UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14A
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Amendment No. )
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September 19, 2012
John Hancock Income Securities Trust
John Hancock Investors Trust
Dear Shareholder:
I am writing to ask for your assistance with an important matter involving your investment in one or more of the John Hancock funds listed above (the Funds). You are being asked to vote on a proposal regarding the election of the Trustees that oversee the Funds in which you are a shareholder. Enclosed with this letter you will find proxy materials which provide important details on the election of your Fund(s) Board of Trustees including instructions on how to cast your vote. I encourage you to please read the attached materials in their entirety and if you have any questions, please dont hesitate to contact us at the number outlined at the bottom of this letter.
Election of Trustees
The following summarizes the proposed election of Trustees on which you are being asked to vote. Please note that this proposal is considered a routine item and is not expected to have any material effect on the manner in which any Fund is managed or on its current investment objective.
You are being asked to elect thirteen Trustees as members of the Board of Trustees of each Fund. Currently the funds offered by John Hancock are overseen by two separate Boards of Trustees. The Board of Trustees that oversees your Fund(s) is proposing to combine with the Board overseeing the other John Hancock funds. A consolidation of the oversight of the John Hancock funds under one Board is expected to result in (1) efficiencies in oversight by reducing the number of board meetings held each year, eliminating the need for separate boards to consider and review similar matters, (2) efficiencies, consistencies, and potential cost savings in the operations of your Fund(s), due to a single board approaching all funds from a unified perspective. A single Board with members from both existing Boards also will preserve the continuity of current Board leadership and institutional history, while benefitting from additional members expertise, experiences and insight.
Your Vote Matters!
After careful consideration, each Board has unanimously approved the proposal and recommends that shareholders vote FOR its approval, but the final approval requires your vote. No matter how large or small your Fund holdings, your vote is important. After you review the proxy materials, please submit your vote promptly to help us avoid the need for additional mailings.
For your convenience, you may vote one of three ways:
1) | via telephone by calling the number listed on your proxy card, |
2) | via mail by returning the enclosed voting card or |
3) | via the Internet by visiting http://www.proxyvoting.com/jhf2. |
I am confident that the proposed change will help us better serve all of the Funds shareholders. If you have questions, please call a John Hancock Funds Customer Service Representative at 1-800-852-0218 between 8:00 A.M. and 7:00 P.M., Eastern Time. I thank you for your time and your prompt vote on these matters.
Sincerely, |
/s/ Hugh McHaffie |
Hugh McHaffie |
President and Chief Executive Officer |
JOHN HANCOCK INCOME SECURITIES TRUST
JOHN HANCOCK INVESTORS TRUST
601 Congress Street, Boston, Massachusetts 02210
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
To Be Held on November 9, 2012
This is the formal agenda for your funds shareholder meeting. It tells you what matters will be voted on and the time and place of the meeting, should you wish to attend in person.
To the shareholders of the funds listed above:
A shareholder meeting for each fund will be held at 601 Congress Street, Boston, Massachusetts 02210, on Friday, November 9, 2012, at 2:00 P.M., Eastern Time, for the following purposes:
(1) | To elect thirteen (13) Nominees to serve until their respective successors have been duly elected and qualified. |
(2) | To transact such other business as may properly come before the meeting or any adjournment of the meeting. |
Your Trustees recommend that you vote in favor of the election of each of the thirteen Nominees.
Shareholders of record of each fund as of the close of business on September 6, 2012 are entitled to notice of, and to vote at, the funds annual meeting and at any adjournment thereof.
Whether or not you expect to attend the meeting, please complete and return the enclosed proxy card in the accompanying envelope. No postage is necessary if mailed in the United States.
Important Notice Regarding the Availability of Proxy Materials for
the Shareholder Meeting to Be Held on November 9, 2012.
The proxy statement is available at: http://www.proxyvoting.com/jhf2
By order of the Board of Trustees, |
Thomas M. Kinzler |
Secretary |
September 19, 2012
JOHN HANCOCK INCOME SECURITIES TRUST
JOHN HANCOCK INVESTORS TRUST
601 Congress Street, Boston, Massachusetts 02210
ANNUAL MEETING OF SHAREHOLDERS
To Be Held on November 9, 2012
PROXY STATEMENT
This proxy statement contains the information that a shareholder should know before voting on the proposal described in the notice. Each fund will furnish, without charge, a copy of its Annual Report and/or Semiannual Report to any shareholder upon request by writing to the fund at 601 Congress Street, Boston, Massachusetts 02210 or by calling 1-800-892-9552.
This proxy statement is being used in connection with the solicitation of proxies by the Board of Trustees at the annual meeting of each of John Hancock Income Securities Trust (Income Securities) and John Hancock Investors Trust (Investors). The meeting will be held at 601 Congress Street, Boston, Massachusetts 02210, on Friday, November 9, 2012, at 2:00 P.M., Eastern Time. Shareholders of each fund are being asked to vote on the proposal to elect Trustees. The proxy statement and proxy card are being mailed to shareholders on or about September 19, 2012.
If a shareholder signs the enclosed proxy card and returns it in time to be voted at the meeting, the shareholders shares will be voted in accordance with the shareholders instructions. Signed proxies with no instructions will be voted FOR each of the Nominees. If a shareholder wishes to revoke his or her proxy, he or she may do so before it is exercised at the meeting by filing a written notice of revocation with the fund at 601 Congress Street, Boston, Massachusetts 02210, by returning a signed proxy with a later date before the meeting or, if attending the meeting and voting in person, by notifying the funds secretary (without complying with any formalities) at any time before the proxy is voted.
Although the annual meetings of the funds are being held jointly and proxies are being solicited through the use of this joint proxy statement, shareholders of each fund will vote separately.
Record Ownership
The Trustees of each fund have fixed the close of business on September 6, 2012 as the record date to determine which shareholders are entitled to vote at the meeting. Shareholders of each fund are entitled to one vote per share on all business of the meeting or any adjournment of the meeting relating to their fund. On the record date, the following number of shares of beneficial interest of each fund were outstanding:
Fund |
Shares | |||
Income Securities |
11,684,643 | |||
Investors |
8,599,803 |
To the best knowledge of Income Securities, Guggenheim Capital LLC, 227 West Monroe Street, Chicago, Illinois 60606, reported ownership of 6.95% of Income Securities shares as of June 30, 2012. This information may be different as of the record date.
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PROPOSAL
ELECTION OF TRUSTEES
General
Holders of the shares of each fund are entitled to elect thirteen Trustees at this meeting. Charles L. Bardelis, James R. Boyle, Craig Bromley, Peter S. Burgess, William H. Cunningham, Grace K. Fey, Theron S. Hoffman, Hassell H. McClellan, Deborah C. Jackson, James M. Oates, Steven R. Pruchansky, Gregory A. Russo and Warren A. Thomson have been designated as subject to election by holders of the shares of each fund. Hugh McHaffie and John Vrysen, who currently serve as Trustees of each fund, are not expected to continue to serve as Trustees beyond 2012. Dr. Moores term of office as Trustee will end when he retires upon the earlier of the date the Nominees take office if elected, or December 31, 2012.
The funds in the John Hancock Fund Complex (as defined below) currently are overseen by two separate groups of trustees comprised of different individuals. One of these groups consists of the Trustees who comprise the boards that oversee your funds and eight other closed-end funds, as well as John Hancock retail funds (including the series of John Hancock Funds III and twelve other investment companies) and the other group consists of trustees who comprise the boards that oversee John Hancock Funds II and John Hancock Variable Insurance Trust. Each board, including the Boards of the funds, separately has determined that it is in the best interests of each of the respective John Hancock funds that such board oversees to consolidate oversight of the funds by aligning the membership of the Boards with the membership of the other boards so that all funds in the John Hancock Fund Complex are overseen by the same group of trustees. In order to accomplish this, the current Trustees have nominated and proposed for election a slate of candidates that includes trustees from each separate group of trustees and representatives from senior management of Manulife Financial Corporation (MFC or Manulife Financial). Four of these candidates currently serve as Trustees of the funds and nine candidates do not currently hold such office. The group of current Trustees re-nominated for election consists of William H. Cunningham, Deborah C. Jackson, Steven R. Pruchansky and Gregory A. Russo. The group of Trustees newly nominated for election that do not currently serve as Trustees of the funds, but do currently serve as trustees of other funds in the John Hancock Fund Complex, consists of Charles L. Bardelis, James R. Boyle, Peter S. Burgess, Grace K. Fey, Theron S. Hoffman, Hassell H. McClellan and James M. Oates. The final two Nominees, Warren A. Thomson and Craig Bromley, currently do not serve as trustees of any of the funds in the John Hancock Fund Complex. As discussed in detail below, Mr. Thomson is a senior executive of Manulife Financial, the parent company of the funds adviser, John Hancock Advisers, LLC (the Adviser), and Mr. Bromley heads Manulife Financials United States operations and is President of John Hancock Financial Services. If elected, Messrs. Thomson and Bromley, along with Mr. Boyle, will serve as interested Trustees on the newly constituted boards.
In evaluating the consolidation of the oversight of the John Hancock funds under a single group of trustees, both groups of trustees considered that the separate boards often review the same or substantially similar policy matters, contractual arrangements and other matters for their respective funds. Each of the John Hancock funds boards, including the Boards of the funds, concluded that alignment of the boards is expected to result in: (i) efficiencies, consistencies and potential cost savings due to a single group of trustees overseeing all funds in the complex, including potential economies of scale from the spreading out of certain fixed costs over a larger pool of assets, and by eliminating the need for two separate groups of trustees to prepare for and hold separate regular board meetings each quarter to consider and review similar board agenda items; (ii) uniformity in policies and procedures across the John Hancock Fund Complex concerning substantially similar matters; (iii) alignment of board resources in areas such as compliance, regulatory and risk management oversight; and (iv) enhanced oversight of portfolio operations throughout the John Hancock Fund Complex, including fund performance monitoring and fund contract and fee reviews. The boards of the John Hancock funds, including the Boards of the funds, concluded that a single group of trustees serving on all boards in the John Hancock Fund Complex and consisting of members of both existing groups of trustees as well as representatives from Manulife Financials senior management would preserve the continuity of current board leadership and institutional history, while allowing the funds and the Boards to benefit from additional members expertise, experiences and insight.
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At a meeting held on July 31, 2012, the Nominating, Governance and Administration Committee of the Boards considered the proposed slate of Trustee candidates and determined to recommend to the full Boards the election or re-election of the Nominees, as applicable, to the Boards of the funds. Acting on that recommendation, the Boards approved those nominations and called a meeting of shareholders to allow shareholders of the funds to vote on the election or re-election, as applicable, of the Nominees to the Boards.
If elected, any newly elected Trustees will join the funds Boards on or about December 1, 2012. To further align the boards that oversee the operations of the John Hancock Fund Complex, the other John Hancock fund boards also have nominated for election each of the Nominees below as members of each respective board effective on or about December 1, 2012.
Proposal
For each fund, Charles L. Bardelis, James R. Boyle, Craig Bromley, Peter S. Burgess, William H. Cunningham, Grace K. Fey, Theron S. Hoffman, Hassell H. McClellan, Deborah C. Jackson, James M. Oates, Steven R. Pruchansky, Gregory A. Russo and Warren A. Thomson are the Nominees for election by the shareholders.
Vote Required for the Proposal
The vote of a plurality of the votes cast by the shares of a fund is sufficient to elect each Nominee to serve as a Trustee of that fund.
Each Board recommends that shareholders of each fund vote FOR each of the thirteen Nominees in the Proposal.
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Information Concerning Nominees
The following table sets forth certain information regarding the Nominees for election to the Boards. The table also shows each Nominees principal occupation or employment and other directorships during the past five years and the number of John Hancock funds overseen. Mr. McHaffie and Vrysen currently serve as Trustees and are not expected to continue to serve as Trustees after the meeting. Following John A. Moores retirement on or before December 31, 2012, the Board of each fund will consist of thirteen Trustees, ten of whom are not interested persons (as defined in the Investment Company Act of 1940, as amended (the 1940 Act)) of the funds (Independent Trustees). This table also lists the Trustees who are not currently standing for election. As of June 30, 2012, the John Hancock Fund Complex consisted of 244 funds, including the two funds included in this proxy statement, eight other closed-end funds and separate series of series mutual funds: John Hancock Variable Insurance Trust (101 funds), John Hancock Funds II (97 funds), John Hancock Funds III (13 funds), and 23 other John Hancock funds. The address of each Nominee is 601 Congress Street, Boston, Massachusetts 02210.
