John Hancock Retirement Plan Services (“RPS”) as a service provider, rolling over assets (directly or within 60 days after distribution) from such a plan (or from a John Hancock Managed IRA or John Hancock Annuities IRA into which such assets have already been rolled over) to a John Hancock custodial IRA or John Hancock custodial Roth IRA that invests in John Hancock funds, or the subsequent establishment of or any rollover into a new John Hancock fund account by such terminating participants and/or their Immediate Family (as defined in the SAI), including subsequent investments into such accounts, and that are held directly at John Hancock funds or at the John Hancock Personal Financial Services (“PFS”) Financial Center |
• | Participants in a terminating pension, profit-sharing, or other plan qualified under Section 401(a) of the Code, or described in Section 457(b) of the Code (the assets of which, immediately prior to such plan’s termination, were (a) held in certain John Hancock group annuity contracts, (b) in trust or custody by John Hancock Trust Company, or (c) by a trustee or custodian which has retained John Hancock RPS as a service provider, but have been transferred from such contracts or trust funds and are held either: (i) in trust by a distribution processing organization; or (ii) in a custodial IRA or custodial Roth IRA sponsored by an authorized third-party trust company and made available through John Hancock), rolling over assets (directly or within 60 days after distribution) from such a plan to a John Hancock custodial IRA or John Hancock custodial Roth IRA that invests in John Hancock funds, or the subsequent establishment of or any rollover into a new John Hancock fund account by such participants and/or their Immediate Family (as defined in the SAI), including subsequent investments into such accounts, and that are held directly at John Hancock funds or at the PFS Financial Center |
• | Participants actively enrolled in a John Hancock RPS plan account (or an account the trustee of which has retained John Hancock RPS as a service provider) rolling over or transferring assets into a new John Hancock custodial IRA or John Hancock custodial Roth IRA that invests in John Hancock funds through John Hancock PFS (to the extent such assets are otherwise prohibited from rolling over or transferring into such participant’s John Hancock RPS plan account), including subsequent investments into such accounts, and that are held directly at John Hancock funds or at the John Hancock PFS Financial Center |
• | Individuals rolling over assets held in a John Hancock custodial 403(b)(7) account into a John Hancock custodial IRA account |
• | Former employees/associates of John Hancock, its affiliates, or agencies rolling over (directly or indirectly within 60 days after distribution) to a new John Hancock custodial IRA or John Hancock custodial Roth IRA from the John Hancock Employee Investment-Incentive Plan (TIP), John Hancock Savings Investment Plan (SIP), or the John Hancock Pension Plan, and such participants and their Immediate Family (as defined in the SAI) subsequently establishing or rolling over assets into a new John Hancock account through the John Hancock PFS Group, including subsequent |
investments into such accounts, and that are held directly at John Hancock funds or at the John Hancock PFS Financial Center |
• | A member of a class action lawsuit against insurance companies who is investing settlement proceeds |
• | Exchanges from one John Hancock fund to the same class of any other John Hancock fund (see “Transaction policies” in this prospectus for additional details) |
• | Dividend reinvestments (see “Dividends and account policies” in this prospectus for additional details) |
• | In addition, the availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the fund or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or CDSC waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). In all instances, it is the purchaser’s responsibility to notify the fund or the purchaser’s financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase fund shares directly from the fund or through another intermediary to receive these waivers or discounts. |
1 | Read this prospectus carefully. |
2 | Determine if you are eligible by referring to “Choosing an eligible share class.” |
3 | Determine how much you want to invest. The minimum initial investments for Class A, Class C, Class I, and Class R6 shares are described below. There are no subsequent investment requirements for these share classes. |
Share Class
|
Minimum initial investment
|
Class A and Class C
|
$1,000 ($250 for group investments). However, there is no minimum initial investment for certain group retirement plans using salary deduction or similar group methods of payment, for fee-based or wrap accounts of selling firms that have executed a fee-based or wrap agreement with the distributor, or for certain other eligible investment product platforms.
|
Share Class
|
Minimum initial investment
|
Class I
|
$250,000. However, the minimum initial investment requirement may be waived, at the fund’s sole discretion, for investors in certain fee-based, wrap, or other investment platform programs, or in certain brokerage platforms where the intermediary is acting solely as an agent for the investor. The fund also may waive the minimum initial investment for other categories of investors at its discretion, including for: (i) Trustees, (ii) employees of the advisor or its affiliates, and (iii) members of the fund’s portfolio management team.
|
Class R6
|
$1 million. However, there is no minimum initial investment requirement for: (i) qualified and nonqualified plan investors; (ii) certain eligible qualifying investment product platforms; or (iii) Trustees, employees of the advisor or its affiliates, employees of the subadvisor, members of the fund’s portfolio management team and the spouses and children (under age 21) of the aforementioned.
|
4 | All Class A, Class C, Class I, and Class R6 shareholders must complete the account application, carefully following the instructions. If you have any questions, please contact your financial professional or call Signature Services at 800-225-5291 for Class A and Class C shares or 888-972-8696 for Class I and Class R6 shares. |
5 | For Class A and Class C shares, complete the appropriate parts of the account privileges application. By applying for privileges now, you can avoid the delay and inconvenience of having to file an additional application if you want to add privileges later. |
6 | For Class A, Class C, Class I, and Class R6 shares, make your initial investment using the instructions under “Buying shares.” You and your financial professional can initiate any purchase, exchange, or sale of shares. |
Opening an account
|
Adding to an account
|
By check
|
|
|
|
By exchange
|
|
|
|
By wire
|
|
|
|
By internet
|
|
|
|
By phone
|
|
|
To add to an account using the Monthly Automatic Accumulation Program, see “Additional investor services.”
|
Regular mail
John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909 |
Express delivery
John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407 |
Website
jhinvestments.com |
EASI-Line
(24/7 automated service) 800-338-8080 |
Signature Services, Inc.
800-225-5291 |
Opening an account
|
Adding to an account
|
By check
|
|
|
|
By exchange
|
|
|
|
By wire
|
|
|
|
By internet
|
|
|
|
By phone
|
|
|
|
Regular mail
John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909 |
Express delivery
John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407 |
Website
jhinvestments.com |
Signature Services, Inc.
888-972-8696 |
Opening an account
|
Adding to an account
|
By check
|
|
|
|
By exchange
|
|
|
|
By wire
|
|
|
|
By internet
|
|
|
|
By phone
|
|
|
|
Regular mail
John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909 |
Express delivery
John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407 |
Website
jhinvestments.com |
Signature Services, Inc.
888-972-8696 |
To sell some or all of your shares
|
|
By letter
|
|
|
|
By internet
|
|
|
|
By phone
|
|
|
|
By wire or electronic funds transfer (EFT)
|
|
|
|
By exchange
|
|
|
To sell shares through a systematic withdrawal plan, see “Additional investor services.”
|
Regular mail
John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909 |
Express delivery
John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407 |
Website
jhinvestments.com |
EASI-Line
(24/7 automated service) 800-338-8080 |
Signature Services, Inc.
800-225-5291 |
• | your address or bank of record has changed within the past 30 days, and you would like the payment to be sent to your new address or bank, |
• | you are selling more than $100,000 worth of shares (this requirement is waived for certain entities operating under a signed fax trading agreement with John Hancock), or |
• | you are requesting payment other than by a check mailed to the address/bank of record and payable to the registered owner(s). |
Seller
|
Requirements for written requests
|
Owners of individual, joint, or UGMA/UTMA accounts (custodial accounts for minors)
|
|
Owners of corporate, sole proprietorship, general partner, or association accounts
|
|
Owners or trustees of trust accounts
|
|
Joint tenancy shareholders with rights of survivorship with deceased co-tenant(s)
|
|
Executors of shareholder estates
|
|
Administrators, conservators, guardians, and other sellers, or account types not listed above
|
|
Regular mail
John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909 |
Express delivery
John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407 |
Website
jhinvestments.com |
EASI-Line
(24/7 automated service) 800-338-8080 |
Signature Services, Inc.
800-225-5291 |
To sell some or all of your shares
|
|
By letter
|
|
|
|
By internet
|
|
|
|
By phone
|
|
Amounts up to $100,000:
Amounts up to $5 million:
|
|
By wire or electronic funds transfer (EFT)
|
|
|
|
By exchange
|
|
|
|
Regular mail
John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909 |
Express delivery
John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407 |
Website
jhinvestments.com |
Signature Services, Inc.
888-972-8696 |
• | your address or bank of record has changed within the past 30 days, and you would like the payment to be sent to your new address or bank; |
• | you are selling more than $100,000 worth of shares and are requesting payment by check (this requirement is waived for certain entities operating under a signed fax trading agreement with John Hancock); |
• | you are selling more than $5 million worth of shares from the following types of accounts: custodial accounts held by banks, trust companies, or broker-dealers; endowments and foundations; corporate accounts; group retirement plans; and pension accounts (excluding IRAs, 403(b) plans, and all John Hancock custodial retirement accounts); or |
• | you are requesting payment other than by a check mailed to the address/bank of record and payable to the registered owner(s). |
Seller
|
Requirements for written requests
|
Owners of individual, joint, or UGMA/UTMA accounts (custodial accounts for minors)
|
|
Owners of corporate, sole proprietorship, general partner, or association accounts
|
|
Owners or trustees of trust accounts
|
|
Joint tenancy shareholders with rights of survivorship with deceased co-tenant(s)
|
|
Executors of shareholder estates
|
|
Administrators, conservators, guardians, and other sellers, or account types not listed above
|
|
Regular mail
John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909 |
Express delivery
John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407 |
Website
jhinvestments.com |
Signature Services, Inc.
888-972-8696 |
To sell some or all of your shares
|
|
By letter
|
|
|
|
By internet
|
|
|
|
By phone
|
|
Amounts up to $5 million:
|
|
By wire or electronic funds transfer (EFT)
|
|
|
|
By exchange
|
|
|
|
Regular mail
John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909 |
Express delivery
John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407 |
Website
jhinvestments.com |
Signature Services, Inc.
888-972-8696 |
• | your address or bank of record has changed within the past 30 days, and you would like the payment to be sent to your new address or bank; |
• | you are selling more than $100,000 worth of shares and are requesting payment by check (this requirement is waived for certain entities operating under a signed fax trading agreement with John Hancock); |
• | you are selling more than $5 million worth of shares from the following types of accounts: custodial accounts held by banks, trust companies, or broker-dealers; endowments and foundations; corporate accounts; and group retirement plans; or |
• | you are requesting payment other than by a check mailed to the address/bank of record and payable to the registered owner(s). |
Seller
|
Requirements for written requests
|
Owners of individual, joint, or UGMA/UTMA accounts (custodial accounts for minors)
|
|
Owners of corporate, sole proprietorship, general partner, or association accounts
|
|
Owners or trustees of trust accounts
|
|
Joint tenancy shareholders with rights of survivorship with deceased co-tenant(s)
|
|
Executors of shareholder estates
|
|
Administrators, conservators, guardians, and other sellers, or account types not listed above
|
|
Regular mail
John Hancock Signature Services, Inc. P.O. Box 219909 Kansas City, MO 64121-9909 |
Express delivery
John Hancock Signature Services, Inc. 430 W 7th Street Suite 219909 Kansas City, MO 64105-1407 |
Website
jhinvestments.com |
Signature Services, Inc.
888-972-8696 |
• | A fund that invests a significant portion of its assets in small- or mid-capitalization stocks or securities in particular industries that may trade infrequently or are fair valued as discussed under “Valuation of securities” entails a greater risk of excessive trading, as investors may seek to trade fund shares in an effort to benefit from their understanding of the value of those types of securities (referred to as price arbitrage). |
• | A fund that invests a material portion of its assets in securities of foreign issuers may be a potential target for excessive trading if investors seek to engage in price arbitrage based upon general trends in the securities markets that occur subsequent to the close of the primary market for such securities. |
• | A fund that invests a significant portion of its assets in below-investment-grade (junk) bonds that may trade infrequently or are fair valued as discussed under “Valuation of securities” incurs a greater risk of excessive trading, as investors may seek to trade fund shares in an effort to benefit from their understanding of the value of those types of securities (referred to as price arbitrage). |
• | after every transaction (except a dividend reinvestment, automatic investment, or systematic withdrawal) that affects your account balance |
• | after any changes of name or address of the registered owner(s) |
• | in all other circumstances, every quarter |
• | after every transaction (except a dividend reinvestment) that affects your account balance |
• | after any changes of name or address of the registered owner(s) |
• | in all other circumstances, every quarter |
• | Make sure you have at least $5,000 worth of shares in your account. |
• | Make sure you are not planning to invest more money in this account (buying shares during a period when you are also selling shares of the same fund is not advantageous to you because of sales charges). |
• | Specify the payee(s). The payee may be yourself or any other party, and there is no limit to the number of payees you may have, as long as they are all on the same payment schedule. |
• | Determine the schedule: monthly, quarterly, semiannually, annually, or in certain selected months. |
• | Fill out the relevant part of the account application. To add a systematic withdrawal plan to an existing account, contact your financial professional or Signature Services. |
• | Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan |
• | Shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents) |
• | Shares purchased through a Merrill Lynch affiliated investment advisory program |
• | Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers |
• | Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform |
• | Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable) |
• | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family) |
• | Shares exchanged from Class C (i.e. level-load) shares of the same fund pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers |
• | Employees and registered representatives of Merrill Lynch or its affiliates and their family members |
• | Directors or Trustees of the fund, and employees of the fund’s investment adviser or any of its affiliates, as described in the prospectus |
• | Eligible shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch’s account maintenance fees are not eligible for reinstatement |
• | Death or disability of the shareholder |
• | Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus |
• | Return of excess contributions from an IRA Account |
• | Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code |
• | Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch |
• | Shares acquired through a Right of Reinstatement |
• | Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to Class A and Class C shares only) |
• | Shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers |
• | Breakpoints as described in the fund’s prospectus |
• | Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts as described in the fund’s prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts (including 529 program holdings where applicable) within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial professional about such assets |
• | Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable) |
• | Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs |
• | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family) |
• | Shares exchanged from Class C shares of the same fund in the month of or following the 7-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares or conversion of Class C shares following a shorter holding period, that waiver will apply |
• | Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members |
• | Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant |
• | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement) |
• | Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans |
• | Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules |
• | Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund |
• | Shares purchased through a Morgan Stanley self-directed brokerage account |
• | Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund by Morgan Stanley Wealth Management pursuant to its share class conversion program |
• | Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge |
• | Shares purchased in an investment advisory program |
• | Shares purchased within the same fund family through a systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund |
• | Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James |
• | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement) |
• | A shareholder in the fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James |
• | Death or disability of the shareholder |
• | Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus |
• | Return of excess contributions from an IRA Account |
• | Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the fund’s prospectus |
• | Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James |
• | Shares acquired through a right of reinstatement |
• | Breakpoints as described in the fund’s prospectus |
• | Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial professional about such assets |
• | Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial professional about such assets |
• | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family) |
• | Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney |
• | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement) |
• | Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans |
• | Shares acquired through a right of reinstatement |
• | Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures |
• | Shares sold upon the death or disability of the shareholder |
• | Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus |
• | Shares purchased in connection with a return of excess contributions from an IRA account |
• | Shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching age 70½ as described in the fund’s prospectus |
• | Shares sold to pay Janney fees but only if the transaction is initiated by Janney |
• | Shares acquired through a right of reinstatement |
• | Shares exchanged into the same share class of a different fund |
• | Breakpoints as described in the fund’s prospectus |
• | Rights of accumulation (ROA), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial professional about such assets |
• | Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney may be included |
in the calculation of letters of intent only if the shareholder notifies his or her financial professional about such assets |
• | Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones’ policies and procedures |
• | Shares purchased in an Edward Jones fee-based program |
• | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment |
• | Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account |
• | Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus |
• | Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones |
• | Shares sold upon the death or disability of the shareholder |
• | Shares sold as part of a systematic withdrawal plan (limited to up to 10% per year of the account value) |
• | Return of excess contributions from an Individual Retirement Account (IRA) |
• | Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations |
• | Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones |
• | Shares exchanged at Edward Jones’ discretion in an Edward Jones fee-based program. In such circumstances, Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable |
• | Shares acquired through a right of reinstatement |
• | Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below |
• | Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds, as described in this prospectus |
• | Rights of Accumulation (ROA). The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of the fund family held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (pricing groups). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level. ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV). Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge |
• | Letter of Intent (LOI). Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met. If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to |
establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer |
• | Initial purchase minimum: $250 |
• | Subsequent purchase minimum: none |
• | Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy: |
• | A fee-based account held on an Edward Jones platform |
• | A 529 account held on an Edward Jones platform |
• | An account with an active systematic investment plan or LOI |
• | At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares of the same fund |
• | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund |
• | Shares purchased by employees and registered representatives of Baird or its affiliates and their family members as designated by Baird |
• | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement) |
• | Class C shares will be converted at net asset value to Class A shares of the same fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird |
• | Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs |
• | Shares sold due to death or disability of the shareholder |
• | Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus |
• | Shares bought due to returns of excess contributions from an IRA Account |
• | Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the fund’s prospectus |
• | Shares sold to pay Baird fees but only if the transaction is initiated by Baird |
• | Shares acquired through a right of reinstatement |
• | Breakpoints as described in this prospectus |
• | Rights of accumulations which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holdings of fund family assets held by accounts within the purchaser’s household at Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets |
• | Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases within the fund family through Baird, over a 13-month period of time |
• | Class C shares that have been held for more than seven (7) years converted to Class A shares of the same fund pursuant to Stifel’s policies and procedures. |
|
© 2021 John Hancock Investment Management Distributors LLC, Member FINRA, SIPC
200 Berkeley Street Boston, MA 02116 800-225-5291, jhinvestments.com Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by its affiliates under license.
|
|
SEC file number: 811-05979
530PN 10/1/21 |
A
|
C
|
I
|
R2
|
R4
|
R5
|
R6
|
NAV
|
|
John Hancock Bond Trust
|
||||||||
John Hancock ESG Core Bond Fund
|
JBOAX
|
—
|
JBOIX
|
—
|
—
|
N/A
|
JBORX
|
—
|
John Hancock Government Income Fund
|
JHGIX
|
TCGIX
|
JGIFX
|
N/A
|
N/A
|
N/A
|
JTSRX
|
N/A
|
John Hancock High Yield Fund
|
JHHBX
|
JHYCX
|
JYHIX
|
N/A
|
N/A
|
N/A
|
JFHYX
|
—
|
John Hancock Investment Grade Bond Fund
|
TAUSX
|
TCUSX
|
TIUSX
|
JIGBX
|
JIGMX
|
N/A
|
JIGEX
|
—
|
John Hancock Short Duration Bond Fund
|
JSNAX
|
JSNCX
|
JSNIX
|
N/A
|
N/A
|
N/A
|
JSNRX
|
—
|
John Hancock California Tax-Free Income Fund
|
||||||||
John Hancock California Tax-Free Income Fund
|
TACAX
|
TCCAX
|
JCAFX
|
N/A
|
N/A
|
N/A
|
JCSRX
|
N/A
|
John Hancock Municipal Securities Trust
|
||||||||
John Hancock High Yield Municipal Bond Fund
|
JHTFX
|
JCTFX
|
JHYMX
|
N/A
|
N/A
|
N/A
|
JCTRX
|
N/A
|
John Hancock Tax-Free Bond Fund
|
TAMBX
|
TBMBX
|
JTBDX
|
N/A
|
N/A
|
N/A
|
JTMRX
|
N/A
|
John Hancock Sovereign Bond Fund
|
||||||||
John Hancock Bond Fund
|
JHNBX
|
JHCBX
|
JHBIX
|
JHRBX
|
JBFRX
|
N/A
|
JHBSX
|
—
|
John Hancock Strategic Series
|
||||||||
John Hancock Income Fund
|
JHFIX
|
JSTCX
|
JSTIX
|
JSNSX
|
JSNFX
|
JSNVX
|
JSNWX
|
N/A
|
Form N-CSR filed July 23, 2021 for:
John Hancock ESG Core Bond Fund John Hancock Government Income Fund John Hancock High Yield Fund John Hancock Investment Grade Bond Fund John Hancock Short Duration Bond Fund |
|
Form N-CSR filed July 23, 2021 for:
John Hancock California Tax-Free Income Fund |
JH0531SAI |
Form N-CSR filed July 23, 2021 for:
John Hancock High Yield Municipal Bond Fund John Hancock Tax-Free Bond Fund |
|
Form N-CSR filed July 23, 2021 for:
John Hancock Bond Fund |
|
Form N-CSR filed July 23, 2021 for:
John Hancock Income Fund |
1 |
Term
|
Definition
|
“1933 Act”
|
the Securities Act of 1933, as amended
|
“1940 Act”
|
the Investment Company Act of 1940, as amended
|
“Advisers Act”
|
the Investment Advisers Act of 1940, as amended
|
“Advisor”
|
John Hancock Investment Management LLC (formerly, John Hancock Advisers, LLC), 200 Berkeley Street, Boston, Massachusetts 02116
|
“Advisory Agreement”
|
an investment advisory agreement or investment management contract between the Trust and the Advisor
|
“Affiliated Subadvisors”
|
Manulife Investment Management (North America) Limited and Manulife Investment Management (US) LLC, as applicable
|
“affiliated underlying funds”
|
underlying funds that are advised by John Hancock’s investment advisor or its affiliates
|
“BDCs”
|
business development companies
|
“Board”
|
Board of Trustees of the Trust
|
“Bond Connect”
|
Mutual Bond Market Access between Mainland China and Hong Kong
|
“Brown Brothers Harriman”
|
Brown Brothers Harriman & Co.
|
“CATS”
|
Certificates of Accrual on Treasury Securities
|
“CBOs”
|
Collateralized Bond Obligations
|
“CCO”
|
Chief Compliance Officer
|
“CDSC”
|
Contingent Deferred Sales Charge
|
“CEA”
|
the Commodity Exchange Act, as amended
|
“China A-Shares”
|
Chinese stock exchanges
|
“CIBM”
|
China interbank bond market
|
“CLOs”
|
Collateralized Loan Obligations
|
“CMOs”
|
Collateralized Mortgage Obligations
|
“Code”
|
the Internal Revenue Code of 1986, as amended
|
“COFI floaters”
|
Cost of Funds Index
|
“CPI”
|
Consumer Price Index
|
“CPI-U”
|
Consumer Price Index for Urban Consumers
|
“CPO”
|
Commodity Pool Operator
|
“CFTC”
|
Commodity Futures Trading Commission
|
“Citibank”
|
Citibank, N.A., 388 Greenwich Street, New York, NY 10013
|
“Distributor”
|
John Hancock Investment Management Distributors LLC (formerly, John Hancock Funds, LLC), 200 Berkeley Street, Boston, Massachusetts 02116
|
“EMU”
|
Economic and Monetary Union
|
“ETFs”
|
Exchange-Traded Funds
|
“ETNs”
|
Exchange-Traded Notes
|
“EU”
|
European Union
|
“Fannie Mae”
|
Federal National Mortgage Association
|
“FHFA”
|
Federal Housing Finance Agency
|
“FHLBs”
|
Federal Home Loan Banks
|
“FICBs”
|
Federal Intermediate Credit Banks
|
“Fitch”
|
Fitch Ratings
|
“Freddie Mac”
|
Federal Home Loan Mortgage Corporation
|
“funds” or “series”
|
The John Hancock funds within this SAI as noted on the front cover and as the context may require
|
“GNMA”
|
Government National Mortgage Association
|
“HKSCC”
|
Hong Kong Securities Clearing Company
|
“IOs”
|
Interest-Only
|
2 |
Term
|
Definition
|
“IRA”
|
Individual Retirement Account
|
“IRS”
|
Internal Revenue Service
|
“JHCT”
|
John Hancock Collateral Trust
|
“JH Distributors”
|
John Hancock Distributors, LLC
|
“JHLICO New York”
|
John Hancock Life Insurance Company of New York
|
“JHLICO U.S.A.”
|
John Hancock Life Insurance Company (U.S.A.)
|
“LOI”
|
Letter of Intention
|
“LIBOR”
|
London Interbank Offered Rate
|
“MAAP”
|
Monthly Automatic Accumulation Program
|
“Manulife Financial” or “MFC”
|
Manulife Financial, a publicly traded company based in Toronto, Canada
|
“Manulife IM (NA)”
|
Manulife Investment Management (North America) Limited (formerly, John Hancock Asset Management a Division of Manulife Asset Management (North America) Limited)
|
“Manulife IM (US)”
|
Manulife Investment Management (US) LLC (formerly, John Hancock Asset Management a Division of Manulife Asset Management (US) LLC)
|
“MiFID II”
|
Markets in Financial Instruments Directive
|
“Moody’s”
|
Moody’s Investors Service, Inc
|
“NAV”
|
Net Asset Value
|
“NRSRO”
|
Nationally Recognized Statistical Rating Organization
|
“NYSE”
|
New York Stock Exchange
|
“OID”
|
Original Issue Discount
|
“OTC”
|
Over-The-Counter
|
“PAC”
|
Planned Amortization Class
|
“PFS”
|
Personal Financial Services
|
“POs”
|
Principal-Only
|
“PRC”
|
People’s Republic of China
|
“REITs”
|
Real Estate Investment Trusts
|
“RIC”
|
Regulated Investment Company
|
“RPS”
|
John Hancock Retirement Plan Services
|
“SARSEP”
|
Salary Reduction Simplified Employee Pension Plan
|
“SEC”
|
Securities and Exchange Commission
|
“SEP”
|
Simplified Employee Pension
|
“SIMPLE”
|
Savings Incentive Match Plan for Employees
|
“S&P”
|
S&P Global Ratings
|
“SLMA”
|
Student Loan Marketing Association
|
“SPACs”
|
Special Purpose Acquisition Companies
|
“State Street”
|
State Street Bank and Trust Company, State Street Financial Center, One Lincoln Street, Boston, Massachusetts 02111
|
“Stock Connect”
|
Hong Kong Stock Connect Program
|
“subadvisor”
|
The subadvisors employed by John Hancock within this SAI as noted in Appendix B and as the context may require
|
“TAC”
|
Target Amortization Class
|
“TIGRs”
|
Treasury Receipts, Treasury Investors Growth Receipts
|
3 |
Term
|
Definition
|
“Trust”
|
John Hancock Bond Trust
John Hancock California Tax-Free Income Fund John Hancock Capital Series John Hancock Current Interest John Hancock Exchange-Traded Fund Trust John Hancock Funds II John Hancock Funds III John Hancock Investment Trust John Hancock Investment Trust II John Hancock Municipal Securities Trust John Hancock Sovereign Bond Fund John Hancock Strategic Series John Hancock Variable Insurance Trust |
“TSA”
|
Tax-Sheltered Annuity
|
“unaffiliated underlying funds”
|
underlying funds that are advised by an entity other than John Hancock’s investment advisor or its affiliates
|
“underlying funds”
|
Funds in which the Funds of Funds invest
|
“UK”
|
United Kingdom
|
4 |
Trust
|
Date of Organization
|
Bond Trust
|
November 29, 1984
|
John Hancock California Tax-Free Income Fund
|
October 16, 1989
|
Municipal Securities Trust
|
November 13, 1989
|
Sovereign Bond Fund
|
October 5, 1984
|
Strategic Series
|
April 16, 1986
|
Fund
|
Commencement of Operations
|
Bond Fund
|
September 15, 1995 (successor to Transamerica Investment Quality Bond Fund, which commenced operations on November 9, 1973)
|
California Tax-Free Income Fund
|
December 29, 1989
|
ESG Core Bond Fund
|
December 14, 2016
|
Government Income Fund
|
February 23, 1988
|
High Yield Fund
|
October 26, 1987
|
High Yield Municipal Bond Fund
|
August 25, 1986
|
Income Fund
|
August 18, 1986
|
Investment Grade Bond Fund
|
December 31, 1991
|
Short Duration Bond Fund
|
July 16, 2019
|
Tax-Free Bond Fund
|
January 5, 1990
|
5 |
• | liquidity protection; and |
• | default protection. |
• | “senior-subordinated securities” (multiple class securities with one or more classes subordinate to other classes as to the payment of principal thereof and interest thereon, with the result that defaults on the underlying assets are borne first by the holders of the subordinated class); |
• | creation of “reserve funds” (where cash or investments, sometimes funded from a portion of the payments on the underlying assets, are held in reserve against future losses); and |
• | “over-collateralization” (where the scheduled payments on, or the principal amount of, the underlying assets exceed those required to make payment on the securities and pay any servicing or other fees). |
6 |
• | the exchange of outstanding commercial bank debt for bonds issued at 100% of face value that carry a below-market stated rate of interest (generally known as par bonds); |
• | bonds issued at a discount from face value (generally known as discount bonds); |
• | bonds bearing an interest rate which increases over time; and |
• | bonds issued in exchange for the advancement of new money by existing lenders. |
7 |
• | Export Development Corporation; |
• | Farm Credit Corporation; |
• | Federal Business Development Bank; and |
• | Canada Post Corporation. |
• | provincial railway corporation; |
• | provincial hydroelectric or power commission or authority; |
• | provincial municipal financing corporation or agency; and |
• | provincial telephone commission or authority. |
8 |
9 |
10 |
• | prices, changes in prices, or differences between prices of securities, currencies, intangibles, goods, articles or commodities (collectively, “underlying assets”); or |
• | an objective index, economic factor or other measure, such as interest rates, currency exchange rates, commodity indices, and securities indices (collectively, “benchmarks”). |
• | debt instruments with interest or principal payments or redemption terms determined by reference to the value of a currency or commodity or securities index at a future point in time; |
• | preferred stock with dividend rates determined by reference to the value of a currency; or |
• | convertible securities with the conversion terms related to a particular commodity. |
11 |
12 |
13 |
14 |
Fund Name
|
Bond Fund ($)
|
Government Income Fund ($)
|
Investment Grade Bond Fund ($)
|
Income Fund ($)
|
Gross income from securities lending activities
|
925,101
|
3,795
|
63,431
|
52,203
|
Fees and/or compensation for securities lending activities and related services
|
||||
Fees paid to securities lending agent from a revenue split
|
89,777
|
276
|
5,686
|
4,500
|
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split
|
94,888
|
585
|
8,872
|
10,074
|
Administrative fees not included in revenue split1
|
||||
Indemnification fee not included in revenue split
|
||||
Rebate (paid to borrower)
|
3,035
|
21
|
194
|
196
|
Other fees not included in revenue split (specify)
|
||||
Aggregate fees/compensation for securities lending activities
|
187,700
|
882
|
14,752
|
14,770
|
Net income from securities lending activities
|
737,401
|
2913
|
48,679
|
37,433
|
1 | Administrative fees equal JHCT fund expense ratio. |
15 |
16 |
• | one-year, three-year and five-year constant maturity Treasury Bill rates; |
17 |
• | three-month or six-month Treasury Bill rates; |
• | 11th District Federal Home Loan Bank Cost of Funds; |
• | National Median Cost of Funds; or |
• | one-month, three-month, six-month or one-year LIBOR and other market rates. |
• | mortgage bankers; |
• | commercial banks; |
• | investment banks; |
• | savings and loan associations; and |
• | special purpose subsidiaries of the foregoing. |
1 | collateralized by pools of mortgages in which each mortgage is guaranteed as to payment of principal and interest by an agency or instrumentality of the U.S. government; |
2 | collateralized by pools of mortgages in which payment of principal and interest is guaranteed by the issuer and the guarantee is collateralized by U.S. government securities; or |
3 | securities for which the proceeds of the issuance are invested in mortgage securities and payment of the principal and interest is supported by the credit of an agency or instrumentality of the U.S. government. |
18 |
19 |
20 |
• | Federal Reserve System member bank; |
• | primary government securities dealer reporting to the Federal Reserve Bank of New York’s Market Reports Division; or |
• | broker dealer that reports U.S. government securities positions to the Federal Reserve Board. |
21 |
22 |
23 |
24 |
• | SLMA; |
• | FHLBs; |
• | FICBs; and |
• | Fannie Mae. |
25 |
Issuers of Zero Coupon Securities and Pay-In-Kind Bonds. Zero coupon securities and pay-in-kind bonds may be issued by a wide variety of corporate and governmental issuers. Although zero coupon securities and pay-in-kind bonds are generally not traded on a national securities exchange, these securities are widely traded by brokers and dealers and, to the extent they are widely traded, will not be considered illiquid for the purposes of the investment restriction under “Illiquid Securities.” |
Tax Considerations. Current federal income tax law requires the holder of a zero coupon security or certain pay-in-kind bonds to accrue income with respect to these securities prior to the receipt of cash payments. To maintain its qualification as a RIC under the Code and avoid liability for federal income and excise taxes, a fund may be required to distribute income accrued with respect to these securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate cash to satisfy these distribution requirements. |
26 |
27 |
28 |
29 |
30 |
• | the obligor’s balance of payments, including export performance; |
• | the obligor’s access to international credits and investments; |
