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
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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.
SOURCE John Hancock Investment Management