Independent Nominees Who Are Standing for Election | ||||||
Name, (Year of Birth) |
Year Commenced Service as Trustee |
Principal Occupation(s) and Other Directorships During the Past Five Years |
Number of Funds in John Hancock Fund Complex Overseen by Trustee | |||
Charles L. Bardelis (1941) Nominee |
Not Applicable |
Director, Island Commuter Corp. (marine transport).
Trustee of John Hancock Funds II (since 2005) and John Hancock Variable Insurance Trust (since 1988); former Trustee of John Hancock Funds III (2005 to 2006). |
244(1) | |||
Peter S. Burgess (1942) Nominee |
Not Applicable |
Consultant (financial, accounting and auditing matters) (since 1999); Certified Public Accountant. Partner, Arthur Andersen (independent public accounting firm) (prior to 1999).
Director of the following publicly traded companies: Lincoln Educational Services Corporation (since 2004), Symetra Financial Corporation (since 2010) and PMA Capital Corporation (2004-2010).
Trustee of John Hancock Variable Insurance Trust (since 2005) and John Hancock Funds II (since 2005), and former Trustee of John Hancock Funds III (20052006). |
244(1) | |||
William H. Cunningham (1944) Trustee |
2005 | Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Director of the following: LIN Television (since 2009); Lincoln National Corporation (insurance) (Chairman since 2009 and Director since 2006); Resolute Energy Corporation (since 2009); Southwest Airlines (since 2000); former Director of the following: Introgen (manufacturer of biopharmaceuticals) (until 2008); Hicks Acquisition Company I, Inc. (until 2007); and former Advisory Director, JP Morgan Chase Bank (formerly Texas Commerce BankAustin) (until 2009).
Trustee, John Hancock retail funds(3) (since 1986) and former Trustee of John Hancock Funds II (2005-2006). |
244(2) | |||
Grace K. Fey (1946) Nominee |
Not Applicable |
Chief Executive Officer, Grace Fey Advisors (since 2007); Director & Executive Vice President, Frontier Capital Management Company (1988-2007); Director, Fiduciary Trust (since 2009).
Trustee of John Hancock Variable Insurance Trust (since 2008) and John Hancock Funds II (since 2008). |
244(1) |
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Independent Nominees Who Are Standing for Election | ||||||
Name, (Year of Birth) and Position with the Fund |
Year Commenced Service as Trustee |
Principal Occupation(s) and Other Directorships During the Past Five Years |
Number of Funds in John Hancock Fund Complex Overseen by Trustee | |||
Theron S. Hoffman (1947) Nominee |
Not Applicable |
Chief Executive Officer, T. Hoffman Associates, LLC (consulting firm) (since 2003); Director, The Todd Organization (consulting firm) (2003 - 2010); President, Westport Resources Management (investment management consulting firm) (20062008); Senior Managing Director, Partner and Operating Head, Putnam Investments (20002003); Executive Vice President, The Thomson Corp. (financial and legal information publishing) (19972000).
Trustee of John Hancock Variable Insurance Trust (since 2008) and John Hancock Funds II (since 2008). |
244(1) | |||
Deborah C. Jackson (1952) Trustee |
2008 | President, Cambridge College, Cambridge, Massachusetts (since May 2011); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002-May 2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of American Student Assistance Corporation (1996-2009); Board of Directors of Boston Stock Exchange (20022008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007-2011).
Trustee, John Hancock retail funds(3) (since 2008). |
244(2) | |||
Hassell H. McClellan (1945) Nominee |
Not Applicable |
Associate Professor, The Wallace E. Carroll School of Management, Boston College (since 1984); Trustee of Virtus Variable Insurance Trust (formerly, Phoenix Edge Series Funds) (since 2008), and Director of the Barnes Group (since 2010).
Trustee of John Hancock Variable Insurance Trust (since 2005), John Hancock Funds II (since 2005) and former Trustee of John Hancock Funds III (2005-2006). |
244(1) | |||
James M. Oates (1946) Nominee |
Not Applicable |
Managing Director, Wydown Group (financial consulting firm) (since 1994); Chairman and Director, Emerson Investment Management, Inc. (since 2000); Independent Chairman, Hudson Castle Group, Inc. (formerly IBEX Capital Markets, Inc.) (financial services company) (19972011).
Director of the following publicly traded companies: Stifel Financial (since 1996); Investor Financial Services Corporation (19952007); and Connecticut River Bancorp (since 1998).
Director of the following Mutual Funds: Virtus Funds (formerly, Phoenix Mutual Funds) (since 1988).
Trustee (since 2004) and Chairman of the Board (since 2005) of John Hancock Variable Insurance Trust; Trustee and Chairman of the Board of John Hancock Funds II (since 2005) and former Trustee of John Hancock Funds III (2005-2006). |
244(1) | |||
Steven R. Pruchansky (1944) Trustee and Chairman |
2005 | Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real estate) (since 2000); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President, Maxwell Building Corp. (until 1991).
Trustee (since 1992) and Chairman of the Board (since 2011), John Hancock retail funds(3). |
244(2) |
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Independent Nominees Who Are Standing for Election | ||||||
Name, (Year of Birth) and Position with the Fund |
Year Commenced Service as Trustee |
Principal Occupation(s) and Other Directorships During the Past Five Years |
Number of Funds in John Hancock Fund Complex Overseen by Trustee | |||
Gregory A. Russo (1949) Trustee |
2008 | Director and Audit Committee Chairman (since May 2012) and Member, Audit Committee and Finance Committee (since 2011) of NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Director and Member of Finance Committee, The Moorings, Inc. (nonprofit continuing care community) (since May 2012); Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (20022006); Vice Chairman, Industrial Markets, KPMG (19982002); Chairman and Treasurer, Westchester County, New York, Chamber of Commerce (19861992); Director, Treasurer and Chairman of Audit and Finance Committees, Putnam Hospital Center (19891995); Director and Chairman of Fundraising Campaign, United Way of Westchester and Putnam Counties, New York (19901995).
Trustee, John Hancock retail funds(3) (since 2008). |
244(2) | |||
Non-Independent Nominees Who Are Standing for Election | ||||||
James R. Boyle(4) (1959) Nominee |
Not Applicable |
Senior Executive Vice President, John Hancock Financial Services (since 1999, including prior positions); Chairman and Director, John Hancock Advisers, LLC, John Hancock Funds, LLC and John Hancock Investment Management Services, LLC (2005-2010).
Trustee of John Hancock Funds II (since 2005) and John Hancock retail funds(3) (2005-2010). |
244(1) | |||
Craig Bromley(4) (1966) Nominee |
Not Applicable |
President, John Hancock Financial Services, Senior Executive Vice President and General Manager, U.S. Division, John Hancock Financial Services (since 2012); President and Chief Executive Officer, Manulife Life Insurance Company (Manulife Japan) (2005-2012, including prior positions). | 244(1) | |||
Warren A. Thomson(4) (1955) Nominee |
Not Applicable |
Senior Executive Vice President and Chief Investment Officer, Manulife Financial Corporation (since 2001, including prior positions); Director, Manulife Trust Company and Manulife Bank of Canada, Director and Chairman, Manulife Asset Management (since 2001, including prior positions). | 244(1) |
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Name, (Year of Birth) and Position with the Fund |
Year Commenced Service as Trustee |
Principal Occupation(s) and Other Directorships During the Past Five Years |
Number of Funds in John Hancock Fund Complex Overseen by Trustee | |||
Independent Trustee Who Is Not Standing for Election | ||||||
John A. Moore(5)(6) (1939) Trustee |
1996 | President and Chief Executive Officer, Institute for Evaluating Health Risks, (nonprofit institution) (1989-2001); Senior Scientist, Sciences International (health research) (2000-2003); Former Assistant Administrator & Deputy Administrator, Environmental Protection Agency (1983-1989); Principal, Hollyhouse (consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit research) (until 2007).
Trustee, John Hancock retail funds(3) (since 1991). |
46 | |||
Non-Independent Trustees Who Are Not Standing for Election | ||||||
Hugh McHaffie(4)(5) (1959) Trustee President and Chief Executive Officer (since 2012) |
2010 | Executive Vice President, John Hancock Financial Services (since 2006, including prior positions); President of John Hancock Variable Insurance Trust and John Hancock Funds II
(since 2009); Trustee, John Hancock retail funds(3) (since
2010); President and Chief Executive Officer, John Hancock retail funds(3) (since 2012); Chairman and Director, John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock Funds, LLC (since 2010). |
46 | |||
John G. Vrysen(4)(5) (1955) Trustee |
2009 | Senior Vice President, John Hancock Financial Services (since 2006); Director, Executive Vice President and Chief Operating Officer, John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock Funds, LLC (since 2005); Chief Operating Officer, John Hancock Funds II and John Hancock Variable Insurance Trust (since 2007); Chief Operating Officer, John Hancock retail funds(3) (until 2009); Trustee, John Hancock retail funds(3) (since 2009). | 46 |
(1) | Includes all funds within the John Hancock Funds complex that would be overseen by the Nominee if elected. |
(2) | This Trustee is nominated for election as a member of the Board of Trustees for other funds in the John Hancock Funds complex. Includes all funds within the John Hancock Funds complex that would be overseen by the Nominee if elected by shareholders of those funds. |
(3) | John Hancock retail funds is comprised of the series of John Hancock Funds III and 12 other investment companies, as well as ten closed-end funds (including Income Securities and Investors). |
(4) | Because Messrs. Boyle, Bromely, McHaffie, Thomson and Vrysen are senior executives or directors of the Adviser and its affiliates, each of them is considered an interested person (as defined in the 1940 Act) of the funds. |
(5) | This Trustee is not expected to serve as a Trustee beyond 2012. |
(6) | Dr. Moores term of office as Trustee will end when he retires upon the earlier of the date the Nominees take office, if elected, or December 31, 2012. |
Each Trustee holds office until his or her successor is elected and qualified, or until the Trustees death, retirement, resignation or removal.
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Additional Information About the Nominees and Trustees
In addition to the description of each Nominees and Trustees Principal Occupation(s) and Other Directorships set forth above, the following provides further information about each Nominees specific experience, qualifications, attributes or skills. The information in this section should not be understood to mean that any of the Nominees or Trustees is an expert within the meaning of the federal securities laws.
Although the Boards Nominating, Governance and Administration Committee has general criteria that guides its choice of candidates to serve on the Board (as discussed below under Board Committees), there are no specific required qualifications for Board membership. In considering nominees, although this Committee does not have a formal policy to consider diversity when identifying candidates for the position of Independent Trustee, as a matter of practice, this Committee considers the overall diversity of the Board with respect to backgrounds, professional experience, education, skill, and viewpoint. In addition, as part of its annual self-evaluation, the Board has an opportunity to consider the diversity of its members, including specifically whether the Boards members have the right mix of characteristics, experiences and skills. The results of the self-evaluation are considered by the Nominating, Governance and Administration Committee in its decision-making process with respect to candidates for the position of Independent Trustee. The Board believes that the different perspectives, viewpoints, professional experience, education, and individual qualities of each Nominee represent a diversity of experiences and a variety of complementary skills. Each Nominee (other than Messrs. Bromley and Thomson) has experience as a Trustee of each fund and/or experience as a Trustee of other John Hancock funds. It is the Trustees belief that this allows the Board, as a whole, to oversee the business of each fund in a manner consistent with the best interests of the funds shareholders. When considering potential nominees to fill vacancies on the Board, and as part of its annual self-evaluation, the Board reviews the mix of skills and other relevant experiences of the Trustees.
Charles L. Bardelis As a director and former chief executive of an operating company, Mr. Bardelis has experience with a variety of financial, staffing, regulatory and operational issues. He also has experience as a director of publicly traded companies.
James R. Boyle Through his positions as Chairman and Director of the Adviser, position as a senior executive of MFC, the Advisers parent company, and positions with other affiliates of the Adviser, Mr. Boyle has experience in the development and management of registered investment companies, variable annuities and retirement products, enabling him to provide management input to the Board.
Craig Bromley Through his positions as President and Chief Executive Officer of Manulife Life Insurance Company (Manulife Japan), positions as a senior executive of Manulife Financial, the Advisers parent company, and positions with other affiliates of the Adviser, Mr. Bromley has experience as a strategic business builder expanding product offerings and distribution, enabling him to provide valuable management input to the Board.
Peter S. Burgess As a financial consultant and certified public accountant and a former partner in a major international public accounting firm, Mr. Burgess has experience in the auditing of financial services companies and mutual funds. He also has experience as a director of publicly traded operating companies.