• | fluctuations in interest rates; and |
• | the extent of the obligor’s foreign reserves. |
31 |
• | reducing and rescheduling interest and principal payments by negotiating new or amended credit agreements or converting outstanding principal and unpaid interest to Brady Bonds; and |
• | obtaining new credit to finance interest payments. |
• | extremely poor prospects of ever attaining any real investment standing; |
• | current identifiable vulnerability to default; |
• | unlikely to have the capacity to pay interest and repay principal when due in the event of adverse business, financial or economic conditions; |
• | are speculative with respect to the issuer’s capacity to pay interest and repay principal in accordance with the terms of the obligations; and/or |
• | are in default or not current in the payment of interest or principal. |
32 |
Volatility. Hybrid instruments are potentially more volatile and carry greater market risks than traditional debt instruments. Depending on the structure of the particular hybrid instrument, changes in a benchmark may be magnified by the terms of the hybrid instrument and have an even more dramatic and substantial effect upon the value of the hybrid instrument. Also, the prices of the hybrid instrument and the benchmark or underlying asset may not move in the same direction or at the same time. |
Leverage Risk. Hybrid instruments may bear interest or pay preferred dividends at below market (or even relatively nominal) rates. Alternatively, hybrid instruments may bear interest at above market rates, but bear an increased risk of principal loss (or gain). For example, an increased risk of principal loss (or gain) may result if “leverage” is used to structure a hybrid instrument. Leverage risk occurs when the hybrid instrument is structured so that a change in a benchmark or underlying asset is multiplied to produce a greater value change in the hybrid instrument, thereby magnifying the risk of loss, as well as the potential for gain. |
Liquidity Risk. Hybrid instruments also may carry liquidity risk since the instruments are often “customized” to meet the needs of a particular investor. Therefore, the number of investors that would be willing and able to buy such instruments in the secondary market may be smaller than for more traditional debt securities. In addition, because the purchase and sale of hybrid instruments could take place in an OTC market without the |
33 |
guarantee of a central clearing organization or in a transaction between a fund and the issuer of the hybrid instrument, the creditworthiness of the counterparty or issuer of the hybrid instrument would be an additional risk factor, which the fund would have to consider and monitor. |
Lack of U.S. Regulation. Hybrid instruments may not be subject to regulation of the CFTC, which generally regulates the trading of swaps and commodity futures by U.S. persons, the SEC, which regulates the offer and sale of securities by and to U.S. persons, or any other governmental regulatory authority. |
Credit and Counterparty Risk. The issuer or guarantor of a hybrid instrument may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Funds that invest in hybrid instruments are subject to varying degrees of risk that the issuers of the securities will have their credit rating downgraded or will default, potentially reducing a fund’s share price and income level. |
Consumer Discretionary. The consumer discretionary sector may be affected by fluctuations in supply and demand and may also be adversely affected by changes in consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations. |
The outbreak of the novel coronavirus (COVID-19) pandemic has led to materially reduced consumer demand in certain sectors, a disruption in supply chains and an increase in market closures and retail company bankruptcies. The novel coronavirus (COVID-19) pandemic may affect certain countries, industries, economic sectors, and companies more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The impact on the consumer discretionary market may last for an extended period of time. |
Consumer Staples. Companies in the consumer staples sector may be affected by general economic conditions, commodity production and pricing, consumer confidence and spending, consumer preferences, interest rates, product cycles, marketing, competition, and government regulation. Other risks include changes in global economic, environmental and political events, and the depletion of resources. Companies in the consumer staples sector may also be negatively impacted by government regulations affecting their products. For example, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Tobacco companies, in particular, may be adversely affected by new laws, regulations and litigation. Companies in the consumer staples sector may also be subject to risks relating to the supply of, demand for, and prices of raw materials. The prices of raw materials fluctuate in response to a number of factors, including, changes in exchange rates, import and export controls, changes in international agricultural and trading policies, and seasonal and weather conditions, among others. In addition, the success of food, beverage, household and personal product companies, in particular, may be strongly affected by unpredictable factors, such as, demographics, consumer spending, and product trends. |
Energy. Companies in the energy sector may be affected by energy prices, supply and demand fluctuations including in energy fuels, energy conservation, liabilities arising from government or civil actions, environmental and other government regulations, and geopolitical events including political instability and war. The market value of companies in the local energy sector is heavily impacted by the levels and stability of global energy prices, energy conservation efforts, the success of exploration projects, exchange rates, interest rates, economic conditions, tax and other government regulations, increased competition and technological advances, as well as other factors. Companies in this sector may be subject to extensive government regulation and contractual fixed pricing, which may increase the cost of doing business and limit these companies’ profits. A large part of the returns of these companies depends on few customers, including governmental entities and utilities. As a result, governmental budget constraints may have a significant negative effect on the stock prices of energy sector companies. Energy companies may also operate in, or engage in, transactions involving countries with less developed regulatory regimes or a history of expropriation, nationalization or other adverse policies. As a result, securities of companies in the energy field are subject to quick price and supply fluctuations caused by events relating to international politics. Other risks include liability from accidents resulting in injury or loss of life or property, pollution or other environmental problems, equipment malfunctions or mishandling of materials and a risk of loss from terrorism, political strife and natural disasters. Energy companies can also be heavily affected by the supply of, and demand for, their specific product or service and for energy products in general, and government subsidization. Energy companies may have high levels of debt and may be more likely to restructure their businesses if there are downturns in energy markets or the economy as a whole. |
Companies in the energy sector have been adversely affected by reduced demand for oil and other energy commodities as a result of the slowdown in economic activity resulting from the spread of the novel coronavirus (COVID-19) pandemic and by price competition among key oil producing countries. Recently, global oil prices have declined significantly and experienced significant volatility, including a period where an oil-price futures contract fell into negative territory for the first time in history, as demand for oil has slowed and oil storage facilities reach their storage capacities. The impact on such commodities markets may last for an extended period of time. |
Financial Services. To the extent that a fund invests principally in securities of financial services companies, it is particularly vulnerable to events affecting that industry. Financial services companies may include, but are not limited to, commercial and industrial banks, savings and loan |
34 |
associations and their holding companies, consumer and industrial finance companies, diversified financial services companies, investment banking, securities brokerage and investment advisory companies, leasing companies and insurance companies. The types of companies that compose the financial services sector may change over time. These companies are all subject to extensive regulation, rapid business changes, volatile performance dependent upon the availability and cost of capital, prevailing interest rates and significant competition. General economic conditions significantly affect these companies. Credit and other losses resulting from the financial difficulty of borrowers or other third parties have a potentially adverse effect on companies in this sector. Investment banking, securities brokerage and investment advisory companies are particularly subject to government regulation and the risks inherent in securities trading and underwriting activities. In addition, all financial services companies face shrinking profit margins due to new competitors, the cost of new technology, and the pressure to compete globally. Banking. Commercial banks (including “money center” regional and community banks), savings and loan associations and holding companies of the foregoing are especially subject to adverse effects of volatile interest rates, concentrations of loans in particular industries (such as real estate or energy) and significant competition. The profitability of these businesses is to a significant degree dependent upon the availability and cost of capital funds. Economic conditions in the real estate market may have a particularly strong effect on certain banks and savings associations. Commercial banks and savings associations are subject to extensive federal and, in many instances, state regulation. Neither such extensive regulation nor the federal insurance of deposits ensures the solvency or profitability of companies in this industry, and there is no assurance against losses in securities issued by such companies. Insurance. Insurance companies are particularly subject to government regulation and rate setting, potential anti-trust and tax law changes, and industry-wide pricing and competition cycles. Property and casualty insurance companies also may be affected by weather and other catastrophes. Life and health insurance companies may be affected by mortality and morbidity rates, including the effects of epidemics. Individual insurance companies may be exposed to reserve inadequacies, problems in investment portfolios (for example, due to real estate or “junk” bond holdings) and failures of reinsurance carriers. |
Health Sciences. Companies in this sector are subject to the additional risks of increased competition within the health care industry, changes in legislation or government regulations, reductions in government funding, product liability or other litigation and the obsolescence of popular products. The prices of the securities of health sciences companies may fluctuate widely due to government regulation and approval of their products and services, which may have a significant effect on their price and availability. In addition, the types of products or services produced or provided by these companies may quickly become obsolete. Moreover, liability for products that are later alleged to be harmful or unsafe may be substantial and may have a significant impact on a company’s market value or share price. |
Industrials. Companies in the industrials sector may be affected by general economic conditions, commodity production and pricing, supply and demand fluctuations, environmental and other government regulations, geopolitical events, interest rates, insurance costs, technological developments, liabilities arising from governmental or civil actions, labor relations, import controls and government spending. The value of securities issued by companies in the industrials sector may also be adversely affected by supply and demand related to their specific products or services and industrials sector products in general, as well as liability for environmental damage and product liability claims and government regulations. For example, the products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Certain companies within this sector, particularly aerospace and defense companies, may be heavily affected by government spending policies because companies involved in this industry rely, to a significant extent, on government demand for their products and services, and, therefore, the financial condition of, and investor interest in, these companies are significantly influenced by governmental defense spending policies, which are typically under pressure from efforts to control the U.S. (and other) government budgets. In addition, securities of industrials companies in transportation may be cyclical and have occasional sharp price movements which may result from economic changes, fuel prices, labor relations and insurance costs, and transportation companies in certain countries may also be subject to significant government regulation and oversight, which may adversely affect their businesses. |
Internet-Related Investments. The value of companies engaged in Internet-related activities, which is a developing industry, is particularly vulnerable to: (a) rapidly changing technology; (b) extensive government regulation; and (c) relatively high risk of obsolescence caused by scientific and technological advances. In addition, companies engaged in Internet-related activities are difficult to value and many have high share prices relative to their earnings which they may not be able to maintain over the long-term. Moreover, many Internet companies are not yet profitable and will need additional financing to continue their operations. There is no guarantee that such financing will be available when needed. Since many Internet companies are start-up companies, the risks associated with investing in small companies are heightened for these companies. A fund that invests a significant portion of its assets in Internet-related companies should be considered extremely risky even as compared to other funds that invest primarily in small company securities. |
Materials. Companies in the materials sector may be affected by general economic conditions, commodity production and prices, consumer preferences, interest rates, exchange rates, product cycles, marketing, competition, resource depletion, and environmental, import/export and other government regulations. Other risks may include liabilities for environmental damage and general civil liabilities, and mandated expenditures for safety and pollution control. The materials sector may also be affected by economic cycles, technological progress, and labor relations. At times, worldwide production of industrial materials has been greater than demand as a result of over-building or economic downturns, leading to poor investment returns or losses. These risks are heightened for companies in the materials sector located in foreign markets. |
Natural Resources. A fund’s investments in natural resources companies are especially affected by variations in the commodities markets (which may be due to market events, regulatory developments or other factors that such fund cannot control) and such companies may lack the resources and the broad business lines to weather hard times. Natural resources companies can be significantly affected by events relating to domestic or international political and economic developments, energy conservation efforts, the success of exploration projects, reduced availability of transporting, processing, storing or delivering natural resources, extreme weather or other natural disasters, and threats of attack by terrorists on |
35 |
energy assets. Additionally, natural resource companies are subject to substantial government regulation, including environmental regulation and liability for environmental damage, and changes in the regulatory environment for energy companies may adversely impact their profitability. At times, the performance of these investments may lag the performance of other sectors or the market as a whole. |
Investments in certain commodity-linked instruments, such as crude oil and crude oil products, can be susceptible to negative prices due to a surplus in production caused by global events, including restrictions or reductions in global travel. Exposure to such commodity-linked instruments may adversely affect an issuer’s returns or the performance of the fund. |
The natural resources sector has been adversely impacted by the reduced demand for oil and other natural resources as a result of the slowdown in economic activity resulting from the spread of the novel coronavirus (COVID-19) pandemic. Recently, global oil prices have declined significantly and experienced significant volatility, including a period where an oil-price futures contract fell into negative territory for the first time in history, as demand for oil has slowed and oil storage facilities reach their storage capacities. The impact on the natural resources sector may last for an extended period of time. |
Technology. Technology companies rely heavily on technological advances and face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Shortening of product cycle and manufacturing capacity increases may subject technology companies to aggressive pricing. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Technology companies may not successfully introduce new products, develop and maintain a loyal customer base or achieve general market acceptance for their products. |
Stocks of technology companies, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Companies in the technology sector are also heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect the profitability of these companies. Technology companies engaged in manufacturing, such as semiconductor companies, often operate internationally which could expose them to risks associated with instability and changes in economic and political conditions, foreign currency fluctuations, changes in foreign regulations, competition from subsidized foreign competitors with lower production costs and other risks inherent to international business. |
Telecommunications. Companies in the telecommunications sector are subject to the additional risks of rapid obsolescence due to technological advancement or development, lack of standardization or compatibility with existing technologies, an unfavorable regulatory environment, and a dependency on patent and copyright protection. The prices of the securities of companies in the telecommunications sector may fluctuate widely due to both federal and state regulations governing rates of return and services that may be offered, fierce competition for market share, and competitive challenges in the U.S. from foreign competitors engaged in strategic joint ventures with U.S. companies, and in foreign markets from both U.S. and foreign competitors. In addition, recent industry consolidation trends may lead to increased regulation of telecommunications companies in their primary markets. |
Utilities. Companies in the utilities sector may be affected by general economic conditions, supply and demand, financing and operating costs, rate caps, interest rates, liabilities arising from governmental or civil actions, consumer confidence and spending, competition, technological progress, energy prices, resource conservation and depletion, man-made or natural disasters, geopolitical events, and environmental and other government regulations. The value of securities issued by companies in the utilities sector may be negatively impacted by variations in exchange rates, domestic and international competition, energy conservation and governmental limitations on rates charged to customers. Although rate changes of a regulated utility usually vary in approximate correlation with financing costs, due to political and regulatory factors rate changes usually happen only after a delay after the changes in financing costs. Deregulation may subject utility companies to increased competition and can negatively affect their profitability as it permits utility companies to diversify outside of their original geographic regions and customary lines of business, causing them to engage in more uncertain ventures. Deregulation can also eliminate restrictions on the profits of certain utility companies, but can simultaneously expose these companies to an increased risk of loss. Although opportunities may permit certain utility companies to earn more than their traditional regulated rates of return, companies in the utilities industry may have difficulty obtaining an adequate return on invested capital, raising capital, or financing large construction projects during periods of inflation or unsettled capital markets. Utility companies may also be subject to increased costs because of the effects of man-made or natural disasters. Current and future regulations or legislation can make it more difficult for utility companies to operate profitably. Government regulators monitor and control utility revenues and costs, and thus may restrict utility profits. There is no assurance that regulatory authorities will grant rate increases in the future, or that those increases will be adequate to permit the payment of dividends on stocks issued by a utility company. Because utility companies are faced with the same obstacles, issues and regulatory burdens, their securities may react similarly and more in unison to these or other market conditions. |
36 |
37 |
Risk to Principal and Income. Investing in lower rated fixed-income securities is considered speculative. While these securities generally provide greater income potential than investments in higher rated securities, there is a greater risk that principal and interest payments will not be made. Issuers of these securities may even go into default or become bankrupt. |
38 |
39 |
40 |
41 |
1 | The affiliated underlying funds could be required to sell securities or to invest cash, at times when they may not otherwise desire to do so. |
2 | Rebalancings may increase brokerage and/or other transaction costs of the affiliated underlying funds. |
3 | When a fund of funds owns a substantial portion of an affiliated underlying fund, a large redemption by the fund of funds could cause that affiliated underlying fund’s expenses to increase and could result in its portfolio becoming too small to be economically viable. |
4 | Rebalancings could accelerate the realization of taxable capital gains in affiliated underlying funds subject to large redemptions if sales of securities results in capital gains. |
42 |
• | declines in the value of real estate; |
• | risks related to general and local economic conditions; |
• | possible lack of availability of mortgage portfolios; |
• | overbuilding; |
• | extended vacancies of properties; |
• | increased competition; |
• | increases in property taxes and operating expenses; |
• | change in zoning laws; |
• | losses due to costs resulting from the clean-up of environmental problems; |
• | liability to third parties for damages resulting from environmental problems; |
• | casualty or condemnation losses; |
• | limitations on rents; |
• | changes in neighborhood values and the appeal of properties to tenants; and |
• | changes in interest rates. |
43 |
44 |
• | exchange-listed and OTC put and call options on securities, equity indices, volatility indices, financial futures contracts, currencies, fixed-income indices and other financial instruments; |
• | financial futures contracts (including stock index futures); |
• | interest rate transactions;* |
• | currency transactions;** |
• | warrants and rights (including, with respect to ESG Core Bond Fund, non-standard warrants and participatory risks); |
• | swaps (including interest rate, index, dividend, inflation, variance, equity, and volatility swaps, credit default swaps, swap options and currency swaps); and |
• | structured notes, including hybrid or “index” securities. |
• | to attempt to protect against possible changes in the market value of securities held or to be purchased by a fund resulting from securities markets or currency exchange rate fluctuations; |
• | to protect a fund’s unrealized gains in the value of its securities; |
• | to facilitate the sale of a fund’s securities for investment purposes; |
• | to manage the effective maturity or duration of a fund’s securities; |
• | to establish a position in the derivatives markets as a method of gaining exposure to a particular geographic region, market, industry, issuer, or security; or |
• | to increase exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another. |
45 |
• | insufficient trading interest in certain options; |
• | restrictions on transactions imposed by an exchange; |
• | trading halts, suspensions or other restrictions imposed with respect to particular classes or series of options or underlying securities, including reaching daily price limits; |
• | interruption of the normal operations of the OCC or an exchange; |
• | inadequacy of the facilities of an exchange or the OCC to handle current trading volume; or |
• | a decision by one or more exchanges to discontinue the trading of options (or a particular class or series of options), in which event the relevant |
46 |
market for that option on that exchange would cease to exist, although any such outstanding options on that exchange would continue to be exercisable in accordance with their terms. |
• | as a hedge against anticipated interest rate, currency or market changes; |
• | for duration management; |
• | for risk management purposes; and |
• | to gain exposure to a securities market. |
47 |
48 |
• | forward currency contracts; |
• | exchange-listed currency futures contracts and options thereon; |
• | exchange-listed and OTC options on currencies; |
• | currency swaps; and |
• | spot transactions (i.e., transactions on a cash basis based on prevailing market rates). |
49 |
50 |
51 |
52 |
• | possible default by the counterparty to the transaction; |
• | markets for the securities used in these transactions could be illiquid; and |
• | to the extent the subadvisor’s assessment of market movements is incorrect, the risk that the use of the hedging and other strategic transactions could result in losses to the fund. |
53 |
• | option transactions could force the sale or purchase of portfolio securities at inopportune times or for prices higher than current market values (in the case of put options) or lower than current market values (in the case of call options), or could cause a fund to hold a security it might otherwise sell (in the case of a call option); |
• | calls written on securities that a fund does not own are riskier than calls written on securities owned by the fund because there is no underlying security held by the fund that can act as a partial hedge, and there also is a risk, especially with less liquid securities, that the securities may not be available for purchase; and |
• | options markets could become illiquid in some circumstances and certain OTC options could have no markets. As a result, in certain markets, a fund might not be able to close out a transaction without incurring substantial losses. |
• | the degree of correlation between price movements of futures contracts and price movements in the related securities position of a fund could create the possibility that losses on the hedging instrument are greater than gains in the value of the fund’s position. |
• | futures markets could become illiquid. As a result, in certain markets, a fund might not be able to close out a transaction without incurring substantial losses. |
• | currency hedging can result in losses to a fund if the currency being hedged fluctuates in value to a degree or direction that is not anticipated; |
• | proxy hedging involves determining the correlation between various currencies. If the subadvisor’s determination of this correlation is incorrect, a fund’s losses could be greater than if the proxy hedging were not used; and |
• | foreign government exchange controls and restrictions on repatriation of currency can negatively affect currency transactions. These forms of governmental actions can result in losses to a fund if it is unable to deliver or receive currency or monies to settle obligations. Such governmental actions also could cause hedges it has entered into to be rendered useless, resulting in full currency exposure as well as incurring transaction costs. |
• | foreign governmental actions affecting foreign securities, currencies or other instruments; |
54 |
• | less stringent regulation of these transactions in many countries as compared to the United States; |
• | the lack of clearing mechanisms and related guarantees in some countries for these transactions; |
• | more limited availability of data on which to make trading decisions than in the United States; |
• | delays in a fund’s ability to act upon economic events occurring in foreign markets during non-business hours in the United States; |
• | the imposition of different exercise and settlement terms and procedures and margin requirements than in the United States; and |
• | lower trading volume and liquidity. |
55 |
56 |
57 |
58 |
59 |
60 |
61 |
62 |
63 |
64 |
65 |
66 |
Fund
|
2021
(%) |
2020
(%) |
Bond Fund
|
98
|
125
|
California Tax-Free Income Fund
|
23
|
22
|
ESG Core Bond Fund
|
50
|
34
|
Government Income Fund
|
169
|
166
|
High Yield Fund
|
74
|
59
|
High Yield Municipal Bond Fund
|
34
|
52
|
Income Fund
|
63
|
76
|
Investment Grade Bond Fund
|
122
|
151
|
Short Duration Bond Fund
|
55
|
581
|
Tax-Free Bond Fund
|
20
|
54
|
1 | Period from July 16, 2019 (commencement of operations) to May 31, 2020. |
67 |
Name
(Birth Year) |
Current Position(s) with the Trusts1
|
Principal Occupation(s) and Other Directorships
During the Past 5 Years |
Number of Funds in John Hancock Fund Complex Overseen by Trustee
|
Non-Independent Trustees
|
|||
Andrew G. Arnott2 (1971)
|
Trustee, each Trust (since 2017); President (since 2014)
|
Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2018); 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).
Trustee of various trusts within the John Hancock Fund Complex (since 2017).
|
195
|
Marianne Harrison2
(1963) |
Trustee, each Trust (since 2018)
|
President and CEO, John Hancock (since 2017); President and CEO, Manulife Canadian Division (2013–2017); Member, Board of Directors, Boston Medical Center (since 2021); Member, Board of Directors, CAE Inc. (since 2019); Member, Board of Directors, MA Competitive Partnership Board (since 2018); 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 (2017–2019); Member, Board of Directors, Manulife Assurance Canada (2015–2017); Board Member, St. Mary’s General Hospital Foundation (2014–2017); Member, Board of Directors, Manulife Bank of Canada (2013–2017); Member, Standing Committee of the Canadian Life & Health Assurance Association (2013–2017); 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).
|
195
|
1 | Because each Trust does not hold regular annual shareholder meetings, each Trustee holds office for an indefinite term until his or her successor is duly elected and qualified or until he or she dies, retires, resigns, is removed or becomes disqualified. Trustees may be removed from the Trust (provided the aggregate number of Trustees after such removal shall not be less than one) with cause or without cause, by the action of two-thirds of the remaining Trustees or by action of two-thirds of the outstanding shares of the Trust. |
2 | The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain of its affiliates. |
Name
(Birth Year) |
Current Position(s) with the Trusts1
|
Principal Occupation(s) and Other Directorships
During the Past 5 Years |
Number of Funds in John Hancock Fund Complex Overseen by Trustee
|
Independent Trustees
|
68 |
Name
(Birth Year) |
Current Position(s) with the Trusts1
|
Principal Occupation(s) and Other Directorships
During the Past 5 Years |
Number of Funds in John Hancock Fund Complex Overseen by Trustee
|
Charles L. Bardelis
(1941) |
Trustee, each Trust (since 2012)
|
Director, Island Commuter Corp. (marine transport).
Trustee of various trusts within the John Hancock Fund Complex (since 1988).
|
195
|
James R. Boyle
(1959) |
Trustee, each Trust (2005–2010, 2012–2014, and since 2015)
|
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).
|
195
|
Peter S. Burgess
(1942) |
Trustee, each Trust (since 2012)Trustee, Current Interest and Investment Trust (since 2012); Trustee, John Hancock Funds III (2005–2006 and since 2012)
|
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 (2004–2021); Director, Symetra Financial Corporation (2010–2016); Director, PMA Capital Corporation (2004–2010).
Trustee of various trusts within the John Hancock Fund Complex (since 2005).
|
195
|
William H. Cunningham
(1944) |
Trustee, Bond Trust (since 1986); Trustee, John Hancock California Tax-Free Income Fund and Municipal Securities Trust (since 1989); Trustee, Sovereign Bond Fund and Strategic Series (since 2005)
|
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).
|
195
|
Grace K. Fey
(1946) |
Trustee, each Trust (since 2012)
|
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).
|
195
|
69 |
Name
(Birth Year) |
Current Position(s) with the Trusts1
|
Principal Occupation(s) and Other Directorships
During the Past 5 Years |
Number of Funds in John Hancock Fund Complex Overseen by Trustee
|
Deborah C. Jackson
(1952) |
Trustee, each Trust (since 2008)
|
President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, Amwell Corporation (since 2020); Board of Directors, Massachusetts Women’s Forum (2018–2020); Board of Directors, National Association of Corporate Directors/New England (2015–2020); Board of Directors, Association of Independent Colleges and Universities of Massachusetts (2014–2017); 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).
|
195
|
Hassell H. McClellan
(1945) |
Trustee, each Trust (since 2012) and Chairperson of the Board, each Trust (since 2017)
|
Director/Trustee, Virtus Funds (2008–2020); Director, The Barnes Group (2010–2021); 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.
|
195
|
Steven R. Pruchansky
(1944) |
Trustee, Bond Trust, John Hancock California Tax-Free Income Fund, and Municipal Securities Trust (since 1994); Trustee, Sovereign Bond Fund and Strategic Series (since 2005); Vice Chairperson of the Board, each Trust (since 2012)
|
Managing Director, Pru Realty (since 2017); Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (2014-2020); 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.
|
195
|
Frances G. Rathke
(1960) |
Trustee, each Trust (since 2020)
|
Board Member, Oatly Group AB (plant-based drink company) (since 2021); Director, Northern New England Energy Corporation (since 2017); Director, Audit Committee Chair and Compensation Committee Member, Green Mountain Power Corporation (since 2016); Director, Treasurer and Finance & Audit Committee Chair, Flynn Center for Performing Arts (since 2016); Director, Audit Committee Chair and Compensation Committee Member, Planet Fitness (since 2016); Director, Citizen Cider, Inc. (high-end hard cider and hard seltzer company) (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003-retired 2015); Independent Financial Consultant, Frances Rathke Consulting (strategic and financial consulting services) (2001–2003); Chief Financial Officer and Secretary, Ben & Jerry’s Homemade, Inc. (1989–2000, including prior positions); Senior Manager, Coopers & Lybrand, LLC (independent public accounting firm) (1982–1989).
Trustee of various trusts within the John Hancock Fund Complex (since 2020).
|
195
|
70 |
Name
(Birth Year) |
Current Position(s) with the Trusts1
|
Principal Occupation(s) and Other Directorships
During the Past 5 Years |
Number of Funds in John Hancock Fund Complex Overseen by Trustee
|
Gregory A. Russo
(1949) |
Trustee, each Trust (since 2009)
|
Director and Audit Committee Chairman (2012–2020), and Member, Audit Committee and Finance Committee (2011–2020), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Director and Member (2012-2018), and Finance Committee Chairman (2014-2018), 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).
|
195
|
1 | Because each Trust does not hold regular annual shareholder meetings, each Trustee holds office for an indefinite term until his or her successor is duly elected and qualified or until he or she dies, retires, resigns, is removed or becomes disqualified. Trustees may be removed from the Trust (provided the aggregate number of Trustees after such removal shall not be less than one) with cause or without cause, by the action of two-thirds of the remaining Trustees or by action of two-thirds of the outstanding shares of the Trust. |
Name (Birth Year)
|
Current Position(s) with the Trusts1
|
Principal Occupation(s) During Past 5 Years
|
Charles A. Rizzo
(1957) |
Chief Financial Officer (since 2007)
|
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
(1965) |
Treasurer (since 2010)
|
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).
|
Christopher (Kit) Sechler
(1973) |
Secretary and Chief Legal Officer (since 2018)
|
Vice President and Deputy Chief Counsel, John Hancock Investment Management (since 2015); Assistant Vice President and Senior Counsel (2009–2015), John Hancock Investment Management; Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009); Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2009, including prior positions).
|
71 |
Name (Birth Year)
|
Current Position(s) with the Trusts1
|
Principal Occupation(s) During Past 5 Years
|
Trevor Swanberg
(1979) |
Chief Compliance Officer (since 2020)
|
Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019–2020); Assistant Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2016–2019); Vice President, State Street Global Advisors (2015–2016); Chief Compliance Officer of various trusts within the John Hancock Fund Complex (since 2016, including prior positions).
|
1 | Each officer holds office for an indefinite term until his or her successor is duly elected and qualified or until he or she dies, retires, resigns, is removed or becomes disqualified. |
72 |
73 |
74 |
Compensation Table1
|
||||||
Name of Trustee
|
Bond Trust
($) |
