BOSTON, Dec. 14,
2023 /PRNewswire/ - John Hancock Tax-Advantaged
Global Shareholder Yield Fund (the "Fund") a closed-end fund
managed by John Hancock Investment Management LLC and subadvised by
Epoch Investment Partners, announced today that its Board of
Trustees (the "Board") determined to reorganize the Fund into John
Hancock Global Shareholder Yield Fund ("JGYIX") (the proposed
reorganization of the Fund into JGYIX is the "Reorganization").
JGYIX is an open-end fund that is a series of John Hancock Funds
III with approximately $1.17 billion in net assets and is
also managed by John Hancock Investment Management, the investment
adviser of the Fund, and subadvised by Epoch Investment Partners,
the sub-adviser of the Fund, using a similar investment
strategy.
At its meeting held on December 12-14,
2023, the Board, voted to recommend that the shareholders of
the Fund, a closed-end fund traded on the New York Stock Exchange,
approve a tax-free reorganization of the Fund into JGYIX (together
with the Fund, the "Funds"), as described below. John Hancock
Investment Management believes that the Reorganization will allow
the Fund shareholders to benefit from the economies of scale
provided by the combined AUM and from the continued investment
management services of Epoch Investment Partners. Shareholders of
record as of January 17, 2024, are
entitled to vote on the Reorganization.
Under the terms of the Reorganization, subject to shareholder
approval at a shareholder meeting scheduled to be held on or about
April 15, 2024 the Fund would
transfer all of its assets to JGYIX in exchange for corresponding
shares of JGYIX. JGYIX would also assume substantially all of the
Fund's liabilities. Under the terms of the Reorganization, which
will be described in the Proxy Statement/Prospectus when it is
filed with the SEC, the aggregate net asset value of JGYIX shares
received by Fund shareholders is anticipated to be equal to the
aggregate net asset value of the common shares of the Fund held by
its shareholders.
Once corresponding shares of JGYIX are be distributed to the
Fund's shareholders, the Fund would cease trading, be de-listed,
and would be terminated. If approved by the Fund's shareholders,
the Reorganization is expected to occur as of the close of business
on or about April 26, 2024 (the
"Closing Date"). Further information regarding the Reorganization
will be contained in a proxy statement and prospectus, which is
expected to be delivered to shareholders on or about February 26, 2024.
The Fund will continue trading on the New York Stock Exchange,
and its common shares may be bought or sold, through shareholder
approval of the Reorganization. The Fund is anticipated to continue
trading until approximately seven days before the Closing Date,
when the Fund is expected to cease trading. All shareholders
holding Fund shares will receive JGYIX shares upon the closing of
the Reorganization.
The proposal to merge the Fund into JGYIX will require the
approval of the Fund's shareholders. This press release is not
intended to, and does not constitute an offer to purchase or sell
shares of the Funds nor is this press release intended to solicit a
proxy from any shareholder of the Funds. The solicitation of the
purchase or sale of securities or of proxy to effect the
Reorganization will only be made by a definitive Proxy
Statement/Prospectus. The Proxy Statement/Prospectus has yet to be
filed with the U.S. Securities and Exchange Commission (the "SEC").
After the Proxy Statement/Prospectus is filed with the SEC, it may
be amended or withdrawn. The Proxy Statement/Prospectus will not be
distributed to shareholders of the Fund unless and until a
Registration Statement comprising of the Proxy Statement/Prospectus
becomes effective with the SEC.
The Funds and their respective trustees and officers, and John
Hancock Investment Management, and its partners, officers and
employees and other persons may be deemed to be participants in the
solicitation of proxies with respect to the Reorganization.
Investors and shareholders may obtain more detailed information
regarding the direct and indirect interests of the Funds'
respective trustees and officers, and John Hancock Investment
Management and its partners, officers and employees and other
persons by reading the Proxy Statement/Prospectus when it is filed
with the SEC.