William H. Cunningham Mr. Cunningham has management and operational oversight experience as a former Chancellor and President of a major university. Mr. Cunningham regularly teaches a graduate course in corporate governance at the law school and the Red McCombs School of Business at The University of Texas at Austin. He also has oversight and corporate governance experience as a current and former director of a number of operating companies, including an insurance company.
Grace K. Fey As a consultant to nonprofit and corporate boards, and as a former director and executive of an investment management firm, Ms. Fey has experience in the investment management industry. She also has experience as a director of another operating company.
Theron S. Hoffman As a consultant and as a former senior executive of several large public and private companies, including a global reinsurance company and a large investment management firm, Mr. Hoffman has extensive experience in corporate governance, business operations and new product development. In addition, his prior service as chair of corporate pension trusts has given him experience in the oversight of investment managers.
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Deborah C. Jackson Ms. Jackson has management and operational oversight experience as the president of a college and as the former chief executive officer of a major charitable organization. She also has oversight and corporate governance experience as a current and former director of various corporate organizations, including a bank, an insurance company and a regional stock exchange, and nonprofit entities.
Hassell H. McClellan As a professor in the graduate management department of a major university and as a former director of several privately held companies, Mr. McClellan has experience in corporate and financial matters. He also has experience as a director of other investment companies not affiliated with the funds.
Hugh McHaffie Through his positions as a senior executive of Manulife Financials U.S. Wealth Management division, his prior position as a senior executive of MetLife, and membership in the Society of Actuaries and American Academy of Actuaries, Mr. McHaffie has experience in the development and management of registered investment companies, variable annuities and retirement products, enabling him to provide management input to the Board.
John A. Moore Dr. Moore has management and operational oversight experience from his current and former positions as a senior executive of scientific research organizations and as a senior administrator of the Environmental Protection Agency. He also has oversight and corporate governance experience as a director of a scientific research organization. Dr. Moore, an Independent Trustee, serves as the Boards Vice Chairman.
James M. Oates As a senior officer and director of investment management companies, Mr. Oates has experience in investment management. Mr. Oates previously served as chief executive officer of two banks. He also has experience as a director of other publicly traded companies and investment companies not affiliated with the funds.
Steven R. Pruchansky Mr. Pruchansky has entrepreneurial, executive and financial experience as a chief executive officer of an operating services company and a current and former director of real estate and banking companies. Mr. Pruchansky, an Independent Trustee, serves as the Boards Chairman.
Gregory A. Russo As a certified public accountant and former partner in a major independent registered public accounting firm, Mr. Russo has accounting and executive experience. He also has experience as a current and former director of various operating entities.
Warren A. Thomson Through his positions as Senior Executive Vice President and Chief Investment Officer of Manulife Financial, the Advisers parent company, Chairman of Manulife Asset Management, and positions with other affiliates of Manulife Financial and the Adviser, Mr. Thomson has experience in the development and management of equity and fixed income investment companies and other investment portfolios, variable annuities and retirement products, enabling him to bring experience to the Board on a wide variety of investment and management issues.
John G. Vrysen Through his positions as Director, Executive Vice President and Chief Operating Officer of the Adviser, position as a senior executive of Manulife Financial, the Advisers parent company, positions with other affiliates of the Adviser, and current and former memberships in the Society of Actuaries, Canadian Institute of Actuaries and American Academy of Actuaries, Mr. Vrysen has experience in the development and management of registered investment companies, variable annuities and retirement products, enabling him to provide management input to the Board.
Duties of Trustees; Board Meetings and Board Committees
Each fund is organized as a Massachusetts business trust. Under the funds Declarations of Trusts, the Trustees are responsible for managing the affairs of the funds, including the appointment of advisers and subadvisers. Each Trustee has the experience, skills, attributes or qualifications described above (see Principal Occupation(s) and Other Directorships During the Past Five Years and Additional Information About the Nominees above). The Board appoints officers who assist in managing the day-to-day affairs of the funds. Each Board met six times during
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the latest fiscal year. No Trustee attended fewer than 75% of the aggregate of: (1) the total number of Board meetings; and (2) the total number of meetings held by all committees on which he or she served. The funds hold joint meetings of the Trustees and all committees. Three Trustees attended the joint 2012 annual meeting of shareholders of the funds that was held on January 20, 2012.
Each Board has appointed an Independent Trustee as Chairman. The Chairman presides at meetings of the Trustees and may call meetings of the Board and any Board committee whenever he deems it necessary. The Chairman participates in the preparation of the agenda for meetings of the Board and the identification of information to be presented to the Board with respect to matters to be acted upon by the Board. The Chairman also acts as a liaison with the funds management, officers, attorneys, and other Trustees generally between meetings. The Chairman may perform such other functions as may be requested by the Board from time to time. The Board has also designated a Vice Chairman to serve in the absence of the Chairman. Except for any duties specified pursuant to each funds Declaration of Trust or By-Laws, or as assigned by the Board, the designation of a Trustee as Chairman or Vice Chairman does not impose on that Trustee any duties, obligations or liability that are greater than the duties, obligations or liability imposed on any other Trustee, generally. Each Board has designated a number of standing committees as further described below, each of which has a Chairman. Each Board also designates working groups or ad hoc committees as it deems appropriate.
Each Board believes that this leadership structure is appropriate because it allows the Board to exercise informed and independent judgment over matters under its purview, and it allocates areas of responsibility among committees or working groups of Trustees and the full Board in a manner that enhances effective oversight. Each Board considers leadership by an Independent Trustee as Chairman to be integral to promoting effective independent oversight of the funds operations and meaningful representation of the shareholders interests, given the amount of assets that these funds represent. Each Board also believes that having a super-majority of Independent Trustees is appropriate and in the best interest of the funds shareholders. Nevertheless, each Board also believes that having interested persons serve on the Board brings corporate and financial viewpoints that are, in the Boards view, crucial elements in its decision-making process. In addition, each Board believes that, for the relevant periods of service on the Board, Messrs. Boyle, McHaffie, Thomson and Vrysen, each of whom is a senior executive of the Adviser, Manulife Financial (the Advisers parent company), and of other affiliates of the Adviser, have provided, or are expected to provide, each Board with the advisers perspective in managing and sponsoring the funds. The leadership structure of a Board may be changed, at any time and in the discretion of the Board, including in response to changes in circumstances or the characteristics of each fund.
Board Committees
Each Board of the funds has five standing committees: the Audit Committee; the Compliance Committee; the Nominating, Governance and Administration Committee; the Investment Performance Committee A; and the Contracts & Operations Committee. If the Nominees are elected to a Board, the Board will consider whether other committees should be organized after it has reviewed the needs of the relevant Fund. The composition of each committee also will be considered.
The current membership of each committee is set forth below. As Chairman of each Board, Mr. Pruchansky is considered an ex officio member of each committee and, therefore, he is able to attend and participate in any committee meeting, as appropriate.
Audit |
Compliance |
Nominating, Governance and |
Investment Performance A |
Contracts & Operations | ||||
Moore | Cunningham | All Independent | Jackson | All Independent | ||||
Pruchansky | Jackson | Trustees | Russo | Trustees | ||||
Russo | Russo | Vrysen |
Audit Committee. Each Board has an Audit Committee in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (the Exchange Act), which is comprised exclusively of the Independent Trustees as defined under Section 2(a)(19) of the 1940 Act. Each Audit Committee member is financially literate with at least one having accounting or financial management expertise. Each Board has adopted a written charter for
11
the Committee. This Committee recommends to the full Board independent registered public accounting firms for each fund, oversees the work of the independent registered public accounting firm in connection with each funds audit, communicates with the independent registered public accounting firm on a regular basis and provides a forum for the independent registered public accounting firm to report and discuss any matters it deems appropriate at any time. Mr. Russo serves as Chairman of this Committee. The Audit Committee held eight meetings during the fiscal year ended October 31, 2011. The written report of the Audit Committee is set forth below under Audit Committee Report. The written charter of the Audit Committee is included as Attachment 1 to this proxy statement.
Compliance Committee. The primary role of this Committee is to oversee the activities of each funds Chief Compliance Officer (CCO); the implementation and enforcement of each funds compliance policies and procedures; and compliance with each funds, the advisers, the subadvisers and the Independent Trustees Codes of Ethics. Mr. Russo serves as Chairman of this Committee. This Committee held four meetings during the fiscal year ended October 31, 2011.
Nominating, Governance and Administration Committee. This Committee is comprised of all of the Independent Trustees as defined in the rules of the New York Stock Exchange and Section 2(a)(19) of the 1940 Act. The purpose of this Committee is to make determinations and recommendations to the Board on issues related to the composition and operation of the Board, corporate governance matters applicable to the Independent Trustees, and issues related to complex-wide matters and practices designed to facilitate uniformity and administration of the Boards oversight of the funds. This Committee is solely responsible for the selection and recommendation to the Board of Independent Trustee candidates. Mr. Pruchansky serves as Chairman of this Committee. This Committee held three meetings during the fiscal year ended October 31, 2011. Each funds Board has adopted a written charter for the Nominating, Governance and Administration Committee. A copy of the Charter is included as Attachment 2 to this proxy statement.
In reviewing a potential Nominee and in evaluating the renomination of current Independent Trustees, this Committee will generally apply the following criteria: (i) the Nominees reputation for integrity, honesty and adherence to high ethical standards; (ii) the Nominees business acumen, experience and ability to exercise sound judgments; (iii) a commitment to understand the funds and the responsibilities of a trustee of an investment company; (iv) a commitment to regularly attend and participate in meetings of the Board and its committees; (v) the ability to understand potential conflicts of interest involving management of the funds and to act in the interests of all shareholders; and (vi) the absence of a real or apparent conflict of interest that would impair the Nominees ability to represent the interests of all the shareholders and to fulfill the responsibilities of an Independent Trustee. This Committee does not necessarily place the same emphasis on each criteria and each Nominee may not have each of these qualities.
As long as a current Independent Trustee continues, in the opinion of this Committee, to satisfy these criteria, each fund anticipates that the Committee would favor the renomination of a current Independent Trustee rather than a new candidate. Consequently, while this Committee will consider Nominees recommended by shareholders to serve as Independent Trustees, the Committee may act upon such recommendations only if there is a vacancy on the Board or the Committee determines that the selection of a new or additional Independent Trustee is in the best interests of a fund.
While the Committee is solely responsible for the selection and recommendation to the Board of Independent Trustee candidates, the Committee may consider Nominees recommended by any source, including fund shareholders, management and Committee members, as it deems appropriate. Any such recommendations from shareholders shall be directed to the Secretary of the relevant fund at such address as is set forth in the funds disclosure documents. Recommendations from management may be submitted to the Committee Chairman. All recommendations shall include all information relating to such person that is required to be disclosed in solicitations of proxies for the election of Board members and as specified in the relevant funds By-Laws, and must be accompanied by a written consent of the proposed candidate to stand for election if nominated for the Board and to serve if elected by shareholders. The Committees process for identifying and evaluating Nominees to serve as Independent Trustees of the funds is set forth in Annex A to the Committees Charter.
Investment Performance Committee A. This Committee monitors and analyzes the performance of the funds generally, consults with the adviser as necessary if a fund requires special attention, and reviews peer groups and other comparative standards as necessary. Ms. Jackson serves as Chairperson of Investment Performance Committee A. This Committee held seven meetings during the fiscal year ended October 31, 2011.
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Contracts & Operations Committee. This Committee is composed of all of the Independent Trustees and oversees the initiation, operation, and renewal of the various contracts between the funds and other entities. These contracts include advisory and subadvisory agreements, custodial and transfer agency agreements and arrangements with other service providers. Dr. Moore serves as Chairman of this Committee. As indicated above, Dr. Moores term of office as Trustee will end when he retires upon the earlier of the date the Nominees take office, if elected, or December 31, 2012. This Committee held three meetings during the fiscal year ended October 31, 2011.
Annually, the Board evaluates its performance and that of its Committees, including the effectiveness of the Boards Committee structure.
Risk Oversight
As registered investment companies, the Funds are subject to a variety of risks, including investment risks, financial risks, compliance risks, and operational risks. As part of its overall activities, the Board oversees the management of the Funds risk management structure by various departments of the Adviser, including: Investment Management Services Group (which oversees the Funds subadvisers and investment management operations) (IMS), Fund Administration, Legal, the Product Group (which oversees new product development and marketplace positioning), and Internal Audit; as well as by the Funds Chief Compliance Officer (CCO). The responsibility to manage the Funds risk management structure on a day-to-day basis is subsumed within the Advisers overall investment management responsibilities. The Adviser has its own, independent interest in risk management. In this regard, the Adviser has appointed a Risk and Investment Operations Committee, consisting of senior personnel from each of the Advisers functional departments. The Advisers risk management program is part of the overall risk management program of John Hancock, the Advisers parent company. John Hancocks Chief Risk Officer supports the Advisers risk management program.
