JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND

Regulatory Filings • Mar 23, 2015

40-17G 1 e405201_40-17g.htm FIDELITY BOND HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" p81906724_2014c.htm - Generated by SEC Publisher for SEC Filing $$/page=

601 Congress Street Boston, Massachusetts 02210-2805

March 23, 2015

Securities and Exchange Commission

Washington, DC 20549

RE: John Hancock Bond Trust (File No. 811-03006)

John Hancock Collateral Trust (File No. 811-23027)

John Hancock California Tax-Free Income Fund (File No. 811-05979)

John Hancock Capital Series (File No. 811-01677)

John Hancock Current Interest (File No. 811-02485)

John Hancock Emerging Markets Income Fund (File No. 811-22586)

John Hancock Financial Opportunities Fund (file No. 811-08568)

John Hancock Floating Rate High Income Fund (File No. 811-22879)

John Hancock Funds II (File No. 811-21779)

John Hancock Funds III (File No. 811-21777)

John Hancock Hedged Equity & Income Fund (File No. 811-22441)

John Hancock Income Securities Trust (File No. 811-04186)

John Hancock Investment Trust (File No. 811-00560)

John Hancock Investment Trust II (File No. 811-03999)

John Hancock Investment Trust III (File No. 811-04630)

John Hancock Investors Trust (File No. 811-04173)

John Hancock Municipal Securities Trust (File No. 811-05968)

John Hancock Preferred Income Fund (File No. 811-21131)

John Hancock Preferred Income Fund II (File No. 811-21202)

John Hancock Preferred Income Fund III (File No. 811-21287)

John Hancock Premium Dividend Fund (File No. 811-05908)

John Hancock Sovereign Bond Fund (File No. 811-02402)

John Hancock Strategic Diversified Income Fund (File No. 811-22675)

John Hancock Strategic Series (File No. 811-04651)

John Hancock Tax-Advantaged Dividend Income Fund (File No. 811-21416)

John Hancock Tax-Advantaged Global Shareholder Yield Fund (File No. 811-22056)

John Hancock Tax-Exempt Series Fund (File No. 811-05079)

John Hancock Variable Insurance Trust (File No. 811-04146)

(collectively the “Registrants” or the “Assured”)

Dear Sir/Madam:

On behalf of the Registrants, enclosed for filing, pursuant to Rule 17g-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), are the following documents:

1.	A copy of the joint insured fidelity bond no. 81906724 issued by Chubb Group of Insurance Companies.
2.	A copy of Endorsement / Rider No. 1 to the Registrants’ joint bond no. 81906724 regarding name of Assured.
3.	A copy of Endorsement No. 2 to the Registrants’ joint bond no. 81906724 amending Section 13 relating to terminations, non-renewals and notices.
4.	A copy of Endorsement No. 3 to the Registrants’ joint bond no. 81906724 regarding unauthorized signatures.
5.	A copy of Endorsement No. 4 to the Registrants’ joint bond no. 81906724 regarding automated telephone transactions.
6.	A copy of Endorsement No. 5 to the Registrants’ joint bond no. 81906724 regarding telefacsimile instructions.

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601 Congress Street Boston, Massachusetts 02210-2805

7.	A copy of Endorsement No. 6 to the Registrants’ joint bond no. 81906724 regarding stop payment orders or refusals to pay checks.
8.	A copy of Endorsement No. 7 to the Registrants’ joint bond no. 81906724 regarding extended computer systems’ electronic data, media, instructions, communications and transmissions.
9.	A copy of Endorsement / Rider No. 8 to the Registrants’ joint bond no. 81906724 regarding automatic increase in limits.
10.	A copy of Endorsement / Rider No. 9 to the Registrants’ joint bond no. 81906724 regarding definition of employee.
11.	A copy of Endorsement / Rider No. 10 to the Registrants’ joint bond no. 81906724 regarding deleting valuation, other property and amending change or modification.
12.	A copy of Endorsement No. 11 to the Registrant’s joint bond no. 81906724 regarding compliance with applicable trade sanction laws.
13.	A copy of Endorsement / Rider No. 12 to the Registrants’ joint bond no. 81906724 regarding amending the name of the Assured relating to new funds.
14.	A copy of Endorsement / Rider No. 13 to the Registrants’ joint bond no. 81906724 regarding amending discovery and notice.
15.	A copy of Endorsement No. 14 to the Registrant’s joint bond no, 81906724 regarding limits of liability-deductible amounts.
16.	A copy of the excess joint insured fidelity bond no. 87142113B issued by ICI Mutual Insurance Company.
17.	A copy of Rider No. 1 to the Registrant’s joint bond no. 87142113B regarding requirements of the Terrorism Risk Insurance Act of 2002, as amended.
18.	A copy of the resolutions of the Board of Trustees approving the bonds.
19.	A copy of the agreement among the Registrants entered into pursuant to paragraph (f) of Regulation 17g-1.
20.	A statement showing the single bond amount (if the Registrants had not been named as an insured under this joint insured bond).
21.	A statement showing that premiums have been paid for the period December 31, 2014 to December 31, 2015.

Sincerely,

/s/ Betsy Anne Seel

Betsy Anne Seel

Assistant Secretary

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| AON RISK SERVICES NE (FSG POLICY INTAKE
FACILITY) | |
| --- | --- |
| ATTN: | DREW SULLIVAN |
| 1000 N. MILWAUKEE AVENUE | |
| GLENVIEW, IL 60025 | |
| INSURED: | JOHN HANCOCK FUNDS |
| PRODUCT: | DFIBond |
| POLICY NO: | 81906724 |
| TRANSACTION: | RENL_CORR |

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			Chubb Group of Insurance Companies
					FINANCIAL INSTITUTION INVESTMENT
			15 Mountain View Road, Warren, New Jersey
07059		COMPANY ASSET PROTECTION BOND
NAME OF ASSURED
(including its Subsidiaries ):					Bond Number: 81906724
JOHN HANCOCK
FUNDS
					FEDERAL INSURANCE COMPANY
601 CONGRESS
STREET					Incorporated under the laws of Indiana
BOSTON, MA
02210					a stock insurance company herein called
the COMPANY
					Capital Center, 251 North Illinois, Suite
1100
					Indianapolis,
IN 46204-1927
ITEM 1.	BOND PERIOD:		from	12:01 a.m. on	December 31, 2014
			to	12:01 a.m. on	December 31, 2015
ITEM 2.	LIMITS OF LIABILITY--DEDUCTIBLE
AMOUNTS:
	If “Not Covered” is inserted below opposite
any specified INSURING CLAUSE, such INSURING CLAUSE and
	any other reference shall be deemed to
be deleted. There shall be no deductible applicable to any loss
	under INSURING
CLAUSE 1. sustained by any Investment Company.
						DEDUCTIBLE
	INSURING CLAUSE				LIMIT OF LIABILITY	AMOUNT
	1	.	Employee		$ 15,000,000	$ 0
	2	.	On Premises		$ 15,000,000	$ 150,000
	3	.	In Transit		$ 15,000,000	$ 150,000
	4	.	Forgery or Alteration		$ 15,000,000	$ 150,000
	5	.	Extended Forgery		$ 15,000,000	$ 150,000
	6	.	Counterfeit
Money		$ 15,000,000	$ 150,000
	7	.	Threats to Person		$ 15,000,000	$ 150,000
	8	.	Computer System		$ 15,000,000	$ 150,000
	9	.	Voice Initiated
Funds Transfer Instruction		$ 15,000,000	$ 150,000
	10	.	Uncollectible
Items of Deposit		$ 15,000,000	$ 150,000
	11	.	Audit Expense		$ 150,000	$ 0
ITEM 3.	THE LIABILITY OF THE COMPANY IS ALSO
SUBJECT TO THE TERMS OF THE FOLLOWING
	ENDORSEMENTS
EXECUTED SIMULTANEOUSLY HEREWITH:
	1		– 14
IN WITNESS WHEREOF, THE COMPANY has
caused this Bond to be signed by its authorized officers, but it shall not be
valid unless also signed by an authorized
representative of the Company.

/s/ Maureen A. Brundage Secretary	/s/ Paul J. Krump President
Countersigned by March 17, 2015	/s/ Paul N. Morrissette Authorized Representative

ICAP Bond (5-98) - Federal
Form 17-02-1421 (Ed. 5-98)	Page 1 of 1

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| | The COMPANY, in consideration of payment
of the required premium, and in reliance | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | on the APPLICATION and all other statements
made and information furnished to the | | | | | |
| | COMPANY by the ASSURED, and subject to
the DECLARATIONS made a part of this | | | | | |
| | Bond and to all other terms and conditions
of this Bond, agrees to pay the ASSURED | | | | | |
| | for: | | | | | |
| Insuring Clauses | | | | | | |
| Employee | 1 | . | Loss resulting directly from Larceny or Embezzlement committed by any | | | |
| Employee , alone or in collusion with others. | | | | | | |
| On Premises | 2 | . | Loss of Property resulting directly
from robbery, burglary, false pretenses, | | | |
| | | | common law or statutory larceny, misplacement,
mysterious unexplainable | | | |
| | | | disappearance, damage, destruction or removal,
from the possession, custody or | | | |
| | | | control of the ASSURED, while such Property is lodged or deposited at premises | | | |
| | | | located
anywhere. | | | |
| In Transit | 3 | . | Loss of Property resulting directly
from common law or statutory larceny, | | | |
| | | | misplacement, mysterious unexplainable
disappearance, damage or destruction, | | | |
| | | | while the Property is in transit
anywhere: | | | |
| | | | a. | in an armored motor vehicle, including
loading and unloading thereof, | | |
| | | | b. | in the custody of a natural person acting
as a messenger of the ASSURED, | | |
| | | | | or | | |
| | | | c. | in the custody of a Transportation
Company and being transported in a | | |
| | | | | conveyance other than an armored motor
vehicle provided, however, that | | |
| | | | | covered Property transported in
such manner is limited to the following: | | |
| | | | | (1 | ) | written records, |
| | | | | (2 | ) | securities issued in registered form, which are
not endorsed or are |
| restrictively endorsed, or | | | | | | |
| | | | | (3 | ) | negotiable instruments not payable to bearer, which
are not endorsed |
| | | | | | | or are restrictively endorsed. |
| | | | Coverage under this INSURING CLAUSE begins
immediately on the receipt of | | | |
| | | | such Property by the natural person
or Transportation Company and ends | | | |
| | | | immediately on delivery to the premises
of the addressee or to any representative | | | |
| | | | of the addressee located anywhere. | | | |

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 1 of 19

$$/page=

Insuring Clauses
(continued)
Forgery Or Alteration	4	.	Loss resulting directly from:
			a.	Forgery on, or fraudulent material
alteration of, any bills of exchange,
				checks, drafts, acceptances, certificates
of deposits, promissory notes, due
				bills, money orders, orders upon public
treasuries, letters of credit, other
				written promises, orders or directions
to pay sums certain in money, or
				receipts for the withdrawal of Property ,
or
			b.	transferring, paying or delivering any
funds or other Property , or establishing
				any credit or giving any value in reliance
on any written instructions, advices
				or applications directed to the ASSURED
authorizing or acknowledging the
				transfer, payment, delivery or receipt
of funds or other Property , which
				instructions, advices or applications fraudulently
purport to bear the
				handwritten signature of any customer
of the ASSURED, or shareholder or
				subscriber to shares of an Investment
Company , or of any financial
				institution or Employee but which
instructions, advices or applications either
				bear a Forgery or have been fraudulently
materially altered without the
				knowledge and consent of such customer,
shareholder, subscriber, financial
				institution or Employee ;
			excluding, however, under this INSURING
CLAUSE any loss covered under
			INSURING CLAUSE 5. of this Bond, whether
or not coverage for INSURING
			CLAUSE 5. is provided for in the DECLARATIONS
of this Bond.
			For the purpose of this INSURING CLAUSE,
a mechanically reproduced facsimile
			signature
is treated the same as a handwritten signature.
Extended Forgery	5	.	Loss resulting directly from the ASSURED
having, in good faith, and in the
			ordinary course of business, for its own
account or the account of others in any
			capacity:
			a.	acquired, accepted or received, accepted
or received, sold or delivered, or
				given value, extended credit or assumed
liability, in reliance on any original
				Securities, documents or other written
instruments which prove to:
				(1)	bear a Forgery or a fraudulently material
alteration,
				(2)	have been lost or stolen, or
				(3)	be Counterfeit , or
			b.	guaranteed in writing or witnessed any
signatures on any transfer,
				assignment, bill of sale, power of attorney,
guarantee, endorsement or other
				obligation upon or in connection with any Securities, documents or other
				written instruments .
			Actual physical possession, and continued
actual physical possession if taken as
			collateral, of such Securities, documents
or other written instruments by an
			Employee, Custodian , or a Federal
or State chartered deposit institution of the
			ASSURED is a condition precedent to the
ASSURED having relied on such items.
			Release or return of such collateral is
an acknowledgment by the ASSURED that it
			no longer relies on such collateral.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 2 of 19

