John Hancock
California Tax-Free Income Fund
Quarterly portfolio holdings 2/28/2021
| Fund’s investments |
As of 2-28-21
(unaudited)
| Rate (%) | Maturity date | Par value^ | Value | ||
| Municipal bonds 99.2% | $207,643,419 | ||||
| (Cost $194,896,261) | |||||
| California 97.1% | 203,167,179 | ||||
| ABAG Finance Authority for Nonprofit Corps. Sharp HealthCare, Series A | 5.000 | 08-01-43 | 2,000,000 | 2,182,500 | |
| Burbank Unified School District Convertible Capital Appreciation Election 2013, GO (0.000% to 8-1-23, then 4.500% thereafter) | 0.000 | 08-01-37 | 1,770,000 | 1,884,165 | |
| California Community Housing Agency Annadel Apartments, Series A (A) | 5.000 | 04-01-49 | 1,000,000 | 1,125,730 | |
| California Community Housing Agency Essential Housing Revenue Stoneridge Apartments, Series A (A) | 4.000 | 02-01-56 | 600,000 | 636,294 | |
| California Community Housing Agency Verdant at Green Valley Project, Series A (A) | 5.000 | 08-01-49 | 1,000,000 | 1,130,250 | |
| California County Tobacco Securitization Agency Fresno County Funding Corp. | 6.000 | 06-01-35 | 1,570,000 | 1,572,025 | |
| California County Tobacco Securitization Agency Kern County Tobacco Funding Corp. | 5.000 | 06-01-40 | 1,500,000 | 1,585,905 | |
| California County Tobacco Securitization Agency Merced County Tobacco Funding Corp. | 5.000 | 06-01-50 | 500,000 | 580,280 | |
| California County Tobacco Securitization Agency Sonoma County Securitization Corp. | 4.000 | 06-01-49 | 400,000 | 458,688 | |
| California County Tobacco Securitization Agency Tobacco Settlement Revenue, Series A | 4.000 | 06-01-49 | 1,000,000 | 1,139,960 | |
| California Educational Facilities Authority Pepperdine University | 5.000 | 10-01-49 | 1,500,000 | 1,749,840 | |
| California Educational Facilities Authority University of Redlands, Series A | 5.000 | 10-01-35 | 1,000,000 | 1,090,060 | |
| California Enterprise Development Authority Academy for Academic Excellence Project, Series A (A) | 5.000 | 07-01-40 | 430,000 | 470,665 | |
| California Enterprise Development Authority Academy for Academic Excellence Project, Series A (A) | 5.000 | 07-01-50 | 350,000 | 379,358 | |
| California Enterprise Development Authority Academy for Academic Excellence Project, Series A (A) | 5.000 | 07-01-55 | 240,000 | 258,998 | |
| California Health Facilities Financing Authority Children's Hospital, Series A | 5.000 | 08-15-47 | 1,000,000 | 1,161,580 | |
| California Health Facilities Financing Authority City of Hope Obligated Group | 4.000 | 11-15-45 | 1,000,000 | 1,128,460 | |
| California Health Facilities Financing Authority CommonSpirit Health Obligated Group, Series A | 4.000 | 04-01-40 | 1,500,000 | 1,739,130 | |
| California Health Facilities Financing Authority El Camino Hospital | 5.000 | 02-01-42 | 1,000,000 | 1,172,770 | |
| California Health Facilities Financing Authority El Camino Hospital | 5.000 | 02-01-47 | 1,425,000 | 1,658,957 | |
| California Health Facilities Financing Authority Lucile Packard Children's Hospital, Series A | 5.000 | 08-15-43 | 1,000,000 | 1,096,910 | |
| California Health Facilities Financing Authority Lucile Packard Children's Hospital, Series B | 5.000 | 08-15-55 | 1,000,000 | 1,154,680 | |
| California Health Facilities Financing Authority Standford Health Care, Series A | 4.000 | 08-15-50 | 1,000,000 | 1,139,590 | |
| California Housing Finance Series A | 4.250 | 01-15-35 | 978,560 | 1,121,988 | |
