BOSTON, April 4, 2008 /PRNewswire-FirstCall/ -- John Hancock Funds reiterated today that the Board of Directors of its closed-end funds and the officers of the funds' advisor are very much aware of and deeply concerned by the difficulties created by the unprecedented disruption in the Auction Rate Preferred Securities (ARPS) market.
"John Hancock Funds' senior management and Board members are completely committed to finding a solution that is in the best interests of both the preferred and common shareholders of our closed-end funds," said Keith F. Hartstein, President and Chief Executive Officer.
"Every business day and many weekends since mid-February there have been meetings, teleconferences, negotiations or other discussions of potential solutions and their ramifications. In addition to participating in teleconferences and in-person meetings with officials from the Investment Company Institute, the Securities and Exchange Commission and the Federal Reserve, we have also held internal discussions and briefings at the highest levels of both John Hancock and our parent company, Manulife Financial," Mr. Hartstein said.
"This is a much more complex issue than it may appear on the surface, but we believe we are close to resolving this unprecedented disruption in liquidity for John Hancock Funds' auction rate preferred shareholders. However, securities regulations prohibit us from saying anything more until those details have been finalized and approved by our Board. We understand fully the frustration of ARPS holders and ask for their continued patience and understanding while we continue to work to solve the problem."
About John Hancock Funds
The Boston-based mutual fund business unit of John Hancock Financial Services, John Hancock Funds manages more than $56.8 billion in open-end funds, closed-end funds, private accounts, retirement plans and related party assets for individual and institutional investors at December 31, 2007. John Hancock Funds are distributed by John Hancock Funds, LLC, member FINRA. For more information, please visit http://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$396 billion (US$401 billion) at December 31, 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/.
