John Hancock Bank and Thrift Opportunity Fund Declares Quarterly Managed Distribution
September 03 2004 - 1:50PM
PR Newswire (US)
John Hancock Bank and Thrift Opportunity Fund Declares Quarterly
Managed Distribution BOSTON, Sept. 3 /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
3, 2004 Ex-dividend date: September 9, 2004 Record date: September
13, 2004 Payment date: September 30, 2004 Source of Distribution
Per Share Long-term capital gain $0.27000 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 (see
today's distribution), 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 semiannual
reporting period ended April 30, 2004, BTO had over $865 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, 2004, BTO posted an average annual
total return at net asset value of 18.77%; 3-year, 11.41%; 5-year,
9.91% and since inception, 16.00%. 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 $27 billion in open-end funds, closed-end funds, private
accounts and retirement plans for individual and institutional
investors as of June 30, 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., 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 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$360 billion
(US$269 billion) as at June 30, 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/. 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
Copyright
John Hancock Financial O... (NYSE:BTO)
Historical Stock Chart
From Jun 2024 to Jul 2024
John Hancock Financial O... (NYSE:BTO)
Historical Stock Chart
From Jul 2023 to Jul 2024