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<SEC-DOCUMENT>0000928816-05-000852.txt : 20050701
<SEC-HEADER>0000928816-05-000852.hdr.sgml : 20050701
<ACCEPTANCE-DATETIME>20050701124003
ACCESSION NUMBER:		0000928816-05-000852
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20050430
FILED AS OF DATE:		20050701
DATE AS OF CHANGE:		20050701
EFFECTIVENESS DATE:		20050701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HANCOCK JOHN BANK & THRIFT OPPORTUNITY FUND
		CENTRAL INDEX KEY:			0000925683
		IRS NUMBER:				043241844
		STATE OF INCORPORATION:			MA

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08568
		FILM NUMBER:		05931605

	BUSINESS ADDRESS:	
		STREET 1:		101 HUNTINGTON AVE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02199
		BUSINESS PHONE:		6173751700

	MAIL ADDRESS:	
		STREET 1:		101 HUNTINGTON AVE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02199

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HANCOCK JOHN REGIONAL BANK & THRIFT FUND
		DATE OF NAME CHANGE:	19940620
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>bto1.txt
<DESCRIPTION>JOHN HANCOCK BANK & THRIFT OPPORTUNITY FUND
<TEXT>

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-8568

John Hancock Bank & Thrift Opportunity Fund
(Exact name of registrant as specified in charter)

101 Huntington Avenue, Boston, Massachusetts 02199
(Address of principal executive offices) (Zip code)

Alfred P. Ouellette
Senior Attorney and Assistant Secretary
101 Huntington Avenue
Boston, Massachusetts 02199
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-375-1513

Date of fiscal year end:      October 31

Date of reporting period:     April 30, 2005


<PAGE>


ITEM 1.  REPORT TO SHAREHOLDERS.


JOHN HANCOCK
Bank and Thrift
Opportunity Fund

4.30.2005

Semiannual Report

[A 2" x 1" John Hancock (Signature)/John Hancock Funds logo in lower,
center middle of page. A tag line below reads "JOHN HANCOCK FUNDS."]


<PAGE>


[A photo of James A. Shepherdson, Chief Executive Officer, flush left next
to first paragraph.]

CEO CORNER

Table of contents

Your fund at a glance
page 1

Managers' report
page 2

Fund's investments
page 6

Financial statements
page 11

For more information
page 21

Dear Fellow Shareholders,

After advancing for a second straight year in 2004, the stock market
pulled back in the first four months of 2005. For much of 2004 the market
had been in the doldrums as investors fretted about rising oil prices,
higher interest rates, the war in Iraq and a closely contested
presidential race. But the year ended on a high note with a sharp rally
sparked by a definitive end to the U.S. presidential election and
moderating oil prices.

Investors were brought back down to earth in January, however, as the
market declined in three of the four weeks and produced negative results
for the month in a broad-based move downward. Rising oil prices and
interest rates, and concerns about less robust corporate earnings growth
were among the culprits that kept investors on the sidelines. Investors
began to re-enter the market in February, reversing January's decline. But
as the month progressed into March and April investors again grew
concerned about further spikes in oil prices and rising interest rates. As
a result, the first four months of 2005 ended with the major indexes in
the red. By the end of April, the Dow Jones Industrial Average had
returned -4.81%, the S&P 500 Index returned -4.00%, while the Nasdaq
Composite Index fell by 11.67%. Bonds performed slightly better, managing
to produce positive results, with the Lehman Brothers Aggregate Bond Index
returning 0.87%.

The way the financial markets have been playing out recently serves as a
good reminder of why keeping a long-term perspective is such a critical
element of successful investing. Getting caught up in the day-to-day
twists and turns of the market -- and trying to act on them -- can wreak
havoc with your portfolio and derail progress toward meeting your overall
financial objectives.

Since no one can predict the market's moves, the best way to reach your
goals is to stay invested and stick to your plan. Investing should be a
marathon, not a sprint. Do not try to time the market, and make sure you
work with your investment professional to ensure that your portfolio
remains properly diversified to meet your long-term objectives. For
example, after several years of dominance, small-cap stocks and value
stocks could now represent higher percentages of your portfolio than you
may want. If you are comfortable with your financial plan, it becomes
easier to ride out the market's daily ups and downs. It could also provide
you with a greater chance of success over time.

Sincerely,

/S/ James A. Shepherdson

James A. Shepherdson,
Chief Executive Officer

This commentary reflects the CEO's views as of April 30, 2005. They are
subject to change at any time.


<PAGE>


YOUR FUND
AT A GLANCE

The Fund seeks
long-term capital
appreciation by nor-
mally 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.

Over the last six months

* The stock market produced modest results amid challenging conditions of
  rising oil prices and interest rates.

* Higher interest rates, a flatter yield curve and a dry-up in bank
  mergers contributed to financial stocks' lagging the overall market,
  especially bank stocks.

* The Fund's focus on regional banks was the primary factor in its
  underperformance versus the more diversified benchmark and peer group
  average.

[Bar chart with heading "John Hancock Bank and Thrift Opportunity Fund."
Under the heading is a note that reads "Fund performance for the six months
ended April 30, 2005." The chart is scaled in increments of 2% with -2% at
the bottom and 2% at the top. The first bar represents the -1.95% Net asset
value of the Fund. The second bar represents the 0.21% Market value of the
Fund. A note below the chart reads "The total returns for the Fund include
the reinvestment of all distributions. The performance data contained
within this material represents past performance, which does not guarantee
future results."]

Top 10 holdings

 3.1%   Zions Bancorp.
 3.1%   Wells Fargo & Co.
 3.1%   North Fork Bancorp., Inc.
 3.1%   Wachovia Corp
 3.1%   Bank of America Corp.
 3.0%   US Bancorp.
 2.9%   Marshall & Ilsley Corp.
 2.9%   Comerica, Inc.
 2.9%   SunTrust Banks, Inc.
 2.9%   Compass Bancshares, Inc.

As a percentage of net assets on April 30, 2005.


1
<PAGE>


BY JAMES K. SCHMIDT, CFA, LISA A. WELCH AND THOMAS M. FINUCANE,
PORTFOLIO MANAGERS

MANAGERS'
REPORT

JOHN HANCOCK
Bank and Thrift
Opportunity Fund

After a strong rally in the fourth quarter of 2004, the stock market
tried, but failed, to maintain its upward trend in 2005. As a result, the
broad market, as measured by the Standard & Poor's 500 Index, produced a
modest 3.28% return for the six months ended April 30, 2005. The bulk of
the positive return came in the first two months of the period, as
investors grew increasingly wary in 2005. Oil prices rose to historic
highs and the Federal Reserve Board continued to raise short-term interest
rates, albeit at a measured pace and off of historic lows. Nonetheless,
the rate hikes were enough to spark doubts about their potential negative
impact on corporate earnings and the economy.

Financial stocks fell behind the overall market, primarily due to the
rising rate environment and by a flattening yield curve, as short-term
rates rose faster than those at the longer end. During the six-month
period, the spread between the 2-year and 10-year Treasury compressed by
92 basis points. Worries about a squeeze on banks' net interest margins
put downward pressure on bank stocks. Investment banks and other
market-sensitive companies fared better, with the market's late-year rally
and heightened underwriting and merger and acquisition activity. While
underwriting dropped off in 2005 as the market softened, merger and
acquisition activity remained fairly robust. Part of the financial
sector's underperformance stemmed from negative news headlines that hit
some of the sector's largest players, such as Fannie Mae and American
International Group. For the six months ended April 30, 2005, the Standard
& Poor's Financial Index returned 0.66%.

"...the stock market tried, but
 failed, to maintain its upward
 trend in 2005."

Fund performance

For the six months ended April 30, 2005, John Hancock Bank and Thrift
Opportunity Fund posted total returns of -1.95% at net asset


2
<PAGE>


value and 0.21% at market value. The difference in the Fund's net asset
value (NAV) performance and its market performance stems from the fact
that the market share price is subject to the dynamics of secondary market
trading, which could cause it to trade at a discount or premium to the
Fund's NAV share price at any time. By comparison, the Fund's benchmark
Standard & Poor's 500 Financial Index returned 0.66% and the average
open-end financial services fund returned 0.84% at net asset value,
according to Lipper, Inc.

[Photos of Jim Schmidt, Lisa Welch and Tom Finucane, flush right next to
first paragraph.]

Rising rates, merger slowdown hurt banks

Our focus on the regional bank sector caused us to lag the more
diversified benchmark S&P 500 Financial Index and our broader-based Lipper
peer group average. In addition to the double whammy of higher rates and a
flat yield curve, banks suffered from a significant slowdown in merger
activity in the period, after a strong 12 months of deals. We believe this
merger dry-up was due in part to high valuations, especially among smaller
banks, that caused potential buyers to stay away. The valuation gap
between small- and large-cap banks has narrowed, perhaps paving the way
for more deal activity later this year. We also believe that the impact of
complying with the provisions of the Sarbanes-Oxley legislation took much
of senior managements' attention during the period -- leaving little time
or inclination to negotiate a merger. As investors, we are dismayed at the
high cost of compliance with Sarbanes-Oxley and feel that, particularly
among smaller banks, these costs are vastly out of proportion to any
resulting benefit.

"Our focus on the regional bank
 sector caused us to lag the more
 diversified benchmark..."

There was one merger in the period, involving Hibernia, which was bought
by Capital One for $33 per share in cash and stock, a 24% premium to where
the stock had been trading the day before the announcement. Hibernia was
among the Fund's top performers, as was Wachovia, whose acquisition last
year of SouthTrust began to produce cost savings, much to the market's
liking.

Leaders and laggards

While not many of our names had stock price increases, a few did
contribute positively to performance. These included Zions


3
<PAGE>


Bancorp., one of our long-time favorite mid caps, which had strong first
quarter earnings. Also, the bank is commercially focused and is considered
to be asset-sensitive, meaning that its earnings rise as interest rates
rise. Mercantile Bancshares and City National Corporation also fit this
asset-sensitive category and they, too, served us well.

[Table at top left-hand side of page entitled "Industry distribution 1."
The first listing is Regional banks - 65%, the second is Diversified banks
- - 16%, the third is Thrifts & mortgage finance - 6%, the fourth is Asset
management & custody banks - 5%, the fifth is other diversified financial
services - 5%, the sixth is Life & health insurance - 1% and the seventh is
All other - 1%.]

Although the Fund has relatively few non-bank financial holdings, several
of them were among our top contributors, including asset managers Legg
Mason and Affiliated Managers and mortgage company Countrywide Financial.

[Pie chart in middle of page with heading "Portfolio diversification 1."
The chart is divided into two sections (from top to right): Common stocks
99% and Short-term investments & other 1%.]

The biggest detractors from performance included banks that had earnings
disappointments either due to sluggish revenue growth and/or high
operating expenses. Among this group were TCF Financial, Bank of New York,
JPMorgan Chase and Fifth Third Bancorp. In addition, as a whole, our
small- and mid-cap holdings performed worse than the large-cap names.

A look ahead

We expect the banks that we own to report earnings gains averaging 8% for
the year 2005. Although a flattening yield curve might take a few basis
points out of net interest margins, this should be counterbalanced by
benefits of the long-awaited resurgence in commercial lending. The level
of problem credits and loan charge-offs remains very low; although it is
inevitable that loan losses will increase at some point we do not expect
that to happen this year. The degree to which higher earnings will
translate into higher stock prices is somewhat dependent on the overall
strength of the economy. If GDP growth slows, as some recent data
suggests,


4
<PAGE>


equity investors might gravitate to bank stocks as a way to avoid earnings
disappointments in other sectors. In a more rapidly growing economy (i.e.
GDP growth at 4%-5%) it is likely that the earnings growth of the market
will exceed that of the banks and consequently the stocks may lag in
performance.

[Table at top of page entitled "Scorecard."  The header for the left column
is "Investment" and the header for the right column is "Period's
performance...and what's behind the numbers."  The first listing is Zions
Bancorp followed by an up arrow with the phrase "Asset-sensitive commercial
bank."  The second listing is Hibernia Corp followed by an up arrow with
the phrase "Bought by Capital One." The third listing is UCBH Holdings
followed by a down arrow with the phrase "Small caps hit hard."]

Over the longer term, we remain optimistic about the opportunities to earn
favorable returns by investing in bank equities. Although the earnings
growth of many of our holdings is not spectacular, it is relatively
consistent and predictable. During the last several years, the value of a
regional banking franchise -- in terms of branch offices, distribution
capabilities, and customer relationships -- has been reaffirmed. Moreover,
consolidation continues in the industry as the number of commercial banks
in the nation is now 7,630 compared to over 14,000 at the Fund's inception
in 1994. Over the next decade, we expect the number of banks in the United
States to drop below 5,000. During the ten-plus years that we have been
managing the Fund, we have found merger activity to be beneficial not only
by allowing us to realize premiums in transactions but also by making the
industry more efficient, profitable, and shareholder oriented. This should
continue to work in our favor over the upcoming years.

"Over the longer term, we remain
 optimistic about the opportunities to
 earn favorable returns by investing in
 bank equities."

This commentary reflects the views of the portfolio managers through the
end of the Fund's period discussed in this report. The managers'
statements reflect their own opinions. As such, they are in no way
guarantees of future events, and are not intended to be used as investment
advice or a recommendation regarding any specific security. They are also
subject to change at any time as market and other conditions warrant.

Sector investing is subject to greater risks than the market as a whole.

1 As a percentage of net assets on 4-30-05.


5
<PAGE>


FINANCIAL STATEMENTS

FUND'S
INVESTMENTS

Securities owned
by the Fund on
April 30, 2005
(unaudited)

This schedule is divided into four main categories: bonds, common stocks,
rights and short-term investments. Bonds, common stocks and rights are
further broken down by industry group. Short-term investments, which
represent the Fund's cash position, are listed last.