$$/page=

Insuring Clauses
Extended Forgery			For the purpose of this INSURING CLAUSE,
a mechanically reproduced facsimile
(continued)			signature
is treated the same as a handwritten signature.
Counterfeit Money	6	.	Loss resulting directly from the receipt
by the ASSURED in good faith of any
			Counterfeit money.
Threats To Person	7	.	Loss resulting directly from surrender
of Property away from an office of the
			ASSURED as a result of a threat communicated
to the ASSURED to do bodily
			harm to an Employee as defined in
Section 1.e. (1), (2) and (5), a Relative or
			invitee of such Employee , or a resident
of the household of such Employee , who
			is, or allegedly is, being held captive
provided, however, that prior to the surrender
			of such Property :
			a.	the Employee who receives the threat
has made a reasonable effort to
				notify an officer of the ASSURED who
is not involved in such threat, and
			b.	the ASSURED has made a reasonable effort
to notify the Federal Bureau of
				Investigation and local law enforcement
authorities concerning such threat.
			It is agreed that for purposes of this
INSURING CLAUSE, any Employee of the
			ASSURED, as set forth in the preceding
paragraph, shall be deemed to be an
			ASSURED hereunder, but only with respect
to the surrender of money, securities
			and other tangible personal property in
which such Employee has a legal or
			equitable
interest.
Computer System	8	.	Loss resulting directly from fraudulent:
			a.	entries of data into, or
			b.	changes of data elements or programs within,
			a Computer System , provided the
fraudulent entry or change causes:
				(1	)	funds or other property to be transferred, paid
or delivered,
				(2	)	an account of the ASSURED or of its customer to
be added, deleted,
debited or credited, or
				(3	)	an unauthorized account or a fictitious account
to be debited or
						credited.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 3 of 19

$$/page=

Insuring Clauses
(continued)
Voice Initiated Funds	9	.	Loss resulting directly from Voice Initiated
Funds Transfer Instruction directed
Transfer Instruction			to the ASSURED authorizing the transfer
of dividends or redemption proceeds of
			Investment Company shares from a Customer’s account, provided such Voice
			Initiated Funds Transfer Instruction was:
			a.	received at the ASSURED’S offices by those Employees of the ASSURED
				specifically authorized to receive the Voice
Initiated Funds Transfer
				Instruction ,
			b.	made by a person purporting to be a Customer ,
and
			c.	made by said person for the purpose of causing the
ASSURED or Customer
				to sustain a loss or making an improper personal
financial gain for such
				person or any other person.
			In order for coverage to apply under this
INSURING CLAUSE, all Voice Initiated
			Funds Transfer Instructions must
be received and processed in accordance with
			the Designated Procedures outlined in the
APPLICATION furnished to the
			COMPANY.
Uncollectible Items of	10	.	Loss resulting directly from the ASSURED
having credited an account of a
Deposit			customer, shareholder or subscriber on
the faith of any Items of Deposit which
			prove to be uncollectible, provided that
the crediting of such account causes:
			a.	redemptions or withdrawals to be permitted,
			b.	shares to be issued, or
			c.	dividends to be paid,
from an account of an Investment Company .
			In order for coverage to apply under this
INSURING CLAUSE, the ASSURED
			must hold Items of Deposit for the
minimum number of days stated in the
			APPLICATION before permitting any redemptions
or withdrawals, issuing any
			shares or paying any dividends with respect
to such Items of Deposit .
			Items of Deposit shall not be deemed
uncollectible until the ASSURED’S
			standard
collection procedures have failed.
Audit Expense	11	.	Expense incurred by the ASSURED for that
part of the cost of audits or
			examinations required by any governmental
regulatory authority or self-regulatory
			organization to be conducted by such authority,
organization or their appointee by
			reason of the discovery of loss sustained
by the ASSURED and covered by this
			Bond.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 4 of 19

$$/page=

| General Agreements — Additional Companies | A. | If more than one corporation, or Investment
Company , or any combination of | | |
| --- | --- | --- | --- | --- |
| Included As Assured | | them is included as the ASSURED herein: | | |
| | | (1 | ) | The total liability of the COMPANY under this Bond
for loss or losses |
| | | | | sustained by any one or more or all of them shall
not exceed the limit for |
| | | | | which the COMPANY would be liable under this Bond
if all such loss were |
| | | | | sustained by any one of them. |
| | | (2 | ) | Only the first named ASSURED shall be deemed to
be the sole agent of the |
| | | | | others for all purposes under this Bond, including
but not limited to the giving |
| | | | | or receiving of any notice or proof required to
be given and for the purpose of |
| | | | | effecting or accepting any amendments to or termination
of this Bond. The |
| | | | | COMPANY shall furnish each Investment Company with a copy of the |
| | | | | Bond and with any amendment thereto, together with
a copy of each formal |
| | | | | filing of claim by any other named ASSURED and notification
of the terms of |
| | | | | the settlement of each such claim prior to the execution
of such settlement. |
| | | (3 | ) | The COMPANY shall not be responsible for the proper
application of any |
| | | | | payment made hereunder to the first named ASSURED. |
| | | (4 | ) | Knowledge possessed or discovery made by any partner,
director, trustee, |
| | | | | officer or supervisory employee of any ASSURED shall
constitute knowledge |
| | | | | or discovery by all the ASSUREDS for the purposes
of this Bond. |
| | | (5 | ) | If the first named ASSURED ceases for any reason
to be covered under this |
| | | | | Bond, then the ASSURED next named on the APPLICATION
shall thereafter |
| | | | | be considered
as the first named ASSURED for the purposes of this Bond. |
| Representation Made By | B. | The ASSURED represents that all information
it has furnished in the | | |
| Assured | | APPLICATION for this Bond or otherwise
is complete, true and correct. Such | | |
| | | APPLICATION and other information constitute
part of this Bond. | | |
| | | The ASSURED must promptly notify the COMPANY
of any change in any fact or | | |
| | | circumstance which materially affects
the risk assumed by the COMPANY under | | |
| | | this Bond. | | |
| | | Any intentional misrepresentation, omission,
concealment or incorrect statement of | | |
| | | a material fact, in the APPLICATION or
otherwise, shall be grounds for recision of | | |
| | | this Bond. | | |

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 5 of 19

$$/page=

General Agreements
(continued)
Additional Offices Or	C.	If the ASSURED, other than an Investment
Company , while this Bond is in force,
Employees - Consolidation,		merges or consolidates with, or purchases
or acquires assets or liabilities of
Merger Or Purchase Or		another institution, the ASSURED shall
not have the coverage afforded under this
Acquisition Of Assets Or		Bond for loss which has:
Liabilities - Notice To		(1	)	occurred or will occur on premises, or
Company
		(2	)	been caused or will be caused by an employee, or
		(3	)	arisen or will arise out of the assets or liabilities,
		of such institution, unless the ASSURED:
		a.		gives the COMPANY written notice of the proposed
consolidation, merger or
				purchase or acquisition of assets or liabilities
prior to the proposed effective
				date of such action, and
		b.		obtains the written consent of the COMPANY to extend
some or all of the
				coverage provided by this Bond to such additional
exposure, and
		c.		on obtaining
such consent, pays to the COMPANY an additional premium.
Change Of Control -	D.	When the ASSURED learns of a change in
control (other than in an Investment
Notice To Company		Company ), as set forth in Section
2(a) (9) of the Investment Company Act of
		1940,		the ASSURED shall within
sixty (60) days give written notice to the
		COMPANY setting forth:
		(1	)	the names of the transferors and transferees (or
the names of the beneficial
				owners if the voting securities are registered in
another name),
		(2	)	the total number of voting securities owned by the
transferors and the
				transferees (or the beneficial owners), both immediately
before and after the
				transfer, and
		(3	)	the total number of outstanding voting securities.
		Failure to give the required notice shall
result in termination of coverage for any
		loss
involving a transferee, to be effective on the date of such change in control.
Court Costs And	E.	The COMPANY will indemnify the ASSURED
for court costs and reasonable
Attorneys’ Fees		attorneys’ fees incurred and paid by the
ASSURED in defense, whether or not
		successful, whether or not fully litigated
on the merits and whether or not settled,
		of any claim, suit or legal proceeding
with respect to which the ASSURED would
		be entitled to recovery under this Bond.
However, with respect to INSURING
		CLAUSE 1., this Section shall only apply
in the event that:
		(1	)	an Employee admits to being guilty of Larceny
or Embezzlement ,
		(2	)	an Employee is adjudicated to be guilty of Larceny or Embezzlement , or

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 6 of 19

$$/page=

| General Agreements — Court Costs And | (3) | in the absence of 1 or 2 above, an arbitration panel
agrees, after a review of |
| --- | --- | --- |
| Attorneys’ Fees | | an agreed statement of facts between the COMPANY
and the ASSURED, |
| (continued) | | that an Employee would be found guilty of Larceny or Embezzlement if |
| such Employee were prosecuted. | | |
| | The ASSURED shall promptly give notice
to the COMPANY of any such suit or | |
| | legal proceeding and at the request of
the COMPANY shall furnish copies of all | |
| | pleadings and pertinent papers to the COMPANY.
The COMPANY may, at its | |
| | sole option, elect to conduct the defense
of all or part of such legal proceeding. | |
| | The defense by the COMPANY shall be in
the name of the ASSURED through | |
| | attorneys selected by the COMPANY. The
ASSURED shall provide all reasonable | |
| | information and assistance as required
by the COMPANY for such defense. | |
| | If the COMPANY declines to defend the ASSURED,
no settlement without the | |
| | prior written consent of the COMPANY nor
judgment against the ASSURED shall | |
| | determine the existence, extent or amount
of coverage under this Bond. | |
| | If the amount demanded in any such suit
or legal proceeding is within the | |
| | DEDUCTIBLE AMOUNT, if any, the COMPANY
shall have no liability for court | |
| | costs and attorney’s fees incurred in defending
all or part of such suit or legal | |
| | proceeding. | |
| | If the amount demanded in any such suit
or legal proceeding is in excess of the | |
| | LIMIT OF LIABILITY stated in ITEM 2. of
the DECLARATIONS for the applicable | |
| | INSURING CLAUSE, the COMPANY’S liability
for court costs and attorney’s fees | |
| | incurred in defending all or part of such
suit or legal proceedings is limited to the | |
| | proportion of such court costs and attorney’s
fees incurred that the LIMIT OF | |
| | LIABILITY stated in ITEM 2. of the DECLARATIONS
for the applicable INSURING | |
| | CLAUSE bears to the total of the amount
demanded in such suit or legal | |
| | proceeding. | |
| | If the amount demanded is any such suit
or legal proceeding is in excess of the | |
| | DEDUCTIBLE AMOUNT, if any, but within the
LIMIT OF LIABILITY stated in ITEM | |
| | 2. | of the DECLARATIONS for the applicable INSURING
CLAUSE, the |
| | COMPANY’S liability for court costs and
attorney’s fees incurred in defending all or | |
| | part of such suit or legal proceedings
shall be limited to the proportion of such | |
| | court costs or attorney’s fees that the
amount demanded that would be payable | |
| | under this Bond after application of the
DEDUCTIBLE AMOUNT, bears to the total | |
| | amount demanded. | |
| | Amounts paid by the COMPANY for court costs
and attorneys’ fees shall be in | |
| | addition to the LIMIT OF LIABILITY stated
in ITEM 2. of the DECLARATIONS. | |

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 7 of 19

$$/page=

Conditions And
Limitations
Definitions	1	.	As used in this Bond:
			a.	Computer System means a computer
and all input, output, processing,
				storage, off-line media libraries, and
communication facilities which are
				connected to the computer and which are
under the control and supervision
				of the operating system(s) or application(s)
software used by the ASSURED.
			b.	Counterfeit means an imitation of
an actual valid original which is intended
				to deceive and be taken as the original.
			c.	Custodian means the institution
designated by an Investment Company to
				maintain possession and control of its
assets.
			d.	Customer means an individual, corporate,
partnership, trust customer,
				shareholder or subscriber of an Investment
Company which has a written
				agreement with the ASSURED for Voice
Initiated Funds Transfer
				Instruction .
			e.	Employee means:
				(1	)	an officer of the ASSURED,
				(2	)	a natural person while in the regular service of
the ASSURED at any of
						the ASSURED’S premises and compensated directly by
the ASSURED
						through its payroll system and subject to the United
States Internal
						Revenue Service Form W-2 or equivalent income reporting
plans of
						other countries, and whom the ASSURED has the right
to control and
						direct both as to the result to be accomplished and
details and means
						by which such result is accomplished in the performance
of such
						service,
				(3	)	a guest student pursuing studies or performing duties
in any of the
ASSURED’S premises,
				(4	)	an attorney retained by the ASSURED and an employee
of such
						attorney while either is performing legal services
for the ASSURED,
				(5	)	a natural person provided by an employment contractor
to perform
						employee duties for the ASSURED under the ASSURED’S
supervision
						at any of the ASSURED’S premises,
				(6	)	an employee of an institution merged or consolidated
with the
						ASSURED prior to the effective date of this Bond,
				(7	)	a director or trustee of the ASSURED, but only while
performing acts
						within the scope of the customary and usual duties
of any officer or
						other employee of the ASSURED or while acting as
a member of any
						committee duly elected or appointed to examine or
audit or have
						custody of or access to Property of the ASSURED,
or

ICAP Bond (5-98)
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Conditions And
Limitations
Definitions	(8	)	each natural person, partnership or corporation
authorized by written
(continued)			agreement with the ASSURED to perform services
as electronic data
			processor of checks or other accounting
records related to such checks but
			only while such person, partnership or
corporation is actually performing
			such services and not:
			a.	creating, preparing, modifying or maintaining the
ASSURED’S
				computer software or programs, or
			b.	acting as transfer agent or in any other agency
capacity in issuing
				checks, drafts or securities for the ASSURED,
	(9	)	any partner, officer or employee of an
investment advisor, an underwriter
			(distributor), a transfer agent or shareholder
accounting recordkeeper, or an
			administrator, for an Investment Company while performing acts coming
			within the scope of the customary and usual
duties of an officer or employee
			of an Investment Company or acting
as a member of any committee duly
			elected or appointed to examine, audit
or have custody of or access to
			Property of an Investment Company .
			The term Employee shall not include
any partner, officer or employee of a
			transfer agent, shareholder accounting
recordkeeper or administrator:
			a.	which is not an “affiliated person” (as defined
in Section 2(a) of the
				Investment Company Act of 1940) of an Investment
Company or of
				the investment advisor or underwriter (distributor)
of such Investment
				Company , or
			b.	which is a “bank” (as defined in Section 2(a) of
the Investment
Company Act of 1940).
				This Bond does not afford coverage in favor of the
employers of
				persons as set forth in e. (4), (5) and (8) above,
and upon payment to
				the ASSURED by the COMPANY resulting directly from Larceny or
				Embezzlement committed by any of the partners,
officers or
				employees of such employers, whether acting alone
or in collusion with
				others, an assignment of such of the ASSURED’S rights
and causes of
				action as it may have against such employers by
reason of such acts
				so committed shall, to the extent of such payment,
be given by the
				ASSURED to the COMPANY, and the ASSURED shall execute
all
				papers necessary to secure to the COMPANY the rights
provided for
				herein.
			Each employer of persons as set forth in
e.(4), (5) and (8) above and the
			partners, officers and other employees
of such employers shall collectively
			be deemed to be one person for all the
purposes of this Bond; excepting,
			however, the fifth paragraph of Section
13.
			Independent contractors not specified in
e.(4), (5) or (8) above,
			intermediaries, agents, brokers or other
representatives of the same general
			character shall not be considered Employees .