California Tax-Free Income Fund
($) |
Municipal Securities Trust
($) |
Sovereign Bond Fund
($) |
Strategic Series
($) |
Total Compensation from the Trusts and the John Hancock Fund Complex2
($) |
Independent Trustees
|
||||||
Charles L. Bardelis
|
6,269
|
304
|
913
|
29,437
|
2,882
|
415,000
|
James R. Boyle
|
5,900
|
286
|
857
|
27,705
|
2,711
|
393,000
|
Peter S. Burgess
|
6,605
|
321
|
962
|
31,026
|
3,038
|
435,000
|
William H. Cunningham
|
6,269
|
304
|
913
|
29,437
|
2,882
|
415,000
|
Grace K. Fey
|
6,605
|
321
|
962
|
31,026
|
3,038
|
435,000
|
Deborah C. Jackson
|
6,269
|
304
|
913
|
29,437
|
2,882
|
415,000
|
Hassell H. McClellan
|
8,626
|
420
|
1,260
|
40,563
|
3,976
|
555,000
|
James M. Oates3
|
5,881
|
289
|
866
|
27,767
|
2,725
|
393,000
|
Steven R. Pruchansky
|
6,314
|
307
|
934
|
29,611
|
2,899
|
415,000
|
Frances G. Rathke4
|
4,853
|
225
|
678
|
22,517
|
2,188
|
315,082
|
Gregory A. Russo
|
6,605
|
321
|
962
|
31,026
|
3,038
|
435,000
|
Non-Independent Trustees
|
||||||
Andrew G. Arnott
|
0
|
0
|
0
|
0
|
0
|
0
|
Marianne Harrison
|
0
|
0
|
0
|
0
|
0
|
0
|
1 | The Trust does not have a pension or retirement plan for any of its Trustees or officers. |
2 | There were approximately 195 series in the John Hancock Fund Complex as of May 31, 2021. |
75 |
3 | Retired from the Board effective as of April 30, 2021. |
4 | Appointed to serve as Trustee effective as of September 15, 2020. |
Trust/Funds
|
Bond Fund
|
Government Income Fund
|
High Yield Fund
|
Income Fund
|
Investment Grade Bond Fund
|
Total -John Hancock Fund Complex
|
Independent Trustees
|
||||||
Charles L. Bardelis
|
None
|
None
|
None
|
None
|
None
|
Over $100,000
|
James R. Boyle
|
None
|
None
|
None
|
None
|
None
|
Over $100,000
|
Peter S. Burgess
|
None
|
None
|
None
|
None
|
None
|
Over $100,000
|
William H. Cunningham
|
None
|
None
|
None
|
None
|
Over $100,000
|
Over $100,000
|
Grace K. Fey
|
None
|
None
|
None
|
None
|
None
|
Over $100,000
|
Deborah C. Jackson
|
None
|
None
|
None
|
None
|
None
|
Over $100,000
|
Hassell H. McClellan
|
None
|
None
|
None
|
None
|
None
|
Over $100,000
|
James M. Oates1
|
None
|
None
|
None
|
None
|
None
|
Over $100,000
|
Steven R. Pruchansky
|
None
|
$1 - $10,000
|
$10,001 - $50,000
|
$10,001 - $50,000
|
$1 - $10,000
|
Over $100,000
|
Frances G. Rathke2
|
None
|
None
|
None
|
None
|
None
|
Over $100,000
|
Gregory A. Russo
|
None
|
None
|
None
|
None
|
None
|
Over $100,000
|
Non-Independent Trustees
|
||||||
Andrew G. Arnott
|
Over $100,000
|
None
|
None
|
None
|
Over $100,000
|
|
Marianne Harrison
|
None
|
None
|
None
|
None
|
Over $100,000
|
1 | Retired from the Board effective as of April 30, 2021. |
2 | Appointed to serve as Trustee effective as of September 15, 2020. |
JH Fund Name
|
Share Class
|
Name and Address
|
Percentage Owned
|
Type of Ownership
|
BOND FUND
|
A
|
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER ROAD SAINT LOUIS MO 63131-3710 |
58.01%
|
RECORD
|
76 |
JH Fund Name
|
Share Class
|
Name and Address
|
Percentage Owned
|
Type of Ownership
|
BOND FUND
|
C
|
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER ROAD SAINT LOUIS MO 63131-3710 |
25.84%
|
RECORD
|
BOND FUND
|
C
|
WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
16.47%
|
RECORD
|
BOND FUND
|
C
|
PERSHING LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0001 |
12.75%
|
RECORD
|
BOND FUND
|
C
|
AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
7.67%
|
RECORD
|
BOND FUND
|
C
|
LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT ATTN: MUTUAL FUND TRADING 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121-3091 |
6.18%
|
RECORD
|
BOND FUND
|
C
|
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY ST # 1WFC NEW YORK NY 10281-1015 |
6.06%
|
RECORD
|
BOND FUND
|
C
|
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
5.24%
|
RECORD
|
BOND FUND
|
C
|
MORGAN STANLEY SMITH BARNEY LLC
FOR EXCLUSIVE BENEFIT OF CUSTOMERS 1 NEW YORK PLAZA FL. 12 NEW YORK NY 10004-1932 |
5.00%
|
RECORD
|
BOND FUND
|
I
|
AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
18.77%
|
RECORD
|
BOND FUND
|
I
|
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY ST # 1WFC NEW YORK NY 10281-1015 |
17.16%
|
RECORD
|
BOND FUND
|
I
|
PERSHING LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0001 |
14.30%
|
RECORD
|
BOND FUND
|
I
|
LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT ATTN: MUTUAL FUND TRADING 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121-3091 |
10.58%
|
RECORD
|
77 |
JH Fund Name
|
Share Class
|
Name and Address
|
Percentage Owned
|
Type of Ownership
|
BOND FUND
|
I
|
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
6.71%
|
RECORD
|
BOND FUND
|
I
|
MORGAN STANLEY SMITH BARNEY LLC
FOR EXCLUSIVE BENEFIT OF CUSTOMERS 1 NEW YORK PLAZA FL. 12 NEW YORK NY 10004-1932 |
6.32%
|
RECORD
|
BOND FUND
|
I
|
WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
6.32%
|
RECORD
|
BOND FUND
|
I
|
MLPF&S FOR THE
SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADMINISTRATION 4800 DEER LAKE DRIVE EAST 2ND FL JACKSONVILLE FL 32246-6484 |
5.36%
|
RECORD
|
BOND FUND
|
R2
|
MLPF&S FOR THE
SOLE BENEFIT OF ITS CUSTOMERS ATTN: FUND ADMINISTRATION 4800 DEER LAKE DRIVE EAST 2ND FL JACKSONVILLE FL 32246-6484 |
20.70%
|
RECORD
|
BOND FUND
|
R2
|
GREAT-WEST TRUST COMPANY LLC TTEE F
EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002 |
18.34%
|
RECORD
|
BOND FUND
|
R2
|
LINCOLN RETIREMENT SERVICES COMPANY
FBO EXETER HEALTH RES 403(B) RSP PO BOX 7876 FORT WAYNE IN 46801-7876 |
17.23%
|
RECORD
|
BOND FUND
|
R2
|
STATE STREET BANK AND TRUST AS
TRUSTEE AND OR CUSTODIAN FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 |
5.84%
|
RECORD
|
BOND FUND
|
R4
|
NATIONAL FINANCIAL SERVICES LLC
499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 |
58.02%
|
RECORD
|
BOND FUND
|
R4
|
NATIONAL FINANCIAL SERVICES LLC
499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 |
12.75%
|
RECORD
|
BOND FUND
|
R4
|
JOHN HANCOCK TRUST COMPANY LLC
690 CANTON ST STE 100 WESTWOOD MA 02090-2324 |
10.22%
|
RECORD
|
BOND FUND
|
R4
|
GREAT-WEST TRUST COMPANY LLC FBO
EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002 |
7.88%
|
RECORD
|
78 |
JH Fund Name
|
Share Class
|
Name and Address
|
Percentage Owned
|
Type of Ownership
|
BOND FUND
|
R6
|
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER ROAD SAINT LOUIS MO 63131-3710 |
79.84%
|
RECORD
|
BOND FUND
|
NAV
|
JHF II MULTIMANAGER LIFESTYLE BALANCED PORTFOLIO
200 BERKELEY STREET BOSTON, MA 02116 |
20.83%
|
BENEFICIAL
|
BOND FUND
|
NAV
|
JHVIT MANAGED VOLATILITY BALANCED PORTFOLIO
200 BERKELEY STREET BOSTON, MA 02116 |
16.67%
|
BENEFICIAL
|
BOND FUND
|
NAV
|
JHF II MULTIMANAGER LIFESTYLE GROWTH PORTFOLIO
200 BERKELEY STREET BOSTON, MA 02116 |
13.66%
|
BENEFICIAL
|
BOND FUND
|
NAV
|
JHVIT MANAGED VOLATILITY GROWTH PORTFOLIO
200 BERKELEY STREET BOSTON, MA 02116 |
12.31%
|
BENEFICIAL
|
BOND FUND
|
NAV
|
JHF II MULTIMANAGER LIFESTYLE CONSERVATIVE PORTFOLIO
200 BERKELEY STREET BOSTON, MA 02116 |
10.07%
|
BENEFICIAL
|
BOND FUND
|
NAV
|
JHF II MULTIMANAGER LIFESTYLE MODERATE PORTFOLIO
200 BERKELEY STREET BOSTON, MA 02116 |
8.52%
|
BENEFICIAL
|
BOND FUND
|
NAV
|
JHVIT MANAGED VOLATILITY MODERATE PORTFOLIO
200 BERKELEY STREET BOSTON, MA 02116 |
5.68%
|
BENEFICIAL
|
CALIFORNIA TAX-FREE INCOME FUND
|
A
|
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER ROAD SAINT LOUIS MO 63131-3710 |
24.75%
|
RECORD
|
CALIFORNIA TAX-FREE INCOME FUND
|
A
|
WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
8.38%
|
RECORD
|
CALIFORNIA TAX-FREE INCOME FUND
|
A
|
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
7.29%
|
RECORD
|
CALIFORNIA TAX-FREE INCOME FUND
|
A
|
PERSHING LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0001 |
5.55%
|
RECORD
|
CALIFORNIA TAX-FREE INCOME FUND
|
A
|
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY ST # 1WFC NEW YORK NY 10281-1015 |
5.50%
|
RECORD
|
79 |
JH Fund Name
|
Share Class
|
Name and Address
|
Percentage Owned
|
Type of Ownership
|
CALIFORNIA TAX-FREE INCOME FUND
|
C
|
LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT ATTN: MUTUAL FUND TRADING 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121-3091 |
18.23%
|
RECORD
|
CALIFORNIA TAX-FREE INCOME FUND
|
C
|
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER ROAD SAINT LOUIS MO 63131-3710 |
11.51%
|
RECORD
|
CALIFORNIA TAX-FREE INCOME FUND
|
C
|
PERSHING LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0001 |
10.92%
|
RECORD
|
CALIFORNIA TAX-FREE INCOME FUND
|
C
|
WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
7.90%
|
RECORD
|
CALIFORNIA TAX-FREE INCOME FUND
|
C
|
SCOTT HANSFORD TOD
SUBJECT TO (STA) TOD RULES 4203 HEUTTE DR NORFOLK VA 23518-4630 |
5.07%
|
BENEFICIAL
|
CALIFORNIA TAX-FREE INCOME FUND
|
C
|
DAVID J GIZER TTEE
KATHRYN M GIZER TTEE GIZER FAMILY TRUST U/A DTD 05/15/1990 25707 SIMPSON PL CALABASAS CA 91302-3155 |
5.00%
|
BENEFICIAL
|
CALIFORNIA TAX-FREE INCOME FUND
|
I
|
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY ST # 1WFC NEW YORK NY 10281-1015 |
26.68%
|
RECORD
|
CALIFORNIA TAX-FREE INCOME FUND
|
I
|
WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
18.93%
|
RECORD
|
CALIFORNIA TAX-FREE INCOME FUND
|
I
|
PERSHING LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0001 |
18.60%
|
RECORD
|
CALIFORNIA TAX-FREE INCOME FUND
|
I
|
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
8.11%
|
RECORD
|
CALIFORNIA TAX-FREE INCOME FUND
|
I
|
TD AMERITRADE INC FEBO
OUR CUSTOMERS PO BOX 2226 OMAHA NE 68103-2226 |
7.16%
|
RECORD
|
80 |
JH Fund Name
|
Share Class
|
Name and Address
|
Percentage Owned
|
Type of Ownership
|
CALIFORNIA TAX-FREE INCOME FUND
|
I
|
LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT ATTN: MUTUAL FUND TRADING 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121-3091 |
5.57%
|
RECORD
|
CALIFORNIA TAX-FREE INCOME FUND
|
I
|
MORGAN STANLEY SMITH BARNEY LLC
FOR EXCLUSIVE BENEFIT OF CUSTOMERS 1 NEW YORK PLAZA FL. 12 NEW YORK NY 10004-1932 |
5.04%
|
RECORD
|
CALIFORNIA TAX-FREE INCOME FUND
|
R6
|
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER ROAD SAINT LOUIS MO 63131-3710 |
99.94%
|
RECORD
|
ESG CORE BOND FUND
|
A
|
JOHN HANCOCK LIFE & HEALTH INS CO
CUSTODIAN FOR THE IRA OF MICHAEL NARMOUR 1767 PARKSIDE DR FORKED RIVER NJ 08731-3950 |
14.23%
|
BENEFICIAL
|
ESG CORE BOND FUND
|
A
|
TD AMERITRADE INC FEBO
OUR CUSTOMERS PO BOX 2226 OMAHA NE 68103-2226 |
9.09%
|
RECORD
|
ESG CORE BOND FUND
|
A
|
JOHN HANCOCK LIFE & HEALTH INS CO
CUSTODIAN FOR THE IRA OF MARCI J MIKESELL PO BOX 4263 ST JOHNSBURY VT 05819-4263 |
7.75%
|
BENEFICIAL
|
ESG CORE BOND FUND
|
A
|
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
6.99%
|
RECORD
|
ESG CORE BOND FUND
|
A
|
JOHN HANCOCK LIFE & HEALTH INS CO
CUSTODIAN FOR THE IRA OF DEBORAH J BURBO 2301 ROTAX RD N FERRISBURGH VT 05473-9606 |
5.66%
|
BENEFICIAL
|
ESG CORE BOND FUND
|
I
|
MANULIFE REINSURANCE (BERMUDA) LTD
200 BERKELEY ST BOSTON MA 02116-5022 |
75.51%
|
RECORD
|
ESG CORE BOND FUND
|
I
|
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY ST # 1WFC NEW YORK NY 10281-1015 |
7.71%
|
RECORD
|
ESG CORE BOND FUND
|
I
|
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
5.43%
|
RECORD
|
81 |
JH Fund Name
|
Share Class
|
Name and Address
|
Percentage Owned
|
Type of Ownership
|
ESG CORE BOND FUND
|
I
|
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
5.18%
|
RECORD
|
ESG CORE BOND FUND
|
R6
|
JOHN HANCOCK LIFE INSURANCE
COMPANY (USA) ATTN: JHRPS TRADING OPS ST6 200 BERKELEY ST BOSTON MA 02116-5022 |
92.14%
|
RECORD
|
ESG CORE BOND FUND
|
R6
|
NATIONAL FINANCIAL SERVICES LLC
499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 |
5.13%
|
RECORD
|
GOVERNMENT INCOME FUND
|
A
|
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER ROAD SAINT LOUIS MO 63131-3710 |
37.13%
|
RECORD
|
GOVERNMENT INCOME FUND
|
C
|
WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
20.04%
|
RECORD
|
GOVERNMENT INCOME FUND
|
C
|
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER ROAD SAINT LOUIS MO 63131-3710 |
19.32%
|
RECORD
|
GOVERNMENT INCOME FUND
|
C
|
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY ST # 1WFC NEW YORK NY 10281-1015 |
17.47%
|
RECORD
|
GOVERNMENT INCOME FUND
|
I
|
LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT ATTN: MUTUAL FUND TRADING 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121-3091 |
59.01%
|
RECORD
|
GOVERNMENT INCOME FUND
|
I
|
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY ST # 1WFC NEW YORK NY 10281-1015 |
15.48%
|
RECORD
|
GOVERNMENT INCOME FUND
|
I
|
SPECIAL CUSTODY ACCOUNT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMERS OF UBS FINANCIAL SERVICES INC 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 |
11.00%
|
RECORD
|
GOVERNMENT INCOME FUND
|
R6
|
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER ROAD SAINT LOUIS MO 63131-3710 |
99.60%
|
RECORD
|
82 |
JH Fund Name
|
Share Class
|
Name and Address
|
Percentage Owned
|
Type of Ownership
|
HIGH YIELD FUND
|
A
|
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER ROAD SAINT LOUIS MO 63131-3710 |
24.11%
|
RECORD
|
HIGH YIELD FUND
|
A
|
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY ST # 1WFC NEW YORK NY 10281-1015 |
9.76%
|
RECORD
|
HIGH YIELD FUND
|
A
|
PERSHING LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0001 |
7.75%
|
RECORD
|
HIGH YIELD FUND
|
A
|
WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
5.45%
|
RECORD
|
HIGH YIELD FUND
|
C
|
AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
17.26%
|
RECORD
|
HIGH YIELD FUND
|
C
|
WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
16.60%
|
RECORD
|
HIGH YIELD FUND
|
C
|
PERSHING LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0001 |
14.21%
|
RECORD
|
HIGH YIELD FUND
|
C
|
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER ROAD SAINT LOUIS MO 63131-3710 |
9.38%
|
RECORD
|
HIGH YIELD FUND
|
C
|
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY ST # 1WFC NEW YORK NY 10281-1015 |
8.89%
|
RECORD
|
HIGH YIELD FUND
|
C
|
LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT ATTN: MUTUAL FUND TRADING 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121-3091 |
7.91%
|
RECORD
|
HIGH YIELD FUND
|
I
|
AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
21.44%
|
RECORD
|
HIGH YIELD FUND
|
I
|
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY ST # 1WFC NEW YORK NY 10281-1015 |
13.71%
|
RECORD
|
HIGH YIELD FUND
|
I
|
PERSHING LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0001 |
11.22%
|
RECORD
|
83 |
JH Fund Name
|
Share Class
|
Name and Address
|
Percentage Owned
|
Type of Ownership
|
HIGH YIELD FUND
|
I
|
RELIANCE TRUST CO FBO
SALEM TRUST EB R/R PO BOX 78446 ATLANTA GA 30357-2446 |
10.88%
|
RECORD
|
HIGH YIELD FUND
|
I
|
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
8.63%
|
RECORD
|
HIGH YIELD FUND
|
I
|
LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT ATTN: MUTUAL FUND TRADING 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121-3091 |
7.54%
|
RECORD
|
HIGH YIELD FUND
|
I
|
WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
6.45%
|
RECORD
|
HIGH YIELD FUND
|
I
|
MLPF&S FOR THE
SOLE BENEFIT OF ITS CUSTOMERS ATTN: FUND ADMINISTRATION 4800 DEER LAKE DRIVE EAST 2ND FL JACKSONVILLE FL 32246-6484 |
5.56%
|
RECORD
|
HIGH YIELD FUND
|
R6
|
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER ROAD SAINT LOUIS MO 63131-3710 |
88.92%
|
RECORD
|
HIGH YIELD FUND
|
NAV
|
JHF II MULTIMANAGER LIFESTYLE BALANCED PORTFOLIO
200 BERKELEY STREET BOSTON, MA 02116 |
32.40%
|
BENEFICIAL
|
HIGH YIELD FUND
|
NAV
|
JHF II MULTIMANAGER LIFESTYLE GROWTH PORTFOLIO
200 BERKELEY STREET BOSTON, MA 02116 |
17.77%
|
BENEFICIAL
|
HIGH YIELD FUND
|
NAV
|
JHF II MULTIMANAGER LIFESTYLE CONSERVATIVE PORTFOLIO
200 BERKELEY STREET BOSTON, MA 02116 |
15.12%
|
BENEFICIAL
|
HIGH YIELD FUND
|
NAV
|
JHF II MULTIMANAGER LIFESTYLE MODERATE PORTFOLIO
200 BERKELEY STREET BOSTON, MA 02116 |
14.07%
|
BENEFICIAL
|
HIGH YIELD MUNICIPAL BOND FUND
|
A
|
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER ROAD SAINT LOUIS MO 63131-3710 |
42.54%
|
RECORD
|
HIGH YIELD MUNICIPAL BOND FUND
|
A
|
WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
11.99%
|
RECORD
|
84 |
JH Fund Name
|
Share Class
|
Name and Address
|
Percentage Owned
|
Type of Ownership
|
HIGH YIELD MUNICIPAL BOND FUND
|
A
|
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY ST # 1WFC NEW YORK NY 10281-1015 |
5.78%
|
RECORD
|
HIGH YIELD MUNICIPAL BOND FUND
|
A
|
PERSHING LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0001 |
5.38%
|
RECORD
|
HIGH YIELD MUNICIPAL BOND FUND
|
C
|
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER ROAD SAINT LOUIS MO 63131-3710 |
24.22%
|
RECORD
|
HIGH YIELD MUNICIPAL BOND FUND
|
C
|
WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
16.68%
|
RECORD
|
HIGH YIELD MUNICIPAL BOND FUND
|
C
|
PERSHING LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0001 |
15.21%
|
RECORD
|
HIGH YIELD MUNICIPAL BOND FUND
|
C
|
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY ST # 1WFC NEW YORK NY 10281-1015 |
9.64%
|
RECORD
|
HIGH YIELD MUNICIPAL BOND FUND
|
C
|
LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT ATTN: MUTUAL FUND TRADING 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121-3091 |
9.43%
|
RECORD
|
HIGH YIELD MUNICIPAL BOND FUND
|
C
|
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
7.62%
|
RECORD
|
HIGH YIELD MUNICIPAL BOND FUND
|
I
|
PERSHING LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0001 |
18.16%
|
RECORD
|
HIGH YIELD MUNICIPAL BOND FUND
|
I
|
LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT ATTN: MUTUAL FUND TRADING 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121-3091 |
16.98%
|
RECORD
|
HIGH YIELD MUNICIPAL BOND FUND
|
I
|
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY ST # 1WFC NEW YORK NY 10281-1015 |
16.55%
|
RECORD
|
HIGH YIELD MUNICIPAL BOND FUND
|
I
|
SPECIAL CUSTODY ACCOUNT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMERS OF UBS FINANCIAL SERVICES INC 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 |
16.49%
|
RECORD
|
85 |
JH Fund Name
|
Share Class
|
Name and Address
|
Percentage Owned
|
Type of Ownership
|
HIGH YIELD MUNICIPAL BOND FUND
|
I
|
WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
9.59%
|
RECORD
|
HIGH YIELD MUNICIPAL BOND FUND
|
I
|
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
8.01%
|
RECORD
|
HIGH YIELD MUNICIPAL BOND FUND
|
I
|
MORGAN STANLEY SMITH BARNEY LLC
FOR EXCLUSIVE BENEFIT OF CUSTOMERS 1 NEW YORK PLAZA FL. 12 NEW YORK NY 10004-1932 |
6.97%
|
RECORD
|
HIGH YIELD MUNICIPAL BOND FUND
|
R6
|
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER ROAD SAINT LOUIS MO 63131-3710 |
95.38%
|
RECORD
|
INCOME FUND
|
A
|
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER ROAD SAINT LOUIS MO 63131-3710 |
22.00%
|
RECORD
|
INCOME FUND
|
A
|
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY ST # 1WFC NEW YORK NY 10281-1015 |
8.82%
|
RECORD
|
INCOME FUND
|
A
|
PERSHING LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0001 |
6.99%
|
RECORD
|
INCOME FUND
|
A
|
MLPF&S FOR THE
SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADMINISTRATION 4800 DEER LAKE DRIVE EAST 2ND FL JACKSONVILLE FL 32246-6484 |
5.66%
|
RECORD
|
INCOME FUND
|
C
|
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
31.79%
|
RECORD
|
INCOME FUND
|
C
|
PERSHING LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0001 |
8.56%
|
RECORD
|
INCOME FUND
|
C
|
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER ROAD SAINT LOUIS MO 63131-3710 |
7.75%
|
RECORD
|
INCOME FUND
|
C
|
AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
5.17%
|
RECORD
|
86 |
JH Fund Name
|
Share Class
|
Name and Address
|
Percentage Owned
|
Type of Ownership
|
INCOME FUND
|
I
|
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
28.06%
|
RECORD
|
INCOME FUND
|
I
|
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY ST # 1WFC NEW YORK NY 10281-1015 |
18.22%
|
RECORD
|
INCOME FUND
|
I
|
AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
8.76%
|
RECORD
|
INCOME FUND
|
I
|
MORGAN STANLEY SMITH BARNEY LLC
FOR EXCLUSIVE BENEFIT OF CUSTOMERS 1 NEW YORK PLAZA FL. 12 NEW YORK NY 10004-1932 |
8.60%
|
RECORD
|
INCOME FUND
|
I
|
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
6.25%
|
RECORD
|
INCOME FUND
|
R2
|
NATIONWIDE TRUST COMPANY FSB
C/O IPO PORTFOLIO ACCOUNTING PO BOX 182029 COLUMBUS OH 43218-2029 |
20.35%
|
RECORD
|
INCOME FUND
|
R2
|
DCGT AS TTEE AND/OR CUST
FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001 |
18.46%
|
RECORD
|
INCOME FUND
|
R2
|
NATIONAL FINANCIAL SERVICES LLC
499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 |
10.92%
|
RECORD
|
INCOME FUND
|
R2
|
CAPITAL BANK & TRUST CO TTEE FBO
EAST IOWA MACHINE COMPANY 401K 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002 |
5.96%
|
BENEFICIAL
|
INCOME FUND
|
R4
|
NATIONAL FINANCIAL SERVICES LLC
499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 |
65.06%
|
RECORD
|
INCOME FUND
|
R4
|
RELIANCE TRUST COMPANY FBO
MASSMUTUAL REGISTERED PRODUCT PO BOX 28004 ATLANTA GA 30358-0004 |
11.41%
|
RECORD
|
INCOME FUND
|
R4
|
STATE STREET BANK AND TRUST AS
TRUSTEE AND OR CUSTODIAN FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 |
7.46%
|
RECORD
|
87 |
JH Fund Name
|
Share Class
|
Name and Address
|
Percentage Owned
|
Type of Ownership
|
INCOME FUND
|
R4
|
ASCENSUS TRUST COMPANY FBO
KGA ARCHITECTURE 401K PS PO BOX 10758 FARGO ND 58106-0758 |
6.16%
|
BENEFICIAL
|
INCOME FUND
|
R5
|
NATIONAL FINANCIAL SERVICES LLC
499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 |
54.33%
|
RECORD
|
INCOME FUND
|
R5
|
PIMS/PRUDENTIAL RETIREMENT
AS NOMINEE FOR THE TTEE/CUST PL 007 SAFT AMERICA INC 13575 WATERWORKS ST JACKSONVILLE FL 32221-8118 |
19.55%
|
BENEFICIAL
|
INCOME FUND
|
R5
|
CHARLES SCHWAB & CO INC
MUTUAL FUNDS DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
8.75%
|
RECORD
|
INCOME FUND
|
R6
|
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 |
15.86%
|
RECORD
|
INCOME FUND
|
R6
|
LINE CONSTRUCTION BENEFIT FUND
821 PARKVIEW BLVD LOMBARD IL 60148-7019 |
9.70%
|
BENEFICIAL
|
INCOME FUND
|
R6
|
JPMORGAN CHASE AS TRUSTEE FBO
THE INTERPUBLIC GROUP OF COMPANIES INC SAVINGS PLAN 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002 |
6.23%
|
BENEFICIAL
|
INCOME FUND
|
R6
|
RELIANCE TRUST CO FBO
COMERICA NON-EB R/R PO BOX 78446 ATLANTA GA 30357-2446 |
6.10%
|
BENEFICIAL
|
INCOME FUND
|
R6
|
J P MORGAN SECURITIES LLC OMNIBUS
ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CENTER 3RD FL MUTUAL FUND DEPARTMENT BROOKLYN NY 11245-0004 |
6.10%
|
RECORD
|
INCOME FUND
|
R6
|
WELLS FARGO BANK NA FBO
WESTERN CT HLTH NTWK INV LEDGER PO BOX 1533 MINNEAPOLIS MN 55480-1533 |
5.29%
|
RECORD
|
INVESTMENT GRADE BOND FUND
|
A
|
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER ROAD SAINT LOUIS MO 63131-3710 |
76.82%
|
RECORD
|
INVESTMENT GRADE BOND FUND
|
C
|
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER ROAD SAINT LOUIS MO 63131-3710 |
27.24%
|
RECORD
|
INVESTMENT GRADE BOND FUND
|
C
|
AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
14.02%
|
RECORD
|
88 |
JH Fund Name
|
Share Class
|
Name and Address
|
Percentage Owned
|
Type of Ownership
|
INVESTMENT GRADE BOND FUND
|
C
|
WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
12.79%
|
RECORD
|
INVESTMENT GRADE BOND FUND
|
C
|
PERSHING LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0001 |
8.09%
|
RECORD
|
INVESTMENT GRADE BOND FUND
|
C
|
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY ST # 1WFC NEW YORK NY 10281-1015 |
6.98%
|
RECORD
|
INVESTMENT GRADE BOND FUND
|
C
|
LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT ATTN: MUTUAL FUND TRADING 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121-3091 |
6.91%
|
RECORD
|
INVESTMENT GRADE BOND FUND
|
C
|
MLPF&S FOR THE
SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADMINISTRATION 4800 DEER LAKE DRIVE EAST 2ND FL JACKSONVILLE FL 32246-6484 |
5.56%
|
RECORD
|
INVESTMENT GRADE BOND FUND
|
I
|
AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
35.84%
|
RECORD
|
INVESTMENT GRADE BOND FUND
|
I
|
LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT ATTN: MUTUAL FUND TRADING 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121-3091 |
13.45%
|
RECORD
|
INVESTMENT GRADE BOND FUND
|
I
|
MLPF&S FOR THE
SOLE BENEFIT OF ITS CUSTOMERS ATTN: FUND ADMINISTRATION 4800 DEER LAKE DR E FL 2 JACKSONVILLE FL 32246-6484 |
11.03%
|
RECORD
|
INVESTMENT GRADE BOND FUND
|
I
|
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
9.08%
|
RECORD
|
INVESTMENT GRADE BOND FUND
|
I
|
TD AMERITRADE INC FEBO
OUR CUSTOMERS PO BOX 2226 OMAHA NE 68103-2226 |
7.80%
|
RECORD
|
INVESTMENT GRADE BOND FUND
|
I
|
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY ST # 1WFC NEW YORK NY 10281-1015 |
6.80%
|
RECORD
|
INVESTMENT GRADE BOND FUND
|
I
|
PERSHING LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0001 |
5.37%
|
RECORD
|
89 |
JH Fund Name
|
Share Class
|
Name and Address
|
Percentage Owned
|
Type of Ownership
|
INVESTMENT GRADE BOND FUND
|
R2
|
MLPF&S FOR THE
SOLE BENEFIT OF ITS CUSTOMERS ATTN: FUND ADMINISTRATION 4800 DEER LAKE DRIVE EAST 2ND FL JACKSONVILLE FL 32246-6484 |
93.73%
|
RECORD
|
INVESTMENT GRADE BOND FUND
|
R4
|
LINCOLN RETIREMENT SERVICES COMPANY
FBO LAURENS COUNTY SCHOOLS 403(B) PO BOX 7876 FORT WAYNE IN 46801-7876 |
25.69%
|
BENEFICIAL
|
INVESTMENT GRADE BOND FUND
|
R4
|
MATRIX TRUST COMPANY CUST FBO
PLEKKENPOL BUILDERS INC 717 17TH ST STE 1300 DENVER CO 80202-3304 |
21.11%
|
BENEFICIAL
|
INVESTMENT GRADE BOND FUND
|
R4
|
LINCOLN RETIREMENT SERVICES COMPANY
FBO LAURENS COUNTY SCHOOLS 457(B) PO BOX 7876 FORT WAYNE IN 46801-7876 |
13.95%
|
BENEFICIAL
|
INVESTMENT GRADE BOND FUND
|
R4
|
MATRIX TRUST COMPANY AS AGENT FOR
ADVISOR TRUST, INC. AMHERST SCH DIST SAU #39 403B 717 17TH ST STE 1300 DENVER CO 80202-3304 |
11.35%
|
BENEFICIAL
|
INVESTMENT GRADE BOND FUND
|
R4
|
MATRIX TRUST COMPANY AS AGENT FOR
ADVISOR TRUST, INC. SOUHEGAN COOP SCH DIST SAU #39 403B 717 17TH ST STE 1300 DENVER CO 80202-3304 |
9.55%
|
BENEFICIAL
|
INVESTMENT GRADE BOND FUND
|
R4
|
MATRIX TRUST COMPANY AS AGENT FOR
ADVISOR TRUST, INC WORCESTER PUBLIC SCHOOLS (MA) 717 17TH ST STE 1300 DENVER CO 80202-3304 |
7.91%
|
BENEFICIAL
|
INVESTMENT GRADE BOND FUND
|
R6
|
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER ROAD SAINT LOUIS MO 63131-3710 |
91.86%
|
RECORD
|
SHORT DURATION BOND FUND
|
A
|
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY ST # 1WFC NEW YORK NY 10281-1015 |
14.02%
|
RECORD
|
SHORT DURATION BOND FUND
|
A
|
JOHN HANCOCK LIFE & HEALTH INS CO
CUSTODIAN FOR THE IRA OF MARY ELIZABETH BARR 245 SCENIC RD FAIRFAX CA 94930-1550 |
8.67%
|
BENEFICIAL
|
SHORT DURATION BOND FUND
|
A
|
JOHN HANCOCK LIFE & HEALTH INS CO
CUSTODIAN FOR THE IRA OF ERIC H BARKLEY 1085 CALLE CORDONIZ LOS OSOS CA 93402-4418 |
6.43%
|
BENEFICIAL
|
90 |
JH Fund Name
|
Share Class
|
Name and Address
|
Percentage Owned
|
Type of Ownership
|
SHORT DURATION BOND FUND
|
A
|
PERSHING LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0001 |
6.41%
|
RECORD
|
SHORT DURATION BOND FUND
|
A
|
JOHN HANCOCK LIFE & HEALTH INS CO
CUSTODIAN FOR THE IRA OF LYNN JAMES PETERS 1440 SHADY LN NW ALBANY OR 97321-1564 |
5.34%
|
BENEFICIAL
|
SHORT DURATION BOND FUND
|
C
|
PERSHING LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0001 |
40.14%
|
RECORD
|
SHORT DURATION BOND FUND
|
C
|
LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT ATTN: MUTUAL FUND TRADING 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121-3091 |
30.15%
|
RECORD
|
SHORT DURATION BOND FUND
|
C
|
JOHN HANCOCK LIFE & HEALTH INS CO
WARREN AND ASSOCIATES INC SIM IRA FBO JAMES R WARREN 112 ROYAL OAKS LN GASTONIA NC 28056-8834 |
12.44%
|
RECORD
|
SHORT DURATION BOND FUND
|
C
|
JOHN HANCOCK LIFE & HEALTH INS CO
WARREN AND ASSOCIATES INC SIM IRA FBO JANE B WARREN 112 ROYAL OAKS LN GASTONIA NC 28056-8834 |
11.08%
|
BENEFICIAL
|
SHORT DURATION BOND FUND
|
C
|
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY ST # 1WFC NEW YORK NY 10281-1015 |
5.39%
|
BENEFICIAL
|
SHORT DURATION BOND FUND
|
I
|
LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT ATTN: MUTUAL FUND TRADING 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121-3091 |
70.44%
|
RECORD
|
SHORT DURATION BOND FUND
|
I
|
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY ST # 1WFC NEW YORK NY 10281-1015 |
19.34%
|
RECORD
|
SHORT DURATION BOND FUND
|
I
|
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT FOR BENE OF CUST ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
8.55%
|
RECORD
|
SHORT DURATION BOND FUND
|
R6
|
MANULIFE INVESTMENT MANAGEMENT (US)
2020 MANULIFE INVESTMENT MANAGEMENT ABCD 197 CLARENDON ST BOSTON MA 02116-5010 |
62.72%
|
RECORD
|
91 |
JH Fund Name
|
Share Class
|
Name and Address
|
Percentage Owned
|
Type of Ownership
|
SHORT DURATION BOND FUND
|
R6
|
MANULIFE INVESTMENT MANAGEMENT (US) LLC
2019-2020 MIM US DEF INCENTIVE PLAN 197 CLARENDON ST BOSTON MA 02116-5010 |
37.28%
|
RECORD
|
SHORT DURATION BOND FUND
|
NAV
|
JHF II MULTIMANAGER LIFESTYLE BALANCED PORTFOLIO
200 BERKELEY STREET BOSTON, MA 02116 |
35.75%
|
BENEFICIAL
|
SHORT DURATION BOND FUND
|
NAV
|
JHF II MULTIMANAGER LIFESTYLE CONSERVATIVE PORTFOLIO
200 BERKELEY STREET BOSTON, MA 02116 |
23.03%
|
BENEFICIAL
|
SHORT DURATION BOND FUND
|
NAV
|
JHF II MULTIMANAGER LIFESTYLE MODERATE PORTFOLIO
200 BERKELEY STREET BOSTON, MA 02116 |
20.77%
|
BENEFICIAL
|
SHORT DURATION BOND FUND
|
NAV
|
JHF II MULTIMANAGER 2025 LIFETIME PORTFOLIO
200 BERKELEY STREET BOSTON, MA 02116 |
6.48%
|
BENEFICIAL
|
SHORT DURATION BOND FUND
|
NAV
|
JHF II MULTIMANAGER 2020 LIFETIME PORTFOLIO
200 BERKELEY STREET BOSTON, MA 02116 |
6.20%
|
BENEFICIAL
|
TAX-FREE BOND FUND
|
A
|
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER ROAD SAINT LOUIS MO 63131-3710 |
30.11%
|
RECORD
|
TAX-FREE BOND FUND
|
A
|
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY ST # 1WFC NEW YORK NY 10281-1015 |
6.21%
|
RECORD
|
TAX-FREE BOND FUND
|
C
|
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER ROAD SAINT LOUIS MO 63131-3710 |
32.96%
|
RECORD
|
TAX-FREE BOND FUND
|
C
|
WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
16.62%
|
RECORD
|
TAX-FREE BOND FUND
|
C
|
ROBERT W P HOLSTROM TTEE
JANET E HOLSTROM TTEE THE HOLSTROM TRUST U/A DTD 01/20/2005 382 VILLA CIR THOUSAND OAKS CA 91360-8407 |
8.66%
|
BENEFICIAL
|
TAX-FREE BOND FUND
|
C
|
PERSHING LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0001 |
6.20%
|
RECORD
|
92 |
JH Fund Name
|
Share Class
|
Name and Address
|
Percentage Owned
|
Type of Ownership
|
TAX-FREE BOND FUND
|
C
|
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY ST # 1WFC NEW YORK NY 10281-1015 |
5.21%
|
RECORD
|
TAX-FREE BOND FUND
|
I
|
WELLS FARGO CLEARING SERVICES, LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
20.17%
|
RECORD
|
TAX-FREE BOND FUND
|
I
|
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
19.52%
|
RECORD
|
TAX-FREE BOND FUND
|
I
|
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS MUTUAL FUNDS 200 LIBERTY ST # 1WFC NEW YORK NY 10281-1015 |
18.66%
|
RECORD
|
TAX-FREE BOND FUND
|
I
|
SPECIAL CUSTODY ACCOUNT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMERS OF UBS FINANCIAL SERVICES INC 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 |
7.50%
|
RECORD
|
TAX-FREE BOND FUND
|
I
|
PERSHING LLC
1 PERSHING PLZ JERSEY CITY NJ 07399-0001 |
7.37%
|
RECORD
|
TAX-FREE BOND FUND
|
I
|
TD AMERITRADE INC FEBO
OUR CUSTOMERS PO BOX 2226 OMAHA NE 68103-2226 |
6.78%
|
RECORD
|
TAX-FREE BOND FUND
|
I
|
CHARLES SCHWAB & CO INC
MUTUAL FUNDS DEPT 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
5.08%
|
RECORD
|
TAX-FREE BOND FUND
|
R6
|
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER ROAD SAINT LOUIS MO 63131-3710 |
99.22%
|
RECORD
|
93 |
Advisory Fee Paid in Fiscal Year Ended
|
|||
Funds
|
2021
($) |
2020
($) |
2019
($) |
Bond Fund
|
|||
Gross Fees
|
66,096,129
|
55,324,352
|
42,906,736
|
Waivers
|
(1,680,604)
|
(1,257,673)
|
(1,037,086)
|
94 |
Advisory Fee Paid in Fiscal Year Ended
|
|||
Funds
|
2021
($) |
2020
($) |
2019
($) |
Net Fees
|
64,415,525
|
54,066,679
|
41,869,650
|
California Tax-Free Income Fund
|
|||
Gross Fees
|
1,168,235
|
1,178,990
|
1,125,514
|
Waivers
|
(16,773)
|
(15,365)
|
(15,911)
|
Net Fees
|
1,151,462
|
1,163,625
|
1,109,603
|
ESG Core Bond Fund
|
|||
Gross Fees
|
291,720
|
282,087
|
253,720
|
Waivers
|
(165,729)
|
(175,387)
|
(146,963)
|
Net Fees
|
125,991
|
106,700
|
106,757
|
Government Income Fund
|
|||
Gross Fees
|
1,661,034
|
1,391,588
|
1,303,032
|
Waivers
|
(78,229)
|
(128,222)
|
(105,002)
|
Net Fees
|
1,582,805
|
1,263,366
|
1,198,030
|
High Yield Fund
|
|||
Gross Fees
|
6,858,442
|
5,139,076
|
4,237,590
|
Waivers
|
(110,562)
|
(73,740)
|
(65,004)
|
Net Fees
|
6,747,880
|
5,065,336
|
4,172,586
|
High Yield Municipal Bond Fund
|
|||
Gross Fees
|
841,396
|
925,332
|
919,868
|
Waivers
|
(56,276)
|
(60,249)
|
(68,990)
|
Net Fees
|
785,120
|
865,083
|
850,878
|
Income Fund
|
|||
Gross Fees
|
6,877,000
|
6,113,966
|
8,813,420
|
Waivers
|
(159,296)
|
(125,770)
|
(208,899)
|
Net Fees
|
6,717,704
|
5,988,196
|
8,604,521
|
Investment Grade Bond Fund
|
|||
Gross Fees
|
10,038,020
|
5,861,751
|
3,308,957
|
Waivers
|
(1,901,480)
|
(1,198,737)
|
(541,190)
|
Net Fees
|
8,136,540
|
4,663,014
|
2,767,767
|
Short Duration Bond Fund
|
|||
Gross Fees
|
543,545
|
245,2111
|
N/A
|
Waivers
|
(165,213)
|
(197,216)1
|
N/A
|
Net Fees
|
378,332
|
47,9951
|
N/A
|
Tax-Free Bond Fund
|
|||
Gross Fees
|
2,685,084
|
2,735,979
|
2,697,875
|
Waivers
|
(41,241)
|
(37,608)
|
(38,173)
|
Net Fees
|
2,643,843
|
2,698,371
|
2,659,702
|
1 | Period from July 16, 2019 (commencement of operations) to May 31, 2020. |
95 |
Service Fee Paid in Fiscal Year Ended May 31,
|
|||
Fund
|
2021
($) |
2020
($) |
2019
($) |
Bond Fund
|
3,697,693
|
3,128,751
|
3,116,200
|
California Tax-Free Income Fund
|
37,447
|
36,194
|
45,511
|
ESG Core Bond Fund
|
11,263
|
10,649
|
13,118
|
Government Income Fund
|
53,517
|
47,386
|
54,285
|
High Yield Fund
|
246,800
|
186,960
|
180,124
|
High Yield Municipal Bond Fund
|
26,835
|
26,225
|
34,491
|
Income Fund
|
324,458
|
317,330
|
569,522
|
Investment Grade Bond Fund
|
446,255
|
273,812
|
188,869
|
Short Duration Bond Fund
|
44,265
|
21,7811
|
N/A
|
Tax-Free Bond Fund
|
84,493
|
86,972
|
108,474
|
1 | Period from July 16, 2019 (commencement of operations) to May 31, 2020. |
96 |
• | the Board; |
• | with respect to any fund, a majority of the outstanding voting securities of such fund; |
• | the Advisor; and |
• | the applicable subadvisor. |
97 |
Fiscal Period Ended May 31,
|
|||||||
2021
($) |
2020
($) |
2019
($) |
|||||
Fund
|
Share Class
|
Amount Charged
|
Amount Retained
|
Amount Charged
|
Amount Retained
|
Amount Charged
|
Amount Retained
|
Bond Fund
|
|||||||
Class A
|
2,645,195
|
365,618
|
2,820,276
|
393,693
|
2,027,186
|
280,709
|
|
Class C
|
37,374
|
0
|
22,828
|
0
|
37,374
|
0
|
|
California Tax-Free Income Fund
|
|||||||
Class A
|
121,586
|
18,067
|
174,214
|
25,217
|
105,534
|
14,702
|
|
Class C
|
1,826
|
(12,638)
|
427
|
(12,446)
|
1,826
|
(13,397)
|
|
ESG Core Bond
|
|||||||
Class A
|
7,783
|
1,227
|
7,774
|
1,080
|
3,546
|
544
|
|
Government Income Fund
|
|||||||
Class A
|
170,802
|
25,050
|
182,827
|
26,903
|
110,253
|
15,873
|
|
Class C
|
1,057
|
(6,299)
|
396
|
(14,694)
|
1,057
|
(5,281)
|
|
High Yield Fund
|
|||||||
Class A
|
205,343
|
29,329
|
494,706
|
65,918
|
240,574
|
32,018
|
|
Class C
|
758
|
(11,192)
|
1,738
|
(15,889)
|
758
|
(14,001)
|
|
High Yield Municipal Bond Fund
|
98 |
Fiscal Period Ended May 31,
|
|||||||
2021
($) |
2020
($) |
2019
($) |
|||||
Fund
|
Share Class
|
Amount Charged
|
Amount Retained
|
Amount Charged
|
Amount Retained
|
Amount Charged
|
Amount Retained
|
Class A
|
100,505
|
14,459
|
150,796
|
22,186
|
152,940
|
21,791
|
|
Class C
|
1,496
|
($6,607)
|
2,000
|
($26,257)
|
0
|
(11,608)
|
|
Income Fund
|
|||||||
Class A
|
331,764
|
47,107
|
352,515
|
50,467
|
268,737
|
37,229
|
|
Class C
|
956
|
(24,647)
|
2,287
|
(26,377)
|
956
|
(30,377)
|
|
Investment Grade Bond Fund
|
|||||||
Class A
|
882,699
|
127,315
|
964,428
|
140,277
|
545,112
|
79,666
|
|
Class C
|
4,626
|
0
|
6,144
|
4,626
|
0
|
||
Short Duration Bond Fund
|
Class A
|
6,815
|
799
|
1721
|
172
|
N/A
|
N/A
|
Class C
|
0
|
0
|
01
|
0
|
N/A
|
N/A
|
|
Tax-Free Bond Fund
|
|||||||
Class A
|
278,140
|
41,040
|
335,634
|
49,120
|
183,914
|
27,622
|
|
Class C
|
1,230
|
(4,886)
|
1,483
|
(18,264)
|
1,230
|
(9,198)
|
1 | Period from July 16, 2019 (commencement of operations) to May 31, 2020. |
Share Class
|
Rule 12b-1 Fee (%)
|
Class A (Bond Fund and Income Fund)
|
0.30
|
Class A1 (ESG Core Bond Fund, Government Income Fund, High Yield Fund, High Yield Municipal Bond Fund, Investment Grade Bond Fund, Short Duration Bond Fund and Tax- Free Bond Fund)
|
0.25
|
Class A (California Tax-Free Income Fund)
|
0.15
|
Class C2
|
1.00
|
Class R2
|
0.25
|
Class R43
|
0.25
|
Class R5
|
0.00
|
1 | The Distributor has contractually agreed to limit the Rule 12b-1 distribution and service fees for Class A shares of each of High Yield Municipal Bond Fund and Tax-Free Bond Fund to 0.15% until September 30, 2022. |
2 | The Distributor has contractually agreed to limit the Rule 12b-1 distribution and service fees for Class C shares of each of California Tax-Free Income Fund, High Yield Municipal Bond Fund, and Tax-Free Bond Fund to 0.90% until September 30, 2022. |
3 | The Distributor has contractually agreed to limit the Rule 12b-1 distribution and service fees for Class R4 shares of the Bond Fund, Income Fund and Investment Grade Bond Fund to 0.15% until September 30, 2022. |
99 |
Fund
|
Share Class
|
Rule 12b-1 Service Fee Payments ($)
|
Rule 12b-1 Distribution Fee Payments ($)
|
Bond Fund
|
A
|
5,594,623
|
1,118,925
|
C
|
662,009
|
1,986,027
|
|
R2
|
276,685
|
-
|
|
R4
|
91,425
|
-
|
|
California Tax-Free Income Fund
|
A
|
267,407
|
-
|
C
|
30,324
|
90,974
|
|
ESG Core Bond Fund
|
A
|
6,358
|
-
|
Government Income Fund
|
A
|
619,909
|
-
|
C
|
15,671
|
47,014
|
|
High Yield Fund
|
A
|
686,049
|
-
|
100 |
Fund
|
Share Class
|
Rule 12b-1 Service Fee Payments ($)
|
Rule 12b-1 Distribution Fee Payments ($)
|
C
|
80,852
|
242,555
|
|
High Yield Municipal Bond Fund
|
A
|
176,472
|
-
|
C
|
37,959
|
113,876
|
|
Income Fund
|
A
|
1,493,773
|
298,755
|
C
|
140,494
|
421,481
|
|
R2
|
18,584
|
-
|
|
R4
|
4,707
|
-
|
|
Investment Grade Bond Fund
|
A
|
1,460,363
|
-
|
C
|
64,983
|
194,949
|
|
R2
|
15,184
|
-
|
|
R4
|
790
|
-
|
|
Short Duration Bond Fund
|
A
|
8,523
|
-
|
C
|
867
|
2,600
|
|
Tax-Free Bond Fund
|
A
|
659,249
|
-
|
C
|
48,216
|
144,650
|
Fund
|
Share Class
|
Unreimbursed Expenses ($)
|
Unreimbursed Expenses as a Percent of the Share Class Net Assets (%)
|
Bond Fund
|
C
|
8,265,316
|
3.30
|
California Tax-Free Income Fund
|
A
|
619,713
|
0.34
|
Government Income Fund
|
C
|
1,183,645
|
26.11
|
High Yield Municipal Bond Fund
|
C
|
1,737,988
|
11.64
|
Investment Grade Bond Fund
|
C
|
2,407,406
|
10.02
|
Tax-Free Bond Fund
|
C
|
2,228,676
|
13.42
|
101 |
Business Partner Firms
|
Advisor Group-FSC Securities Corporation
|
Advisor Group-Royal Alliance Associates, Inc.