<TABLE>
<CAPTION>

                                                   Interest      Maturity      Credit       Par value
Issuer, description                                    rate      date          rating           (000)           Value
<S>                                                 <C>         <C>            <C>      <C>               <C>
Bonds 0.11%                                                                                                  $924,308
(Cost $770,000)

Regional Banks 0.11%                                                                                          924,308
CSBI Capital Trust I,
Gtd Sub Cap Inc Ser A (B)(G)                         11.750%     06-06-27       B-                770         924,308

<CAPTION>

Issuer                                                                                         Shares           Value
<S>                                                                                       <C>           <C>
Common stocks 98.73%                                                                                     $864,889,645
(Cost $392,093,420)

Asset Management & Custody Banks 5.38%                                                                     47,150,283
Affiliated Managers Group, Inc. (MA) (I)(L)                                                   225,750      14,116,148
Bank of New York Co., Inc. (The) (NY)                                                         313,000       8,745,220
Federated Investors, Inc. (Class B) (PA)                                                       30,000         853,500
Legg Mason, Inc. (MD) (L)                                                                     105,750       7,493,445
Mellon Financial Corp. (PA)                                                                   330,000       9,137,700
Northern Trust Corp. (IL) (L)                                                                  70,000       3,152,100
State Street Corp. (MA)                                                                        79,000       3,652,170

Consumer Finance 0.23%                                                                                      1,975,000
MBNA Corp. (DE)                                                                               100,000       1,975,000

Diversified Banks 15.79%                                                                                  138,360,157
Bank of America Corp. (NC)                                                                    595,170      26,806,457
Comerica, Inc. (MI)                                                                           447,400      25,618,124
Toronto-Dominion Bank (The) (Canada)                                                          140,499       5,618,555
U.S. Bancorp. (MN)                                                                            936,041      26,115,544
Wachovia Corp. (NC)                                                                           526,321      26,937,109
Wells Fargo & Co. (CA) (L)                                                                    454,861      27,264,368

Life & Health Insurance 0.85%                                                                               7,474,600
MetLife, Inc. (NY)                                                                            104,000       4,045,600
Prudential Financial, Inc. (NJ)                                                                60,000       3,429,000

See notes to
financial statements.


6
<PAGE>


FINANCIAL STATEMENTS

<CAPTION>

Issuer                                                                                         Shares           Value
<S>                                                                                       <C>           <C>
Other Diversified Financial Services 4.64%                                                                $40,617,443
Citigroup, Inc. (NY)                                                                          505,925      23,758,238
JPMorgan Chase & Co. (NY)                                                                     475,041      16,859,205

Regional Banks 64.98%                                                                                     569,192,454
ABC Bancorp. (GA)                                                                              78,480       1,365,552
Alabama National Bancorp. (AL)                                                                142,500       8,148,150
AmericanWest Bancorp. (WA) (I)                                                                357,921       6,668,068
AmSouth Bancorp. (AL) (L)                                                                      95,879       2,523,535
BB&T Corp. (NC)                                                                               344,846      13,521,412
Benjamin Franklin Bancorp., Inc. (MA) (I)                                                      15,000         152,250
Beverly National Corp. (MA)                                                                    47,500       1,306,250
BOK Financial Corp. (OK) (I)                                                                  117,208       4,905,155
Camden National Corp. (ME)                                                                    140,000       4,551,400
Capital City Bank Group, Inc. (FL)                                                             59,635       2,246,450
Cardinal Financial Corp. (VA) (I)                                                              86,200         689,600
Cascade Bancorp. (OR)                                                                         194,272       3,764,991
Chittenden Corp. (VT)                                                                         175,245       4,400,402
City Holding Co. (WV)                                                                          41,600       1,337,856
City National Corp. (CA)                                                                      222,927      15,716,354
CoBiz, Inc. (CO)                                                                                8,650         145,320
Colonial BancGroup, Inc. (The) (AL)                                                           585,200      12,909,512
Columbia Bancorp. (MD)                                                                         90,000       2,871,000
Columbia Bancorp. (OR)                                                                         13,250         239,957
Columbia Banking System, Inc. (WA)                                                             29,645         695,768
Commercial Bankshares, Inc. (FL)                                                               63,702       2,369,714
Community Bancorp. (NV) (I)(L)                                                                 10,790         259,176
Community Banks, Inc. (PA) (L)                                                                105,055       2,547,584
Compass Bancshares, Inc. (AL) (L)                                                             580,857      24,988,468
Cullen/Frost Bankers, Inc. (TX)                                                                20,000         866,400
Dearborn Bancorp., Inc. (MI) (I)                                                               39,343       1,030,393
Desert Community Bank (CA)                                                                    137,500       3,760,625
DNB Financial Corp. (PA)                                                                       69,121       1,918,108
East West Bancorp., Inc. (CA) (L)                                                             500,000      16,060,000
EuroBancshares, Inc. (Puerto Rico) (I)                                                         87,830       1,234,890
F.N.B. Corp. (PA)                                                                              90,049       1,706,429
Fifth Third Bancorp. (OH) (L)                                                                 510,040      22,186,740
Financial Institutions, Inc. (NY)                                                              73,000       1,341,740
First Charter Corp. (NC)                                                                       52,200       1,129,608
First Horizon National Corp. (TN) (L)                                                         156,650       6,505,674
First Midwest Bancorp., Inc. (IL)                                                              49,000       1,600,340

See notes to
financial statements.


7
<PAGE>


FINANCIAL STATEMENTS

<CAPTION>

Issuer                                                                                         Shares           Value
<S>                                                                                          <C>           <C>
Regional Banks (continued)
First National Lincoln Corp. (ME)                                                             146,499      $2,483,158
First Regional Bancorp. (CA) (I)                                                              150,000       9,037,500
First State Bancorp. (NM)                                                                     130,000       2,275,000
FirstMerit Corp. (OH)                                                                           2,950          72,363
Fulton Financial Corp. (PA)                                                                   106,803       2,226,842
Glacier Bancorp., Inc. (MT)                                                                   294,231       7,876,564
Harleysville National Corp. (PA)                                                              137,776       2,747,253
Hibernia Corp. (Class A) (LA)                                                                 234,700       7,329,681
Independent Bank Corp. (MI)                                                                   308,105       8,417,429
International Bancshares Corp. (TX)                                                           160,270       5,761,706
KeyCorp (OH) (L)                                                                              320,000      10,611,200
Lakeland Financial Corp. (IN)                                                                   7,000         247,100
M&T Bank Corp. (NY) (L)                                                                       238,657      24,689,067
Marshall & Ilsley Corp. (WI) (L)                                                              604,795      25,788,459
MB Financial, Inc. (IL)                                                                       115,000       4,182,550
Mercantile Bankshares Corp. (MD)                                                              209,500      10,644,695
Merrill Merchants Bankshares, Inc. (ME)                                                        75,897       1,663,662
Mid-State Bancshares (CA)                                                                      50,000       1,219,000
National City Corp. (DE)                                                                      550,687      18,701,331
North Fork Bancorp., Inc. (NY)                                                                964,542      27,151,857
Northrim Bancorp., Inc. (AK)                                                                   70,053       1,716,299
Oriental Financial Group, Inc. (Puerto Rico)                                                   20,234         282,264
Pacific Capital Bancorp. (CA)                                                                 364,354      10,504,326
Placer Sierra Bancshares (CA)                                                                  14,550         337,851
PNC Financial Services Group, Inc. (PA)                                                       418,500      22,276,755
Prosperity Bancshares, Inc. (TX)                                                              125,000       3,193,750
Provident Bankshares Corp. (MD)                                                               165,058       4,832,898
Regions Financial Corp. (AL) (L)                                                              127,390       4,266,291
Republic Bancorp., Inc. (MI)                                                                    3,300          41,844
S&T Bancorp., Inc. (PA)                                                                       154,700       5,228,860
Sandy Spring Bancorp., Inc. (MD)                                                                9,500         295,070
Security Bank Corp. (GA)                                                                       35,000       1,358,350
Sky Financial Group, Inc. (OH)                                                                234,850       6,129,585
SNB Bancshares, Inc. (TX) (I)                                                                  94,340         998,117
Southwest Bancorp. of Texas, Inc. (TX)                                                        520,660       8,642,956
Southwest Bancorp., Inc. (OK)                                                                   9,000         169,740
Summit Bancshares, Inc. (TX)                                                                  279,000       4,586,760
SunTrust Banks, Inc. (GA) (L)                                                                 346,826      25,259,338
Synovus Financial Corp. (GA) (L)                                                              450,000      12,613,500

See notes to
financial statements.


8
<PAGE>


FINANCIAL STATEMENTS

<CAPTION>

Issuer                                                                                         Shares           Value
<S>                                                                                          <C>          <C>
Regional Banks (continued)
Taylor Capital Group, Inc. (IL)                                                               213,200      $6,651,840
TCF Financial Corp. (MN) (L)                                                                  428,016      10,824,525
TD Banknorth, Inc. (ME)                                                                       334,517      10,303,124
Texas United Bancshares, Inc. (TX)                                                             47,100         812,946
TriCo Bancshares (CA)                                                                          53,000       1,010,710
UCBH Holdings, Inc. (CA)                                                                      400,000       6,292,000
Umpqua Holdings Corp. (OR)                                                                    177,901       3,952,960
Univest Corp. (PA)                                                                            136,812       4,791,156
Valley National Bancorp. (NJ) (L)                                                             149,892       3,715,823
Vineyard National Bancorp., Co. (CA)                                                          257,176       7,540,400
Virginia Commerce Bancorp., Inc. (VA) (I)                                                      13,337         357,565
Virginia Financial Group, Inc. (VA)                                                            11,950         388,375
West Coast Bancorp. (OR)                                                                       67,583       1,382,072
Whitney Holding Corp. (LA)                                                                    106,500       4,821,255
Wilmington Trust Corp. (DE)                                                                   350,000      12,372,500
Yardville National Bancorp. (NJ)                                                               97,400       3,149,916
Zions Bancorp. (UT) (L)                                                                       389,825      27,299,445

Specialized Finance 0.46%                                                                                   4,052,168
CIT Group, Inc. (NJ)                                                                          100,600       4,052,168

Thrifts & Mortgage Finance 6.40%                                                                           56,067,540
Astoria Financial Corp. (NY)                                                                  107,865       2,859,501
Commercial Capital Bancorp., Inc. (CA) (I)                                                    450,000       7,105,500
Countrywide Financial Corp. (CA) (L)                                                          372,000      13,462,680
Freddie Mac (VA)                                                                              140,000       8,612,800
Hingham Institute for Savings (MA)                                                             80,000       3,428,800
LSB Corp. (MA)                                                                                 65,000       1,105,000
New York Community Bancorp, Inc. (NY)                                                          40,000         708,000
NewAlliance Bancshares, Inc. (CT)                                                              12,581         164,811
PennFed Financial Services, Inc. (NJ)                                                         313,600       4,205,376
Sovereign Bancorp, Inc. (PA)                                                                   30,000         617,100
Washington Mutual, Inc. (WA)                                                                  256,812      10,611,472
Webster Financial Corp. (CT)                                                                   70,110       3,186,500

<CAPTION>

Issuer                                                                                         Shares           Value
<S>                                                                                           <C>             <C>
Rights 0.00%                                                                                                   $4,555
(Cost $0)

Regional Banks 0.00%                                                                                            4,555
Vineyard National Bancorp., Co. (CA) (B)                                                       26,794           4,555

See notes to
financial statements.


9
<PAGE>


FINANCIAL STATEMENTS

<CAPTION>
                                                                                 Interest   Par value
Issuer, description, maturity date                                               rate           (000)           Value
<S>                                                                              <C>          <C>      <C>
Short-term investments 23.19%                                                                            $203,167,667
(Cost $203,167,667)

Certificates of Deposit 0.01%                                                                                  80,920
Deposits in mutual banks                                                                                       80,920

Joint Repurchase Agreement 0.96%                                                                            8,442,000
Investment in a joint repurchase agreement
transaction with Bank of America Corp. --
Dated 04-29-05 due 05-02-05 (secured
by U.S. Treasury STRIPS due 11-15-10
thru 08-15-25)                                                                   2.850%        $8,442       8,442,000

<CAPTION>

                                                                                               Shares
<S>                                                                                      <C>          <C>
Cash Equivalents 22.22%                                                                                   194,644,747
AIM Cash Investment Trust (T)                                                             194,644,747     194,644,747

Total investments 122.03%                                                                              $1,068,986,175

Other assets and liabilities, net (22.03%)                                                              ($192,994,366)

Total net assets 100.00%                                                                                 $875,991,809

</TABLE>

(B) This security is fair valued in good faith under procedures
    established by the Board of Trustees.

(G) Security rated internally by John Hancock Advisers, LLC.

(I) Non-income-producing security.

(L) All or a portion of this security is on loan as of April 30, 2005.

(T) Represents investment of securities lending collateral.

    Parenthetical disclosure of a foreign country in the security description
    represents country of a foreign issuer.

    The percentage shown for each investment category is the total value of
    that category as a percentage of the net assets of the Fund.

See notes to
financial statements.


10
<PAGE>


FINANCIAL STATEMENTS

ASSETS AND
LIABILITIES

April 30, 2005
(unaudited)

This Statement
of Assets and
Liabilities is the
Fund's balance
sheet. It shows
the value of
what the Fund
owns, is due
and owes. You'll
also find the net
asset value for each
common share.