While the Adviser has responsibility for identifying and managing the Funds exposure to risk on a daily basis, the Board plays an active role in overseeing the processes established to assess, monitor and mitigate that exposure. The Board, acting through its Committees, has charged the Adviser with (i) identifying events or circumstances the occurrence of which could have adverse effects on the Funds business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation of processes and controls described in (i) and (ii) above. The Board, directly and indirectly through its Committees, routinely discusses with management the significant risks facing the Funds and reviews the processes and controls in place to address those risks. The Board regularly receives materials and information, including in-depth and in-person presentations from third-party experts, with respect to specific areas of risk, and the Board engages in comprehensive analyses and dialogues regarding those risks. Because the day-to-day operations and activities of the Funds are carried out by or through the Adviser and other service providers, the Board recognizes that it is not possible for it to identify all of the risks that may affect a Fund or to develop processes and controls to eliminate or mitigate their occurrence or effects.
The Board discharges risk oversight as part of its overall activities, with the assistance of its Investment Performance, Audit, Compliance, and Contracts & Operations Committees. The Committee system facilitates the timely and efficient consideration of matters by the Board, and facilitates effective oversight of compliance with legal and regulatory requirements and of the Funds activities and associated risks. In addressing issues regarding the Funds risk management between meetings, appropriate representatives of the Adviser communicate with the Chairman of the Board, the relevant Committee Chair or the Funds CCO, who is directly accountable to the Board. As appropriate, the Chairman of the Board and the Committee Chairs confer among themselves, with the Funds CCO, the Adviser, other service providers, external fund counsel, and counsel to the Independent Trustees, to identify and review risk management issues that may be placed on the full Boards agenda and/or that of an appropriate Committee for review and discussion with management.
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The Audit Committee assists the Board in reviewing with the independent auditors, at various times throughout the year, matters relating to financial reporting matters. In addition, this Committee oversees the process of the Funds valuation of its portfolio securities, with day-to-day responsibility for valuation determinations having been delegated to the Funds Pricing Committee (comprised of officers of the Funds).
Investment Performance Committee A and Investment Performance Committee B assist the Board in overseeing the significant investment policies of the Funds. The Adviser monitors these policies and may recommend changes to this Committee in response to subadviser requests or other circumstances. On a quarterly basis, this Committee reviews reports from IMS and the Product Group regarding the Funds investment performance, which include information about investment risks and how they are managed.
The Compliance Committee assists the Board in overseeing the activities of the Funds CCO with respect to the compliance programs of the Fund, the Adviser, the Subadviser, and certain of the Funds other service providers (the distributor and transfer agent). This Committee and the Board receive and consider the CCOs annual written report, which, among other things, summarizes material compliance issues that arose during the previous year and any remedial action taken to address these issues, as well as any material changes to the compliance programs. This Committee and the Board also receive and consider reports from the Funds CCO throughout the year. As part of its oversight responsibilities, the Board has approved various compliance policies and procedures.
Each of the above Board Committees meets at least quarterly. Each Committee presents reports to the Board, which may prompt further discussion of issues concerning the oversight of the Funds risk management. The Board also may discuss particular risks that are not addressed in the Committee process. In addition to the Committee meetings, the Advisers Risk and Investment Operations Committee described above, reports periodically to the full Board on risk management matters. Finally, John Hancocks Chief Risk Officer, who as noted above supports the Advisers risk management program, at the Boards request will from time-to-time report on risk management matters.
The Contracts & Operations Committee assists the Board in overseeing the Advisers management of the Funds operational risks, particularly as it regards vendor management and the quality of services provided by various service providers. This Committee periodically reviews reports from Fund Administration on these issues and discusses its findings with the Board. Among other things, in its annual review of the Funds advisory, subadvisory and distribution agreements, this Committee and the Board receive and review information provided by the Adviser, the subadvisers and the distributor relating to their operational capabilities, financial condition and resources.
The Board also has a Nominating, Governance and Administration Committee that, among other matters, periodically reviews the Boards committee structure and the charters of the Boards committees, and recommends to the Board such changes as it deems appropriate. This Committee also coordinates and administers an annual self-evaluation of the Board that includes a review of its effectiveness in overseeing the number of funds in the fund complex and the effectiveness of its committee structure. The Board may, at any time and in its discretion, change the manner in which it conducts its risk oversight role.
As stated above, the Adviser also has its own, independent interest in risk management. In this regard, the Adviser has appointed a Risk and Investment Operations Committee, consisting of senior personnel from each of the Advisers functional departments. This Committee reports periodically to the Board on risk management matters. The Advisers risk management program is part of the overall risk management program of John Hancock. John Hancocks Chief Risk Officer supports the Advisers risk management program, and at the Boards request will report on risk management matters.
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Executive Officers
The following table presents information regarding the current principal officers of the funds. The address of each officer is 601 Congress Street, Boston, Massachusetts 02210.
Principal Officers who are not Trustees | ||||||
Name (Year of Birth) |
Position(s) Held with the Funds |
Officer Since |
Principal Occupation(s) During Past 5 Years | |||
Hugh McHaffie (1959) |
President and Chief Executive Officer |
2012 | Executive Vice President, John Hancock Financial Services (since 2006, including prior positions); President of John Hancock Variable Insurance Trust and John Hancock Funds II (since 2009); Trustee, John Hancock retail funds (since 2010); President and Chief Executive Officer, John Hancock retail funds (since 2012); Chairman and Director, John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock Funds, LLC (since 2010). | |||
Andrew G. Arnott (1971) |
Executive Vice President | 2009 | Senior Vice President, John Hancock Financial Services (since 2009); Executive Vice President, John Hancock Advisers, LLC (since 2005); Executive Vice President, John Hancock Investment Management Services, LLC (since 2006); Executive Vice President, John Hancock Funds, LLC (since 2004); Executive Vice President, John Hancock retail funds (since 2012); Chief Operating Officer, John Hancock retail funds (20092012); Senior Vice President, John Hancock retail funds (20102012); Vice President, John Hancock Funds II and John Hancock Variable Insurance Trust (since 2006); Senior Vice President, Product Management and Development, John Hancock Funds, LLC (until 2009). | |||
Thomas M. Kinzler (1955) |
Secretary and Chief Legal Officer |
2006 | Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel, John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock Funds, LLC (since 2007); and Secretary and Chief Legal Officer, John Hancock retail funds, John Hancock Funds II and John Hancock Variable Insurance Trust (since 2006). | |||
Francis V. Knox, Jr. (1947) |
Chief Compliance Officer | 2005 | Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock retail funds, John Hancock Funds II, John Hancock Variable Insurance Trust, John Hancock Advisers, LLC and John Hancock Investment Management Services, LLC (since 2005); Vice President and Chief Compliance Officer, John Hancock Asset Management a division of Manulife Asset Management (US) LLC (20052008). | |||
Charles A. Rizzo (1957) |
Chief Financial Officer | 2007 | Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Advisers, LLC and John Hancock Investment Management Services, LLC (since 2008); Chief Financial Officer, John Hancock retail funds, John Hancock Funds II and John Hancock Variable Insurance Trust (since 2007); Assistant Treasurer, Goldman Sachs Mutual Fund Complex (20052007); Vice President, Goldman Sachs (20052007). | |||
Salvatore Schiavone (1965) |
Treasurer | 2009 | Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Advisers, LLC and John Hancock Investment Management Services, LLC (since 2007); Treasurer, John Hancock retail funds (since 2010); Treasurer, John Hancock closed-end funds (since 2009); Assistant Treasurer, John Hancock Funds II and John Hancock Variable Insurance Trust (since 2010) and (2007-2009); Assistant Treasurer, John Hancock retail funds (2007-2009); Assistant Treasurer, Fidelity Group of Funds (20052007); Vice President, Fidelity Management Research Company (20052007). |
John Hancock retail funds is comprised of the series of John Hancock Funds III and 12 other investment companies, as well as ten closed-end funds (including Income Securities and Investors).
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Communications with the Trustees
Shareholders may communicate with the Trustees as a group or individually. Any such communication should be sent to the Board or an individual Trustee c/o the Secretary of the funds at the following address: 601 Congress Street, Boston, Massachusetts 02210. The Secretary may determine not to forward any letter to Trustees that does not relate to the business of a fund.
Nominee Share Ownership
The following table shows the number of shares beneficially owned by each Nominee, as well as the dollar range of each Nominees ownership of the funds and all John Hancock funds overseen by the Nominee. No information is provided for Messrs. McHaffie and Vrysen because they are not expected to continue to serve as Trustees beyond 2012.
Trustee/Nominee Holdings (1) | ||||||||||
Name of Nominee |
Income Securities |
Share |
Investors |
Share |
All John Hancock Funds Overseen | |||||
Independent Nominees |
||||||||||
Charles L. Bardelis |
None | 0 | None | 0 | Over $100,000 | |||||
Peter S. Burgess |
None | 0 | None | 0 | Over $100,000 | |||||
William H. Cunningham |
$1 $10,000 | 403 | $1 $10,000 | 253 | Over $100,000 | |||||
Grace K. Fey |
None | 0 | None | 0 | Over $100,000 | |||||
Theron S. Hoffman |
None | 0 | None | 0 | Over $100,000 | |||||
Deborah C. Jackson |
$10,001 $50,000 | 686 | $ 10,001 $50,000 | 462 | Over $100,000 | |||||
Hassell H. McClellan |
None | 0 | None | 0 | Over $100,000 | |||||
John A. Moore |
$1 $10,000 | 500 | $1 $10,000 | 250 | Over $100,000 | |||||
James M. Oates |
None | 0 | None | 0 | Over $100,000 | |||||
Steven R. Pruchansky |
$1 $10,000 | 408 | $1 $10,000 | 262 | Over $100,000 | |||||
Gregory A. Russo |
$ 10,001 $50,000 | 655 | $ 10,001 $50,000 | 453 | Over $100,000 | |||||
Non-Independent Nominees |
||||||||||
James R. Boyle |
None | 0 | None | 0 | Over $100,000 | |||||
Craig Bromely |
None | 0 | None | 0 | None | |||||
Warren A. Thomson |
None | 0 | None | 0 | Over $100,000 |
(1) | Nominee and Trustee share ownership is provided as of August 31, 2012. The amounts reflect the aggregate dollar range of equity securities beneficially owned by the Nominees and Trustees in the funds and in all John Hancock funds overseen by each Nominee or Trustee. For each Nominee and Trustee, the amounts reflected include share equivalents of certain John Hancock funds in which the Trustee and Trustee is deemed to be invested pursuant to the Deferred Compensation Plan for Independent Trustees, as more fully described under Remuneration of Trustees/Nominees and Officers. The information as to beneficial ownership is based on statements furnished to the funds by the Nominees and Trustees. Each of the Nominees has all voting and investment powers with respect to the shares indicated. None of the Nominees or Trustees beneficially owned individually, and the Nominees, Trustees and executive officers of the funds as a group did not beneficially own, in excess of one percent of the outstanding shares of any fund. |
Section 16(a) Beneficial Ownership Reporting Compliance
Section 16(a) of the Exchange Act requires a funds executive officers, Trustees and persons who own more than 10% of a funds shares (10% Shareholders) to file reports of ownership and changes in ownership with the Securities and Exchange Commission (SEC). Executive officers, Trustees and 10% Shareholders are also required by SEC regulations to furnish each fund with copies of all Section 16(a) forms they file. Based solely on a review of the copies of these reports furnished to the funds and representations that no other reports were required to be filed, each fund believes that, during the past fiscal year, its executive officers, Trustees and 10% Shareholders complied with all applicable Section 16(a) filing requirements.
Remuneration of Trustees/Nominees and Officers
The following table provides information regarding the compensation earned by each Independent Trustee and Independent Trustee Nominee from the funds and the other investment companies in the John Hancock Fund Complex for their services for the fiscal year ended October 31, 2011. The non-Independent Trustees, and each of the officers of the funds who are interested persons of the adviser, are compensated by the adviser and/or its affiliates and receive no compensation from the funds for their services.
