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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001010521-06-000509.txt : 20060628
<SEC-HEADER>0001010521-06-000509.hdr.sgml : 20060628
<ACCEPTANCE-DATETIME>20060628104332
ACCESSION NUMBER:		0001010521-06-000509
CONFORMED SUBMISSION TYPE:	NSAR-A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20060430
FILED AS OF DATE:		20060628
DATE AS OF CHANGE:		20060628
EFFECTIVENESS DATE:		20060628

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:		NSAR-A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08568
		FILM NUMBER:		06928671

	BUSINESS ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
		BUSINESS PHONE:		617-663-3000

	MAIL ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HANCOCK JOHN REGIONAL BANK & THRIFT FUND
		DATE OF NAME CHANGE:	19940620
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-A
<SEQUENCE>1
<FILENAME>answer.fil
<DESCRIPTION>BANK & THRIFT OPPORTUNITY FUND
<TEXT>
<PAGE>      PAGE  1
000 A000000 04/30/2006
000 C000000 925683
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 JOHN HANCOCK BANK AND THRIFT OPPORTUNITY FUND
001 B000000 811-8568
001 C000000 6176634324
002 A000000 601 Congress Street
002 B000000 BOSTON
002 C000000 MA
002 D010000 02210
002 D020000 2805
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
008 A000001 JOHN HANCOCK ADVISERS
008 B000001 A
008 C000001 801-8124
008 D010001 BOSTON
008 D020001 MA
008 D030001 02210
008 D040001 2805
008 A000002 SOVEREIGN ASSET MANAGEMENT LLC
008 B000002 S
008 C000002 801-42023
008 D010002 BOSTON
008 D020002 MA
008 D030002 02199
010 A000001 JOHN HANCOCK ADVISERS, LLC
010 B000001 801-8124
010 C010001 BOSTON
010 C020001 MA
010 C030001 02210
010 C040001 2805
011 A000001 JOHN HANCOCK FUNDS, LLC
011 B000001 8-43582
011 C010001 BOSTON
011 C020001 MA
011 C030001 02199
011 C040001 7603
012 A000001 MELLON INVESTOR SERVICES
012 B000001 84-5579
<PAGE>      PAGE  2
012 C010001 RIDGEFIELD PARK
012 C020001 NJ
012 C030001 07660
013 A000001 PRICEWATERHOUSE COOPERS, LLP
013 B010001 BOSTON
013 B020001 MA
013 B030001 02110
014 A000001 JOHN HANCOCK FUNDS, LLC
014 B000001 8-43582
014 A000002 SIGNATOR INVESTORS, INC.
014 B000002 8-13995
015 A000001 THE BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10286
015 E010001 X
015 A000002 BANCO RIO DE LA PLATA
015 B000002 S
015 C010002 BUENOS AIRES
015 D010002 ARGENTINA
015 E040002 X
015 A000003 NATIONAL AUSTRALIA BANK LTD.
015 B000003 S
015 C010003 MELBOURNE
015 D010003 AUSTRALIA
015 E040003 X
015 A000004 AUSTRACLEAR LIMITED
015 B000004 S
015 C010004 MELBOURNE
015 D010004 AUSTRALIA
015 E040004 X
015 A000005 BANK AUSTRIA AG
015 B000005 S
015 C010005 VIENNA
015 D010005 AUSTRIA
015 E040005 X
015 A000006 HSBC BANK MIDDLE EAST
015 B000006 S
015 C010006 MANAMA
015 D010006 BAHRAIN
015 E040006 X
015 A000007 STANDARD CHARTERED BANK
015 B000007 S
015 C010007 DHAKA
015 D010007 BANGLADESH
015 E040007 X
015 A000008 BANQUE BRUXELLES LAMBERT
015 B000008 S
015 C010008 BRUSSELS
015 D010008 BELGIUM
<PAGE>      PAGE  3
015 E040008 X
015 A000009 BANK OF BERMUDA LIMITED
015 B000009 S
015 C010009 HAMILTON
015 D010009 BERMUDA
015 E040009 X
015 A000010 CITIBANK, N.A.
015 B000010 S
015 C010010 LAPAZ
015 D010010 BOLIVIA
015 E040010 X
015 A000011 BARCLAYS BANK OF BOTSWANA LTD.
015 B000011 S
015 C010011 GARBORONE
015 D010011 BOTSWANA
015 E040011 X
015 A000012 BANKBOSTON N.A.
015 B000012 S
015 C010012 BRASILIA
015 D010012 BRAZIL
015 E040012 X
015 A000013 ING BANK
015 B000013 S
015 C010013 SOFIA
015 D010013 BULGARIA
015 E040013 X
015 A000014 ROYAL BANK OF CANADA
015 B000014 S
015 C010014 TORONTO
015 D010014 CANADA
015 E040014 X
015 A000015 BANKBOSTON, N.A.
015 B000015 S
015 C010015 SANTIAGO
015 D010015 CHILE
015 E040015 X
015 A000016 STANDARD CHARTERED BANK
015 B000016 S
015 C010016 PEKING
015 D010016 CHINA
015 E040016 X
015 A000017 CITITRUST COLOMBIA S.A.
015 B000017 S
015 C010017 BOGOTA
015 D010017 COLOMBIA
015 E040017 X
015 A000018 BANCO BCT
015 B000018 S
015 C010018 SAN JOSE
015 D010018 COSTA RICA
015 E040018 X
<PAGE>      PAGE  4
015 A000019 PRIVREDNA BANKA ZAGREB D.D.
015 B000019 S
015 C010019 ZAGREB
015 D010019 CROATIA
015 E040019 X
015 A000020 BANK OF CYPRUS
015 B000020 S
015 C010020 NICOSIA
015 D010020 CYPRUS
015 E040020 X
015 A000021 CESKOSIOVENSKA OBEHODINI BANKA A.S.
015 B000021 S
015 C010021 PRAGUE
015 D010021 CZECH REPUBLIC
015 E040021 X
015 A000022 DANSKE BANK
015 B000022 S
015 C010022 COPENHAGEN
015 D010022 DENMARK
015 E040022 X
015 A000023 CITIBANK, N.A.
015 B000023 S
015 C010023 QUITO
015 D010023 ECUADOR
015 E040023 X
015 A000024 CITIBANK, N.A.
015 B000024 S
015 C010024 CAIRO
015 D010024 EGYPT
015 E040024 X
015 A000025 HANSABANK LIMITED
015 B000025 S
015 C010025 TALLIN
015 D010025 ESTONIA
015 E040025 X