Assets
Investments at value (cost $596,031,087)
including $190,828,183 of securities loaned                    $1,068,986,175
Cash                                                                      228
Receivable for investments sold                                     1,455,448
Dividends and interest receivable                                   1,524,865
Other assets                                                          172,074

Total assets                                                    1,072,138,790

Liabilities
Payable for investments purchased                                     248,500
Payable upon return of securities loaned                          194,644,747
Payable to affiliates
Management fees                                                       962,639
Other                                                                  83,708
Other payables and accrued expenses                                   207,387

Total liabilities                                                 196,146,981

Net assets
Capital paid-in                                                   396,957,918
Accumulated net realized gain on investments                        4,638,478
Net unrealized appreciation of investments                        472,955,088
Accumulated net investment income                                   1,440,325

Net assets                                                       $875,991,809

Net asset value per share
Based on 84,400,000 shares of
beneficial interest outstanding --
unlimited number of shares
authorized with no par value                                           $10.38

See notes to
financial statements.


11
<PAGE>


FINANCIAL STATEMENTS

OPERATIONS

For the period ended
April 30, 2005
(unaudited) 1

This Statement
of Operations
summarizes the
Fund's investment
income earned and
expenses incurred
in operating the
Fund. It also shows
net gains (losses)
for the period
stated.

Investment income
Dividends (including $10,598 received from affiliated issuers
and net of foreign withholding taxes of $8,321)                   $11,857,219
Interest                                                              196,296
Securities lending                                                     56,106

Total investment income                                            12,109,621

Expenses
Investment management fees                                          5,328,653
Administration fees                                                 1,158,403
Custodian fees                                                         69,816
Printing                                                               57,648
Miscellaneous                                                          44,052
Registration and filing fees                                           36,761
Professional fees                                                      32,307
Transfer agent fees                                                    24,060
Trustees' fees                                                         22,703
Securities lending fees                                                 2,785

Total expenses                                                      6,777,188
Less expense reductions                                              (695,042)

Net expenses                                                        6,082,146

Net investment income                                               6,027,475

Realized and unrealized gain (loss)
Net realized gain on investments                                   32,839,988
Change in net unrealized appreciation (depreciation)
of investments                                                    (58,911,720)

Net realized and unrealized loss                                  (26,071,732)

Decrease in net assets from operations                           ($20,044,257)

1 Semiannual period from 11-1-04 through 4-30-05.

See notes to
financial statements.


12
<PAGE>


FINANCIAL STATEMENTS

CHANGES IN
NET ASSETS

These Statements
of Changes in Net
Assets show how
the value of the
Fund's net assets
has changed
during the last
two  periods. The
difference reflects
earnings less
expenses, any
investment
gains and losses,
and distributions,
if any, paid to
shareholders.
                                                           Year        Period
                                                          ended         ended
                                                       10-31-04       4-30-05 1
Increase (decrease) in net assets
From operations

Net investment income                               $10,615,863    $6,027,475
Net realized gain                                    73,802,030    32,839,988
Change in net unrealized
appreciation (depreciation)                          57,014,888   (58,911,720)
Increase (decrease) in net assets
resulting from operations                           141,432,781   (20,044,257)

Distributions to shareholders
From net investment income                           (9,873,112)  (13,497,248)
From net realized gain                             (111,939,720)  (33,513,552)
                                                   (121,812,832)  (47,010,800)

Net assets
Beginning of period                                 923,426,917   943,046,866

End of period 2                                    $943,046,866  $875,991,809


1 Semiannual period from 11-1-04 through 4-30-05. Unaudited.

2 Includes accumulated net investment income of $8,910,098 and $1,440,325,
  respectively.

See notes to
financial statements.


13
<PAGE>


FINANCIAL HIGHLIGHTS

FINANCIAL
HIGHLIGHTS

<TABLE>
<CAPTION>

COMMON SHARES

The Financial Highlights show how the Fund's net asset value for a share
has changed since the end of the previous period.

Period ended                                 10-31-00    10-31-01    10-31-02    10-31-03    10-31-04     4-30-05 1
<S>                                           <C>          <C>        <C>          <C>        <C>         <C>
Per share operating performance
Net asset value,
beginning of period                            $11.31       $9.53       $9.76       $9.54      $10.94      $11.17
Net investment income 2                          0.19        0.15        0.11        0.12        0.13        0.07
Net realized and unrealized
gain (loss) on investments                      (1.27)       0.86        0.88        2.14        1.55       (0.30)
Total from
investment operations                           (1.08)       1.01        0.99        2.26        1.68       (0.23)
Less distributions
From net investment income                      (0.15)      (0.21)      (0.13)      (0.12)      (0.12)      (0.16)
From net realized gain                          (0.55)      (0.57)      (1.08)      (0.74)      (1.33)      (0.40)
                                                (0.70)      (0.78)      (1.21)      (0.86)      (1.45)      (0.56)
Net asset value,
end of period                                   $9.53       $9.76       $9.54      $10.94      $11.17      $10.38
Per share market value,
end of period                                   $7.81       $7.88       $7.92       $9.65      $10.14       $9.63
Total return at market value 3 (%)             (10.58)       9.56 4     15.39 4     35.54 4     21.37 4      0.21 4,5

Ratios and supplemental data
Net assets, end of period
(in millions)                                    $804        $823        $805        $923        $943        $876
Ratio of expenses
to average net assets (%)                        1.47        1.43        1.43        1.43        1.39        1.32 6
Ratio of adjusted expenses
to average net assets 7 (%)                        --        1.45        1.46        1.48        1.47        1.47 6
Ratio of net investment income
to average net assets (%)                        2.18        1.51        1.11        1.28        1.17        1.31 6
Portfolio turnover (%)                             13          27          20           4           5           3

</TABLE>

1 Semiannual period from 11-1-04 through 4-30-05. Unaudited.

2 Based on the average of the shares outstanding.

3 Assumes dividend reinvestment.

4 Total returns would have been lower had certain expenses not been
  reduced during the periods shown.

5 Not annualized.

6 Annualized.

7 Does not take into consideration expense reductions during the periods
  shown.

See notes to
financial statements.


14
<PAGE>


NOTES TO
STATEMENTS

Unaudited

Note A
Accounting policies

John Hancock Bank and Thrift Opportunity Fund (the "Fund") is a
diversified closed-end management investment company, shares of which were
initially offered to the public on August 23, 1994, and are publicly
traded on the New York Stock Exchange.

Significant accounting policies
of the Fund are as follows:

Valuation of investments

Securities in the Fund's portfolio are valued on the basis of market
quotations, valuations provided by independent pricing services or at fair
value as determined in good faith in accordance with procedures approved
by the Trustees. Short-term debt investments which have a remaining
maturity of 60 days or less may be valued at amortized cost, which
approximates market value. Investments in AIM Cash Investment Trust are
valued at their net asset value each business day.

Joint repurchase agreement

Pursuant to an exemptive order issued by the Securities and Exchange
Commission, the Fund, along with other registered investment companies
having a management contract with John Hancock Advisers, LLC (the
"Adviser"), a wholly owned subsidiary of John Hancock Financial Services,
Inc., may participate in a joint repurchase agreement transaction.
Aggregate cash balances are invested in one or more large repurchase
agreements, whose underlying securities are obligations of the U.S.
government and/or its agencies. The Fund's custodian bank receives
delivery of the underlying securities for the joint account on the Fund's
behalf. The Adviser is responsible for ensuring that the agreement is
fully collateralized at all times.

Investment transactions

Investment transactions are recorded as of the date of purchase, sale or
maturity. Net realized gains and losses on sales of investments are
determined on the identified cost basis.

Expenses

The majority of expenses are directly identifiable to an individual fund.
Expenses that are not readily identifiable to a specific fund are
allocated in such a manner as deemed equitable, taking into consideration,
among other things, the nature and type of expense and the relative size
of the funds.

Securities lending

The Fund may lend securities to certain qualified brokers who pay the Fund
negotiated lender fees. The loans are collateralized at all times with
cash or securities with a market value at least equal to the market value
of the securities on loan. As with other extensions of credit, the Fund
may bear the risk of delay of the loaned securities in recovery or even
loss of rights in the collateral, should the borrower of the securities
fail financially. At April 30, 2005, the Fund loaned securities having


15
<PAGE>


a market value of $190,828,183 collateralized by cash in the amount of
$194,644,747. The cash collateral was invested in a short-term instrument.
Securities lending expenses are paid by the Fund to the Adviser.

Federal income taxes

The Fund qualifies as a "regulated investment company" by complying with
the applicable provisions of the Internal Revenue Code and will not be
subject to federal income tax on taxable income that is distributed to
shareholders. Therefore, no federal income tax provision is required.

Dividends, interest
and distributions

Dividend income on investment securities is recorded on the ex-dividend
date or, in the case of some foreign securities, on the date thereafter
when the Fund identifies the dividend. Interest income on investment
securities is recorded on the accrual basis. Foreign income may be subject
to foreign withholding taxes, which are accrued as applicable.

The Fund records distributions to shareholders from net investment income
and net realized gains, if any, on the ex-dividend date. During the year
ended October 31, 2004, the tax character of distributions paid was as
follows: ordinary income $12,023,624 and long-term capital gains
$109,789,189.

Such distributions, on a tax basis, are determined in conformity with
income tax regulations, which may differ from accounting principles
generally accepted in the United States of America. Distributions in
excess of tax basis earnings and profits, if any, are reported in the
Fund's financial statements as a return of capital.

Use of estimates

The preparation of these financial statements, in accordance with
accounting principles generally accepted in the United States of America,
incorporates estimates made by management in determining the reported
amount of assets, liabilities, revenues and expenses of the Fund. Actual
results could differ from these estimates.

Note B

Management fee and
transactions with
affiliates and others

The Fund has an investment management contract with the Adviser. Under the
investment management contract, the Fund pays a monthly management fee to
the Adviser at an annual rate of 1.15% of the Fund's average weekly net
asset value.

The Fund has an agreement with the Advisor to perform certain
administrative services for the Fund. The compensation for the period was
at an annual rate of 0.25% of the average weekly net asset value of the
Fund. The Adviser agreed to limit the administration fee to 0.10% of the
Fund's average weekly net asset value. Accordingly, the expense reductions
related to the administration fee amounted to $695,042 for the period
ended April 30, 2005. The Adviser reserves the right to terminate this
limitation in the future with Trustees' approval. The net administrative
fee compensation for the period amounted to $463,361. The Fund also paid
the Adviser the amount of $54 for certain publishing services, included in
the printing fees.

Mr. James A. Shepherdson is a director and officer of the Adviser, as well
as affiliated Trustee of the Fund and is compensated by the Adviser. The
compensation of unaffiliated Trustees is borne by the Fund. The
unaffiliated Trustees may elect to defer, for tax purposes, their receipt
of this compensation under the John Hancock Group of Funds Deferred
Compensation Plan. The Fund makes investments into other John Hancock
funds, as applicable, to cover its liability for the deferred
compensation. Investments to cover the Fund's deferred compensation
liability are recorded on the Fund's books as an other asset. The deferred
compensation liability and the related other asset are always equal and


16
<PAGE>


are marked to market on a periodic basis to reflect any income earned by
the investments, as well as any unrealized gains or losses. The Deferred
Compensation Plan investments had no impact on the operations of the Fund.

The Fund is listed for trading on the New York Stock Exchange (NYSE) and
has filed with the NYSE its chief executive officer certification
regarding compliance with the NYSE's listing standards. The Fund also
files with the Securities and Exchange Commission the certification of its
chief executive officer and chief accounting officer required by Section
302 of the Sarbanes-Oxley Act.

Note C
Fund common share
transactions

The Fund had no common share transactions during the the year ended
October 31, 2004 and period ended April 30, 2005.

Note D
Investment
transactions

Purchases and proceeds from sales or maturities of securities, other than
short-term securities and obligations of the U.S. government, during the
period ended April 30, 2005, aggregated $25,141,060 and $54,336,549,
respectively.

The cost of investments owned on April 30, 2005, including short-term
investments, for federal income tax purposes, was $596,157,873. Gross
unrealized appreciation and depreciation of investments aggregated
$474,608,847 and $1,780,545, respectively, resulting in net unrealized
appreciation of $472,828,302. The difference between book basis and tax
basis net unrealized appreciation of investments is attributable primarily
to the tax deferral of losses on certain sales of securities.

Note E
Transactions in securities of affiliated issuers

Affiliated issuers, as defined by the Investment Company Act of 1940, are
those in which the Fund's holdings of an issuer represent 5% or more of
the outstanding voting securities of the issuer. A summary of the Fund's
transactions in the securities of these issuers during the period ended
April 30, 2005, is set forth below.

                     Beginning    Ending
                         share     share    Realized    Dividend    Ending
Affiliate               amount    amount        gain      income     value

FNB Bankshares (ME)
common stock
bought: none
sold: none 1            62,360        --          --     $10,598       --

1 Acquired by First National Lincoln effective January 18, 2005.


17
<PAGE>


Investment
objective
and policy

The Fund is a closed-end diversified management investment company, shares
of which were initially offered to the public on August 23, 1994 and are
publicly traded on the New York Stock Exchange. Its investment objective is
long-term capital appreciation.

On November 20, 2001 the Fund's Trustees approved the following investment
policy changes effective December 15, 2001: Under normal circumstances, the
Fund will invest at least 80% of its net 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. "Net assets" is defined as net assets plus borrowings for
investment purposes. "Primarily owned" means that the bank or financial
holding company derives a substantial portion of its business from U.S.
regional banks or thrifts as determined by the Adviser, based upon
generally accepted measures such as revenues, asset size and number of
employees. U.S. regional banks or thrifts are ones that provide
full-service banking (i.e. savings accounts, checking accounts, commercial
lending and real estate lending) and whose assets are primarily of domestic
origin. The Fund will notify shareholders at least 60 days prior to any
change in this 80% investment policy.

The Fund may invest in investment-grade debt securities as well as debt
securities rated BB or below by Standard & Poor's Ratings group ("Standard
& Poor's") or Ba or below by Moody's Investors Service, Inc. ("Moody's"),
or, if unrated by such rating organizations, determined by the Adviser to
be of comparable quality.

