MASTER CUSTODIAN AGREEMENT



      This Agreement between JOHN HANCOCK TRUST a business trust organized and

existing under the laws of Massachusetts (the "FUND"), with its principal place

of business at 601 Congress Street, Boston, Massachusetts 02110-2801, and STATE

STREET BANK and TRUST COMPANY, a Massachusetts trust company with its principal

place of business at 225 Franklin Street, Boston, Massachusetts 02110 (the

"CUSTODIAN").



                                   WITNESSETH:



      WHEREAS, the Fund is authorized to issue shares in separate series, with

each such series representing interests in a separate portfolio of securities

and other assets; and



      WHEREAS, the Fund intends that this Agreement be applicable to the series

listed on Appendix A (such series together with all other series subsequently

established by the Fund and made subject to this Agreement in accordance with

Section 19, be referred to herein as the "PORTFOLIO(s)");



      NOW THEREFORE, in consideration of the mutual covenants and agreements

hereinafter contained, the parties hereto agree as follows:



SECTION 1. EMPLOYMENT OF CUSTODIAN AND PROPERTY TO BE HELD BY IT



The Fund hereby employs the Custodian as the custodian of the assets of the

Portfolios of the Fund, including securities which the Fund, on behalf of the

applicable Portfolio, desires to be held in places within the United States

("DOMESTIC SECURITIES") and securities it desires to be held outside the United

States ("FOREIGN SECURITIES"). The Fund, on behalf of the Portfolio(s), agrees

to deliver to the Custodian all securities and cash of the Portfolios, and all

payments of income, payments of principal or capital distributions received by

it with respect to all securities owned by the Portfolio(s) from time to time,

and the cash consideration received by it for such new or treasury shares of

beneficial interest of the Fund representing interests in the Portfolios

("SHARES") as may be issued or sold from time to time. The Custodian shall not

be responsible for any property of a Portfolio held or received by the Portfolio

and not delivered to the Custodian. With respect to uncertificated shares (the

"UNDERLYING SHARES") of registered investment companies (hereinafter sometimes

referred to as the "UNDERLYING PORTFOLIOS"), the holding of confirmation

statements that identify the shares as being recorded in the Custodian's name on

behalf of the Fund will be deemed custody for purposes hereof.



Upon receipt of "PROPER INSTRUCTIONS" (as such term is defined in Section 7

hereof), the Custodian shall on behalf of the applicable Portfolio(s) from time

to time employ one or more sub-custodians located in the United States, but only

in accordance with an applicable vote by the Board of Trustees of the Fund (the

"BOARD") on behalf of the applicable Portfolio(s). The Custodian may employ as

sub-custodian for the Fund's foreign securities on behalf of the applicable

Portfolio(s) the foreign banking institutions and foreign securities

depositories designated in Schedules A and B hereto, but only in accordance with

the applicable provisions of



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Sections 3 and 4. The Custodian shall have no more or less responsibility or

liability to the Fund on account of any actions or omissions of any

sub-custodian so employed than any such sub-custodian has to the Custodian.



SECTION 2. DUTIES OF THE CUSTODIAN WITH RESPECT TO PROPERTY OF THE FUND HELD BY

           THE CUSTODIAN IN THE UNITED STATES



      SECTION 2.1 HOLDING SECURITIES. The Custodian shall hold and physically

segregate for the account of each Portfolio all non-cash property, to be held by

it in the United States, including all domestic securities owned by such

Portfolio other than securities which are maintained pursuant to Section 2.8 in

a clearing agency which acts as a securities depository or in a book-entry

system authorized by the U.S. Department of the Treasury (each, a "U.S.

SECURITIES SYSTEM") and (b) the Underlying Shares owned by the Fund which are

maintained pursuant to Section 2.13 in an account with State Street Bank and

Trust Company or such other entity which may from time to time act as a transfer

agent for the Underlying Portfolios and with respect to which the Custodian is

provided with Proper Instructions (the "UNDERLYING TRANSFER AGENT").