| California Municipal Finance Authority Channing House Project, Series A (B) | 4.000 | 05-15-40 | 1,500,000 | 1,678,770 | |
| California Municipal Finance Authority HumanGood Obligated Group, Series A | 5.000 | 10-01-44 | 1,000,000 | 1,160,520 | |
| California Municipal Finance Authority LINXS APM Project, AMT | 5.000 | 12-31-43 | 1,000,000 | 1,179,700 | |
| California Municipal Finance Authority Paradise Valley Estates Project, Series A (B) | 5.000 | 01-01-49 | 1,500,000 | 1,788,255 |
| 2 | JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND | QUARTERLY REPORT | SEE NOTES TO FUND'S INVESTMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| California (continued) | |||||
| California Municipal Finance Authority Retirement Housing Foundation Obligation Group, Series A | 5.000 | 11-15-31 | 1,500,000 | $1,840,845 | |
| California Municipal Finance Authority West Village Student Housing Project at UC Davis (B) | 4.000 | 05-15-48 | 1,365,000 | 1,501,104 | |
| California Municipal Finance Authority Wineville School Project, Series A (B) | 5.000 | 10-01-42 | 2,000,000 | 2,251,580 | |
| California Pollution Control Financing Authority San Diego County Water Authority Desalination Project Pipeline (A) | 5.000 | 07-01-39 | 1,000,000 | 1,187,710 | |
| California Pollution Control Financing Authority San Diego County Water Authority Desalination Project Pipeline (A) | 5.000 | 11-21-45 | 1,500,000 | 1,758,150 | |
| California Pollution Control Financing Authority Waste Management, Inc., Series A1, AMT | 3.375 | 07-01-25 | 1,000,000 | 1,115,720 | |
| California Pollution Control Financing Authority Waste Management, Inc., Series A3, AMT | 4.300 | 07-01-40 | 4,675,000 | 5,335,718 | |
| California Public Finance Authority Excelsior Charter Schools Project, Series A (A) | 5.000 | 06-15-50 | 500,000 | 534,685 | |
| California Public Finance Authority Excelsior Charter Schools Project, Series A (A) | 5.000 | 06-15-55 | 500,000 | 533,240 | |
| California Public Finance Authority Henry Mayo Newhall Hospital | 5.000 | 10-15-47 | 2,000,000 | 2,255,820 | |
| California Public Finance Authority Trinity Classical Academy, Series A (A) | 5.000 | 07-01-44 | 110,000 | 112,780 | |
| California Public Finance Authority Trinity Classical Academy, Series A (A) | 5.000 | 07-01-54 | 325,000 | 330,096 | |
| California School Finance Authority Aspire Public Schools (A) | 5.000 | 08-01-46 | 1,275,000 | 1,422,084 | |
| California School Finance Authority Granada Hills Charter High School Obligated Group (A) | 5.000 | 07-01-43 | 1,000,000 | 1,103,370 | |
| California School Finance Authority KIPP LA Project, Series A (A) | 5.000 | 07-01-47 | 1,500,000 | 1,733,340 | |
| California State Public Works Board Various Capital Projects, Series C | 5.000 | 11-01-44 | 1,000,000 | 1,245,340 | |
| California State Public Works Board Various Correctional Facilities, Series A | 5.000 | 09-01-39 | 2,500,000 | 2,856,725 | |
| California Statewide Communities Development Authority Adventist Health System, Series A | 5.000 | 03-01-48 | 1,885,000 | 2,219,682 | |
| California Statewide Communities Development Authority CHF Irvine LLC | 5.000 | 05-15-40 | 1,485,000 | 1,686,737 | |
| California Statewide Communities Development Authority Emanate Health, Series A | 4.000 | 04-01-45 | 250,000 | 283,360 | |
| California Statewide Communities Development Authority Front Porch Communities and Services, Series A | 5.000 | 04-01-47 | 500,000 | 559,310 | |