INVESTORS AND SHAREHOLDERS OF THE FUNDS ARE URGED TO READ THE
PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC
CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE
THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE
REORGANIZATION. INVESTORS SHOULD CONSIDER THE INVESTMENT
OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE FUNDS CAREFULLY. THE
PROXY STATEMENT/PROSPECTUS WILL CONTAIN INFORMATION WITH RESPECT TO
THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE
FUNDS.
The Proxy Statement/Prospectus will not constitute an offer to
buy or sell securities, in any state where such offer or sale is
not permitted.
Shareholders may obtain free copies (when they become available)
of the Proxy Statement/Prospectus and other documents filed with
the SEC at the SEC's web site at www.sec.gov. In addition,
free copies (when they become available) of the Proxy
Statement/Prospectus and other documents filed with the SEC may
also be obtained by directing a request to John Hancock Investment
Management Closed-End Fund Information Line at 1-800-843-0090,
Monday through Friday between 8:00
a.m. and 7:00 p.m., Eastern
Time.
If you have questions or need additional information, please
contact your financial professional or call the John Hancock
Investment Management Closed-End Fund Information Line at
1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m.,
Eastern Time.
John Hancock Tax-Advantaged Global Shareholder Yield Fund is
a Massachusetts business trust registered as a diversified,
closed-end management investment company under the Investment
Company Act of 1940, as amended. The Fund's investment objective is
to provide total return consisting of a high level of current
income and gains and long term capital appreciation. In pursuing
its investment objective, the Fund seeks to achieve favorable
after-tax returns for its shareholders by seeking to minimize the
U.S. federal income tax consequences on income and gains generated
by the fund. There can be no assurance that the fund
will achieve its investment objective.
This press release contains "forward-looking statements" as
defined under the U.S. federal securities laws. Generally, the
words "believe," "expect," "intend," "estimate," "anticipate,"
"project," "will," and similar expressions identify forward-looking
statements, which generally are not historical in nature.
Forward-looking statements are subject to certain risks and
uncertainties that could cause actual future results to differ
significantly from the Fund's present expectations or projections
indicated in any forward-looking statements. These risks include,
but are not limited to, changes in economic and political
conditions; regulatory and legal changes; leverage risk; valuation
risk; interest rate risk; tax risk; the volume of sales and
purchase of shares; the continuation of investment advisory,
administration and other service arrangements; and other risks
discussed in the Fund's filings with the Securities and Exchange
Commission. You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. The Fund
undertakes no obligation to publicly update or revise any
forward-looking statements made herein. There is no assurance that
the Fund's investment objective will be attained.
An investor should consider the Funds investment objectives,
risks, charges and expenses carefully before investing.
About John Hancock Investment
Management
A company of Manulife Investment Management, we serve investors
through a unique multimanager approach, complementing our extensive
in-house capabilities with an unrivaled network of specialized
asset managers, backed by some of the most rigorous investment
oversight in the industry. The result is a diverse lineup of
time-tested investments from a premier asset manager with a
heritage of financial stewardship.
About Manulife Investment
Management
Manulife Investment Management is the global brand for the
global wealth and asset management segment of Manulife Financial
Corporation. We draw on more than a century of financial
stewardship and the full resources of our parent company to serve
individuals, institutions, and retirement plan members worldwide.
Headquartered in Toronto, our leading capabilities in public
and private markets are strengthened by an investment footprint
that spans 18 geographies. We complement these capabilities by
providing access to a network of unaffiliated asset managers from
around the world. We're committed to investing responsibly across
our businesses. We develop innovative global frameworks for
sustainable investing, collaboratively engage with companies in our
securities portfolios, and maintain a high standard of stewardship
where we own and operate assets, and we believe in supporting
financial well-being through our workplace retirement plans. Today,
plan sponsors around the world rely on our retirement plan
administration and investment expertise to help their employees
plan for, save for, and live a better retirement. Not all offerings
are available in all jurisdictions. For additional information,
please visit manulife.com.
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SOURCE John Hancock Investment Management