      SECTION 2.2 DELIVERY OF SECURITIES. The Custodian shall release and

deliver domestic securities owned by a Portfolio held by the Custodian or in a

U.S. Securities System account of the Custodian or in an account at the

Underlying Transfer Agent, only upon receipt of Proper Instructions on behalf of

the applicable Portfolio, which may be continuing instructions when deemed

appropriate by the parties, and only in the following cases:



      1)    Upon sale of such securities for the account of the Portfolio and

            receipt of payment therefor;



      2)    Upon the receipt of payment in connection with any repurchase

            agreement related to such securities entered into by the Portfolio;



      3)    In the case of a sale effected through a U.S. Securities System, in

            accordance with the provisions of Section 2.8 hereof;



      4)    To the depository agent in connection with tender or other similar

            offers for securities of the Portfolio;



      5)    To the issuer thereof or its agent when such securities are called,

            redeemed, retired or otherwise become payable; provided that, in any

            such case, the cash or other consideration is to be delivered to the

            Custodian;



      6)    To the issuer thereof, or its agent, for transfer into the name of

            the Portfolio or into the name of any nominee or nominees of the

            Custodian or into the name or nominee name of any agent appointed

            pursuant to Section 2.7 or into the name or nominee name of any

            sub-custodian appointed pursuant to Section 1; or for exchange for a

            different number of bonds, certificates or other evidence



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            representing the same aggregate face amount or number of units;

            provided that, in any such case, the new securities are to be

            delivered to the Custodian;



      7)    Upon the sale of such securities for the account of the Portfolio,

            to the broker or its clearing agent, against a receipt, for

            examination in accordance with "street delivery" custom; provided

            that in any such case, the Custodian shall have no responsibility or

            liability for any loss arising from the delivery of such securities

            prior to receiving payment for such securities except as may arise

            from the Custodian's own negligence or willful misconduct;



      8)    For exchange or conversion pursuant to any plan of merger,

            consolidation, recapitalization, reorganization or readjustment of

            the securities of the issuer of such securities, or pursuant to

            provisions for conversion contained in such securities, or pursuant

            to any deposit agreement; provided that, in any such case, the new

            securities and cash, if any, are to be delivered to the Custodian;



      9)    In the case of warrants, rights or similar securities, the surrender

            thereof in the exercise of such warrants, rights or similar

            securities or the surrender of interim receipts or temporary

            securities for definitive securities; provided that, in any such

            case, the new securities and cash, if any, are to be delivered to

            the Custodian;



      10)   For delivery in connection with any loans of securities made by the

            Portfolio, but only against receipt of adequate collateral as agreed

            upon from time to time by the Custodian and the Fund on behalf of

            the Portfolio, which may be in the form of cash or obligations

            issued by the United States government, its agencies or

            instrumentalities, except that in connection with any loans for

            which collateral is to be credited to the Custodian's account in the

            book-entry system authorized by the U.S. Department of the Treasury,

            the Custodian will not be held liable or responsible for the

            delivery of securities owned by the Portfolio prior to the receipt

            of such collateral;



      11)   For delivery in connection with any loans of securities made by the

            Fund to a third party lending agent, or the lending agent's

            custodian, in accordance with Proper Instructions (which may not

            provide for the receipt by the Custodian of collateral therefor)

            agreed upon from time to time by the Custodian and the Fund on

            behalf of the Portfolio;



      12)   For delivery as security in connection with any borrowing by the

            Fund on behalf of the Portfolio requiring a pledge of assets by the

            Fund on behalf of the Portfolio, but only against receipt of amounts

            borrowed;



      13)   For delivery in accordance with the provisions of any agreement

            among the Fund on behalf of the Portfolio, the Custodian and a

            broker-dealer registered under the Securities Exchange Act of 1934

            (the "EXCHANGE ACT") and a member of The National Association of

            Securities Dealers, Inc. ("NASD"), relating to compliance



                                       3

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            with the rules of The Options Clearing Corporation and of any

            registered national securities exchange, or of any similar

            organization or organizations, regarding escrow or other

            arrangements in connection with transactions by the Portfolio of the

            Fund;



      14)   For delivery in accordance with the provisions of any agreement

            among the Fund on behalf of the Portfolio, the Custodian, and a

            futures commission merchant registered under the Commodity Exchange

            Act, relating to compliance with the rules of the Commodity Futures

            Trading Commission ("CFTC") and/or any contract market, or any

            similar organization or organizations, regarding account deposits in

            connection with transactions by the Portfolio of the Fund;