015 A000026 MERITA BANK PLC
015 B000026 S
015 C010026 HELSINKI
015 D010026 FINLAND
015 E040026 X
015 A000027 BNP PARIBAS SECURITIES SERVICES/CREDIT AGRICO
015 B000027 S
015 C010027 PARIS
015 D010027 FRANCE
015 E040027 X
015 A000028 DRESDNER BANK AG
015 B000028 S
015 C010028 FRANKFURT
015 D010028 GERMANY
015 E040028 X
015 A000029 BARCLAYS BANK OF GHANA LTD.
<PAGE>      PAGE  5
015 B000029 S
015 C010029 ACCRA
015 D010029 GHANA
015 E040029 X
015 A000030 BNP PARIBAS SECURITIES SERVICES
015 B000030 S
015 C010030 ATHENS
015 D010030 GREECE
015 E040030 X
015 A000031 HSBC
015 B000031 S
015 C010031 HONG KONG
015 D010031 HONG KONG
015 E040031 X
015 A000032 CITIBANK BUDAPEST RT.
015 B000032 S
015 C010032 BUDAPEST
015 D010032 HUNGARY
015 E040032 X
015 A000033 LANDSBANKI ISLANDS
015 B000033 S
015 C010033 REYKJAVIK
015 D010033 ICELAND
015 E040033 X
015 A000034 HSBC/DEUTSCHE BANK AG
015 B000034 S
015 C010034 NEW DELHI
015 D010034 INDIA
015 E040034 X
015 A000035 HSBC
015 B000035 S
015 C010035 JAKARTA
015 D010035 INDONESIA
015 E040035 X
015 A000036 ALLIED IRISH BANKS PLC
015 B000036 S
015 C010036 DUBLIN
015 D010036 IRELAND
015 E040036 X
015 A000037 BANK LEUMI LE - ISRAEL B.M.
015 B000037 S
015 C010037 JERUSALEM
015 D010037 ISRAEL
015 E040037 X
015 A000038 INTESABCIS.P.A/BNP PARIBAS SECURITIES SERVICE
015 B000038 S
015 C010038 MILAN
015 D010038 ITALY
015 E040038 X
015 A000039 SOCIETE GENERALE - ABIDJAN
015 B000039 S
<PAGE>      PAGE  6
015 C010039 ABIDJAN
015 D010039 IVORY COAST
015 E040039 X
015 A000040 CIBC TRUST & MERCHANT BANK JAMAICA LTD.
015 B000040 S
015 C010040 KINGSTON
015 D010040 JAMAICA
015 E040040 X
015 A000041 THE BANK OF TOKYO-MITSUBISHI LIMITED/THE FUJI
015 B000041 S
015 C010041 TOKYO
015 D010041 JAPAN
015 E040041 X
015 A000042 HSBC BANK MIDDLE EAST
015 B000042 S
015 C010042 AMMAN
015 D010042 JORDAN
015 E040042 X
015 A000043 ABN/AMRO
015 B000043 S
015 C010043 ALMA-ATA
015 D010043 KAZAKSTAN
015 E040043 X
015 A000044 BARCLAYS BANK OF KENYA LTD.
015 B000044 S
015 C010044 NAIROBI
015 D010044 KENYA
015 E040044 X
015 A000045 HANSABANKA LIMITED
015 B000045 S
015 C010045 RIGA
015 D010045 LATIVIA
015 E040045 X
015 A000046 HSBC BANK MIDDLE EAST
015 B000046 S
015 C010046 BEIRUT
015 D010046 LEBANON
015 E040046 X
015 A000047 VILNIUS BANKAS
015 B000047 S
015 C010047 VILNIUS
015 D010047 LITHUANIA
015 E040047 X
015 A000048 BANQUE ET CAISSE D'EPARGNE DE L'ETAT
015 B000048 S
015 C010048 LUXEMBOURG
015 D010048 LUXEMBOURG
015 E040048 X
015 A000049 HONGKONG BANK MALAYSIA BEMAD
015 B000049 S
015 C010049 KUALA LUMPUR
<PAGE>      PAGE  7
015 D010049 MALAYSIA
015 E040049 X
015 A000050 HSBC
015 B000050 S
015 C010050 PORT LOUIS
015 D010050 MAURITIUS
015 E040050 X
015 A000051 BANCO NACIONAL DE MEXICO
015 B000051 S
015 C010051 MEXICO CITY
015 D010051 MEXICO
015 E040051 X
015 A000052 BANQUE COMMERCIALE DU MAROC
015 B000052 S
015 C010052 RABAT
015 D010052 MOROCCO
015 E040052 X
015 A000053 STANBIC BANK NAMIBIA LIMITED
015 B000053 S
015 C010053 WINDHOEK
015 D010053 NAMIBIA
015 E040053 X
015 A000054 FORTIS BANK (NETHERLAND) N.V.
015 B000054 S
015 C010054 AMSTERDAM
015 D010054 NETHERLANDS
015 E040054 X
015 A000055 NATIONAL AUSTRALIA BANK LTD. (NATIONAL NOMINE
015 B000055 S
015 C010055 WELLINGTON
015 D010055 NEW ZEALAND
015 E040055 X
015 A000056 STANBIC MERCHANT BANK NIGERIA LIMITED
015 B000056 S
015 C010056 ABUJA
015 D010056 NIGERIA
015 E040056 X
015 A000057 DEN NORSKE BANK ASA
015 B000057 S
015 C010057 OSLO
015 D010057 NORWAY
015 E040057 X
015 A000058 HSBC BANK MIDDLE EAST
015 B000058 S
015 C010058 MUSCAT
015 D010058 OMAN
015 E040058 X
015 A000059 STANDARD CHARTERED BANK
015 B000059 S
015 C010059 ISLAMABAD
015 D010059 PAKISTAN
<PAGE>      PAGE  8
015 E040059 X
015 A000060 HSBC BANK MIDDLE EAST
015 B000060 S
015 C010060 AL-QUDS
015 D010060 PALESTINE
015 E040060 X
015 A000061 BANKBOSTON, N.A.
015 B000061 S
015 C010061 PANAMA
015 D010061 PANAMA
015 E040061 X
015 A000062 CITIBANK, N.A.
015 B000062 S
015 C010062 LIMA
015 D010062 PERU
015 E040062 X
015 A000063 HSBC
015 B000063 S
015 C010063 MANILA
015 D010063 PHILIPPINES
015 E040063 X
015 A000064 BANK HANDLOWY W WARSZAWIE S.A.
015 B000064 S
015 C010064 WARSAW
015 D010064 POLAND
015 E040064 X
015 A000065 BANCO COMERCIAL PORTUGUES
015 B000065 S
015 C010065 LISBON
015 D010065 PORTUGAL
015 E040065 X
015 A000066 HSBC BANK MIDDLE EAST
015 B000066 S
015 C010066 DOHA
015 D010066 QATAR
015 E040066 X
015 A000067 ING BANK
015 B000067 S
015 C010067 BUCHAREST
015 D010067 ROMANIA
015 E040067 X
015 A000068 VNESHTORGBANK/CREDIT SUISSE FIRST BOSTON AO
015 B000068 S
015 C010068 MOSCOW
015 D010068 RUSSIA
015 E040068 X
015 A000069 HSBC BANK OF THE MIDDLE EAST
015 B000069 S
015 C010069 MUSCAT
015 D010069 OMAN
015 E040069 X
<PAGE>      PAGE  9
015 A000070 UNITED OVERSEAS BANK LTD/THE DEVELOPMENT BANK