|
Advisor Group-Sagepoint Financial, Inc.
|
Advisor Group-Woodbury Financial Services
|
Advisor Group-Securities America, Inc.
|
Advisor Group-Triad Advisors, LLC.
|
Ameriprise Financial Services, Inc.
|
Avantax Wealth Management
|
Banc of America/Merrill Lynch
|
BOK Financial Securities, Inc.
|
Centaurus Financial, Inc.
|
Cetera - Advisor Network LLC
|
Cetera - Advisors LLC
|
Business Partner Firms
|
Cetera - Financial Institutions
|
Cetera - Financial Specialists, Inc.
|
Cetera - First Allied Securities, Inc.
|
Cetera - Summit Brokerage Services, Inc.
|
Charles Schwab
|
Commonwealth Financial Network
|
Crown Capital Securities L.P.
|
DA Davidson & Co Inc.
|
Edward D. Jones & Co. LP
|
Fidelity - Fidelity Brokerage Services LLC
|
Fidelity - Fidelity Investments Institutional Operations Company, Inc.
|
Fidelity - National Financial Services LLC
|
Fifth Third Securities, Inc.
|
102 |
Business Partner Firms
|
First Command Financial Planning
|
First Tennessee Brokerage, Inc.
|
Geneos Wealth Management
|
GWFS Equities, Inc.
|
Independent Financial Group
|
Infinex Investments Inc.
|
J.P. Morgan Securities LLC
|
Key Investment Services
|
Leumi Investment Services, Inc.
|
LPL Financial LLC
|
MML Investor Services, Inc.
|
Money Concepts Capital Corp.
|
Morgan Stanley Wealth Management, LLC
|
Northwestern Mutual Investment Services, LLC
|
Principal Securities, Inc.
|
ProEquities, Inc.
|
Raymond James and Associates, Inc.
|
Raymond James Financial Services, Inc.
|
RBC Capital Markets Corporation
|
Robert W. Baird & Co.
|
Stifel, Nicolaus, & Co, Inc.
|
TD Ameritrade
|
The Investment Center, Inc.
|
Transamerica Financial Advisors, Inc.
|
UBS Financial Services, Inc.
|
Business Partner Firms
|
Unionbanc Investment Services
|
Wells Fargo Advisors
|
103 |
First Year Broker or Other Selling Firm Compensation
|
||||
Investor pays sales charge (% of offering price)1
|
Selling Firm receives commission2
|
Selling Firm receives Rule 12b-1 service fee
|
Total Selling Firm compensation3,4,5
|
|
Class A investments (each fund other than Short Duration Bond Fund and the Tax-Free Funds)5
|
||||
Up to $99,999
|
4.00%
|
3.50%
|
0.25%
|
3.75%
|
$100,000 - $249,999
|
3.50%
|
3.00%
|
0.25%
|
3.25%
|
$250,000 - $499,999
|
2.50%
|
2.05%
|
0.25%
|
2.30%
|
$500,000 - $999,999
|
2.00%
|
1.75%
|
0.25%
|
2.00%
|
Class A investments (Short Duration Bond Fund)5
|
||||
Up to $99,999
|
2.25%
|
2.00%
|
0.25%
|
2.25%
|
$100,000 - $249,999
|
2.00%
|
1.50%
|
0.25%
|
1.75%
|
$250,000 - $999,999
|
—
|
0.25%
|
0.25%
|
0.50%
|
Class A investments (Tax-Free Funds)5
|
104 |
First Year Broker or Other Selling Firm Compensation
|
||||
Investor pays sales charge (% of offering price)1
|
Selling Firm receives commission2
|
Selling Firm receives Rule 12b-1 service fee
|
Total Selling Firm compensation3,4,5
|
|
Up to $99,999
|
4.00%
|
3.50%
|
0.15%
|
3.65%
|
$100,000 - $249,999
|
3.50%
|
3.00%
|
0.15%
|
3.15%
|
$250,000 - $499,999
|
2.50%
|
2.05%
|
0.15%
|
2.20%
|
$500,000 - $999,999
|
2.00%
|
1.75%
|
0.15%
|
1.90%
|
Investments of Class A shares of $1 million or more (each fund except the Tax-Free Funds)6
|
||||
$1,000,000 - $4,999,999
|
—
|
0.75%
|
0.25%
|
1.00%
|
$5,000,000 - $9,999,999
|
—
|
0.25%
|
0.25%
|
0.50%
|
$10,000,000 and over
|
—
|
—
|
0.25%
|
0.25%
|
Investments of Class A shares of $1 million or more (Tax-Free Funds)6
|
||||
$1,000,000 - $4,999,999
|
—
|
0.85%
|
0.15%
|
1.00%
|
$5,000,000 - $9,999,999
|
—
|
0.35%
|
0.15%
|
0.50%
|
$10,000,000 and over
|
—
|
0.10%
|
0.15%
|
0.25%
|
Class C investments (each fund other than the Tax-Free Funds)7
All Amounts |
—
|
0.75%
|
0.25%
|
1.00%
|
Class C investments
(Tax-Free Funds)7 All Amounts |
—
|
0.75%
|
0.15%
|
0.90%
|
Class R2 investments5
All Amounts |
—
|
0.00%
|
0.25%
|
0.25%
|
Class R4 investments5
All Amounts |
—
|
0.00%
|
0.15%
|
0.15%
|
Class R5 investments
All Amounts |
—
|
0.00%
|
0.00%
|
0.00%
|
Class R6 investments
All Amounts |
—
|
0.00%
|
0.00%
|
0.00%
|
Class I investments8
All Amounts |
—
|
0.00%
|
0.00%
|
0.00%
|
1 | See “Sales Charges on Class A and Class C Shares” for discussion on how to qualify for a reduced sales charge. The Distributor may take recent redemptions into account in determining if an investment qualifies as a new investment. |
2 | For Class A investments under $1 million, a portion of the Selling Firm’s commission is paid out of the front-end sales charge. |
3 | Selling Firm commission, Rule 12b-1 service fee, and any underwriter fee percentages are calculated from different amounts, and therefore may not equal the total Selling Firm compensation percentages due to rounding, when combined using simple addition. |
4 | The Distributor retains the balance. |
5 | For purchases of Class A, Class R2, and Class R4 shares, beginning with the first year an investment is made, the Selling Firm receives an annual Rule 12b-1 service fee paid monthly in arrears. See “Distribution Agreements” for a description of Class A, Class R2, Class R4, and Class R5 Service Plan charges and payments. |
6 | Certain retirement platforms may invest in Class A shares without being subject to sales charges. Purchases via these platforms may pay a commission from the first dollar invested. Additionally, commissions (up to 1.00%) are paid to dealers who initiate and are responsible for certain Class A share purchases not subject to sales charges. In both cases, the Selling Firm receives Rule 12b-1 fees in the first year as a percentage of the amount invested. After the first year, the Selling Firm receives Rule 12b-1 fees as a percentage of average daily net eligible assets paid monthly in arrears. |
7 | For Class C shares, the Selling Firm receives Rule 12b-1 fees in the first year as a percentage of the amount invested. After the first year, the Selling Firm receives Rule 12b-1 fees as a percentage of average daily net eligible assets paid monthly in arrears. |
8 | The Distributor may make a one-time payment at time of initial purchase out of its own resources to a Selling Firm that sells Class I shares of the funds. This payment may be up to 0.15% of the amount invested. |
105 |
106 |
Vendor Name
|
Disclosure Purpose
|
Bloomberg L.P.
|
Pricing/Order Management
|
BNP Paribas S.A.
|
Leverage Provider, Pledging
|
Broadridge Financial Solutions
|
Proxy Voting, Software Vendor
|
Brown Brothers Harriman & Co.
|
Reconciliation, Securities Lending
|
Capital Institutional Services (CAPIS)
|
Broker Dealer, Commission Recapture, Transition Services
|
Confluence Technologies
|
Consulting
|
DG3
|
Financial Reporting, Type Setting
|
Donnelley Financial Solutions
|
Financial Reporting, Printing
|
DUCO
|
Reconciliation Services
|
Electra Information Systems
|
Reconciliation
|
Ernst & Young
|
Tax Reporting
|
EVARE
|
Reconciliation
|
FactSet
|
Data Gathering / Analytics, Performance
|
Failstation
|
Matched/Unmatched Trades Reporting
|
Foley Hoag
|
Foreign Currency Trade Review
|
GainsKeeper
|
Wash Sales / REIT Data
|
107 |
Vendor Name
|
Disclosure Purpose
|
Institutional Shareholder Services (ISS)
|
Class Action Services, Proxy Voting
|
Interactive Data
|
Pricing
|
KPMG
|
Tax Reporting
|
Law Firm of Davis and Harman
|
Development of Revenue Ruling
|
LindeData
|
Service Provider-NAV Oversight
|
Lipper
|
Ratings / Survey Service
|
Markit
|
Service Provider-Electronic Data Management
|
Milestone
|
Service Provider-Valuation Oversight
|
Morningstar, Inc.
|
Ratings/Surveys
|
MSCI Inc.
|
Liquidity Risk Management, Performance
|
PricewaterhouseCoopers LLP
|
Audit Services
|
RSM US LLP
|
Consulting
|
Russell Implementation Services
|
Transition Services
|
SS&C Advent /Technologies
|
Cash & Securities Reconciliation/Analytics/Data Gathering
|
Star Compliance
|
Service Provider-Compliance
|
State Street Bank
|
Service Provider-IBOR
|
State Street Closed End Financing
|
All SS lending funds
|
SunGard
|
Securities Lending Analytics
|
SWIFT
|
Accounting Messages, Custody Messages, Trade Messaging
|
Thomson Reuters
|
Analytics
|
Wolters Kluwer
|
Audit Services, Tax Reporting
|
108 |
• | A Trustee or officer of the Trust; a director or officer of the Advisor and its affiliates, subadvisors or Selling Firms; employees or sales representatives of any of the foregoing; retired officers, employees or directors of any of the foregoing; a member of the immediate family (spouse, child, grandparent, grandchild, parent, sibling, mother-in-law, father-in-law, daughter-in-law, son-in-law, brother-in-law, sister-in-law, niece, nephew and same sex domestic partner; “Immediate Family”) of any of the foregoing; or any fund, pension, profit sharing or other benefit plan for the individuals described above. |
• | A broker, dealer, financial planner, consultant or registered investment advisor that uses fund shares in certain eligible retirement platforms, fee-based investment products or services made available to their clients. |
• | Financial intermediaries who offer shares to self-directed investment brokerage accounts that may or may not be charged a transaction fee. Also, see Appendix 1 to the Prospectus, “Intermediary sales charge waivers,” for more information regarding the availability of sales charge waivers through particular intermediaries. |
• | Individuals transferring assets held in a SIMPLE IRA, SEP, or SARSEP invested in John Hancock funds directly to an IRA. |
• | Individuals converting assets held in an IRA, SIMPLE IRA, SEP, or SARSEP invested in John Hancock funds directly to a Roth IRA. |
• | Individuals recharacterizing assets from an IRA, Roth IRA, SEP, SARSEP or SIMPLE IRA invested in John Hancock funds back to the original account type from which it was converted. |
• | Terminating participants in a pension, profit sharing or other plan qualified under Section 401(a) of the Code, or described in Section 457(b) of the Code, (i) that is funded by certain John Hancock group annuity contracts, (ii) for which John Hancock Trust Company serves as trustee or custodian, or (iii) the trustee or custodian of which has retained RPS as a service provider, rolling over assets (directly or within 60 days after distribution) from such a plan (or from a John Hancock Managed IRA or John Hancock Annuities IRA into which such assets have already been rolled over) to a John Hancock custodial IRA or John Hancock custodial Roth IRA that invests in John Hancock funds, or the subsequent establishment of or any rollover into a new John Hancock fund account by such terminating participants and/or their Immediate Family (as defined above), including subsequent investments into such accounts and which are held directly at John Hancock funds or at the PFS Financial Center. |
• | Participants in a terminating pension, profit sharing or other plan qualified under Section 401(a) of the Code, or described in Section 457(b) of the Code (the assets of which, immediately prior to such plan’s termination, were (a) held in certain John Hancock group annuity contracts, (b) in trust or custody by John Hancock Trust Company, or (c) by a trustee or custodian which has retained John Hancock RPS as a service provider, but have been transferred from such contracts or trust funds and are held either: (i) in trust by a distribution processing organization; or (ii) in a custodial IRA |
109 |
or custodial Roth IRA sponsored by an authorized third party trust company and made available through John Hancock), rolling over assets (directly or within 60 days after distribution) from such a plan to a John Hancock custodial IRA or John Hancock custodial Roth IRA that invests in John Hancock funds, or the subsequent establishment of or any rollover into a new John Hancock fund account by such participants and/or their Immediate Family (as defined above), including subsequent investments into such accounts and which are held directly at John Hancock funds or at the PFS Financial Center. |
• | Participants actively enrolled in a John Hancock RPS plan account rolling over or transferring assets into a new John Hancock custodial IRA or John Hancock custodial Roth IRA that invests in John Hancock funds through John Hancock PFS (to the extent such assets are otherwise prohibited from rolling over or transferring into the John Hancock RPS plan account), including subsequent investments into such accounts and which are held directly at John Hancock funds or at the John Hancock PFS Financial Center. |
• | Individuals rolling over assets held in a John Hancock custodial 403(b)(7) account into a John Hancock custodial IRA account. |
• | Individuals exchanging shares held in an eligible fee-based program for Class A Shares, provided however, subsequent purchases in Class A Shares will be subject to applicable sales charges. |
• | Former employees/associates of John Hancock, its affiliates or agencies rolling over (directly or indirectly within 60 days after distribution) to a new John Hancock custodial IRA or John Hancock custodial Roth IRA from the John Hancock Employee Investment-Incentive Plan (TIP), John Hancock Savings Investment Plan (SIP) or the John Hancock Pension Plan and such participants and their Immediate Family (as defined above) subsequently establishing or rolling over assets into a new John Hancock account through John Hancock PFS, including subsequent investments into such accounts and which are held directly at John Hancock funds or at the John Hancock PFS Financial Center. |
• | Participants in group retirement plans that are eligible and permitted to purchase Class A shares. This waiver is contingent upon the group retirement plan being in a recordkeeping arrangement and does not apply to group retirement plans transacting business with a fund through a brokerage relationship in which sales charges are customarily imposed. In addition, this waiver does not apply to a group retirement plan that leaves its current recordkeeping arrangement and subsequently transacts business with the fund through a brokerage relationship in which sales charges are customarily imposed. Whether a sales charge waiver is available to your group retirement plan through its record keeper depends upon the policies and procedures of your intermediary. Please consult your financial professional for further information. |
• | A member of a class action lawsuit against insurance companies who is investing settlement proceeds. |
• | Retirement plans investing through the PruSolutionSM program. |
• | his or her own individual or their joint account; |
• | his or her trust account of which one of the above persons is the grantor or the beneficial owner; |
• | a Uniform Gift/Transfer to Minor Account or Coverdell Education Savings Account (“ESA”) in which one of the above persons is the custodian or beneficiary; |
• | a single participant retirement/benefit plan account, as long as it is established solely for the benefit of the individual account owner; |
• | an IRA, including traditional IRAs, Roth IRAs, and SEP IRAs; and |
• | his or her sole proprietorship. |
110 |
• | Redemptions of Class A shares made after one year from the inception date of a retirement plan at John Hancock. |
• | Redemptions of Class A shares by retirement plans that invested through the PruSolutionsSM program. |
• | Redemptions made pursuant to a fund’s right to liquidate an account if the investor owns shares worth less than the stated account minimum in the section “Small accounts” in the Prospectus. |
111 |
• | Redemptions made under certain liquidation, merger or acquisition transactions involving other investment companies or personal holding companies. |
• | Redemptions due to death or disability. (Does not apply to trust accounts unless trust is being dissolved.) |
• | Redemptions made under the Reinstatement Privilege, as described in “Sales Charge Reductions and Waivers” in the Prospectus. |
• | Redemption of Class C shares made under a systematic withdrawal plan or redemptions for fees charged by planners or advisors for advisory services, as long as the shareholder’s annual redemptions do not exceed 12% of the account value, including reinvested dividends, at the time the systematic withdrawal plan was established and 12% of the value of subsequent investments (less redemptions) in that account at the time Signature Services is notified. (Please note that this waiver does not apply to systematic withdrawal plan redemptions of Class A shares that are subject to a CDSC). |
• | Rollovers, contract exchanges or transfers of John Hancock custodial 403(b)(7) account assets required by Signature Services as a result of its decision to discontinue maintaining and administering 403(b)(7) accounts. |
• | Redemptions made to effect mandatory or life expectancy distributions under the Code. (Waiver based on required minimum distribution calculations for John Hancock mutual fund IRA assets only.) |
• | Returns of excess contributions made to these plans. |
• | Redemptions made to effect certain distributions, as outlined in the following table, to participants or beneficiaries from employer sponsored retirement plans under sections 401(a) (such as Money Purchase Pension Plans and Profit-Sharing Plan/401(k) Plans), 403(b), 457 and 408 (SEPs and SIMPLE IRAs) of the Code. |
Type of Distribution
|
401(a) Plan (401(k), MPP, PSP) & 457
|
403(b)
|
Roth IRA & Coverdell ESA
|
IRA, SEP IRA & Simple IRA
|
Non-retirement
|
Death or Disability
|
Waived
|
Waived
|
Waived
|
Waived
|
Waived
|
Over 70½ (or 72, in the case of individuals for whom the minimum distribution requirements begin at age 72)
|
Waived
|
Waived
|
Waived1
|
Waived1
|
12% of account value annually in periodic payments
|
Between 59½ and 70½ (or 72, in the case of individuals for whom the minimum distribution requirements begin at age 72)
|
Waived
|
Waived
|
12% of account value annually in periodic payments
|
Waived for Life Expectancy or 12% of account value annually in periodic payments
|
12% of account value annually in periodic payments
|
Under 59½ (Class C only)
|
Waived for annuity payments (72t2) or 12% of account value annually in periodic payments
|
Waived for annuity payments (72t) or 12% of account value annually in periodic payments
|
12% of account value annually in periodic payments
|
Waived for annuity payments (72t) or 12% of account value annually in periodic payments
|
12% of account value annually in periodic payments
|
Termination of Plan
|
Not Waived
|
Waived
|
N/A
|
N/A
|
N/A
|
Hardships
|
Waived
|
Waived
|
N/A
|
N/A
|
N/A
|
Qualified Domestic Relations Orders
|
Waived
|
Waived
|
N/A
|
N/A
|
N/A
|
Termination of Employment Before Normal Retirement Age
|
Waived
|
Waived
|
N/A
|
N/A
|
N/A
|
Return of Excess
|
Waived
|
Waived
|
Waived
|
Waived
|
N/A
|
1 | External direct rollovers and transfer of assets are excluded. |
2 | Refers to withdrawals from retirement accounts under Section 72(t) of the Code. |
112 |
• | the distribution is effected through a pro rata distribution of securities of the distributing fund or affiliated fund; |
• | the distributed securities are valued in the same manner as they are in computing the fund’s or affiliated fund’s NAV; |
• | neither the affiliated shareholder nor any other party with the ability and the pecuniary incentive to influence the redemption in kind may select or influence the selection of the distributed securities; and |
• | the Board, including a majority of the Independent Trustees, must determine on a quarterly basis that any redemptions in kind to affiliated shareholders made during the prior quarter were effected in accordance with the Procedures, did not favor the affiliated shareholder to the detriment of any other shareholder and were in the best interests of the fund and the affiliated fund. |
113 |
• | The investments will be drawn on or about the day of the month indicated; |
• | The privilege of making investments through the MAAP may be revoked by Signature Services without prior notice if any investment is not honored by the shareholder’s bank. The bank shall be under no obligation to notify the shareholder as to the nonpayment of any checks; and |
• | The program may be discontinued by the shareholder either by calling Signature Services or upon written notice to Signature Services that is received at least five (5) business days prior to the due date of any investment. |
114 |
1 | The funds do not accept requests to establish new John Hancock custodial 403(b)(7) accounts intended to qualify as a Section 403(b) Plan. |
2 | The funds do not accept requests for exchanges or transfers into John Hancock custodial 403(b)(7) accounts (i.e., where the investor holds the replacing account). |
3 | The funds require certain signed disclosure documentation in the event: |
○ | A shareholder established a John Hancock custodial 403(b)(7) account with a fund prior to September 24, 2007; and |
○ | A shareholder directs the fund to exchange or transfer some or all of the John Hancock custodial 403(b)(7) account assets to another custodial 403(b) contract or account (i.e., where the exchanged account is with the fund). |
4 | The funds do not accept salary deferrals into custodial 403(b)(7) accounts. |
115 |
116 |
Fund
|
NAV and Redemption Price per Class A Share
($) |
Maximum Sales Charge (4.00% of offering price, unless otherwise noted)
($) |
Maximum Offering Price to Public
($) |
Bond Fund
|
16.32
|
0.68
|
17.00
|
California Tax-Free Income Fund
|
11.06
|
0.46
|
11.52
|
ESG Core Bond Fund
|
10.39
|
0.43
|
10.82
|
Government Income Fund
|
9.54
|
0.40
|
9.94
|
High Yield Fund
|
3.45
|
0.14
|
3.59
|
High Yield Municipal Bond Fund
|
8.26
|
0.34
|
8.60
|
Income Fund
|
6.73
|
0.28
|
7.01
|
Investment Grade Bond Fund
|
10.88
|
0.45
|
11.33
|
Short Duration Bond Fund
|
10.06
|
0.23
|
10.29
|
Tax-Free Bond Fund
|
10.14
|
0.42
|
10.56
|
NAV, Shares Offering Price and Redemption Price per Share
|
|||||||
Fund
|
Class C
($) |
Class R2
($) |
Class R4
($) |
Class R5
($) |
Class R6
($) |
Class I
($) |
Class NAV
($) |
Bond Fund
|
16.32
|
16.34
|
16.35
|
N/A
|
16.35
|
16.33
|
16.35
|
California Tax-Free Income Fund
|
11.06
|
N/A
|
N/A
|
N/A
|
11.07
|
11.07
|
N/A
|
ESG Core Bond Fund
|
N/A
|
N/A
|
N/A
|
N/A
|
10.39
|
10.39
|
N/A
|
Government Income Fund
|
9.53
|
N/A
|
N/A
|
N/A
|
9.54
|
9.55
|
N/A
|
High Yield Fund
|
3.45
|
N/A
|
N/A
|
N/A
|
3.45
|
3.45
|
3.45
|
High Yield Municipal Bond Fund
|
8.26
|
N/A
|
N/A
|
N/A
|
8.28
|
8.27
|
N/A
|
Income Fund
|
6.73
|
6.72
|
6.73
|
6.72
|
6.73
|
6.72
|
N/A
|
Investment Grade Bond Fund
|
10.88
|
10.88
|
10.89
|
N/A
|
10.89
|
10.89
|
N/A
|
Short Duration Bond Fund
|
10.07
|
N/A
|
N/A
|
N/A
|
10.06
|
10.06
|
10.06
|
Tax-Free Bond Fund
|
10.14
|
N/A
|
N/A
|
N/A
|
10.16
|
10.16
|
N/A
|
117 |
(a) derive at least 90% of its gross income from dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities, and foreign currencies, or other income (including but not limited to gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies, and net income derived from interests in qualified publicly traded partnerships (as defined below); |
(b) distribute with respect to each taxable year at least the sum of 90% of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid-generally, taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) and 90% of net tax-exempt interest income, for such year; and |
(c) diversify its holdings so that, at the end of each quarter of the fund’s taxable year: (i) at least 50% of the market value of the fund’s total assets is represented by cash and cash items, U.S. government securities, securities of other RICs, and other securities limited in respect of any one issuer to a value not greater than 5% of the value of the fund’s total assets and not more than 10% of the outstanding voting securities of such issuer; and (ii) not more than 25% of the value of the fund’s total assets is invested (x) in the securities (other than those of the U.S. government or other RICs) of any one issuer or of two or more issuers that the fund controls and that are engaged in the same, similar, or related trades or businesses, or (y) in the securities of one or more qualified publicly traded partnerships (as defined below). |
118 |
119 |
120 |
Fund
|
Short-term Losses (no expiration date)
|
Long-term Losses (no expiration date)
|
Total ($)
|
Bond Fund
|
N/A
|
N/A
|
N/A
|
California Tax-Free Income Fund
|
N/A
|
N/A
|
N/A
|
ESG Core Bond Fund
|
N/A
|
N/A
|
N/A
|
Government Income Fund
|
4,055,147
|
2,968,510
|
7,023,657
|
High Yield Fund
|
10,206,711
|
491,858,441
|
502,065,152
|
High Yield Municipal Bond Fund
|
63,745
|
–
|
63,745
|
Income Fund
|
75,900,427
|
50,322,055
|
126,222,482
|
Investment Grade Bond Fund
|
N/A
|
N/A
|
N/A
|
Short Duration Bond Fund
|
N/A
|
N/A
|
N/A
|
Tax-Free Bond Fund
|
4,989,424
|
–
|
4,989,424
|
121 |
122 |
123 |
124 |
125 |
• | price, dealer spread or commission, if any; |
• | the reliability, integrity and financial condition of the broker dealer; |
• | size of the transaction; |
• | difficulty of execution; |
• | brokerage and research services provided (unless prohibited by applicable law); and |
• | confidentiality and anonymity. |
Fund
|
Regular Broker Dealer
|
Holdings ($000s)
|
Bond Fund
|
Bank of America Corp.
|
260,779
|
Barclays Bank PLC
|
197,861
|
|
Citigroup, Inc.
|
234,995
|
|
HSBC Bank PLC
|
30,591
|
|
JPMorgan Chase & Co.
|
241,050
|
|
Morgan Stanley & Company, Inc.
|
108,016
|
|
State Street Corp.
|
1,259,968
|
|
The Goldman Sachs Group, Inc.
|
200,472
|
|
California Tax-Free Income Fund
|
State Street Corp.
|
2,301
|
ESG Core Bond Fund
|
Bank of America Corp.
|
949
|
Citigroup, Inc.
|
590
|
|
JPMorgan Chase & Co.
|
2,972
|
|
Morgan Stanley & Company, Inc.
|
663
|
|
Royal Bank of Canada
|
262
|
|
State Street Corp.
|
264
|
|
The Bank of New York Mellon Corp.
|
130
|
|
The Goldman Sachs Group, Inc.
|
500
|
|
Government Income Fund
|
Citigroup, Inc.
|
1,167
|
Deutsche Bank AG
|
41
|
|
JPMorgan Chase & Co.
|
56
|
|
High Yield Fund
|
Bank of America Corp.
|
9,588
|
Barclays Bank PLC
|
7,544
|
|
State Street Corp.
|
18,426
|
|
High Yield Municipal Bond Fund
|
N/A
|
N/A
|
Income Fund
|
Bank of America Corp.
|
9,337
|
Credit Suisse Group AG
|
10,532
|
|
Deutsche Bank AG
|
10,725
|
|
JPMorgan Chase & Co.
|
2,780
|
|
State Street Corp.
|
37,089
|
126 |
Fund
|
Regular Broker Dealer
|
Holdings ($000s)
|
The Goldman Sachs Group, Inc.
|
6,234
|
|
Investment Grade Bond Fund
|
Bank of America Corp.
|
38,291
|
Barclays Bank PLC
|
7,043
|
|
Citigroup, Inc.
|
24,491
|
|
Deutsche Bank AG
|
8,233
|
|
JPMorgan Chase & Co.
|
32,244
|
|
Morgan Stanley & Company, Inc.
|
13,123
|
|
State Street Corp.
|
152,575
|
|
The Goldman Sachs Group, Inc.
|
28,899
|
|
Short Duration Bond Fund
|
Bank of America Corp.
|
2,543
|
Barclays Bank PLC
|
4,114
|
|
Citigroup, Inc.
|
4,719
|
|
Deutsche Bank AG
|
4,025
|
|
JPMorgan Chase & Co.
|
3,736
|
|
Morgan Stanley & Company, Inc.
|
3,231
|
|
The Goldman Sachs Group, Inc.