By-laws

On November 19, 2002, the Board of Trustees adopted several amendments to
the Fund's by-laws, including provisions relating to the calling of a
special meeting and requiring advance notice of shareholder proposals or
nominees for Trustee. The advance notice provisions in the by-laws require
shareholders to notify the Fund in writing of any proposal that they
intend to present at an annual meeting of shareholders, including any
nominations for Trustee, between 90 and 120 days prior to the first
anniversary of the mailing date of the notice from the prior year's annual
meeting of shareholders. The notification must be in the form prescribed
by the by-laws. The advance notice provisions provide the Fund and its
Trustees with the opportunity to thoughtfully consider and address the
matters proposed before the Fund prepares and mails its proxy statement to
shareholders. Other amendments set forth the procedures that must be
followed in order for a shareholder to call a special meeting of
shareholders. Please contact the Secretary of the Fund for additional
information about the advance notice requirements or the other amendments
to the by-laws.

Dividend
reinvestment plan

The Fund offers its shareholders a Dividend Reinvestment Plan, (the
"Plan"), which offers the opportunity to earn compounded yields. Each
holder of common shares will automatically have all distributions of
dividends and capital gains reinvested by Mellon Investor Services as Plan
agent for the shareholders (the "Plan Agent"), unless an election is made
to receive cash. Each registered shareholder will receive from the Plan
Agent an authorization card to be signed and returned if the shareholder
elects to receive distributions from net investment income in cash or
elects not to receive capital gains distributions in the form of a shares
dividend. Shareholders may also make their election by notifying the Plan
Agent by telephone or by visiting the Plan Agent's Web site at
www.melloninvestor.com. Holders of common shares who elect not to
participate in the Plan will receive all distributions in cash paid by
check mailed directly to the shareholder of record (or if


18
<PAGE>


the common shares are held in street or other nominee name, then to the
nominee) by the Plan Agent, as dividend disbursing agent. Shareholders
whose shares are held in the name of a broker or nominee or shareholders
transferring such an account to a new broker or nominee should contact the
broker or nominee, to determine whether and how they may participate in
the Plan.

The Plan Agent serves as agent for the holders of common shares in
administering the Plan. After the Fund declares a dividend or makes a
capital gains distribution, the Plan Agent will, as agent for the
participants, receive the cash payment and use it to buy common shares in
the open market, on the New York Stock Exchange or elsewhere, for the
participants' accounts. The Fund will not issue any new shares in
connection with the Plan. The Plan Agent's fees for the handling of
reinvestment of dividends and other distributions will be paid by the Fund.
Each participant will pay a pro rata share of brokerage commissions
incurred with respect to the Plan Agent's open market purchases in
connection with the reinvestment of distributions. There are no other
charges to participants for reinvesting dividends or capital gain
distributions.

Participants in the Plan may withdraw from the Plan at any time by
contacting the Plan Agent by telephone, in writing or by visiting the Plan
Agent's Web site at www.melloninvestor.com. Such withdrawal will be
effective immediately if received prior to a dividend record date;
otherwise, it will be effective for all subsequent dividend record dates.
When a participant withdraws from the Plan or upon termination of the Plan,
as provided below, either a cash payment will be made to the participant
for the full value of the common shares credited to the account upon
instruction by the participant, or certificates for whole common shares
credited to his or her account under the Plan will be issued and a cash
payment will be made for any fraction of a common share credited to such
account.

The Plan Agent maintains each shareholder's account in the Plan and
furnishes monthly written confirmations of all transactions in the
accounts, including information needed by the shareholders for personal and
tax records. The Plan Agent will hold common shares in the account of each
Plan participant in non-certificated form in the name of the participant.
Proxy material relating to shareholders' meetings of the Fund will include
those shares purchased as well as shares held pursuant to the Plan. In the
case of shareholders such as banks, brokers or nominees, which hold common
shares for others who are the beneficial owners, the Plan Agent will
administer the Plan on the basis of the number of common shares certified
from time to time by the record shareholders as representing the total
amount registered in the record shareholder's name and held for the account
of beneficial owners who are participants in the Plan. Shares may be
purchased through broker-dealers.

Dividends and capital gains distributions are taxable whether received in
cash or reinvested in additional common shares, and the automatic
reinvestment of dividends and capital gain distributions will not relieve
participants of any U.S.federal income tax that may be payable or required
to be withheld on such dividends or distributions. The amount of dividends
to be reported on 1099-DIV should be the amount of cash used by the Plan
Agent to purchase shares in the open market, including the amount of cash
allocated to brokerage commissions paid on such purchases.

Experience under the Plan may indicate that changes are desirable.
Accordingly, the Fund reserves the right to amend or terminate the Plan as
applied to any distribution paid subsequent to written notice of the change
sent to all shareholders of the Fund at least 90 days before the record
date for the dividend or distribution. The Plan may


19
<PAGE>


be amended or terminated by the Plan Agent by at least 90 days' written
notice to all shareholders of the Fund. All correspondence or additional
information concerning the Plan should be directed to the Plan Agent,
Mellon Bank, N.A., c/o Mellon Investor Services, P.O. Box 3338, South
Hackensack, NJ 07606-1938 (telephone 1-800-852-0218).

Shareholder
communication
and assistance

If you have any questions concerning the Fund, we will be pleased to assist
you. If you hold shares in your own name and not with a brokerage firm,
please address all notices, correspondence, questions or other
communications regarding the Fund to the transfer agent at:

Mellon Investor Services
85 Challenger Road
Overpeck Centre
Ridgefield Park, NJ 07660
Telephone 1-800-852-0218

If your shares are held with a brokerage firm, you should contact that
firm, bank or other nominee for assistance.

Shareholder meeting

On March 2, 2005, the Annual Meeting of the Fund was held to elect four
Trustees and to ratify the actions of the Trustees in selecting independent
auditors for the Fund.

Proxies covering 80,472,283 shares of beneficial interest were voted at the
meeting. The shareholders elected the following Trustees to serve until
their respective successors are duly elected and qualified, with the votes
tabulated as follows:

                                                    WITHHELD
                                      FOR          AUTHORITY
- ---------------------------------------------------------------------------
James F. Carlin                78,949,160          1,523,123
William H. Cunningham          78,869,175          1,603,108
Richard P. Chapman, Jr.        78,874,591          1,597,692
James A. Shepherdson           78,922,125          1,550,158

The shareholders ratified the Trustees' selection of Deloitte & Touche LLP
as the Fund's independent auditor for the fiscal year ending October 31,
2005, with votes tabulated as follows: 79,586,697 FOR, 596,622 AGAINST and
288,964 ABSTAINING.


20
<PAGE>


For more information

The Fund's proxy voting policies, procedures and records are available
without charge, upon request:

By phone            On the Fund's Web site      On the SEC's Web site

1-800-225-5291      www.jhfunds.com/proxy       www.sec.gov

Trustees

Charles L. Ladner, Chairman*
James F. Carlin
Richard P. Chapman, Jr.*
William H. Cunningham
Ronald R. Dion
Dr. John A. Moore*
Patti McGill Peterson*
Steven R. Pruchansky
James A. Shepherdson
Lt. Gen. Norman H. Smith,
USMC (Ret.)

*Members of the Audit Committee

Officers

James A. Shepherdson
President and
Chief Executive Officer

William H. King
Vice President and Treasurer

Investment adviser

John Hancock Advisers, LLC
101 Huntington Avenue
Boston, MA 02199-7603

Custodian

The Bank of New York
One Wall Street
New York, NY 10286

Transfer agent and
dividend disburser

Mellon Investor Services
85 Challenger Road
Overpeck Centre
Ridgefield Park, NJ 07660

Legal counsel

Wilmer Cutler Pickering
Hale and Dorr LLP
60 State Street
Boston, MA 02109-1803

Stock symbol

Listed New York Stock
Exchange:
BTO

For shareholder assistance
refer to page 20

How to contact us

Internet  www.jhfunds.com

Mail      Regular mail:
          Mellon Investor Services
          85 Challenger Road
          Overpeck Centre
          Ridgefield Park, NJ 07660

Phone     Customer service representatives        1-800-852-0218
          Portfolio commentary                    1-800-344-7054
          24-hour automated information           1-800-843-0090
          TDD line                                1-800-231-5469

A listing of month-end portfolio holdings is available on our Web site,
www.jhfunds.com. A more detailed portfolio holdings summary is available
on a quarterly basis 60 days after the fiscal quarter on our Web site or
upon request by calling 1-800-225-5291, or on the Securities and Exchange
Commission's Web site, www.sec.gov.


21
<PAGE>


[A 1 1/2" x 1/2" John Hancock (Signature) logo in upper left hand corner.
A tag line below reads "JOHN HANCOCK FUNDS."]

1-800-852-0218
1-800-843-0090 EASI-Line
1-800-231-5469 (TDD)

www.jhfunds.com

P90SA  4/05
       6/05


<PAGE>


ITEM 2.  CODE OF ETHICS.

As of the end of the period, April 30, 2005, the registrant has adopted a
code of ethics, as defined in Item 2 of Form N-CSR, that applies to its
Chief Executive Officer, Chief Financial Officer and Treasurer
(respectively, the principal executive officer, the principal financial
officer and the principal accounting officer, the "Senior Financial
Officers"). A copy of the code of ethics is filed as an exhibit to this
Form N-CSR.

The code of ethics was amended effective February 1, 2005 to address new
Rule 204A-1 under the Investment Advisers Act of 1940 and to make other
related changes.

The most significant amendments were:

(a) Broadening of the General Principles of the code to cover compliance
with all federal securities laws.

(b) Eliminating the interim requirements (since the first quarter of 2004)
for access persons to preclear their personal trades of John Hancock mutual
funds.  This was replaced by post-trade reporting and a 30 day hold
requirement for all employees.

(c) A new requirement for "heightened preclearance" with investment
supervisors by any access person trading in a personal position worth
$100,000 or more.

ITEM 3.  AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable at this time.

ITEM 4.  PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable at this time.

ITEM 5.  AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable at this time.

ITEM 6.  SCHEDULE OF INVESTMENTS.

Not applicable.

ITEM 7.  DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.  PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.  PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The registrant has adopted procedures by which shareholders may recommend
nominees to the registrant's Board of Trustees.   A copy of the procedures
is filed as an exhibit to this Form

N-CSR. See attached "John Hancock Funds - Administration Committee Charter"
and "John Hancock Funds - Governance Committee Charter".

ITEM 11.  CONTROLS AND PROCEDURES.

(a)      Based upon their evaluation of the registrant's disclosure
controls and procedures as conducted within 90 days of the filing date of
this Form N-CSR, the registrant's principal executive officer and principal
financial officer have concluded that those disclosure controls and
procedures provide reasonable assurance that the material information
required to be disclosed by the registrant on this report is recorded,
processed, summarized and reported within the time periods specified in the
Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over
financial reporting that occurred during the registrant's most recent
fiscal half-year (the registrant's second fiscal half-year in the case of
an annual report) that have materially affected, or are reasonably likely
to materially affect, the registrant's internal control over financial
reporting.

ITEM 12.  EXHIBITS.

(a)(1) Code of Ethics for Senior Financial Officers is attached.

(a)(2) Separate certifications for the registrant's principal executive
officer and principal financial officer, as required by Section 302 of the
Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company
Act of 1940, are attached.

(b) Separate certifications for the registrant's principal executive
officer and principal financial officer, as required by 18 U.S.C.  Section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
and Rule 30a-2(b) under the Investment Company Act of 1940, are attached.
The certifications furnished pursuant to this paragraph are not deemed to
be "filed" for purposes of Section 18 of the Securities Exchange Act of
1934, or otherwise subject to the liability of that section. Such
certifications are not deemed to be incorporated by reference into any
filing under the Securities Act of 1933 or the Securities Exchange Act of
1934, except to the extent that the Registrant specifically incorporates
them by reference.

(c)(1) Submission of Matters to a Vote of Security Holders is attached. See
attached "John Hancock Funds - Administration Committee Charter" and "John
Hancock Funds - Governance Committee Charter".

(c)(2) Contact person at the registrant.



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.

John Hancock Bank & Thrift Opportunity Fund


By:
    ------------------------------
    James A. Shepherdson
    President and Chief Executive Officer

Date:    June 30, 2005


Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on
the dates indicated.


By:
    ------------------------------
    James A. Shepherdson
    President and Chief Executive Officer

Date:    June 30, 2005


By:
    ------------------------------
    William H. King
    Vice President and Treasurer

Date:    June 30, 2005
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>exnn2.txt
<DESCRIPTION>CERTIFICATION
<TEXT>

CERTIFICATION

I, James A. Shepherdson, certify that:

1. I have reviewed this report on Form N-CSR of the John Hancock Bank and
Thrift Opportunity Fund (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net
assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the
Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being
prepared;

(b) Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting
principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such
evaluation; and

(d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's most
recent fiscal half-year (the registrant's second fiscal half-year in the
case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control
over financial reporting.

Date:    June 30, 2005


- ---------------------------------
James A. Shepherdson
President and Chief Executive Officer


CERTIFICATION

I, William H. King, certify that:

1. I have reviewed this report on Form N-CSR of the John Hancock Bank and
Thrift Opportunity Fund (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net
assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the
Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being
prepared;

(b) Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting
principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such
evaluation; and

(d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's most
recent fiscal half-year (the registrant's second fiscal half-year in the
case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control
over financial reporting.

Date:    June 30, 2005


- ---------------------------------
William H. King
Vice President and Treasurer
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>exnnos3.txt
<DESCRIPTION>CERTIFICATION 906
<TEXT>

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the attached Report of John Hancock Bank and Thrift
Opportunity Fund (the "registrant") on Form N-CSR to be filed with the
Securities and Exchange Commission (the "Report"), each of the undersigned
officers of the registrant does hereby certify that, to the best of such
officer's knowledge:

1. The Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the
registrant as of, and for, the periods presented in the Report.