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Independent Trustees |
Aggregate Compensation | Total Compensation All Funds in the John Hancock Fund Complex |
||||||||||
Income Securities | Investors | |||||||||||
Charles L. Bardelis |
$ | 0 | $ | 0 | $ | 270,000 | ||||||
Peter S. Burgess |
$ | 0 | $ | 0 | $ | 300,000 | ||||||
William H. Cunningham(1) |
$ | 5,000 | $ | 5,000 | $ | 218,071 | ||||||
Grace K. Fey |
$ | 0 | $ | 0 | $ | 270,000 | ||||||
Theron S. Hoffman |
$ | 0 | $ | 0 | $ | 270,000 | ||||||
Deborah C. Jackson |
$ | 5,178 | $ | 5,178 | $ | 203,000 | ||||||
Hassell H. McClellan |
$ | 0 | $ | 0 | $ | 300,000 | ||||||
John A. Moore |
$ | 6,007 | $ | 6,006 | $ | 229,000 | ||||||
James M. Oates |
$ | 0 | $ | 0 | $ | 370,000 | ||||||
Steven R. Pruchansky(1) |
$ | 6,828 | $ | 6,828 | $ | 280,149 | ||||||
Gregory Russo |
$ | 5,750 | $ | 5,750 | $ | 227,000 |
(1) | As of October 31, 2011, the value of the aggregate accrued deferred compensation amount from all funds in the John Hancock Fund Complex for Mr. Cunningham was $247,659; Dr. Moore was $322,934 and Mr. Pruchansky was $389,739 under the John Hancock Deferred Compensation Plan for Independent Trustees (the Plan). Under the Plan, an Independent Trustee may elect to have his or her deferred fees invested by a fund in shares of one or more funds in the John Hancock Fund Complex and the amount paid to the Trustees under the Plan will be determined based upon the performance of such investments. Deferral of Trustees fees does not obligate any fund to retain the services of any Trustee or obligate a fund to pay any particular level of compensation to the Trustee. |
As part of the board consolidation, three of the current members of the Boards are not standing for reelection, including Dr. Moore, an Independent Trustee. If this Proposal is approved, Dr. Moores term of office will end in advance of his scheduled retirement date of December 31, 2012. In recognition of his service as an independent member of the Boards and contingent upon the approval by shareholders of a new slate of trustees, the Boards have approved an aggregate payment of $300 per fund. The payment was calculated based on the amount the trustee would have received from each fund for attending meetings through his scheduled retirement date.
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Legal Proceedings
There are no material pending legal proceedings to which any Nominee, Trustee or affiliated person of such Nominee or Trustee is a party adverse to the funds or any of their affiliated persons or has a material interest adverse to the funds or any of their affiliated persons. In addition, there have been no legal proceedings that are material to an evaluation of the ability or integrity of any Nominee, Trustee or executive officer of the Trusts within the past ten years.
Audit Committee Report
The information contained in this report shall not be deemed to be soliciting material or filed or incorporated by reference in future filings with the Securities and Exchange Commission (the SEC), or subject to the liabilities of Section 18 of the Securities Exchange Act of 1934, except to the extent that we specifically incorporate it by reference into a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934.
The Audit Committee has reviewed and discussed with the funds management and PricewaterhouseCoopers (PwC) the audited financial statements of the funds contained in the Annual Reports on Form N-CSR for the fiscal year ended October 31, 2011. The Audit Committee also has discussed with PwC the matters required to be discussed pursuant to Public Company Accounting Oversight Board Auditing Standards, AU Section 380, which includes, among other items, matters related to the conduct of the audit of the funds financial statements.
The Audit Committee has received and reviewed the written disclosures and the letter from PwC required by applicable requirements of the Public Company Accounting Oversight Board regarding PwCs communications with the Audit Committee concerning independence and has discussed with PwC its independence from the funds.
Based on the review and discussions referred to above, the Audit Committee recommended to the Board of Trustees that the audited financial statements be included in each funds Annual Report on Form N-CSR for filing with the SEC.
Submitted by the Audit Committee*
Stanley Martin
Charles L. Ladner
Dr. John A. Moore
Patti McGill Peterson
* | Dr. John A. Moore, Steven R. Pruchansky, and Gregory A. Russo currently serve on the Audit Committee. |
Independent Registered Public Accounting Firm
The Trustees of each fund, including a majority of each funds Independent Trustees, have selected PricewaterhouseCoopers LLP (PwC), 125 High Street, Boston, Massachusetts 02110, to act as independent registered public accounting firm for each fund.
Representatives of PwC are not expected to be present at the meeting, but have been given the opportunity to make a statement, if they desire to do so, and will be available should any matter arise requiring their participation.
The following table sets forth the aggregate fees billed by PwC for each fund for the fiscal years ended October 31, 2011 and October 31, 2010 (the Reporting Periods), for professional services rendered for: (i) the audit of the funds annual financial statements and the review of financial statements included in the funds reports to
18
shareholders; (ii) assurance and related services that are reasonably related to the performance of the audit or review of the funds financial statements; (iii) tax compliance, tax advice or tax planning; and (iv) all other services provided by PwC, other than (i), (ii) and (iii). None of the services described below were approved by the Audit Committee pursuant to the de minimis exception from the pre-approval requirement set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X under the Securities Act of 1933, as amended .
Fund |
Fiscal Year Ended October 31, 2011 |
Fiscal Year Ended October 31, 2010 |
||||||
Income Securities |
||||||||
Audit Fees |
$ | 43,714 | $ | 36,410 | ||||
Audit-Related Fees |
$ | 0 | $ | 0 | ||||
Tax Fees |
$ | 3,107 | $ | 2,959 | ||||
All Other Fees |
$ | 73 | $ | 20,020 | ||||
Investors |
||||||||
Audit Fees |
$ | 43,714 | $ | 36,410 | ||||
Audit-Related Fees |
$ | 15,000 | $ | 0 | ||||
Tax Fees |
$ | 3,107 | $ | 2,959 | ||||
All Other Fees |
$ | 73 | $ | 20,020 |
Each funds Audit Committee has adopted procedures that require the pre-approval of audit and non-audit services provided by the funds independent registered public accounting firm to the fund, the adviser and any entity controlling, controlled by or under common control with the adviser that provide services to the funds (the Adviser Affiliates) and that relate directly to the funds operations and financial reporting. In addition, these procedures identify certain types of audit and non-audit services that are anticipated to be provided by PwC during a calendar year and, provided the services are within the scope and value standards set forth in the procedures, such services are deemed to be pre-approved by the Audit Committee. The scope and value criteria are reviewed annually. Unless a service is pre-approved under the procedures, it must be specifically pre-approved by the Audit Committee.
In recommending PwC as the funds independent registered public accounting firm, the Audit Committee has considered the compensation paid to PwC for audit and non-audit services to the adviser and the Adviser Affiliates, and has determined that such compensation is not incompatible with maintaining PwCs independence.
The following table sets forth the aggregate non-audit fees billed by PwC for services rendered to each fund for the fiscal years ended October 31, 2011 and October 31, 2010.
Fund |
2011 | 2010 | ||||||
Income Securities |
$ | 3,180 | $ | 22,979 | ||||
Investors |
$ | 3,180 | $ | 22,979 |
The aggregate non-audit fees billed by PwC for services rendered to the adviser and the Adviser Affiliates for the fiscal years ended October 31, 2011 and October 31, 2010 amounted to $1,671,778 and $3,063,789, respectively.
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MISCELLANEOUS
Voting; Quorum; Adjournment
The following votes are required to approve the election of each Nominee:
Proposal |
Vote Required | |
Election of Trustees | A plurality of all votes cast, assuming a quorum exists.* A plurality means that the thirteen Nominees presented for election receiving the greatest number of votes will be elected as Trustees, regardless of the number of votes cast. |
* | In order for a quorum to exist, a majority of the shares outstanding and entitled to vote must be present at the meeting, either in person or by proxy, determined in accordance with the table below. |
Because the proposal described in this proxy statement is considered a routine matter, brokers holding shares in street name may vote without instruction under the rules of the New York Stock Exchange, on which the funds shares are listed.
The following table summarizes how the quorum and voting requirements are determined.
Shares |
Quorum |
Voting | ||
In General | All shares present in person or by proxy are counted in determining whether a quorum exists. | Shares present in person will be voted in person by the shareholder at the meeting. Shares present by proxy will be voted by the proxy holder in accordance with instructions specified in the proxy. | ||
Broker Non-Vote | Considered present at meeting. | Not voted. Same effect as a vote against each Nominee. | ||
Proxy with No Voting Instruction (other than |
Considered present for determining whether a quorum exists. |
Will be voted for each Nominee by the proxy holder. | ||
Vote to Abstain | Considered present for determining whether a quorum exists. | Same effect as a vote against each Nominee. |
If a quorum is not present, the persons named as proxies may vote their proxies to adjourn the meeting to a later date. Shareholder action may be taken on the proposal prior to such adjournment. Any such adjournment will require the affirmative vote of a majority of those shares present at the Annual Meeting in person or by proxy.
Expenses and Methods of Solicitation
The costs of the meeting, and the expense of preparing, printing and mailing the proxy materials and soliciting shareholder votes will be paid by the funds Adviser. In addition to the solicitation of proxies by mail, Trustees, officers and employees of the funds or of the Adviser may solicit proxies in person, by facsimile, by e-mail or by telephone. Computershare Shareowner Services LLC has been retained to assist in the solicitation of proxies at a cost of approximately $1,680 per fund plus reasonable expenses (including the cost of maintaining an Internet Web site where the proxy materials are posted).
Telephone Voting
The funds may arrange to have votes recorded by telephone by officers and employees of the funds or by the personnel of the adviser, the transfer agent or solicitor. The telephone voting procedure is designed to verify a shareholders identity, to allow a shareholder to authorize the voting of shares in accordance with the shareholders instructions and to confirm that the voting instructions have been properly recorded.
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| A shareholder will be called on a recorded line at the telephone number in the funds account records and will be asked to provide certain identifying information. |
| The shareholder will then be given an opportunity to authorize proxies to vote his or her shares at the meeting in accordance with the shareholders instructions. |
Alternatively, a shareholder may call the funds Voice Response Unit and follow these steps to vote:
| Read the proxy statement and have the proxy card at hand. |
| Call the toll-free number located on the proxy card. |
| Follow recorded instructions. |
With both methods of telephone voting, to ensure that the shareholders instructions have been recorded correctly, the shareholder will receive a confirmation of the voting instructions.
If the shareholder decides after voting by telephone to attend the meeting, the shareholder can revoke the proxy at that time and vote the shares at the meeting.
Internet Voting
Shareholders also have the opportunity to submit their voting instructions via the Internet by utilizing a program provided through a vendor. Voting via the Internet will not affect shareholders right to vote in person if they decide to attend the meeting. Shareholders should not mail the proxy card if they are voting via the Internet. To vote via the Internet, shareholders will need the information on their proxy card. The Internet voting procedures are designed to authenticate shareholder identities, to allow shareholders to give their voting instructions and to confirm that shareholders instructions have been recorded properly. Shareholders voting via the Internet should understand that there may be costs associated with electronic access (which the shareholders must bear), such as usage charges from Internet access providers and telephone companies.
To vote via the Internet, shareholders should:
| Read the proxy statement and have the proxy card on hand. |
| Go to the Web site listed on the proxy card. |
| Follow the directions on the Web site. Shareholders should call 1-800-852-0218 to report any problems. |
To ensure that voting instructions have been recorded correctly, shareholders will receive a confirmation of their voting instructions immediately after submission.
Shareholders Sharing the Same Address
As permitted by law, only one copy of this Proxy Statement, or Notice of Internet Availability of Proxy Materials may be delivered to shareholders residing at the same address, unless such shareholders have notified the applicable fund of their desire to receive multiple copies of the shareholder reports and other materials that a fund sends. If you would like to receive an additional copy, please contact the applicable fund by writing to 601 Congress Street, Boston, Massachusetts 02210 Attn: Michael Heffernan, or by calling 1-800-852-0218. The fund will then promptly deliver, upon request, a separate copy of this Proxy Statement to any shareholder residing at an address to which only one copy was mailed. Shareholders wishing to receive separate copies of the funds shareholder reports and other materials in the future, and shareholders sharing an address that wish to receive a single copy if they are receiving multiple copies, also should send a request as indicated.
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The Funds Adviser, Administrator and Subadviser
John Hancock Advisers, LLC serves as each funds investment adviser and administrator. An affiliate of the adviser, John Hancock Asset Management a division of Manulife Asset Management (US) LLC, 101 Huntington Avenue, Boston, Massachusetts 02199, serves as each funds subadviser.
Other Matters
The management of the funds knows of no business to be brought before the meeting, except as described in this proxy statement. If, however, any other matters were properly to come before the meeting, the persons named in the enclosed form of proxy intend to vote on such matters in accordance with their best judgment. If any shareholders desire additional information about the matters proposed for action, the management of the funds will provide further information.
