John Hancock Closed-End Preferred Funds Declare Monthly Distributions
03 März 2009 - 4:25AM
PR Newswire (US)
BOSTON, March 2 /PRNewswire-FirstCall/ -- Three John Hancock
closed-end preferred funds (each a "Fund") declared their monthly
distributions today as follows: John Hancock Ticker Current
Previous %Change in Annualized Fund Name Distribution Distribution
Distribution Current Rate Rate Rate Distribution Rate at Market
Price * Preferred Income Fund HPI $0.1240 $0.1550 -20% 13.29%
Preferred Income Fund II HPF $0.1240 $0.1550 -20% 13.74% Preferred
Income Fund III HPS $0.1122 $0.1320 -15% 14.89% *Based on February
27, 2009 market closing price. The record date for the
distributions is March 12, 2009, the payable date March 31, 2009
and the ex-date is March 10, 2009. These current distribution
amounts represent a decrease from the rates most recently declared
and paid by each Fund. Under normal market conditions, each Fund
attempts to provide consistent distributions to shareholders from
earned income generated by each Fund's assets and consistent with
its investment objective. The Funds' management considered a number
of factors before coming to the decision to decrease the
distribution rate, including the lower net investment income earned
on the Funds' lower asset levels, as well as, uncertainty in future
corporate dividend rates due to preferred stock call risk, extreme
market volatility and unprecedented economic circumstances. As a
result, the Funds' management felt that it was prudent to decrease
the dividend rate at this time. Despite the challenging market
environment, all three John Hancock preferred funds have had strong
relative performance versus their Lipper peer group of Income and
Preferred Stock Funds (with 31 funds in the group). All three Funds
outperformed their Lipper peer group of Income and Preferred Stock
Funds for the 1-, 3- and 5-year periods based on total return at
NAV as of January 31, 2009, and for the 1-year period all three
funds ranked in the top quartile of their peer group, as
illustrated in the table below.* Lipper Income & Preferred
Stock Funds* Total Return at NAV John Hancock Ticker 1-Year 3-Year
5-Year Fund Name Total % Total % Total % Return Rank Return Rank
Return Rank Preferred Income Fund HPI -34.71% 13 -11.35% 21 -4.64%
22 Preferred Income Fund II HPF -34.92% 16 -11.30% 18 -4.85% 27
Preferred Income Fund III HPS -40.93% 25 -14.47% 35 -6.65% 31
Lipper Peer Average -48.22% -19.46% -9.23% * Source of performance
data stated: Lipper as of January 31, 2009. Past performance is no
guarantee of future results. Each Fund's primary objective is to
provide a high level of current income consistent with preservation
of capital. Each Fund's secondary objective is to provide growth of
capital to the extent consistent with its primary objective. There
can be no assurances that each Fund will achieve its investment
objective. Under normal market conditions, each Fund invests at
least 80% of its assets in preferred stocks and other preferred
securities, including convertible preferred securities. About John
Hancock Funds The Boston-based mutual fund business unit of John
Hancock Financial, John Hancock Funds manages more than $38.8
billion in open-end funds, closed-end funds, private accounts,
retirement plans and related party assets for individual and
institutional investors at December 31, 2008. About John Hancock
Financial and Manulife Financial Corporation John Hancock Financial
is a unit of Manulife Financial Corporation (the Company), a
leading Canadian-based financial services group serving millions of
customers in 19 countries and territories worldwide. Operating as
Manulife Financial in Canada and in most of Asia, and primarily as
John Hancock in the United States, the Company offers clients a
diverse range of financial protection products and wealth
management services through its extensive network of employees,
agents and distribution partners. Funds under management by
Manulife Financial and its subsidiaries were Cdn$405 billion
(US$330 billion) at December 31, 2008. Manulife Financial
Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under
'0945' on the SEHK. Manulife Financial can be found on the Internet
at http://www.manulife.com/. The John Hancock unit, through its
insurance companies, comprises one of the largest life insurers in
the United States. John Hancock offers a broad range of financial
products and services, including life insurance, fixed and variable
annuities, fixed products, mutual funds, 401(k) plans, long-term
care insurance, college savings, and other forms of business
insurance. Additional information about John Hancock may be found
at http://www.johnhancock.com/. The performance data contained
within this press release represents past performance, which does
not guarantee future results. Performance, especially for short
time periods, should not be the sole factor in making your
investment decision. Statements in this press release that are not
historical facts are forward-looking statements as defined by
United States securities laws. You should exercise caution in
interpreting and relying on forward-looking statements because they
are subject to uncertainties and other factors which are, in some
cases, beyond the fund's control and could cause actual results to
differ materially from those set forth in the forward-looking
statements. DATASOURCE: John Hancock Advisers, LLC CONTACT:
Kimberley Dietrich, +1-617-663-4217; or Investors: +1-800-843-0090,
both of John Hancock Web Site: http://www.johnhancock.com/
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