- ---------------------------
James A. Shepherdson
President and Chief Executive Officer

Dated:  June 30, 2005


- ---------------------------
William H. King
Vice President and Treasurer

Dated:  June 30, 2005


A signed original of this written statement, required by Section 906, has
been provided to the registrant and will be retained by the registrant and
furnished to the Securities and Exchange Commission or its staff upon
request.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>4
<FILENAME>exnncodeth4.txt
<DESCRIPTION>CODE OF ETHICS
<TEXT>

Owner:               Tim Fagan
Administrator:       Tim Fagan
Last Revision Date:  02/05
Next Revision Date:  05/05


This is the code of ethics of:
o  John Hancock Advisers, LLC
o  Sovereign Asset Management Co.
o  each open-end and closed-end fund advised by John Hancock Advisers, LLC
o  John Hancock Funds, LLC
(together, called "John Hancock Funds")


1.  General Principles

Each person within the John Hancock Funds organization is responsible
for maintaining the very highest ethical standards when conducting our
business. This means that:

o  You have a fiduciary duty at all times to place the interests of
   our clients first.

o  All of your personal securities transactions must be conducted
   consistent with this code of ethics and in such a manner as to avoid
   any actual or potential conflict of interest or other abuse of your
   position of trust and responsibility.

o  You should not take inappropriate advantage of your position or
   engage in any fraudulent or manipulative practice (such as
   front-running or manipulative market timing) with respect to our
   clients' accounts.

o  You must treat as confidential any information concerning the
   identity of security holdings and financial circumstances of
   clients.

o  You must comply with all applicable federal securities laws.

o  You must promptly report any violation of this code of ethics that
   comes to your attention to the Chief Compliance Officer, Timothy M.
   Fagan, or the Chief Legal Officer, Susan S. Newton.

The General Principles discussed above govern all conduct, whether or
not the conduct is also covered by more specific standards and
procedures in this code of ethics.  As described below under the
heading "Interpretation and Enforcement", failure to comply with the
code of ethics may result in disciplinary action, including
termination of employment.


2.  To Whom Does This Code Apply?

This code of ethics applies to you if you are a director, officer or
employee of John Hancock Advisers, LLC, Sovereign Asset Management
Co., John Hancock Funds, LLC or a "John Hancock fund" (any fund
advised by John Hancock Advisers, LLC or Sovereign Asset Management
Co.). It also applies to you if you are an employee of John Hancock
Life Insurance Co. or its subsidiaries who participates in making
recommendations for, or receives information about, portfolio trades
or holdings of the John Hancock funds or accounts.  Certain
provisions apply to trustees of the John Hancock mutual funds and
closed-end funds-see Appendix C for more information.

Please note that if a policy described below applies to you, it also
applies all accounts over which you have a beneficial interest.
Normally, you will be deemed to have a beneficial interest in your
personal accounts, those of a spouse, "significant other," minor
children or family members sharing a household, as well as all
accounts over which you have discretion or give advice or information.
"Significant others" are defined for these purposes as two people
who (1) share the same primary residence; (2) share living expenses;
and (3) are in a committed relationship and intend to remain in the
relationship indefinitely.

There are three main categories for persons covered by this code of
ethics, taking into account their positions, duties and access to
information regarding fund portfolio trades. You have been notified
about which of these categories applies to you, based on the
Investment Compliance Department's understanding of your current role.
If you have a level of investment access beyond your assigned
category, or if you are promoted or change duties and as a result
should more appropriately be included in a different category, it is
your responsibility to notify Timothy M. Fagan, Chief Compliance
Officer.

The basic definitions of the three main categories, with examples, are
provided below. The more detailed definitions of each category are
attached as Appendix A.

<TABLE>
<S>                                     <C>                                    <C>
- --------------------------------------- -------------------------------------- --------------------------------------
     "Investment Access" person                "Regular Access" person                 "Non-Access" person

A person who regularly participates        A person who regularly obtains        A person who does not regularly
 in a fund's investment process or         information regarding (1) fund        participate in a fund's investment
 makes securities recommendations         portfolio trades or (2) non-public     process or obtain information
            to clients.                   information regarding holdings or      regarding fund portfolio trades.
                                        securities recommendations to clients.

examples:                               examples:                                examples:
- ---------                               ---------                                ---------
o  portfolio managers                   o  personnel in Investment               o  wholesalers
o  analysts                                Operations or Compliance              o  inside wholesalers who
o  traders                              o  most FFM personnel                       don't attend investment
                                        o  Technology personnel with                "morning meetings"
                                           access to investment systems          o  certain administrative
                                        o  attorneys and some legal                 personnel
                                           administration personnel
                                        o  investment admin. personnel
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>


3.  Which Accounts and Securities are Subject to the Code's Personal
Trading Restrictions?

If this code of ethics describes "Personal Trading Requirements" (i.e.
John Hancock Mutual Fund reporting requirement and holding period, the
preclearance requirement, the ban on short-term profits, the ban on
IPOs, the disclosure of private placement conflicts and the reporting
requirements) that apply to your access category as described above,
then the requirements apply to trades for any account over which you
have a beneficial interest. Normally, this includes your personal
accounts, those of a spouse, "significant other," minor children or
family members sharing your household, as well as all accounts over
which you have discretion or give advice or information. This
includes all brokerage accounts that contain securities (including
brokerage accounts that only contain securities exempt from
reporting).  Accounts over which you have no direct or indirect
influence or control are exempt. To prevent potential violations of
this code of ethics, you are strongly encouraged to request
clarification for any accounts that are in question.


These personal trading requirements do not apply to the following
securities:

o  Direct obligations of the U.S. government (e.g., treasury
   securities);

o  Bankers' acceptances, bank certificates of deposit, commercial
   paper, and high quality short-term debt obligations, including
   repurchase agreements;

o  Shares of open-end mutual funds that are not advised or sub-advised
   by John Hancock Advisers or by John Hancock or Manulife entities;

o  Shares issued by money market funds; and

o  Securities in accounts over which you have no direct or indirect
   influence or control.


Except as noted above, the Personal Trading Requirements apply to all
securities, including:

o  stocks or bonds;

o  government securities that are not direct obligations of the U.S.
   government, such as Fannie Mae or municipal securities;

o  Shares of all closed-end funds;

o  Options on securities, on indexes, and on currencies;

o  All kinds of limited partnerships;

o  Foreign unit trusts and foreign mutual funds;

o  Private investment funds and hedge funds; and

o  Futures, investment contracts or any other instrument that is
   considered a "security" under the Investment Advisers Act.


Different requirements apply to shares of open-end mutual funds that
are advised or sub-advised by John Hancock Advisers or by John Hancock
or Manulife entities-see the section below titled "John Hancock Mutual
Funds Reporting Requirement and Holding Period".



4.  Overview of Policies

<TABLE>
<S>                                                    <C>                    <C>                    <C>
- ------------------------------------------------------ ---------------------- ---------------------- ----------------------

                                                             Investment            Regular Access          Non-Access
                                                           Access Person               Person                Person
- ------------------------------------------------------ ---------------------- ---------------------- ----------------------
General principles                                              yes                    yes                    yes
- ------------------------------------------------------ ---------------------- ---------------------- ----------------------

Policies outside the code
- ------------------------------------------------------ ---------------------- ---------------------- ----------------------
Conflict of interest policy                                     yes                    yes                    yes
- ------------------------------------------------------ ---------------------- ---------------------- ----------------------
Inside information policy                                       yes                    yes                    yes
- ------------------------------------------------------ ---------------------- ---------------------- ----------------------
Policy regarding dissemination of mutual fund
portfolio information                                           yes                    yes                    yes
- ------------------------------------------------------ ---------------------- ---------------------- ----------------------

Policies in the code
- ------------------------------------------------------ ---------------------- ---------------------- ----------------------
Restriction on gifts                                            yes                    yes                    yes
- ------------------------------------------------------ ---------------------- ---------------------- ----------------------
John Hancock mutual funds reporting
requirement and holding period                                  yes                    yes                    yes
- ------------------------------------------------------ ---------------------- ---------------------- ----------------------
Pre-clearance requirement                                       yes                    yes                  Limited
- ------------------------------------------------------ ---------------------- ---------------------- ----------------------
Heightened preclearance of securities transactions
for "Significant Personal Positions"                            yes                    yes                    no
- ------------------------------------------------------ ---------------------- ---------------------- ----------------------
Ban on short-term profits                                       yes                    no                     no
- ------------------------------------------------------ ---------------------- ---------------------- ----------------------
Ban on IPOs                                                     yes                    no                     no
- ------------------------------------------------------ ---------------------- ---------------------- ----------------------
Disclosure of private placement conflicts                       yes                    no                     no
- ------------------------------------------------------ ---------------------- ---------------------- ----------------------
Seven day blackout period                                       yes                    no                     no
- ------------------------------------------------------ ---------------------- ---------------------- ----------------------

Reports and other disclosures outside the code
- ------------------------------------------------------ ---------------------- ---------------------- ----------------------
Broker letter/duplicate confirms                                yes                    yes                    yes
- ------------------------------------------------------ ---------------------- ---------------------- ----------------------

Reports and other disclosures in the code
- ------------------------------------------------------ ---------------------- ---------------------- ----------------------
Annual recertification form                                     yes                    yes                    yes
- ------------------------------------------------------ ---------------------- ---------------------- ----------------------
Initial/annual holdings reports                                 yes                    yes                    no
- ------------------------------------------------------ ---------------------- ---------------------- ----------------------
Quarterly transaction reports                                   yes                    yes                    no
- ------------------------------------------------------ ---------------------- ---------------------- ----------------------
</TABLE>


5.  Policies Outside the Code of Ethics

John Hancock Funds has certain policies that are not part of the code
of ethics, but are equally important.  The two most important of these
policies are (1) the Company Conflict and Business Practice Policy;
and (2) the Inside Information Policy.


>>  Company Conflict & Business Practice Policy

- ----------------------------------------
Applies to:   Investment Access Persons
              Regular Access Persons
              Non-Access Persons
- ----------------------------------------

A conflict of interest occurs when your private interests interfere or
could potentially interfere with your responsibilities at work. You
must not place yourself or the company in a position of actual
or potential conflict.

This Policy for officers and employees covers a number of important
issues. For example, you cannot serve as a director of any company
without first obtaining the required written executive approval.

This Policy includes significant requirements to be followed if your
personal securities holdings overlap with John Hancock Funds
investment activity. For example, if you or a member of your family own:

o  a 5% or greater interest in a company, John Hancock Funds and its
   affiliates may not make any investment in that company;

o  a 1% or greater interest in a company, you cannot participate in any
   decision by John Hancock Funds and its affiliates to buy or sell
   that company's securities;

o  ANY interest in a company, you cannot recommend or participate in a
   decision by John Hancock Funds and its affiliates to buy or sell
   that company's securities unless your personal interest is fully
   disclosed at all stages of the investment decision.

(This is just a summary of this requirement-please read Section IV of
the Company Conflict and Business Practices Policy for more detailed
information.)


Other important issues in this Policy include:

o  personal investments or business relationships

o  misuse of inside information

o  receiving or giving of gifts, entertainment or favors

o  misuse or misrepresentation of your corporate position

o  disclosure of confidential or proprietary information

o  antitrust activities

o  political campaign contributions and expenditures on public officials


>>  Inside Information Policy and Procedures

- ----------------------------------------
Applies to:   Investment Access Persons
              Regular Access Persons
              Non-Access Persons
- ----------------------------------------

The antifraud provisions of the federal securities laws generally
prohibit persons with material non-public information from trading on
or communicating the information to others. Sanctions for
violations can include civil injunctions, permanent bars from the
securities industry, civil penalties up to three times the profits
made or losses avoided, criminal fines and jail sentences. While
Investment Access persons are most likely to come in contact with
material non-public information, the rules (and sanctions) in this
area apply to all John Hancock Funds personnel and extend to
activities both related and unrelated to your job duties.

The Inside Information Policy and Procedures covers a number of
important issues, such as:

o  The misuse of material non-public information

o  The information barrier procedure

o  The "restricted list" and the "watch list"

o  broker letters and duplicate confirmation statements (see section 7
   of this code of ethics)


>> Policy Regarding Dissemination of Mutual Fund Portfolio Information

- ----------------------------------------
Applies to:   Investment Access Persons
              Regular Access Persons
              Non-Access Persons
- ----------------------------------------

Information about securities held in a mutual fund cannot be disclosed
except in accordance with this Policy, which generally requires time
delays of approximately one month and public posting of the
information to ensure that it uniformly enters the public domain.


6.  Policies in the Code of Ethics

>> Restriction on Gifts

- ----------------------------------------
Applies to:   Investment Access Persons
              Regular Access Persons
              Non-Access Persons
- ----------------------------------------

You and your family cannot accept preferential treatment or favors
(for example, gifts) from securities brokers or dealers or other
organizations with which John Hancock Funds might transact
business, except in accordance with the Company Conflict and Business
Practice Policy. For the protection of both you and John Hancock
Funds, the appearance of a possible conflict of interest must be
avoided. You should exercise caution in any instance in which business
travel and lodging are paid for by someone other than John Hancock
Funds. The purpose of this policy is to minimize the basis for any
charge that you used your John Hancock Funds position to obtain for
yourself opportunities which otherwise would not be offered to you.
Please see the Company Conflict and Business Practice Policy's
"Compensation and Gifts" section for additional details regarding
restrictions on gifts and exceptions for "nominal value" gifts.