015 B000070 S
015 C010070 SINGAPORE
015 D010070 SINGAPORE
015 E040070 X
015 A000071 CESKOSIOVENSKA OBCHODNI BANKA A.S.
015 B000071 S
015 C010071 BRATISLAVA
015 D010071 SLOVAK REPUBLIC
015 E040071 X
015 A000072 BANK AUSTRIA CREDITANSTALT D.D. LJUBLJANA
015 B000072 S
015 C010072 LJUBLJANA
015 D010072 SLOVENIA
015 E040072 X
015 A000073 THE STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000073 S
015 C010073 CAPETOWN, PRETORIA
015 D010073 SOUTH AFRICA
015 E040073 X
015 A000074 STANDARD CHARTERED BANK
015 B000074 S
015 C010074 SEOUL
015 D010074 SOUTH KOREA
015 E040074 X
015 A000075 BANCO BILBAO VIZCAYA ARGENTARIA S.A.
015 B000075 S
015 C010075 MADRID
015 D010075 SPAIN
015 E040075 X
015 A000076 STANDARD CHARTERED BANK
015 B000076 S
015 C010076 COLOMBO
015 D010076 SRI LANKA
015 E040076 X
015 A000077 STANDARD BANK SWAZILAND LTD.
015 B000077 S
015 C010077 MBABANE
015 D010077 SWAZILAND
015 E040077 X
015 A000078 SKANDINAVISKA ENSKILDA BANKEN
015 B000078 S
015 C010078 STOCKHOLM
015 D010078 SWEDEN
015 E040078 X
015 A000079 CREDIT SUISSE FIRST BOSTON
015 B000079 S
015 C010079 ZURICH
015 D010079 SWITZERLAND
015 E040079 X
015 A000080 HSBC
<PAGE>      PAGE  10
015 B000080 S
015 C010080 TAI PEI
015 D010080 TAIWAN
015 E040080 X
015 A000081 STANDARD CHARTERED BANK/BANGKOK BANK PUBLIC
015 B000081 S
015 C010081 BANGKOK
015 D010081 THAILAND
015 E040081 X
015 A000082 REPUBLIC BANK LIMITED
015 B000082 S
015 C010082 PORT OF SPAIN
015 D010082 TRINIDAD & TOBAGO
015 E040082 X
015 A000083 BAQUE INTEMATIONALE ARABE DE TUNISIE
015 B000083 S
015 C010083 TUNISIA
015 D010083 TUNISIA
015 E040083 X
015 A000084 OSMANLI BANKASI A.S.
015 B000084 S
015 C010084 ISTANBUL
015 D010084 TURKEY
015 E040084 X
015 A000085 BANQUEU INTERNATIONAL ARABE DE TUNISIE
015 B000085 S
015 C010085 TUNIS
015 D010085 TUNISIA
015 E040085 X
015 A000086 ING BANK
015 B000086 S
015 C010086 KIEV
015 D010086 UKRAINE
015 E040086 X
015 A000087 HSBC
015 B000087 S
015 C010087 SAIGON
015 D010087 VIETNAM
015 E040087 X
015 A000088 THE BANK OF NEW YORK/THE DEPOSITORY & CLEARIN
015 B000088 S
015 C010088 LONDON
015 D010088 UNITED KINGDOM
015 E040088 X
015 A000089 BANKBOSTON, N.A.
015 B000089 S
015 C010089 MONTEVIDEO
015 D010089 URUGUAY
015 E040089 X
015 A000090 CITIBANK, N.A.
015 B000090 S
<PAGE>      PAGE  11
015 C010090 CARACAS
015 D010090 VENEZUELA
015 E040090 X
015 A000091 BARCLAYS BANK OF ZAMBIA LTD.
015 B000091 S
015 C010091 LUSAKA
015 D010091 ZAMBIA
015 E040091 X
015 A000092 BARCLAYS BANK OF ZIMBABWE LTD.
015 B000092 S
015 C010092 HARARE
015 D010092 ZIMBABWE
015 E040092 X
015 A000093 SOCIETE GENERALE DE BANQUES EN COTE D'LVOIRE
015 B000093 S
015 C010093 COTONOU
015 D010093 BENIN
015 E040093 X
015 A000094 SOCIETE GENERALE DE BANQUES EN COTE D'LVOIRE
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015 C010094 GUAGADOUGOU
015 D010094 BURKINA FASO
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015 A000095 SOCIETE GENERALE DE BANQUES EN COTE D'LVOIRE
015 B000095 S
015 C010095 BAMAKO
015 D010095 MALI
015 E040095 X
015 A000096 HSBC BANK MALTA P.L.C.
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015 C010096 VALLETTA
015 D010096 MALTA
015 E040096 X
015 A000097 SOCIETE GENERALE DE BANQUES EN COTE D'LVOIRE
015 B000097 S
015 C010097 NIAMEY CITY
015 D010097 NIGER
015 E040097 X
015 A000098 SOCIETE GENERALE DE BANQUES EN COTE D'LVOIRE
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015 C010098 DAKAR
015 D010098 SENEGAL
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020 B000001 13-2638166
020 C000001     43
020 A000002 BEAR STEARNS
<PAGE>      PAGE  12
020 B000002 13-3604093
020 C000002     12
020 A000003 Edward (AG) & Sons, Inc.
020 C000003      4
020 A000004 BANC OF AMERICA SECURITIES LLC
020 B000004 56-2058405
020 C000004      3
020 A000005 RAYMOND JAMES & ASSOCIATES, INC.
020 B000005 59-1237041
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020 A000006 OPPENHEIMER & CO., INC.
020 B000006 13-2798343
020 C000006      2
020 A000007 Wheat First Securities
020 C000007      2
020 A000008 JEFFERIES & CO., INC.
020 B000008 95-2622900
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020 A000009 Robinson Humphrey
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<PAGE>      PAGE  13
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<PAGE>      PAGE  15
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<PAGE>      PAGE  16
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<PAGE>      PAGE  17
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<PAGE>      PAGE  18
074 T000000   919359
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<PAGE>      PAGE  19
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SIGNATURE   ALFRED P. OUELLETTE
TITLE       SR ATTORNEY & AS