| California Statewide Communities Development Authority Infrastructure Program Revenue, Series B | 5.000 | 09-02-44 | 1,000,000 | 1,067,140 | |
| California Statewide Communities Development Authority Redlands Community Hospital | 5.000 | 10-01-46 | 2,000,000 | 2,271,960 | |
| California Statewide Communities Development Authority Redwoods Project (B) | 5.375 | 11-15-44 | 1,500,000 | 1,654,830 | |
| California Statewide Financing Authority Tobacco Settlement, Series A | 6.000 | 05-01-37 | 2,500,000 | 2,509,575 | |
| California Statewide Financing Authority Tobacco Settlement, Series B | 6.000 | 05-01-37 | 3,000,000 | 3,011,490 | |
| City of Belmont Library Project, Series A (B) | 5.750 | 08-01-24 | 825,000 | 912,590 | |
| City of Irvine Community Facilities District, No. 2013-3 Great Park | 5.000 | 09-01-49 | 2,000,000 | 2,209,860 | |
| City of Long Beach Alamitos Bay Marina Project | 5.000 | 05-15-45 | 1,000,000 | 1,097,000 | |
| City of Long Beach Community Facilities District 6-Pike Project | 6.250 | 10-01-26 | 1,795,000 | 1,799,631 |
| SEE NOTES TO FUND'S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND | 3 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| California (continued) | |||||
| City of Long Beach Harbor Revenue, Series A | 5.000 | 05-15-49 | 2,000,000 | $2,394,720 | |
| City of Los Angeles Department of Airports Airport Revenue, Series C, AMT | 5.000 | 05-15-35 | 1,000,000 | 1,273,870 | |
| City of Los Angeles Department of Airports Los Angeles International Airport, Series D, AMT | 4.000 | 05-15-44 | 2,000,000 | 2,224,780 | |
| City of Sacramento Greenbriar Community Facilities District No. 2018-3 | 4.000 | 09-01-50 | 600,000 | 643,872 | |
| City of San Clemente Community Facilities District, No. 2006-1 | 5.000 | 09-01-46 | 1,965,000 | 2,179,676 | |
| City of San Mateo Community Facilities District, No. 2008-1 Bay Meadows | 5.500 | 09-01-44 | 2,000,000 | 2,095,300 | |
| College of the Sequoias Tulare Area Improvement District No. 3 Election of 2008, Series B, GO (B)(C) | 2.726 | 08-01-40 | 2,890,000 | 1,701,141 | |
| County of Sacramento Airport System Revenue | 4.000 | 07-01-39 | 1,000,000 | 1,157,240 | |
| CSCDA Community Improvement Authority Essential Housing Revenue Parallel Anaheim, Series A (A) | 4.000 | 08-01-56 | 1,000,000 | 1,079,560 | |
| CSCDA Community Improvement Authority Essential Housing Revenue Renaissance at City Center, Series A (A) | 5.000 | 07-01-51 | 1,000,000 | 1,167,780 | |
| Foothill-Eastern Transportation Corridor Agency Highway Revenue Tolls, Series A | 5.750 | 01-15-46 | 3,000,000 | 3,466,770 | |
| Foothill-Eastern Transportation Corridor Agency Toll Road Revenue, Series A | 4.000 | 01-15-46 | 2,045,000 | 2,325,042 | |
| Golden State Tobacco Securitization Corp. Series A | 5.000 | 06-01-40 | 5,000,000 | 5,719,149 | |
| Golden State Tobacco Securitization Corp. Series A | 5.000 | 06-01-45 | 3,250,000 | 3,714,685 | |
| Golden State Tobacco Securitization Corp. Series A-1 | 3.500 | 06-01-36 | 1,785,000 | 1,818,290 | |
| Golden State Tobacco Securitization Corp. Series A-1 | 5.000 | 06-01-47 | 1,610,000 | 1,665,304 | |
| Hastings Campus Housing Finance Authority California Campus Housing Revenue, Series A | 5.000 | 07-01-45 | 1,000,000 | 1,138,960 | |
| Inland Valley Development Agency Series A | 5.000 | 09-01-44 | 2,500,000 | 2,729,650 | |
| Liberty Union High School District Election 2016, Series B, GO | 3.000 | 08-01-41 | 1,670,000 | 1,767,678 | |