The meeting is scheduled as a joint meeting of the respective shareholders of the funds because the shareholders of the funds generally are expected to consider and vote on the same matter. The Boards of Trustees of the funds have determined that the use of this joint proxy statement for the meetings is in the best interest of each funds shareholders. In the event that any shareholder present at the meetings objects to the holding of a joint meeting and moves for an adjournment of the annual meeting with respect to his or her fund to a time immediately after the annual meetings so that his or her funds meeting may be held separately, the persons named as proxies will vote in favor of that adjournment.
The shareholders of each fund will vote separately on the proposal, and voting by shareholders of one fund will have no effect on the outcome of voting by shareholders of the other fund.
SHAREHOLDER PROPOSALS
Shareholder proposals, including Nominees for Trustee, intended to be presented at a funds 2014 annual meeting, in accordance with Rule 14a-8 under the Exchange Act, must be received by that fund at its offices at 601 Congress Street, Boston, Massachusetts 02210, by no later than the close of business on May 22, 2013, for inclusion in that funds proxy statement and form of proxy relating to that meeting (subject to certain exceptions). Written notice of a shareholder proposal submitted outside of the processes of Rule 14a-8 must be delivered to the Secretary of the relevant fund at 601 Congress Street, Boston, Massachusetts 02210 by no later than the close of business on June 21, 2013 and no earlier than May 22, 2013. In order to be included in a funds proxy statement and form of proxy, a shareholder proposal must comply with all applicable legal requirements. Timely submission of a proposal does not guarantee that such proposal will be included.
IT IS IMPORTANT THAT PROXIES BE RETURNED PROMPTLY
JOHN HANCOCK INCOME SECURITIES TRUST
JOHN HANCOCK INVESTORS TRUST
Dated: September 19, 2012
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ATTACHMENT 1
JOHN HANCOCK FUNDS
AUDIT COMMITTEE CHARTER
A. | Composition. The Audit Committee (the Committee) shall be composed exclusively of Trustees who are not interested persons as defined in the Investment Company Act of 1940 of any of the Funds, or of any Funds investment adviser, subadviser or principal underwriter (the Independent Trustees). The Committee shall be composed of at least three Independent Trustees who are designated for membership from time to time by the Board of Trustees. Unless otherwise determined by the Board, no member of the Committee may serve on the audit committee of more than two other public companies (other than another John Hancock Fund). Except as otherwise permitted by the applicable rules of the New York Stock Exchange, each member of the Committee shall be independent as defined by such rules and Rule 10A-3(b)(1) of the Securities Exchange Act of 1934. No member of the Committee may receive, directly or indirectly, any consulting, advisory or other compensatory fee from a Fund, other than fees paid in his or her capacity as a member or chair of the Board of Trustees or of a committee of the Board of Trustees. Each member of the Committee must be financially literate, as such qualification is interpreted by the Board of Trustees in its business judgment, or must become financially literate within a reasonable period of time after his or her appointment to the Committee. At least one member of the Committee must have accounting or related financial management expertise, as the Board of Trustees interprets such qualification in its business judgment. |
As required or as it deems appropriate, the Audit Committee shall consider whether one or more of its members qualifies to be designated by the Board of Trustees as an audit committee financial expert, as such term is defined by the Securities and Exchange Commission. The Audit Committee shall report the results of its deliberations to the Board of Trustees for further action as appropriate, including, but not limited to, a determination by the Board of Trustees that the Audit Committee membership includes or does not include one or more audit committee financial experts and any related disclosure to be made concerning this matter.
B. | Overview. The Committees purpose is to: |
1. | assist the Board in fulfilling its oversight responsibilities of (1) the integrity of the Funds financial statements, (2) the Funds compliance with legal and regulatory requirements (except to the extent such responsibility is delegated to another committee), (3) the independent auditors qualifications and independence, and (4) the performance of the Funds independent auditors; |
2. | act as a liaison between the Funds independent auditors and the Board of Trustees; and |
3. | oversee the preparation of an Audit Committee Report as required by the Securities and Exchange Commission (the SEC) to the extent required to be included in the closed-end Funds annual proxy statement. |
The Committee shall discharge its responsibilities, and shall access the information provided by the Funds management and independent auditors, in accordance with its business judgment. Management is responsible for the preparation of the Funds financial statements and the maintenance of appropriate systems for accounting and internal controls over financial reporting. The independent auditors are responsible for planning and carrying out proper audits and reviews in accordance with generally accepted auditing standards. In fulfilling their responsibilities hereunder, it is recognized that it is not the duty or responsibility of the Committee or its members to conduct field work or other types of auditing or accounting reviews or procedures or to set auditor independence standards. Accordingly, the Committees oversight role does not provide any expert or special assurance as to the financial statements and other financial information provided by a Fund to its shareholders and others. The authority and responsibilities set forth in this charter recognize that the Committee members are not acting as accountants or auditors and
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this charter does not reflect or create any duty or obligation of the Committee to plan or conduct any audit, to determine or certify that any Funds financial statements are complete, accurate, fairly presented, or in accordance with generally accepted accounting principles or applicable law, or to guarantee any independent auditors report.
Each member of the Committee shall be entitled to rely on (i) the integrity of those persons and organizations within and outside the Fund from which it receives information, (ii) the accuracy of the financial and other information provided to the Committee by such persons and organizations absent actual knowledge to the contrary (which shall be promptly reported to the Funds Board) and (iii) statements made by the officers and employees of the Fund, the adviser or other third parties as to any information technology, internal audit and other non-audit services provided by the independent auditors to the Fund. In addition, the evaluation of the Funds financial statements by the Committee is not of the same scope as, and does involve the extent of detail as, audits performed by the independent auditors, nor does the Committees evaluation substitute for the responsibilities of the Funds management for preparing, or the independent auditors for auditing, the financial statements.
C. | Oversight. The independent auditors shall report directly to the Committee, and the Committee shall be responsible for oversight of the work of the independent auditors, including resolution of any disagreements between any Funds management and the independent auditors regarding financial reporting matters. In connection with its oversight role, the Committee should also review with the independent auditors, from time to time as appropriate: significant risks and uncertainties with respect to the quality, accuracy or fairness of presentation of a Funds financial statements; accounting for unusual transactions; adjustments arising from audits that could have a significant impact on the Funds financial reporting process; and any recent SEC comments on the Funds SEC reports, including, in particular, any accounting or disclosure compliance comments. The Committee should inquire of the independent auditor concerning the quality, not just the acceptability, of the Funds accounting determinations and other judgmental areas. |
D. | Specific Responsibilities. The Committee shall have the following duties and powers, to be exercised at such times and in such manner as the Committee shall determine: |
1. | To approve, and recommend to the Board of Trustees for its ratification and approval in accord with applicable law, the selection, appointment and retention of an independent auditor for each Fund (or any other public accounting firm engaged for the purpose of performing other audit, review or attest services for a Fund) prior to the engagement of such independent auditor and, at an appropriate time, its compensation, and to approve the termination of the independent auditor. The Committee should meet with the independent auditor prior to the audit to discuss the planning and staffing of the audit. The Committee should periodically consider whether there should be a regular rotation of the independent audit firm. |
2. | To periodically review and evaluate the lead partner and other senior members of the independent auditors team and confirm the regular rotation of the lead audit partner and reviewing partner as required by Section 203 of the Sarbanes-Oxley Act. |
3. | To pre-approve all non-audit services provided by the independent auditor to the Fund or to the Funds investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Fund, if the engagement relates directly to the operations and financial reporting of the Fund. |
4. | The Committee is authorized to delegate, to the extent permitted by law, pre-approval responsibilities for non-audit services to one or more members of the Committee who shall report to the Committee regarding approved services at the Committees next regularly scheduled meeting. The Committee is also authorized to adopt policies and procedures which govern the pre-approval of audit, audit-related, tax and other services provided by the independent accountants to the Funds or to a service provider as referenced in Paragraph 3, provided however, that any such policies and procedures are detailed as to particular services, the Committee is informed of each service, and any such policies and procedures do not include the delegation of the Committees responsibilities under the Securities Exchange Act of 1934 or applicable rules or listing requirements. |
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5. | To meet periodically, including separately, with independent auditors and with the Funds senior management to, as appropriate: (i) review the arrangements for and scope of the annual audit and any special audits; (ii) review, to the extent required by applicable law or regulation, the form and substance of the closed-end Funds financial statements and reports, including each closed-end Funds disclosures under Managements Discussion of Fund Performance and to discuss any matters of importance relating to the Funds financial statements, including any adjustments to such statements recorded by management or recommended by the independent auditors, or other results of an audit; (iii) consider the independent auditors comments with respect to the Funds financial policies, procedures and internal accounting controls and managements responses thereto; (iv) review the resolution of any disagreements between the independent auditors and management regarding the Funds financial reporting; (v) obtain annually in writing from the independent auditors their letter as to the adequacy of such controls as required by form N-SAR; (vi) review the form of opinion on financial statements that the independent accountants propose to render to the Board and shareholders and (vii) discuss with management any comments raised by regulators with respect to financial statement reporting and disclosure. The Committee will periodically discuss with the independent auditors their assessment of managements capabilities in areas that could impact the financial statements, and shall review reports provided by managements internal auditors regarding matters that could affect the Funds financial statements or related services provided by management to the Funds. If any Fund establishes an internal audit function, the Committee shall assist the Board in fulfilling its oversight responsibilities over the performance thereof. |
6. | With respect to any Fund listed on a securities exchange, to consider whether it will recommend to the Board of Trustees that the audited financial statements be included in a Funds annual report. The Board delegates to the Committee the authority to release the Funds financial statements for publication in the annual and semi-annual report, subject to the Boards right to review and ratify such financial statements following publication. With respect to each Fund, to review and discuss with each Funds management and independent auditor the Funds audited financial statements and the matters about which Statement on Auditing Standards No. 114, as amended, requires discussion. With respect to any listed Fund, the Committee shall prepare an annual committee report for inclusion where necessary in the proxy statement of a Fund relating to its annual meeting of security holders or in any other filing required by the SECs rules. |
7. | To receive and consider reports on the audit functions of the independent auditors and the extent and quality of their auditing programs. |
8. | To obtain and review, at least annually, a report by the independent auditor describing: the firms internal quality-control procedures; any material issues raised by the most recent internal quality-control review, or peer review, of the firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years, respecting one or more independent audits carried out by the firm, and any steps taken to deal with any such issues; and all relationships between the independent auditor and each Fund, including the disclosures required by any applicable Independence Standards Board Standard or the Public Company Accounting Oversight Board. The Committee shall engage in an active dialogue with each independent auditor concerning any disclosed relationships or services that might impact the objectivity and independence of the auditor. |
9. | To review with the independent auditor any problems that may be reported to it arising out of a Funds accounting, auditing or financial reporting functions and managements response, including any restrictions on the scope of the auditors activities or on access to requested information, and any significant disagreements with management, and to receive and consider reports on critical accounting policies and practices and alternative treatments discussed with management. |
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10. | To review securities pricing procedures and review their implementation with management, independent auditors and others as may be required, except with respect to the Funds Rule 2a-7 policies and procedures. |
11. | To establish procedures for the receipt, retention, and treatment of complaints received by a Fund regarding accounting, internal accounting controls, or auditing matters, and the confidential, anonymous submission by employees of the investment adviser, administrator, principal underwriter or any other provider of accounting-related services for a listed Fund, as well as employees of the Fund, if any, regarding questionable accounting or auditing matters, as and when required by applicable rules or listing requirements. |
12. | With respect to any listed Fund, to discuss guidelines and policies to govern the process by which financial risk assessment and financial risk management is undertaken. The Committee is not the primary body responsible for oversight of risk assessment and risk management, which is primarily the role of management. |
13. | With respect to any listed Fund, to set clear hiring policies for employees or former employees of the independent auditors. |
14. | To report regularly to the Board of Trustees, including providing the Committees conclusions and/or recommendations with respect to the independent auditor and the Funds financial statements and accounting controls. |
15. | For listed Funds, to discuss generally the types of information to be disclosed in press releases concerning dividends, as well as financial information provided to analysts and rating agencies (if any), and the type of presentation to be made. |