|
465
|
|
Tax-Free Bond Fund
|
N/A
|
N/A
|
• | the value of securities; |
• | the advisability of purchasing or selling securities; |
127 |
• | the availability of securities or purchasers or sellers of securities; and |
• | analyses and reports concerning: (a) issuers; (b) industries; (c) securities; (d) economic, political and legal factors and trends; and (e) portfolio strategy. |
128 |
Total Commissions Paid in Fiscal Period Ended May 31,
|
|||
Fund Name
|
2021
($) |
2020
($) |
2019
($) |
Bond Fund
|
0
|
0
|
0
|
California Tax-Free Income Fund
|
0
|
0
|
0
|
ESG Core Bond Fund
|
0
|
0
|
0
|
Government Income Fund
|
0
|
0
|
0
|
High Yield Fund
|
76,739
|
0
|
34,502
|
High Yield Municipal Bond Fund
|
0
|
0
|
0
|
Income Fund
|
0
|
60,367
|
9
|
Investment Grade Bond Fund
|
0
|
0
|
0
|
Short Duration Bond Fund
|
0
|
01
|
N/A
|
Tax-Free Bond Fund
|
0
|
0
|
0
|
1 | Period from July 16, 2019 (commencement of operations) to May 31, 2020. |
129 |
130 |
131 |
132 |
133 |
134 |
135 |
136 |
• | Amortization schedule – the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and |
• | Source of payment – the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note. |
137 |
Fund Managed
|
Portfolio Managers
|
Bond Fund
|
Jeffrey N. Given, CFA, Howard C. Greene, CFA, and Pranay Sonalkar
|
California Tax-Free Income Fund
|
Dennis DiCicco and Adam A. Weigold, CFA
|
Government Income Fund
|
Jeffrey N. Given, CFA and Howard C. Greene, CFA
|
High Yield Fund
|
John F. Addeo, CFA, Dennis F. McCafferty, CFA, and Caryn E. Rothman, CFA
|
High Yield Municipal Bond Fund
|
Dennis DiCicco and Adam A. Weigold, CFA
|
Income Fund
|
Christopher M. Chapman, CFA, Thomas C. Goggins, Daniel S. Janis III, and Kisoo Park
|
Investment Grade Bond Fund
|
Jeffrey N. Given, CFA, Howard C. Greene, CFA, and Pranay Sonalkar
|
Short Duration Bond Fund
|
Jeffrey N. Given, CFA, Howard C. Greene, CFA, and Pranay Sonalkar
|
Tax-Free Bond Fund
|
Dennis DiCicco and Adam A. Weigold, CFA
|
Portfolio Manager
|
Number of Accounts
|
Assets (in millions)
|
Number of Accounts
|
Assets (in millions)
|
Number of Accounts
|
Assets (in millions)
|
John F. Addeo
|
2
|
$410
|
5
|
$806
|
3
|
$300
|
Christopher M. Chapman
|
6
|
$5,499
|
47
|
$21,061
|
12
|
$3,602
|
Dennis DiCicco
|
0
|
$0
|
2
|
$391
|
0
|
$0
|
Jeffrey N. Given
|
15
|
$17,822
|
31
|
$5,688
|
18
|
$13,720
|
Thomas C. Goggins
|
6
|
$5,499
|
52
|
$21,163
|
12
|
$3,602
|
Howard C. Greene
|
10
|
$9,984
|
30
|
$5,298
|
18
|
$13,720
|
Daniel S. Janis III
|
6
|
$5,499
|
54
|
$22,573
|
12
|
$3,602
|
Dennis McCafferty
|
1
|
$252
|
8
|
$4,208
|
0
|
$0
|
Kisoo Park
|
6
|
$5,499
|
47
|
$21,061
|
12
|
$3,602
|
Endre Pedersen
|
0
|
$0
|
1
|
$98
|
0
|
$0
|
Caryn Rothman
|
2
|
$206
|
4
|
$2,134
|
0
|
$0
|
Pranay Sonalkar
|
0
|
$0
|
0
|
$0
|
0
|
$0
|
Adam A. Weigold
|
0
|
$0
|
0
|
$0
|
0
|
$0
|
138 |
Fund
|
Portfolio Manager
|
Dollar Range of Shares Owned
|
Bond Fund1
|
Jeffrey N. Given
|
$500,001-$1,000,000
|
Howard C. Greene
|
Over $1,000,000
|
|
Pranay Sonalkar
|
$0
|
|
California Tax-Free Income Fund2
|
Dennis DiCicco
|
$10,001-$50,000
|
Adam A. Weigold
|
$0
|
|
Government Income Fund3
|
Jeffrey N. Given
|
$0
|
Howard C. Greene
|
$10,001-$50,000
|
|
High Yield Fund4
|
John F. Addeo
|
$500,001-$1,000,000
|
Dennis McCafferty
|
Over $1,000,000
|
|
Caryn Rothman
|
$500,001 - $1,000,000
|
|
High Yield Municipal Bond Fund5
|
Dennis DiCicco
|
$1-$10,000
|
Adam A. Weigold
|
$0
|
|
Income Fund6
|
Christopher M. Chapman
|
$0
|
Thomas C. Goggins
|
Over $1,000,000
|
|
Daniel S. Janis III
|
Over $1,000,000
|
|
Kisoo Park
|
Over $1,000,000
|
|
Investment Grade Bond Fund7
|
Jeffrey N. Given
|
$100,001-$500,000
|
Howard C. Greene
|
$100,001-$500,000
|
|
Pranay Sonalkar
|
$0
|
|
Short Duration Bond Fund8
|
Jeffrey N. Given
|
$50,001-$100,000
|
Howard C. Greene
|
$50,001-$100,000
|
|
Pranay Sonalkar
|
$0
|
|
Tax-Free Bond Fund9
|
Dennis DiCicco
|
$10,001-$50,000
|
Adam A. Weigold
|
$0
|
1 | As of May 31, 2021, Jeffrey N. Given, Howard C. Greene, and Pranay Sonalkar beneficially owned $500,001-$1,000,000, over $1,000,000, and $0 of shares, respectively, of Bond Fund. |
2 | As of May 31, 2021, Dennis DiCicco and Adam A. Weigold beneficially owned $10,001-$50,000 and $0 of shares, respectively, of California Tax-Free Income Fund. |
3 | As of May 31, 2021, Jeffrey N. Given and Howard C. Greene beneficially owned $0 and $10,001-$50,000 of shares, respectively, of Government Income Fund. |
4 | As of May 31, 2021, John F. Addeo, Dennis McCafferty, and Caryn Rothman beneficially owned $500,001-$1,000,000, over $1,000,000, and $500,001 - $1,000,000 of shares, respectively, of High Yield Fund. |
5 | As of May 31, 2021, Dennis DiCicco and Adam A. Weigold beneficially owned $1-$10,000 and $0 of shares, respectively, of High Yield Municipal Bond Fund. |
6 | As of May 31, 2021, Christopher M. Chapman, Thomas C. Goggins, Daniel S. Janis III, and Kisoo Park beneficially owned $100,001-$500,000, over $1,000,000, over $1,000,00, and over $1,000,000 of shares, respectively, of Income Fund. |
7 | As of May 31, 2021, Jeffrey N. Given, Howard C. Greene, and Pranay Sonalkar beneficially owned $100,001-$500,000, $100,001-$500,000, and $0 of shares, respectively, of Investment Grade Bond Fund. |
8 | As of May 31, 2021, Jeffrey N. Given, Howard C. Greene, and Pranay Sonalkar beneficially owned $50,001-$100,000, $50,001-$100,000, and $0 of shares, respectively, of Short Duration Bond Fund. |
9 | As of May 31, 2021, Dennis DiCicco and Adam A. Weigold beneficially owned $10,001-$50,000 and $0 of shares, respectively, of Tax-Free Bond Fund. |
139 |
• | A portfolio manager could favor one account over another in allocating new investment opportunities that have limited supply, such as initial public offerings and private placements. If, for example, an initial public offering that was expected to appreciate in value significantly shortly after the offering was allocated to a single account, that account may be expected to have better investment performance than other accounts that did not receive an allocation on the initial public offering. The Subadvisor has policies that require a portfolio manager to allocate such investment opportunities in an equitable manner and generally to allocate such investments proportionately among all accounts with similar investment objectives. |
• | A portfolio manager could favor one account over another in the order in which trades for the accounts are placed. If a portfolio manager determines to purchase a security for more than one account in an aggregate amount that may influence the market price of the security, accounts that purchased or sold the security first may receive a more favorable price than accounts that made subsequent transactions. The less liquid the market for the security or the greater the percentage that the proposed aggregate purchases or sales represent of average daily trading volume, the greater the potential for accounts that make subsequent purchases or sales to receive a less favorable price. When a portfolio manager intends to trade the same security for more than one account, the policies of the Subadvisor generally require that such trades be “bunched,” which means that the trades for the individual accounts are aggregated and each account receives the same price. There are some types of accounts as to which bunching may not be possible for contractual reasons (such as directed brokerage arrangements). Circumstances may also arise where the trader believes that bunching the orders may not result in the best possible price. Where those accounts or circumstances are involved, the Subadvisor will place the order in a manner intended to result in as favorable a price as possible for such client. |
• | A portfolio manager could favor an account if the portfolio manager’s compensation is tied to the performance of that account rather than all accounts managed by the portfolio manager. If, for example, the portfolio manager receives a bonus based upon the performance of certain accounts relative to a benchmark while other accounts are disregarded for this purpose, the portfolio manager will have a financial incentive to seek to have the accounts that determine the portfolio manager’s bonus achieve the best possible performance to the possible detriment of other accounts. Similarly, if the Subadvisor receives a performance-based advisory fee, the portfolio manager may favor that account, whether or not the performance of that account directly determines the portfolio manager’s compensation. The investment performance on specific accounts is not a factor in determining the portfolio manager’s compensation. See “Compensation of Portfolio Managers” below. Neither the Advisor nor the Subadvisor receives a performance-based fee with respect to any of the accounts managed by the portfolio managers. |
• | A portfolio manager could favor an account if the portfolio manager has a beneficial interest in the account, in order to benefit a large client or to compensate a client that had poor returns. For example, if the portfolio manager held an interest in an investment partnership that was one of the accounts managed by the portfolio manager, the portfolio manager would have an economic incentive to favor the account in which the portfolio manager held an interest. The Subadvisor imposes certain trading restrictions and reporting requirements for accounts in which a portfolio manager or certain family members have a personal interest in order to confirm that such accounts are not favored over other accounts. |
• | If the different accounts have materially and potentially conflicting investment objectives or strategies, a conflict of interest may arise. For example, if a portfolio manager purchases a security for one account and sells the same security short for another account, such trading pattern could disadvantage either the account that is long or short. In making portfolio manager assignments, the Subadvisor seeks to avoid such potentially conflicting situations. However, where a portfolio manager is responsible for accounts with differing investment objectives and policies, it is possible that the portfolio manager will conclude that it is in the best interest of one account to sell a portfolio security while another account continues to hold or increase the holding in such security. |
• | Base salary. Base compensation is fixed and normally reevaluated on an annual basis. The Subadvisor seeks to set compensation at market rates, taking into account the experience and responsibilities of the investment professional. |
• | Incentives. Only investment professionals are eligible to participate in the short- and long-term incentive plan. Under the plan, investment professionals are eligible for an annual cash award. The plan is intended to provide a competitive level of annual bonus compensation that is tied to the investment professional achieving superior investment performance and aligns the financial incentives of the Subadvisor and the investment professional. Any bonus under the plan is completely discretionary, with a maximum annual bonus that may be well in excess of base salary. Payout of a portion of this bonus may be deferred for up to five years. While the amount of any bonus is discretionary, the following factors are generally used in determining bonuses under the plan: |
140 |
○ | Investment Performance: The investment performance of all accounts managed by the investment professional over one-, three, and five-year periods are considered. The pre-tax performance of each account is measured relative to an appropriate peer group benchmark identified in the table below (for example a Morningstar large cap growth peer group if the fund invests primarily in large cap stocks with a growth strategy). With respect to fixed-income accounts, relative yields are also used to measure performance. This is the most heavily weighted factor. |
○ | Financial Performance: The profitability of the Subadvisor and its parent company are also considered in determining bonus awards. |
○ | Non-Investment Performance: To a lesser extent, intangible contributions, including the investment professional’s support of client service and sales activities, new fund/strategy idea generation, professional growth and development, and management, where applicable, are also evaluated when determining bonus awards. |
• | In addition to the above, compensation may also include a revenue component for an investment team derived from a number of factors including, but not limited to, client assets under management, investment performance, and firm metrics. |
• | Manulife equity awards. A limited number of senior investment professionals may receive options to purchase shares of Manulife Financial stock. Generally, such option would permit the investment professional to purchase a set amount of stock at the market price on the date of grant. The option can be exercised for a set period (normally a number of years or until termination of employment) and the investment professional would exercise the option if the market value of Manulife Financial stock increases. Some investment professionals may receive restricted stock grants, where the investment professional is entitled to receive the stock at no or nominal cost, provided that the stock is forgone if the investment professional’s employment is terminated prior to a vesting date. |
• | Deferred Incentives. Investment professionals may receive deferred incentives which are fully invested in strategies managed by the team/individual as well as other Manulife Asset Management strategies. |
Fund
|
Benchmark Index for Incentive Period
|
Bond Fund
|
Morningstar US OE Intermediate Term Bond
|
California Tax-Free Income Fund
|
OE Muni California Long
|
Government Income Fund
|
Morningstar US OE Intermediate Government
|
High Yield Fund
|
Morningstar US OE High Yield Bond
|
High Yield Municipal Bond Fund
|
Morningstar US OE High Yield Muni
|
Income Fund
|
Morningstar US OE Multisector Bond
|
Investment Grade Bond Fund
|
Morningstar US OE Intermediate-Term Bond
|
Short Duration Bond Fund
|
Barclays Capital 1-3 Year US Aggregate Bond Index
|
Tax-Free Bond Fund
|
Morningstar US OE Muni National Long
|
141 |
Other Registered Investment Companies
|
Other Pooled Investment Vehicles
|
Other Accounts
|
||||
Portfolio Manager1
|
Number of Accounts
|
Assets (in millions)
|
Number of Accounts
|
Assets (in millions)
|
Number of Accounts
|
Assets (in millions)
|
Matthew C. Buscone
|
2
|
$209
|
0
|
$0
|
16,596
|
$45,402
|
Sara Chanda
|
2
|
$209
|
0
|
$0
|
16,596
|
$45,402
|
Khurram Gillani
|
2
|
$209
|
0
|
$0
|
16,596
|
$45,402
|
Jeffrey M. Glenn
|
2
|
$209
|
0
|
$0
|
16,596
|
$45,402
|
1 | In addition to the accounts in the table, portfolio managers manage personal accounts for their own benefit. |
142 |
143 |
144 |
145 |
146 |
147 |
148 |
149 |
150 |
151 |
• | The right to vote is a basic component of share ownership and is an important control mechanism to ensure that a company is managed in the best interests of its shareholders. Where clients delegate proxy voting authority to Manulife IM, Manulife IM has a fiduciary duty to exercise voting rights responsibly. |
• | Where Manulife IM is granted and accepts responsibility for voting proxies for client accounts, it will seek to ensure proxies are received and voted in the best interests of the client with a view to maximize the economic value of their equity securities, unless it determines that it is in the best interests of the client to refrain from voting a given proxy. |
• | If there is any potential material proxy-related conflict of interest between Manulife IM and its clients, identification and resolution processes are in place to provide for determination in the best interests of the client. |
• | Manulife IM will disclose information about its proxy voting policies and procedures to its clients. |
• | Manulife IM will maintain certain records relating to proxy voting. |
• | Robust oversight including a strong and effective board with independent and objective leaders working on behalf of shareholders; |
• | Mechanisms to mitigate risk such as effective internal controls, board expertise covering a firm’s unique risk profile, and routine use of KPIs to measure and assess long-term risks; |
• | A management team aligned with shareholders through remuneration structures that incentivize long-term performance through the judicious and sustainable stewardship of company resources; |
• | Transparent and thorough reporting of the components of the business that are most significant to shareholders and stakeholders with focus on the firm’s long-term success and, |
• | Management focused on all forms of capital including environmental, social and human capital. |
152 |
• | Manulife IM’s aggregated holdings across all client accounts represent 2% or greater of issued capital; |
• | A meeting agenda includes shareholder resolutions related to environmental and social risk management issues, or where the subject of a shareholder resolution is deemed to be material to our investment decision; or |
• | The issuer has been engaged by Manulife IM within the past two years seeking a change in behavior. |
• | Costs associated with voting the proxy exceed the expected benefits to clients; |
• | Underlying securities have been lent out pursuant to a client’s securities lending program and have not been subject to recall; |
• | Short notice of a shareholder meeting; |
• | Requirements to vote proxies in person; |
• | Restrictions on a non-national’s ability to exercise votes, determined by local market regulation; |
• | Restrictions on the sale of securities in proximity to the shareholder meeting (i.e. “share blocking”); |
• | Requirements to disclose commercially sensitive information that may be made public (i.e. “re-registration”); |
• | Requirements to provide local agents with power of attorney to facilitate the voting instructions (such proxies are voted on a best-efforts basis); or |
153 |
• | Inability of a client’s custodian to forward and process proxies electronically. |
• | Research and make voting recommendations; |
• | Ensure proxies are voted and submitted in a timely manner; |
• | Perform other administrative functions of proxy voting; |
• | Maintain records of proxy statements and provide copies of such proxy statements promptly upon request; |
• | Maintain records of votes cast; and |
• | Provide recommendations with respect to proxy voting matters in general. |
• | Manulife IM has a business relationship or potential relationship with the issuer; |
• | Manulife IM has a business relationship with the proponent of the proxy proposal; or |
• | Manulife IM members, employees or consultants have a personal or other business relationship with managers of the business such as top-level executives, corporate directors or director candidates. |
154 |
• | Sampling pre-populated votes: Where we utilize a third-party research provider for either voting recommendations or voting execution (or both), we may assess “pre-populated” votes shown on the vendor’s electronic voting platform before such votes are cast to ensure alignment with the Voting Principles. |
• | Consideration of additional information: Where Manulife IM utilizes a proxy service provider for voting recommendations, we consider additional information that may become available regarding voting items. This additional information may include filings by an issuer or shareholder proponent that are issued subsequent to the filing of meeting materials. |
• | Decision scrutiny from the Working Group: Where our voting policies and procedures do not address how to vote on a particular matter, or where the matter is highly contested or controversial (e.g. major acquisitions involving takeovers or contested director elections where a shareholder has proposed its own slate of directors), review by the Working Group may be necessary or appropriate to ensure votes cast on behalf of its client are cast in the client’s best interest. |
155 |
156 |
157 |
I. Boards and Directors: Manulife IM uses the following principles to review proposals covering director elections and board structure in the belief that they encourage engaged and accountable leadership of a firm. |
a. Board Independence: The most effective boards are composed of directors with a diverse skill set that can provide an objective view of the business, oversee management, and make decisions in the best interest of the shareholder body at large. To create and preserve this voice, boards should have a significant number of non-executive, independent directors. The actual number of independent directors can vary by market and Manulife IM accounts for these differences when reviewing the independence of the board. Ideally, however, there is an independent majority among directors at a given firm. |
b. Committee Independence: Manulife IM also prefers that key board committees are composed of independent directors. Specifically, the audit, nomination and compensation committees should be entirely or majority composed of independent directors. |
c. Attendance: A core part of a director’s duties is to remain an engaged and productive participant at board and committee meetings. Directors should, therefore, attend at least 75% of board and committee meetings in the aggregate over the course of a calendar year. |
d. Gender Diversity: In line with the principles expressed in relation to ‘Board Independence’ above, Manulife IM believes boards with strong gender representation are better equipped to manage risks and oversee business resilience over the long-term compared to firms with low gender balance. Manulife IM generally expects boards to have at least one woman on the board and encourages companies to aspire to a higher balance of gender representation. |
e. Classified/Staggered Boards: Manulife IM prefers that directors be subject to election and re-election on an annual basis. Annual elections operate to hold directors accountable for their actions in a given year in a timely manner. Shareholders should have the ability to voice concerns through a director vote and to potentially remove problematic directors if necessary. Manulife IM generally opposes the creation of classified or staggered director election cycles designed to extend director terms beyond one year. Manulife IM also supports proposals to eliminate these structures. |
f. Overboarding: Manulife IM believes directors should limit their outside board seats in order to ensure that they have the time and attention to provide their director role at a firm in question. Generally, this means directors should not sit on more than 5 public company boards. The role of CEO requires an individual’s significant time and attention. Directors holding the role of CEO at any public firm, therefore, should not sit on more than 3 public company boards inclusive of the firm at which they hold the CEO role. |
g. Independent Chair/CEO: Governance failures can occur where a manager has firm control over a board through the combination of the Chair/CEO roles. Manulife IM generally supports the separation of the Chair/CEO roles as a means to prevent board ‘capture’ by management. We will evaluate proposals to separate the Chair/CEO roles on a case-by-case basis, for example, however considering such factors as the establishment of a strong lead independent director role or the temporary need for the combination of the CEO/Chair roles to help the firm through a leadership transition. |
h. Vote Standard: Manulife IM supports a vote standard that allows resolutions to pass, or fail, based on a majority voting standard. Manulife IM expects companies to adopt a majority vote standard for director elections and supports the elimination of a plurality vote standard except in the case of contested elections. |
i. Contested Elections: Where there is a proxy contest or a director’s election is otherwise contested, Manulife IM evaluates the proposals on a case-by-case basis. Consideration is given to firm performance, whether there have been significant failures of oversight, and whether the proponent for change makes a compelling case that board turnover will drive firm value. |
j. Significant and Problematic Actions or Omissions: Manulife IM believes boards should be held accountable to shareholders in instances where there is a significant failure of oversight that has led to a loss of firm value or otherwise curtailed shareholder rights. Manulife IM considers withholding from, or voting against, certain directors where the board acted, or failed to act, in a way that significantly affected shareholder rights or otherwise negatively affected firm value. Some examples of actions that might warrant a vote against directors include, but are not limited to, the following: |
158 |
i. Failure of Oversight: Manulife IM may take action against directors where there has been a significant negative event leading to a loss of shareholder value and stakeholder confidence. A failure may manifest itself in multiple ways including adverse auditor opinions, material misstatements, failures of leadership and governance and environmental or human rights violations. |
ii. Adoption of Anti-Takeover Mechanism: Boards should generally review takeover offers independently and objectively in consideration of the potential value created or lost for shareholders. Manulife IM holds boards accountable when they create or prolong certain mechanisms, bylaws or article amendments that act to frustrate genuine offers that may lead to value creation for shareholders. These can include ‘poison pills’; classes of shares with differential voting rights; classified, or staggered, board structures; unilateral bylaw amendments and supermajority voting provisions. |
iii. Problematic Executive Compensation Practices: Manulife IM encourages companies to adopt best practices for executive compensation in the markets in which they operate. Generally, this means that pay should be aligned with performance. Manulife IM may hold directors accountable where this alignment is not robust. We may also hold boards accountable where they have not adequately responded to shareholder votes against a previous proposal on remuneration or have adopted problematic agreements or practices (e.g. ‘golden parachutes’, repricing of options). |
iv. Bylaw/Article Adoption and Amendments: Shareholders should have the ability to vote on any change to company articles or bylaws that will materially change their rights as shareholders. Any amendments should require only a majority of votes to pass. Manulife IM will hold directors accountable where a board has amended or adopted bylaw and/or article provisions that significantly curtail shareholder rights. |
v. Engagement Responsiveness: Manulife IM regularly engages with issuers to discuss ESG risks and opportunities and may request changes from firms during these discussions. Manulife IM may vote against certain directors where we have engaged with an issuer and requested certain changes, but the firm has not made sufficient progress on those matters. |
II. Environmental and Social Proposals: Manulife IM expects its portfolio companies to manage material environmental and social issues affecting its business, whether risks or opportunities, with a view towards long-term value preservation and creation.6 Manulife IM expects firms to identify material environmental and social risks and opportunities specific to their business, to develop strategies to manage those matters, and to provide meaningful, substantive reporting while demonstrating progress year-over-year against their plans. Proposals touching on management of risks and opportunities related to environmental and social issues are often put forth as shareholder proposals but can be proposed by management as well. Manulife IM reviews these proposals on a case-by-case basis considering, among other factors: |
a. The Magnitude of the Risk/Opportunity: Manulife IM evaluates the level of materiality of a certain environmental or social issue identified in a proposal as it pertains to the firm’s ability to generate value over the long-term. This review includes deliberation of the effect an issue will have on the financial statements and/or the cost of capital. |
b. The Firm’s Current Management of the Risk/Opportunity: Manulife IM analyzes a firm’s current approach to an issue to determine whether the firm has robust plans, infrastructure and reporting to mitigate the risk or embrace the opportunity. |
c. Firm’s Current Disclosure Framework: Manulife IM expects firms to disclose enough information for shareholders to assess the company’s management of environmental and social risks and opportunities material to the business. Manulife IM may support proposals calling for enhanced firm disclosure regarding environmental and social issues where additional information would help our evaluation of a company’s exposure, and response, to those factors. |
d. Legislative or Regulatory Action of a Risk/Opportunity: When reviewing proposals on environmental or social factors, Manulife IM considers whether a given risk or opportunity is currently addressed by local regulation or law in the markets in which a firm operates and whether those rules are designed to adequately manage an issue. Manulife IM also considers whether a firm should proactively address a matter in anticipation of future legislation or regulation. |
e. Cost to, or Disruption of, the Business: When reviewing environmental and social proposals Manulife IM assesses the potential cost of the requested action against the benefit provided to the firm and its shareholders. Particular attention is paid to proposals that request actions that are overly prescriptive on management or that request a firm exit markets or operations that are essential to its business. |
III. Shareholder Rights: Manulife IM generally supports management or shareholder proposals that protect, or improve, shareholder rights and opposes proposals that remove, or curtail, existing rights. |
a. Shareholder Rights Plans (“Poison Pills”): Manulife IM opposes mechanisms intended to frustrate genuine takeover offers. Manulife IM may, however, support shareholder rights plans where the plan has a trigger of 20% ownership or more and will expire in three years or less. In conjunction with these requirements Manulife IM evaluates the company’s strategic rationale for adopting the poison pill. |
b. Supermajority Voting: Shareholders should have the ability to direct change at a firm based on a majority vote. Manulife IM opposes the creation, or continuation, of any bylaw, charter or article provisions that require approval of more than a majority of shareholders for amendment of those documents. Manulife IM may consider supporting such a standard where the supermajority requirement is intended to protect minority shareholders. |
c. Proxy Access: Manulife IM believes that shareholders have a right to appoint representatives to the board that best protect their interests. The power to propose nominees without holding a proxy contest is a way to protect that right and is potentially less costly to management and shareholders. Accordingly, Manulife IM supports creation of a proxy access right (or similar power at non-U.S. firms) provided there are reasonable thresholds of ownership and a reasonable number of shareholders can aggregate ownership to meet those thresholds. |
159 |
d. Written Consent: Written consent provides shareholders the power to formally demand board action outside of the context of an annual general meeting. Shareholders can use written consent as a nimble method of holding boards accountable. Manulife IM supports the right of written consent so long as that right is reasonably tailored to reflect the will of a majority of shareholders. Manulife IM may not support such a right, however, where there is a holder with a significant, or controlling, stake. Manulife IM evaluates the substance of any written actual consent proposal in-line with these principles. |
e. Right to Call a Special Meeting: Manulife IM is supportive of the shareholder right to call a special meeting. This right allows shareholders to quickly respond to events which can significantly affect firm value. Manulife IM believes that a 10% ownership threshold to call a special meeting reasonably protects this shareholder right while reducing the possibility of undue distraction for management. |
IV. Executive Compensation: Manulife IM encourages companies to align executive incentives with shareholder interests when designing executive compensation plans. Companies should provide shareholders with transparent, comprehensive and substantive disclosure regarding executive compensation that aids shareholder assessment of the alignment between executive pay and firm performance. Companies should also have the flexibility to design remuneration programs that fit a firm’s business model, business sector and industry and overall corporate strategy. No one template of executive remuneration can fit all companies. |
a. Advisory Votes on Executive Compensation: While acknowledging that there is no singular model for executive compensation, Manulife IM scrutinizes companies closely that have certain practices. Some concerning practices can include: |
i. Misalignment Between Pay and Company Performance: Pay should generally move in tandem with corporate performance. Firms where CEO pay remains flat, or increases, though corporate performance remains down relative to peers are particularly concerning. |
ii. One-Time Grants: A firm’s one-time grant to an executive, outside of the normal salary, bonus and long-term award structure, may be indicative of an overall failure of the board to design an effective remuneration plan. A company should have a robust justification for making grants outside of the normal remuneration framework. |
iii. Significant Quantity of Non-Performance Based Pay: Executive pay should generally be weighted more heavily towards performance-based remuneration to create the alignment between pay and performance. Companies should provide a robust explanation for any significant awards made that vest solely based on time or are not otherwise tied to performance. |
iv. Lack of Rigor in Performance Targets: Performance targets should challenge managers to improve corporate performance and outperform peers. Targets should, where applicable, generally align with, or even outpace, guidance; incentivize outperformance against a peer group; and otherwise remain challenging. |
v. Lack of Disclosure: Transparency is essential to shareholder analysis and understanding of executive remuneration at a company. Manulife IM expects firms to clearly disclose all major components of remuneration. This includes disclosure of amounts, performance metrics and targets, vesting terms, and pay outcomes. |
vi. Repricing of Options: Resetting the exercise price of outstanding options significantly undermines the incentive nature of the initial option grant. Though a firm may have a strong justification for repricing options, Manulife IM believes that firms should put such decisions to a shareholder vote. Manulife IM may oppose an advisory vote on executive compensation where a company has repriced outstanding options for executives without that shareholder approval. |
vii. Adoption of Problematic Severance Agreements (“Golden Parachutes”): Manulife IM believes managers should be incentivized to pursue and complete transactions that may benefit shareholders. Severance agreements, if structured appropriately, can provide such inducements. At the same time, however, the significant payment associated with severance agreements could potentially drive managers to pursue transactions at the expense of shareholder value. Manulife IM may oppose an executive remuneration proposal where a firm has adopted, or amended, an agreement with an executive that contains an excise tax gross-up provision, permits accelerated vesting of equity upon a change-in-control, allows an executive to unilaterally trigger the severance payment, or pays out in an amount greater than 300% of salary and bonus combined. |
V. Capital Structure: Manulife IM believes firms should balance the need to raise capital and encourage investment with the rights and interests of the existing shareholder body. Evaluation of proposals to issue shares, repurchase shares, conduct stock splits or otherwise restructure capital are evaluated on a case-by-case basis with some specific requests covered here: |
a. Common Stock Authorization: Requests to increase the pool of shares authorized for issuance are evaluated on a case-by-case basis with consideration given to the size of the current pool, recent use of authorized shares by management, and the company rationale for the proposed increase. Manulife IM also supports these increases where the company intends to execute a split of shares or pay a stock dividend. |
b. Reverse Stock Splits: Manulife IM generally supports proposals for a reverse stock split if the company plans to proportionately reduce the number of shares authorized for issue in order to mitigate against the risk of excessive dilution to our holdings. We may also support these proposals in instances where the firm needs to quickly raise capital in order to continue operations. |
c. Dual Class Voting Structure: Voting power should align with economic interest at a given firm. Manulife IM opposes the creation of new classes of stock with differential voting rights and supports the elimination of these structures. |
VI. Corporate Transactions and Restructurings: Manulife IM reviews mergers, acquisitions, restructurings and reincorporations on a case-by-case basis through the lens of whether the transaction will create shareholder value. Considerations include fairness of the terms, valuation of the event, changes to management and leadership, realization of synergies and efficiencies and whether the rationale for a strategic shift is compelling. |
VII. Audit-related Issues: Manulife IM believes that an effective auditor will remain independent and objective in their review of company reporting. Firms should be transparent regarding auditor fees and other services provided by an auditor which may create a conflict of interest. Manulife IM uses the below principles to guide voting decisions related to auditors. |
160 |
a. Auditor Ratification: Manulife IM generally approves the reappointment of the auditor absent evidence that they have either failed in their duties or appear to have a conflict that may not allow independent and objective oversite of a firm. |
b. Auditor Rotation: If Manulife IM believes that the independence and objectivity of an auditor may be impaired at a firm, we may support a proposal requesting a rotation of auditor. Reasons to support the rotation of the auditor can include a significant failure in the audit function and excessive tenure of the auditor at the firm. |
1. | Manulife Investment Management is the unified global brand for Manulife’s Global Wealth and Asset Management (GWAM) business which serves individual investors and institutional clients in three businesses: Retirement, Retail and Institutional Asset Management (Public Markets and Private Markets) |
2. | Further information on Sustainable Investing at Manulife IM can be found at manulifeim.com/institutional. |
3. | We acknowledge SEC guidance on this issue from August 2019 which lists several non-exhaustive examples of possible voting arrangements between the client and investment advisor including: (i) an agreement with the client to exercise voting authority pursuant to specific parameters designed to serve the client’s best interest; (ii) an agreement with the client to vote in favor of all proposals made by particular shareholder proponents; or (iii) an agreement with the client to vote in accordance with the voting recommendations of management of the issuer. All such arrangements could be subject to conditions depending on instruction from the client. |
4. | This includes general funds, affiliated segregated funds or separate accounts, and affiliated mutual / pooled funds. |
5. | This includes assets managed or advised for unaffiliated third parties, such as unaffiliated mutual/pooled funds and unaffiliated institutional advisory portfolios. |
6. | For more information on issues generally of interest to our firm please see the Manulife Investment Management Engagement Policy and the Manulife Investment Management Sustainable Investing Policy. |
161 |
• | Adopt and implement written policies and procedures reasonably designed to ensure that the adviser votes client securities in the clients’ best interests. Such policies and procedures must address the manner in which the adviser will resolve material conflicts of interest that can arise during the proxy voting process; |
• | Disclose to clients how they may obtain information from the adviser about how the adviser voted with respect to their securities; and |
• | Describe to clients the adviser’s proxy voting policies and procedures and, upon request, furnish a copy of the policies and procedures. |
162 |
• | Copies of all proxy policies and procedures; |
• | A copy of each proxy statement that Breckinridge receives regarding client securities (Breckinridge will rely on obtaining a copy of a proxy statement from the SEC’s EDGAR system); |
• | A record of each vote cast on behalf of a client (Breckinridge can rely on a third party to satisfy this requirement); |
• | A copy of any document created by Breckinridge that was material to making a decision on how to vote proxies on behalf of a client or that memorializes the basis for that decision; and |
• | A copy of each written client request for information on how Breckinridge voted proxies on behalf of the client, and a copy of the written request to any (written or oral) client request for information on how proxies were voted on behalf of the requesting client. |
163 |
JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND
PART C
OTHER INFORMATION
Item 28. | Exhibits. |
1 Prior to June 28, 2019, John Hancock Investment Management LLC was known as John Hancock Advisers, LLC.
2 Prior to May 7, 2019, Manulife Investment Management (US) LLC was known as John Hancock Asset Management a division of Manulife Asset Management (US) LLC (formerly known as MFC Global Investment Management (U.S.), LLC, formerly known as Sovereign Asset Management LLC).
- 1 - |
99.(d).2 | Amendment dated October 1, 2009 to the Sub-Advisory Agreement relating to John Hancock California Tax-Free Income Fund. – previously filed as exhibit 99.(d).3 to post-effective amendment no. 35 filed on July 16, 2010, accession number 0000950123-10-065986. |
99.(d).3 | Amendment dated May 17, 2013 to the Sub-Advisory Agreement relating to John Hancock California Tax-Free Income Fund. – previously filed as exhibit 99.(d).3 to post-effective amendment no. 61 filed on September 25, 2020, accession number 0001133228-20-006428. |
99.(e) | Underwriting Contracts. Amended and Restated Distribution Agreement dated June 30, 2020 between the Registrant and John Hancock Investment Management Distributors LLC3 (the “Distributor”). — previously filed as exhibit 99.(d).3 to post-effective amendment no. 61 filed on September 25, 2020, accession number 0001133228-20-006428. |
99.(f) | Bonus or Profit Sharing Contracts. Not Applicable. |
99.(g) | Custodian Agreement. Master Custodian Agreement dated September 10, 2008 between John Hancock Mutual Funds and State Street Bank and Trust Company. – previously filed as exhibit 99.(g) to post-effective amendment no. 34 filed on September 24, 2009, accession number 0000950123-09-045769. |
99.(g).1 | Amendment dated October 1, 2015 to Master Custodian Agreement dated September 10, 2008 between John Hancock Mutual Funds and State Street Bank and Trust Company. – previously filed as exhibit 99.(g).1 to post-effective amendment no. 47 filed on September 27, 2016, accession number 0001133228-16-012744. |
99.(h) | Other Material Contracts. Accounting and Legal Services Agreement dated January 1, 1996 between John Hancock Mutual Funds and John Hancock Investment Management LLC – previously filed as exhibit 99.(h).3 to post-effective amendment no. 28 filed on December 28, 2005, accession number 0001010521-05-000528. |
99.(h).1 | Amendment dated March 8, 2005 to Accounting and Legal Services Agreement dated January 1, 1996. – previously filed as exhibit 99.(h).4 to post-effective amendment no. 28 filed on December 28, 2005, accession number 0001010521-05-000528. |
99.(h).2 | EDGAR Publishing Services Agreement dated January 2, 1996 between John Hancock Mutual Funds and John Hancock Investment Management Distributors LLC. – previously filed as exhibit 99.(h).2 to post-effective amendment no. 61 filed on September 25, 2020, accession number 0001133228-20-006428. |
99.(h).3 | Desktop Publishing Services Agreement dated September 27, 1994 between John Hancock Mutual Funds and John Hancock Investment Management Distributors LLC. – previously filed as exhibit 99.(h).3 to post-effective amendment no. 61 filed on September 25, 2020, accession number 0001133228-20-006428. |
3 Prior to June 28, 2019, John Hancock Investment Management Distributors LLC was known as John Hancock Funds, LLC (formerly known as John Hancock Broker Distribution Services, Inc.).
- 2 - |
99.(h).4 | Service Agreement dated June 30, 2020 among the Registrant, John Hancock Investment Management LLC, and the Registrant’s Chief Compliance Officer — previously filed as exhibit 99.(h).4 to post-effective amendment no. 61 filed on September 25, 2020, accession number 0001133228-20-006428. |
99.(h).5 | Amended and Restated Transfer Agency and Service Agreement dated July 1, 2013 (the “Restated Transfer Agency Agreement”) between John Hancock Mutual Funds advised by the Advisor and John Hancock Signature Services, Inc. – previously filed as exhibit 99.(h).2 to post-effective amendment no. 43 filed on September 25, 2014, accession number 0001133228-14-003360. |
99.(h).6 | Amendment dated October 1, 2013 to the Amended and Restated Transfer Agency Agreement. – previously filed as exhibit 99.(h).3 to post-effective amendment no. 43 filed on September 25, 2014, accession number 0001133228-14-003360. |
99.(h).7 | Amendment dated August 26, 2019 to the Restated Transfer Agency Agreement. — previously filed as exhibit 99.(h).7 to post-effective amendment no. 61 filed on September 25, 2020, accession number 0001133228-20-006428. |
99.(h).8 | Expense Limitation Letter Agreement and Voluntary Expense Limitation Notice dated June 25, 2020, between the Registrant and John Hancock Investment Management LLC. – previously filed as exhibit 99.(h).8 to post-effective amendment no. 61 filed on September 25, 2020, accession number 0001133228-20-006428. |
99.(h).9 | Agreement to Waive Advisory Fees and Reimburse Expenses dated June 25, 2020 among John Hancock Investment Management LLC, John Hancock Variable Trust Advisers LLC and John Hancock Mutual Funds. – previously filed as exhibit 99.(h).9 to post-effective amendment no. 61 filed on September 25, 2020, accession number 0001133228-20-006428. |
99.(h).10 | Rule 12b-1 Fee Waiver Letter Agreement dated June 25, 2020, between the Registrant and John Hancock Investment Management Distributors LLC. – previously filed as exhibit 99.(h).10 to post-effective amendment no. 61 filed on September 25, 2020, accession number 0001133228-20-006428. |
99.(i) | Legal Opinion. – FILED HEREWITH. |
99.(j) | Consent of Independent Registered Public Accounting Firm, PricewaterhouseCoopers LLP. – FILED HEREWITH. |
99.(k) | Omitted Financial Statements. Not Applicable. |
99.(l) | Initial Capital Agreements. Not Applicable. |
99.(m) | Rule 12b-1 Plan. Amended and Restated Plan of Distribution pursuant to Rule 12b-1 dated June 30, 2020 relating to Class A Shares. — previously filed as exhibit 99.(m) to post-effective amendment no. 61 filed on September 25, 2020, accession number 0001133228-20-006428. |
99.(m).1 | Amended and Restated Plan of Distribution pursuant to Rule 12b-1 dated June 30, 2020 relating to Class B Shares. — previously filed as exhibit 99.(m).1 to post-effective amendment no. 61 filed on September 25, 2020, accession number 0001133228-20-006428. |
- 3 - |
99.(m).2 | Amended and Restated Plan of Distribution pursuant to Rule 12b-1 dated June 30, 2020 relating to Class C Shares. — previously filed as exhibit 99.(m).2 to post-effective amendment no. 61 filed on September 25, 2020, accession number 0001133228-20-006428. |
99.(n) | Rule 18f-3 Plan. Amended and Restated Multiple Class Plan pursuant to Rule 18f-3 dated December 6, 2011, as amended as of December 17, 2014, for John Hancock Mutual Funds advised by John Hancock Investment Management LLC. – previously filed as exhibit 99.(n) to post-effective amendment no. 45 filed on September 25, 2015, accession number 0001133228-15-004955. |
99.(n).1 | Amended and Restated Multiple Class Plan pursuant to Rule 18f-3 dated December 17, 2014, as amended as of December 8, 2016, for John Hancock Mutual Funds advised by John Hancock Investment Management LLC. – previously filed as exhibit 99.(n).1 to post-effective amendment no. 55 filed on September 28, 2017, accession number 0001133228-17-005801. |
99.(o) | Reserved. |
99.(p) | Code of Ethics. Code of Ethics dated January 1, 2008 (Revised September 17, 2020) of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (each, a “John Hancock Advisor”), John Hancock Investment Management Distributors LLC, John Hancock Distributors, LLC, and each open-end fund, closed-end fund, and exchange traded fund advised by a John Hancock Advisor. — previously filed as exhibit 99.(p) to post-effective amendment no. 61 filed on September 25, 2020, accession number 0001133228-20-006428. |
99.(p).1 | Code of Ethics for Global Wealth and Asset Management and General Account Investments (Manulife Investment Management (US) LLC dated April 5, 2021 – FILED HEREWITH. |
99.(p).2 | Code of Ethics for the Independent Trustees of the John Hancock Funds Effective December 6, 2005 Amended and Restated January 1, 2021. — FILED HEREWITH. |
99.(q) | Power of Attorney dated December 10, 2020 – FILED HEREWITH. |
Item 29. | Persons Controlled by or under Common Control with Registrant. |
John Hancock Investment Management LLC is the Advisor to the Registrant. The Advisor is an indirect principally owned subsidiary of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation (“MFC”), a publicly traded company based in Toronto, Canada. A corporate organization list is set forth below.