>> John Hancock Mutual Funds Reporting Requirement and Holding Period

- ----------------------------------------
Applies to:   Investment Access Persons
              Regular Access Persons
              Non-Access Persons
- ----------------------------------------

You must follow a reporting requirement and a holding period
requirement if you purchase either:

o  a "John Hancock Mutual Fund" (i.e. a mutual fund that is advised by
   John Hancock Advisers or by John Hancock or Manulife entity,
   excluding the money market funds and any dividend reinvestment,
   payroll deduction, systematic investment/withdrawal and other
   program trades); or

o  a "John Hancock Variable Product" (i.e. contacts funded by
   insurance company separate accounts that use one or more portfolios
   of Manufacturers Investment Trust or John Hancock Variable Series
   Trust).

Reporting Requirement: You must report your holdings and your trades
in a John Hancock Mutual Fund or a John Hancock Variable Product.
This is not a preclearance requirement-you can report your holdings
after you trade by submitting duplicate confirmation statements to the
Investment Compliance Department. If you are an Investment Access
Person or a Regular Access Person, you must also make sure that your
holdings in a John Hancock Mutual Fund are included in your Initial
Holdings Report (upon hire) and Annual Holdings Report (each year
end).

If you purchase a John Hancock Variable Product, you must notify the
Investment Compliance Department. The Investment Compliance
Department will then obtain directly from the contract administrators
the personal trade and holdings information regarding the portfolios
underlying the Manulife or John Hancock variable insurance contracts.

The Investment Compliance Department will obtain personal securities
trade and holdings information in the 401(k) plans for John Hancock
Funds or John Hancock employees directly from the plan administrators.

Holding Requirement: You cannot profit from the purchase and sale of
a John Hancock Mutual Fund within 30 calendar days.  The purpose of
this policy is to address the risk, real or perceived, of manipulative
market timing or other abusive practices involving short-term personal
trading in the John Hancock Mutual Funds. Any profits realized on
short-term trades must be surrendered by check payable to John Hancock
Advisers, LLC and will be contributed by John Hancock Advisers, LLC to
a charity, upon determination by the Compliance and Business Practices
Committee. If you give away a security, it is considered a sale. You
may request an exemption from this policy for involuntary sales due to
unforeseen corporate activity (such as a merger), or hardship reasons
(such as unexpected medical expenses) by sending an e-mail to Timothy
M. Fagan, Chief Compliance Officer.


>>  Preclearance of Securities Transactions

- ----------------------------------------
Applies to:  Investment Access Persons
             Regular Access Persons

Also, for a limited category of trades:
            --------------------------
                Non-Access Persons
- ----------------------------------------

Limited Category of Trades for Non-Access Persons: If you are a
Non-Access person, you must preclear transactions in securities of any
closed-end funds advised by John Hancock Advisers, LLC. A Non-Access
person is not required to preclear other trades. However, please keep
in mind that a Non-Access person is required to report securities
transactions after every trade (even those that are not required to be
precleared) by requiring your broker to submit duplicate confirmation
statements, as described in section 7 of this code of ethics.

Investment Access persons and Regular Access persons: If you are an
Investment Access person or Regular Access person, you must "preclear"
(i.e.: receive advance approval of) any personal securities
transactions in the categories described above in the section "Which
Accounts and Securities are Subject to the Code's Personal Trading
Restrictions". Due to this preclearance requirement, participation in
investment clubs is prohibited.

Preclearance of private placements requires some special considerations
- -- the decision will take into account whether, for example: (1) the
investment opportunity should be reserved for John Hancock Funds
clients; and (2) it is being offered to you because of your position
with John Hancock Funds.

How to preclear: You preclear a trade by following the steps outlined
in the preclearance procedures, which are attached as Appendix B.
Please note that:

o   You may not trade until clearance is received.

o   Clearance approval is valid only for the date granted (i.e. the
    preclearance date and the trade date should be the same.

o   A separate procedure should be followed for requesting preclearance of
    a private placement or a derivative, as detailed in Appendix B. The
    Investment Compliance Department must maintain a five-year record of
    all clearances of private placement purchases by Investment Access
    persons, and the reasons supporting the clearances.

The preclearance policy is designed to proactively identify possible
"problem trades" that raise front-running, manipulative market timing
or other conflict of interest concerns (example: when an Investment
Access person trades a security on the same day as a John Hancock
fund).


>> Heightened Preclearance of Securities Transactions for "Significant
Personal Positions"

- ----------------------------------------
Applies to:  Investment Access Persons
             Regular Access Persons
- ----------------------------------------

If you are an Investment Access person or Regular Access person with a
personal securities position that is worth $100,000 or more, this is
deemed to be a "Significant Personal Position". This applies to any
personal securities positions in the categories described above in the
section "Which Accounts and Securities are Subject to the Code's
Personal Trading Restrictions". Before you make personal trades to
establish, increase or decrease a Significant Personal Position, you
must notify either the Chief Fixed Income Officer or the Chief Equity
Officer that (1) you intend to trade in a Significant Personal
Position and (2) confirm that you are not aware of any clients for
whom related trades should be completed first. You must receive their
pre-approval to proceed--their approval will be based on their
conclusion that your personal trade in a Significant Personal Position
will not "front-run" any action that John Hancock Funds should take
for a client. This Heightened Preclearance requirement is in addition
to, not in place of, the regular preclearance requirement described
above-you must also receive the regular preclearance before you trade.


>> Ban on Short-Term Profits

- ----------------------------------------
Applies to:  Investment Access Persons
- ----------------------------------------

If you are an Investment Access person, you cannot profit from the
purchase and sale (or sale and purchase) of the same (or equivalent)
securities within 60 calendar days.  This applies to any personal
securities trades in the categories described above in the section
"Which Accounts and Securities are Subject to the Code's Personal
Trading Restrictions".

You may invest in derivatives or sell short provided the transaction
period exceeds the 60-day holding period. If you give away a security,
it is considered a sale.

The purpose of this policy is to address the risk, real or perceived,
of front-running, manipulative market timing or other abusive
practices involving short-term personal trading. Any profits realized
on short-term trades must be surrendered by check payable to John
Hancock Advisers, LLC and will be contributed by John Hancock
Advisers, LLC to a charity, upon determination by the Compliance and
Business Practices Committee.

You may request an exemption from this policy for involuntary sales
due to unforeseen corporate activity (such as a merger), or hardship
reasons (such as unexpected medical expenses) by sending an e-mail to
Timothy M. Fagan, Chief Compliance Officer.


>> Ban on IPOs

- ----------------------------------------
Applies to:  Investment Access Persons
- ----------------------------------------

If you are an Investment Access person, you may not acquire securities
in an initial public offering (IPO). You may not purchase any
newly-issued securities until the next business (trading) day after
the offering date. This applies to any personal securities trades in
the categories described above in the section "Which Accounts and
Securities are Subject to the Code's Personal Trading Restrictions".

There are two main reasons for this prohibition: (1) these purchases
may suggest that persons have taken inappropriate advantage of their
positions for personal profit; and (2) these purchases may create at
least the appearance that an investment opportunity that should have
been available to the John Hancock funds was diverted to the personal
benefit of an individual employee.

You may request an exemption for certain investments that do not
create a potential conflict of interest, such as: (1) securities of a
mutual bank or mutual insurance company received as compensation in a
demutualization and other similar non-voluntary stock acquisitions;
(2) fixed rights offerings; or (3) a family member's participation as
a form of employment compensation in their employer's IPO.


>> Disclosure of Private Placement Conflicts

- ----------------------------------------
Applies to:  Investment Access Persons
- ----------------------------------------

If you are an Investment Access person and you own securities
purchased in a private placement, you must  disclose  that  holding
when  you participate in a decision to purchase or sell that same
issuer's securities for a John Hancock fund. This applies to any
private placement holdings in the categories described above in the
section "Which Accounts and Securities are Subject to the Code's
Personal Trading Restrictions". Private placements are securities
exempt from SEC registration under section 4(2), section 4(6) or rules
504 -506 of the Securities Act of 1933.

The investment decision must be subject to an independent review by
investment personnel with no personal interest in the issuer.

The purpose of this policy is to provide appropriate scrutiny in
situations in which there is a potential conflict of interest.


>> Seven Day Blackout Period

- ----------------------------------------
Applies to:  Investment Access Persons
- ----------------------------------------

If you are a portfolio manager (or were identified to the Investment
Compliance Department as part of a portfolio management team) you are
prohibited from buying or selling a security within seven calendar
days before and after that security is traded for a fund that you
manage unless no conflict of interest exists in relation to that
security (as determined by the Compliance and Ethics Committee).

In addition, all investment access persons are prohibited from
knowingly buying or selling a security within seven calendar days
before and after that security is traded for a John Hancock fund
unless no conflict of interest exists in relation to that security.
This applies to any personal securities trades in the categories
described above in the section "Which Accounts and Securities are
Subject to the Code's Personal Trading Restrictions".  If a John
Hancock fund trades in a security within seven calendar days before or
after you trade in that security, you may be required to demonstrate
that you did not know that the trade was being considered for that
John Hancock fund.

You will be required to sell any security purchased in violation of
this policy unless it is determined that no conflict of interest
exists in relation to that security (as determined by the Compliance
and Ethics Committee). Any profits realized on trades determined by
the Compliance and Ethics Committee to be in violation of this policy
must be surrendered by check payable to John Hancock Advisers, LLC and
will be contributed by John Hancock Advisers, LLC to a charity.


7. Reports and Other Disclosures Outside the Code of Ethics


>> Broker Letter/Duplicate Confirm Statements

- ----------------------------------------
Applies to:   Investment Access Persons
              Regular Access Persons
              Non-Access Persons
- ----------------------------------------

As required by the Inside Information Policy, you must inform your
stockbroker that you are employed by an investment adviser or broker.
Your broker is subject to certain rules designed to prevent
favoritism toward your accounts. You may not accept negotiated
commission rates that you believe may be more favorable than the
broker grants to accounts with similar characteristics.

When a brokerage account is opened for which you have a beneficial
interest, before any trades are made, you must:

o  Notify the broker-dealer with which you are opening an account that
   you are a registered associate of JHF;

o  Ask the firm in writing to have duplicate written confirmations of
   any trade, as well as statements or other information concerning
   the account, sent to the JHF Investment Compliance Department
   (contact: Fred Spring), 10th Floor, 101 Huntington Avenue, Boston,
   MA 02199; and

o  Notify the JHF Investment Compliance Department, in writing, that
   you have an account before you place any trades.

This applies to any personal securities trades in the categories
described above in the section "Which Accounts and Securities are
Subject to the Code's Personal Trading Restrictions" as well as trades
in John Hancock Mutual Funds and John Hancock Variable Products. The
Investment Compliance Department may rely on information submitted by
your broker as part of your reporting requirements under this code of
ethics.


8. Reports and Other Disclosures In the Code of Ethics

>> Initial Holdings Report and Annual Holdings Report

- ----------------------------------------
Applies to:   Investment Access Persons
              Regular Access Persons
- ----------------------------------------

You must file an initial holdings report within 10 calendar days after
becoming an Investment Access person or a Regular Access person. The
information must be current as of a date no more than 45 days prior to
your becoming an Investment Access person or a Regular Access person.

You must also file an annual holdings report (as of December
31st) within 45 calendar days after the calendar year end. This
applies to any personal securities holdings in the categories
described above in the section "Which Accounts and Securities are
Subject to the Code's Personal Trading Restrictions" as well as
holdings in John Hancock Mutual Funds and John Hancock Variable
Products.

Your reports must include:

o  the title and type of security, and as applicable the exchange ticker
   symbol or CUSIP number, number of shares, and principal amount of each
   reportable security;

o  the name of any broker, dealer or bank with which you maintain an
   account; and

o  the date that you submit the report.


>> Quarterly Transaction Reports

- ----------------------------------------
Applies to:   Investment Access Persons
              Regular Access Persons
- ----------------------------------------

You must file a quarterly transaction report within 30 calendar days
after the end of a calendar quarter if you are an Investment Access
person or a Regular Access person. This report must cover all
transactions during the past calendar quarter for any accounts and
personal securities trades in the categories described above in the
section "Which Accounts and Securities are Subject to the Code's
Personal Trading Restrictions" as well as transactions in John Hancock
Mutual Funds and John Hancock Variable Products.  You must submit a
quarterly report even if you have no transactions during the quarter.

Your quarterly transaction report must include the following
information about these transactions:

o  the date of the transaction, the title, and as applicable the
   exchange ticker symbol or CUSIP number, interest rate and maturity
   date, number of shares, and principal amount of each reportable
   security involved;

o  the nature of the transaction (i.e. purchase, sale or any other
   type of acquisition or disposition);

o  the price at which the transaction was effected;

o  the name of the broker, dealer or bank with or through which the
   transaction was effected; and

o  the date that you submit the report.


>> Annual Certification

- ----------------------------------------
Applies to:   Investment Access Persons
              Regular Access Persons
              Non-Access Persons
- ----------------------------------------

At least annually (or additionally when the code of ethics has been
significantly changed), you must provide a certification at a date
designated by the Investment Compliance Department that:

(1) you have read and understood this  code of ethics;

(2) you recognize that you are subject to its policies; and

(3) you have complied with its requirements.

You are required to make this certification to demonstrate that you
understand the importance of these policies and your responsibilities
under the code of ethics.


9. Limited Access Persons

There is an additional category of persons called "Limited Access"
persons. This category consists only of directors of John Hancock
Advisers, LLC or the John Hancock funds who:

(a) are not also officers of John Hancock Advisers, LLC; and

(b) do not ordinarily obtain information about fund portfolio trades.

A more detailed definition of Limited Access persons, and a list of
the policies that apply to them, is attached as Appendix C.


10. Subadvisers

A subadviser to a John Hancock fund has a number of code of ethics
responsibilities, as described in Appendix D.


11. Reporting Violations

If you know of any violation of our code of ethics, you have a
responsibility to promptly report it. You should also report any
deviations from the controls and procedures that safeguard John
Hancock Funds and the assets of our clients. You can request
confidential treatment of your reporting action.