      15)   Upon receipt of instructions from the transfer agent for the Fund

            (the "TRANSFER AGENT") for delivery to such Transfer Agent or to the

            holders of Shares in connection with distributions in kind, as may

            be described from time to time in the currently effective prospectus

            and statement of additional information of the Fund related to the

            Portfolio (the "PROSPECTUS"), in satisfaction of requests by holders

            of Shares for repurchase or redemption;



      16)   For delivery as initial or variation margin in connection with

            futures or options on futures contracts entered into by the Fund on

            behalf of the Portfolio; and



      17)   In the case of a sale processed through the Underlying Transfer

            Agent of Underlying Shares, in accordance with Section 2.13 hereof;



      18)   For any other purpose, but only upon receipt of Proper Instructions

            from the Fund on behalf of the applicable Portfolio specifying the

            securities of the Portfolio to be delivered and naming the person or

            persons to whom delivery of such securities shall be made.



      SECTION 2.3 REGISTRATION OF SECURITIES. Domestic securities held by the

Custodian (other than bearer securities) shall be registered in the name of the

Portfolio or in the name of any nominee of the Fund on behalf of the Portfolio

or of any nominee of the Custodian which nominee shall be assigned exclusively

to the Portfolio, unless the Fund has authorized in writing the appointment of a

nominee to be used in common with other registered investment companies having

the same investment advisor as the Portfolio, or in the name or nominee name of

any agent appointed pursuant to Section 2.7 or in the name or nominee name of

any sub-custodian appointed pursuant to Section 1. All securities accepted by

the Custodian on behalf of the Portfolio under the terms of this Agreement shall

be in "street name" or other good delivery form. If, however, the Fund directs

the Custodian to maintain securities in "street name", the Custodian shall

utilize its best efforts only to timely collect income due the Fund on such

securities and to notify the Fund on a best efforts basis only of relevant

corporate actions including, without limitation, pendency of calls, maturities,

tender or exchange offers.



                                       4

{PAGE}



      SECTION 2.4 BANK ACCOUNTS. The Custodian shall open and maintain a

separate bank account or accounts in the United States in the name of each

Portfolio of the Fund, subject only to draft or order by the Custodian acting

pursuant to the terms of this Agreement, and shall hold in such account or

accounts, subject to the provisions hereof, all cash received by it from or for

the account of the Portfolio, other than cash maintained by the Portfolio in a

bank account established and used in accordance with Rule 17f-3 under the

Investment Company Act of 1940, as amended (the "1940 ACT"). Funds held by the

Custodian for a Portfolio may be deposited by it to its credit as Custodian in

the banking department of the Custodian or in such other banks or trust

companies as it may in its discretion deem necessary or desirable; provided,

however, that every such bank or trust company shall be qualified to act as a

custodian under the 1940 Act and that each such bank or trust company and the

funds to be deposited with each such bank or trust company shall on behalf of

each applicable Portfolio be approved by vote of a majority of the Board. Such

funds shall be deposited by the Custodian in its capacity as Custodian and shall

be withdrawable by the Custodian only in that capacity.



      SECTION 2.5 COLLECTION OF INCOME. Subject to the provisions of Section

2.3, the Custodian shall collect on a timely basis all income and other payments

with respect to registered domestic securities held hereunder to which each

Portfolio shall be entitled either by law or pursuant to custom in the

securities business, and shall collect on a timely basis all income and other

payments with respect to bearer domestic securities if, on the date of payment

by the issuer, such securities are held by the Custodian or its agent thereof

and shall credit such income, as collected, to such Portfolio's custodian

account. Without limiting the generality of the foregoing, the Custodian shall

detach and present for payment all coupons and other income items requiring

presentation as and when they become due and shall collect interest when due on

securities held hereunder. Income due each Portfolio on securities loaned

pursuant to the provisions of Section 2.2 (10) shall be the responsibility of

the Fund. The Custodian will have no duty or responsibility in connection

therewith, other than to provide the Fund with such information or data as may

be necessary to assist the Fund in arranging for the timely delivery to the

Custodian of the income to which the Portfolio is properly entitled.



