John Hancock Bank and Thrift Opportunity Fund Declares Quarterly Managed Distribution
March 04 2005 - 4:32PM
PR Newswire (US)
John Hancock Bank and Thrift Opportunity Fund Declares Quarterly
Managed Distribution BOSTON, March 4 /PRNewswire-FirstCall/ -- John
Hancock Bank and Thrift Opportunity Fund (NYSE:BTO) declared its
quarterly distribution pursuant to the fund's 10% managed
distribution policy today as follows: Declaration date: March 4,
2005 Ex-dividend date: March 10, 2005 Record date: March 14, 2005
Payment date: March 31, 2005 Source of Distribution Per Share
Long-term capital gain $0.25335 Income $0.03365 Total $0.28700 The
plan requires the fund to make quarterly distributions of at least
2.5 percent of the fund's net asset value as of the preceding
calendar year-end, or at least 10 percent annually. To maximize tax
efficiency, the distributions will come first from net long-term
capital gains, followed by ordinary income, net short-term gains,
and if necessary, a return of capital. Because net assets of the
fund will vary following each year-end, the quarterly distribution
may represent more or less than 2.5 percent of the fund's net
assets at the time of distribution. Also, if the distributions
under John Hancock Advisers' plan are less than the amount the fund
is required to distribute under the Internal Revenue Code, the fund
will distribute more than required under the plan. The fund's board
of trustees will periodically review the plan to evaluate its
effectiveness in reducing the fund's discount to net asset value.
As of the fund's most recent annual reporting period ended October
31, 2004, BTO had over $943 million in net assets of which 56% was
net unrealized appreciation of investments. For individual taxable
accounts, long-term capital gains are subject to a maximum Federal
tax rate of 15%. For the 1- year period ending January 31, 2005,
BTO posted an average annual total return at net asset value of
12.25%; 3-year, 15.43%; 5-year, 16.21% and 10-year, 17.02%. John
Hancock Bank and Thrift Opportunity Fund is a diversified,
closed-end fund. The Fund seeks long-term capital appreciation by
normally investing at least 80% of its assets in equity securities
of U.S. regional banks and thrifts and holding companies that
primarily own or receive a substantial portion of their income from
regional banks or thrifts. John Hancock Funds, a premier investment
management company, managed $31.3 billion in open-end funds,
closed-end funds, private accounts and retirement plans for
individual and institutional investors and related party assets as
of December 31, 2004. Additional information about the company can
be found on the website: http://www.jhfunds.com/. John Hancock
Funds is a wholly owned subsidiary of John Hancock Financial
Services, Inc., which is a unit of Manulife Financial Corporation,
a leading Canadian-based financial services group serving millions
of customers in 19 countries and territories worldwide. Operating
as Manulife Financial in Canada and most of Asia, and primarily
through John Hancock in the United States, the Company offers
clients a diverse range of financial protection products and wealth
management services through its extensive network of employees,
agents and distribution partners. Funds under management by
Manulife Financial and its subsidiaries were Cdn$348 billion
(US$289 billion) as of December 31, 2004. Manulife Financial
Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under
'0945' on the SEHK. Manulife Financial can be found on the Internet
at http://www.manulife.com/. The John Hancock unit, through its
insurance companies, comprises one of the largest life insurers in
the United States. John Hancock Financial Services offers a broad
range of financial products and services, including whole life,
term life, variable life, and universal life insurance, as well as
college savings products, fixed and variable annuities, long-term
care insurance, mutual funds and various forms of business
insurance. DATASOURCE: John Hancock Bank and Thrift Opportunity
Fund CONTACT: Kimberley Dietrich, +1-617-375-0311, or Investors:
+1-800-843- 0090, both of John Hancock Web site:
http://www.jhfunds.com/ http://www.manulife.com/
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