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John Hancock's Closed-End Funds Announce Positive Monthly Payouts Despite Market Volatility

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Benjamin Hughes

June 3, 2024 - 20:24 pm

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Robust Financial Strategies Pay Off: John Hancock’s Closed-End Funds Announce Monthly Distributions Amidst Market Adjustments

BOSTON, June 3, 2024 /PRNewswire/ - In an era where fiscal management is paramount, John Hancock continues to stride forward with confidence, announcing today a series of monthly distributions for a range of its renowned closed-end funds, indicative of unyielding financial acumen in a fluctuating market.

The authoritative asset management firm has declared, for public knowledge, the specifics of these monthly dispersals which are outlined as follows: Presently declared on June 3, 2024, stakeholders should note key dates including the Ex Date of June 13, 2024, the Record Date also slated for June 13, 2024, and the Payment Date, which follows shortly on June 28, 2024.

Fund Performance and Distributions Detailed

Poised with precision, the table below encapsulates the various metrics of each fund, such as the ticker symbol, fund name, per-share distribution amount, changes from the prior distribution, recent market price, and the annualized current distribution rate at market.

  • Preferred Income Fund (Ticker: HPI) presents a steady distribution of $0.1235 per share, maintaining its previous distribution metrics, and showcases a robust market price of $16.68 with an impressive 8.88% distribution rate.
  • The Preferred Income Fund II (Ticker: HPF) mirrors its counterpart with a $0.1235 per share distribution, stays constant from its past figures, and stands at a market price of $17.09 with an 8.67% distribution rate.
  • Preferred Income Fund III (Ticker: HPS), circulating $0.1100 per share, echoes the pattern of unchanged distribution, and holds firm in the market with a value of $15.56 and an 8.48% distribution rate.
  • Premium Dividend Fund (Ticker: PDT) navigates with a $0.0825 per share distribution, holding course from its prior payout, all the while commanding a market price of $11.50 and an 8.61% distribution rate.
  • Tax-Advantaged Dividend Income Fund (Ticker: HTD) fortifies its distribution at $0.1380 per share, retaining the previous distribution stance, with a hearty market price of $20.68, and an admirable 8.01% distribution rate.

The Benevolent Approach of the John Hancock Premium Dividend Fund

The John Hancock Premium Dividend Fund, marked by meticulous strategy, epitomizes the foresight inherent to John Hancock. Under the Fund's managed distribution plan (the "PDT Plan"), a consistent monthly sum of $0.0825 per share is declared. The ambition of maintaining such distributions remains firm unless otherwise revised.

  • Word Return Rate at Market: 66 | Total: 393

Distributions stemming from this plan could well comprise net investment income, net realized capital gains both long and short-term, and as necessary, a calculated return of capital, underscoring the sophisticated allocation methods employed.

Moreover, the Fund stands prepared to dispense additional allocations with a dual intent: to obviate any federal income tax on the taxable income and net capital gain not previously accounted for in the regular distributions and to eschew federal excise tax on ordinary and capital gain net income not embraced within the monthly disbursements.

This blueprint for dispersion is under the vigilant governance of the Board, which reserves the rights to adjust or ultimately cease the plan according to strategic or market demands.

John Hancock Tax-Advantaged Dividend Income Fund and Its Strategized Distribution

Parallel in its pragmatism, the John Hancock Tax-Advantaged Dividend Income Fund reveals its distributive measures as per the managed distribution plan (the "HTD Plan"). This plan spells out a monthly dispensation of $0.1380 per share and, akin to the PDT Plan, will carry on indefinitely into the foreseeable future.

The composition of these dispersions might include net investment earnings, both varieties of net realized capital gains and, if necessity dictates, a component of the capital return. This fluidity in distribution speaks to the flexible yet careful financial manoeuvres at the helm.

Continuing with the same vein of fiscal responsibility, the HTD Fund, too, reserves the capacity for additional distributions with the explicit aim to evade federal taxes both on investment company taxable income and on any net capital gain, plus to prevent any imposition of federal excise taxes, all for components not part of the scheduled monthly distributions.

Akin to its brethren, the HTD Plan is subject to modifications or termination by the Board, reflecting John Hancock's commitment to adaptable yet secure management practices amidst evolving financial landscapes.

  • Word Row: 39 | Total: 721

Transparency and Tax Considerations for Shareholders

In a meticulous endeavor to ensure maximum clarity, shareholders are apprised that a portion of a Fund's current distribution may emanate from sources other than net investment income, which can often include a return of capital. It's pivotal for investors to discern that a return of capital is neither a yield from a Fund's income nor its gains.

To uphold statutory compliance with the Investment Company Act of 1940, the provision is made for a distribution components notice to be dispatched to shareholders at the payment juncture, in scenarios where the distribution isn't sourced solely from net investment income. This essential notice is also accessible on the Funds' website at www.jhinvestments.com.

Yet, it bears mentioning that the notice holds estimates and should not serve as the primary document for tax preparations. Consequently, the tax characterizations may vary. Upon the culmination of the calendar year, investors are furnished with a Form 1099-DIV to assist in the accurate federal income tax reporting of distributions received throughout the year.

The forward-looking statements made in such press releases are subject to uncertainties and variables beyond the Fund's sphere of influence, which could manifest in diverse outcomes from those posited within such projections.

Prospective investors are urged to meticulously evaluate a Fund's investment aims, associated risks, and the attendant charges and expenses before committing to an investment.

Flourishing Legacy of John Hancock Investment Management

John Hancock Investment Management stands as a distinguished figure in the investment community, functioning under the aegis of Manulife Investment Management. With its signature multimanager methodology, the firm augments a comprehensive in-house competency with an unrivalled selection of specialized asset managers, underpinned by some of the industry's most stringent oversight mandates.

This pragmatism results in a broad spectrum of well-seasoned investment options from an asset manager whose roots in financial guardianship are well-established and respected.

Global Footprint of Manulife Investment Management

The gravitas of Manulife Investment Management resonates worldwide, proudly wearing the mantle of Manulife Financial Corporation's global brand for its wealth and asset management sector. The company leverages its affluent heritage of over a century in financial stewardship to serve a diverse client base, including individuals, institutions, and retirement plan members globally.

With its headquarters anchored in Toronto, Manulife Investment Management's proficiency in both public and private market investments is further solidified by a global presence that extends across 18 geographic locales. This sweeping coverage is complemented by access to a plethora of unaffiliated asset managers from an international network, illustrating the company's expansive reach and depth in the asset management field.

Manulife Investment Management's ethos revolves around responsible investing. It assembles ground-breaking frameworks for sustainable investment, proactively engages with companies included in their securities portfolios, and sustains a high level of stewardship over owned and operated assets. The overarching aim is to support financial well-being through holistic retirement plans.

Globally, plan sponsors depend on the company’s expertise in administering retirement plans, helping employees navigate the complexities of planning for, saving for, and ultimately attaining a retirement of well-deserved comfort and security. Although availability of offers might differ by jurisdiction, for those seeking additional context, a visit to manulifeim.com will provide comprehensive insights.

Concluding the announcement, John Hancock Investment Management reiterates its commitment to stewardship in financial management, standing as a beacon of embodied proficiency and poised strategic planning within an often unpredictable economic climate.