      SECTION 2.6 PAYMENT OF FUND MONIES. Upon receipt of Proper Instructions on

behalf of the applicable Portfolio, which may be continuing instructions when

deemed appropriate by the parties, the Custodian shall pay out monies of a

Portfolio in the following cases only:



      1)    Upon the purchase of domestic securities, options, futures contracts

            or options on futures contracts for the account of the Portfolio but

            only (a) against the delivery of such securities or evidence of

            title to such options, futures contracts or options on futures

            contracts to the Custodian (or any bank, banking firm or trust

            company doing business in the United States or abroad which is

            qualified under the 1940 Act to act as a custodian and has been

            designated by the Custodian as its agent for this purpose)

            registered in the name of the Portfolio or in the name of a nominee

            of the Custodian referred to in Section 2.3 hereof or in proper form

            for transfer; (b) in the case of a purchase effected through a U.S.

            Securities System, in accordance with the conditions set forth in

            Section 2.8 hereof; (c) in the case of a purchase of Underlying

            Shares, in accordance with the conditions set forth in



                                       5

{PAGE}



            Section 2.13; (d) in the case of repurchase agreements entered into

            between the Fund on behalf of the Portfolio and the Custodian, or

            another bank, or a broker-dealer which is a member of NASD, (i)

            against delivery of the securities either in certificate form or

            through an entry crediting the Custodian's account at the Federal

            Reserve Bank with such securities or (ii) against delivery of the

            receipt evidencing purchase by the Portfolio of securities owned by

            the Custodian along with written evidence of the agreement by the

            Custodian to repurchase such securities from the Portfolio; or (e)

            for transfer to a time deposit account of the Fund in any bank,

            whether domestic or foreign; such transfer may be effected prior to

            receipt of a confirmation from a broker and/or the applicable bank

            pursuant to Proper Instructions from the Fund as defined herein;



      2)    In connection with conversion, exchange or surrender of securities

            owned by the Portfolio as set forth in Section 2.2 hereof;



      3)    For the redemption or repurchase of Shares issued as set forth in

            Section 6 hereof;



      4)    For the payment of any expense or liability incurred by the

            Portfolio, including but not limited to the following payments for

            the account of the Portfolio: interest, taxes, management,

            accounting, transfer agent and legal fees, and operating expenses of

            the Fund whether or not such expenses are to be in whole or part

            capitalized or treated as deferred expenses;



      5)    For the payment of any dividends on Shares declared pursuant to the

            governing documents of the Fund;



      6)    For payment of the amount of dividends received in respect of

            securities sold short;



      7)    For payment as initial or variation margin in connection with

            futures or options on futures contracts entered into by the Fund on

            behalf of the Portfolio; and



      8)    For any other purpose, but only upon receipt of Proper Instructions

            from the Fund on behalf of the Portfolio specifying the amount of

            such payment and naming the person or persons to whom such payment

            is to be made.



      SECTION 2.7 APPOINTMENT OF AGENTS. The Custodian may at any time or times

in its discretion appoint (and may at any time remove) any other bank or trust

company which is itself qualified under the 1940 Act to act as a custodian, as

its agent to carry out such of the provisions of this Section 2 as the Custodian

may from time to time direct; provided, however, that the appointment of any

agent shall not relieve the Custodian of its responsibilities or liabilities

hereunder. The Underlying Transfer Agent shall not be deemed an agent or

subcustodian of the Custodian for purposes of this Section 2.7 or any other

provision of this Agreement.



                                       6

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      SECTION 2.8 DEPOSIT OF FUND ASSETS IN U.S. SECURITIES SYSTEMS. The

Custodian may deposit and/or maintain securities owned by a Portfolio in a U.S.

Securities System in compliance with the conditions of Rule 17f-4 of the 1940

Act, as amended from time to time.