| Los Angeles Community Facilities District Cascades Business Park | 6.400 | 09-01-22 | 165,000 | 167,602 | |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Series A | 4.000 | 06-01-35 | 250,000 | 302,935 | |
| Los Angeles County Public Works Financing Authority Series D | 5.000 | 12-01-45 | 2,000,000 | 2,326,640 | |
| Los Angeles County Regional Financing Authority Montecedro, Inc. Project, Series A (B) | 5.000 | 11-15-44 | 1,355,000 | 1,434,525 | |
| Los Angeles Department of Water Power Waterworks Revenue, Series A | 5.000 | 07-01-50 | 1,000,000 | 1,260,540 | |
| Los Angeles Department of Water & Power Power Systems, Series D | 5.000 | 07-01-44 | 1,000,000 | 1,133,560 | |
| Los Angeles Unified School District Series RYQ, GO | 4.000 | 07-01-44 | 1,500,000 | 1,740,480 | |
| Lower Tule River Irrigation District Series A | 5.000 | 08-01-28 | 875,000 | 1,063,484 | |
| Marin Healthcare District Election of 2013, GO | 4.000 | 08-01-45 | 1,000,000 | 1,110,280 | |
| Metropolitan Water District of Southern California Series A | 5.000 | 10-01-49 | 1,500,000 | 1,907,805 | |
| M-S-R Energy Authority Natural Gas Revenue, Series B | 6.500 | 11-01-39 | 1,500,000 | 2,368,890 |
| 4 | JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND | QUARTERLY REPORT | SEE NOTES TO FUND'S INVESTMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| California (continued) | |||||
| Norman Y. Mineta San Jose International Airport SJC Series A, AMT | 5.000 | 03-01-47 | 3,000,000 | $3,508,110 | |
| Oakland Unified School District Series A, GO | 5.000 | 08-01-40 | 1,500,000 | 1,722,810 | |
| Orange County Community Facilities District 2017-1 Esencia Village, Series A | 5.000 | 08-15-47 | 2,000,000 | 2,321,560 | |
| Pacifica School District Series C, GO (B)(C) | 1.131 | 08-01-26 | 1,000,000 | 940,010 | |
| Pasadena Area Community College District Certificates Participation Sarafian Building Project | 4.000 | 08-01-51 | 1,000,000 | 1,058,950 | |
| Port of Los Angeles Series A, AMT | 5.000 | 08-01-44 | 2,000,000 | 2,219,920 | |
| River Islands Public Financing Authority Community Facilities District, No. 2003-1 | 5.500 | 09-01-45 | 750,000 | 791,198 | |
| River Islands Public Financing Authority Community Facilities District, No. 2003-1, Series A | 5.000 | 09-01-48 | 1,250,000 | 1,395,375 | |
| River Islands Public Financing Authority Lathrop Irrigation District Electric Revenue (B) | 4.000 | 09-01-35 | 1,125,000 | 1,319,018 | |
| Riverside County Transportation Commission Series A | 5.750 | 06-01-48 | 1,000,000 | 1,089,420 | |
| Sacramento Municipal Utility District Electric Revenue, Series H | 4.000 | 08-15-45 | 2,000,000 | 2,338,380 | |
| San Diego Public Facilities Financing Authority Capital Improvement Projects, Series A | 5.000 | 10-15-44 | 1,000,000 | 1,149,960 | |
| San Diego Public Facilities Financing Authority Series A | 3.000 | 08-01-49 | 1,500,000 | 1,599,645 | |
| San Diego Public Facilities Financing Authority Series A | 4.000 | 08-01-45 | 500,000 | 590,880 | |
| San Diego Unified School District Series I, GO (C) | 3.594 | 07-01-39 | 1,250,000 | 648,150 | |
| San Francisco Bay Area Rapid Transit District Election 2016, Series C1, GO | 3.000 | 08-01-50 | 1,500,000 | 1,562,985 | |
| San Francisco City & County Airport Commission International Airport Revenue, Second Series 2020-B | 4.000 | 05-01-37 | 1,000,000 | 1,175,890 | |
| San Francisco City & County Airport Commission Series E, AMT | 5.000 | 05-01-50 | 1,500,000 | 1,795,695 | |