You can report violations to:

o  Timothy M. Fagan, Chief Compliance Officer (617-375-6205); or

o  Susan S. Newton, Chief Legal Officer (617-375-1702)


12. Interpretation and Enforcement

This code of ethics cannot anticipate every situation in which
personal interests may be in conflict with the interests of our
clients. You should be responsive to the spirit and intent of this
code of ethics as well as its specific provisions.

When any doubt exists regarding any code of ethics provision or
whether a conflict of interest with clients might exist, you should
discuss the transaction in advance with the Chief Compliance Officer
Timothy M. Fagan, (617-375-6205) or the Chief Legal Officer Susan
Newton (617-375-1702)). The code of ethics is designed to detect and
prevent fraud against clients and fund investors, and to avoid the
appearance of impropriety. If you feel inequitably burdened by any
policy, you should feel free to contact Timothy Fagan, Susan Newton or
the Compliance and Business Practices Committee. Exceptions may be
granted where warranted by applicable facts and circumstances. For
example, exemption for some Personal Trading Requirements may be
granted for transactions effected pursuant to an automatic investment
plan.

To provide assurance that policies are effective, the Investment
Compliance Department will monitor and check personal securities
transaction reports and certifications against fund portfolio
transactions. Additional administration and recordkeeping procedures
are described in Appendix E.

The Chief Compliance Officer has general administrative responsibility
for this code of ethics, and will administer procedures to review
personal trading reports. The Compliance and Business Practices
Committee of John Hancock Funds approves amendments to the code of
ethics and dispenses sanctions for violations of the code of ethics.
Accordingly, the Investment Compliance Department will refer
violations to the Complaince and Business Practices Committee for
review and appropriate action. The following factors will be
considered when the Compliance and Business Practices Committee
determines a fine or other disciplinary action:

o  the person's position and function (senior personnel may be held to
   a higher standard);

o  the amount of the trade;

o  whether the funds or accounts hold the security and were trading
   the same day;

o  whether the violation was by a family member.

o  whether the person has had a prior violation and which policy was
   involved.

o  whether the employee self-reported the violation.

You can request reconsideration of any disciplinary action by
submitting a written request to the Compliance and Business Practices
Committee.

No less frequently than annually, a written report of all material
violations and sanctions, significant conflicts of interest and other
related issues will be submitted to the boards of directors of the
John Hancock funds for their review. Sanctions for violations could
include fines, limitation of personal trading activity, suspension or
termination of the violator's position with John Hancock Funds and/or
a report to the appropriate regulatory authority.


13. Education of Employees

The Investment Compliance Department will provide a paper copy or
electronic version of the code of ethics (and any amendments) to each
person subject to this code of ethics. The Investment Compliance
Department will also administer training of employees on the
principles and procedures of the code of ethics.


Appendix A: Categories of Personnel

You have been notified about which of these categories applies to you,
based on the Investment Compliance Department's understanding of your
current role. If you have a level of investment access beyond that
category, or if you are promoted or change duties and as a result
should more appropriately be included in a different category, it is
your responsibility to immediately notify the Chief Compliance Officer
Timothy M. Fagan, (617-375-6205) or the Code of Ethics Administrator
Fredrick Spring (617-375-4987).


1)   Investment Access person: You are an Investment Access person
if you are an employee of John Hancock Advisers, LLC, a John Hancock
fund, or John Hancock Life Insurance Company or its subsidiaries who,
in connection with your regular functions or duties, makes or
participates in making recommendations regarding the purchase or sale
of securities by a John Hancock fund.

(examples: portfolio managers, analysts, traders)


2)   Regular Access person: You are a Regular Access person if you
do not fit the definition of Investment Access Person, but you do fit
one of the following two sub-categories:

o  You are an officer (vice president and higher) or director of John
   Hancock Advisers, LLC or a John Hancock fund. (Some directors may
   be Limited Access persons-please see Appendix C for this
   definition.)

o  You are an employee of John Hancock Advisers, LLC, a John Hancock
   fund or John Hancock Life Insurance Co. or its subsidiaries , or a
   director, officer (vice president and higher) or employee of John
   Hancock Funds, LLC who has access to nonpublic information
   regarding any clients' purchase or sale of securities, or nonpublic
   information regarding the portfolio holdings of any reportable fund
   or who is involved in making securities recommendations to clients,
   or who has access to such recommendations that are nonpublic.

(examples: Investment Operations personnel, Investment Compliance
Department personnel, most Fund Financial Management personnel,
investment administrative personnel, Technology Resources personnel
with access to investment systems, attorneys and some legal
administration personnel)


3)   Non-Access person: You are a non-access person if you are an
employee of John Hancock Advisers, LLC, John Hancock Funds, LLC or a
John Hancock fund who does not fit the definitions of any of the other
three categories (Investment Access Person, Regular Access Person or
Limited Access Person). To be a non-access person, you must not
obtain information regarding the purchase or sale of securities by a
John Hancock fund or nonpublic information regarding the portfolio
holdings in connection with your regular functions or duties.

(examples: wholesalers, inside wholesalers, certain administrative
staff)


4)   Limited Access Person: Please see Appendix C for this
definition.


Appendix B: Preclearance Procedures

You should read the Code of Ethics to determine whether you must
obtain a preclearance before you enter into a securities transaction.
If you are required to obtain a preclearance, you should follow the
procedures detailed below.

1. Pre-clearance for Public Securities including Derivatives,
Futures, Options and Selling Short:

A request to pre-clear should be entered into the John Hancock
Personal Trading & Reporting System.

The John Hancock Personal Trading & Reporting System is located under
your Start Menu on your Desktop. It can be accessed by going to
Programs/Personal Trading & Reporting/ Personal Trading & Reporting
and by entering your Web Security Services user id and password.

If the John Hancock Personal Trading & Reporting System is not on your
Desktop, please contact the HELP Desk at (617) 572-6950 for
assistance.

The Trade Request Screen:

At times you may receive a message like "System is currently
unavailable". The system is scheduled to be offline from 8:00 PM until
7:00 AM each night.

[GRAPHIC: Trade Request Screen]

Ticker/Security Cusip: Fill in this one of these fields with the
proper information of the security you want to buy or sell. Then click
the [Lookup] button. Select one of the hyperlinks for the desired
security, and the system will populate the proper fields Ticker,
Security Cusip, Security Name and Security Type automatically on the
Trade Request Screen.

If You Don't Know the Ticker, Cusip, or Security Name:

If you do not know the full ticker, you may type in the first few
letters followed by an asterisk * and click the [Lookup] button. For
example, let's say you want to buy some shares of Intel, but all you
can remember of the ticker is that it begins with int, so you enter
int* for Ticker. If any tickers beginning with int are found, they are
displayed on a new screen. Select the hyperlink of the one you want,
and the system will populate Security Cusip, Security Name and
Security Type automatically on the Trade Request Screen. If you do not
know the full cusip, you may type in the first few numbers followed by
an asterisk * and click the [Lookup] button. For example, let's say
you want to buy some shares of Microsoft, but all you can remember of
the cusip is that it begins with 594918, so you enter 594918* for
Ticker. If any cusips beginning with 594918 are found, they are
displayed on a new screen. Select the hyperlink of the one you want,
and the system will fill in Ticker, Security Name and Security Type
automatically on the Trade Request Screen. If you do not know the
Ticker but have an idea of what the Security Name is, you may type in
an asterisk, a few letters of the name and an asterisk * and click the
[Lookup] button. For example, let's say you want to buy some shares of
American Brands, so you enter *amer* for Security Name. Any securities
whose names have amer in them are displayed on a new screen, where you
are asked to select the hyperlink of the one you want, and the system
will fill in Ticker, Cusip and Security Type automatically on the
Trade Request Screen.

Other Items on the Trade Request Screen:

Brokerage Account: Click on the dropdown arrow to the right of the
Brokerage Account field to choose the account to be used for the
trade.

Transaction Type: Choose one of the values displayed when you click
the dropdown arrow to the right of this field.

Trade Date: You may only submit trade requests for the current date.

Note: One or more of these fields may not appear on the Request Entry
screen if the information is not required. Required fields are
determined by the Investment Compliance Department.

Click the [Submit Request] button to send the trade request to your
Investment Compliance department.

Once you click the [Submit Request] button, you will be asked to
confirm the values you have entered. Review the information and click
the [Confirm] button if all the information is correct. After which,
you will receive immediate feedback in your web browser. (Note: We
suggest that you print out this confirmation and keep it as a record
of the trade you have made). After this, you can either submit another
trade request or logout.

Attention Investment Access Persons: If the system identifies a
potential violation of the Ban on Short Term Profits Rule, your
request will be sent to the Investment Compliance Department for
review and you will receive feedback via the e-mail system.

Starting Over:

To clear everything on the screen and start over, click the [Clear
Screen] button.

Exiting Without Submitting the Trade Request:

If you decide not to submit the trade request before clicking the
[Submit Request] button, simply exit from the browser by clicking the
[X] button on the upper right or by pressing [Alt+F4], or by clicking
the Logout hyperlink on the lower left side of the screen.

Ticker/Security Name Lookup Screen:

You arrive at this screen from the Trade Request Screen, where you've
clicked the [Lookup] button (see above, "If You Don't Know the Ticker,
Cusip, or Security Name"). If you see the security you want to trade,
you simply select its corresponding hyperlink, and you will
automatically return to the Trade Request Screen, where you finish
making your trade request. If the security you want to trade is not
shown, that means that it is not recognized by the system under the
criteria you used to look it up. Keep searching under other names
(click the [Return to Request] button) until you are sure that the
security is not in the system. If you determine that the desired
security is not in the system, please contact a member of the
Investment Compliance department to add the security for you. Contacts
are listed below:

Fred Spring x54987

Adding Brokerage Accounts:

To access this functionality, click on the Add Brokerage Account
hyperlink on the left frame of your browser screen. You will be
prompted to enter the Brokerage Account Number, Brokerage Account
Name, Date Opened, and Broker. When you click the [Create New
Brokerage Account] button, you will receive a message that informs you
whether the account was successfully created.

[GRAPHIC: Add Brokerage Account screen]


3. Pre-clearance for Private Placements and Initial Public Offerings:

You may request a preclearance of private placement securities or an
Initial Public Offering by contacting Fred Spring via Microsoft
Outlook (please "cc." Tim Fagan on all such requests). Please keep in
mind that the code of ethics prohibits Investment Access persons from
purchasing securities in an initial public offering.

The request must include:

|_| the associate's name;

|_| the associate's John Hancock Funds' company;

|_| the complete name of the security;

|_| the seller and whether or not the seller is one with whom the
    associate does business on a regular basis;

|_| any potential conflict, present or future, with fund trading activity
    and whether the security might be offered as inducement to later
    recommend publicly traded securities for any fund; and

|_| the date of the request.

Clearance of private placements or initial public offerings may be
denied if the transaction could create the appearance of impropriety.
Clearance of initial public offerings will also be denied if the
transaction is prohibited for a person due to his or her access
category under the code of ethics.


Appendix C: Limited Access Persons

There are two types of Limited Access Persons-(1) Certain directors of
the Adviser and (2) the Independent Trustees/Directors of the Funds.

(1) Certain Directors of the Adviser:

You are a Limited Access person if you are a director of John Hancock
Advisers, LLC or Sovereign Asset Management Co. and you meet the three
following criteria:

(a) you are not also an officer of John Hancock Advisers, LLC,
Sovereign Asset Management Co. or a John Hancock fund;

(b) you do not have access to nonpublic information regarding any
clients' purchase or sale of securities, or nonpublic information
regarding the portfolio holdings of any John Hancock fund or account;
and

(c) you are not involved in making securities recommendations to
clients and do not have access to such recommendations that are
nonpublic.

(examples: directors of John Hancock Advisers, LLC or Sovereign Asset
Management Co. who are not involved in the daily operations of the
adviser)

If you are a Limited Access Person who fits this definition, the
following policies apply to your category. These policies are
described in detail in the code of ethics.

o  General principles

o  Inside information policy and procedures

o  Broker letter/Duplicate Confirms

o  Initial/annual holdings reports

o  Quarterly transaction reports

o  Annual recertification

Preclearance requirement LIMITED: You only need to preclear any
direct or indirect acquisition of beneficial ownership in any security
in an initial public offering (an IPO) or in a limited offering (i.e.
a private placement). To request preclearance of these securities,
contact Timothy Fagan at tfagan@jhancock.com and/or Fredrick Spring at
fspring@jhancock.com.

- ---------------

*A Limited Access Person may complete this requirement under the code
of ethics of another Manulife/John Hancock adviser or fund by the
applicable regulatory deadlines and arrange for copies of the required
information to be sent to the John Hancock Funds Compliance
Department.

- ---------------

(2) The Independent Trustees/Directors of the Funds: If you are an
independent trustee/director to a John Hancock fund (i.e. not an
"interested person" of the fund within the meaning of the Investment
Company Act of 1940), the following policies apply to your category.
These policies are described in detail in the code of ethics.

o  General principles

o  Annual recertification

o  Quarterly transaction report, but only if you knew (or should have
   known) that during the 15 calendar days before or after you trade a
   security, either:

(i) a John Hancock fund purchased or sold the same security, or

(ii) a John Hancock fund or John Hancock Advisers, LLC considered
purchasing or selling the same security.

This policy applies to holdings in your personal accounts, those of a
spouse, "significant other" or family members sharing your household,
as well as all accounts over which you have discretion or give advice
or information. If this situation occurs, it is your responsibility
to contact Timothy M. Fagan, Chief Compliance Officer, at (617)
375-6205 and he will assist you with the requirements of the quarterly
transaction report.

This means that the independent trustees of the funds will not usually
be required to file a quarterly transaction report-they are only
required to file in the situation described above.