      SECTION 2.9 SEGREGATED ACCOUNT. The Custodian shall upon receipt of Proper

Instructions on behalf of each applicable Portfolio establish and maintain a

segregated account or accounts for and on behalf of each such Portfolio, into

which account or accounts may be transferred cash and/or securities, including

securities maintained in an account by the Custodian pursuant to Section 2.8

hereof, (i) in accordance with the provisions of any agreement among the Fund on

behalf of the Portfolio, the Custodian and a broker-dealer registered under the

Exchange Act and a member of the NASD (or any futures commission merchant

registered under the Commodity Exchange Act), relating to compliance with the

rules of The Options Clearing Corporation and of any registered national

securities exchange (or the CFTC or any registered contract market), or of any

similar organization or organizations, regarding escrow or other arrangements in

connection with transactions by the Portfolio, (ii) for purposes of segregating

U.S. cash, U.S. Government securities, or other U.S. securities in connection

with swaps arrangements in connection with transactions by the Portfolio,

options purchased, sold or written by the Portfolio or commodity futures

contracts or options thereon purchased or sold by the Portfolio, (iii) for the

purposes of compliance by the Portfolio with the procedures required by

Investment Company Act Release No. 10666, or any subsequent release of the U.S.

Securities and Exchange Commission (the "SEC"), or interpretative opinion of the

staff of the SEC, relating to the maintenance of segregated accounts by

registered investment companies, and (iv) for any other purpose upon receipt of

Proper Instructions from the Fund on behalf of the applicable Portfolio.



      SECTION 2.10 OWNERSHIP CERTIFICATES FOR TAX PURPOSES. The Custodian shall

execute ownership and other certificates and affidavits for all federal and

state tax purposes in connection with receipt of income or other payments with

respect to domestic securities of each Portfolio held by it and in connection

with transfers of securities.



      SECTION 2.11 PROXIES. The Custodian shall, with respect to the domestic

securities held hereunder, cause to be promptly executed by the registered

holder of such securities, if the securities are registered otherwise than in

the name of the Portfolio or a nominee of the Portfolio, all proxies, without

indication of the manner in which such proxies are to be voted, and shall

promptly deliver to the Portfolio such proxies, all proxy soliciting materials

and all notices relating to such securities.



      SECTION 2.12 COMMUNICATIONS RELATING TO PORTFOLIO SECURITIES. Subject to

the provisions of Section 2.3, the Custodian shall transmit promptly to the Fund

for each Portfolio all written information (including, without limitation,

pendency of calls and maturities of domestic securities and expirations of

rights in connection therewith and notices of exercise of call and put options

written by the Fund on behalf of the Portfolio and the maturity of futures

contracts purchased or sold by the Portfolio) received by the Custodian from

issuers of the securities being held for the Portfolio. With respect to tender

or exchange offers, the Custodian shall transmit promptly to the Portfolio all

written information received by the Custodian from issuers of the



                                       7

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securities whose tender or exchange is sought and from the party (or its agents)

making the tender or exchange offer. If the Portfolio desires to take action

with respect to any tender offer, exchange offer or any other similar

transaction, the Portfolio shall notify the Custodian at least three business

days prior to the date on which the Custodian is to take such action.



      SECTION 2.13 DEPOSIT OF FUND ASSETS WITH THE UNDERLYING TRANSFER AGENT.

Underlying Shares shall be deposited and/or maintained in an account or accounts

maintained with the Underlying Transfer Agent. The Underlying Transfer Agent

shall be deemed to be acting as if it is a "securities depository" for purposes

of Rule 17f-4 under the 1940 Act. The Fund hereby directs the Custodian to

deposit and/or maintain such securities with the Underlying Transfer Agent,

subject to the following provisions:



      1)    The Custodian shall keep Underlying Shares owned by the Fund with

            the Underlying Transfer Agent provided that such securities are

            maintained in an account or accounts on the books and records of the

            Underlying Transfer Agent in the name of the Custodian as custodian

            for the Fund.



