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December 12, 2012
18:04 EDTHPI, HPS, HPFJohn Hancock Preferred Equity, Prf Income Funds 2 and 3 change investment policy
The John Hancock Preferred Income Fund (HPI), John Hancock Preferred Income Fund II (HPF), and John Hancock Preferred Income Fund III (HPS) boards of trustees have approved a revision to the Fund's investment policy. The change reduces the percentage of securities that must be rated investment grade at the time of purchase. Effective today, the new investment policy provides that each Fund will invest at least 65% (previously, 80%) of the Fund's total assets in preferred securities and other fixed-income securities which are rated investment grade or in unrated securities determined by the investment adviser to be of comparable credit quality. Under the new policy, each Fund can invest up to 35% of its total assets in preferred securities and other fixed income securities that are rated below investment grade by either S&P or Moody's at the time of acquisition or in comparable unrated securities.
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