BOSTON, Feb. 1 /PRNewswire-FirstCall/ -- John Hancock Tax-Advantaged Dividend Income Fund paid its monthly distribution pursuant to the newly adopted level distribution policy as follows:
Declaration Date: January 2, 2008 Ex Date: January 10, 2008 Record Date: January 14, 2008 Payable Date: January 31, 2008 Distribution Amount: $0.12500
The new level distribution policy was implemented in December 2007, with an increase in the distribution to $0.125 per share. The December 2007 $0.125 distribution represented a 29.3% increase over the prior dividend of $0.0967 per share. As discussed below, the fund will attempt to keep its monthly distribution at this increased rate for as long as possible. On an annualized basis, the distribution level equates to a NAV distribution rate of 7.66% and a market value distribution rate of 8.42% based on the Fund's net asset value of $19.57 and closing share price of $17.82 on January 31, 2008. Because the market price of the Fund's shares will vary, the monthly distribution, which is based on a level dollar amount as described below, may represent more or less than this annualized distribution rate at any point in time.
As previously mentioned, the Board of Trustees, in evaluating strategic options to enhance shareholder value and potentially decrease the discount of the Fund's common shares approved the increased distribution level pursuant to the newly adopted level distribution policy. The policy states the Fund will attempt to pay a fixed monthly distribution to common shareholders in the above amount. The Fund's level distribution policy and the amount paid out under such policy is subject to regular review by the Board of Trustees to determine whether it continues to be in the best interests of the Fund and its shareholders. There can be no assurance that the level distribution policy will be maintained in the future or maintained at its current level.
The distributions, under the level distribution policy, are to be made from current income, supplemented by realized long-term capital gains, to the extent permitted by law, realized short-term capital gains and, to the extent necessary, return of capital. The composition of any distributions under this policy may vary because it may be materially impacted by future realized capital gains or losses, and income from holdings. As required under the Investment Company Act of 1940, the Fund will provide a notice to shareholders at the time of distribution that does not consist solely of net income. The notice would be for informational sources only and the amounts indicated in such notices likely will differ from the ultimate federal income tax characterization of distributions reported to shareholders on Form 1099-DIV after year-end. As noted, distributions may include return of capital. Investors should understand that a return of capital is not a distribution of income or gains from the Fund.
The Boston-based mutual fund business unit of John Hancock Financial Services, John Hancock Funds manages more than $59 billion in open-end funds, closed-end funds, private accounts, retirement plans and related party assets for individual and institutional investors at September 30, 2007. For more information, please visit http://www.jhfunds.com/.
About Manulife Financial and John Hancock
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$399 billion (US$400.5 billion) at September 30, 2007. 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 http://www.manulife.com/.