ICAP Bond (5-98)
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Conditions And
Limitations
Definitions	f.	Forgery means the signing of the name of another
natural person with the
(continued)		intent to deceive but does not mean a signature which
consists in whole or in
		part of one’s own name, with or without authority,
in any capacity for any
		purpose.
	g.	Investment Company means any investment company
registered under the
		Investment Company Act of 1940 and listed under the
NAME OF ASSURED
		on the DECLARATIONS.
	h.	Items of Deposit means one or more checks
or drafts drawn upon a
		financial institution in the United States of America.
	i.	Larceny or Embezzlement means larceny or embezzlement
as defined in
		Section 37 of the Investment Company Act of 1940.
	j.	Property means money, revenue and other stamps;
securities; including any
		note, stock, treasury stock, bond, debenture, evidence
of indebtedness,
		certificate of deposit, certificate of interest or
participation in any profit-
		sharing agreement, collateral trust certificate,
preorganization certificate or
		subscription, transferable share, investment contract,
voting trust certificate,
		certificate of deposit for a security, fractional
undivided interest in oil, gas, or
		other mineral rights, any interest or instruments
commonly known as a
		security under the Investment Company Act of 1940,
any other certificate of
		interest or participation in, temporary or interim
certificate for, receipt for,
		guarantee of, or warrant or right to subscribe to
or purchase any of the
		foregoing; bills of exchange; acceptances; checks;
withdrawal orders; money
		orders; travelers’ letters of credit; bills of lading;
abstracts of title; insurance
		policies, deeds, mortgages on real estate and/or
upon chattels and interests
		therein; assignments of such policies, deeds or mortgages;
other valuable
		papers, including books of accounts and other records
used by the
		ASSURED in the conduct of its business (but excluding
all electronic data
		processing records); and, all other instruments similar
to or in the nature of
		the foregoing in which the ASSURED acquired an interest
at the time of the
		ASSURED’S consolidation or merger with, or purchase
of the principal
		assets of, a predecessor or which are held by the
ASSURED for any
		purpose or in any capacity and whether so held gratuitously
or not and
		whether or not the ASSURED is liable therefor.
	k.	Relative means the spouse of an Employee or partner of the ASSURED
		and any unmarried child supported wholly by, or living
in the home of, such
		Employee or partner and being related to them
by blood, marriage or legal
		guardianship.
	l.	Securities, documents or other written instruments means original
		(including original counterparts) negotiable or non-negotiable
instruments, or
		assignments thereof, which in and of themselves represent
an equitable
		interest, ownership, or debt and which are in the
ordinary course of business
		transferable by delivery of such instruments with
any necessary
		endorsements or assignments.

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Conditions And
Limitations
Definitions			m.	Subsidiary means any organization that, at
the inception date of this Bond,
(continued)				is named in the APPLICATION or is created during
the BOND PERIOD and
				of which more than fifty percent (50%) of the outstanding
securities or voting
				rights representing the present right to vote for
election of directors is owned
				or controlled by the ASSURED either directly or through
one or more of its
				subsidiaries.
			n.	Transportation Company means any organization
which provides its own
				or its leased vehicles for transportation or which
provides freight forwarding
				or air express services.
			o.	Voice Initiated Election means any election
concerning dividend options
				available to Investment Company shareholders
or subscribers which is
				requested by voice over the telephone.
			p.	Voice Initiated Redemption means any redemption
of shares issued by an
				Investment Company which is requested by voice
over the telephone.
			q.	Voice Initiated Funds Transfer Instruction means
any Voice Initiated
				Redemption or Voice Initiated Election .
			For the purposes of these definitions,
the singular includes the plural and the
			plural
includes the singular, unless otherwise indicated.
General Exclusions -	2	.	This bond does not directly or indirectly
cover:
Applicable to All Insuring			a.	loss not reported to the COMPANY in writing within
sixty (60) days after
Clauses				termination of this Bond as an entirety;
			b.	loss due to riot or civil commotion outside the United
States of America and
				Canada, or any loss due to military, naval or usurped
power, war or
				insurrection. This Section 2.b., however, shall not
apply to loss which occurs
				in transit in the circumstances recited in INSURING
CLAUSE 3., provided
				that when such transit was initiated there was no
knowledge on the part of
				any person acting for the ASSURED of such riot, civil
commotion, military,
				naval or usurped power, war or insurrection;
			c.	loss resulting from the effects of nuclear fission
or fusion or radioactivity;
			d.	loss of potential income including, but not limited
to, interest and dividends
				not realized by the ASSURED or by any customer of
the ASSURED;
			e.	damages of any type for which the ASSURED is legally
liable, except
				compensatory damages, but not multiples thereof,
arising from a loss
				covered under this Bond;
			f.	costs, fees and expenses incurred by the ASSURED
in establishing the
				existence of or amount of loss under this Bond, except
to the extent covered
				under INSURING CLAUSE 11.;
			g.	loss resulting from indirect or consequential loss
of any nature;

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 11 of 19

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Conditions And
Limitations
General Exclusions -			h.	loss resulting from dishonest acts by
any member of the Board of Directors
Applicable to All Insuring				or Board of Trustees of the ASSURED who
is not an Employee , acting
Clauses				alone or in collusion with others;
(continued)			i.	loss, or that part of any loss, resulting
solely from any violation by the
ASSURED or by any Employee :
				(1	)	of any law regulating:
						a.	the issuance, purchase or sale of securities,
						b.	securities transactions on security or commodity
exchanges or
							the over the counter market,
						c.	investment companies,
						d.	investment advisors, or
				(2	)	of any rule or regulation made pursuant
to any such law; or
			j.	loss of confidential information, material
or data;
			k.	loss resulting from voice requests or
instructions received over the
				telephone, provided however, this Section
2.k. shall not apply to INSURING
				CLAUSE
7. or 9.
Specific Exclusions -	3	.	This Bond does not directly or indirectly
cover:
Applicable To All Insuring			a.	loss caused by an Employee , provided,
however, this Section 3.a. shall not
Clauses Except Insuring				apply to loss covered under INSURING CLAUSE
2. or 3. which results
Clause 1.				directly from misplacement, mysterious
unexplainable disappearance, or
damage or destruction of Property ;
			b.	loss through the surrender of property
away from premises of the ASSURED
				as a result of a threat:
				(1	)	to do bodily harm to any natural person,
except loss of Property in
						transit in the custody of any person acting
as messenger of the
						ASSURED, provided that when such transit
was initiated there was no
						knowledge by the ASSURED of any such threat,
and provided further
						that this Section 3.b. shall not apply
to INSURING CLAUSE 7., or
				(2	)	to do damage to the premises or Property of the ASSURED;
			c.	loss resulting from payments made or withdrawals
from any account
				involving erroneous credits to such account;
			d.	loss involving Items of Deposit which
are not finally paid for any reason
				provided however, that this Section 3.d.
shall not apply to INSURING
				CLAUSE 10.;
			e.	loss of property while in the mail;

ICAP Bond (5-98)
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Conditions And
Limitations
Specific Exclusions -			f.	loss resulting from the failure for any
reason of a financial or depository
Applicable To All Insuring				institution, its receiver or other liquidator
to pay or deliver funds or other
Clauses Except Insuring				Property to the ASSURED provided
further that this Section 3.f. shall not
Clause 1.				apply to loss of Property resulting
directly from robbery, burglary,
(continued)				misplacement,	mysterious	unexplainable	disappearance,	damage,
				destruction or removal from the possession,
custody or control of the
				ASSURED.
			g.	loss of Property while in the custody
of a Transportation Company ,
				provided however, that this Section 3.g.
shall not apply to INSURING
				CLAUSE 3.;
			h.	loss resulting from entries or changes
made by a natural person with
				authorized access to a Computer System who acts in good faith on
				instructions, unless such instructions
are given to that person by a software
				contractor or its partner, officer, or
employee authorized by the ASSURED to
				design, develop, prepare, supply, service,
write or implement programs for
				the ASSURED’s Computer System ; or
			i.	loss resulting directly or indirectly from
the input of data into a Computer
				System terminal, either on the premises
of the customer of the ASSURED
				or under the control of such a customer,
by a customer or other person who
				had
authorized access to the customer’s authentication mechanism.
Specific Exclusions -	4	.	This bond does not directly or indirectly
cover:
Applicable To All Insuring			a.	loss resulting from the complete or partial
non-payment of or default on any
Clauses Except Insuring				loan whether such loan was procured in
good faith or through trick, artifice,
Clauses 1., 4., And 5.				fraud or false pretenses; provided, however,
this Section 4.a. shall not apply
				to INSURING CLAUSE 8.;
			b.	loss resulting from forgery or any alteration;
			c.	loss involving a counterfeit provided,
however, this Section 4.c. shall not
				apply
to INSURING CLAUSE 5. or 6.
Limit Of Liability/Non-	5	.	At all times prior to termination of this
Bond, this Bond shall continue in force for
Reduction And Non-			the limit stated in the applicable sections
of ITEM 2. of the DECLARATIONS,
Accumulation Of Liability			notwithstanding any previous loss for
which the COMPANY may have paid or be
			liable to pay under this Bond provided,
however, that the liability of the COMPANY
			under this Bond with respect to all loss
resulting from:
			a.	any one act of burglary, robbery or hold-up,
or attempt thereat, in which no
				Employee is concerned or implicated,
or
			b.	any one unintentional or negligent act
on the part of any one person
				resulting in damage to or destruction or
misplacement of Property , or
			c.	all acts, other than those specified in
a. above, of any one person, or

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Conditions And
Limitations
Limit Of Liability/Non-			d.	any one casualty or event other than those specified
in a., b., or c. above,
Reduction And Non-			shall be deemed to be one loss and shall
be limited to the applicable LIMIT OF
Accumulation Of Liability			LIABILITY stated in ITEM 2. of the DECLARATIONS
of this Bond irrespective of
(continued)			the total amount of such loss or losses
and shall not be cumulative in amounts
			from year to year or from period to period.
			All acts, as specified in c. above, of
any one person which
			i.	directly or indirectly aid in any way wrongful acts
of any other person or
				persons, or
			ii.	permit the continuation of wrongful acts of any other
person or persons
			whether such acts are committed with or
without the knowledge of the wrongful
			acts of the person so aided, and whether
such acts are committed with or without
			the intent to aid such other person, shall
be deemed to be one loss with the
			wrongful
acts of all persons so aided.
Discovery	6	.	This Bond applies only to loss first discovered
by an officer of the ASSURED
			during the BOND PERIOD. Discovery occurs
at the earlier of an officer of the
			ASSURED being aware of:
			a.	facts which may subsequently result in a loss of
a type covered by this Bond,
				or
			b.	an actual or potential claim in which it is alleged
that the ASSURED is liable
				to a third party,
			regardless of when the act or acts causing
or contributing to such loss occurred,
			even though the amount of loss does not
exceed the applicable DEDUCTIBLE
			AMOUNT,
or the exact amount or details of loss may not then be known.
Notice To Company -	7	.	a.	The ASSURED shall give the COMPANY notice thereof
at the earliest
Proof - Legal Proceedings				practicable moment, not to exceed sixty (60) days
after discovery of loss, in
Against Company				an amount that is in excess of 50% of the applicable
DEDUCTIBLE
				AMOUNT, as stated in ITEM 2. of the DECLARATIONS.
			b.	The ASSURED shall furnish to the COMPANY proof of
loss, duly sworn to,
				with full particulars within six (6) months after
such discovery.
			c.	Securities listed in a proof of loss shall be identified
by certificate or bond
				numbers, if issued with them.
			d.	Legal proceedings for the recovery of any loss under
this Bond shall not be
				brought prior to the expiration of sixty (60) days
after the proof of loss is filed
				with the COMPANY or after the expiration of twenty-four
(24) months from
				the discovery of such loss.
			e.	This Bond affords coverage only in favor of the ASSURED.
No claim, suit,
				action or legal proceedings shall be brought under
this Bond by anyone
				other than the ASSURED.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 14 of 19