Appendix D: Subadvisers

Each subadviser to a John Hancock fund is subject to its own code of
ethics, which must meet the requirements of Rule 17j-1 and Rule
204A-1.

Approval of Code of Ethics

Each subadviser to a John Hancock fund must provide a copy of its code
of ethics to the trustees of the relevant John Hancock funds for
approval initially and within 60 calendar days of any material
amendment. The trustees will give their approval if they determine
that the code:

o  contains provisions reasonably necessary to prevent the
   subadviser's Access Persons (as defined in Rule 17j-1) from
   engaging in any conduct prohibited by Rule 17j-1;

o  requires the subadviser's Access Persons to make reports to at
   least the extent required in Rule 17j-1(d);

o  requires the subadviser to institute appropriate procedures for
   review of these reports by management or compliance personnel (as
   contemplated by Rule 17j-1(d)(3));

o  provides for notification of the subadviser's Access Persons in
   accordance with Rule 17j-1(d)(4); and

o  requires the subadviser's Access Persons who are Investment
   Personnel to obtain the pre-clearances required by Rule 17j-1(e);

Reports and Certifications

Each subadviser must provide an annual report and certification to
John Hancock Advisers, LLC and the fund's trustees in accordance with
Rule 17j-1(c)(2)(ii). The subadviser must also provide other reports
or information that John Hancock Advisers, LLC may reasonably request.

Recordkeeping Requirements

The subadviser must maintain all records for its Access Persons as
required by Rule 17j-1(f).


Appendix E: Administration and Recordkeeping

Adoption and Approval

The trustees of a John Hancock fund must approve the code of ethics of
an adviser, subadviser or affiliated principal underwriter before
initially retaining its services.

Any material change to a code of ethics of a John Hancock fund, John
Hancock Funds, LLC, John Hancock Advisers, LLC or a subadviser to a
fund must be approved by the trustees of the John Hancock fund,
including a majority of trustees who are not interested persons, no
later than six months after adoption of the material change.

Administration

No less frequently than annually, John Hancock Funds, LLC, John
Hancock Advisers, LLC, each subadviser and each John Hancock fund will
furnish to the trustees of each John Hancock fund a written report
that:

o  describes issues that arose during the previous year under the code of
   ethics or the related procedures, including, but not limited to,
   information about material code or procedure violations, and

o  certifies that each entity has adopted procedures reasonably necessary
   to prevent its access persons from violating its code of ethics.

Recordkeeping

The Investment Compliance Department will maintain:

o  a copy of the current code of ethics for John Hancock Funds, LLC,
   John Hancock Advisers, LLC, and each John Hancock fund, and a copy
   of each code of ethics in effect at any time within the past five
   years.

o  a record of any violation of the code of ethics, and of any action
   taken as a result of the violation, for six years.

o  a copy of each report made by an Access person under the code of
   ethics, for six years (the first two years in a readily accessible
   place).

o  a record of all persons, currently or within the past five years,
   who are or were required to make reports under the code of ethics.
   This record will also indicate who was responsible for reviewing
   these reports.

o  a copy of each code of ethics report to the trustees, for six years
   (the first two years in a readily accessible place).

o  a record of any decision, and the reasons supporting the decision,
   to approve the acquisition by an Investment Access person of
   initial public offering securities or private placement securities,
   for six years.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>5
<FILENAME>exnnadmincom5.txt
<DESCRIPTION>ADMINISTRATION COMMITTEE CHARTER
<TEXT>

JOHN HANCOCK FUNDS

ADMINISTRATION COMMITTEE CHARTER

A. Composition.  The Administration Committee shall be composed entirely of
Trustees who are "independent" as defined in the rules of the New York
Stock Exchange ("NYSE") and the NASDAQ Stock Market, Inc. ("NASDAQ") or any
other exchange, as applicable and are not "interested persons" as defined
in the Investment Company Act of 1940 of any of the funds, or any fund's
investment adviser or principal underwriter (the "Independent Trustees").
All of the Board's Independent Trustees shall be members of the
Administration Committee.

B. Overview.  The overall charter of the Administration Committee is:  (i)
to review and comment on complex-wide matters to facilitate uniformity
among, and administration of, the funds; (ii) to oversee liaison between
management and the Independent Trustees; (iii) to review matters relating
to the Independent Trustees, such as retirement arrangements that have not
been assigned to another committee; (iv) to review the performance of the
Independent Trustees as appropriate; and (v) when appropriate, to oversee
the assignment of tasks to other Committees.

C. Specific Responsibilities.  The Administration Committee shall have the
following duties and powers, to be exercised at such times and in such
manner as the Committee shall deem necessary or appropriate:

1. To consider the number of funds under supervision by the Independent
Trustees and the ability of the Independent Trustees to discharge
successfully their fiduciary duties.

2. To evaluate, from time to time, the retirement policies for the
Independent Trustees.

3. To participate in the development of agendas for Board and Committee
meetings.

4. To consider, evaluate and make recommendations regarding the type and
amount of fidelity bond, and director and officer and/or errors and
omission insurance coverage, for the funds, the Board and the Independent
Trustees, as applicable.

5. To identify qualified individuals to serve as Chief Compliance Officer
("CCO"), and recommend an appropriate candidate to the Board, as needed
from time to time.  The Administration Committee shall assist the Board in
monitoring: (i) the performance of the CCO and (ii) the cooperation of the
adviser(s) and other service providers with the CCO, including the
requirement of regular reports by the CCO to the Administration Committee
and to the Board.  The Administration Committee shall have the power to
annually review the CCO's responsibilities and the extent of his or her
authority and to conduct annual compensation and retention review with the
CCO and make appropriate recommendations to the Board.

6. To consider, evaluate and make recommendations and necessary findings
regarding independent legal counsel and any other advisers, experts or
consultants, that may be engaged from time to time, other than as may be
engaged directly by another Committee.

7. To evaluate feedback from shareholders as appropriate.

D. Additional Responsibilities.  The Committee will also perform other
tasks assigned to it from time to time by full Board, and will report
findings and recommendations to the full Board at each Regular Board
meeting following a Committee meeting, as appropriate.

E. Governance.  The Chairman of the Board shall serve as the chair of the
Administration Committee.  The chair shall be responsible for leadership of
the Committee, including scheduling meetings or reviewing and approving the
schedule for them, preparing agendas or reviewing and approving them before
meetings, presiding over meetings, and making reports to the full Board, as
appropriate.

F. Miscellaneous.  The Committee shall meet as often as it deems
appropriate, with or without management, as circumstances require.  The
Committee shall have the resources and authority appropriate to discharge
its responsibilities, including the authority to retain special counsel and
other advisers, experts or consultants, at the funds' expense, as it
determines necessary to carry out its duties.  The Committee shall have
direct access to such officers of and service providers to the funds as it
deems desirable.

G. Review.  The Committee shall review this Charter periodically and
recommend such changes to the full Board as it deems desirable.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>6
<FILENAME>exnngov6.txt
<DESCRIPTION>GOVERNANCE COMMITTEE CHARTER
<TEXT>

JOHN HANCOCK FUNDS

GOVERNANCE COMMITTEE CHARTER

A. Composition.  The Governance Committee shall be composed entirely of
Trustees who are "independent" as defined in the rules of the New York
Stock Exchange ("NYSE") and the NASDAQ Stock Market, Inc. ("NASDAQ") or any
other exchange, as applicable and are not "interested persons" as defined
in the Investment Company Act of 1940 of any of the funds, or any fund's
investment adviser or principal underwriter (the "Independent Trustees").
The Chairman of the Board shall be a member of the Governance Committee.

B. Overview.  The overall charter of the Governance Committee is to make
recommendations to the Board on issues related to corporate governance
applicable to the Independent Trustees and to the composition and operation
of the Board, and to assume duties, responsibilities and functions to
nominate candidates to the Board, together with such additional duties,
responsibilities and functions as are delegated to it from time to time.

C. Specific Responsibilities.  The Governance Committee shall have the
following duties and powers, to be exercised at such times and in such
manner as the Committee shall deem necessary or appropriate:

1. Except where the Funds are legally required to provide others with the
ability to nominate Trustees, to nominate Trustees, as needed.

2. To consider, as it deems necessary or appropriate, the criteria for
persons to fill existing or newly created Trustee vacancies.  The
Governance Committee shall use the criteria and principles set forth in
Annex A to guide its Trustee selection process.

3. To consider and recommend the amount of compensation to be paid by the
funds to the Independent Trustees and to address compensation-related
matters, such as expense reimbursement policies.

4. To consider and recommend the duties and compensation of the Chairman of
the Board.

5. To consider and recommend changes to the Board regarding the size,
structure, and composition of the Board.

6. To consider and recommend changes to the Board's retirement policy.

7. To develop and recommend to the Board guidelines for corporate
governance ("Corporate Governance Guidelines") for the funds that take into
account the rules of the NYSE and any applicable law or regulation, and to
periodically review and assess the Corporate Governance Guidelines and
recommend any proposed changes to the Board for approval.

8. [To monitor and comment on the expenditures of the Board or the
Committees or the Independent Trustees, including, but not limited to:
legal, consulting, meeting, and D&O insurance costs; association dues; and
publication expenses.]

9. To establish policies, and arrange for and coordinate the participation
in continuing education or information programs for Trustees.

10. To periodically review the Board's committee structure and the charters
of the Board's committees, and recommend changes to the committee structure
and charters as it deems appropriate.

11. To conduct an annual self-evaluation of the Board, which will include,
at a minimum, a review of its effectiveness in overseeing the number of
funds in the fund complex and the effectiveness of its committee structure.

12. To report its activities to the full Board and to make such
recommendations with respect to the matters described above and other
matters as the Governance Committee may deem necessary or appropriate.

D. Additional Responsibilities.  The Committee will also perform other
tasks assigned to it from time to time by the Chairman or the full Board,
and will report findings and recommendations to the full Board, as
appropriate.

E. Governance.  One member of the Committee shall be appointed as chair.
The chair shall be responsible for leadership of the Committee, including
scheduling meetings or reviewing and approving the schedule for them,
preparing agendas or reviewing and approving them before meetings, and
making reports to the Administration Committee or the full Board, as
appropriate.

F. Miscellaneous.  The Committee shall meet as often as it deems
appropriate, with or without management, as circumstances require.  The
Committee shall have the resources and authority appropriate to discharge
its responsibilities, including the authority to retain special counsel and
other advisers, experts or consultants, at the funds' expense, as it
determines necessary to carry out its duties.  The Committee shall have
direct access to such officers of and service providers to the funds as it
deems desirable.

G. Review.  The Committee shall review this Charter periodically and
recommend such changes to the full Board as it deems desirable.

ANNEX A

General Criteria

1.  Nominees should have a reputation for integrity, honesty and adherence
to high ethical standards.

2.  Nominees should have demonstrated business acumen, experience and
ability to exercise sound judgments in matters that relate to the current
and long-term objectives of the Fund(s) and should be willing and able to
contribute positively to the decision-making process of the Fund(s).

3.  Nominees should have a commitment to understand the Fund(s), and the
responsibilities of a Trustee/Director of an investment company and to
regularly attend and participate in meetings of the Board and its
committees.

4.  Nominees should have the ability to understand the sometimes
conflicting interests of the various constituencies of the Fund, including
shareholders and the management company, and to act in the interests of all
shareholders.

5.  Nominees should not have, nor appear to have, a conflict of interest
that would impair the nominee's ability to represent the interests of all
the shareholders and to fulfill the responsibilities of a director/trustee.

6.  Nominees shall not be discriminated against on the basis of race,
religion, national origin, sex, sexual orientation, disability or any other
basis proscribed by law.  The value of diversity on the Board should be
considered.

Application of Criteria to Existing

The renomination of existing Trustees should not be viewed as automatic,
but should be based on continuing qualification under the criteria set
forth above.  In addition, the Administrative Committee shall consider the
existing trustees' performance on the Board and any committee.

Review of Shareholder Nominations

Any shareholder recommendation must be submitted in compliance with all of
the pertinent provisions of Rule 14a-8 under the Securities Exchange Act of
1934 to be considered by the Administration Committee.  In evaluating a
nominee recommended by a shareholder, the Administration Committee, in
addition to the criteria discussed above, may consider the objectives of
the shareholder in submitting that nomination and whether such objectives
are consistent with the interests of all shareholders.  If the Board
determines to include a shareholder's candidate among the slate of
nominees, the candidate's name will be placed on the Fund's proxy card.  If
the Administration Committee or the Board determines not to include such
candidate among the Board's designated nominees and the shareholder has
satisfied the requirements of Rule 14a-8, the shareholder's candidate will
be treated as a nominee of the shareholder who originally nominated the
candidate.  In that case, the candidate will not be named on the proxy card
distributed with the Fund's proxy statement.

As long as an existing Independent Trustee continues, in the opinion of the
Administration Committee, to satisfy the criteria listed above, the
Committee generally would favor the re-nomination of an existing Trustee
rather than a new candidate.  Consequently, while the Administration
Committee will consider nominees recommended by shareholders to serve as
trustees, the Administration Committee may only act upon such
recommendations if there is a vacancy on the Board or the Administration
Committee determines that the selection of a new or additional Independent
Trustee is in the best interests of the Fund.  In the event that a vacancy
arises or a change in Board membership is determined to be advisable, the
Administration Committee will, in addition to any shareholder
recommendations, consider candidates identified by other means, including
candidates proposed by members of the Administration Committee.  While it
has not done so in the past, the Administration Committee may retain a
consultant to assist the Committee in a search for a qualified candidate.

Communications from Shareholders

Shareholders may communicate with the members of the Board as a group or
individually.  Any such communication should be sent to the Board or an
individual Trustee c/o the secretary of the Fund at the address on the
notice of this meeting.  The Secretary may determine not to forward any
letter to the members of the Board that does not relate to the business of
the Fund.
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
