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<SEC-DOCUMENT>0001010521-06-000663.txt : 20060816
<SEC-HEADER>0001010521-06-000663.hdr.sgml : 20060816
<ACCEPTANCE-DATETIME>20060816151150
ACCESSION NUMBER:		0001010521-06-000663
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20051231
FILED AS OF DATE:		20060816
DATE AS OF CHANGE:		20060816
EFFECTIVENESS DATE:		20060816

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HANCOCK JOHN INVESTORS TRUST
		CENTRAL INDEX KEY:			0000759828
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04173
		FILM NUMBER:		061038082

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>answer.fil
<DESCRIPTION>JOHN HANCOCK INVESTORS TRUST
<TEXT>
<PAGE>      PAGE  1
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012 C020001 NJ
012 C030001 07310
<PAGE>      PAGE  2
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012 B000002 84-0000
012 C010002 NEW YORK
012 C020002 NY
012 C030002 10017
013 A000001 PRICEWATERHOUSECOOPERS LLP
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<PAGE>      PAGE  3
022 D000002     12589
022 A000003 STATE STREET BOSTON CORP.
022 B000003 04-1867445
022 C000003    511976
022 D000003         0
022 A000004 GREENWICH CAPITAL MARKETS, INC.
022 C000004     57030
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022 D000005     33840
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022 B000006 13-2726611
022 C000006     33835
022 D000006     39221
022 A000007 BARCLAYS BANK PLC
022 B000007 13-3551367
022 C000007     12714
022 D000007     31484
022 A000008 UBS - WARBURG LLC
022 B000008 04-2474663
022 C000008     25743
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022 C000009     19174
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022 C000010     15980
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<PAGE>      PAGE  6
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<PAGE>      PAGE  10
SIGNATURE   ALFRED P. OUELLETTE
TITLE       SR ATTORNEY & AS

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>nsar.txt
<DESCRIPTION>ACCOUNTANT'S LETTER
<TEXT>


             Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders
of John Hancock Investors Trust:

In planning and performing our audit of the financial statements of John Hancock
Investors Trust (hereafter referred to as the Trust) as of and for the year
ended December 31, 2005, in accordance with the standards of the Public Company
Accounting Oversight Board (United States), we considered the Company's internal
control over financial reporting, including control activities for safeguarding
securities, as a basis for designing our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, but not for the purpose of expressing an opinion on
the effectiveness of the internal control over financial reporting. Accordingly,
we express no such opinion.

The management of the Trust is responsible for establishing and maintaining
effective internal control over financial reporting. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. A company's internal control
over financial reporting is a process designed 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. Such internal control over financial reporting includes
policies and procedures that provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use or disposition of a
company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting
may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.

A control deficiency exists when the design or operation of a control does not
allow management or employees, in the normal course of performing their assigned
functions, to prevent or detect misstatements on a timely basis. A significant
deficiency is a control deficiency, or combination of control deficiencies, that
adversely affects the company's ability to initiate, authorize, record, process
or report external financial data reliably in accordance with generally accepted
accounting principles such that there is more than a remote likelihood that a
misstatement of the company's annual or interim financial statements that is
more than inconsequential will not be prevented or detected. A material weakness
is a control deficiency, or combination of control deficiencies, that results in
more than a remote likelihood that a material misstatement of the annual or
interim financial statements will not be prevented or detected.

Our consideration of internal control over financial reporting was for the
limited purpose described in the first paragraph and would not necessarily
disclose all deficiencies in internal control over financial reporting that
might be significant deficiencies or material weaknesses under standards

<PAGE>

established by the Public Company Accounting Oversight Board (United States).
However, we noted no deficiencies in the internal control over financial
reporting and its operations, including controls for safeguarding securities,
that we consider to be material weaknesses as defined above as of December 31,
2005.

This report is intended solely for the information and use of management and the
Board of Trustees, management and the Securities and Exchange Commission and is
not intended to be and should not be used by anyone other than these specified
parties.

PricewaterhouseCoopers LLP

February 15, 2006
Boston, Massachusetts



                                       2
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77C VOTES
<SEQUENCE>3
<FILENAME>meeting.txt
<DESCRIPTION>SHAREHOLDER MEETING
<TEXT>

Shareholder meeting

On May 26, 2005, the Annual Meeting of the Fund was held to elect eight Trustees
and to ratify the actions of the Trustees in selecting independent auditors for
the Fund.