| San Francisco City & County Airport Commission Special Facilities Lease, SFO Fuel Company LLC, Series A, AMT | 5.000 | 01-01-47 | 2,000,000 | 2,377,440 | |
| San Francisco City & County Public Utilities Commission Power Revenue Green Bonds, Series A | 5.000 | 11-01-45 | 1,500,000 | 1,726,095 | |
| San Francisco City & County Redevelopment Successor Agency Department of General Services Lease, No. 6, Mission Bay South, Series A | 5.150 | 08-01-35 | 1,250,000 | 1,267,463 | |
| San Francisco City & County Redevelopment Successor Agency Mission Bay Project, Series A | 5.000 | 08-01-43 | 1,000,000 | 1,105,640 | |
| San Joaquin Hills Transportation Corridor Agency Highway Revenue Tolls, Series A | 5.000 | 01-15-44 | 2,500,000 | 2,778,850 | |
| San Mateo Joint Powers Financing Authority Capital Projects Program (B) | 5.000 | 07-01-21 | 925,000 | 939,689 | |
| Santa Ana Financing Authority Police Administration & Holding Facility, Series A (B) | 6.250 | 07-01-24 | 4,115,000 | 4,560,778 | |
| Santa Ana Financing Authority Prerefunded, Police Administration & Holding Facility, Series A (B) | 6.250 | 07-01-24 | 4,115,000 | 4,557,321 | |
| Santa Margarita Water District Community Facilities District, No. 2013-1 | 5.625 | 09-01-43 | 745,000 | 808,221 | |
| Santee School District Election of 2006, Series E, GO (B)(C) | 3.030 | 05-01-51 | 1,530,000 | 613,652 | |
| South Orange County Public Financing Authority Series A | 5.000 | 08-15-33 | 1,000,000 | 1,037,380 | |
| South Orange County Public Financing Authority Series A | 5.000 | 08-15-34 | 450,000 | 466,596 |
| SEE NOTES TO FUND'S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND | 5 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| California (continued) | |||||
| Southern California Public Power Authority Apex Power Project, Series A | 5.000 | 07-01-38 | 1,000,000 | $1,130,390 | |
| Southern California Public Power Authority Natural Gas Project Revenue, Series A | 5.250 | 11-01-26 | 2,000,000 | 2,457,460 | |
| State of California Construction Bonds, GO | 5.000 | 10-01-49 | 1,000,000 | 1,240,190 | |
| State of California Various Purpose, GO | 3.000 | 03-01-50 | 1,500,000 | 1,567,140 | |
| State of California Various Purpose, GO | 5.000 | 04-01-32 | 2,000,000 | 2,720,740 | |
| Sweetwater Union High School District Ad Valorem Property Tax, GO | 4.000 | 08-01-42 | 500,000 | 535,090 | |
| Tobacco Securitization Authority of Northern California Tobacco Settlement Revenue, Senior Bonds, Series B1 | 4.000 | 06-01-49 | 750,000 | 844,590 | |
| Transbay Joint Powers Authority Tax Allocation, Series A | 5.000 | 10-01-32 | 345,000 | 437,598 | |
| Turlock Irrigation District Electricity, Power & Light Revenues | 5.000 | 01-01-41 | 1,000,000 | 1,269,040 | |
| University of California Series AZ | 5.000 | 05-15-48 | 1,500,000 | 1,826,610 | |
| West Covina Community Development Commission Successor Agency Fashion Plaza | 6.000 | 09-01-22 | 1,565,000 | 1,651,732 | |
| William S. Hart Union High School District Community Facilities District, No. 2015-1 | 5.000 | 09-01-47 | 1,000,000 | 1,111,810 | |
| Puerto Rico 2.1% | 4,476,240 | ||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-1 (C) | 2.567 | 07-01-31 | 1,500,000 | 1,149,960 | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-1 (C) | 4.712 | 07-01-46 | 2,500,000 | 765,475 | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-1 | 4.750 | 07-01-53 | 1,500,000 | 1,633,395 | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-2 | 4.784 | 07-01-58 | 850,000 | 927,410 | |