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Conditions And
Limitations
Notice To Company -			f.	Proof of loss involving Voice Initiated Funds
Transfer Instruction shall
Proof - Legal Proceedings				include electronic recordings of such instructions.
Against Company
(continued)
Deductible Amount	8	.	The COMPANY shall not be liable under any
INSURING CLAUSES of this Bond
			on account of loss unless the amount of
such loss, after deducting the net amount
			of all reimbursement and/or recovery obtained
or made by the ASSURED, other
			than from any Bond or policy of insurance
issued by an insurance company and
			covering such loss, or by the COMPANY on
account thereof prior to payment by
			the COMPANY of such loss, shall exceed
the DEDUCTIBLE AMOUNT set forth in
			ITEM 3. of the DECLARATIONS, and then for
such excess only, but in no event
			for more than the applicable LIMITS OF
LIABILITY stated in ITEM 2. of the
			DECLARATIONS.
			There shall be no deductible applicable
to any loss under INSURING CLAUSE 1.
			sustained
by any Investment Company .
Valuation	9	.	BOOKS OF ACCOUNT OR OTHER RECORDS
			The value of any loss of Property consisting
of books of account or other records
			used by the ASSURED in the conduct of its
business shall be the amount paid by
			the ASSURED for blank books, blank pages,
or other materials which replace the
			lost books of account or other records,
plus the cost of labor paid by the
			ASSURED for the actual transcription or
copying of data to reproduce such books
			of account or other records.
			The value of any loss of Property other
than books of account or other records
			used by the ASSURED in the conduct of its
business, for which a claim is made
			shall be determined by the average market
value of such Property on the
			business day immediately preceding discovery
of such loss provided, however,
			that the value of any Property replaced
by the ASSURED with the consent of the
			COMPANY and prior to the settlement of
any claim for such Property shall be the
actual market value at the time of replacement.
			In the case of a loss of interim certificates,
warrants, rights or other securities, the
			production of which is necessary to the
exercise of subscription, conversion,
			redemption or deposit privileges, the value
of them shall be the market value of
			such privileges immediately preceding their
expiration if said loss is not discovered
			until after their expiration. If no market
price is quoted for such Property or for
			such privileges, the value shall be fixed
by agreement between the parties.
			OTHER PROPERTY
			The value of any loss of Property ,
other than as stated above, shall be the actual
			cash value or the cost of repairing or
replacing such Property with Property of
			like quality and value, whichever is less.

ICAP Bond (5-98)
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Conditions And
Limitations
(continued)
Securities Settlement	10	.	In the event of a loss of securities covered
under this Bond, the COMPANY may,
			at its sole discretion, purchase replacement
securities, tender the value of the
			securities in money, or issue its indemnity
to effect replacement securities.
			The indemnity required from the ASSURED
under the terms of this Section
			against all loss, cost or expense arising
from the replacement of securities by the
			COMPANY’S indemnity shall be:
			a.	for securities having a value less than or equal
to the applicable
				DEDUCTIBLE AMOUNT - one hundred (100%) percent;
			b.	for securities having a value in excess of the DEDUCTIBLE
AMOUNT but
				within the applicable LIMIT OF LIABILITY - the percentage
that the
				DEDUCTIBLE AMOUNT bears to the value of the securities;
			c.	for securities having a value greater than the applicable
LIMIT OF LIABILITY
				- the percentage that the DEDUCTIBLE AMOUNT and
portion in excess of
				the applicable LIMIT OF LIABILITY bears to the
value of the securities.
			The value referred to in Section 10.a.,
b., and c. is the value in accordance with
			Section 9, VALUATION, regardless of the
value of such securities at the time the
			loss under the COMPANY’S indemnity is sustained.
			The COMPANY is not required to issue its
indemnity for any portion of a loss of
			securities which is not covered by this
Bond; however, the COMPANY may do so
			as a courtesy to the ASSURED and at its
sole discretion.
			The ASSURED shall pay the proportion of
the Company’s premium charge for the
			Company’s indemnity as set forth in Section
10.a., b., and c. No portion of the
			LIMIT OF LIABILITY shall be used as payment
of premium for any indemnity
			purchased
by the ASSURED to obtain replacement securities.
Subrogation - Assignment -	11	.	In the event of a payment under this Bond,
the COMPANY shall be subrogated to
Recovery			all of the ASSURED’S rights of recovery
against any person or entity to the extent
			of such payment. On request, the ASSURED
shall deliver to the COMPANY an
			assignment of the ASSURED’S rights, title
and interest and causes of action
			against any person or entity to the extent
of such payment.
			Recoveries, whether effected by the COMPANY
or by the ASSURED, shall be
			applied net of the expense of such recovery
in the following order:
			a.	first, to the satisfaction of the ASSURED’S loss
which would otherwise have
				been paid but for the fact that it is in excess
of the applicable LIMIT OF
				LIABILITY,
			b.	second, to the COMPANY in satisfaction of amounts
paid in settlement of
				the ASSURED’S claim,
			c.	third, to the ASSURED in satisfaction of the applicable
DEDUCTIBLE
				AMOUNT, and

ICAP Bond (5-98)
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Conditions And
Limitations
Subrogation - Assignment -			d.	fourth, to the ASSURED in satisfaction of any loss
suffered by the
Recovery				ASSURED which was not covered under this Bond.
(continued)			Recovery from reinsurance or indemnity
of the COMPANY shall not be deemed a
			recovery
under this section.
Cooperation Of Assured	12	.	At the COMPANY’S request and at reasonable
times and places designated by
			the COMPANY, the ASSURED shall:
			a.	submit to examination by the COMPANY and subscribe
to the same under
				oath,
			b.	produce for the COMPANY’S examination all pertinent
records, and
			c.	cooperate with the COMPANY in all matters pertaining
to the loss.
			The ASSURED shall execute all papers and
render assistance to secure to the
			COMPANY the rights and causes of action
provided for under this Bond. The
			ASSURED
shall do nothing after loss to prejudice such rights or causes of action.
Termination	13	.	If the Bond is for a sole ASSURED, it shall
not be terminated unless written notice
			shall have been given by the acting party
to the affected party and to the
			Securities and Exchange Commission, Washington,
D.C., not less than sixty (60)
			days prior to the effective date of such
termination.
			If the Bond is for a joint ASSURED, it
shall not be terminated unless written notice
			shall have been given by the acting party
to the affected party, and by the
			COMPANY to all ASSURED Investment Companies and to the Securities and
			Exchange Commission, Washington, D.C.,
not less than sixty (60) days prior to
			the effective date of such termination.
			This Bond will terminate as to any one
ASSURED, other than an Investment
			Company :
			a.	immediately on the taking over of such ASSURED by
a receiver or other
				liquidator or by State or Federal officials, or
			b.	immediately on the filing of a petition under any
State or Federal statute
				relative to bankruptcy or reorganization of the
ASSURED, or assignment for
				the benefit of creditors of the ASSURED, or
			c.	immediately upon such ASSURED ceasing to exist,
whether through merger
				into another entity, disposition of all of its assets
or otherwise.
			The COMPANY shall refund the unearned premium
computed at short rates in
			accordance with the standard short rate
cancellation tables if terminated by the
			ASSURED or pro rata if terminated for any
other reason.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 17 of 19

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Conditions And
Limitations
Termination			If any partner, director, trustee, or officer
or supervisory employee of an
(continued)			ASSURED not acting in collusion with an Employee learns of any dishonest act
			committed by such Employee at any
time, whether in the employment of the
			ASSURED or otherwise, whether or not such
act is of the type covered under this
			Bond, and whether against the ASSURED or
any other person or entity, the
			ASSURED:
			a.	shall immediately remove such Employee from
a position that would enable
				such Employee to cause the ASSURED to suffer
a loss covered by this
				Bond; and
			b.	within forty-eight (48) hours of learning that an Employee has committed
				any dishonest act, shall notify the COMPANY, of
such action and provide full
particulars of such dishonest act.
			The COMPANY may terminate coverage as respects
any Employee sixty (60)
			days after written notice is received by
each ASSURED Investment Company
			and the Securities and Exchange Commission,
Washington, D.C. of its desire to
			terminate
this Bond as to such Employee .
Other Insurance	14	.	Coverage under this Bond shall apply only
as excess over any valid and collectible
			insurance, indemnity or suretyship obtained
by or on behalf of:
			a.	the ASSURED,
			b.	a Transportation Company , or
			c.	another entity on whose premises the loss occurred
or which employed the
				person causing the loss or engaged the messenger
conveying the Property
				involved.
Conformity	15	.	If any limitation within this Bond is prohibited
by any law controlling this Bond’s
			construction, such limitation shall be
deemed to be amended so as to equal the
			minimum
period of limitation provided by such law.
Change or Modification	16	.	This Bond or any instrument amending or
affecting this Bond may not be changed
			or modified orally. No change in or modification
of this Bond shall be effective
			except when made by written endorsement
to this Bond signed by an authorized
			representative of the COMPANY.
			If this Bond is for a sole ASSURED, no
change or modification which would
			adversely affect the rights of the ASSURED
shall be effective prior to sixty (60)
			days after written notice has been furnished
to the Securities and Exchange
			Commission, Washington, D.C., by the acting
party.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 18 of 19

$$/page=

Conditions And
Limitations
Change or Modification	If this Bond is for a joint ASSURED, no charge or
modification which would
(continued)	adversely affect the rights of the ASSURED shall
be effective prior to sixty (60)
	days after written notice has been furnished to all
insured Investment Companies
	and to the Securities and Exchange Commission, Washington,
D.C., by the
	COMPANY.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 19 of 19

$$/page=

| FEDERAL
INSURANCE COMPANY | |
| --- | --- |
| Endorsement No: | 1 |
| Bond Number: | 81906724 |
| NAME OF
ASSURED: JOHN HANCOCK FUNDS | |
| NAME OF ASSURED
ENDORSEMENT | |
| It is agreed that the NAME OF ASSURED in
the DECLARATIONS is amended to read as follows: | |
| JOHN
HANCOCK FUNDS listed as the Named Assured on the Declarations Page | |
| Includes
the following Trusts: | |
| John Hancock Collateral Trust | |
| John Hancock Financial Opportunities Fund | |
| John Hancock Bond Trust | |
| John Hancock California Tax-Free Income Fund | |
| John Hancock Capital Series | |
| John Hancock Current Interest | |
| John Hancock Emerging Markets Income Fund | |
| John Hancock Flexible Income Opportunities Fund | |
| John Hancock Floating Rate High Income Fund | |
| John Hancock Hedged Equity & Income Fund | |
| John Hancock Income Securities Trust | |
| John Hancock Investment Trust | |
| John Hancock Investment Trust II | |
| John Hancock Investment Trust III | |
| John Hancock Investors Trust | |
| John Hancock Municipal Securities Trust | |
| John Hancock Preferred Income Fund | |
| John Hancock Preferred Income Fund II | |
| John Hancock Preferred Income Fund III | |
| John Hancock Premium Dividend Fund | |
| John Hancock Series Trust | |
| John Hancock Sovereign Bond Fund | |
| John Hancock Strategic Diversified Income Fund | |
| John Hancock Strategic Series | |
| John Hancock Tax-Advantaged Dividend Income Fund | |
| John Hancock Tax-Advantaged Global Shareholder Yield
Fund | |
| John Hancock Tax-Exempt Series Fund | |

ICAP Bond
Form 17-02-0949 (Rev. 1-97)	Page 1

$$/page=

JOHN HANCOCK FUNDS II
JOHN HANCOCK FUNDS III
JOHN HANCOCK VARIABLE INSURANCE TRUST
This Endorsement applies to loss discovered after
12:01 a.m. on December 31, 2014.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN
UNCHANGED.

