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John Hancock Tax-Advantaged Dividend Income Fund And John Hancock Premium Dividend Fund Declare Increased Monthly Distributions And Capital Gain Distributions

BOSTON, Dec. 2, 2013 /PRNewswire/ -- John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) and John Hancock Premium Dividend Fund (NYSE: PDT) (collectively the "Funds"), closed-end funds advised by John Hancock Advisers, LLC, today announced increases in their monthly distribution amounts.  John Hancock Premium Dividend Fund also announced a short-term and long-term capital gain distribution.

Increased Monthly Distributions (HTD and PDT)

John Hancock Tax-Advantaged Dividend Income Fund increased its monthly distribution amount from $0.0985 per share to $0.1100 per share, an 11.7% increase. This increased distribution amount equates to a distribution rate of 6.55% at the Fund's net asset value ("NAV") of $20.16 and a distribution rate of 7.47% at the Fund's market price of $17.68, as of November 29, 2013.

John Hancock Premium Dividend Fund increased its monthly distribution amount from $0.0755 per share to $0.0800 per share, a 6% increase. This increased distribution amount equates to a distribution rate of 7.00% at the Fund's NAV of $13.72 and a distribution rate of 7.98% at the Fund's market price of $12.03, as of November 29, 2013.

The increased distribution amount for each Fund is expected to be paid on December 19, 2013 to holders of record on December 12, 2013.  The ex-dividend date is December 10, 2013. 

Over the past year there have been several developments that have enabled the Funds to increase their distributions, including:

  • an increase in the dividend yield generated by each Fund's portfolio
  • an increase in the ownership of preferred securities, which generally tend to have higher yields as compared to common stocks
  • an increase in each Fund's use of leverage through borrowings to increase the Fund's total investable assets and income generating capabilities

Capital Gain Distributions (PDT)

John Hancock Premium Dividend Fund also announced today that it has declared a short-term capital gain distribution of $0.0036 per share and a long-term capital gain distribution of $0.3368 per share.  These capital gain distributions will be payable on December 19, 2013 to holders of record on December 12, 2013, with an ex-dividend date of December 10, 2013.

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Stock quotes in this article: HTD, MFC, PDT 

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