| Total investments (Cost $194,896,261) 99.2% | $207,643,419 | ||||
| Other assets and liabilities, net 0.8% | 1,588,134 | ||||
| Total net assets 100.0% | $209,231,553 | ||||
| The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. | |
| ^All par values are denominated in U.S. dollars unless otherwise indicated. | |
| Security Abbreviations and Legend | |
| AMT | Interest earned from these securities may be considered a tax preference item for purpose of the Federal Alternative Minimum Tax. |
| GO | General Obligation |
| (A) | These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. |
| (B) | Bond is insured by one or more of the companies listed in the insurance coverage table below. |
| (C) | Zero coupon bonds are issued at a discount from their principal amount in lieu of paying interest periodically. Rate shown is the effective yield at period end. |
| Insurance coverage | As a % of total investments |
| National Public Finance Guarantee Corp. | 5.3 |
| California Mortgage Insurance | 3.2 |
| Build America Mutual Assurance Company | 1.8 |
| Assured Guaranty Municipal Corp. | 1.8 |
| Ambac Financial Group, Inc. | 0.4 |
| TOTAL | 12.5 |
The fund had the following sector
composition as a percentage of net assets on 2-28-21:
| General obligation bonds | 9.3% |
| 6 | JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND | QUARTERLY REPORT | SEE NOTES TO FUND'S INVESTMENTS |
| Revenue bonds | 89.9% |
| Other revenue | 15.3% |
| Health care | 14.3% |
| Facilities | 12.1% |
| Tobacco | 11.8% |
| Transportation | 7.3% |
| Education | 6.7% |
| Airport | 6.1% |
| Development | 5.0% |
| Housing | 4.9% |
| Utilities | 3.5% |
| Water and sewer | 2.4% |
| Pollution | 0.5% |
| Other assets and liabilities, net | 0.8% |
| TOTAL | 100.0% |
| SEE NOTES TO FUND'S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND | 7 |
| Notes to Fund's investments (unaudited) |
Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other
disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the
NYSE pursuant to the fund's Valuation Policies and Procedures.
In order to value the securities,
the fund uses the following valuation techniques: Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which
takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker
supplied prices.
Other portfolio securities and
assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the fund's Pricing Committee following procedures established by the Board of Trustees.
The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such
securities existed.
The fund uses a three-tier hierarchy
to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities,
including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment
speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities
valued using significant unobservable inputs when market prices are not readily available or reliable, including the fund's own assumptions in determining the fair value of investments. Factors used in determining
value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks
associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.
As of February 28, 2021, all
investments are categorized as Level 2 under the hierarchy described above.
For additional information on the
fund's significant accounting policies and risks, please refer to the fund's most recent semiannual or annual shareholder report and prospectus.
| 8 | | |