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>2
<FILENAME>decoftrustamended.txt
<DESCRIPTION>AMENDMENT TO DECLARATION OF TRUST
<TEXT>

                        AMENDMENT TO DELARATION OF TRUST


To the Secretary of State of
Commonwealth of Massachusetts

     It is herby stated that:

     1.   This document  constitutes  an Amendment to the  Declaration  of Trust
     (hereinafter  called  the  "Declaration")  of John  Hancock  Bank &  Thrift
     Opportunity Fund (hereinafter called the "business trust").

     2.   The Declaration  amended by this document was filed with the Secretary
     of State of the Commonwealth of Massachusetts on June 16, 1994.

     3.   The  amendment  to the  Declaration  effected  by this  document is as
     follows:

          The principal  office address has been changed  effective July 1, 2005
          to:

          601 Congress Street
          Boston, MA  02210

     4.   The amendment  herein  provided for was authorized in accordance  with
     law.

          IN WITNESS  WHEREOF,  the undersigned has signed these presents all on
     June 24, 2005.


/s/ Alfred P. Ouellette
Alfred P. Ouellette, AVP

(This document may be executed by an officer of the business trust.)
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>3
<FILENAME>subadvsryagreement.txt
<DESCRIPTION>SUB-ADVISORY AGREEMENT
<TEXT>

                                                                  Execution Copy

                               JOHN HANCOCK FUNDS

                             SUB-ADVISORY AGREEMENT


     AGREEMENT  made  this  31st  day of  December,  2005,  among  John  Hancock
Advisers,  LLC, a Delaware limited liability company (the "Adviser"),  Sovereign
Asset Management LLC, a Delaware limited liability company (the  "Sub-adviser"),
and each of the trusts that is a signatory hereto (each, a "Trust" and together,
as applicable, the "Trusts"). In consideration of the mutual covenants contained
herein, the parties agree as follows:

1.   APPOINTMENT OF SUB-ADVISER

     The Sub-adviser  undertakes to act as investment sub-adviser to each of the
Trusts and the series thereof (each a "Fund"), in each case listed on Appendix A
to this Agreement, as such Appendix may be amended by the affected Trust(s), the
Adviser and the Sub-adviser  from time to time, and,  subject to the supervision
and control of the  Trustees of each Trust and the terms of this  Agreement,  to
manage  the  investment  and  reinvestment  of  the  assets  of the  Funds.  The
Sub-adviser will be an independent  contractor and will have no authority to act
for or  represent  any  Trust,  any Fund or the  Adviser  in any way  except  as
expressly  authorized  in this  Agreement or another  writing by the  applicable
Trust or the Adviser.  The Sub-adviser and the Adviser are currently  affiliates
under the common control of Manulife Financial Corporation.

2.   SERVICES TO BE RENDERED BY THE SUB-ADVISER TO THE TRUSTS AND THE FUNDS

a.   Subject  always to the direction and control of the Trustees of each Trust,
     the Sub-adviser  shall have  investment  discretion over the assets of each
     Fund and will manage the investments and determine the composition of these
     assets in accordance with the applicable Trust's registration statement, as
     amended.  In  fulfilling  its  obligations  to manage the  investments  and
     reinvestments of the assets of each Fund, the Sub-adviser will:

     i.   obtain and evaluate  pertinent  economic,  statistical,  financial and
          other  information  affecting  the economy  generally  and  individual
          companies  or  industries  the  securities  of which are included in a
          Fund's portfolio or are under  consideration for inclusion in a Fund's
          portfolio;

     ii.  formulate and implement a continuous  investment program for each Fund
          that  is  consistent  with  the  investment   objectives  and  related
          investment  policies  for such  Fund as  described  in the  applicable
          Trust's registration  statement,  as amended, copies of which shall be
          furnished to the Sub-adviser promptly upon amendment;

     iii. take  whatever  steps are  necessary  to  implement  these  investment
          programs by the purchase and sale of securities, including the placing
          of orders for such purchases and sales;


                                       1
<PAGE>

     iv.  regularly report to the Trustees of each Trust and to the Adviser with
          respect to the implementation of these investment programs; and

     v.   provide assistance to each Trust's custodian  regarding the fair value
          of securities  held by each Fund for which market  quotations  are not
          readily available.

b.   The Sub-adviser,  at its expense, will furnish all necessary investment and
     management  facilities,  including salaries of personnel required for it to
     execute its duties faithfully.

c.   The Sub-adviser  will select brokers and dealers to effect all transactions
     subject  to the  following  conditions:  The  Sub-adviser  will  place  all
     necessary  orders with  brokers,  dealers,  or issuers  and will  negotiate
     brokerage  commissions,  if applicable.  The Sub-adviser is directed at all
     times to seek to execute brokerage transactions for each Fund in accordance
     with such policies or practices as may be  established  by the Trustees and
     described in the applicable Trust's registration statement, as amended, and
     consistent with its fiduciary obligation to seek best execution. Subject to
     policies  established  from  time to time by the Board of  Trustees  of the
     Trusts, the Sub-adviser may pay a broker-dealer which provides research and
     brokerage   services  a  higher  spread  or  commission  for  a  particular
     transaction than otherwise might have been charged by another broker-dealer
     if the  Sub-adviser  determines  that the higher  spread or  commission  is
     reasonable in relation to the value of the brokerage and research  services
     that such broker-dealer provides,  viewed in terms of either the particular
     transaction or the Sub-adviser's  overall  responsibilities with respect to
     accounts  managed  by the  Sub-adviser.  The  Sub-adviser  may  use for the
     benefit of the Sub-adviser's  other clients, or make available to companies
     affiliated  with the  Sub-adviser  or to its  directors  for the benefit of
     their  clients,   any  such  brokerage  and  research   services  that  the
     Sub-adviser obtains from brokers or dealers.