      2)    The records of the Custodian with respect to Underlying Shares which

            are maintained with the Underlying Transfer Agent shall identify by

            book-entry those Underlying Shares belonging to the Fund;



      3)    The Custodian shall pay for Underlying Shares purchased for the

            account of the Fund upon (i) receipt of advice from the Fund's

            investment manager that such Underlying Shares have been purchased

            and will be transferred to the account of the Custodian, on behalf

            of the Fund, on the books and records of the Underlying Transfer

            Agent, and (ii) the making of an entry on the records of the

            Custodian to reflect such payment and transfer for the account of

            the Fund. The Custodian shall receive confirmation from the

            Underlying Transfer Agent of the purchase of such securities and the

            transfer of such securities to the Custodian's account with the

            Underlying Transfer Agent only after such payment is made. The

            Custodian shall transfer Underlying Shares redeemed for the account

            of the Fund (i) upon receipt of an advice from the Fund's investment

            manager that such securities have been redeemed and that payment for

            such securities will be transferred to the Custodian and (ii) the

            making of an entry on the records of the Custodian to reflect such

            transfer and payment for the account of the Fund. The Custodian will

            receive confirmation from the Underlying Transfer Agent of the

            repurchase of such securities and payment therefor only after such

            securities are redeemed. Copies of all advices from the Fund's

            investment manager of purchases and sales of Underlying Shares for

            the account of the Fund shall identify the Fund, be maintained for

            the Fund by the Custodian, and be provided to the investment manager

            at its request;



      4)    The Custodian shall be not be liable to the Fund for any loss or

            damage to the Fund resulting from maintenance of Underlying Shares

            with Underlying Transfer Agent except for losses resulting directly

            from the negligence, misfeasance or misconduct of the Custodian or

            any of its agents or of any of its or their employees.



                                       8

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SECTION 3. PROVISIONS RELATING TO RULES 17F-5 AND 17F-7



      SECTION 3.1. DEFINITIONS. As used throughout this Agreement, the

capitalized terms set forth below shall have the indicated meanings:



"Country Risk" means all factors reasonably related to the systemic risk of

holding Foreign Assets in a particular country including, but not limited to,

such country's political environment, economic and financial infrastructure

(including any Eligible Securities Depository operating in the country),

prevailing or developing custody and settlement practices, and laws and

regulations applicable to the safekeeping and recovery of Foreign Assets held in

custody in that country.



"Eligible Foreign Custodian" has the meaning set forth in section (a)(1) of Rule

17f-5, including a majority-owned or indirect subsidiary of a U.S. Bank (as

defined in Rule 17f-5), a bank holding company meeting the requirements of an

Eligible Foreign Custodian (as set forth in Rule 17f-5 or by other appropriate

action of the SEC, or a foreign branch of a Bank (as defined in Section 2(a)(5)

of the 1940 Act) meeting the requirements of a custodian under Section 17(f) of

the 1940 Act; the term does not include any Eligible Securities Depository.



"Eligible Securities Depository" has the meaning set forth in section (b)(1) of

Rule 17f-7.



"Foreign Assets" means any of the Portfolios' investments (including foreign

currencies) for which the primary market is outside the United States and such

cash and cash equivalents as are reasonably necessary to effect the Portfolios'

transactions in such investments.



"Foreign Custody Manager" has the meaning set forth in section (a)(3) of Rule

17f-5.



"Rule 17f-5" means Rule 17f-5 promulgated under the 1940 Act.



"Rule 17f-7" means Rule 17f-7 promulgated under the 1940 Act.



      SECTION 3.2. THE CUSTODIAN AS FOREIGN CUSTODY MANAGER.



            3.2.1 DELEGATION TO THE CUSTODIAN AS FOREIGN CUSTODY MANAGER. The

Fund, by resolution adopted by its Board, hereby delegates to the Custodian,

subject to Section (b) of Rule 17f-5, the responsibilities set forth in this

Section 3.2 with respect to Foreign Assets of the Portfolios held outside the

United States, and the Custodian hereby accepts such delegation as Foreign

Custody Manager with respect to the Portfolios.



            3.2.2 COUNTRIES COVERED. The Foreign Custody Manager shall be

responsible for performing the delegated responsibilities defined below only

with respect to the countries and custody arrangements for each such country

listed on Schedule A to this Agreement, which list of countries may be amended

from time to time by the Fund with the agreement of the Foreign Custody Manager.

The Foreign Custody Manager shall list on



                                       9

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Schedule A the Eligible Foreign Custodians selected by the Foreign Custody

Manager to maintain the assets of the Portfolios, which list of Eligible Foreign

Custodians may be amended from time to time in the sole discretion of the

Foreign Custody Manager. The Foreign Custody Manager will provide amended

versions of Schedule A in accordance with Section 3.2.5 hereof.

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