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The Board of Trustees authorized a share repurchase plan whereby the Fund may purchase in the open market up to 10% of its outstanding common shares through December 31, 2008. The share repurchase program was intended to increase the Fund's NAV per share of its remaining common shares and provide additional liquidity in the trading of the common shares.
"Global financial markets have been extraordinarily volatile over the last few months and it has been a particularly challenging time for closed-end funds. During the period, the Fund has been able to buy back shares in the open market at attractive prices relative to net asset value," says Andrew G. Arnott, Senior Vice President of Product Management and Development. Despite this challenging environment, the Fund has traded over its peers with a 3- month average discount of -12.43% versus -14.85% for the Morningstar Closed- end Large Value peer group as of October 31, 2008. Since the repurchase program was announced, or the 11-month period through October 31, 2008, the Fund traded at an average discount of -10.52% versus -11.02% for its Morningstar peer group.
There is no assurance that the market price of the Fund's shares, either absolutely or relative to net asset value, will increase as a result of any share repurchases. The Fund uses leverage, which involves risk and may increase the volatility of the Fund's net asset value.
About John Hancock Funds
The Boston-based mutual fund business unit of John Hancock Financial Services, John Hancock Funds manages more than $47.9 billion in open-end funds, closed-end funds, private accounts, retirement plans and related party assets for individual and institutional investors at September 30, 2008. John Hancock Funds are distributed by John Hancock Funds, LLC, member FINRA. For more information, please visit www.jhfunds.com.
John Hancock Financial Services is a unit of Manulife Financial Corporation, a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through 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$385 billion (US$364 billion) at September 30, 2008. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the SEHK. Manulife Financial may be found on the Internet at www.manulife.com.
SOURCE John Hancock Funds
http://www.jhfunds.com
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