John Hancock Bank and Thrift Opportunity Fund Declares Quarterly Managed Distribution
December 01 2006 - 7:13PM
PR Newswire (US)
BOSTON, Dec. 1 /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: December 1, 2006 Ex-dividend
date: December 7, 2006 Record date: December 11, 2006 Payment date:
December 29, 2006 Source of Distribution Per Share Income $0.03112
Short-term capital gain $0.03244 Long-term capital gain $0.22144
Total $0.28500 The plan offers investors an attractive level of
distributions by making quarterly payments of at least 2.5% of the
fund's net asset value as of the preceding calendar year-end, or at
least 10% annually. To maximize tax efficiency of distributions
paid by the fund, it is anticipated that the majority of each
distribution will come from net long-term capital gains which for
individual investors may qualify for U.S. federal income taxation
at a maximum rate of 15%. A portion of the distribution may also
come from 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 the 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, 2005
Year-End Net Asset Value of $879,052,273 and 84,400,000 shares
outstanding, the fund will pay at least $0.2603825 per share/per
quarter or $1.04153 per share/annually. As of the fund's most
recent reporting period ended April 30, 2006, BTO had over $919
million in net assets of which 55% 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 October 31, 2006, BTO posted an average annual
total return at net asset value of 12.07%; 3-year, 11.70%; 5-year,
14.81% and 10-year, 13.28%. 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, the mutual fund business unit of John Hancock
Financial Services, offers a broad array of investment products,
including open-end and closed-end funds, privately managed
accounts, 529 plans and retirement accounts to retail and
institutional investors. As of September 30, 2006, investors
entrusted John Hancock Funds with $50.7 billion in assets.
Additional information about John Hancock Funds can be found on the
website: http://www.jhfunds.com/. About John Hancock and Manulife
Financial John Hancock is a unit of Manulife Financial Corporation
(the Company), a leading Canadian-based financial services group
serving millions of customers in 19 countries and territories
worldwide. Operating as Manulife Financial in Canada and in most of
Asia, and primarily as 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$381
billion (US$341 billion) as at September 30, 2006. 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 offers a broad range of
financial products and services, including universal life
insurance, variable life, term life and whole life, as well as
college savings products, fixed and variable annuities, long-term
care insurance, mutual funds, 401(k) plans and various forms of
business insurance. DATASOURCE: John Hancock Bank and Thrift
Opportunity Fund CONTACT: Kimberley Dietrich, +1-617-663-4217, or
investors: +1-800-843-0090, both of John Hancock Web site:
http://www.jhfunds.com/ http://www.manulife.com/
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