Proxies covering 6,957,395 shares of beneficial interest were voted at the
meeting. The common shareholders elected the following Trustees to serve until
their respective successors are duly elected and qualified (there was two
nominees for election by the preferred shareholders), with the votes tabulated
as follows:
                                                        WITHHELD
                                        FOR             AUTHORITY

James F. Carlin                         6,902,883       51,076

Richard P. Chapman, Jr.                 6,897,740       56,219

William Cosgrove                        6,897,683       62,276

William H. Cunningham                   6,884,078       69,881

Richard Dion                            6,895,985       57,974

Charles Ladner                          6,901,340       52,619

Stephan Pruchansky                      6,892,336       61,623

Jamie Shepherdson*                      6,897,287       56,672

*James Shepherdson resigned effective July 15, 2005.

The preferred shareholders elected Dr. John A. Moore and Patti McGill Peterson
to serve as the Fund's Trustee until there successor is duly elected and
qualified, with the votes tabulated as follows: 3,421 FOR, 0 AGAINST, 15
ABSTAINING.

The common and preferred shareholders ratified the Trustees' selection of
PricewaterhouseCoopers LLP as the Fund's independent auditor for the fiscal year
ending December 31, 2005, with votes tabulated as follows: 6,855,107 FOR, 35,820
AGAINST and 66,468 ABSTAINING.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>4
<FILENAME>subadvisoryagrmnt.txt
<DESCRIPTION>SUBADVISORY 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

                                       2
<PAGE>

     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.