16. | To consider the effect upon a Fund of significant changes in accounting principles, practices, controls or procedures proposed or contemplated by management or the independent auditors. |
E. | Subcommittees. The Committee may, to the extent permitted by applicable law, form and delegate authority to one or more subcommittees (including a subcommittee consisting of a single member), as it deems appropriate from time to time under the circumstances. Any decision of a subcommittee to preapprove audit or non-audit services shall be presented to the full Committee at its next meeting. |
F. | Additional Responsibilities. The Committee shall perform other tasks assigned to it from time to time by the Board of Trustees, and will report findings and recommendations to the Board of Trustees, as appropriate. |
G. | Funding. Each Fund shall provide for appropriate funding, as determined by the Committee for payment of: |
1. | Compensation to any registered public accounting firm engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Fund. |
2. | Compensation to any counsel, advisers, experts or consultants engaged by the Committee under Paragraph J of this charter. |
3. | Ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties. |
4. | Public Company Accounting Oversight Board fees. |
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H. | Governance. One member of the Committee shall be appointed as chair by the Board of Trustees. The chair shall be responsible for leadership of the Committee, including scheduling meetings or reviewing and approving the schedule for them, preparing agendas or reviewing and approving them before meetings, presiding over meetings, and making reports to the Board of Trustees, as appropriate. The designation of a person as an audit committee financial expert, within the meaning of the rules under Section 407 of the Sarbanes-Oxley Act of 2002, shall not impose any greater responsibility or liability on that person than the responsibility and liability imposed on such person as a member of the Committee, nor shall it decrease the duties and obligations of other Committee members or the Board of Trustees. |
I. | Evaluation. At least annually, the Committee shall evaluate its own performance consistent with the requirements of this charter and report the results to the Board of Trustees. |
J. | Miscellaneous. The Committee shall meet as often as it deems appropriate, with or without management, as circumstances require. The Committee shall have the resources and authority appropriate to discharge its responsibilities, including the authority to retain special counsel and other advisers, experts or consultants, at the Funds expense, as it determines necessary to carry out its duties. The Committee shall have direct access to such officers of and service providers to the Funds as it deems desirable. |
K. | Review. The Committee shall review this charter periodically and shall recommend such changes to the Board of Trustees as it deems desirable. |
Last revised: June 5, 2012
27
ATTACHMENT 2
JOHN HANCOCK FUNDS
NOMINATING, GOVERNANCE AND ADMINISTRATION COMMITTEE CHARTER
A. | Composition. The Nominating, Governance and Administration Committee (the Committee) shall be composed entirely of Trustees who are independent as defined in the rules of the New York Stock Exchange (NYSE) and are not interested persons (as defined in the Investment Company Act of 1940) of any of the Funds, or of any Funds investment adviser, subadviser or principal underwriter (the Independent Trustees) who are designated for membership from time to time by the Board of Trustees. The Chairman of the Board shall be a member of the Committee. |
B. | Overview. The purpose of the Committee is (1) to make determinations and recommendations to the Board on issues related to (a) the composition and operation of the Board, (b) corporate governance matters applicable to the Independent Trustees, and (c) issues related to complex-wide matters and practices designed to facilitate uniformity and administration of the Boards oversight of the Funds, and (2) to discharge such additional duties, responsibilities and functions as are delegated to it from time to time. |
C. | Specific Responsibilities. The Committee shall have the following duties and powers, to be exercised at such times and in such manner as the Committee shall determine: |
1. | To identify individuals qualified to serve as Independent Trustees of the Funds, and to consider and determine nominations of individuals to serve as Trustees. |
2. | To consider, as it deems necessary or appropriate, the criteria for persons to fill existing or newly created Trustee vacancies. The Committee shall use the criteria and principles set forth in Annex A to guide its Trustee selection process. |
3. | To consider and determine the amount of compensation to be paid by the Funds to the Independent Trustees, including incremental amounts, if any, payable to Committee Chairmen, and to address compensation-related matters. The Chairman of the Board has been granted the authority to approve special compensation to Independent Trustees in recognition of any significant amount of additional time and service to the Funds provided by them, subject to ratification of any such special compensation by the Committee at the next regular meeting of the Committee. |
4. | To consider and determine the duties and compensation of the Chairman of the Board. |
5. | To consider and recommend changes to the Board regarding the size, structure, and composition of the Board. |
6. | To evaluate, from time to time, and determine changes to the retirement policies for the Independent Trustees, as appropriate. |
7. | To monitor all expenditures and practices of the Board or the Committees or the Independent Trustees not otherwise incurred and/or monitored by a particular Committee, including, but not limited to: directors and officers liability insurance and fidelity bond coverage and costs; association dues, including Investment Company Institute and Mutual Fund Directors Forum membership dues; meeting expenditures and policies relating to reimbursement of travel expenses and expenses associated with offsite meetings; expenses and policies associated with Trustee attendance at educational or informational conferences; publication expenses; expenses of computers and related service charges; and fees of counsel to the Independent Trustees. |
8. | To consider, evaluate and make recommendations and necessary findings regarding independent legal counsel and any other advisers, experts or consultants that may be engaged by the Board of Trustees, by the Trustees who are not interested persons as defined in the Investment Company |
28
Act of 1940 of any of the Funds or any Funds investment adviser, subadviser or principal underwriter, or by the Committee, from time to time, other than as may be engaged directly by another Committee. |
9. | To make a recommendation to the Board of Trustees concerning the annual consideration of the agreements relating to legal services. |
10. | To periodically review the Boards committee structure and, in collaboration with the Chairs of the various Committees, the charters of the Boards committees, and recommend to the Board of Trustees changes to the committee structure and charters as it deems appropriate. |
11. | To coordinate and administer an annual self-evaluation of the Board, which will include, at a minimum, a review of its effectiveness in overseeing the number of Funds in the Fund complex and the effectiveness of its committee structure. |
12. | To retain and terminate any firm(s) to be used to identify or evaluate or assist in identifying or evaluating potential Independent Board nominees, subject to the Boards sole authority to approve the firms fees and other retention terms. |
13. | To report its activities to Board of Trustees and to make such recommendations with respect to the matters described above and other matters as the Committee may deem necessary or appropriate. |
14. | To review the Rule 17j-1 Code of Ethics of the Independent Trustees in coordination with the Board of Trustees Compliance Committee. |
D. | Additional Responsibilities. The Committee will also perform other tasks assigned to it from time to time by the Chairman of the Board or by the Board of Trustees, and will report findings and recommendations to the Board of Trustees, as appropriate. |
E. | Governance. One member of the Committee shall be appointed as chair. The chair shall be responsible for leadership of the Committee, including scheduling meetings or reviewing and approving the schedule for them, preparing agendas or reviewing and approving them before meetings, and making reports to the Board of Trustees, as appropriate. |
F. | Miscellaneous. The Committee shall meet as often as it deems appropriate, with or without management, as circumstances require. The Committee shall have the resources and authority appropriate to discharge its responsibilities, including the authority to retain special counsel and other advisers, experts or consultants, at the Funds expense, as it determines necessary to carry out its duties. The Committee shall have direct access to such officers of and service providers to the Funds as it deems desirable. |
G. | Evaluation. At least annually, the Committee shall evaluate its performance consistent with the requirements of this charter and report the results to the Board of Trustees. |
H. | Review. The Committee shall review this charter periodically and shall recommend changes to the Board of Trustees, as it deems desirable. |
Last revised: June 5, 2012
29
ANNEX A
General Criteria
1. | Nominees should have a reputation for integrity, honesty and adherence to high ethical standards. |
2. | Nominees should have demonstrated business acumen, experience and ability to exercise sound judgments in matters that relate to the current and long-term objectives of the Funds and should be willing and able to contribute positively to the decision-making process of the Funds. |
3. | Nominees should have a commitment to understand the Funds, and the responsibilities of a trustee/director of an investment company and to regularly attend and participate in meetings of the Board and its committees. |
4. | Nominees should have the ability to understand the sometimes conflicting interests of the various constituencies of the Funds, including shareholders and the management company, and to act in the interests of all shareholders. |
5. | Nominees should not have, nor appear to have, a conflict of interest that would impair their ability to represent the interests of all the shareholders and to fulfill the responsibilities of a director/trustee. |
Application of Criteria to Current Trustees
The renomination of current Trustees should not be viewed as automatic, but should be based on continuing qualification under the criteria set forth above based on, among other things, the current Trustees contribution to the Board and any committee.
Review of Nominations
1. | The Committee believes that it is in the best interests of the Fund and its shareholders to obtain highly-qualified candidates to serve as members of the Board. |
2. | In nominating candidates who would be Independent Trustees, the Committee believes that no particular qualities or skills nor any specific minimum qualifications or disqualifications are controlling or paramount. The Committee shall take into consideration any such factors as it deems appropriate. These factors may include (but are not limited to) the persons character, integrity, judgment, skill, diversity and experience with investment companies and other organizations of comparable purpose, complexity and size and subject to similar legal restrictions and oversight; the interplay of the candidates experience with the experience of other Board members; and the extent to which the candidate would be desirable addition to the Board and any Committees thereof. Other factors that the Committee may take into consideration include a persons availability and commitment to attend meetings and perform his or her responsibilities; an whether or not the person had any relationships that might impair or appear to impair his or her independence, such as any business, financial or family relationships with Fund management, the investment adviser and/or subadviser of the Fund, as applicable, Fund service providers, or their affiliates or with Fund shareholders. |
3. | While the Committee is solely responsible for the selection and recommendation to the Board of Independent Board candidates, the Committee may consider nominees recommended by any source, including Fund shareholders, management and Committee members, as it deems appropriate. Any such recommendations from shareholders shall be directed to the Secretary of the relevant Fund at such address as is set forth in the Funds disclosure documents. Recommendations from management may be submitted to the Committee Chairperson. All recommendations shall include all information relating to such person that is required to be disclosed in solicitations of proxies for the election of Board members and as specified in the relevant Funds By-Laws, and must be accompanied by a written consent of the proposed candidate to stand for election if nominated for the Board and to serve if elected by shareholders. |
4. | The Committee may from time to time establish specific requirements and/or additional factors to be considered for Independent Board candidates as it deems necessary or appropriate. |
5. | After its consideration of relevant factors, the Committee shall present its recommendation(s) to the full Board for its consideration. |
As long as a current Independent Trustee continues, in the opinion of the Committee, to satisfy the criteria listed above, the Committee generally would favor the re-nomination of a current Trustee rather than a new candidate. Consequently, while the Committee will consider nominees recommended by shareholders to serve as trustees, the Committee may only act upon such recommendations if there is a vacancy on the Board, or the Committee determines that the selection of a new or additional Trustee is in the best interests of the Fund.
P56PX 09/12
YOUR VOTE IS IMPORTANT. PLEASE VOTE TODAY.
We encourage you to take advantage of Internet or telephone voting.
Both are available 24 hours a day, 7 days a week.
You can also vote by mail.
Internet and telephone voting is available through 11:59 PM Eastern Time the day prior to the shareholder meeting date.
INTERNET http://www.proxyvoting.com/jhf2
Use the Internet to vote your proxy. Have your proxy card in hand when you access the web site. |
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OR | ||||||||
JOHN HANCOCK INCOME SECURITIES TRUST |
TELEPHONE 1-866-540-5760
Use any touch-tone telephone to vote your proxy. Have your proxy card in hand when you call. |
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OR | ||||||||
Mark, sign and date your proxy card and return it in the enclosed postage-paid envelope. |
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If you vote your proxy by Internet or by telephone, you do NOT need to mail back your proxy card. |
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Your Internet or telephone vote authorizes the named proxies to vote your shares in the same manner as if you marked, signed and returned your proxy card. |
WO# | Fulfillment# | |||||
30951 | 30952 |
q FOLD AND DETACH HERE q
THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR EACH OF THE NOMINEES. | Please mark your votes as indicated in this example |
x | ||||
1.
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Election of Nominees Specified Below as Trustees:
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(01) Charles L. Bardelis | (06) Grace K. Fey | (11) Steven R. Pruchansky | JOHN HANCOCK INCOME SECURITIES TRUST | |||||||||||||||
(02) James R. Boyle | (07) Theron S. Hoffman | (12) Gregory A. Russo | ||||||||||||||||
(03) Craig Bromley | (08) Deborah C. Jackson | (13) Warren A. Thomson | THIS PROXY IS SOLICITED BY THE BOARD OF TRUSTEES | |||||||||||||||
(04) Peter S. Burgess | (09) Hassell H. McClellan | |||||||||||||||||
(05) William H. Cunningham | (10) James M. Oates | |||||||||||||||||
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FOR ALL NOMINEES |
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WITHHOLD FOR ALL NOMINEES |
Specify your vote by marking the appropriate spaces. When this proxy is properly executed, the shares to which this proxy relates will be voted as specified. If no specification is made, this proxy will be voted for the nominees named in the proxy statement. The persons named as proxies have discretionary authority, which they intend to exercise in favor of the proposal referred to and according to their best judgment as to any other matters which may properly come before the meeting.
