In connection with the foregoing changes, the Board approved two additional investment policy changes. Currently, the Fund can invest up to 20% of its net assets in the common and preferred equity securities and other preferred securities of financial services companies, companies with significant lending operations, "money center" banks, and foreign banking, and debt securities of U.S. banks and thrifts and their holding companies. Under the revised policies, the Fund will be permitted to invest up to 20% of its net assets in the aggregate: (i) in the common and preferred equity securities and other preferred securities of non-financial services companies and (ii) in U.S. and foreign debt securities that include, but are not limited to, bonds, notes, bills and debentures.Under normal circumstances, the Fund will invest at least 80% of its net assets in equity securities of U.S. and foreign financial services companies of any size. These companies may include, but are not limited to, banks, thrifts, finance companies, brokerage and advisory firms, real estate-related firms, insurance companies and financial holding companies. "Net assets" is defined as net assets plus borrowings for investment purposes.
John Hancock Bank And Thrift Opportunity Fund - Important Notice Regarding Change In Investment Policy And Fund Name And Notice Of Special Meeting Of Shareholders
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