Date: March 17, 2015

By: /s/ Paul N. Morrissette Authorized Representative

ICAP Bond
Form 17-02-0949 (Ed. 1-97)	Page 2

$$/page=

| | | | | FEDERAL
INSURANCE COMPANY | |
| --- | --- | --- | --- | --- | --- |
| | | | | Endorsement No: | 2 |
| | | | | Bond Number: | 81906724 |
| NAME
OF ASSURED: JOHN HANCOCK FUNDS | | | | | |
| TERMINATION-NONRENEWAL-NOTICE ENDORSEMENT | | | | | |
| It is agreed that this Bond is amended
as follows: | | | | | |
| 1 | . | By adding to Section 13., Termination,
the following: | | | |
| | | “Termination By The Company | | | |
| | | Bonds In Effect For More Than Sixty (60)
Days | | | |
| | | If this Bond has been in effect for more
than sixty (60) days, or, if this Bond is a renewal, the | | | |
| | | COMPANY may terminate by providing written
notice of cancellation at least sixty (60) days before the | | | |
| | | effective date of termination for at least
one of the following reasons: | | | |
| | | 1 | . | Nonpayment of premium; | |
| | | 2 | . | Discovery
of fraud or material misrepresentation in obtaining this Bond or in the presentation of a | |
| | | | | claim thereunder; | |
| | | 3 | . | Discovery
of willful or reckless acts or omissions or violation of any provision of this Bond on the | |
| | | | | part of the
ASSURED which substantially and materially increases any hazard insured against, | |
| | | | | and which
occurred subsequent to the inception of the current BOND PERIOD; | |
| | | 4 | . | Conviction
of the ASSURED of a crime arising out of acts increasing the hazard insured against; | |
| | | 5 | . | Material change
in the risk which increases the risk of loss after insurance coverage has been | |
| | | | | issued or
renewed, except to the extent that the COMPANY should reasonably have foreseen the | |
| | | | | change, or contemplated
the risk when the contract was written; | |
| | | 6 | . | Determination
by the Commissioner that the continuation of the Bond would jeopardize a | |
| | | | | COMPANY’S
solvency or would place the COMPANY in violation of the insurance laws of any | |
| | | | | state; | |
| | | 7 | . | Determination
by the Commissioner that continuation of the present premium volume of the | |
| COMPANY would jeopardize the COMPANY’S
policyholders, creditors or the public; | | | | | |
| | | 8 | . | Such other reasons that
are approved by the Commissioner; | |
| | | 9 | . | Determination
by the Commissioner that the COMPANY no longer has adequate reinsurance to | |
| | | | | meet the ASSUREDS needs; | |
| | | 10 | . | Substantial
breaches of contractual duties, conditions or warranties; or | |
| | | 11 | . | Unfavorable
underwriting facts, specific to the ASSURED, existing that were not present at the | |
| | | | | inception of the Bond. | |

ICAP Bond
Form 17-02-1360 (Rev. 10-99)	Page 1

$$/page=

Bonds In Effect Sixty (60) Days Or Less
If this Bond has been in effect for sixty
(60) days or less, and it is not a renewal Bond, the COMPANY
may terminate for any reason by providing
written notice of termination at least sixty (60) days before
the effective date of termination.
Notice Of Termination
Notice of termination under this Section
shall be mailed or delivered, by certified mail, return receipt
provided by the United States Postal Service,
to the ASSURED and to the authorized agent or broker, if
any, at least sixty (60) days prior to
the effective date of cancellation at the address shown on the
DECLARATIONS of this Bond.
If this Bond is cancelled for nonpayment
of premium, the COMPANY will mail or deliver, by certified
mail, return receipt provided by the United
States Postal Service, a written notice at least thirty (30)
days before the effective date of cancellation.
The cancellation notice shall contain information
regarding the amount of premium due and
the due date, and shall state the effect of nonpayment by
the due date. Cancellation shall not be
effective if payment of the amount due is made prior to the
effective date of cancellation.
All notice of cancellation shall state
the reason(s) for cancellation.
There is no liability on the part of, and
no cause of action of any nature shall arise against, the
COMPANY, its authorized representatives,
its employees, or any firm, person or corporation furnishing
to the COMPANY, information relating to
the reasons for cancellation or nonrenewal, for any statement
made by them in complying or enabling the
COMPANY to comply with this Section, for the provision of
information pertaining thereto, or for
statements made or evidence submitted at any hearings
conducted in connection therewith, if such
information was provided in good faith and without malice.
Notice Of Nonrenewal
If the COMPANY elects not to renew this
Bond, the COMPANY shall mail or deliver written notice, by
certified mail, return receipt, provided
by the United States Postal Service, to the ASSURED, at his last
known address, at least sixty (60) days
before the expiration date or before the anniversary date, if this
Bond has been written for a term of more
than one (1) year. Such notice shall also be mailed to the
ASSURED’S agent or broker, if any.
Such notice shall contain all of the following:
a.	Bond Number:
b.	Date of Notice;
c.	Reason for Cancellation;
d.	Expiration Date of the Bond;
e.	Effective Date and Hour of Cancellation.
Notice of nonrenewal shall not be required
if the COMPANY or a COMPANY within the same insurance
group has offered to issue a renewal Bond,
the ASSURED has obtained replacement coverage or has
agreed in writing to obtain replacement
coverage, the ASSURED has requested or agreed to
nonrenewal, or the Bond is expressly designated
as nonrenewable.

ICAP Bond
Form 17-02-1360 (Rev. 10-99)	Page 2

		Return Premium Calculations
		Any unearned premiums which have been paid by the
ASSURED shall be refunded to the ASSURED
		on a pro rata basis if terminated by the COMPANY
or the ASSURED. The unearned premiums shall
		be refunded to the ASSURED within forty-five (45)
days of receipt of the request for cancellation or the
		effective date of cancellation, whichever is later.
		Conditional Renewal
		If the COMPANY offers or purports to renew the Bond,
but on less favorable terms or at higher rates,
		the new terms or higher premiums may take effect
on the renewal date, if the COMPANY mails or
		delivers by certified mail, return receipt provided
by the United States Postal Service, to the ASSURED,
		notice of the new terms or premiums at least sixty
(60) days prior to the renewal date. If the
		COMPANY notifies the ASSURED within sixty (60) days
prior to the renewal date, the new terms or
		premiums do not take effect until sixty (60) days
after the notice is mailed or delivered, in which case,
		the ASSURED may elect to cancel the renewal Bond
within the sixty (60) day period. If the COMPANY
		does not notify the ASSURED of the new terms or premiums,
the COMPANY shall continue the Bond
		at the expiring terms and premiums until notice is
given or until the effective date of replacement
		coverage is obtained by the ASSURED, whichever occurs
first.”
2	.	It is further understood and agreed that for the
purposes of Section 13., Termination, any occurrence
		listed in this Section shall be considered to be
a request by the ASSURED to immediately terminate this
		Bond.
This Endorsement applies to loss discovered
after 12:01 a.m. on December 31, 2014.
ALL OTHER TERMS AND CONDITIONS OF THIS
BOND REMAIN UNCHANGED.

Date: March 17, 2015

By: /s/ Paul N. Morrissette Authorized Representative

ICAP Bond
Form 17-02-1360 (Rev. 10-99)	Page 3

$$/page=

						FEDERAL INSURANCE COMPANY
						Endorsement No.: 3
						Bond Number:	81906724
NAME
OF ASSURED: JOHN HANCOCK FUNDS
UNAUTHORIZED SIGNATURE ENDORSEMENT
It is agreed that this Bond is amended
as follows:
1	.	By adding the following INSURING CLAUSE:
		12	.	Unauthorized Signature
				Loss resulting directly from the ASSURED
having accepted, paid or cashed any check or
				Withdrawal Order made or drawn
on or against the account of the ASSURED’S customer
				which bears the signature or endorsement
of one other than a person whose name and signature
				is on file with the ASSURED as a signatory
on such account.
				It shall be a condition precedent to the
ASSURED’S right of recovery under this INSURING
				CLAUSE that the ASSURED shall have on
file signatures of all the persons who are signatories
				on such account.
2	.	By adding to Section 1., Definitions, the
following:
		r.		Instruction means a written order
to the issuer of an Uncertificated Security requesting that the
				transfer, pledge or release from pledge
of the specified Uncertificated Security be registered.
		s.		Uncertificated Security means a
share, participation or other interest in property of or an
				enterprise of the issuer or an obligation
of the issuer, which is:
				(1	)	not represented by an instrument and the
transfer of which is registered on books
						maintained for that purpose by or on behalf of the
issuer, and
				(2	)	of a type commonly dealt in on securities
exchanges or markets, and
				(3	)	either one of a class or series or by
its terms divisible into a class or series of shares,
						participations, interests or obligations.

ICAP Bond
Form 17-02-5602 (Ed. 10-03)	Page 1

t.
customer of the ASSURED authorizing the ASSURED to
debit the customer’s account in the
amount of funds stated therein.
This Endorsement applies to loss discovered
after 12:01 a.m. on December 31, 2014.
ALL OTHER TERMS AND CONDITIONS OF THIS
BOND REMAIN UNCHANGED.

Date: March 17, 2015

By: /s/ Paul N. Morrissette Authorized Representative

ICAP Bond
Form 17-02-5602 (Ed. 10-03)	Page 2

$$/page=

| | | | | FEDERAL
INSURANCE COMPANY | |
| --- | --- | --- | --- | --- | --- |
| | | | | Endorsement
No.: 4 | |
| | | | | Bond Number: | 81906724 |
| NAME
OF ASSURED: JOHN HANCOCK FUNDS | | | | | |
| AUTOMATED TELEPHONE TRANSACTION ENDORSEMENT | | | | | |
| It is agreed that this Bond is amended
as follows: | | | | | |
| 1 | . | By adding the following INSURING CLAUSE: | | | |
| | | 13. Automated Telephone System Transaction | | | |
| | | Loss resulting directly from the ASSURED
having transferred funds on the faith of any | | | |
| | | Automated Phone System (APS) Transaction ,
where the request for such APS | | | |
| | | Transaction is unauthorized or
fraudulent and is made with the intent to deceive. In order for | | | |
| | | coverage to apply under this INSURING
CLAUSE the ASSURED shall maintain and follow all | | | |
| | | APS Designated Procedures . A single
failure of the ASSURED to maintain and follow a | | | |
| | | particular APS Designated Procedure in a particular APS Transaction will not preclude | | | |
| | | coverage
under this INSURING CLAUSE. | | | |
| 2 | . | By adding to Section 1., Definitions, the
following: | | | |
| | | u. APS Designated Procedures means
all of the following procedures: | | | |
| | | (1 | ) | No APS Transaction shall be executed
unless the shareholder or unitholder to whose | |
| | | | | account such an APS Transaction relates
has previously elected to APS Transactions . | |
| | | | | (Election in Application) | |
| | | (2 | ) | All APS Transactions shall be logged
or otherwise recorded and the records shall be | |
| | | | | retained for at least six (6) months. (Logging) | |
| | | | | Information contained in the records shall
be capable of being retrieved and produced | |
| | | | | within a reasonable time after retrieval
of specific information is requested, at a success | |
| | | | | rate of no less than 85 percent. | |
| | | (3 | ) | The caller in any request for an APS
Transaction , before executing that APS | |
| | | | | Transaction must enter a personal
identification number (PIN), social security number | |
| | | | | and account number. (Identity Test) | |
| | | | | If the caller fails to enter a correct
PIN within three (3) attempts, the caller must not be | |
| | | | | allowed additional attempts during the
same telephone call to enter the PIN. The caller | |
| | | | | may either be instructed to redial a customer
service representative or may be | |
| | | | | immediately connected to such a representative.
(Limited attempts to Enter PIN) | |

ICAP Bond
Form 17-02-2345 (Ed. 10-00)	Page 1

$$/page=

			(4	)	A written confirmation of any APS Transaction or change of address shall be mailed to
					the shareholder or unitholder to whose account such
transaction relates, at the record
					address, by the end of the insured’s next regular
processing cycle, but in no event later
					than five (5) business days following such APS
Transaction . (Written Confirmation)
			(5	)	Access to the equipment which permits the entity
receiving the APS Transaction
					request to process and effect the transaction shall
be limited in the following manner:
					(Access to APS Equipment)
		v.	APS Election means any election
concerning various account features available to the
			shareholder or unitholder which is made
through the Automated Phone System by means of
			information transmitted by an individual
caller through use of a Automated Phone System .
			These features include account statements,
auto exchange, auto asset builder, automatic
			withdrawal, dividend/capital gain options,
dividend sweep, telephone balance consent and
			change of address.
		w.	APS Exchange means any exchange
of shares or units in a registered account of one fund
			into shares or units in an account with
the same tax identification number and same
			ownership-type code of another fund in
the same complex pursuant to exchange privileges of
			the two funds, which exchange is requested
through the Automated Phone System by
			means of information transmitted by an
individual caller through use of an Automated Phone
			System .
		x.	APS Purchase means any purchase
of shares or units issued by an Investment Company
			which is requested through an Automated
Phone System .
		y.	APS Redemption means any redemption
of shares or units issued by an Investment
			Company which it requested through
the telephone by means of information transmitted by an
			individual caller through use of a Automated
Phone System .
		z.	APS Transaction means any APS
Purchase, APS Redemption, APS Election or APS
			Exchange .
		aa.	Automated Phone System means an
automated system which receives and converts to
			executable instructions transmissions
through the Automated Phone System through use of
			a touch-tone keypad or other tone system;
and always excluding transmissions from a
			computer system or part thereof.
3	.	By adding the following Section after
Section 4., Specific Exclusions-Applicable To All Insuring
		Clauses Except 1., 4., 5.:
		Section 4.A Specific Exclusion-Applicable
to Insuring Clause 13
		This Bond does not directly or indirectly
cover under Insuring Clause 13:
		Loss resulting from:
		a.	the redemption of shares or units, where
the proceeds of such redemption are made payable
			to other than:
			(1	)	the shares or units of record,
			(2	)	a person designated to receive redemption proceeds,
or
			(3	)	a bank account designated to receive redemption
proceeds, or
		b.	the redemption of shares or units, where
the proceeds of such redemption are paid by check
			mailed to any address, unless such address
has either been designated the shareholder or
			unitholder by voice through an Automated
Phone System or in writing, at least thirty (30) days
			prior to such redemption, or

ICAP Bond
Form 17-02-2345 (Ed. 10-00)	Page 2

c.
designated bank account of record.
This Endorsement applies to loss discovered
after 12:01 a.m. on December 31, 2014.
ALL OTHER TERMS AND CONDITIONS OF THIS
BOND REMAIN UNCHANGED.