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

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

                                       5
<PAGE>

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>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>5
<FILENAME>subcustodian.txt
<DESCRIPTION>SUBCUSTODIAN
<TEXT>
Global Custody Network The Bank of New York's network of subcustodians extends
to 101 markets worldwide, the largest number of markets offered by any
custodian. We continually review our network to ensure that it reflects the
changing global investment decisions of our clients. The Bank's dedicated,
regional network management team monitors local economic, political, regulatory,
and industry-related events, and keeps clients apprised of changes in the
investment climate of each market. Banks are selected for the network based on a
variety of criteria, such as compliance with worldwide regulatory requirements,
competitive pricing, general market reputation, SWIFT message capabilities,
securities lending support, credit ratings, overall banking relationship with
The Bank of New York and ability to consistently meet our clients' needs. Each
bank must meet a set of stringent performance standards prior to selection,
which are reexamined during quarterly reviews and frequent on-site visits,
ensuring that our clients are uniformly provided with the best subcustodian in
each market. In its last three annual reviews of subcustodian networks, GSCS
BenchmarksTM has ranked our network among the top two in both the Overall
Network and Major Markets categories. Our list of subcustodians is as follows:
Country/ Market Subcustodian(s) Country/ Market Subcustodian(s) Argentina Banco
Rio de la Plata Indonesia HSBC Australia National Australia Bank Ltd. Ireland
Allied Irish Banks, plc Austria Bank Austria AG Israel Bank Leumi LE - Israel
B.M. Bahrain HSBC Bank Middle East Italy IntesaBCI S.p.A / BNP Paribas
Securities Services Bangladesh Standard Chartered Bank Ivory Coast Soci,t,
G,n,rale - Abidjan Belgium Banque Bruxelles Lambert Jamaica CIBC Trust &
Merchant Bank Jamaica Ltd. Benin Soci,t, G,n,rale de Banques en C"te d'Ivoire
Japan The Bank of Tokyo-Mitsubishi Limited/ The Fuji Bank, Limited Bermuda Bank
of Bermuda Limited Jordan HSBC Bank Middle East Bolivia Citibank, N.A.
Kazakhstan ABN/AMRO Botswana Barclays Bank of Botswana Ltd. Kenya Barclays Bank
of Kenya Ltd. Brazil BankBoston, N.A. Latvia Hansabanka Limited Bulgaria ING
Bank Lebanon HSBC Bank Middle East Burkina Faso Soci,t, G,n,rale de Banques en
C"te d'Ivoire Lithuania Vilniaus Bankas Canada Royal Bank of Canada Luxembourg
Banque et Caisse d'Epargne de l'Etat Chile BankBoston, N.A. Malaysia HongKong
Bank Malaysia Berhad China Standard Chartered Bank Mali Soci,t, G,n,rale de
Banques en C"te d'Ivoire Colombia Cititrust Colombia S.A. Malta HSBC Bank Malta
p.l.c. Costa Rica Banco BCT Mauritius HSBC Croatia Privredna Banka Zagreb d.d.
Mexico Banco Nacional de Mexico Cyprus Bank of Cyprus Morocco Banque Commerciale
du Maroc Czech Republic Ceskoslovenska Obchodni Banka A.S. Namibia Stanbic Bank
Namibia Limited Denmark Danske Bank NASDAQ Europe Banque Bruxelles Lambert
Ecuador Citibank, N.A. Netherlands Fortis Bank (Nederland) N.V. Egypt Citibank,
N.A. New Zealand National Australia Bank Ltd. (National Nominees Ltd.) Estonia
Hansabank Limited Niger Soci,t, G,n,rale de Banques en C"te d'Ivoire Euromarket
Clearstream Nigeria Stanbic Merchant Bank Nigeria Limited Euromarket Euroclear
Norway Den norske Bank ASA Finland Merita Bank plc Oman HSBC Bank Middle East
France BNP Paribas Securities Services / Credit Agricole Indosuez Pakistan
Standard Chartered Bank Germany Dresdner Bank AG Palestinian Autonomous Area
HSBC Bank Middle East Ghana Barclays Bank of Ghana Ltd. Panama BankBoston, N.A.
Greece BNP Paribas Securities Services Peru Citibank, N.A. Guinea Bissau Soci,t,
G,n,rale de Banques en C te d'Ivoire Philippines HSBC Hong Kong HSBC Poland Bank
Handlowy W Warszawie S.A. Hungary Citibank Budapest Rt. Portugal Banco Comercial
Portugu^s Iceland Landsbanki Islands Qatar HSBC Bank Middle East Country/ Market
Subcustodian(s) Country/ Market Subcustodian(s) India HSBC / Deutsche Bank AG
Romania ING Bank Russia Vneshtorgbank (Min Fin Bonds only)/ Credit Suisse First
Boston AO Togo Soci,t, G,n,rale de Banques en C"te d'Ivoire Senegal Soci,t,
G,n,rale de Banques en C"te d'Ivoire Trinidad & Tobago Republic Bank Limited
Singapore United Overseas Bank Ltd/ The Development Bank of Singapore Ltd.
Tunisia Banque Internationale Arabe de Tunisie Slovak Republic Ceskoslovenska
Obchodni Banka, a.s. Turkey Osmanli Bankasi A.S. (Ottoman Bank) Slovenia Bank
Austria Creditanstalt d.d. Ljubljana U.A.E. HSBC Bank Middle East, Dubai South
Africa Soci,t, G,n,rale, Johannesburg / The Standard Bank of South Africa
Limited Ukraine ING Bank South Korea Standard Chartered Bank United Kingdom The
Bank of New York / The Depository & Clearing Centre (DCC) Spain Banco Bilbao
Vizcaya Argentaria S.A. (BBVA) / Banco Santander Central Hispano (BSCH) United
States The Bank of New York Sri Lanka Standard Chartered Bank Uruguay
BankBoston, N.A. Swaziland Standard Bank Swaziland Ltd. Venezuela Citibank, N.A.
Sweden Skandinaviska Enskilda Banken Vietnam HSBC Switzerland Credit Suisse
First Boston Zambia Barclays Bank of Zambia Ltd. Taiwan HSBC Zimbabwe Barclays
Bank of Zimbabwe Ltd. Thailand Standard Chartered Bank/ Bangkok Bank Public
Company Ltd. Finalizing Markets Evaluating: Armenia Guatemala Nicaragua Barbados
Honduras Saudi Arabia El Salvador Kuwait Uganda Georgia Macedonia Monitoring
Albania Bhutan Lesotho Mozambique Tajikistan (Emerging): Algeria Cambodia
Madagascar Myanmar Tanzania Angola Dominican Republic Malawi Nepal Turkmenistan
Azerbaijan Iran Moldova Paraguay Uzbekistan Belarus Kyrgyzstan Mongolia Syria
Yugoslavia For more information about the Bank's network of subcustodians,
please contact any of our regional departments: New York New York Singapore
Brussels Timothy Faselt Andrea Christenson Francis Braeckevelt Floriane van
Schevensteen Group Manager Regional Manager Regional Manager Regional Manager
Global Network Mgmt. Americas Asia/Pacific Europe, Middle East & Africa (212)
635-6486 (212) 635-6458 (65) 432-0231 (32-2) 545-8264 New York June 2001 Global
Network Management Global Custody Network GSCS BenchmarksTM is a registered
trademark of GSCS Benchmarks Ltd., a consulting firm based in London.
GlobalNetwork.doc 07/18/01 9:18 AM New York June 2001 Global Network Management
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