d.   On occasions when the Sub-adviser  deems the purchase or sale of a security
     to be in the  best  interest  of a Fund  as well as  other  clients  of the
     Sub-adviser,  the  Sub-adviser,  to the extent permitted by applicable laws
     and  regulations,  may, but shall be under no obligation to,  aggregate the
     securities  to be purchased  or sold to attempt to obtain a more  favorable
     price or lower  brokerage  commissions  and  efficient  execution.  In such
     event,  allocation  of the  securities so purchased or sold, as well as the
     expenses  incurred in the  transaction,  will be made by the Sub-adviser in
     the  manner  the  Sub-adviser  considers  to  be  the  most  equitable  and
     consistent  with its  fiduciary  obligations  to each Fund and to its other
     clients.

e.   The Sub-adviser will maintain all accounts,  books and records with respect
     to each Fund as are required of an investment  sub-adviser  of a registered
     investment  company  pursuant to the  Investment  Company  Act of 1940,  as
     amended (the "Investment Company Act") and Investment Advisers Act of 1940,
     as amended (the "Investment Advisers Act") and the rules thereunder.

f.   The  Sub-adviser  shall vote  proxies  relating to each  Fund's  investment
     securities in accordance with the applicable  Trust's proxy voting policies
     and procedures,  which provide that the Sub-adviser  shall vote all proxies
     relating  to  securities  held by a Fund  and,  subject  to the  applicable
     Trust's  policies  and  procedures,  shall use proxy  voting  policies  and
     procedures  adopted by the  Sub-adviser in  conformance  with Rule 206(4)-6
     under the Investment  Advisers Act. The Sub-adviser  shall review its proxy
     voting  activities  on a  periodic  basis  with the  Trustees  and with the
     Adviser.


                                       2
<PAGE>

3.   COMPENSATION OF SUB-ADVISER

     The  Adviser  will  pay the  Sub-adviser  with  respect  to each  Fund  the
compensation specified in Appendix A to this Agreement.

4.   LIABILITY OF SUB-ADVISER

     Neither the  Sub-adviser  nor any of its  directors,  officers or employees
shall be liable to the Adviser or any Trust or Fund for any error of judgment or
mistake  of law or for  any  loss  suffered  by the  Adviser,  Trust  or Fund in
connection with the matters to which this Agreement  relates,  except for losses
resulting  from  willful  misfeasance,  bad  faith  or gross  negligence  in the
performance of, or from the reckless disregard of, the duties of the Sub-adviser
or any of its directors.

5.   CONFLICTS OF INTEREST

     It is understood that trustees,  officers, agents, members and shareholders
of the Trusts are or may be interested in the Sub-adviser as trustees, officers,
partners,   shareholders,   members  or  otherwise;   that  employees,   agents,
shareholders,  members and partners of the  Sub-adviser are or may be interested
in a Trust as trustees, officers,  shareholders,  members or otherwise; that the
Sub-adviser may be interested in the Trusts;  and that the existence of any such
dual  interest  shall not  affect  the  validity  hereof or of any  transactions
hereunder,  except as otherwise  provided in the  Agreement and  Declaration  of
Trust of the applicable Trust and the limited liability company agreement of the
Sub-adviser, respectively, or by specific provision of applicable law.

6.   REGULATION

     The  Sub-adviser  shall comply with all applicable  laws and regulations in
providing the services contemplated  hereunder.  Without limiting the foregoing,
the Sub-adviser shall provide all information  reasonably requested of it by the
Board of  Trustees  of the  Trusts  in  accordance  with its duty to do so under
Section 15(c) of the Investment  Company Act and the Sub-adviser shall submit to
all regulatory and administrative  bodies having  jurisdiction over the services
provided  pursuant to this Agreement any information,  reports or other material
which any such  body,  by reason  of this  Agreement,  may  request  or  require
pursuant to applicable laws and regulations.

7.   DURATION AND TERMINATION OF AGREEMENT

     This  Agreement  shall  become  effective  with respect to each Fund on the
later  of (i) its  execution,  (ii)  the  date of the  meeting  of the  Board of
Trustees of the applicable Trust, at which meeting this Agreement is approved as
described  below and  (iii)  immediately  following  the  close of  business  on
December 31, 2005.  The Agreement will continue in effect with respect to a Fund
for a period  more than two years from its  effective  date only so long as such
continuance is specifically approved at least annually either by the Trustees of
the applicable  Trust or by a majority of the outstanding  voting  securities of
the applicable Fund,  provided that in either event such continuance  shall also
be approved by the vote of a majority of the  Trustees of the  applicable  Trust


                                       3
<PAGE>

who are not interested persons (as defined in the Investment Company Act) of any
party to this  Agreement  cast in person at a meeting  called for the purpose of
voting on such approval.  Any required  shareholder approval of the Agreement or
of any  continuance of the Agreement shall be effective with respect to any Fund
if a majority of the outstanding  voting securities of the series (as defined in
Rule 18f-2(h) under the Investment  Company Act) of shares of that Fund votes to
approve the Agreement or its continuance,  notwithstanding that the Agreement or
its  continuance  may not have been  approved by a majority  of the  outstanding
voting securities of any other Fund affected by the Agreement.

     If any required  shareholder  approval of this Agreement or any continuance
of the  Agreement  is not  obtained,  the  Sub-adviser  will  continue to act as
investment  sub-adviser with respect to such Fund pending the required  approval
of the Agreement or its continuance or of a new contract with the Sub-adviser or
a different adviser or sub-adviser or other definitive  action;  provided,  that
the compensation received by the Sub-adviser in respect of such Fund during such
period is in compliance with Rule 15a-4 under the Investment Company Act.

     This  Agreement may be  terminated at any time,  without the payment of any
penalty,  as to a Fund by the Trustees of the applicable Trust or by the vote of
a majority of the outstanding voting securities of the applicable Fund, on sixty
days' written  notice to the Adviser and the  Sub-adviser,  or by the Adviser or
Sub-adviser on sixty days' written notice to the applicable  Trust and the other
party. This Agreement will automatically  terminate,  without the payment of any
penalty,  in the event of its assignment  (as defined in the Investment  Company
Act)  or in the  event  the  advisory  agreement  between  the  Adviser  and the
applicable Trust terminates for any reason.

8.   PROVISION OF CERTAIN INFORMATION BY SUB-ADVISER

     The Sub-adviser  will promptly notify the Adviser and the Trusts in writing
of the occurrence of any of the following events:

a.   the Sub-adviser  fails to be registered as an investment  adviser under the
     Investment  Advisers Act or under the laws of any jurisdiction in which the
     Sub-adviser is required to be registered as an investment  adviser in order
     to perform its obligations under this Agreement;

b.   the Sub-adviser is served or otherwise receives notice of any action, suit,
     proceeding, inquiry or investigation, at law or in equity, before or by any
     court, public board or body, involving the affairs of any Trust; and

c.   any  change in actual  control  or  management  of the  Sub-adviser  or the
     portfolio manager of any Fund.