Date: March 17, 2015

By: /s/ Paul N. Morrissette Authorized Representative

ICAP Bond
Form 17-02-2345 (Ed. 10-00)	Page 3

$$/page=

| | | | | | FEDERAL
INSURANCE COMPANY | |
| --- | --- | --- | --- | --- | --- | --- |
| | | | | | Endorsement
No.: 5 | |
| | | | | | Bond Number: | 81906724 |
| NAME
OF ASSURED: | | | | | JOHN HANCOCK FUNDS | |
| TELEFACSIMILE INSTRUCTION FRAUD ENDORSEMENT | | | | | | |
| It is agreed that this Bond is amended
as follows: | | | | | | |
| 1 | . | By adding the following INSURING CLAUSE: | | | | |
| | | 14 | . | Telefacsimile Instruction | | |
| | | | | Loss resulting directly from the ASSURED
having transferred, paid or delivered any funds | | |
| | | | | or other Property or established
any credit, debited any account or given any value on the | | |
| | | | | faith of any fraudulent instructions sent
by a Customer , financial institution or another | | |
| | | | | office of the ASSURED by Telefacsimile directly to the ASSURED authorizing or | | |
| | | | | acknowledging the transfer, payment or
delivery of funds or Property or the | | |
| | | | | establishment of a credit or the debiting
of an account or the giving of value by the | | |
| | | | | ASSURED where such Telefacsimile instructions: | | |
| | | | | a. | bear a valid test key exchanged between
the ASSURED and a Customer or | |
| | | | | | another financial institution with authority
to use such test key for Telefacsimile | |
| | | | | | instructions in the ordinary course of
business, but which test key has been | |
| | | | | | wrongfully obtained by a person who was
not authorized to initiate, make, validate | |
| | | | | | or authenticate a test
key arrangement, and | |
| | | | | b. | fraudulently purport to have been sent
by such Customer or financial institution | |
| | | | | | when such Telefacsimile instructions
were transmitted without the knowledge or | |
| | | | | | consent of such Customer or financial
institution by a person other than such | |
| | | | | | Customer or financial institution
and which bear a Forgery of a signature, | |
| | | | | | provided that the Telefacsimile instruction
was verified by a direct call back to an | |
| | | | | | employee of the financial institution,
or a person thought by the ASSURED to be | |
| | | | | | the Customer ,
or an employee of another financial institution. | |
| 2 | . | By deleting from Section 1., Definitions,
the definition of Customer in its entirety, and substituting | | | | |
| | | the following: | | | | |
| | | d. | | Customer means an individual, corporate,
partnership, trust customer, shareholder or | | |
| | | | | subscriber of an Investment Company which
has a written agreement with the ASSURED | | |
| | | | | for Voice Initiated Funds Transfer Instruction or Telefacsimile Instruction. | | |

ICAP Bond
Form 17-02-2367 (Rev. 10-03)	Page 1

| 3 | . | By adding to Section 1., Definitions, the
following: — bb. | Telefacsimile means a system of
transmitting written documents by electronic signals | |
| --- | --- | --- | --- | --- |
| | | | over telephone lines to equipment maintained
by the ASSURED for the purpose of | |
| | | | reproducing a copy of said document. | Telefacsimile does not mean electronic |
| | | | communication sent by Telex or similar
means of communication, or through an | |
| electronic communication system or through
an automated clearing house. | | | | |
| 4 | . | By adding to Section 3., Specific Exclusions
Applicable to All Insuring Clauses Except Insuring | | |
| | | Clause 1. the following: | | |
| | | j. | loss resulting directly or indirectly from Telefacsimile instructions provided, however, this | |
| | | | exclusion shall not apply to this INSURING
CLAUSE. | |
| This Endorsement applies to loss discovered
after 12:01 a.m. on December 31, 2014. | | | | |
| ALL OTHER TERMS AND CONDITIONS OF THIS
BOND REMAIN UNCHANGED. | | | | |

Date: March 17, 2015

By: /s/ Paul N. Morrissette Authorized Representative

ICAP Bond
Form 17-02-2367 (Rev. 10-03)	Page 2

| | | | | | | FEDERAL
INSURANCE COMPANY | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| | | | | | | Endorsement No.: | 6 |
| | | | | | | Bond Number: | 81906724 |
| NAME
OF ASSURED: JOHN HANCOCK FUNDS | | | | | | | |
| STOP PAYMENT ORDER OR REFUSAL TO PAY
CHECK ENDORSEMENT | | | | | | | |
| It is agreed that this Bond is amended
as follows: | | | | | | | |
| 1 | . | By adding the following INSURING CLAUSE: | | | | | |
| | " | 15 | . | Stop Payment Order or Refusal to Pay Check | | | |
| | | | | Loss resulting directly from the ASSURED
being legally liable to pay compensatory damages | | | |
| | | | | for: | | | |
| | | | | a. | | complying
or failing to comply with notice from any customer of the ASSURED or any | |
| | | | | | | authorized
representative of such customer, to stop payment on any check or draft made or | |
| | | | | | | drawn upon
or against the ASSURED by such customer or by any authorized | |
| | | | | | | representative of such
customer, or | |
| | | | | b. | | refusing to
pay any check or draft made or drawn upon or against the ASSURED by any | |
| | | | | | | customer of
the ASSURED or by any authorized representative of such customer.” | |
| 2 | . | By adding the following Specific Exclusion: | | | | | |
| | | “Section 4.A. Specific Exclusions – Applicable
to INSURING CLAUSE 15 | | | | | |
| | | This Bond does not directly or indirectly
cover: | | | | | |
| | | a. | | liability assumed by the ASSURED by agreement
under any contract, unless such liability would | | | |
| | | | | have attached to the ASSURED even in the
absence of such agreement, | | | |
| | | b. | | loss arising out of: | | | |
| | | | | (1 | ) | libel, slander,
wrongful entry, eviction, defamation, false arrest, false imprisonment, | |
| | | | | | | malicious prosecution,
assault or battery, | |
| | | | | (2 | ) | sickness,
disease, physical bodily harm, mental or emotional distress or anguish, or death | |
| | | | | | | of any person, or | |
| | | | | (3 | ) | discrimination.” | |
| This Endorsement applies to loss discovered
after 12:01 a.m. on December 31, 2014. | | | | | | | |
| ALL OTHER TERMS AND CONDITIONS OF THIS
BOND REMAIN UNCHANGED. | | | | | | | |

Date: March 17, 2015

By: /s/ Paul N. Morrissette Authorized Representative

ICAP Bond

Form 17-02-2365 (Ed. 10-00)

$$/page=

| | | | | | FEDERAL
INSURANCE COMPANY | |
| --- | --- | --- | --- | --- | --- | --- |
| | | | | | Endorsement
No.: 7 | |
| | | | | | Bond Number: | 81906724 |
| NAME
OF ASSURED: JOHN HANCOCK FUNDS | | | | | | |
| EXTENDED COMPUTER SYSTEMS ENDORSEMENT | | | | | | |
| It is agreed that this Bond is amended
as follows: | | | | | | |
| 1 | . | By adding the following INSURING CLAUSE: | | | | |
| | | 16. Extended Computer Systems | | | | |
| | | A. | Electronic Data, Electronic Media, Electronic
Instruction | | | |
| | | | Loss resulting directly from: | | | |
| | | | (1 | ) | the fraudulent modification of Electronic
Data, Electronic Media or Electronic | |
| | | | | | Instruction being stored within
or being run within any system covered under this | |
| | | | | | INSURING CLAUSE, | |
| | | | (2 | ) | robbery, burglary, larceny or theft of Electronic Data, Electronic Media or | |
| | | | | | Electronic Instructions , | |
| | | | (3 | ) | the acts of a hacker causing damage or
destruction of Electronic Data, Electronic | |
| | | | | | Media or Electronic Instruction owned by the ASSURED or for which the | |
| | | | | | ASSURED is legally liable, while stored
within a Computer System covered under | |
| | | | | | this INSURING CLAUSE, or | |
| | | | (4 | ) | the damage or destruction of Electronic
Data, Electronic Media or Electronic | |
| | | | | | Instruction owned by the ASSURED
or for which the ASSURED is legally liable | |
| | | | | | while stored within a Computer System covered under INSURING CLAUSE 8, | |
| | | | | | provided such damage or destruction was
caused by a computer program or | |
| | | | | | similar instruction which was written or
altered to intentionally incorporate a hidden | |
| | | | | | instruction designed to damage or destroy Electronic Data, Electronic Media , or | |
| | | | | | Electronic Instruction in the Computer
System in which the computer program | |
| | | | | | or instruction so written or so altered is used. | |

ICAP2 Bond
Form 17-02-2976 (Ed. 1-02)	Page 1

$$/page=

B.	Electronic Communication
	Loss resulting directly from the ASSURED
having transferred, paid or delivered any
	funds or property, established any credit,
debited any account or given any value on the
	faith of any electronic communications
directed to the ASSURED, which were
	transmitted or appear to have been transmitted
through:
	(1)	an Electronic Communication System ,
	(2)	an automated clearing house or custodian, or
	(3)	a Telex, TWX, or similar means of communication,
	directly into the ASSURED’S Computer
System or Communication Terminal , and
	fraudulently purport to have been sent
by a customer, automated clearing house,
	custodian, or financial institution, but
which communications were either not sent by said
	customer, automated clearing house, custodian,
or financial institution, or were
	fraudulently modified during physical transit
of Electronic Media to the ASSURED or
	during electronic transmission to the ASSURED’S Computer System or
	Communication Terminal .
C.	Electronic Transmission
	Loss resulting directly from a customer
of the ASSURED, any automated clearing house,
	custodian, or financial institution having
transferred, paid or delivered any funds or property,
	established any credit, debited any account
or given any value on the faith of any electronic
	communications, purporting to have been
directed by the ASSURED to such customer,
	automated clearing house, custodian, or
financial institution initiating, authorizing, or
	acknowledging, the transfer, payment, delivery
or receipt of funds or property, which
	communications were transmitted through:
	(1)	an Electronic Communication System ,
	(2)	an automated clearing house or custodian, or
	(3)	a Telex, TWX, or similar means of communication,
	directly into a Computer System or Communication Terminal of said customer,
	automated clearing house, custodian, or
financial institution, and fraudulently purport to
	have been directed by the ASSURED, but
which communications were either not sent by
	the ASSURED, or were fraudulently modified
during physical transit of Electronic Media
	from the ASSURED or during electronic transmission
from the ASSURED’S Computer
	System or Communication Terminal ,
and for which loss the ASSURED is held to be
	legally liable.

ICAP2 Bond
Form 17-02-2976 (Ed. 1-02)	Page 2

$$/page=

| 2 | . | By adding to Section 1., Definitions, the
following: — cc. | Communication Terminal means a teletype,
teleprinter or video display terminal, or similar | |
| --- | --- | --- | --- | --- |
| | | | device capable of sending or receiving
information electronically. Communication Terminal | |
| | | | does not mean a telephone. | |
| | | dd. | Electronic Communication System means
electronic communication operations by Fedwire, | |
| | | | Clearing House Interbank Payment System
(CHIPS), Society of Worldwide International | |
| | | | Financial Telecommunication (SWIFT), similar
automated interbank communication systems, | |
| | | | and Internet access facilities. | |
| | | ee. | Electronic Data means facts or information
converted to a form usable in Computer | |
| Systems and which is stored on Electronic Media for use by computer programs. | | | | |
| | | ff. | Electronic Instruction means computer
programs converted to a form usable in a Computer | |
| | | | System to act upon Electronic
Data . | |
| | | gg. | Electronic Media means the magnetic
tape, magnetic disk, optical disk, or any other bulk | |
| | | | media on which data is recorded. | |
| 3 | . | By adding the following Section after
Section 4., Specific Exclusions-Applicable to All INSURING | | |
| | | CLAUSES except 1., 4., and 5.: | | |
| | | Section 4.A. Specific Exclusions-Applicable
to INSURING CLAUSE 16 | | |
| | | This Bond does not directly or indirectly
cover: | | |
| | | a. | loss resulting directly or indirectly from Forged , altered or fraudulent negotiable instruments, | |
| | | | securities, documents or written instruments
used as source documentation in the preparation | |
| | | | of Electronic Data ; | |
| | | b. | loss of negotiable instruments, securities,
documents or written instruments except as | |
| | | | converted to Electronic Data and
then only in that converted form; | |
| | | c. | loss resulting from mechanical failure,
faulty construction, error in design, latent defect, wear or | |
| | | | tear, gradual deterioration, electrical
disturbance, Electronic Media failure or breakdown or | |
| | | | any malfunction or error in programming
or error or omission in processing; | |
| | | d. | loss resulting directly or indirectly from
the input of Electronic Data at an authorized electronic | |
| | | | terminal of an Electronic Funds Transfer
System or a Customer Communication System | |
| | | | by a person who had authorized access from
a customer to that customer’s authentication | |
| | | | mechanism; or | |
| | | e. | liability assumed by the ASSURED by agreement
under any contract, unless such liability would | |
| | | | have attached to the ASSURED even in the
absence of such agreement; or | |
| | | f. | loss resulting directly or indirectly from: | |
| | | | (1) | written instruction unless covered under this INSURING
CLAUSE; or |
| | | | (2) | instruction by voice over the telephone, unless
covered under this INSURING CLAUSE. |

ICAP2 Bond
Form 17-02-2976 (Ed. 1-02)	Page 3

4
Electronic Data, Electronic Media, Or Electronic
Instruction
In case of loss of, or damage to, Electronic Data,
Electronic Media or Electronic Instruction used
by the ASSURED in its business, the COMPANY shall
be liable under this Bond only if such items are
actually reproduced form other Electronic Data,
Electronic Media or Electronic Instruction of the
same kind or quality and then for not more than the
cost of the blank media and/or the cost of labor for
the actual transcription or copying of data which
shall have been furnished by the ASSURED in order to
reproduce such Electronic Data, Electronic Media or Electronic Instruction subject to the
applicable SINGLE LOSS LIMIT OF LIABILITY.
However, if such Electronic Data can not be
reproduced and said Electronic Data represents
Securities or financial instruments having
a value, then the loss will be valued as indicated in the
SECURITIES and OTHER PROPERTY paragraphs of this
Section.
This Endorsement applies to loss discovered
after 12:01 a.m. on December 31, 2014.
ALL OTHER TERMS AND CONDITIONS OF THIS
BOND REMAIN UNCHANGED.

