DEF: John Hancock Funds Seek Shareholder Vote on Trustee Elections

John Hancock Funds announce their annual shareholder meeting on February 17, 2026, to elect six Trustees for a three-year term.

Summary

• The annual shareholder meeting for John Hancock Preferred Income Fund and other affiliated funds will be held on Tuesday, February 17, 2026, at 2:00 P.M., Eastern time, in Boston, Massachusetts.
• Shareholders are asked to vote on Proposal 1: the election of six Trustees to serve for a three-year term ending at the 2029 Annual Meeting of Shareholders.
• The nominees for election are James R. Boyle, Kristie M. Feinberg, Grace K. Fey, Christine L. Hurtsellers, Hassell H. McClellan, and Kenneth J. Phelan.
• Five of the six nominees are independent of John Hancock's management, with Kristie M. Feinberg being a Non-Independent Trustee.
• Shareholders of record as of the close of business on November 25, 2025, are entitled to vote.
• Voting can be completed online, by phone, or by mail, and prompt voting is encouraged to avoid additional mailings at the funds' expense.
• The Board of Trustees recommends that shareholders vote FOR the election of each of the six nominees.
• The total cost for the preparation and distribution of these proxy materials is approximately $248,840.

Sentiment

Score: 7

Explanation: The filing is a routine proxy statement for governance matters, primarily focusing on trustee elections. It highlights a robust corporate governance structure with a strong emphasis on independent oversight and experienced board members, which is positive for long-term stability. No financial performance data is presented to indicate a strong positive or negative sentiment regarding the funds' operational results.

Positives

• The Board of Trustees recommends voting FOR all nominees, indicating confidence in the proposed leadership.
• A strong emphasis on independent oversight is maintained, with five of the six nominees for election being independent of John Hancock's management.
• The Board operates with a super-majority of Independent Trustees, enhancing governance and shareholder representation.
• A robust committee structure is in place, including Audit, Compliance, Contracts, Legal & Risk, Nominating and Governance, and Investment Committees, ensuring comprehensive oversight.
• Trustees possess significant and diverse experience in financial services, accounting, risk management, and corporate governance.
• The Nominating and Governance Committee explicitly strives for diversity in Trustee candidates, considering gender, race, ethnic background, geographic origin, and thought.

Negatives

• Kristie M. Feinberg and Andrew G. Arnott are classified as Non-Independent Trustees due to their current or former positions with the Advisor and its affiliates, which is a structural aspect rather than a direct negative.

Risks

• As registered investment companies, the funds are subject to various risks, including investment risks (e.g., market risk, credit risk, interest rate risk), financial risks (e.g., settlement risk, liquidity risk, valuation risk), compliance risks, and operational risks.
• Risk management is a complex and dynamic undertaking, and it is not always possible to comprehensively identify and/or mitigate all such risks at all times, as risks are sometimes impacted by external events.
• Funds engaging in derivatives transactions (other than limited users) are required to adopt and implement written derivatives risk management programs.

Future Outlook

The filing primarily focuses on the upcoming annual meeting and the election of Trustees, who, if elected, will serve a three-year term ending at the 2029 Annual Meeting. There are no specific forward-looking statements regarding financial performance or strategic guidance for the funds.

Management Comments

• Kristie M. Feinberg, President of Manulife John Hancock Investments, encouraged shareholders to vote promptly to help avoid additional mailings at the funds' expense, emphasizing the importance of their vote in the election of Trustees.

Industry Context

This proxy statement is a routine disclosure for a U.S. registered investment company complex, aligning with standard corporate governance practices in the investment management industry. The emphasis on independent trustees and a structured committee framework reflects a commitment to robust oversight, which is a key trend in the industry to protect shareholder interests and ensure compliance with regulatory standards.

Comparison to Industry Standards

• The Board's composition, with a super-majority of Independent Trustees and a dedicated Nominating and Governance Committee focused on diversity, aligns with or exceeds best practices for corporate governance in the investment fund industry.
• The detailed committee structure (Audit, Compliance, Contracts, Legal & Risk, Nominating and Governance, Investment) demonstrates a comprehensive approach to oversight, comparable to leading fund complexes.
• The explicit designation of audit committee financial experts (Ms. Rathke and Mr. Bacic) meets SEC requirements and industry expectations for financial oversight.

Management Changes

Corporate Governance

Legal Proceedings

• There are no material pending legal proceedings to which any Nominee, Trustee, or affiliated person is a party adverse to the funds or has a material interest adverse to the funds.
• No legal proceedings material to an evaluation of the ability or integrity of any Nominee, Trustee, or executive officer have occurred within the past ten years.

Related Party Transactions

• Non-audit services provided by PricewaterhouseCoopers LLP (PwC) to the Advisor and its affiliates are disclosed and subject to pre-approval by the Audit Committee.
• Kristie M. Feinberg and Andrew G. Arnott serve as Non-Independent Trustees due to their current or former positions with the Advisor and its affiliates.

Stakeholder Impact

• **Shareholders**: Directly impacted by the election of Trustees, who are responsible for fund oversight. Their participation in voting is crucial for corporate governance and to avoid additional fund expenses for proxy solicitations.
• **Management/Employees**: The election and composition of the Board of Trustees directly affect the oversight and strategic direction provided to the fund's management and operations.
• **Investment Professionals**: The detailed disclosure of governance structure, trustee qualifications, and committee responsibilities provides transparency and insight into the fund's operational integrity and oversight quality.

Next Steps

• Shareholders are urged to vote on the election of six Trustees by the annual meeting date of February 17, 2026.
• The annual shareholder meeting will be held on February 17, 2026, at 2:00 P.M., Eastern time.
• Shareholder proposals for the 2027 annual meeting must be received by August 28, 2026, for inclusion under Rule 14a-8.
• Written notice of shareholder proposals submitted outside of Rule 14a-8 must be delivered between August 28, 2026, and September 27, 2026.

Key Dates

Recommendation

This filing is a routine definitive proxy statement primarily focused on the election of Trustees and outlining corporate governance practices. It does not contain any financial performance results, strategic shifts, or other material information that would directly impact the valuation or investment outlook of the funds. The robust governance structure and experienced board are positive for long-term stability, supporting a 'hold' recommendation for existing investors, as there is no new information to warrant a change in investment position.

Keywords

Proxy Statement, Trustee Election, Corporate Governance, John Hancock Funds, Investment Fund, Shareholder Meeting, Board of Trustees, SEC Filing, Risk Oversight, Audit Committee