John Hancock Government Income Fund new advisory agreement trims fees

By Toni Weeks

San Diego, Feb. 13 - The John Hancock Government Income Fund announced it has modified the fee waiver agreement with the fund's adviser, lowering total annual operating expenses for the fund.

According to a 497 filing with the Securities and Exchange Commission, the new agreement limits the management fee to 0.53% of the fund's average daily net assets. In addition, the adviser will waive all or a portion of its management fee and/or reimburse or pay operating expenses of the fund to maintain expenses at 0.98% for class A shares. The new agreement expires Sept. 30, 2013.

Previously, the adviser limited the management fee to 0.55% of the fund's average daily net assets. The agreement was to expire Sept. 30, 2012.

With the new fee waiver agreement in place, total annual fund operating expenses are expected to be 0.98% for class A shares and 1.81% for class B and class C shares. Previously they were 1.08% and 1.83%, respectively.

The fund's investment adviser is Boston-based John Hancock Advisers, LLC.

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