Date: March 17, 2015

By: /s/ Paul N. Morrissette Authorized Representative

ICAP2 Bond
Form 17-02-2976 (Ed. 1-02)	Page 4

$$/page=

			ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: December 31, 2014		FEDERAL INSURANCE COMPANY
		Endorsement/Rider No.	8
		To be attached to and
		form a part of Bond No.	81906724
Issued
to: JOHN HANCOCK FUNDS
AUTOMATIC INCREASE IN LIMITS ENDORSEMENT
In consideration of the premium charged,
it is agreed that General Agreements, Section C., Additional Offices
or Employees-Consolidation, Merger or Purchase
or Acquisition of Assets or Liabilities-Notice to Company, is
amended by adding the following:
If the ASSURED,
while this Bond is in force, establish new funds other than by consolidation or merger
with, purchase
or acquisition of assets or liabilities of, another institution, such funds shall automatically
be covered
hereunder from the date of establishment.
If the ASSURED,
while this Bond is in force, require an increase in limits to comply with SEC Reg. 17g-1,
due to an
increase in assets, such increase shall automatically be covered hereunder from the date of
such increase,
but only as excess coverage. Such excess coverage shall not exceed five million dollars
($5,000,000)
in additional limits and shall be excess of this Bond and of the following excess Bond:
Carrier:	ICI Mutual Insurance Company
Bond Number	87142113	B
Limits of Liability:	$ 15,000,000
Bond Period:	December 31, 2014 to December 31, 2015
The title and any headings in this endorsement/rider
are solely for convenience and form no part of the terms
and conditions of coverage.
All other terms, conditions and limitations
of this Bond shall remain unchanged.

By: /s/ Paul N. Morrissette Authorized Representative

Q07-1972(08/2007)

Page 1

		ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: December 31, 2014	FEDERAL INSURANCE COMPANY
	Endorsement/Rider No.	9
	To be attached to and
	form a part of Bond No.	81906724
Issued to:
JOHN HANCOCK FUNDS
AMEND DEFINITION OF EMPLOYEE ENDORSEMENT
In consideration of the premium charged,
it is agreed that Section 1., Definitions, the term Employee is
amended to include the following:
Any natural
person while in the service of the ASSURED solely while performing sub-advisory
services
for the ASSURED pursuant to a written contract.
The title and any headings in this endorsement/rider
are solely for convenience and form no part of the terms
and conditions of coverage.
All other terms, conditions and limitations
of this Bond shall remain unchanged.

By: /s/ Paul N. Morrissette Authorized Representative

Page 1

			ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: December 31, 2014		FEDERAL
INSURANCE COMPANY
		Endorsement/Rider No.	10
		To be attached to and
		form a part of Bond
No.	81906724
Issued
to: JOHN HANCOCK FUNDS
		DELETING VALUATION-OTHER
PROPERTY AND AMENDING CHANGE OR MODIFICATION
ENDORSEMENT
In consideration of the premium charged,
it is agreed that this Bond is amended as follows:
1	.	The paragraph titled Other Property in
Section 9, Valuation, is deleted in its entirety.
2	.	The third paragraph in Section 16, Change
or Modification, is deleted in its entirety and replaced with
		the following:
		If this Bond is for a joint ASSURED, no
change or modification which would adversely affect the
		rights of the ASSURED shall be effective
prior to sixty (60) days after written notice has been
		furnished to all insured Investment
Companies and the Securities and Exchange Commission,
		Washington, D.C., by the COMPANY.
The title and any headings in this endorsement/rider
are solely for convenience and form no part of the
terms and conditions of coverage.
All other terms, conditions and limitations
of this Bond shall remain unchanged.

By: /s/ Paul N. Morrissette Authorized Representative

17-02-2437 (12/2006) rev.

Page 1

	ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: December 31, 2014	FEDERAL INSURANCE COMPANY
	Endorsement/Rider No. 11
	To be attached to and
	form a part of Policy No. 81906724
Issued to:
JOHN HANCOCK FUNDS
COMPLIANCE WITH APPLICABLE TRADE SANCTION
LAWS
It is agreed that this insurance does not
apply to the extent that trade or economic sanctions or other similar laws or
regulations prohibit the coverage provided
by this insurance.
The title and any headings in this endorsement/rider
are solely for convenience and form no part of the terms and
conditions of coverage.
All other terms, conditions and limitations
of this Policy shall remain unchanged.

By: /s/ Paul N. Morrissette Authorized Representative

14-02-9228 (2/2010)

Page 1

			ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: December 31, 2014		FEDERAL INSURANCE COMPANY
		Endorsement/Rider No.	12
		To be attached to and
		form a part of Policy No.	81906724
Issued
to: JOHN HANCOCK FUNDS
AMEND NAME OF ASSURED (NEW FUNDS) ENDORSEMENT
In consideration of the premium charged,
is agreed that:
1	.	The NAME OF ASSURED, as set forth on the
DECLARATIONS of this Bond, shall include any newly
		created, merged, consolidated or terminated
registered investment company sponsored by an ASSURED
		or any newly created portfolio of an ASSURED.
Provided, however, that this provision shall not apply to a
		registered investment company that is created
as a result of a merger, consolidation or acquisition with any
		other registered investment company.
The title and any headings in this endorsement/rider
are solely for convenience and form no part of the terms and
conditions of coverage.
All other terms, conditions and limitations
of this Policy shall remain unchanged.

By: /s/ Paul N. Morrissette Authorized Representative

Q09-1831 (11/2009)

Page 1

				ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: December 31, 2014			FEDERAL INSURANCE COMPANY
			Endorsement/Rider No.	13
			To be attached to and
			form a part of Bond No.	81906724
Issued
to:			JOHN HANCOCK
FUNDS
AMEND DISCOVERY AND NOTICE ENDORSEMENT
In consideration of the premium charged,
it is agreed that this Bond is amended as follows:
(1	)	Section 6., Discovery, is deleted in its
entirety and replaced it with the following:
		Discovery
		This Bond applies only to loss first discovered
by the President, General Counsel or Risk Manager of the
		ASSURED during the BOND PERIOD. Discovery
occurs at the earlier of the President, General
		Counsel or Risk Manager of the ASSURED
being aware of:
		a.	facts which may subsequently result in
a loss of a type covered by this Bond, or
		b.	an actual or potential claim in which it
is alleged that the ASSURED is liable to a third party,
		regardless of when the act or acts causing
or contributing to such loss occurred, even though the
		amount of loss does not exceed the applicable
DEDUCTIBLE AMOUNT, or the exact amount or details
		of loss may not then be known.
(2	)	Section 7., Notice to Company-Proof-Legal
Proceedings Against Company, is amended by deleting
		paragraph a. and replacing it with the
following:
		a.	The ASSURED shall give the COMPANY notice
thereof at the earliest practicable moment, not to
			exceed sixty (60) days after discovery
of loss by President, General Counsel or Risk Manager of
			the ASSURED, in an amount that is in excess
of fifty percent (50%) of the applicable
			DEDUCTIBLE AMOUNT, as stated in ITEM 2.
of the DECLARATIONS .
The title and any headings in this endorsement/rider
are solely for convenience and form no part of the terms
and conditions of coverage.
All other terms, conditions and limitations
of this Bond shall remain unchanged.

By: /s/ Paul N. Morrissette Authorized Representative

14-02-14521 (08/2008)

Page 1

			Endorsement No.	14
			Bond Number:	81906724
NAME OF ASSURED: JOHN HANCOCK FUNDS
REVISE ITEM 2. ENDORSEMENT
It is agreed that this Bond is amended
by deleting ITEM 2. in its entirety on the DECLARATIONS and
substituting
the following:
ITEM 2. LIMITS OF LIABILITY-DEDUCTIBLE AMOUNTS:
If “Not Covered” is inserted below opposite
any specified INSURING CLAUSE, such INSURING CLAUSE
and any other reference to such INSURING
CLAUSE in this Bond shall be deemed to be deleted. There
shall be no deductible applicable to
any loss under INSURING CLAUSE 1 sustained by any
Investment
Company .
			SINGLE LOSS	DEDUCTIBLE
INSURING CLAUSE			LIMIT
OF LIABILITY	AMOUNT
1	.	Employee	$ 15,000,000	$ 0
2	.	On Premises	$ 15,000,000	$ 150,000
3	.	In Transit	$ 15,000,000	$ 150,000
4	.	Forgery or Alteration	$ 15,000,000	$ 150,000
5	.	Extended Forgery	$ 15,000,000	$ 150,000
6	.	Counterfeit Money	$ 15,000,000	$ 150,000
7	.	Threats to Person	$ 15,000,000	$ 150,000
8	.	Computer System	$ 15,000,000	$ 150,000
9	.	Voice Initiated Funds
Transfer Instruction	$ 15,000,000	$ 150,000
10	.	Uncollectible Items
of Deposit	$ 15,000,000	$ 150,000
11	.	Audit Expense	$ 150,000	$ 0
12	.	Unauthorized Signature
Endt	$ 15,000,000	$ 150,000
13	.	Automated Telephone
Transaction Endt	$ 15,000,000	$ 150,000
14	.	Telefacimilie Instruction
Fraud Endt	$ 15,000,000	$ 150,000
15	.	Stop Payment Order or
Refusal To Pay Check Endt	$ 15,000,000	$ 150,000
16	.	Extended Computer Systems Endt	$ 15,000,000	$ 150,000
This Endorsement applies to loss discovered
after 12:01 a.m. on December 31, 2014.
ALL OTHER TERMS AND CONDITIONS OF THIS
BOND REMAIN UNCHANGED.

Date: March 17, 2015

By: /s/ Paul N. Morrissette Authorized Representative

$$/page=

POLICYHOLDER
DISCLOSURE NOTICE OF
TERRORISM INSURANCE COVERAGE
(for policies with no terrorism exclusion or sublimit)
You are hereby notified that, under the Terrorism Risk
Insurance Act (the “Act”), effective
December 26, 2007, this policy makes available to you
insurance for losses arising out of
certain acts of terrorism. Terrorism is defined as
any act certified by the Secretary of the
Treasury, in concurrence with the Secretary of State
and the Attorney General of the
United States, to be an act of terrorism; to be a violent
act or an act that is dangerous to
human life, property or infrastructure; to have resulted
in damage within the United
States, or outside the United States in the case of
an air carrier or vessel or the premises
of a United States Mission; and to have been committed
by an individual or individuals as
part of an effort to coerce the civilian population
of the United States or to influence the
policy or affect the conduct of the United States Government
by coercion.
You should know that the insurance provided by your
policy for losses caused by acts of
terrorism is partially reimbursed by the United States
under the formula set forth in the
Act. Under this formula, the United States pays 85%
of covered terrorism losses that
exceed the statutorily established deductible to be
paid by the insurance company
providing the coverage.
However, if aggregate insured losses attributable to
terrorist acts certified under the Act
exceed $100 billion in a Program Year (January 1 through
December 31), the Treasury
shall not make any payment for any portion of the amount
of such losses that exceeds
$100 billion.

10-02-1281 (Ed. 1/2003)

$$/page=

| If aggregate insured losses attributable to terrorist
acts certified under the Act exceed |
| --- |
| $100 billion in a Program Year (January 1 through December
31) and we have met our |
| insurer deductible under the Act, we shall not be liable
for the payment of any portion of |
| the amount of such losses that exceeds $100 billion,
and in such case insured losses up |
| to that amount are subject to pro rata allocation in
accordance with procedures |
| established by the Secretary of the Treasury. |
| The portion of your policy’s annual premium that is
attributable to insurance for such acts |
| of terrorism is: $ -0-. |
| If you have any questions about this notice, please
contact your agent or broker. |

10-02-1281 (Ed. 1/2003)

$$/page=

IMPORTANT NOTICE TO POLICYHOLDERS
All of the members
of the Chubb Group of Insurance companies doing business in the United
States (hereinafter “Chubb”) distribute their products
through licensed insurance brokers and agents
(“producers”). Detailed information regarding the
types of compensation paid by Chubb to producers on
US insurance transactions is available under the
Producer Compensation link located at the bottom of the
page at www.chubb.com, or by calling 1-866-588-9478.
Additional information may be available from your
producer.
Thank you for choosing
Chubb.

10-02-1295 (ed. 6/2007)

$$/page=

Important Notice:
The SEC Requires Proof of Your Fidelity Insurance
Policy
Your company is now required to file an electronic
copy of your fidelity insurance coverage
(Chubb’s ICAP Bond policy) to the Securities and
Exchange Commission (SEC), according to
rules adopted by the SEC on June 12, 2006.
Chubb is in the process of providing your agent/broker
with an electronic copy of your insurance
policy as well as instructions on how to submit this
proof of fidelity insurance coverage to the
SEC. You can expect to receive this information from
your agent/broker shortly.
The electronic copy of your policy is provided by
Chubb solely as a convenience and does not
affect the terms and conditions of coverage as set
forth in the paper policy you receive by mail.
The terms and conditions of the policy mailed to
you, which are the same as those set forth in
the electronic copy, constitute the entire agreement
between your company and Chubb.
If you have any questions, please contact your agent
or broker.