Item 30. | Indemnification. |
Indemnification provisions relating to Registrant's Trustees, officers, employees and agents are set forth in Article IV of Registrant's Declaration of Trust included as Exhibit (a) herein.
Under Section 12 of the Distribution Agreement, John Hancock Investment Management Distributors LLC has agreed to indemnify Registrant and its Trustees, officers and controlling persons against claims arising out of certain acts and statements of John Hancock Funds.
- 4 - |
Section 9(a) of the By-Laws of John Hancock Life Insurance Company (USA) (the “Insurance Company”) provides, in effect, that the Insurance Company will, subject to limitations of law, indemnify each present and former director, officer and employee of the Insurance Company who serves as a Trustee or officer of Registrant at the direction or request of the Insurance Company against litigation expenses and liabilities incurred while acting as such, except that such indemnification does not cover any expense or liability incurred or imposed in connection with any matter as to which such person shall be finally adjudicated not to have acted in good faith in the reasonable belief that his action was in the best interests of the Insurance Company. In addition, no such person will be indemnified by the Insurance Company in respect of any final adjudication unless such settlement shall have been approved as in the best interests of the Insurance Company either by vote of the Board of Directors at a meeting composed of directors who have no interest in the outcome of such vote, or by vote of the policyholders. The Insurance Company may pay expenses incurred in defending an action or claim in advance of its final disposition, but only upon receipt of an undertaking by the person indemnified to repay such payment if he should be determined not to be entitled to indemnification.
Article V of the Limited Liability Company Agreement of the Advisor provides as follows:
“Section 5.06. Indemnity and Exculpation.”
(a) No Indemnitee, and no shareholder, director, officer, member, manager, partner, agent, representative, employee or Affiliate of an Indemnitee, shall have any liability to the Company or to any Member for any loss suffered by the Company (or the Corporation) which arises out of any action or inaction by such Indemnitee with respect to the Company (or the Corporation) if such Indemnitee so acted or omitted to act (i) in the good faith (A) belief that such course of conduct was in, or was not opposed to, the best interests of the Company (or the Corporation), or (B) reliance on the provisions of this Agreement, and (ii) such course of conduct did not constitute gross negligence or willful misconduct of such Indemnitee.
(b) The Company shall, to the fullest extent permitted by applicable law, indemnify each person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he is or was, or has agreed to become, a Director or Officer, or is or was serving, or has agreed to serve, at the request of the Company (or previously at the request of the Corporation), as a director, officer, manager or trustee of, or in a similar capacity with, another corporation, partnership, limited liability company, joint venture, trust or other enterprise (including any employee benefit plan) (all such persons being referred to hereafter as an “Indemnitee”), or by reason of any action alleged to have been taken or omitted in such capacity, against all expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by or on behalf of an Indemnitee in connection with such action, suit or proceeding and any appeal therefrom.
(c) As a condition precedent to his right to be indemnified, the Indemnitee must notify the Company in writing as soon as practicable of any action, suit, proceeding or investigation involving him for which indemnity hereunder will or could be sought. With respect to any action, suit, proceeding or investigation of which the Company is so notified, the Company will be entitled to participate therein at its own expense and/or to assume the defense thereof at its own expense, with legal counsel reasonably acceptable to the Indemnitee.
(d) In the event that the Company does not assume the defense of any action, suit, proceeding or investigation of which the Company receives notice under this Section 5.06, the Company shall pay in advance of the final disposition of such matter any expenses (including attorneys' fees) incurred by an Indemnitee in defending a civil or criminal action, suit, proceeding or investigation or any appeal therefrom; provided, however, that the payment of such expenses incurred by an Indemnitee in advance of the final
- 5 - |
disposition of such matter shall be made only upon receipt of an undertaking by or on behalf of the Indemnitee to repay all amounts so advanced in the event that it shall ultimately be determined that the Indemnitee is not entitled to be indemnified by the Company as authorized in this Section 5.06, which undertaking shall be accepted without reference to the financial ability of the Indemnitee to make such repayment; and further provided that no such advancement of expenses shall be made if it is determined that (i) the Indemnitee did not act in good faith and in a manner he reasonably believed to be in, or not opposed to, the best interests of the Company, or (ii) with respect to any criminal action or proceeding, the Indemnitee had reasonable cause to believe his conduct was unlawful.
(e) The Company shall not indemnify an Indemnitee seeking indemnification in connection with a proceeding (or part thereof) initiated by such Indemnitee unless the initiation thereof was approved by the Board of Directors. In addition, the Company shall not indemnify an Indemnitee to the extent such Indemnitee is reimbursed from the proceeds of insurance, and in the event the Company makes any indemnification payments to an Indemnitee and such Indemnitee is subsequently reimbursed from the proceeds of insurance, such Indemnitee shall promptly refund such indemnification payments to the Company to the extent of such insurance reimbursement.
(f) All determinations hereunder as to the entitlement of an Indemnitee to indemnification or advancement of expenses shall be made in each instance by (a) a majority vote of the Directors consisting of persons who are not at that time parties to the action, suit or proceeding in question (“Disinterested Directors”), whether or not a quorum, (b) a majority vote of a quorum of the outstanding Common Shares, which quorum shall consist of Members who are not at that time parties to the action, suit or proceeding in question, (c) independent legal counsel (who may, to the extent permitted by law, be regular legal counsel to the Company), or (d) a court of competent jurisdiction.
(g) The indemnification rights provided in this Section 5.06 (i) shall not be deemed exclusive of any other rights to which an Indemnitee may be entitled under any law, agreement or vote of Members or Disinterested Directors or otherwise, and (ii) shall inure to the benefit of the heirs, executors and administrators of the Indemnitees. The Company may, to the extent authorized from time to time by its Board of Directors, grant indemnification rights to other employees or agents of the Company or other persons serving the Company and such rights may be equivalent to, or greater or less than, those set forth in this Section 5.06. Any indemnification to be provided hereunder may be provided although the person to be indemnified is no longer a Director or Officer.
Insofar as indemnification for liability arising under the Securities Act of 1933, as amended (“Securities Act”), may be permitted to Trustees, officers and controlling persons of the Registrant pursuant to the provisions described in this Item 30, the Registrant has been advised that in the opinion of the Securities and Exchange Commission (“SEC”) such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a Trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such Trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
Item 31. | Business and Other Connections of Investment Advisers. |
See “Fund Details” in the Prospectuses and “Investment Advisory and Other Services” in the Statement of Additional Information for information regarding the business of John Hancock Investment Management LLC (the “Advisor”) and Manulife Investment Management (US) LLC) (the “Sub-Advisor”).
- 6 - |
For information as to the business, profession, vocation or employment of a substantial nature of each director, officer or partner of the Advisor and of the Sub-Advisor, reference is made to the respective Form ADV, as amended, filed under the Investment Advisers Act of 1940, each of which is incorporated herein by reference. The Investment Advisers Act of 1940 file number for the Advisor is 801-8124 and the file number for the Sub-Advisor is 801-42023.
Item 32. | Principal Underwriters. |
(a) John Hancock Investment Management Distributors LLC acts as principal underwriter for the Registrant and also serves as principal underwriter or distributor of shares for John Hancock Bond Trust, John Hancock Capital Series, John Hancock Current Interest, John Hancock Funds II, John Hancock Funds III, John Hancock Investment Trust, John Hancock Investment Trust II, John Hancock Investment Trust III, John Hancock Municipal Securities Trust, John Hancock Sovereign Bond Fund and John Hancock Strategic Series.
(b) The following table presents certain information with respect to each director and officer of John Hancock Investment Management Distributors LLC. The principal business address of each director or officer is 200 Berkeley Street, Boston, Massachusetts 02116.
NAME |
POSTIONS AND OFFICES WITH DISTRIBUTOR
|
POSITIONS AND OFFICES WITH REGISTRANT |
Andrew G. Arnott | Director, Chairman, President, and Chief Executive Officer |
President and Trustee |
Jeff Duckworth | Director and Senior Vice President | None |
Gina Goldych Walters | Director | Vice President, Investments |
John J. Danello | Senior Vice President | Senior Vice President |
Edward Macdonald | Secretary and Chief Legal Counsel | Assistant Secretary |
Jeffrey H. Long | Chief Financial Officer and Treasurer | None |
Michael Mahoney | Chief Compliance Officer | None |
Kelly A. Conway | Assistant Treasurer | None |
Tracy K. Lannigan | Assistant Secretary | None |
Erica Blake | Assistant Secretary | None |
(c) None.
Item 33. | Location of Accounts and Records. |
All applicable accounts, books and documents required to be maintained by the Registrant by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder are in the possession and custody of the Registrant’s custodian State Street Bank and Trust Company, State Street Financial Center, One Lincoln Street, Boston, Massachusetts 02111 and its transfer agent, John Hancock Signature Services, Inc., P.O. Box 55913, Boston, Massachusetts 02205-5913, with the exception of certain corporate documents and portfolio trading documents which are in the possession and custody of the
- 7 - |
Advisor, 200 Berkeley Street, Boston, Massachusetts, 02116 and the Sub-Advisor, 197 Clarendon Street, Boston, Massachusetts 02116. Registrant is informed that all applicable accounts, books and documents required to be maintained by registered investment advisors are in the custody and possession of the Advisor and the Sub-Advisor.
Item 34. | Management Services. |
Not Applicable.
Item 35. | Undertakings. |
Not Applicable.
- 8 - |
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Amendment to the Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Boston, and The Commonwealth of Massachusetts on the 24th day of September, 2021.
JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND | ||||
By: | /s/ Andrew G. Arnott | |||
Name: | Andrew G. Arnott | |||
Title: | President and Trustee |
Pursuant to the requirements of the Securities Act of 1933, this amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date(s) indicated.
Signature | Title | Date |
/s/ Andrew G. Arnott | President and Trustee | September 24, 2021 |
Andrew G. Arnott | ||
/s/ Charles A. Rizzo |
Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
September 24, 2021 |
Charles A. Rizzo |
|
|
/s/ Charles L. Bardelis * | Trustee | September 24, 2021 |
Charles L. Bardelis | ||
/s/ James R. Boyle * | Trustee | September 24, 2021 |
James R. Boyle | ||
/s/ Peter S. Burgess * | Trustee | September 24, 2021 |
Peter S. Burgess | ||
/s/ William H. Cunningham * | Trustee | September 24, 2021 |
William H. Cunningham | ||
/s/ Grace K. Fey * | Trustee | September 24, 2021 |
Grace K. Fey | ||
/s/ Marianne Harrison * | Trustee | September 24, 2021 |
Marianne Harrison | ||
/s/ Deborah C. Jackson * | Trustee | September 24, 2021 |
Deborah C. Jackson | ||
/s/ Hassell H. McClellan * | Trustee | September 24, 2021 |
Hassell H. McClellan |
Signature | Title | Date |
/s/ Steven R. Pruchansky * | Trustee | September 24, 2021 |
Steven R. Pruchansky | ||
/s/ Frances G. Rathke * | Trustee | September 24, 2021 |
Frances G. Rathke | ||
/s/ Gregory A. Russo * | Trustee | September 24, 2021 |
Gregory A. Russo |
*By: | Power of Attorney | |||
/s/ Thomas Dee | ||||
Thomas Dee Attorney-In-Fact |
*Pursuant to Power of Attorney filed herewith.
Exhibit Index
Exhibit 99.(i)
JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND
200 Berkeley Street
Boston, Massachusetts 02116
September 24, 2021
To whom it may concern:
John Hancock California Tax-Free Income Fund (the “Trust”) is a voluntary association (commonly referred to as a “business trust”) established under Massachusetts law with the powers and authority set forth under its Amended and Restated Declaration of Trust dated January 22, 2016, as amended from time to time (the “Declaration of Trust”). The Trustees of the Trust have the powers set forth in the Declaration of Trust, subject to the terms, provisions and conditions therein provided.
As provided in the Declaration of Trust, the Trustees may authorize one or more series or classes of shares, without par value, the number of shares of each series or class authorized is unlimited, and the Trustees may from time to time issue and sell or cause to be issued and sold shares of the Trust for cash or for property. All such shares, when so issued, shall be fully paid and nonassessable by the Trust.
This opinion is furnished in connection with the share classes of the fund listed in Schedule A (collectively, the “Shares”) of the Trust to be offered and sold pursuant to Post-Effective Amendment No. 62 to the Trust’s Registration Statement under the Securities Act of 1933, as amended, and Amendment No. 65 to its Registration Statement under the Investment Company Act of 1940, as amended, as may be supplemented from time to time (the “Registration Statement”).
I am a member of the Massachusetts bar and have acted as internal legal counsel to the Trust in connection with the preparation of the Registration Statement. I have examined originals, or copies, certified or otherwise identified to my satisfaction, of such certificates, records and other documents as I have deemed necessary or appropriate for the purpose of this opinion.
Based upon the foregoing, and with respect to existing Massachusetts law (other than the Massachusetts Uniform Securities Act), only to the extent that Massachusetts law may be applicable and without reference to the laws of the other several states or of the United States of America, I am of the opinion that the Shares, when issued, sold and consideration therefore is paid in accordance with the Registration Statement, will be legally issued, fully paid and non-assessable by the Trust. In this regard, however, I note that the Trust is a Massachusetts business trust and, under certain circumstances, shareholders of a Massachusetts business trust could be held personally liable for the obligations of the Trust.
I consent to the filing of this opinion with the U.S. Securities and Exchange Commission as an exhibit to the Registration Statement.
Very truly yours,
/s/ Thomas Dee | |
Thomas Dee, Esq. | |
Assistant Secretary of the Trust | |
John Hancock California Tax-Free Income Fund |
Schedule A
John Hancock California Tax-Free Income Fund Class A Class C Class I Class R6 |
Exhibit 99.(j)
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of John Hancock California Tax-Free Income Fund of our report dated July 12, 2021 relating to the financial statements and financial highlights, which appears in John Hancock California Tax-Free Income Fund’s Annual Report on Form N-CSR for the year ended May 31, 2021. We also consent to the references to us under the headings “Financial Highlights”, “Independent Registered Public Accounting Firm” and “Policy Regarding Disclosure of Its Portfolio Holdings” in such Registration Statement.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
September 24, 2021
Exhibit 99.(p).1
Every day we make individual choices which reflect on the collective reputation of the Manulife and John Hancock brands. Our global standards for business ethics and our well-regarded reputation for integrity differentiates our brands in the marketplace, and are critical factors to our past and future success. We are proud of Manulife’s culture of doing business the right way and underscore the need to continue to conduct our business in this manner.
To this end, Global Wealth and Asset Management and General Account Investments have adopted this code of ethics to promote compliance with applicable law, as well as to address certain potential and actual conflicts of interest which can arise between our personal interests and the interests of our Clients. This code of ethics has been designed to reflect our values as a global organization and demonstrate the importance of the trust our Clients have placed in Manulife and the duties we owe to our Clients.
Paul Lorentz | Scott Hartz |
President & CEO, | Chief Investment Officer |
Global Wealth and Asset Management | Manulife Financial Corporation |
Table of Contents
1. | Purpose | 7 |
2. | Code Applicability | 8 |
2.1 GWAM AND GA ASSOCIATE | 8 | |
2.2 GWAM AND GA ACCESS PERSON (“ACCESS PERSON”) | 8 | |
3. | Access Classification Levels and Applicable Rules | 9 |
3.1 ACCESS CLASSIFICATION LEVELS – SCHEMATIC | 9 | |
4. | General Principles of Business Conduct | 10 |
4.1 GENERAL PRINCIPLES OF BUSINESS CONDUCT | 10 | |
4.2 PERSONAL TRADING CONFLICTS OF INTEREST | 11 | |
4.3 CONFIDENTIAL INVESTMENT INFORMATION | 11 | |
4.4 MNPI RELATED TO MANULIFE SECURITIES AND MANULIFE AFFILIATED FUNDS | 11 | |
4.5 FALSE RUMOURS | 11 | |
4.6 SUPERVISORY OVERSIGHT | 11 | |
4.7 SPECIAL REQUIREMENTS FOR REAL ASSETS | 11 | |
4.8 SHARED BUSINESS ENTERTAINMENT AND GIFTS | 11 | |
4.9 PAY TO PLAY | 12 | |
4.10 OUTSIDE BUSINESS ACTIVITIES | 12 | |
4.11 REPORTING VIOLATIONS OF THE CODE | 12 | |
4.12 INITIAL CODE CERTIFICATION | 12 | |
4.13 QUARTERLY CODE CERTIFICATION | 12 | |
4.14 ANNUAL CODE CERTIFICATION | 12 |
Code of Ethics Rev. 04.05.2021
3 |
Table of Contents
5. | Personal Trading Rules | 13 |
5.1 NO LIABILITY FOR LOSSES | 13 | |
5.2 WHAT SECURITIES ARE SUBJECT TO THE PERSONAL TRADING RULES? | 13 | |
5.3 REQUIREMENT TO REPORT SECURITIES ACCOUNTS | 13 | |
5.3.1 MANAGED ACCOUNTS | 14 | |
5.3.2 MANAGED ACCOUNT QUALIFICATION PROCESS | 14 | |
5.4 DUPLICATE TRANSACTION CONFIRMATIONS AND STATEMENTS | 14 | |
5.5 U.S.-BASED PREFERRED BROKERAGE ACCOUNT REQUIREMENT | 14 | |
5.6 INITIAL HOLDINGS REPORT AND CERTIFICATION | 14 | |
5.7 QUARTERLY TRANSACTIONS REPORT AND CERTIFICATION | 15 | |
5.8 REPORTING OF SECURITIES AS GIFTS, DONATIONS AND INHERITANCES | 15 | |
5.9 ANNUAL HOLDINGS REPORT AND CERTIFICATION | 15 | |
5.10 ACCESS PERSON’S RESPONSIBILITY REGARDING TRANSACTIONS AND HOLDINGS DATA | 15 | |
5.11 PRE-CLEARANCE APPROVAL REQUIREMENT | 16 | |
5.12 TERMS OF PRE-CLEARANCE | 16 | |
5.12.1 SAME DAY APPROVAL WINDOW | 16 | |
5.12.2 RESTRICTION ON SECURITIES UNDER ACTIVE CONSIDERATION | 16 | |
5.12.3 LIMIT ORDERS AND SPECIAL ORDERS | 16 | |
5.12.4 MIM PUBLIC MARKETS INVESTMENT TEAM HOLD UNTIL SOLD RULE | 16 | |
5.12.5 INITIAL PUBLIC OFFERINGS & INITIAL COIN OFFERINGS & PRIVATE PLACEMENTS | 16 | |
5.12.6 INITIAL PUBLIC OFFERINGS, INITIAL COIN OFFERINGS & PRIVATE PLACEMENT APPROVALS | 16 | |
5.13 INVESTMENT CLUBS | 16 | |
5.14 RESTRICTIONS ON MANULIFE SECURITIES | 16 | |
5.14.1 REQUIREMENT TO PRE-CLEAR SALES OF MFC SHARES IN THE GSOP PROGRAM | 17 | |
5.15 SHORT TERM PROFIT BAN (“60 DAY RULE”) | 17 | |
5.16 SAME DAY BLACKOUT PERIOD RULE | 18 | |
5.16.1 MARKET CAP SECURITIES EXCEPTION | 18 | |
5.17 EXCESSIVE TRADING IS DISCOURAGED | 18 | |
5.18 INFORMATION BARRIERS | 18 |
Code of Ethics Rev. 04.05.2021
4 |
Table of Contents
6. | Additional Personal Trading Rules for Front-Office Access Persons | 19 |
6.1 15 DAY BLACKOUT PERIOD RULE | 19 | |
6.1.1 MARKET CAP SECURITIES EXCEPTION | 19 | |
6.1.2 DE MINIMIS TRADING EXCEPTION | 19 | |
6.2 INITIAL PUBLIC OFFERING BAN | 19 | |
6.3 INVESTMENT CLUB BAN | 19 | |
6.4 ADDITIONAL RESTRICTIONS - HONG KONG-BASED ACCESS PERSONS ONLY | 19 | |
7. | Additional Personal Trading Rules for MIM Public Markets Front-Office Access Persons | 20 |
7.1 MIM PUBLIC MARKETS INVESTMENT TEAM HOLD UNTIL SOLD RULE | 20 | |
8. | Administration of the Code | 21 |
8.1 PENALTIES FOR CODE VIOLATIONS | 21 | |
8.2 EXEMPTIONS AND APPEALS | 21 | |
8.3 CODE AMENDMENTS | 21 | |
8.4 PRIVACY | 21 | |
8.5 CODE ADMINISTRATION | 22 | |
8.5.1 CONTACT | 22 | |
8.6 RECORDKEEPING | 22 |
Appendix A | 23 |
Definitions of Italicized Code of Ethics Terms | 23 |
Appendix B | 28 |
Legal Entity Adoption of the Code | 28 |
Appendix C | 29 |
Securities Reporting & Pre-Clearance Summary Chart | 29 |
Code of Ethics Rev. 04.05.2021
5 |
Code of Ethics Rev. 01.20.2020
6 |
1. Purpose
Global Wealth and Asset Management (“GWAM”) and General Account Investments (“GA”) and certain regulated entities listed in Appendix B (together the “Firm”) have adopted this Code of Ethics (the “Code”) to promote compliance with applicable law.1
This Code is separate and distinct from the Manulife Code of Business Conduct and Ethics. It is a supplementary standard of business conduct for asset managers and their employees to prevent those abuses in the investment management business that can arise when certain conflicts of interest exist between an investment manager, including its personnel and affiliates, and accounts managed for its Clients.
By adopting and enforcing this Code, we strengthen the trust and confidence entrusted in us by demonstrating that at Manulife, Client interests come first.
1This Code has been designed to be applicable across GWAM and GA and certain regulated entities listed in Appendix B (together the “Firm”), however it is being implemented in a multi-phased, multi-year project. In the interim, Associates may be subject to another code of ethics. See Appendix B for the legal entities that have adopted this Code to date.
7 |
2. Code Applicability
This Code is applicable to Associates of the Firm.
Adherence to the General Principles of Business Conduct, and other provisions of this Code as applicable, are a condition of employment.
2.1 GWAM AND GA ASSOCIATE
Associates are:
(i) | any partner, officer, director, or other person occupying a similar status or performing similar functions of the Firm |
(ii) | an employee of the Firm |
(iii) | any person who provides investment advice on behalf of the Firm and is subject to the supervision and control of the Firm |
(iv) | any person meeting the definition of Access Person |
(v) | an Advisory Person of a Fund |
(vi) | certain Manulife Affiliate persons who engage, directly or indirectly, in the Firm’s investment advisory activities and |
(vii) | any other person who the Code Administrator deems an Associate.2 |
2.2 GWAM AND GA ACCESS PERSON (“ACCESS PERSON”)
Additionally, Associates who have access to certain investment information and the investment decision-making process are further classified by the Code Administrator into one of three Access Person levels and therefore subject to the personal trading rules and obligations of their Access Person classification level.
2The Code Administrator may modify the requirements of this Code for those Associates whose covered status is expected not to exceed 90 days (for instance contractors, co-ops and interns) or in instances where a person is subject to another code of ethics or fiduciary duty and where the modification is not otherwise specifically prohibited by law. In reliance on an SEC no-action letter, the Code Administrator may include in the definition of “Associate” any person of a Manulife Affiliate who is engaged, directly or indirectly in the Firm’s investment advisory activities.
8 |
3. Access Classification Levels and Applicable Rules
Associates are categorized into one of the following Access Classification Levels for purposes of applying the rules in this Code:
ACCESS CLASSIFICATION LEVELS | DEFINITION | APPLICABLE SECTION(S) OF RULES IN THIS CODE |
Non-Access Person | Associates (as defined in Section 2.1) who are not deemed to be an Access Person. | Section 4 |
Regular Access Person | Any Associate who, in connection with their regular functions or duties: (i) has or may have access to non-public information regarding the purchase or sale of securities or non-public information regarding the portfolio holdings of Client or Firm accounts (ii) has or may have access to material, non-public Securities information. Examples: Sales, Marketing, Product, Client Service, IT, Finance, Operations, Legal, Compliance, Risk, Audit and certain related support staff. |
Section 4 Section 5 |
General Account/ Manulife Investment Management Private Markets (“MIM Private Markets”) Front-Office Access Person | Any GA or MIM Private Markets Associate who, in connection with their regular functions or duties, makes or participates in/supports making recommendations regarding the purchase or sale of Securities for Client or Firm accounts, or provides direct administrative support to a General Account/MIM Private Markets Associate who makes or participates in/supports recommendations. Examples: Portfolio Management, Analysts, Traders, Credit, ALM, Real Estate, Commercial Mortgages and certain related support staff |
Section 4 Section 5 Section 6 |
Manulife Investment Management Public Markets (“MIM Public Markets”) Front-Office Access Person | Any MIM Public Markets Associate who, in connection with their regular functions or duties, makes or participates in/supports making recommendations regarding the purchase or sale of Securities for Client or Firm accounts, or provides direct administrative support to a MIM Public Markets Associate who makes or participates in/supports recommendations. Examples: Portfolio Managers, Analysts, Traders and certain related support staff |
Section 4 Section 5 Section 6 Section 7 |
3.1 ACCESS CLASSIFICATION LEVELS – SCHEMATIC
ACCESS CLASSIFICATION LEVELS | GENERAL PRINCIPLES OF BUSINESS CONDUCT (SECTION 4) |
PERSONAL TRADING RULES (SECTION 5) |
ADDITIONAL PERSONAL TRADING RULES (SECTION 6) |
ADDITIONAL PERSONAL TRADING RULES (SECTION 7) |
Non-Access Person | ||||
Regular Access Person | ||||
GA/MIM Private Markets Front-Office Access Person |
||||
MIM Public Markets Front- Office Access Person |
9 |
4. General Principles of Business Conduct
Applicable to All Access Classification Levels
The rules in this Section are applicable to all Access Classification Levels:
• Non-Access Person
• Regular Access Person
• GA/MIM Private Markets Front-Office Access Person
• MIM Public Markets Front-Office Access Person.
4.1 GENERAL PRINCIPLES OF BUSINESS CONDUCT
Adherence to the General Principles of Business Conduct and other provisions of this Code is a condition of employment. Additionally, while the Code contains specific restrictions and limitations designed to prevent certain defined types of conflicts, the Firm recognizes that not every potential conflict of interest can be anticipated by the Code. Therefore, it is critical that the Code’s General Principles of Business Conduct be followed in the absence of a specific Code requirement or limitation.
Each Associate is expected to adhere to a high standard of professional and ethical conduct and should be sensitive to situations that may give rise to an actual conflict or the appearance of a conflict with the accounts we manage, or situations that have the potential to cause damage to Manulife or a Manulife Affiliates’ reputation. To this end, each Associate must act with integrity, honesty and in an ethical manner. The following General Principles of Business Conduct govern the activities of our business and every Associate:
• | We have a fiduciary duty to place the interests of our Clients first. Consistent with our fiduciary duty, we must also never (i) employ any device, scheme or artifice to defraud a Client (ii) make any untrue statement of a material fact to the Client or an account we manage or omit to state a material fact necessary in order to make the statements made to a Client, in light of the circumstances under which they are made, not misleading |
• | All personal Securities transactions must be conducted consistent with the applicable provisions of the Code, and in such a manner as to avoid any actual or potential conflict of interest and any other abuse of trust or responsibility. |
• | We should not take inappropriate advantage of our position or engage in any fraudulent or manipulative practice (such as front-running or manipulative market timing) with respect to the accounts we manage. |
• | We must treat as confidential any non-public or confidential information concerning the identity of Security holdings and financial circumstances of the Firm or our Clients. |
• | We must comply with all applicable laws including applicable domestic and foreign Securities Laws. |
10 |
4.2 PERSONAL TRADING CONFLICTS OF INTEREST
The Code represents a balancing of important interests. On the one hand, we owe a duty of loyalty to our Clients, and we must avoid even the appearance of a conflict that might be perceived as abusing the trust Clients have placed in us. On the other hand, the Firm does not want to prevent conscientious professionals from investing for their own accounts where conflicts do not exist or are immaterial to investment decisions affecting our Clients or the accounts we manage.
When conflicting interests cannot be reconciled, the Code makes clear that, first and foremost, Associates owe a fiduciary duty to our Clients, and the accounts we manage. In most cases, this means that the affected Associates will be required to forego conflicting Securities transactions. In some cases, personal investments will be permitted, but only in a manner, which, because of the circumstances and applicable controls, cannot reasonably be perceived as adversely affecting Client portfolios or taking unfair advantage of the account relationship.
4.3 CONFIDENTIAL INVESTMENT INFORMATION
Information acquired by Associates in connection with their duties for the Firm including information regarding actual or contemplated investment decisions, non-public portfolio composition, proprietary research, research recommendations, investment recommendations, or Firm or Client interests, is confidential and may not be used in any way that might be contrary to, or in conflict with the interests of the accounts we manage. Additionally, Associates are reminded that certain Clients have specifically required their relationship with us to be treated confidentially.
4.4 MNPI RELATED TO MANULIFE SECURITIES AND MANULIFE AFFILIATED FUNDS
Material, non-public information (“MNPI”) related to Manulife Securities, Manulife Affiliated Mutual Funds, or Affiliated Regulated Closed-End Funds acquired by Associates in connection with their duties for the Firm is confidential and may not be used for direct or indirect personal or family benefit including personal trading.
4.5 FALSE RUMOURS
The Securities Laws prohibit the deliberate or reckless use of manipulative devices or activities with an intention to affect the Securities markets, including the intentional creation or spreading of false or unfounded rumors or other information. Accordingly, Associates may not communicate information regarding companies, Securities, or markets that they know to be false.
4.6 SUPERVISORY OVERSIGHT
All Associates with managerial responsibility are responsible for the reasonable supervision of their staff to prevent and detect violations of this Code and applicable rules and regulations. Failure to perform adequate oversight can result in the manager being held personally liable by regulators for violations of the Securities Laws and the Code.
4.7 SPECIAL REQUIREMENTS FOR REAL ASSETS
Associates are prohibited from knowingly engaging in for (direct or indirect) personal or family benefit any of the following activities:
• | Employing, hiring, or contracting with vendors for the provision of goods or services to Manulife or Manulife-managed properties or businesses; |
• | Utilizing for personal purposes the paid or unpaid services of a Manulife or Manulife-managed property vendor (including the services of the vendor’s employees); |
• | Purchasing or selling property adjacent to existing or proposed Manulife or Manulife-managed properties or businesses; |
• | Purchasing, selling, or transferring mineral or other land-related rights impacting existing or proposed Manulife or Manulife-managed properties or businesses; |
• | Leasing a real estate interest to or from a Manulife or Manulife-managed property; or |
• | Exploiting Manulife or Manulife- managed properties or assets (including rental space and equipment or supplies) for personal use. |
4.8 SHARED BUSINESS ENTERTAINMENT AND GIFTS
The Firm has adopted the “GLOBAL ENTERTAINMENT & GIFT POLICY.” Although the Firm recognizes that the giving or receiving of shared business entertainment and modest gifts is a customary way to strengthen business relationships, and with some restrictions, is a lawful and proper business practice, they have adopted the policy to:
• | Protect Associates from being improperly influenced (or perceived to be improperly influenced) in the discharge of their responsibilities because of excessive or improper shared business entertainment or gifts from a business partner or Client; |
• | Ensure that the giving of shared business entertainment or gifts to business partners or Clients does not exclude the Firm from certain investment management and business opportunities; and |
• | Ensure that Associates do not engage in shared business entertainment or gift practices that constitute (or appear to constitute) a corrupt business practice, including bribery. |
11 |
All Associates must abide by the specific standards and disclosure requirements of the “GLOBAL ENTERTAINMENT & GIFT POLICY.”
Additionally, Associates are required to report their shared business entertainment and gift activity in StarCompliance, the Code of Ethics administrative system, as well as certify to their adherence to the “GLOBAL ENTERTAINMENT & GIFT POLICY” on a quarterly basis.
4.9 PAY TO PLAY
The Firm has adopted the “PAY TO PLAY POLICY” to ensure that certain GWAM and GA legal entities (each a “U.S. Adviser”) comply with applicable pay to play laws and are not disqualified from pursuing new government Client opportunities (including public pension fund Clients), or from receiving advisory compensation from existing government Clients.
The Policy outlines its applicability to certain U.S. Advisers and Associates of those U.S. Advisers that must comply with the specific standards and requirements of the policy.
Additionally, Associates are required to pre-clear and report their political contributions and certify to their adherence to the “PAY TO PLAY POLICY” in StarCompliance on a quarterly and annual basis.
4.10 OUTSIDE BUSINESS ACTIVITIES
The Firm has established a reporting and pre-clearance process to identify and address certain actual or potential conflicts of interest related to an Associate’s outside business activities.
Associates are required to pre-clear and disclose in StarCompliance their outside employment positions, board or officer positions with a business or charitable organization, positions with portfolio companies or other portfolio advisory positions, positions on loan or creditor committees, positions with government or quasi-government bodies, and board or officer positions with industry or professional organizations. This includes activities on both a paid and unpaid basis.
Additionally, Associates are required to certify that they have disclosed all outside business activities in StarCompliance on a quarterly and annual basis.
4.11 REPORTING VIOLATIONS OF THE CODE
Associates who know or have reason to believe that the Code has been or may be violated must bring such actual or potential violations to the immediate attention of the Code Administrator and/or the relevant Chief Compliance Officer.
Associates are encouraged to communicate with the Code Administrator and/or the relevant Chief Compliance Officer, if they have a doubt about a provision of the Code pertinent to a specific situation, business practice or potential conflict of interest.
It is a violation of the Code for an Associate to deliberately fail to report a violation or deliberately withhold relevant or material information concerning a violation of the Code.
No person will be subject to penalty or reprisal for reporting in good faith suspected violations of the Code.
Additionally, unethical, unprofessional, illegal, fraudulent or other questionable behavior may also be anonymously reported by visiting the confidential Manulife Ethics Hotline at www.ManulifeEthics.com.
4.12 INITIAL CODE CERTIFICATION
Each Associate is required to certify in StarCompliance their initial receipt of the Code including that they have read and understood the Code and agree to comply with the applicable provisions of the Code.
4.13 QUARTERLY CODE CERTIFICATION
Each Associate is required to certify in StarCompliance on a quarterly basis that they are in compliance with the applicable provisions of the Code.
4.14 ANNUAL CODE CERTIFICATION
Each Associate, on an annual basis, is required to certify in StarCompliance that they have read and understood the Code, have complied with the applicable provisions of the Code (or have disclosed any failure to comply with the provisions of the Code to the Code Administrator) during the past year.
