John Hancock Hedged Equity & Income Fund (the Fund) is a diversified, closed-end management investment company. The Fund's investment objective is to provide total return with a focus on current income and gains as well as long-term capital appreciation. The Fund seeks to provide investors with a portfolio that will generate attractive long-term total returns with significant downside equity market protection. Under normal market conditions, the Fund invests at the time of purchase at least 80% of its total assets in equity and equity-related securities. The Fund also intends to write (sell) call options and to purchase United States equity index put option spread transactions on the S&P 500 with respect to a substantial portion of its common stock holdings.