Please be sure to sign and date this Proxy. | ||||||||||||||||||||||||
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For all nominees except as noted above |
Please Mark Here for Address Change or Comments SEE REVERSE |
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Signature: |
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Date: |
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Signature: |
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Date: |
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Choose MLinkSM for fast, easy and secure 24/7 online access to your future proxy materials, investment plan statements, tax documents and more. Simply log on to Investor ServiceDirect® at http://www.cpushareownerservices.com/ where step-by-step instructions will prompt you through enrollment. |
Important notice regarding the Internet availability of proxy materials for the Annual Meeting of Shareholders. The Presidents Letter, Notice of Annual Meeting of Shareholders, and Proxy Statement are available at: http://www.proxyvoting.com/jhf2.
FOLD AND DETACH HERE
JOHN HANCOCK INCOME SECURITIES TRUST
Annual Meeting of Shareholders
November 9, 2012
The undersigned shareholder of John Hancock Income Securities Trust (the Fund) hereby appoints ANDREW G. ARNOTT, JOHN DANELLO, KINGA KAPUSCINSKI, THOMAS M. KINZLER, NICHOLAS KOLOKITHAS, JULIE LYMAN, PATRICIA A. MORISETTE, CHARLES A. RIZZO, CHRISTOPHER SECHLER, BETSY ANNE SEEL, and ANDREW WILKINS, and each of them singly, proxies and attorneys of the undersigned, with full power of substitution to each, for and in the name of the undersigned, to vote and act upon all matters at the Annual Meeting of Shareholders of the Fund to be held on Friday, November 9, 2012 at the offices of the Fund, 601 Congress Street, Boston, Massachusetts 02210, at 2:00 p.m., Eastern time, and at any and all adjournments thereof, in respect of all common shares of the Fund held by the undersigned or in respect of which the undersigned would be entitled to vote or act, with all powers the undersigned would possess if personally present. All proxies previously given by the undersigned in respect of said meeting are hereby revoked.
PLEASE VOTE, DATE AND SIGN ON REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. |
Please complete, sign, date and return this proxy in the enclosed envelope as soon as possible. Please sign exactly as your name or names appear in the box on the reverse side. When signing as Attorney, Executor, Administrator, Trustee or Guardian, please give your full title as such. If a corporation, please sign in full corporate name by president or other authorized officer. If a partnership, please sign in partnership name by authorized person. |
Address Change/Comments (Mark the corresponding box on the reverse side) |
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SHAREOWNER SERVICES P.O. BOX 3550 SOUTH HACKENSACK, NJ 07606-9250 |
WO# | Fulfillment# | |||||
30951 | 30952 |
John Hancock Income Securities Trust
Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to Be Held on
Friday, November 9, 2012.
The Presidents Letter, Notice of Annual Meeting of Shareholders and Proxy Statement are available at: http://www.proxyvoting.com/jhf2 |
John Hancock Income Securities Trust | If you want to receive a paper or e-mail copy of these documents, you must request one, otherwise you will not receive a paper or e-mail copy of these documents. There is no charge to you for requesting a copy. Please make your request for a copy as instructed below on or before October 30, 2012 to facilitate timely delivery.
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TO REQUEST PAPER COPIES OF PROXY MATERIALS: | ||||||
(please reference your 11-digit control number when requesting materials) | ||||||
By opting out to receive printed materials, your preference for future proxy mailings will be kept on our file.
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Telephone: | 1-888-313-0164 (outside of the U.S. and Canada call 201-680-6688)
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Email: | shrrelations@cpushareownerservices.com | |||||
(you must reference your 11-digit control number in your email)
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Internet: |
http://www.proxyvoting.com/jhf2
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This communication is not a form for voting and presents only an overview of the more complete
proxy materials that are available to you on the Internet.
We encourage you to access and review all of the important information contained in the proxy materials before voting.
To Shareholders of John Hancock Income Securities Trust:
The Annual Meeting of Shareholders of John Hancock Income Securities Trust will be held at 601 Congress Street, Boston, Massachusetts 02210, on Friday, November 9, 2012, at 2:00 p.m., Eastern Time.
Proposals to be considered at the Annual Meeting:
(1) | To elect thirteen (13) nominees to serve until their respective successors are duly elected and qualified; and |
(2) | To transact such other business as may properly come before the meeting or any adjournment of the meeting. |
The Board of Trustees recommends that you vote in favor of the proposal.
Shareholders of record of John Hancock Income Securities Trust as of the close of business on September 6, 2012 (the Record Date) are entitled to notice of, and to vote at, the funds Annual Meeting and at any adjournment thereof.
TO VOTE YOUR SHARES SEE INSTRUCTIONS ON THE REVERSE SIDE. This is not a proxy card. You cannot use this notice to vote your shares. |
CONTROL NUMBER | ||||||||
YOU MUST REFERENCE YOUR 11-DIGIT CONTROL NUMBER WHEN YOU REQUEST A PAPER COPY OF THE PROXY MATERIALS OR TO VOTE YOUR PROXY ELECTRONICALLY.
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30951 |
Directions to attend the Annual Meeting where you may vote in person can be found on our website, http://www.jhfunds.com/proxy.
Meeting Location:
John Hancock Income Securities Trust
601 Congress Street
Boston, Massachusetts 02210
The following Proxy Materials are available for you to review online:
| Presidents Letter |
| Notice of Annual Meeting of Shareholders |
| Proxy Statement |
To request a paper copy of the Proxy Materials:
(you must reference your 11-digit control number located on the reverse side of this notice)
Telephone: | 1-888-313-0164 (outside of the U.S and Canada call 201-680-6688) | |
Email: | shrrelations@cpushareownerservices.com (you must reference your 11-digit control number in your email) | |
Internet: | http://www.proxyvoting.com/jhf2 |
The Proxy Materials for John Hancock Income Securities Trust are available to review at:
http://www.proxyvoting.com/jhf2
Have this notice available when you request a PAPER copy of the Proxy Materials,
when you want to view your proxy materials online,
OR WHEN YOU WANT TO VOTE YOUR PROXY ELECTRONICALLY.
HOW TO ACCESS THE ELECTRONIC PROXY CARD
We encourage you to review the proxy materials online before voting.
To access the electronic proxy card and vote your shares, go to http://www.proxyvoting.com/jhf2 and click on Vote Now in the box titled To Vote Your Shares by Internet. Have this notice in hand when you access the website. You will need to reference the 11-digit control number located on the reverse side of this notice.
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30951
*** Exercise Your Right to Vote ***
Important Notice Regarding the Availability of Proxy Materials for the
Shareholder Meeting to Be Held on November 9, 2012.
Meeting Information
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Meeting Type: |
Annual Meeting of Shareholders | |||||||||||||
JOHN HANCOCK INCOME | For holders as of: | September 6, 2012 | ||||||||||||
SECURITIES TRUST |
Date: November 9, 2012 |
Time: 2:00 p.m., EST |
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Location: 601 Congress Street |
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Boston, Massachusetts 02210 |
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Directions to meeting: http://materials.proxyvote.com/JH/Proxy |
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You are receiving this communication because you hold shares in the above named fund. | ||||||||||||||
This is not a ballot. You cannot use this notice to vote these shares. This communication presents only an overview of the more complete proxy materials that are available to you on the Internet. You may view the proxy materials online at www.proxyvote.com or easily request a paper copy (see reverse side). | ||||||||||||||
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We encourage you to access and review all of the important information contained in the proxy materials before voting.
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See the reverse side of this notice to obtain proxy materials and voting instructions. |
Before You Vote |
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How to Access the Proxy Materials
Proxy Materials Available to VIEW or RECEIVE: | ||||||||
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Notice of Annual Meeting and Proxy Statement (Includes Presidents Letter) How to View Online: Have the information that is printed in the box marked by the arrow è (located on the following page) and visit: www.proxyvote.com.
How to Request and Receive a PAPER or E-MAIL Copy: If you want to receive a paper or e-mail copy of these documents, you must request one, otherwise you will not receive a paper or e-mail copy of these documents. There is NO charge for requesting a copy. Please choose one of the following methods to make your request: 1) BY INTERNET: www.proxyvote.com 2) BY TELEPHONE: 1-800-579-1639 3) BY E-MAIL*: sendmaterial@proxyvote.com
* If requesting materials by e-mail, please send a blank e-mail with the information that is printed in the box marked by the arrow è (located on the following page) in the subject line. Requests, instructions and other inquiries sent to this e-mail address will NOT be forwarded to your investment advisor. Please make the request as instructed above on or before October 29, 2012 to facilitate timely delivery.
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How To Vote | ||||||||
Please Choose One of the Following Voting Methods
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Vote In Person: If you choose to vote these shares in person at the meeting, you must request a legal proxy. To do so, please follow the instructions at www.proxyvote.com or request a paper copy of the materials, which will contain the appropriate instructions. Valid photo identification may be required to attend the meeting in person. Many shareholder meetings have attendance requirements including, but not limited to, the possession of an attendance ticket issued by the entity holding the meeting. Please check the meeting materials for any special requirements for meeting attendance.
Vote By Internet: To vote now by Internet, go to www.proxyvote.com. Have the information that is printed in the box marked by the arrow è available and follow the instructions.
Vote By Mail: You can vote by mail by requesting a paper copy of the materials, which will include a voting instruction form.
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Voting Items | ||||||||||||||||||||
The Board of Trustees recommends you vote FOR the following:
1. To elect thirteen (13) nominees to serve |
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until their respective successors have been duly elected and qualified |
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Nominees:
01) Charles L. Bardelis 02) James R. Boyle 03) Craig Bromley 04) Peter S. Burgess 05) William H. Cunningham 06) Grace K. Fey 07) Theron S. Hoffman |
08) Deborah C. Jackson 09) Hassell H. McClellan 10) James M. Oates 11) Steven R. Pruchansky 12) Gregory A. Russo 13) Warren A. Thomson |
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NOTE: To transact such other business as may properly come before the meeting or any adjournment of the meeting. | ||||||||||||||||||||
Voting Instructions | ||||||||||||||||||||
John Hancock Income Securities Trust
Important Notice Regarding the Availability of Proxy
Materials for the Shareholder Meeting to Be Held on November 9, 2012
This communication is not a form for voting and presents only an overview of the more complete proxy materials that are available to you on the Internet. We encourage you to access and review all of the important information contained in the proxy materials before voting. | ||||
To view the proxy materials go to: www.proxypush.com/ | ||||
To vote your proxy while visiting this site you will need the 12 digit control number in the box below. | ||||
If you want to receive a paper or e-mail copy of the proxy materials, you must request one, otherwise you will not receive paper or email copy of these documents. There is no charge to you for requesting a copy. In order to receive a paper package in time for the shareholder meeting, you must make this request on or before October 30, 2012. |
The Presidents Letter, Notice of Annual Meeting of Shareholders and Proxy Statement are available at:
www.proxypush.com/
Proxy materials may be requested by one of the following methods:
www.investorelections.com/ |
(866) 648-8133 |
paper@investorelections.com |
You must use the 12 digit control number located in the box below. |
* If requesting material by e-mail, please send a blank e-mail with the 12 digit control number (located below) in the subject line. No other request, instructions or other inquiries should be included with your e-mail requesting material. |
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View Materials Online at www.proxypush.com/ A convenient way to view proxy materials and VOTE! |
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To view your proxy materials online, go to www.proxypush.com/
Have the 12 digit control number available when you access the website and follow the instructions.
John Hancock Income Securities Trust | ||
Meeting Information | ||
Type of Meeting: |
Annual Meeting of Shareholders | |
For Holders as of: |
September 6, 2012 | |
Date: |
Friday, November 9, 2012 | |
Time: |
02:00 PM, Eastern Time | |
Place: |
Offices of the Fund, 601 Congress Street, | |
Boston, Massachusetts 02210 | ||
Directions to Meeting: |
http://www.jhfunds.com/proxy | |
SEE REVERSE FOR FULL AGENDA
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CUSIP: | ||||||
EVENT: | ||||||
CONTROL NUMBER | ||||||
Copyright © 2012 Mediant Communications LLC. All Rights Reserved
John Hancock Income Securities Trust
THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR PROPOSAL 1.
1. Election of Nominees Specified Below as Trustees
1.01 Charles L. Bardelis
1.02 James R. Boyle
1.03 Craig Bromley
1.04 Peter S. Burgess
1.05 William H. Cunningham
1.06 Grace K. Fey
1.07 Theron S. Hoffman
1.08 Deborah C. Jackson
1.09 Hassell H. McClellan
1.10 James M. Oates
1.11 Steven R. Pruchansky
1.12 Gregory A. Russo
1.13 Warren A. Thomson
NOTE: To transact such other business as may properly come before the
meeting or any adjournment of the meeting.