12 |
5. Personal Trading Rules
Applicable to All Access Persons
The rules in this Section are applicable to the following Access Classification Levels:
• | Regular Access Person |
• | General Account/MIM Private Markets Front-Office Access Person |
• | MIM Public Markets Front-Office Access Person |
5.1 NO LIABILITY FOR LOSSES
Manulife and/or Clients will not be liable for any losses incurred or profits avoided by any Access Person or Household Family Member resulting from the implementation or enforcement of the Code. The definition of a Household Family Member includes an Access Person’s spouse, significant other, minor children or other family members who also share the same household with the Access Person.
Access Persons must understand that their ability (as well as the ability of their Household Family Members) to buy and sell Securities may be limited by the Code and that trading activity by the Firm, Clients and/or other Manulife Affiliates may affect the timing of when an Access Person (as well as a Household Family Member) can buy or sell a particular Security.
5.2 WHAT SECURITIES ARE SUBJECT TO THE PERSONAL TRADING RULES?
Securities in which the Access Person has a Beneficial Interest are subject to the Code’s personal trading restrictions and requirements. An Access Person is deemed to have a Beneficial Interest in any Security where the Access Person controls or can directly or indirectly profit or share in the profit derived from a transaction in a Security. An Access Person is presumed to have a Beneficial Interest in the following Securities:
• | Securities owned by an Access Person in their name; |
• | Securities owned by Household Family Members; |
• | Securities owned by an Access Person indirectly through an account or investment vehicle for their benefit, such as an IRA/RRSP/ RESP/ISA/SIPP, family trust, or family partnership; |
• | Securities in which the Access Person has a joint ownership interest, such as Securities owned in a joint brokerage account; and |
• | Securities over which the Access Person has discretion or gives advice (other than for a Firm or Client account). This includes Securities owned by trusts, private foundations or other charitable accounts for which the Access Person has investment discretion. |
5.3 REQUIREMENT TO REPORT SECURITIES ACCOUNTS
Access Persons are required to report the name of the broker, dealer, bank, or other entity with which the Access Person maintains an account in which any Securities are or can be held for the Access Person’s Beneficial Interest (including accounts of Household Family Members).
13 |
Access Persons are required to report all Securities accounts within 10 calendar days of initially being designated an Access Person. After this initial report of Securities accounts, any Securities accounts opened in the future time must be reported no later than 10 calendar days following the opening of the account or prior to the first discretionary transaction in the account.
The following is a non-exhaustive list of commonly reported Securities Accounts:
• | Brokerage Accounts |
• | Mutual Fund Only Accounts |
• | Custodial Securities Accounts |
• | Manulife GSOP Plan Accounts |
• | Certain 529 Plans (plans affiliated with or plans with investment options managed by Manulife or a Manulife-affiliated entity) |
• | IRA Accounts |
• | Stock Purchase Plans |
• | Transfer Agent Accounts |
• | Variable Life or Annuity Insurance Policies with underlying Affiliated Mutual Fund investment options |
• | Manulife Loan Program Mutual Fund Account |
• | John Hancock Unified 401k Plan/Manulife RPS |
• | Registered Savings Plan (RRSP/RESP/TFSA) |
• | Uncertified Book Entry Securities |
• | Physical possession of certified Securities |
• | Employee Stock Option Account |
• | U.K. Individual Savings Account (ISA) |
• | U.K. Self Invested Pension Plan (SIPP) |
As an Access Person, you are also required to inform any broker/dealer when you open a new account that you are employed by a financial institution and also whether you are registered with a broker/dealer.
5.3.1 MANAGED ACCOUNTS
As outlined in Section 5.3 above, the requirement to report accounts in which any Securities are or can be held for the Access Person’s Beneficial Interest includes Managed Accounts (accounts where a professional money manager is charged with sole discretionary authority over the account). However, Securities transactions in Managed Accounts may be exempt from Section 5.7:
Pre-Clearance Approval Requirement (below) provided the Code Administrator qualifies the account to be a Managed Account.
5.3.2 MANAGED ACCOUNT QUALIFICATION PROCESS
The Code Administrator may qualify an account to be a Managed Account provided the Access Person furnishes a copy of the client Advisory Agreement for the Managed Account. The Code Administrator will review the agreement to determine if the account qualifies to be a Managed Account.
Once the Code Administrator approves an account to be a Managed Account, any Securities transactions in the Managed Account are exempt from Section 5.7: Pre-Clearance Approval Requirement.
5.4 DUPLICATE TRANSACTION CONFIRMATIONS AND STATEMENTS
Access Persons must arrange for the Code Administrator to receive duplicate copies of trade confirmations of Reportable Securities transactions and periodic account statements for any Reportable Securities accounts in which the Access Person has a Beneficial Interest in, if the account holds, or has the ability to hold, Reportable Securities. This requirement also applies to the Securities confirmations and statements of Household Family Members.3
5.5 U.S.-BASED PREFERRED BROKERAGE ACCOUNT REQUIREMENT
U.S.-based Access Persons are required to maintain all Reportable Securities accounts (including the Reportable Securities accounts of Household Family Members) at one of the firm’s Preferred Brokers unless the account has been qualified by the Code Administrator as an Exempt Securities Account. A current list of the Firm’s Preferred Brokers can be found on StarCompliance or by contacting the Code Administrator.
Upon designation as an Access Person, a person has 45 calendar days to (i) transfer all assets to a Preferred Broker and close the non-compliant account or (ii) qualify any non-compliant Securities account as an Exempt Securities Account.
5.6 INITIAL HOLDINGS REPORT AND CERTIFICATION
After reporting all Reportable Securities accounts (as outlined in Section 5.3) Access Persons must file an Initial Holdings Report. This Initial Holdings Report is due within 10 calendar days after the person became an Access Person and the submitted information must be current as of a date no more than 45 calendar days prior to the date the person became an Access Person.
An Access Person is required to submit with their Initial Holdings Report a certification that they have disclosed or reported all required Reportable
3 The Code Administrator may rely on the operating groups of Manulife/John Hancock for administration of trading activity limitations and monitoring of market timing policies for Manulife Affiliated Mutual Funds. To the extent the Code Administrator has ready access to Securities transaction and holdings information, the Code Administrator is not required to obtain duplicate paper confirmations or statements for such accounts.
14 |
Securities holdings and all Reportable Securities accounts in which they have a Beneficial Interest (including Household Family Member accounts).
The Initial Holdings Report must include: (i) the title and type of each Reportable Security in which the Access Person has any Beneficial Interest, (ii) the exchange ticker symbol or CUSIP number and the number of shares or principal amount of each Reportable Security (each as applicable), (iii) the name of any broker, dealer, bank, or other entity with which the Access Person maintains an account in which any Reportable Securities are or can be held for the Access Person’s direct or indirect Beneficial Interest, and (iv) the date the report is submitted by the Access Person.
5.7 QUARTERLY TRANSACTIONS REPORT AND CERTIFICATION
Access Persons must file a Quarterly Transaction Report that discloses certain information about each Reportable Security transaction in which they have (or as a result of the transaction acquired) a Beneficial Interest (including transactions for Household Family Members) during the quarter covered by the Quarterly Transaction Report.
Each Access Person’s Quarterly Transaction Report is due within 30 calendar days after the end of each calendar quarter. Each Access Person’s Quarterly Transaction report must also include a certification that the submitted Quarterly Transaction Report includes all information required to be reported. In connection with the Quarterly Transaction Report Certification, Access Persons are required to certify to the accuracy of the listing of Securities accounts displayed in StarCompliance.
The Quarterly Transaction report must include: (i) the date of the transaction (“trade date”), (ii) the title of the Reportable Security, (iii) the exchange ticker symbol or CUSIP number, the interest rate and maturity date, the number of shares or principal amount of each Reportable Security, the type of transaction or acquisition, the price at which the transaction was effected (each as applicable), (iv) the name of any broker, dealer, bank, or other entity with or through which the transaction was effected, and (v) the date the report is submitted by the Access Person.
5.8 REPORTING OF SECURITIES AS GIFTS, DONATIONS AND INHERITANCES
An Access Person’s gift or donation of a Pre-Clearable Security is considered a “sale” event (this includes gifts or donations by Household Family Members) and therefore is subject to pre-clearance approval prior to making the gift or donation. Refer to Section 5.11: Pre-Clearance Approval Requirement. Additionally, any approved gift or donation event of a Reportable Security must be accurately reflected in the next Quarterly Transaction Report (Refer to Section 5.7).
The receipt of a gift or inheritance of Reportable Securities should be promptly reported to the Code Administrator to ensure the new holding is accurately accounted for. However, the receipt of a gift or inheritance is not subject to pre- clearance.
5.9 ANNUAL HOLDINGS REPORT AND CERTIFICATION
Access Persons must file an Annual Holdings Report.
The Annual Holdings Report is due within 45 calendar days of December 31st and must be current as of a date no more than 45 calendar days prior to the date this information is reported.
Each Access Person must submit each Annual Holdings Report with a certification that they have reported all required Reportable Securities holdings and Securities accounts for which the Access Person holds a Beneficial Interest (including the applicable holdings and accounts of Household Family Members).
The Annual Holdings Report must include: (i) the title and type of each Reportable Security in which the Access Person has any Beneficial Interest, (ii) the exchange ticker symbol or CUSIP number and the number of shares or principal amount of each Reportable Security (each as applicable), (iii) the name of any broker, dealer, bank, or other entity with which the Access Person maintains an account in which any Reportable Securities are or can be held for the Access Person’s direct or indirect Beneficial Interest, and (iv) the date the report is submitted by the Access Person.
5.10 ACCESS PERSON’S RESPONSIBILITY REGARDING TRANSACTIONS AND HOLDINGS DATA
As a convenience to Access Persons, the Code Administrator works with certain brokers to obtain Securities transactions and holdings data to pre-populate Quarterly Transaction and Annual Holdings Reports in StarCompliance (where available). However, the pre-populated data may contain omissions or inaccuracies. It is each Access Person’s responsibility to contact the Code Administrator to correct any inaccurate transactions or holdings data prior to submitting a report or certification.
15 |
5.11 PRE-CLEARANCE APPROVAL REQUIREMENT
Access Persons may not purchase, sell or otherwise acquire or dispose of any Security in which they have (or because of such transaction will establish) a Beneficial Interest without obtaining advance pre-clearance approval for such transaction from StarCompliance (or the Code Administrator) unless the Security transaction is exempt from the Code’s pre-clearance requirement. Remember, Access Persons are required to obtain pre-clearance approval for all Securities transactions of persons who qualify as a Household Family Member of the Access Person unless the Security transaction is exempt from the Code’s pre-clearance requirement.
Refer to APPENDIX C for a list of Securities and Securities transactions exempt from the pre-clearance requirement.
5.12 TERMS OF PRE-CLEARANCE
During the pre-clearance process, Access Persons will be required to attest to the following terms of pre-clearance:
5.12.1 SAME DAY APPROVAL WINDOW
The pre-clearance approval is valid only for the same day it is granted.
5.12.2 RESTRICTION ON SECURITIES UNDER ACTIVE CONSIDERATION
Access Persons may not purchase, sell or otherwise dispose of any Security in which the Access Person has (or because of such transaction will establish) Beneficial Interest if the Access Person at the time of the transaction has actual knowledge that:
• | the Security (or a related Security) is under Active Consideration for Purchase or Sale by or on behalf of the Firm or any Client account; |
• | the Security is on an MNPI Restricted Trading List; and/or |
• | the Access Person is in possession of material non-public information regarding the Security. |
5.12.3 LIMIT ORDERS AND SPECIAL ORDERS
Due to the same-day approval window outlined in Section 5.12.1, multi-day special orders such as “good until cancelled orders” or “limit orders” are prohibited. “Day orders” (i.e., orders that automatically expire at the end of the trading day session) are allowed, however the onus is on the Access Person to check the status of day orders at the end of the trading day to ensure any orders that have not been executed are cancelled. If a trade order is left open beyond the same-day pre-clearance window, any resulting executed trade will constitute a Code violation.
5.12.4 MIM PUBLIC MARKETS INVESTMENT TEAM HOLD UNTIL SOLD RULE
Please note this term of pre- clearance is only applicable to the following Classification Level: MIM Public Markets Front-Office Access Persons. | ||
Refer to Section 7.1 – MIM Public Markets Investment Team Hold Until Sold Rule. |
As outlined in Section 7.1, MIM Public Markets Front-Office Access Persons associated with an Investment Team (including Household Family Members) are not permitted to sell a holding if the same holding is held in a Client account managed by the MIM Public Markets Front-Office Access Person’s Investment Team.
5.12.5 INITIAL PUBLIC OFFERINGS & INITIAL COIN OFFERINGS & PRIVATE PLACEMENTS
As outlined in Section 5.11, Access Persons must obtain advance pre- clearance approval for transactions of reportable Securities. This includes Initial Public Offerings, Initial Coin Offerings, and Private Placements.
Please note that the following Classification Levels may not participate in Initial Public Offerings (Refer to Section 6.2 – Initial Public Offering Ban): |
• | General Account/MIM Private Markets Front-Office Access Person |
• | MIM Public Markets Front-Office Access Person. |
5.12.6 INITIAL PUBLIC OFFERINGS, INITIAL COIN OFFERINGS & PRIVATE PLACEMENT APPROVALS
As part of the pre-clearance process, pre-clearance requests for Initial Public Offerings, Initial Coin Offerings and Private Placements will be subject to the approval of the relevant Chief Investment Officer or designee.
5.13 INVESTMENT CLUBS
Access Persons (including Household Family Members) are required to pre-clear and report all pre-clearable and Reportable Securities of their Investment Club in the same manner as their own personal trades.
Please note that the following Classification Levels may not participate in Investment Clubs (Refer to Section 6.3 – Investment Club Ban): |
• | General Account/MIM Private Markets Front-Office Access Person |
• | MIM Public Markets Front-Office Access Person. |
5.14 RESTRICTIONS ON MANULIFE SECURITIES
The Corporate Law Department has a Policy entitled: Manulife Financial Corporation (“MFC”): Insider Trading & Reporting Policy. This Policy prohibits Manulife employees from speculating in MFC Securities. Speculation includes the purchase or sale of MFC Securities with the intention of reselling or buying back in a relatively short period of time in the expectation of a rise or fall in the market price of such Securities, buying or selling options, or short selling. The
16 |
Policy also outlines requirements for Manulife employees that are deemed to be “Reporting Insiders”. Questions related to this Policy and whether you have been deemed a “Reporting Insider” should be directed to the Corporate Law Department or to the General Counsel.
Notwithstanding the above, Access Persons are subject to pre-clearance requirements for transactions in MFC Securities, just like any other Security (refer to Section 5.11: Pre-Clearance Approval Requirement).
5.14.1 REQUIREMENT TO PRE-CLEAR SALES OF MFC SHARES IN THE GSOP PROGRAM
Access Persons are required to pre-clear sales of MFC Shares in the MFC Global Share Ownership Program (GSOP).
Refer to Section 5.11: Pre-Clearance Approval Requirement.
Access Persons are not required to pre-clear purchases of MFC Shares in the MFC GSOP.
5.15 SHORT TERM PROFIT BAN (“60 DAY RULE”)
Access Persons (including Household Family Members) cannot directly or indirectly profit from a discretionary purchase and sale of the same Pre-Clearable Security within 60 calendar days. However, Pre-Clearable Securities whose issuer’s market capitalization is $5 Billion USD or more at the time of the transaction are exempt from the 60 Day Rule.
A voluntary transaction related to a derivative Security (including options) which results in a profit is permitted so long as the voluntary transaction occurs more than 60 calendar days after the initial related transaction event.
The following Securities activities are exempt from the 60-Day Rule:
• | All money market fund transactions |
• | Automatic Investment Plan transactions (including payroll deduction purchases) |
• | Dividend reinvestment purchase transactions |
• | Issuer Pro Rata Discretionary Transactions |
• | Involuntary issuer transactions (i.e. stock dividends, stock splits/ reverse splits or other similar |
• | reorganizations or distributions, call of a debt security, and spin-offs of shares to existing holders) |
• | Automatic purchases into a default investment option by a retirement plan |
• | Other involuntary purchase or sales activity not at the direction of the Access Person or the Access Person’s Household Family Member. |
Conversely, giving gifts and donations of Securities are considered “Sales” and are not exempt from the 60-Day Rule.
The Code Administrator in consultation with the relevant Chief Compliance Officer may approve waivers to the 60 Day Rule.
17
5.16 SAME DAY BLACKOUT PERIOD RULE
Access Persons (and Household Family Members) may not purchase, sell or otherwise acquire or dispose of any Pre-Clearable Security in which they have (or as a result of such transaction will establish) a Beneficial Interest if that same or Related Pre-Clearable Security traded in a Client or Firm account on the same day the Access Person (or Household Family Member) transacts unless (1) the Access Person has no actual knowledge that the same or Related Pre-Clearable Security is under Active Consideration for Purchase or Sale by an account and (2) the transaction can satisfy the following exception:
5.16.1 MARKET CAP SECURITIES EXCEPTION
May permit the transaction if the Access Person’s pre-clearance request is in the Securities of an issuer whose market capitalization is at least $5B USD or more.
If a Client or Firm account trades in a Pre-Clearable Security during the pre-clearance window and an Access Person successfully obtained pre-clearance approval of a trade, the Access Person may still be required to demonstrate that they did not know that the same or Related Pre-Clearable Security was under Active Consideration for Purchase or Sale for an account at the time of the personal trade. Access Persons failing to demonstrate to the firm “no knowledge” when requested may be required to sell any Security purchased and/or disgorge any profits realized as a result of a transaction being found by the Firm to have violated the Same Day Blackout Period Rule.
Please note that the following Access Person Classification Levels are subject to a stricter Blackout period Rule. (Refer to Section 6.1 - 15 Day Blackout Period Rule.): |
• | General Account/MIM Private Markets Front-Office Access Person |
• | MIM Public Markets Front-Office Access Person. |
5.17 EXCESSIVE TRADING IS DISCOURAGED
While active personal trading may not in and of itself raise issues under the Securities Laws, a high volume of personal trading by an Access Person can be time consuming and can increase the possibility of actual or apparent conflicts with portfolio transactions. Accordingly, high levels of discretionary personal trading activity by an Access Person is strongly discouraged and will be subjected to enhanced scrutiny including reporting to the Ethics Oversight Committee. Additionally, limitations may be imposed on the number of Pre-Clearable Securities pre-clearance requests permitted during a given period for Access Persons.
5.18 INFORMATION BARRIERS
The Firm has adopted the “INFORMATION BARRIER POLICY” to establish, maintain, and enforce information barriers reasonably designed to meet its business needs and satisfy its contractual and regulatory obligations. In addition, the policy establishes safeguards and controls to ensure the integrity of these information barriers and prevent the improper transfer or sharing of sensitive information between business units.
Access Persons must comply with the specific standards and requirements of the “INFORMATION BARRIER POLICY”.
18
6. Additional Personal Trading Rules for Front- Office Access Persons
Applicable to all General Account/MIM Private Markets Front-Office Access Persons and all MIM Public Markets Front-Office Access Persons
The rules in this Section are applicable to the following Access Classification Levels:
• | General Account/MIM Private Markets Front-Office Access Person |
• | MIM Public Markets Front-Office Access Person. |
6.1 15 DAY BLACKOUT PERIOD RULE
Front-Office Access Persons (and Household Family Members) may not purchase, sell or otherwise acquire or dispose of any Pre-Clearable Security in which they have (or as a result of such transaction will establish) a Beneficial Interest if that same or Related Pre-Clearable Security traded in a Client or Firm account 7 calendar days before such a transaction (or will trade in a Client or Firm account 7 days following such a transaction) unless (1) the Front-Office Access Person has no actual knowledge that the same or Related Pre-Clearable Security is under Active Consideration for Purchase or Sale by an account and (2) the transaction can satisfy one of the following exceptions:
6.1.1 MARKET CAP SECURITIES EXCEPTION
May permit the transaction if the Front- Office Access Person’s pre-clearance request is in the Securities of an issuer whose market capitalization is at least $5B USD or more.
6.1.2 DE MINIMIS TRADING EXCEPTION
May permit the transaction if all of the Front-Office Access Person’s aggregate total same-day pre-clearance requests for the same or Related Pre-Clearable Security have a transaction market value of less than $25,000 USD and (in the case of equities) the same day transactions in the Pre-Clearable Security total no more than 500 equity shares.
If a Client or Firm account trades in a Pre-Clearable Security during the pre- clearance window and a Front-Office Access Person successfully obtained pre-clearance approval of a trade, the Front-Office Access Person may still be required to demonstrate that they did not know that the same or Related Pre- Clearable Security was under Active Consideration for Purchase or Sale for an account at the time of the personal trade. Front-Office Access Persons failing to demonstrate to the Firm “no knowledge” when requested may be required to sell any Security purchased and/or disgorge any profits realized as a result of a transaction being found by the Firm to have violated the 15 Day Blackout Period Rule.
6.2 INITIAL PUBLIC OFFERING BAN
Front-Office Access Persons may not directly or indirectly acquire a Beneficial Interest in a Security through an Initial Public Offering (IPO). Consequently Front-Office Access Persons (including Household Family Members) must wait to purchase newly- issued IPO Securities until the next business (trading) day following the offering date of the IPO.
6.3 INVESTMENT CLUB BAN
Front-Office Access Persons (including Household Family Members) are prohibited from participating or holding an interest in any Investment Club.
6.4 ADDITIONAL RESTRICTIONS – HONG KONG-BASED ACCESS PERSONS ONLY
Access Persons who are employees of SFC-licensed entities in Hong Kong must comply with the requirements in the “Staff Ethics” section of the Fund Manager Code of Conduct.
Hong Kong-based Front-office Access Persons (and their Household Family Members) are prohibited from the following: (i) short selling any Security, (ii) delay of personal transaction settlement beyond the normal settlement time for the relevant market and (iii) cross trades between Access Persons and Client accounts.
19
7. Additional Personal Trading Rules for MIM Public Markets Front-Office Access Persons
Applicable to all MIM Public Markets Front-Office Access Persons
The rules in this Section are applicable to the following Access Classification Levels:
• | MIM Public Markets Front-Office Access Person. |
7.1 MIM PUBLIC MARKETS INVESTMENT TEAM HOLD UNTIL SOLD RULE
MIM Public Markets Front-Office Access Persons associated with an Investment Team (including Household Family Members) are not permitted to sell a Pre- Clearable Security holding in which they have a Beneficial Interest if (i) the same Security is held in a Client account managed by the MIM Public Markets Front- Office Access Person’s Investment Team and (ii) the MIM Public Markets Front- Office Access Person (or Household Family Member) purchased the Security after the date of the Code’s initial adoption or the date the person was named to the relevant Investment Team (whichever date is later).
20
8 Administration of the Code
8.1 PENALTIES FOR CODE VIOLATIONS
Penalties for violating the Securities Laws can be severe, both for the individuals involved and their employers. A person can be subject to penalties even if they did not personally benefit from the violation. Penalties may include civil injunctions, payment of profits made or losses avoided (“disgorgement”), jail sentences, fines for the person committing the violation, and fines for the employer or other controlling person.
In addition, any violation of the Code is subject to the imposition of sanctions by the Firm as may be deemed appropriate under the circumstances by the Firm. These sanctions could include, without limitation, bans on personal trading (including Household Family Member trading), disgorgement of trading profits, and personnel action, including termination of employment, where appropriate.
8.2 EXEMPTIONS AND APPEALS
In cases of hardship, exemptions from Code provisions may be granted by the Code Administrator, in consultation with the relevant Chief Compliance Officer, where warranted by applicable facts and circumstances, if permitted by law, and if the Code Administrator and/or Ethics Oversight Committee determines an exemption would be in accordance with the spirit of the General Principles of the Code and the Securities Laws. Associates and Access Persons may direct their request for an exemption to the Code Administrator or the relevant Chief Compliance Officer. The Code Administrator and/ or Ethics Oversight Committee is also authorized to modify the personal trading provisions of this Code where local law would prohibit the application of a specific provision.
If an Associate or Access Person believes that a Code-related request for exemption has been incorrectly denied by the Code Administrator and/or Ethics Oversight Committee, or that a Code-related action is not warranted, they may make a written appeal of the decision or action within 30-days of the decision or action to the Ethics Oversight Committee. The Code Administrator will arrange an appropriate forum or communication for the consideration of appeals.
8.3 CODE AMENDMENTS
The Code Administrator, in consultation with the relevant Chief Compliance Officer, is permitted to approve non-material amendments to the Code and the Ethics Oversight Committee (or relevant Board, if applicable) is responsible for approving any material amendments.
For certain Affiliated Mutual Fund and Affiliated Registered Closed-End Fund Clients, the respective Board of Trustees must approve any material changes to the Code within 6 months of the adoption of the material change in accordance with the requirements of SEC Rule 17j-1 under the Investment Company Act of 1940.
8.4 PRIVACY
All confidential information received by the Code Administrator or Code service providers is kept confidential and will only be disclosed to others as required to administer this Code, or to report violations to the Ethics Oversight Committee, management, regulators, or other legal authority.
21
8.5 CODE ADMINISTRATION
The Firm’s relevant Chief Compliance Officers, together with the Code Administrator, maintain responsibility for establishing policies and procedures for the administration of the Code; monitoring and testing for Code compliance; ensuring Code training is provided to Associates and Access Persons; granting exemptions to any provision of the Code, on an individual or class basis; and considering and recommending material amendments to the Code to the Ethics Oversight Committee (or relevant Board, if applicable).
The Ethics Oversight Committee (or relevant Board, if applicable) retains the ultimate discretion as to the interpretation the Code’s provisions in any given situation, rendering material sanctions for violations of the Code, and rendering final judgments on any Associate’s or Access Person’s appeal of any decision or ordinary sanction imposed by the Code Administrator.
8.5.1 CONTACT
The Code Administrator can be contacted at The Code of Ethics, Global Center of Expertise - INVDIVCodeofEthics@manulife.com
8.6 RECORDKEEPING
The Code Administrator maintains or causes to be maintained, the following records: (1) a copy of the Code or any predecessor code of ethics which has been in effect during the most recent 7-year period; (2) a record of any violation of the Code, or any predecessor code of ethics, and of any action taken as a result of such violation in the 7-year period following the end of the fiscal year in which the violation took place; (3) a list of all persons currently or within the most recent 7-year period who were required to make reports pursuant to the Code (or any predecessor Code) and the person(s) who were responsible for reviewing these reports; (4) copies of all acknowledgements of each person’s receipt of the Code, Initial and Annual Holdings Reports, Quarterly Transaction Reports, and duplicate brokerage confirmations and Securities account statements (as applicable) filed during the most recent 7-year period; and (5) a record of the approval of, and rationale supporting, the acquisition of Securities by Access Persons in an Initial Public Offering or Limited Offering for at least 7 years after the end of the fiscal year in which the approval is granted.
Code records will be maintained for the first 2 years in an office of the Firm (in paper or accessible electronically) and in an easily accessible place for the time period as required by any applicable regulations thereafter.
22
Appendix A
Definitions of Italicized Code of Ethics Terms
Access Person |
Access Persons are any Associate who, in connection with their regular functions or duties: (i) has regular access to non-public information regarding the purchase or sale of securities or non-public information regarding the portfolio holdings of Client or Firm accounts, (ii) has a job function that relates to the making (or participating in making) of recommendations regarding the purchase or sale of Securities for Firm or Client accounts, or (iii) regularly has or may have access to material, non-public securities information. See Section 3: Access Classification Levels and Applicable Rules. |
Active Consideration for Purchase or Sale |
A Security is under Active Consideration for Purchase or Sale once an analyst wishes to recommend or a portfolio manager forms a specific intent to purchase or sell a Security for a Client or Firm account. |
Advisory Person of a Fund |
An Advisory Person of a Fund is (i) any “Access Person” of the Fund (as defined by SEC Rule 17j- 1), (i) any director, officer, general partner, or employee of a Fund or its investment adviser (or of any company in a control relationship to the Fund or its investment adviser who, in connection with their regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of “covered securities” (as defined by SEC Rule 17j-1) by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; or (iii) any natural person in a control relationship to the Fund or investment adviser who obtains information regarding recommendations made to the Fund with regard to the purchase or sale of covered securities. Note: Advisory Persons of a Fund that are also personnel of John Hancock Investment Management, LLC (“JHIM LLC”) are covered under a separate joint Fund and JHIM LLC code of ethics. Additionally, Advisory Persons of a Fund that are also independent trustees of a Fund are covered under a separate Fund independent trustee code of ethics. |
Affiliated Mutual Fund |
Any Mutual Fund for which Manulife serves as an investment adviser (or sub-adviser) or whose investment adviser (or sub-adviser) controls, is controlled by, or is under common control with Manulife. (e.g., Manulife or John Hancock Mutual Funds). |
Affiliated Registered Closed-End Fund |
Any U.S. registered Closed-End Investment Company or business development company for which Manulife serves as an investment adviser (or sub-adviser) (e.g., John Hancock GA Mortgage Trust, etc). |
Associate |
Associates are: (i) any partner, officer, director, or other person occupying a similar status or performing similar functions of the Firm (ii) an employee of the Firm (iii) any person who provides investment advice on behalf of the Firm and is subject to the supervision and control of the Firm (iv) any person meeting the definition of Access Person; (v) an Advisory Person of a Fund; (vi) certain Manulife Affiliate persons who engage, directly or indirectly, in the Firm’s investment advisory activities; and (vii) any other person who the Code Administrator deems an Associate. See Section 3.1. |
Automatic Investment Plan |
A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. Examples include automatic dividend reinvestment plans and payroll deduction purchase plans. |
23
Beneficial Interest |
An Access Person is deemed to have a Beneficial Interest in any transaction in which the Access Person controls or has the opportunity to directly or indirectly profit or share in the profit derived from the Securities transacted. An Access Person is presumed to have a Beneficial Interest in the following Securities and related transaction activities: (1) Securities owned by an Access Person in their name; (ii) Securities (and Securities accounts) owned by Household Family Members; (iii) Securities owned by an Access Person indirectly through an account or investment vehicle for their benefit, such as an IRA/RRSP/RESP/ISA/SIPP, family trust or family partnership; (iv) Securities owned in which the Access Person has a joint ownership interest, such as Securities owned in a joint brokerage account; and (v) Securities over which the Access Person has discretion or gives advice (other than Firm or Client accounts) and includes Securities owned by trusts, private foundations or other charitable accounts for which the Access Person has investment discretion. Beneficial Interest is interpreted in the same manner under the Code as it would be under Rule 16a-1(a)(2) under the U.S. Securities Exchange Act of 1934. |
Chief Compliance Officer |
The term Chief Compliance Officer refers to the Chief Compliance Officer of each applicable entity adopting this Code. |
Client |
For purposes of this Code, the term “Client” means the specific person or entity that has an investment advisory or investment sub-advisory services agreement (or supervised investment delegation affiliate arrangement) with a specific entity adopting this Code. The term “Client” also includes a Fund. |
Closed-End Investment Company |
A Closed-Fund Investment Company is a registered investment company that issues a fixed number of shares and is usually traded on a major stock exchange. In contrast, an open- end investment company (i.e., mutual fund) continuously offers new shares to the public and repurchases shares at net asset value. Note: Many REITs are Closed-End Investment Companies. |
Code Administrator |
Code Administrator refers to the person (or persons) primarily responsible for the day-to-day administration of the Code. The Code Administrator can be contacted at The Code of Ethics, Global Center of Expertise - INVDIVCodeofEthics@manulife.com. |
Cryptocurrencies |
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems. The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database. |
Direct Obligations of the Government of the U.S. or U.K. |
Any Security directly issued or guaranteed as to principal or interest by the United States. Examples of direct obligations include Cash Management Bills, Treasury Bills, Notes and Bonds, and STRIPS. It is important to note that Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Mortgage Corporation (Freddie Mac) Securities are not Direct Obligations of the Government of the United States. Direct Obligations of the U.K. refers to the following list of Securities issued and guaranteed by the United Kingdom Treasury: Premium Savings Bonds, Index Linked Savings Certificates, Fixed Interest Savings Certificates, Guaranteed Equity Bonds, Capital Bonds, Children’s Bonus Bonds, Fixed Rate Savings Bonds, Income Bonds, and Pensioners Guaranteed Income Bonds. Refer to M&G Investment Management Ltd. SEC No-Action Letter (Sept. 10, 2002). |
Ethics Oversight Committee |
The Ethics Oversight Committee is an ad hoc or standing compliance committee composed of Code Administrator personnel, relevant Chief Compliance Officers and certain senior management. |
Exchange-Traded Fund (ETF) |
An Exchange-Traded Fund (ETF) is an investment fund traded on stock exchanges. An ETF holds assets such as stocks, commodities or bonds. Most ETF’s track an index, such as a stock index or bond index. ETF transactions require annual and quarterly reporting, but do not require advance pre-clearance approval. Refer to APPENDIX C for further information on reporting ETF transactions and holdings. |
24
Exempt Securities Accounts |
With written approval from the Code Administrator, U.S.-based Access Persons (and Household Family Members) subject to the Preferred Broker Requirement of Section 5.5 are permitted to maintain a Securities account with an entity other than with a Preferred Broker, if the Securities account can meet one of the following exemptions: (i) it contains only Securities that can’t be transferred; (ii) it exists solely for products or services that one of the Preferred Brokers cannot provide; (iii) it exists solely because your spouse’s or significant other’s employer prohibits external covered accounts; (iv) it is managed by a third-party registered investment adviser; (v) it is restricted to trading interests in 529 College Savings Plans; (vi) it is associated with an ESOP (employee stock option plan) or an ESPP (employee stock purchase plan); (vii) employee sponsored phantom stock or option plan; (viii) it is required by a direct purchase plan, a dividend reinvestment plan, or an Automatic Investment Plan with a public company in which regularly scheduled investments are made or planned; (ix) it is a Mutual Fund only account; (x) it is required by a trust agreement; (xi) it is associated with an estate of which the Access Person is the executor, but not a beneficiary, and involvement with the account is temporary; (xii) transferring the account would be inconsistent with other applicable rules; or (xii) other exception approved by the Code Administrator. |
Firm |
Global Wealth and Asset Management (“GWAM”) and General Account Investments (“GA”) business groups and the entities listed in Appendix B of this Code. |
Fund(s) |
Fund (or collectively Funds) means the John Hancock GA Mortgage Trust, John Hancock Private Placement Trust, and John Hancock GA Senior Loan Trust. |
High Quality Short Term Debt Instrument |
Any instrument that has a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories by a nationally recognized rating organization (e.g., S&P, Moody’s, Fitch, A.M. Best). |
Household Family Member |
An Access Person’s spouse, “significant other,” minor children, or other family member who also shares the same household with the Access Person. An Access Person’s “significant other” is defined as a person who (i) shares the same household with the Access Person; (ii) shares living expenses with the Access Person; and (iii) is in a committed personal relationship with the Access Person and there is an intention to remain in the relationship indefinitely. The Code Administrator, after reviewing all the pertinent facts and circumstances, may determine, if not prohibited by applicable law, that an indirect Beneficial Interest over Securities held by members of the Access Person’s Household Family Members does not exist or is too remote for purposes of the Code’s requirements. |
Initial Coin Offering |
An Initial Coin Offering (ICO) is the cryptocurrency industry’s equivalent to an Initial Public Offering (IPO) (see IPO definition below). ICOs act as a way to raise funds, where a company looking to raise money to create a new coin, app, or service launches an ICO. Interested investors can buy into the offering and receive a new cryptocurrency token issued by the company. This token may have some utility in using the product or service the company is offering, or it may just represent a stake in the company or project. |
Initial Public Offering |
An offering of Securities registered under the U.S. Securities Act of 1933 (or comparable non-U.S. registration statute or regime), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the U.S. Securities Exchange Act of 1934 (or comparable non-U.S. compulsory reporting requirements). |
Investment Club |
A group of people who pool their assets in order to make joint decisions (typically a vote) on which Securities to buy, hold or sell. |
25
Investment Team |
An individual Investment Team describes the grouping of analysts and portfolio managers who make or participate in making recommendations regarding the purchase or sale of securities for designated Client accounts. The Code Administrator or CCO may also assign certain traders to specific Investment Teams if the trader regularly participates in the Security recommendation process with the analysts or portfolio managers. |
Limited Offering |
A Securities offering that is exempt from registration under the U.S. Securities Act of 1933, pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act of 1933, or equivalent foreign statute or regulation. Also known as a private placement Security (e.g., private investment funds, “hedge funds,” limited partnerships, etc.) |
Manulife |
Manulife Financial Corporation. |
Manulife Affiliate |
All persons or entities controlled by Manulife. |
Mutual Fund |
(a) Any U.S. registered open-end investment management company (i.e., mutual fund); or (b) a Canadian or foreign regulated mutual fund (UCITs etc.) which meets the following 4 requirements: (i) redemption on demand at the net asset value of fund shares, (ii) forward pricing reflecting the net asset value of fund shares, (iii) daily calculation of the fund’s net asset value in a manner consistent with principles and rules adopted under the Investment Company Act of 1940, and (iv) absence of a secondary market. Refer to SEC No-Action Letter, Manufacturers Adviser Corp., Sept. 10, 2002. |
No Direct or Indirect Control Over Account |
Purchases, sales or dispositions of Securities over which a person has no direct or indirect influence or control (e.g., a “blind trust” or certain managed accounts which the Access Person has obtained from the Code Administrator a written exemption). |
Pre-Clearable Security |
All Securities except those Securities listed on APPENDIX C of the Code as exempt from the pre- clearance requirements of the Code. |
Preferred Brokers |
A current list of Preferred Brokers can be found on StarCompliance or by contacting the Code Administrator. Refer to Section 5.5 for further information regarding the U.S.-Based Preferred Brokerage Account requirements. |
Private Placement |
Private Placement (or non-public offering) is a funding round of Securities which are not sold through a public offering, but rather through a private offering, mostly to a small number of chosen investors. |
Pro Rata Discretionary Transactions |
Purchases or other acquisitions or dispositions of Securities resulting from the discretionary exercise of rights acquired from an issuer as part of a pro rata distribution to all holders of a class of Securities of the issuer. (e.g., discretionary participation in takeovers, rights & tender/ exchange offerings). |
Reportable Security |
All Securities except those Securities listed as exempt from the Initial and Annual Holdings Report and Quarterly Transaction Report requirements on APPENDIX C of the Code. |
Same (or Related) Pre-Clearable Security |
For an equity Security, the Same Pre-Clearable Security would include all other equity securities of the same issuer or, other instrument whose value is derived from the value of the issuer’s equity Securities. For a debt Security, the Same Pre-Clearable Security would include all other debt instruments of the same issuer as well as any instrument whose value is derived from the credit, value or reference to the issuer’s debt. |
26
Security (Securities) |
A “security” as defined by Section 1(1) of the Ontario Securities Act, the Hong Kong Securities and Futures Ordinance, Section 3(a)(10) or the Investment Advisers Act of 1940. Examples include but are not limited to: any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, mutual funds, closed-end funds, unit investment trusts, REITS, ETFs, commodity funds, broker cds, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, security-based swap, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any “security” (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privileged entered into on a national securities exchange related to foreign currency, or, in general, any interest or instrument commonly known as a “security”, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the foregoing. References to a Security also includes any warrant for, option in, or “security” or other instrument immediately convertible into or whose value is derived from that “security” and any instrument or right which is equivalent to that “security.” The definition of Security applies regardless of the registration status or domicile of registration of the Security (i.e., the term Security includes both private placements/ limited partnership interests and publicly-traded securities as well as domestic and foreign Securities). For purposes of this Code, the definition of Securities also includes other instruments and interests labeled as reportable on APPENDIX C of this Code. |
Securities Laws |
The Securities Laws include various domestic and foreign securities-related laws, statutes and rules/regulations that govern the Firm’s investment management activities and includes: Ontario Securities Act, U.K. Financial Services Authority regulations, the Securities and Futures Ordinance of Hong Kong, Securities and Futures Act (Singapore), the Securities Act of 1933 (U.S.), the Securities Exchange Act of 1934 (U.S.), the Sarbanes-Oxley Act of 2002 (U.S.), the Investment Company Act of 1940 (U.S.), the Investment Advisers Act of 1940 (U.S.), Title V of the Gramm- Leach-Bliley Act (U.S.), and the Bank Secrecy Act (U.S.) (as it applies to funds and investment advisers). |
StarCompliance |
The web-based reporting and certification system used by the Firm to facilitate compliance with certain reporting and pre-clearance obligations imposed under the Code (a.k.a., Star). The Code Administrator may approve alternate reporting methods if deemed appropriate. |
27
Appendix B
1Legal Entity Adoption of the Code
Legal Entity: |
Jurisdiction/ Country |
Initial Adoption Date |
Hancock Natural Resource Group, Inc. | U.S. | April 6, 2020 |
John Hancock GA Mortgage Trust | U.S. | April 6, 2020 |
John Hancock GA Senior Loan Trust | U.S. | April 6, 2020 |
Manulife Asset Management and Trust Corporation | Philippines | April 6, 2020 |
Manulife Data Services Inc. | Barbados | April 6, 2020 |
Manulife General Account Investments (HK) Limited | Hong Kong | April 6, 2020 |
Manulife General Account Investments (Singapore) Pte. Ltd. | Singapore | April 6, 2020 |
Manulife IM (Switzerland) LLC | Switzerland | April 6, 2020 |
Manulife Investment (Shanghai) Limited Company | China | April 6, 2020 |
Manulife Investment Management (Europe) Limited | U.K. | April 6, 2020 |
Manulife Investment Management (Ireland) Limited | Ireland | April 6, 2020 |
Manulife Investment Management (North America) Limited | Canada | April 6, 2020 |
Manulife Investment Management (US) LLC | U.S. | April 6, 2020 |
Manulife Investment Management Distributors Inc. | Canada | April 6, 2020 |
Manulife Investment Management Limited | Canada | April 6, 2020 |
Manulife Investment Management Private Markets (Canada) Corp | Canada | April 6, 2020 |
Manulife Investment Management Private Markets (US) LLC | U.S. | April 6, 2020 |
Manulife Investment Management Private Markets Holdings (US) LLC | U.S. | April 6, 2020 |
Manulife Overseas Investment Fund Management (Shanghai) Limited Company | China | April 6, 2020 |
Manulife US Real Estate Management Pte, Ltd. (Definition of Associate only includes officers and employees of the entity). |
Singapore |
April 6, 2020 |
The General Account Investments and the Manulife Investment Management Private Markets Groups of John Hancock Life Insurance Company (U.S.A.) |
U.S. |
April 6, 2020 |
The General Account Investments and the Manulife Investment Management Private Markets Groups of The Manufacturers Life Insurance Company |
Canada |
April 6, 2020 |
John Hancock Personal Financial Services, LLC | U.S. |
April 5, 2021 |
1This Code has been designed to be applicable across GWAM and GA and certain regulated entities listed in Appendix B (together the “Firm”), however it is being implemented in a multi-phased, multi-year project.