9.   SERVICES TO OTHER CLIENTS

     The Adviser  understands,  and has advised each Trust's  Board of Trustees,
that the  Sub-adviser  now acts,  or may in the  future  act,  as an  investment
adviser to fiduciary  and other managed  accounts and as  investment  adviser or
sub-adviser to other investment companies. Further, the Adviser understands, and
has  advised  each  Trust's  Board of  Trustees,  that the  Sub-adviser  and its
affiliates  may give  advice  and take  action  for  other  accounts,  including
investment companies, which differs from advice given or the timing or nature of
action  taken  for  a  Fund.  The  Sub-adviser  is  not  obligated  to  initiate


                                       4
<PAGE>

transactions  for a Fund in any security  that the  Sub-adviser,  its  partners,
affiliates  or  employees  may  purchase or sell for their own accounts or other
clients.

10.  CONSULTATION WITH OTHER SUB-ADVISERS

     As  required  by  Rule  17a-10  under  the  Investment   Company  Act,  the
Sub-adviser  is  prohibited  from  consulting  with the  entities  listed  below
concerning transactions for a Fund in securities or other assets:

     1.  other sub-advisers to the Fund
     2.  other sub-advisers to any other Fund
     3.  other sub-advisers to a Fund under common control with such Fund

provided, however, the Sub-adviser may consult with any entity listed above that
is an affiliate of the Sub-adviser.

11.  ONGOING RESPONSIBILITIES OF THE ADVISER

     The Adviser  understands,  and has advised the Trustees of the Trusts, that
during the term of this  Agreement the Adviser shall retain  responsibility  for
(i)  providing  the  services  set forth in Section 2 of this  Agreement  to the
Trusts in the event the Sub-adviser  fails, for whatever reason, to provide such
services and (ii) ensuring that the services  provided by the Sub-adviser to the
Trusts  pursuant to this Agreement are rendered in a manner such that the nature
and quality of such  services are at least  comparable to the nature and quality
of the investment  advisory  services  heretofore  rendered to the Trusts by the
Adviser.  Nothing  in this  Agreement  is  intended  to limit or  terminate  the
Adviser's  responsibilities  under the Advisory  Agreement,  which  obligations,
including the indemnification provisions thereof, shall remain in full force and
effect.

12.  AMENDMENTS TO THE AGREEMENT

     This  Agreement  (with the exception of Appendix A, which may be amended by
the Adviser and the Sub-adviser from time to time) may be amended by the parties
hereto only if such amendment is specifically approved by the vote of a majority
of the  Trustees  of each  affected  Trust and by the vote of a majority  of the
Trustees of each affected Trust who are not  interested  persons of any party to
this  Agreement  cast in person at a meeting called for the purpose of voting on
such approval. Any required shareholder approval shall be effective with respect
to any Fund if a majority  of the  outstanding  voting  securities  of that Fund
votes to approve the amendment,  notwithstanding that the amendment may not have
been  approved by a majority of the  outstanding  voting  securities  of (a) any
other Fund  affected  by the  amendment  or (b) all the Funds of the  applicable
Trust. No amendment shall be effective unless it is in writing and signed by all
parties hereto.

13.  ENTIRE AGREEMENT

     This  Agreement  contains  the entire  understanding  and  agreement of the
parties.

14.  HEADINGS



                                       5
<PAGE>

     The headings in the sections of this Agreement are inserted for convenience
of reference only and shall not constitute a part hereof.

15.  NOTICES

     All  notices  required  to be given  pursuant  to this  Agreement  shall be
delivered or mailed to the last known business address of the affected Trusts or
applicable  party in person or by registered  mail or a private mail or delivery
service  providing  the sender with notice of  receipt.  Notice  shall be deemed
given on the date delivered or mailed in accordance with this paragraph.

16.  SEVERABILITY

     Should any portion of this  Agreement  for any reason be held to be void in
law or in equity, this Agreement shall be construed,  insofar as is possible, as
if such portion had never been contained herein.

17.  GOVERNING LAW

     The  provisions of this  Agreement  shall be construed and  interpreted  in
accordance  with the laws of The  Commonwealth of  Massachusetts,  or any of the
applicable provisions of the Investment Company Act. To the extent that the laws
of  The  Commonwealth  of  Massachusetts,  or  any of  the  provisions  in  this
Agreement,  conflict with applicable  provisions of the Investment  Company Act,
the latter shall control.

18.  LIMITATION OF LIABILITY

     The  Agreement  and  Declaration  of Trust of each Trust,  a copy of which,
together  with all  amendments  thereto (the  "Declaration"),  is on file in the
office of the Secretary of The Commonwealth of Massachusetts,  provides that the
name of the  applicable  Trust  refers to the  Trustees  under  the  Declaration
collectively as Trustees, but not as individuals or personally;  and no Trustee,
shareholder,  officer,  employee  or  agent  of the  Trust  shall be held to any
personal liability,  nor shall resort be had to their private property,  for the
satisfaction  of any obligation or claim,  in connection with the affairs of the
Trust or any Fund thereof, but only the assets belonging to the Trust, or to the
particular Fund with respect to which such  obligation or claim arose,  shall be
liable.

19.  CONFIDENTIALITY OF FUND HOLDINGS

     The Sub-adviser  agrees to treat the portfolio  security  positions of each
Fund as  confidential  information  in accordance  with the  applicable  Trust's
"Policy  Regarding  Disclosure of Fund  Holdings," as such policy may be amended
from time to time,  and to  prohibit  its  employees  from  trading  on any such
confidential information. The policy and any such amendment shall not be binding
upon the Sub-adviser until a copy has been provided to the Sub-adviser.

20.  COMPLIANCE

     Upon execution of this Agreement, the Sub-adviser shall provide the Adviser
and  the  Trusts  with  the   Sub-adviser's   written  policies  and  procedures
("Compliance  Policies")  as  required  by Rule  206(4)-7  under the  Investment
Advisers Act.  Throughout  the term of this  Agreement,  the  Sub-adviser  shall


                                       6
<PAGE>

promptly submit to the affected Trust and the Adviser:  (i) any material changes
to  the  Compliance  Policies,  (ii)  notification  of the  commencement  of any
regulatory  examination  of the  Sub-adviser  and  documentation  describing the
results of any such  examination  and of any periodic  testing of the Compliance
Policies,  and (iii) notification of any material compliance matter that relates
to the services  provided by the  Sub-adviser  to any Trust,  including  but not
limited  to  any  material  violation  of  the  Compliance  Policies  or of  the
Sub-adviser's  code of  ethics.  Throughout  the  term of  this  Agreement,  the
Sub-adviser  shall  provide the  Adviser and the Trust with any  certifications,
information  and access to personnel and resources  (including  those  resources
that will permit  testing of the  Compliance  Policies by the Adviser)  that the
Trust and/or the Adviser may  reasonably  request to enable the Trusts to comply
with Rule 38a-1 under the Investment Company Act.


