BOSTON, Oct. 1, 2019 /PRNewswire/ - The John Hancock
Preferred Income Funds (NYSE: HPI, HPF, and HPS) (the "Funds"),
closed-end funds managed by John Hancock Investment Management, LLC
and subadvised by Manulife Investment Management (US) LLC, declared
their monthly distributions.
Ticker
|
Fund
Name
|
Distribution
Per Share
|
Change From
Previous
Distribution
|
Market Price
as of 9/30/2019
|
Annualized
Current
Distribution Rate
at Market
|
NAV as of
9/30/2019
|
Annualized
Current
Distribution
Rate at NAV
|
HPI
|
Preferred Income
Fund
|
$0.1235
|
($0.0165)
|
$24.14
|
6.14%
|
$21.67
|
6.84%
|
HPF
|
Preferred Income Fund
II
|
$0.1235
|
($0.0165)
|
$23.38
|
6.34%
|
$21.32
|
6.95%
|
HPS
|
Preferred Income Fund
III
|
$0.1100
|
($0.0122)
|
$20.01
|
6.60%
|
$18.94
|
6.97%
|
The current distributions represent a decrease of 11.8% for HPI
and HPF and 10.0% for HPS from their previous monthly
distributions. The reductions were done to better align the funds'
distributions relative to the funds' earning potential. The new
distributions are payable October 31,
2019 to shareholders of record on October 11, 2019 with an ex-date of October 10, 2019.
The adjustment in the distribution rates is the result of an
analysis conducted by the investment team managing the portfolio
with respect to the rate and sustainability of the Funds'
distributions. As portfolio and market conditions change, the
distribution rate paid by the Funds could change.
A portion of the Funds' current distributions may include
sources other than net investment income, including a return of
capital. Investors should understand that a return of capital is
not a distribution from income or gains of the Funds. As required
under the Investment Company Act of 1940, a notice with the
estimated components of the distribution will be mailed to
shareholders at the time of payment if it does not consist solely
of net investment income. At this time, the Funds anticipate that
the notice accompanying the current distribution will include an
estimate of return of capital. Such notice will also be posted to
the Funds' website at www.jhinvestments.com. The notice should not
be used to prepare tax returns as the estimates indicated in the
notice may differ from the ultimate federal income tax
characterization of distributions. After the end of each calendar
year, investors will be sent a Form 1099-DIV informing them how to
report distributions received during that year for federal income
tax purposes.
Statements in this press release that are not historical
facts are forward-looking statements as defined by the 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.
An investor should consider a Fund's investment objectives,
risks, charges and expenses carefully before investing.
About John Hancock Financial and Manulife
Financial
John Hancock is a
division of Manulife Financial Corporation, a leading international
financial services group that helps people achieve their dreams and
aspirations by putting customers' needs first and providing the
right advice and solutions. We operate primarily as John Hancock in the
United States and as Manulife elsewhere. We provide
financial advice, insurance, and wealth and asset management
solutions for individuals, groups, and institutions. Assets under
management and administration by Manulife and its subsidiaries were
over CAD$1.1 trillion (US$877 billion) as of June
30, 2019. Manulife Financial Corporation trades as MFC on
the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be
found at manulife.com.
One of the largest life insurers in the United States, John Hancock supports approximately 10 million
Americans with a broad range of financial products, including life
insurance, annuities, investments, 401(k) plans, and education
savings plans. Additional information about John Hancock may be found at
johnhancock.com.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/john-hancock-preferred-income-funds-declare-monthly-distributions-300929147.html
SOURCE John Hancock Investment Management