John Hancock Bank and Thrift Opportunity Fund Declares Quarterly Managed Distribution
September 02 2005 - 3:15PM
PR Newswire (US)
BOSTON, Sept. 2 /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: September 2, 2005 Ex-dividend
date: September 8, 2005 Record date: September 12, 2005 Payment
date: September 30, 2005 Source of Distribution Per Share Long-term
capital gain $0.24866 Income $0.03834 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.
Based on the December 31, 2004 Year-End Net Asset Value of
$967,697,104 and 84,400,000 shares outstanding, the fund will pay
at least $0.28664 per share/per quarter or $1.14656 per
share/annually. As of the fund's most recent annual reporting
period ended April 30, 2005, BTO had over $875 million in net
assets of which 54% was net unrealized appreciation of investments.
For individual taxable accounts, long-term capital gains are
subject to at a maximum Federal tax rate of 15%. For the 1- year
period ending July 31, 2005, BTO posted an average annual total
return at net asset value of 15.67%; 3-year, 15.85%; 5-year, 17.90%
and 10-year, 14.96%. 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 more than $33.4
billion in open-end funds, closed-end funds, private accounts,
retirement plans and related party assets for individual and
institutional investors as of June 30, 2005. 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., a subsidiary
of Manulife Financial Corporation. Founded in 1862, John Hancock
Financial Services and its subsidiaries today offer a broad range
of financial products and services, including whole, term,
variable, and universal life insurance, as well as college savings
products, mutual funds, fixed and variable annuities, long-term
care insurance and various forms of business insurance. Manulife
Financial is a leading Canadian-based financial services group
serving millions of customers in 19 countries and territories
worldwide. Operating as Manulife Financial in Canada and 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$364 billion
(US$297 billion) as at June 30, 2005. 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/. 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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