         (THE REMAINDER OF THIS SPACE HAS BEEN INTENTIONALLY LEFT BLANK)




                                       7
<PAGE>

     IN WITNESS  WHEREOF,  the parties  hereto have caused this  Agreement to be
executed  under  seal by their  duly  authorized  officers  as of the date first
mentioned above.

                                          JOHN HANCOCK ADVISERS, LLC



                                          By:    /s/John G. Vrysen
                                          Name:  John G. Vrysen
                                          Title: Executive Vice President and
                                                 Chief Financial Officer



                                          SOVEREIGN ASSET MANAGEMENT LLC



                                          By:    /s/Barry H. Evans
                                          Name:  Barry H. Evans
                                          Title: Senior Vice President and
                                                 Chief Operating Officer



                                       8
<PAGE>

     IN WITNESS  WHEREOF,  the parties  hereto have caused this  Agreement to be
executed  under  seal by their  duly  authorized  officers  as of the date first
mentioned above.

                                 JOHN HANCOCK CURRENT INTEREST
                                 on behalf of
                                 John Hancock Money Market Fund
                                 John Hancock U.S. Government Cash Reserve


                                 JOHN HANCOCK SOVEREIGN BOND FUND
                                 on behalf of
                                 John Hancock Bond Fund


                                 JOHN HANCOCK STRATEGIC SERIES
                                 on behalf of
                                 John Hancock Strategic Income Fund


                                 JOHN HANCOCK BOND TRUST
                                 on behalf of
                                 John Hancock Government Income Fund
                                 John Hancock High Yield Fund
                                 John Hancock Investment Grade Bond Fund


                                 JOHN HANCOCK TAX-EXEMPT SERIES FUND
                                 on behalf of
                                 John Hancock Massachusetts Tax-Free Income Fund
                                 John Hancock New York Tax-Free Income Fund


                                 JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND


                                 JOHN HANCOCK MUNICIPAL SERIES TRUST
                                 on behalf of
                                 John Hancock High Yield Municipal Bond Fund
                                 John Hancock Tax-Free Bond Fund


                                 JOHN HANCOCK EQUITY TRUST
                                 on behalf of
                                 John Hancock Growth Trends Fund
                                 John Hancock Technology Leaders Fund



                                       9
<PAGE>


                                 JOHN HANCOCK INVESTMENT TRUST II
                                 on behalf of
                                 John Hancock Financial Industries Fund
                                 John Hancock Regional Bank Fund
                                 John Hancock Small Cap Equity Fund


                                 JOHN HANCOCK INVESTMENT TRUST III
                                 on behalf of
                                 John Hancock Mid Cap Growth Fund


                                 JOHN HANCOCK WORLD FUND
                                 on behalf of
                                 John Hancock Health Sciences Fund


                                 JOHN HANCOCK SERIES TRUST
                                 on behalf of
                                 John Hancock Focused Equity Fund
                                 John Hancock Mid Cap Equity Fund
                                 John Hancock Multi Cap Growth Fund
                                 John Hancock Real Estate Fund
                                 John Hancock Small Cap Growth Fund
                                 John Hancock Technology Fund


                                 JOHN HANCOCK INVESTMENT TRUST
                                 on behalf of
                                 John Hancock Balanced Fund
                                 John Hancock Large Cap Equity Fund
                                 John Hancock Large Cap Intrinsic Value Fund
                                 John Hancock Small Cap Intrinsic Value Fund
                                 John Hancock Sovereign Investors Fund


                                 JOHN HANCOCK PATRIOT PREFERRED DIVIDEND FUND


                                 JOHN HANCOCK PREFERRED INCOME FUND III


                                 JOHN HANCOCK PATRIOT SELECT DIVIDEND TRUST



                                       10
<PAGE>


                                 JOHN HANCOCK PATRIOT GLOBAL DIVIDEND FUND



                                 JOHN HANCOCK PREFERRED INCOME FUND


                                 JOHN HANCOCK PREFERRED INCOME FUND II


                                 JOHN HANCOCK PATRIOT PREMIUM DIVIDEND FUND I


                                 JOHN HANCOCK BANK AND THRIFT OPPORTUNITY FUND


                                 JOHN HANCOCK PATRIOT PREMIUM DIVIDEND FUND II


                                 JOHN HANCOCK INCOME SECURITIES TRUST


                                 JOHN HANCOCK INVESTORS TRUST


                                 JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME
                                 FUND


                                 Executed on behalf of each Trust and its
                                 relevant Series referenced above:



                                 By:     /s/Keith F. Hartstein
                                 Name:   Keith F. Hartstein
                                 Title:  President and Chief Executive Officer



                                       11
<PAGE>

                                   APPENDIX A


     The Sub-adviser shall serve as investment  sub-adviser for each Fund listed
below.  The  Adviser  will pay the  Sub-adviser,  as full  compensation  for all
services  provided  under this  Agreement  with  respect  to each Fund,  the fee
computed separately for such Fund at an annual rate as follows (the "Sub-adviser
Fee"):

               Trust and Fund                 Percentage of
                                            Average Daily Net
                                                 Assets


                         (See attachment to Appendix A)

     The  Sub-adviser  Fee for each Fund shall be accrued for each calendar day,
and the sum of the daily fee accruals  shall be paid monthly to the  Sub-adviser
within 30 calendar days of the end of each month. The daily fee accruals will be
computed by multiplying  the fraction of one over the number of calendar days in
the year by the applicable  Sub-adviser Fee, and multiplying this product by the
net assets of the Fund.  The Adviser  shall  provide the  Sub-adviser  with such
information as the Sub-adviser may reasonably request supporting the calculation
of the fees paid to it hereunder.  Fees shall be paid either by wire transfer or
check, as directed by the Sub-adviser.

     If,  with  respect  to  any  Fund,  this  Agreement  becomes  effective  or
terminates,  or if the manner of  determining  the  applicable  Sub-adviser  Fee
changes,  before the end of any month,  the fee (if any) for the period from the
effective  date to the end of such month or from the  beginning of such month to
the date of  termination or from the beginning of such month to the date of such
change, as the case may be, shall be pro rated according to the proportion which
such period bears to the full month in which such  effectiveness  or termination
or change occurs.