28
Appendix C
Securities Reporting & Pre-Clearance Summary Chart
Only applicable to Access Persons in the following Access Classification Levels: • Regular Access Person • General Account/MIM Private Markets Front-Office Access Person • MIM Public Markets Front-Office Access Person. |
Reportable Security? Initial and Annual Holdings Reports |
Reportable Security? Quarterly Transaction Reports |
Pre-Clearable Security? |
Unless otherwise indicated on this chart, (i) all Securities positions must be reported initially and annually thereafter, (ii) all Securities transactions must receive advance pre-clearance approval, and (iii) all Securities transactions must be reported quarterly (italicized terms are defined in the Code). | Does the Access Person need to report the following types of Securities holdings? | Does the Access Person need to report transactions in the following types of Securities? | Does the Access Person need to obtain pre- clearance approval prior to transacting in the following types of Securities? |
Government Securities | |||
Direct Obligations of the Government of the U.S. or U.K. | No | No | No |
State, Province or Municipal Bonds | Yes | Yes | Yes |
Direct Obligations of the Governments of Canada, Japan, Germany, France or Italy |
Yes |
Yes |
Yes |
Money Market Instruments/Commodities/Currency | |||
Bankers Acceptances | No | No | No |
Bank Certificates of Deposit | No | No | No |
Brokerage Certificates of Deposit | Yes | Yes | No |
Commercial Paper | No | No | No |
High Quality Short-Term Debt Instruments | No | No | No |
Repurchase Agreements | No | No | No |
Money Market Funds (including Money Market Affiliated Mutual Funds) | No | No | No |
Physical Commodities and Options and Futures on Commodities (not commodity ETFs or closed-end funds) |
No |
No |
No |
Foreign and Domestic Currency Holdings/ Transactions (including currency options and futures) |
No |
No |
No |
Cryptocurrencies (only Initial Coin Offerings “ICO’s” are reportable and pre-clearable) |
No |
No |
No |
29
Only applicable to Access Persons in the following Access Classification Levels: • Regular Access Person • General Account/MIM Private Markets Front-Office Access Person • MIM Public Markets Front-Office Access Person. |
Reportable Security? Initial and Annual Holdings Reports |
Reportable Security? Quarterly Transaction Reports |
Pre-Clearable Security? |
Unless otherwise indicated on this chart, (i) all Securities positions must be reported initially and annually thereafter, (ii) all Securities transactions must receive advance pre-clearance approval, and (iii) all Securities transactions must be reported quarterly (italicized terms are defined in the Code). | Does the Access Person need to report the following types of Securities holdings? | Does the Access Person need to report transactions in the following types of Securities? | Does the Access Person need to obtain pre- clearance approval prior to transacting in the following types of Securities? |
IPOs / ICOs, Private Placements / Limited Offerings | |||
IPOs & ICOs (Note: IPO’s are prohibited for the following Classification Levels: GA/ MIM Private Markets Front-Office Access Persons & MIM Public Markets Front-Office Access Persons) |
Yes |
Yes |
Yes |
Private Placements/Private Funds/Limited Offerings | Yes | Yes | Yes |
Issuer Event Transactions / Automatic Investment Plans | |||
Involuntary Issuer Transactions and Holdings (stock dividends, stock splits/reverse splits, or other similar reorganizations or distributions, call of a debt security, and spin-offs of shares to existing holders) |
Yes |
Yes |
No |
Issuer Pro Rata Discretionary Transactions/Elections (purchases or other acquisitions or dispositions resulting from the discretionary exercise of rights acquired from an issuer as part of a pro rata distribution to all holders of a class of Securities of such issuer) (e.g., discretionary participation in takeovers, rights & tender/exchange offerings) |
Yes |
Yes |
Yes. Pre-clearance approval for discretionary elections should be sought by manually phoning or emailing the Code Administrator directly. It is important to contact the Code Administrator to avoid having your request improperly denied. |
Automatic Investment Plans (a program in which regular periodic purchases or withdrawals are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation) (for Mutual Funds AIPs Refer to below) |
Yes. You must add up all of the Plan transactions for the year and reflect the activity on the Annual Holdings Report |
No. You do not need to report automatic (non-discretionary) Plan transactions on the Quarterly Transaction Report |
No. However, transactions that override the automatic preset schedule (discretionary purchases /sales, discretionary changes in individual security selection) must be pre-cleared. Note: You do not need to pre-clear a change to your money contribution level into a Plan. |
30
Only applicable to Access Persons in the following Access Classification Levels: • Regular Access Person • General Account/MIM Private Markets Front-Office Access Person • MIM Public Markets Front-Office Access Person. |
Reportable Security? Initial and Annual Holdings Reports |
Reportable Security? Quarterly Transaction Reports |
Pre-Clearable Security? |
Unless otherwise indicated on this chart, (i) all Securities positions must be reported initially and annually thereafter, (ii) all Securities transactions must receive advance pre-clearance approval, and (iii) all Securities transactions must be reported quarterly (italicized terms are defined in the Code). | Does the Access Person need to report the following types of Securities holdings? | Does the Access Person need to report transactions in the following types of Securities? | Does the Access Person need to obtain pre-clearance approval prior to transacting in the following types of Securities? |
Issuer Event Transactions / Automatic Investment Plans | |||
Dividend Reinvestment Plan Automatic Transactions | Yes | No | No |
Issuer Direct Stock Plan Automatic Transactions | Yes | No | No |
Issuer Direct Stock Plan Non-Automatic Transactions (discretionary transactions) |
Yes |
Yes |
Yes. A pre-cleared transaction instruction is valid until executed by the Plan. |
Investment Company Securities | |||
Closed-End Investment Companies | Yes | Yes | Yes |
Exchange Traded Funds (ETFs) and Exchange Traded Notes | Yes | Yes | No |
Money Market Funds (including Money Market Affiliated Mutual Funds) | No | No | No |
Mutual Funds (non-affiliated) | No | No | No |
Affiliated Mutual Funds | Yes | Yes | No |
Affiliated Mutual Funds interests held by or through the Manulife Registered Pension Plan (RPS), Manulife Registered Retirement Savings Plan (RRSP), John Hancock Unified 401k Plan, other employer- sponsored retirement plan, 529/RESP plan, or any other account. |
Yes |
Yes, however do not report automatic transactions/ rebalances (in accordance with a predetermined schedule/ allocation) on the Quarterly Transaction Report |
No |
Affiliated Mutual Funds held through a variable (annuity or life) insurance product separate account/unit investment trust |
Yes (report Affiliated Mutual Fund unit values) |
Yes, however do not report automatic transactions/ rebalances (in accordance with a predetermined schedule/ allocation) on the Quarterly Transaction Report |
No |
31
Only applicable to Access Persons in the following Access Classification Levels: • Regular Access Person • General Account/Private Markets Front-Office Access Person • MIM Public Markets Front-Office Access Person. |
Reportable Security? Initial and Annual Holdings Reports |
Reportable Security? Quarterly Transaction Reports |
Pre-Clearable Security? |
Unless otherwise indicated on this chart, (i) all Securities positions must be reported initially and annually thereafter, (ii) all Securities transactions must receive advance pre-clearance approval, and (iii) all Securities transactions must be reported quarterly (italicized terms are defined in the Code). | Does the Access Person need to report the following types of Securities holdings? | Does the Access Person need to report transactions in the following types of Securities? | Does the Access Person need to obtain pre-clearance approval prior to transacting in the following types of Securities? |
Employee Compensation Instruments | |||
Automated Purchases—No | |||
MFC Shares in the MFC Global Share Ownership Plan (GSOP) |
Yes |
Automated Purchases—No Sales—Yes |
Sales—Yes. A pre-cleared transaction instruction is valid until executed by the Plan. |
MFC Restricted Share Units (RSU), Deferred Share Units (DSU), or Performance Share Units (PSU) |
No |
No |
No |
Options Acquired from MFC or Other Public Company Employer as Part of Employee Compensation (MFC Solium Account options) |
Yes |
Yes |
No |
Employer Phantom Stock/Phantom Option Interest (granted as compensation to employee, only employer can redeem interest and interest is non-transferable) |
No |
No |
No |
Automatic Grants—No | |||
Employer (non-MFC) Stock Grant (unvested grant of employer stock, vesting event, sales of vested shares) |
Unvested and Vested Amounts— Yes |
Grants—No Vesting Events — No (however if upon vesting the shares are transferred to a brokerage account then yes) |
Automatic Vesting Event—No Sale of Vested Shares: Yes—if employee directs sale, No—if employer automatically sells vested without direction from employee) |
32
Only applicable to Access Persons in the following Access Classification Levels: • Regular Access Person • General Account/Private Markets Front-Office Access Person • MIM Public Markets Front-Office Access Person. |
Reportable Security? Initial and Annual Holdings Reports |
Reportable Security? Quarterly Transaction Reports |
Pre-Clearable Security? |
Unless otherwise indicated on this chart, (i) all Securities positions must be reported initially and annually thereafter, (ii) all Securities transactions must receive advance pre-clearance approval, and (iii) all Securities transactions must be reported quarterly (italicized terms are defined in the Code). | Does the Access Person need to report the following types of Securities holdings? | Does the Access Person need to report transactions in the following types of Securities? | Does the Access Person need to obtain pre-clearance approval prior to transacting in the following types of Securities? |
Gifts / Blind Trusts / Managed Accounts | |||
Gifts, Inheritances, or Donations of Reportable Securities (received or given) |
Yes |
Yes |
Securities Gifts & Inheritances Received - No Securities Given or Donated - Yes |
No* | |||
No Direct or Indirect Control Over Account (Securities held in, purchased/sold for an account where a person does not have direct or indirect influence or investment/ proxy voting control, e.g., Blind Trusts, Certain Managed Accounts) |
No |
No |
*However, you must report initial and annual holdings in (as well as pre-clear and report quarterly transactions for) a Managed Account unless the Access Person has obtained a specific written pre-clearance or reporting exemption from the Code Administrator. |
33
EXHIBIT 99.(p).2
Code of Ethics for the Independent Trustees of the
John Hancock Funds
Effective December 6, 2005
Amended and Restated January 1, 2021
The Board of Trustees (the “Board”) of the John Hancock Funds1 has adopted this code of ethics (this “Code”), exclusively with respect to Trustees who are not “interested persons,” as defined in Section 2(a)(19) of the Investment Company Act of 1940 (the “1940 Act”), of the John Hancock Funds (the “Independent Trustees” or “you”). This Code is intended to comply with the requirements of Rule 17j-1 under the 1940 Act insofar as they apply to the Independent Trustees.
The Board recognizes that the John Hancock Funds’ officers and access persons (with the exception of the Independent Trustees) are covered by a separate code of ethics adopted by the Board, which is applicable to John Hancock Investment Management, LLC and John Hancock Variable Trust Advisers, LLC (each, a “John Hancock Adviser”), John Hancock Investment Management Distributors, LLC, John Hancock Distributors, LLC and each of the John Hancock Funds. The Board also recognizes that access persons who are employees of a sub-adviser to the John Hancock Funds are covered under a separate code of ethics approved by the Board. The Board, after considering the limited nature of access by the Independent Trustees to current information with respect to security transactions being effected or considered on behalf of the John Hancock Funds, has adopted this Code specifically and separately to cover the Independent Trustees.
Please note that the policies described below apply to all accounts over which you have a beneficial interest. Normally, you will be deemed to have a beneficial interest in your personal accounts, those of a spouse, “significant other,” minor children or family members sharing your household, as well as all accounts over which you have discretion or give advice.
If you have any questions regarding your responsibilities under this Code of Ethics, please contact Trevor Swanberg at (617) 572-4398 or tswanberg@jhancock.com
Set forth below are policies applicable to the Independent Trustees.
I. Statements of Policy
A. General Principles
It is unlawful for any Independent Trustee covered by this Code, directly or indirectly, in connection with his or her purchase or sale of a security held or to be acquired by a John Hancock Fund, to:
• employ any device, scheme or artifice to defraud a John Hancock Fund;
• make any untrue statement of a material fact to a John Hancock Fund or omit to state a material fact necessary in order to make the statements made to a John Hancock Fund, in light of the circumstances under which they are made, not misleading;
1 As used in this Code, the “John Hancock Funds,” or the “Funds,” refer to each open-end and closed-end fund that is listed, or that is a series of a trust listed, in Appendix A hereto, as may be updated from time to time by the Chief Compliance Officer of the John Hancock Funds.
• engage in any act, practice or course of business that operates or would operate as a fraud or deceit on a John Hancock Fund; or
• engage in any manipulative practice with respect to a John Hancock Fund.
The General Principles discussed above govern all conduct, whether or not the conduct is also covered by more specific standards and procedures in this Code. Failure to comply with this Code may result in disciplinary action as determined by the Board, including potentially removal from the Board in accordance with the terms of the John Hancock Fund charter documents.
B. Transactions in John Hancock Funds
The Independent Trustees are subject to the same policies against excessive trading of shares of the open-end John Hancock Funds that apply to all shareholders of the open-end John Hancock Funds, as applicable. These policies are described in the John Hancock Funds’ prospectuses and are subject to change. Additional restrictions on trading of closed-end and open-end John Hancock Funds are discussed in Section II.C.
C. Transactions in securities of Advisers, Subadvisers and Principal Underwriters
As an Independent Trustee, you are prohibited from purchasing any security issued by:
(1) the controlling parent of the John Hancock Advisers;
(2) any subadviser of a John Hancock Fund;
(3) the controlling parent of any subadviser;
(4) any principal underwriter of a John Hancock Fund, including prospective principal underwriters of John Hancock closed-end funds;
(5) the controlling parent of any principal underwriter.
A complete list of these issuers can be found in Appendix B.
D. Annual Certification
On an annual basis, you must provide a certification at a date designated by the Chief Compliance Officer of the John Hancock Funds that:
(1) you have read and understand this Code;
(2) you acknowledge that you are subject to its requirements; and
(3) you have complied, to the best of your knowledge, with its requirements.
You are required to make this certification to demonstrate that you understand the importance of these policies and your responsibilities under the Code.
E. Quarterly Transaction Reports
You will not generally be required to submit quarterly transaction reports. You will, however, be required to submit a quarterly transaction report if you knew (or, in the ordinary course of fulfilling your official duties as an Independent Trustee, should have known) that during the 15 calendar days immediately before or after you trade a security described in Section II.A of this Code, either:
(i) the subadviser of a John Hancock Fund purchased or sold the same security on behalf of such Fund, or
(ii) the subadviser of a John Hancock Fund actively considered the purchase or sale of the same security on behalf of such Fund;
2 |
provided that, monitoring of the publication of portfolio holdings of series of John Hancock Exchange-Traded Fund Trust (the “John Hancock ETFs”) is not construed to be within the ordinary course of fulfilling the duties of a trustee, therefore the publication or availability of such portfolio holdings shall not be construed to impart actual or constructive knowledge of the John Hancock ETFs’ portfolio transactions on a trustee.
If these circumstances occur, it is your responsibility to contact the Chief Compliance Officer of the John Hancock Funds and he will assist you with the requirements of the quarterly transaction report.
You must submit a quarterly transaction report within 30 calendar days after the end of a calendar quarter if required in the limited circumstances described above. This report must cover all transactions during the calendar quarter that are personal securities transactions, as described below in Section II of this Code.
If you are required to submit a quarterly transaction report, the report must include the following information about each transaction described above:
• the date of the transaction, the title, and as applicable, the exchange ticker symbol or CUSIP number, interest rate and maturity date (if applicable), number of shares, and principal amount of each reportable security involved;
• the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);
• the price at which the transaction was effected;
• the name of the broker, dealer or bank with or through which the transaction was effected; and
• the date that you submit the report.
With respect to any account in which you have traded securities for which you must submit a quarterly transaction report, the quarterly transaction report must also include the following account information:
• the name of the broker, dealer or bank with whom you have established an account;
• the account number and account registration;
• the date the account was established; and
• the date that you submit the report.
II. Personal Securities Transactions
A Personal Securities Transaction is a transaction in a security in which an Independent Trustee subject to this Code has a beneficial interest. Normally, this includes securities transactions in your personal accounts, those of a spouse, “significant other,” minor children or family members sharing your household, as well as all accounts over which you have discretion or give advice. Accounts over which you have no direct or indirect influence or control are exempt. For discretionary accounts, this is defined as:
1) | Not being able to suggest that the trustee or third-party discretionary manager make any particular purchases or sales of securities; |
2) | Not being able to direct the trustee or third-party discretionary manager to make any particular purchases or sales of securities; and |
3) | You did not consult with the trustee or third-party discretionary manager as to the particular allocation of investments to be made in your account. |
To prevent potential violations of this Code, you are strongly encouraged to request clarification for any transactions or accounts that are in question.
3 |
A. Covered Personal Securities Transactions
Except as noted below, Personal Securities Transactions include transactions in all securities, including:
• Stocks or bonds;
• Government securities that are not direct obligations of the U.S. government, such as Fannie Mae or municipal securities;
• Shares of all closed-end funds;
• Shares of the John Hancock Funds, as well as any other open-end mutual funds, including John Hancock ETF’s, that are advised or sub-advised by a John Hancock Adviser or by John Hancock or Manulife entities (other than money market funds);
• Options on securities, on indexes, and on currencies;
• All kinds of limited partnerships;
Exchange Traded Funds formed as unit investment trusts;
• Foreign unit trusts and foreign mutual funds;
• Private investment funds and hedge funds; and
• Futures, investment contracts or any other instrument that is considered a “security” under the Investment Company Act of 1940.
B. Exempt Personal Securities Transactions
Personal Securities Transactions do not include transactions in the following securities:
• Direct obligations of the U.S. government (e.g., treasury securities);
• Bankers’ acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt obligations, including repurchase agreements;
• Shares of any open-end mutual funds, including exchange-traded funds, that are not advised or sub-advised by a John Hancock Adviser or by John Hancock or Manulife entities;
• Shares issued by money market funds; and
• Securities in accounts over which you have no direct or indirect influence or control.
C. Restrictions on Trading in John Hancock Funds
1. General. You may not buy or sell shares of John Hancock Funds, or tip others who then trade in such Funds, on the basis of material non-public information (“Inside Information”). This concern is most pronounced with respect to closed-end John Hancock Funds (“Closed-End Funds”) and the John Hancock ETFs because their shares trade on a secondary market. However, it is also applicable to all John Hancock mutual funds.
a. Material Information. Information is considered “material” if a reasonable investor would consider it important in making a decision to buy, sell or hold shares of a Fund. Positive or negative information may be “material.”
b. Non-public Information. Information is considered “non-public” if it has not been broadly and publicly disseminated for a sufficient period to be reflected in the price of the Fund. Information remains “non-public” until it has been “publicly disclosed,” meaning that it has been broadly distributed to the public in a non-exclusionary manner, such as via a press release or inclusion of such information in a
4 |
filing with the Securities and Exchange Commission. In the case of the John Hancock ETFs, holdings information posted to the Funds’ website is considered to have been “publicly disseminated.”
c. Examples. Inside Information may include such things as news about acquisitions, Closed-End Fund tender offers, financial results, changes in dividends or distributions, Closed-End Fund share buy-backs, important management changes, anticipated litigation recoveries, or any other information that is likely to be considered material to a Fund.
d. Further Guidance. If you are uncertain as to whether information is Inside Information, you should presume that the information is both material and non-public, and that it is Inside Information. In such cases, you should refrain from trading until you consult legal counsel or the Chief Compliance Officer for further guidance on information that may be deemed Inside Information.
2. Closed-End, and John Hancock ETF’s Blackout Periods and Trading Guidelines. You may not trade in shares of Closed-End Funds during the following blackout periods (each, a “Blackout Period”):
a. Regular Meetings. The Independent Trustees may not engage in any transactions in shares of the Closed-End Funds at any time between (x) the earlier of (A) the date Board meeting information is received by the Trustee, or (B) the date the Independent Trustees are advised that Board meeting information is posted to the website where Board materials are made available, and (y) 10 calendar days after the dates of a regular meeting of the Board. To clarify, assuming a meeting begins on a Monday and concludes at mid-day on the next day, Independent Trustees may not transact in Closed-End Fund or John Hancock ETF shares before the second subsequent Monday.
b. Special Meetings. Upon receipt of the materials for a special meeting of the Board or a committee thereof, Independent Trustees may not engage in any transactions in Closed-End Fund or John Hancock ETF shares at any time from the date of receipt of such materials until after the tenth calendar day after the date of such meeting.
c. Financial Statements Review. The Independent Trustees may not engage in any transactions in shares of a Closed-End Fund or John Hancock ETF’s at any time between:
(i) the earlier of (A) the date on which a semiannual or an annual shareholder report that contains financial statements for a Closed-End Fund or John Hancock ETF is received by the Trustee, or (B) the date the Independent Trustees are advised that a semiannual or an annual shareholder report that contains financial statements for a Closed-End Fund or John Hancock ETF is posted to the website where Board materials are made available, and
(ii) two (2) business days after the date on which the semi-annual or annual shareholder report for the Closed-End Fund or John Hancock ETF is publicly available on John Hancock Funds website or through another method consistent with Regulation FD.
3. Other Restricted Periods. The Chief Compliance Officer of the John Hancock Funds may, from time to time, restrict the purchase of one or more John Hancock Funds, including open-end John Hancock Funds, if he or she believes after consulting with counsel to the John
5 |
Hancock Funds that the Independent Trustees may have knowledge of Inside Information regarding such John Hancock Fund(s). The Chief Compliance Officer will provide the Independent Trustees prior notice of any such restrictions.
III. Administration of the Code of Ethics
A. Review of Reports
The Chief Compliance Officer of the John Hancock Funds shall review any reports delivered by an Independent Trustee pursuant to this Code. Any such review shall give special attention to evidence, if any, of conflicts or potential conflicts with the securities transactions of the John Hancock Funds or violations or potential violations of the antifraud provisions of the federal securities law or this Code.
B. Investigations of Potential Violations
The Chief Compliance Officer shall investigate any potential violation of the provisions of this Code. After completion of any such investigation, the Chief Compliance Officer shall determine whether a violation has occurred and, if so, make a report to the Board or, if appropriate, the Compliance Committee of the Board. The Board shall determine what action should be taken in response to a violation of this Code.
C. Annual Reports
At least on an annual basis, the Chief Compliance Officer shall provide the Board with (i) a written report that describes issues that arose under this Code since the prior such report, including, but not limited to, information relating to material violations of this Code and any actions taken, and (ii) a certification that the John Hancock Funds have adopted procedures reasonably necessary to prevent the Independent Trustees from violating this Code.
D. Record Retention Requirements
The Chief Compliance Officer shall maintain the following records at the John Hancock Funds’ principal place of business, and shall make these records available to the Securities and Exchange Commission at any time and from time to time for reasonable periodic, special or other examination:
• A copy of this Code that is currently in effect, or at any time within the past five years was in effect;
• A record of any violation of this Code, and any action taken as a result of a violation, must be maintained in an easily accessible place for at least five years after the end of the fiscal year in which the violation occurs;
• A copy of each quarterly transaction report made by an Independent Trustee under this Code;
• A copy of each annual report and certification described in Section III.C of this Code; and
• A record of all Independent Trustees, currently or within the past five years, who are subject to this Code, and of individual(s) who are responsible for reviewing reports made under this Code.
E. Amendments
Any amendments to this Code must be approved by a majority of the Independent Trustees.
6 |
Appendix A
John Hancock Funds
John Hancock Variable Insurance Trust |
John Hancock Funds II |
John Hancock Funds III |
John Hancock Bond Trust |
John Hancock California Tax-Free Income Fund |
John Hancock Capital Series |
John Hancock Collateral Trust |
John Hancock Current Interest |
John Hancock Exchange-Traded Fund Trust |
John Hancock Investment Trust |
John Hancock Investment Trust II |
John Hancock Municipal Securities Trust |
John Hancock Sovereign Bond Fund |
John Hancock Strategic Series |
John Hancock Emerging Markets Income Fund |
John Hancock Floating Rate High Income Fund |
John Hancock Financial Opportunities Fund |
John Hancock Hedged Equity & Income Trust |
John Hancock Income Securities Trust |
John Hancock Investors Trust |
John Hancock Preferred Income Fund |
John Hancock Preferred Income Fund II |
John Hancock Preferred Income Fund III |
John Hancock Premium Dividend Fund |
John Hancock Tax-Advantaged Dividend Income Fund |
John Hancock Tax-Advantaged Global Shareholder Yield Fund |
Exhibit 99.(q)
John Hancock Bond Trust John Hancock California Tax-Free Income Fund John Hancock Capital Series John Hancock Collateral Trust John Hancock Current Interest John Hancock Exchange-Traded Fund Trust John Hancock Funds II John Hancock Funds III |
John Hancock Investment Trust John Hancock Investment Trust II John Hancock Municipal Securities Trust John Hancock Sovereign Bond Fund John Hancock Strategic Series John Hancock Variable Insurance Trust |
(each a “Trust”)
POWER OF ATTORNEY
The undersigned does hereby constitute and appoint Ariel Ayanna, Sarah M. Coutu, John J. Danello, Thomas Dee, Kinga Kapuscinski, Nicholas J. Kolokithas, Suzanne M. Lambert, Edward Macdonald, Mara Moldwin, Harsha Pulluru, Christopher L. Sechler, Betsy Anne Seel and Steven Sunnerberg, each individually, his or her true and lawful attorney-in-fact and agent (each an “Attorney-in-Fact”) with power of substitution or re-substitution, in any and all capacities, including without limitation in the applicable undersigned’s capacity as president or chief financial officer of each Trust, in the furtherance of the business and affairs of each Trust: (i) to execute any and all instruments which said Attorney-in-Fact may deem necessary or advisable or which may be required to comply with the Securities Act of 1933, as amended, the Investment Company Act of 1940, as amended, and the Securities Exchange Act of 1934, as amended (collectively the “Acts”), and any other applicable federal securities laws, or rules, regulations or requirements of the U.S. Securities and Exchange Commission (“SEC”) in respect thereof, in connection with the filing and effectiveness of the Trust’s Registration Statement on Form N-1A regarding the registration of each Trust or series thereof or its shares of beneficial interest, and any and all amendments thereto, including without limitation any reports, forms or other filings required by the Acts or any other applicable federal securities laws, or rules, regulations or requirements of the SEC, and to do generally all such things in my name and on my behalf in the capacity indicated below to enable each Trust to comply with the Acts, and all requirements of the SEC thereunder; and (ii) to execute any and all state regulatory or other required filings, including all applications with regulatory authorities, state charter or organizational documents and any amendments or supplements thereto, to be executed by, on behalf of, or for the benefit of, each Trust. The undersigned hereby grants to each Attorney-in-Fact full power and authority to do and perform each and every act and thing contemplated above, as fully and to all intents and purposes as the undersigned might or could do in person, and hereby ratifies and confirms all that said Attorneys-in-Fact, individually or collectively, may lawfully do or cause to be done by virtue hereof.
This Power of Attorney shall be revocable with respect to an undersigned at any time by a writing signed by such undersigned and shall terminate automatically with respect to an undersigned if such undersigned ceases to be a Trustee or Officer of the Trust.
Dated: December 10, 2020
U $C1#=M &<=:JRJ2_2M"-1Y>_N:C/S'.W% '84VG$T
MV@ I,4['% % #<4AIYQ330!$1S28IY%)B@!N*3;4F/:E H BVT8J4CBF$4 1
ML*C)Q4IZ5$W- $
3SYK>XMV+130D;ER,$88$$$'H0:CM=(\F_%]7*1M%&TP11&K M$%@ B@ 6VXZW,V, ,-T&.M>EV& MGV>EVB6EC;1V\"=$C7 ^ON?>NI_NGS/?IY&*]] G6]C:1^7;P( M$1?8?UJS117*W?5FP4444 %%%% !1110 4444 %%%% !67K.@6.N)%]I$D<\ M#;X+F!]DL+>JM_3I6I133:=T)I/1E&PT^6U
"?B#"HQ\4),C^]HT3_J6J;_A$OB'_P!%/_\ *!;_ .- 'H%%<_X8
MTCQ%I?VK^W_%']N>9L\G_0([;R<9W?<)W9RO7IM]ZZ"@ JGJFH#2].ENS$\V
MPJ!&A +%F"@<\=2*N5F>(+"35-%FLXL[I&CZ.4. ZDX(Y!P#R* (;3Q+8R22
MP7S+IUW%,(#!=2H"S$*PVD$ALAUZ JFUP"L
MJA'8H2>@;:!D<;AC;\226\N
MM:9&EWIT@&H0&2TC0?:S(&&C\J_*6&W.Q6^;'%=8]M;R;-\$3;"2N4!VD
M]<4X0Q+(9!&@D(P6"C)_&@#!\0-;QZSI$FIE!I2^;N,N/+6X^7RB^> ,>:!G
M^(KWQ46O:M:1V]O;V=VD7GL[&>*Z2&- @&[?(0V/O+P 2<>@-=*0&4JP!!&"
M#WJ+[);>2L/V>'RE.538-H/J!0!E^%M5;5/#>E3W,\;WTUC#<3*I )W+][;V
M!(/;L:H64^FV^OZU_:TEM%?&8&,W)4$VWEKMV%OX,[\X_BW>M=%'96\-W+=1
MQ!9Y42-W'=5W%1[ ;F_,T^6"&<*)HDD"G*[U!P?49H DHHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
' **** /_V0$!
end
3YHR>WL $?^1Z\=?\ 7[;?^DR5VE<7X1_Y'KQU_P!?MM_Z3)7:4 %\8/^24: M_P#] 30(J6DEJLV0S">0# M" 6220=N I'05?L])M;B+_2=.^SLI4[=YSDQ@$9SR M /E],#% $FE7=]+=31W<]C)'DM'Y$F6P6.T$>P% 'P -H@#^_?^\X/Z5V5KH>G65Q'-;VXC>/=C!)Y;&3SW_QKF/A/_P B2?\ L(7G M_H]Z .H_M&Z_Z U]_P!]P?\ QRC^T;K_ * U]_WW!_\ '*T*YCQKJVI:9:Z1 M%I4\,%QJ&IPV1FEA\T1JX8DA