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Executive Moves

John Hancock Reassigns Financial Fund Skippers

Due to the retirement of James K. Schmidt, head of its financial industries team, John Hancock Funds has reassigned a number of portfolio managers in the group. The changes affect three closed-end and four open-end funds that specialize in financial services and related sectors.

Thus, Lisa A. Welch has been promoted from co-portfolio manager to lead portfolio manager on the John Hancock Bank and Thrift Opportunity Fund, replacing Schmidt. Susan Curry, a vice president with John Hancock affiliate MFC Global Investment Management, has also been promoted on the fund, from portfolio manager to co-portfolio manager.

Welch will also join and be promoted on a number of other funds, becoming, for one, the third lead portfolio manager on the John Hancock Tax-Advantaged Dividend Income Fund. There, she will work alongside MFC Senior Vice President Gregory Phelps and Vice President Mark Maloney. Schmidt had been the fourth member of this fund's team.

Welch has also been promoted on the John Hancock Financial Trends Fund from manager to lead manager, replacing Schmidt. Roger Hamilton, also an MFC VP, has been promoted from portfolio manager of this fund to co-portfolio manager.

In addition, Welch will continue as co-portfolio manager on the John Hancock Regional Bank Fund along with Curry, who has been promoted from manager to co-portfolio manager.

The two overseeing the John Hancock Financial Industries Fund will now be Hamilton and Welch. And on the John Hancock Real Estate Fund, Joseph Marguy is now the sole portfolio manager.

Finally, on the John Hancock Growth Trends Fund, the healthcare and technology portion will continue to be managed by MFC VPs Robert Junkin and Thomas Norton. Managing the financial portion of the fund will now be Hamilton and Welch.

"I know that everyone at John Hancock Funds congratulates Jim Schmidt on his successful tenure as senior member of our financial industries portfolio management team, and we wish him well in retirement," said Keith F. Hartstein, president and CEO of the company.

"Management of bank and financial services-related mutual funds at John Hancock has been a true team effort for many years, with members possessing an unprecedented depth of experience in their industry," Hartstein added. "As such, Jim's departure will not affect the funds' investment objective or strategy."

Schmidt commented: "It was a privilege to be part of the financial industries team at John Hancock Funds for so many years. I am confident that this highly experienced and professional group of portfolio managers will continue to serve our shareholders well."

Pyramis Global Hires Rose As Mid-Cap Growth Mgr.

Pyramis Global Advisors has hired David M. Rose as mid-cap growth manager. He most recently was a vice president and senior portfolio manager at American Century Investments, where he oversaw three mid-cap growth funds with $2.5 billion in assets. With a total of nine years of investment management experience, all of them at American Century, Rose has also worked on aggressive growth and capital appreciation funds.

"David brings to our organization a proven track record as a portfolio manager and team builder," said Young D. Chin, chief investment officer for Pyramis Global. "His demonstrated skills as an investment manager and organizational leader complement those of the other members of our team as we continue to build the Pyramis investment platform."

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