                                       A-1
<PAGE>

<TABLE>
<CAPTION>
<S>                               <C>          <C>         <C>        <C>         <C>         <C>        <C>         <C>
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Balanced Fund                                  to $2 bil   > $2 bil

                                  Subadvisory    0.300%     0.250%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Bond   Fund                                      to $1.5     $1.5 -     $2.0 -      > $2.5 bil
                                                  bil       2.0 bil    2.5 bil

                                  Subadvisory     0.200%     0.125%      0.100%      0.100%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
California Tax-Free Income Fund                  to $500m   next $500m  > $1 bil

                                  Subadvisory     0.200%     0.150%      0.150%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Financial Industries  Fund                       to $500m  next $500m   next bil   > $2 bil

                                  Subadvisory     0.400%     0.300%      0.250%     0.250%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Focused Equity Fund                              to $800m    > $800m

                                  Subadvisory     0.350%     0.300%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Government Income Fund                           to $300m  next $300m   >$600m

                                  Subadvisory     0.200%     0.150%      0.100%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Growth Trends Fund                             to $2.4 bil > $2.4 bil

                                  Subadvisory     0.350%     0.250%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Health Sciences Fund                            to $200m    > $200m

                                  Subadvisory    0.450%     0.400%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
High Yield Fund                                 to $75m    next $75m  $150m-$2.5b $2.5b-$5.0b  > $5 bil

                                  Subadvisory    0.275%     0.275%      0.225%      0.150%     0.150%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
High Yield Municipal Bond Fund                  to $75m    next $75m   > $150m

                                  Subadvisory    0.200%     0.200%      0.200%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Investment Grade Bond Fund                     to $1.5 bil > $1.5 bil

                                  Subadvisory    0.200%     0.100%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Large Cap Equity Fund                           to $3 bil   > $3 bil


                                  Subadvisory     0.325%     0.200%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Large Cap Intrinsic Value Fund                  All Assets
                                   Advisory      0.750%
                                   Subadvisory   0.325%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
</TABLE>


<PAGE>

<TABLE>
<CAPTION>
<S>                               <C>          <C>         <C>        <C>         <C>         <C>        <C>         <C>
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
MA Tax-Free Income Fund                         to $250m   next $250m $500m-$1 bil next $250m > $1.25 bil


                                  Subadvisory    0.200%      0.200%      0.150%      0.150%     0.150%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Mid Cap Equity Fund                             to $500m   next $500m  > $1 bil

                                  Subadvisory    0.350%     0.300%      0.250%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Mid Cap Growth Fund                             to $500m   next $500m  > $1 bil

                                  Subadvisory    0.350%     0.300%      0.250%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Money Market Fund                               to $500m   next $250m  next $250m  next $500m next $500m  next $500m  > $2.5 bil

                                  Subadvisory    0.050%      0.020%      0.020%      0.020%     0.020%      0.020%      0.020%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Multi Cap Growth Fund                           to $750m    > $750m

                                  Subadvisory    0.350%     0.250%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
New York Tax-Free Income Fund                   to $250m   next $250m $500m-$1 bil next $250m > $1.25 bil

                                  Subadvisory    0.200%      0.200%      0.150%      0.150%     0.150%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Real Estate  Fund                              to $1.5 bil > $1.5 bil

                                  Subadvisory     0.350%     0.300%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Regional Bank Fund                              to $500m   next $500m  next bil    > $2 bil

                                  Subadvisory    0.400%      0.300%     0.250%      0.250%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Small Cap Equity Fund                           to $1 bil   > $1 bil

                                  Subadvisory    0.450%     0.400%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Small Cap Growth Fund                          to $1.5 bil > $1.5 bil

                                  Subadvisory    0.450%     0.400%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Small Cap Intrinsic Value Fund                  to $500m   next $500m  > $1 bil

                                  Subadvisory    0.500%      0.450%     0.400%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Sovereign Investors Fund                        to $750m   next $750m  next bil    > $2.5 bil

                                  Subadvisory    0.325%      0.250%      0.250%      0.200%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
<S>                               <C>          <C>         <C>        <C>         <C>         <C>        <C>         <C>
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Strategic Income Fund                           to $100m   $100-$250m $250-$500m  $500-$650m  $650m-$1bil   >$1bil

                                  Subadvisory    0.275%      0.275%     0.275%      0.200%      0.200%      0.150%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Tax-Free Bond Fund                              to $500m   next $500m  > $1 bil

                                  Subadvisory    0.200%      0.150%     0.100%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Technology Fund                                 to $100m   next $700m   > $800m

                                  Subadvisory    0.450%     0.400%      0.350%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Technology Leaders Fund                        All Assets
                                  Advisory       1.000%
                                  Subadvisory    0.400%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
US Gov't Cash Reserve                           to $500m   next $250m next $250m  next $500m  next $500m  next $500m > $2.5 bil

                                  Subadvisory    0.050%      0.020%     0.020%      0.020%     0.020%      0.020%      0.020%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Bank & Thrift Opportunity Fund                 All Assets

                                  Subadvisory    0.400%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Income Securities Trust                         to $150m   next $50m  next $100m   > $300m

                                  Subadvisory    0.200%     0.200%      0.200%      0.150%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Investors Trust                                 to $150m   next $50m  next $100m   > $300m

                                  Subadvisory    0.200%     0.200%      0.200%      0.150%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
JH Preferred Income Fund                        All Assets

                                  Subadvisory    0.150%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
JH Preferred Income Fund II                     All Assets


                                  Subadvisory    0.150%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
JH Preferred Income Fund III                    All Assets


                                  Subadvisory    0.150%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
JH Tax-Advantaged Dividend Income               All Assets
Fund

                                  Subadvisory    0.150%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Patriot Global Dividend Fund                    All Assets

                                  Subadvisory    0.200%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
</TABLE>


<PAGE>

<TABLE>
<CAPTION>
<S>                               <C>          <C>         <C>        <C>         <C>         <C>        <C>         <C>
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Patriot Preferred Dividend Fund                All Assets

                                  Subadvisory    0.200%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Patriot Premium Dividend Fund I                All Assets

                                  Subadvisory    0.200%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Patriot Premium Dividend Fund II               All Assets

                                  Subadvisory    0.200%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
Patriot Select Dividend Trust                  All Assets

                                  Subadvisory    0.200%
- --------------------------------- ------------ ----------- ---------- ----------- ----------- ---------- ----------- -----------
</TABLE>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
