<DOCUMENT>
<TYPE>EX-99.77D POLICIES
<SEQUENCE>2
<FILENAME>policychange.txt
<DESCRIPTION>POLICY CHANGE
<TEXT>
On September 14, 2004, the Trustees  approved an amendment to the Fund's by-laws
increasing the maximum applicable  dividend rate ceiling on the preferred shares
to conform  with the modern  calculation  methodology  used by the  industry and
other John Hancock funds.



</TEXT>
</DOCUMENT>