Form 14-02-12160 (ed. 7/2006)

Field: Page; Sequence: 3

Field: /Page

ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

1401 H St. NW

Washington DC 20005

INVESTMENT COMPANY BLANKET BOND

(EXCESS)

Field: Page; Sequence: 1

Field: /Page

ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

1401 H St. NW

Washington, DC 20005

DECLARATIONS

NOTICE

This policy is issued by your risk retention group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance insolvency guaranty funds are not available for your risk retention group.

Item 1.
John Hancock Funds	87142114B
Principal Office:	601 Congress Street
	Boston, MA 02210
Mailing Address:	C/O Aon Financial Services Group
	One Federal Street
	Boston, MA 02210

Field: Rule-Page

Field: /Rule-Page

Item 2. Bond Period: from 12:01 a.m. on December 31, 2014 to 12:01 a.m. on December 31, 2015 , or the earlier effective date of the termination of this Bond, standard time at the Principal Office as to each of said dates.

Item 3. Limit of Liability—

	LIMIT OF LIABILITY	DEDUCTIBLE AMOUNT 1
1. EMPLOYEE	$15,000,000	$15,000,000
2. ON PREMISES	$15,000,000	$15,000,000
3. IN TRANSIT	$15,000,000	$15,000,000
4. FORGERY OR ALTERATION	$15,000,000	$15,000,000
5. EXTENDED FORGERY	$15,000,000	$15,000,000
6. COUNTERFEIT MONEY	$15,000,000	$15,000,000
7. THREATS TO PERSONS	$15,000,000	$15,000,000
8. COMPUTER SYSTEMS	$15,000,000	$15,000,000
9. VOICE-INITIATED FUNDS TRANSFER INSTRUCTION	$15,000,000	$15,000,000
10. UNCOLLECTIBLE ITEMS OF DEPOSIT	$15,000,000	$15,000,000

1 Plus the applicable deductible of the Primary Bond

Item 4. PRIMARY BOND - Federal Insurance Company Bond No. 81906724

Item 5. The liability of ICI Mutual Insurance Company, a Risk Retention Group (the “Underwriter”) is subject to the terms of the following Riders attached hereto:

Riders: 1

and of all Riders applicable to this Bond issued during the Bond Period.

By: _ /S/ Maggie Sullivan _

Authorized Representative

Excess Bond (06/12)

Field: Page; Sequence: 2

Field: /Page

NOTICE

This policy is issued by your risk retention group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance insolvency guaranty funds are not available for your risk retention group.

ICI Mutual Insurance Company, a Risk Retention Group (“Underwriter”), in consideration of the required premium, and in reliance on the application and all other information furnished to the Underwriter by the Insured, and subject to and in accordance with the Declarations, General Agreements, Provisions, Conditions and Limitations of this bond, agrees to indemnify the Insured for loss, discovered during the Bond Period, which would otherwise have been paid under the Primary Bond but for the fact that the loss exceeds the limit of liability of such Primary Bond. Coverage under this bond shall follow the terms and conditions of the Primary Bond, except with respect to:

a. Any coverage exceptions specified by riders attached to this bond;

b. The deductible amounts and limits of liability as stated in ITEM 3. of the Declarations; and

c. The General Agreements, Provisions, Conditions and Limitations set forth herein.

GENERAL AGREEMENTS

A. CHANGE OR MODIFICATION OF PRIMARY BOND

If after the inception date of this bond the Primary Bond is changed or modified, written notice of any such change or modification shall be given to the Underwriter as soon as practicable, not to exceed thirty (30) days after such change or modification, together with such information as the Underwriter may request. There shall be no coverage under this bond for any loss arising from or in any way related to such change or modification until such time as the Underwriter is advised of and specifically agrees by written endorsement to provide coverage for such change or modification.

B. LOSS--NOTICE--PROOF--LEGAL PROCEEDINGS

This bond is for the use and benefit only of the Insured and the Underwriter shall not be liable hereunder for loss sustained by anyone other than the Insured (except that if the Insured includes such other loss in the Insured’s proof of loss, the Underwriter shall consider its liability therefor.) As soon as practicable and not more than sixty (60) days after discovery of any loss covered hereunder, the Insured shall give the Underwriter written notice thereof and, as soon as practicable and within one year after such discovery, shall also furnish to the Underwriter affirmative proof of loss with full particulars. The Underwriter may extend the sixty day notice period or the one year proof of loss period if the Insured requests an extension and shows good cause therefor.

The Underwriter shall not be liable hereunder for loss of Securities unless each of the Securities is identified in such proof of loss by a certificate or bond number or by such identification means as the Underwriter may require. The Underwriter shall have a reasonable period after receipt of a proper affirmative proof of loss within which to investigate the claim, but where the loss is of Securities and is clear and undisputed, settlement shall be made within forty-eight (48) hours even if the loss involves Securities of which duplicates may be obtained.

The Insured shall not bring legal proceedings against the Underwriter to recover any loss hereunder prior to sixty (60) days after filing such proof of loss or subsequent to twenty-four (24) months after the discovery of such loss or, in the case of a legal proceeding to recover hereunder on account of

Field: Page; Sequence: 3; Options: NewSection; Value: 2

2

Field: /Page

any judgment against the Insured in or settlement of any suit or to recover court costs or attorneys’ fees paid in any such suit, twenty-four (24) months after the date of the final judgment in or settlement of such suit. If any limitation in this bond is prohibited by any applicable law, such limitation shall be deemed to be amended to be equal to the minimum period of limitation permitted by such law.

Notice hereunder shall be given to Manager, Professional Liability Claims, ICI Mutual Insurance Company, 1401 H St. NW, Washington, DC 20005.

PROVISIONS, CONDITIONS AND LIMITATIONS

SECTION 1. DEFINITIONS

a. Deductible Amount means the amount stated in ITEM 3. of the Declarations, applicable to each Single Loss. In no event shall this Deductible Amount be reduced for any reason, including but not limited to, the non-existence, invalidity, insufficiency or uncollectibility of any Underlying Bond(s) , including the insolvency or dissolution of any Insurer providing coverage under any Underlying Bond(s) .

b. Primary Bond means the bond scheduled in ITEM 5. of the Declarations or any bond that may replace or substitute for such bond.

c. Single Loss means:

(1) all loss resulting from any one actual or attempted theft committed by one person, or

(2) all loss caused by any one act (other than a theft or a dishonest or fraudulent act) committed by one person, or

(3) all loss caused by dishonest or fraudulent acts committed by one person, or

(4) all expenses incurred with respect to any one audit or examination, or

(5) all loss caused by any one occurrence or event other than those specified in subsections (1) through (4) above.

d. Underlying Bond means the Primary Bond and all other insurance coverage referred to in ITEM 4. of the Declarations.

SECTION 2. SINGLE LOSS LIMIT OF LIABILITY

The Underwriter’s liability for each Single Loss shall not exceed the Limit of Liability as stated in ITEM 3. of the Declarations.

SECTION 3. DISCOVERY

For all purposes under this bond, a loss is discovered, and discovery of a loss occurs, when the Insured

(1) becomes aware of facts, or

(2) receives notice of an actual or potential claim by a third party which alleges that the Insured is liable under circumstances, which would cause a reasonable person to assume that loss covered

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by this bond has been or is likely to be incurred even though the exact amount or details of loss may not be known.

SECTION 4. ASSIGNMENT OF RIGHTS

Upon payment to the Insured hereunder for any loss, the Underwriter shall be subrogated to the extent of such payment to all of the Insured’s rights and claims in connection with such loss; provided, however, that the Underwriter shall not be subrogated to any such rights or claims one named Insured under this bond may have against another named Insured under this bond. At the request of the Underwriter, the Insured shall execute all assignments or other documents and take such action as the Underwriter may deem necessary or desirable to secure and perfect such rights and claims, including the execution of documents necessary to enable the Underwriter to bring suit in the name of the Insured.

Assignment of any rights or claims under this bond shall not bind the Underwriter without the Underwriter’s written consent.

SECTION 5. COOPERATION OF INSURED

At the Underwriter’s request and at reasonable times and places designated by the Underwriter the Insured shall:

a. submit to examination by the Underwriter and subscribe to the same under oath, and

b. produce for the Underwriter’s examination all pertinent records, and

c. cooperate with the Underwriter in all matters pertaining to the loss.

The Insured shall execute all papers and render assistance to secure for the Underwriter the rights and causes of action provided for under this bond. The Insured shall do nothing after loss to prejudice such rights or causes of action.

SECTION 6. TERMINATION

The Underwriter may terminate this bond as to any Insured or all Insureds only by written notice to such Insured or Insureds and, if this bond is terminated as to any investment company registered under the Investment Company Act of 1940, to each such investment company terminated thereby and to the Securities and Exchange Commission, Washington, D.C., in all cases not less than sixty (60) days prior to the effective date of termination specified in such notice.

The Insured may terminate this bond only by written notice to the Underwriter not less than sixty (60) days prior to the effective date of the termination specified in such notice. Notwithstanding the foregoing, when the Insured terminates this bond as to any investment company registered under the Investment Company Act of 1940, the effective date of termination shall be not less than sixty (60) days from the date the Underwriter provides written notice of the termination to each such investment company terminated thereby and to the Securities and Exchange Commission, Washington, D.C.

This bond will terminate as to any Insured entity that is not an investment company registered under the Investment Company Act of 1940 immediately and without notice upon (1) the takeover of such Insured’s business by any State or Federal official or agency, or by any receiver or

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liquidator, or (2) the filing of a petition under any State or Federal statute relative to bankruptcy or reorganization of the Insured, or assignment for the benefit of creditors of the Insured.

Premiums are earned until the effective date of termination. The Underwriter shall refund the unearned premium computed at short rates in accordance with the Underwriter’s standard short rate cancellation tables if this bond is terminated by the Insured or pro rata if this bond is terminated by the Underwriter.

Upon the detection by any Insured that an employee (as defined in the Primary Bond ) has committed any dishonest or fraudulent act(s) or theft, the Insured shall immediately remove such employee from a position that may enable such employee to cause the Insured to suffer a loss by any subsequent dishonest or fraudulent act(s) or theft. The Insured, within two (2) business days of such detection, shall notify the Underwriter with full and complete particulars of the detected dishonest or fraudulent act(s) or theft.

For purposes of this section, detection occurs when any partner, officer, or supervisory employee of any Insured, who is not in collusion with such employee, becomes aware that the employee has committed any dishonest or fraudulent act(s) or theft.

This bond shall terminate as to any employee (as defined in the Primary Bond ) by written notice from the Underwriter to each Insured and, if such employee is an employee of an Insured investment company registered under the Investment Company Act of 1940, to the Securities and Exchange Commission, in all cases not less than sixty (60) days prior to the effective date of termination specified in such notice.

SECTION 7. CONFORMITY

If any limitation within this bond is prohibited by any law controlling this bond’s construction, such limitation shall be deemed to be amended so as to equal the minimum period of limitation provided by such law.

SECTION 8. CHANGE OR MODIFICATION

This bond may only be modified by written Rider forming a part hereof over the signature of the Underwriter’s authorized representative. Any Rider which modifies the coverage provided by Insuring Agreement A, Fidelity (or the equivalent insuring agreement) of the Primary Bond in a manner which adversely affects the rights of an Insured investment company registered under the Investment Company Act of 1940 shall not become effective until at least sixty (60) days after the Underwriter has given written notice thereof to the Securities and Exchange Commission, Washington, D.C., and to each Insured investment company registered under the Investment Company Act of 1940 affected thereby.

SECTION 9. DEDUCTIBLE AMOUNT; LIMIT OF LIABILITY

The Underwriter shall not be liable under any Insuring Agreement unless the amount of the loss covered thereunder, after deducting the net amount of all reimbursement and/or recovery received by the Insured with respect to such loss (other than from the Primary Bond or from any other bond, suretyship or insurance policy), shall exceed the applicable Deductible Amount ; in such case the Underwriter shall be liable only for such excess, subject to the applicable Limit of Liability and other agreements, provisions, conditions and limitations of this bond.

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The maximum liability of the Underwriter for any Single Loss covered by any Insuring Agreement under this bond shall be the Limit of Liability applicable to such Insuring Agreement, subject to the applicable Deductible Amount and the other agreements, provisions, conditions and limitations of this bond.

SECTION 10. COMPLIANCE WITH APPLICABLE TRADE AND ECONOMIC SANCTIONS

This bond shall not be deemed to provide any coverage, and the Underwriter shall not be required to pay any loss or provide any benefit hereunder, to the extent that the provision of such coverage, payment of such loss or provision of such benefit would cause the Underwriter to be in violation of any applicable trade or economic sanctions, laws or regulations, including, but not limited to, any sanctions, laws or regulations administered and enforced by the U.S. Department of Treasury Office of Foreign Assets Control (OFAC).

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ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

(EXCESS BOND)

RIDER NO. 1

| INSURED | | BOND
NUMBER |
| --- | --- | --- |
| John
Hancock Funds | | 87142114B |
| EFFECTIVE DATE | BOND PERIOD | AUTHORIZED REPRESENTATIVE |
| December
31, 2014 | December
31, 2014 to December 31, 2015 | /S/
Maggie Sullivan |

Most property and casualty insurers, including ICI Mutual Insurance Company, a Risk Retention Group (“ICI Mutual”), are subject to the requirements of the Terrorism Risk Insurance Act of 2002, as amended (the “Act”). The Act establishes a Federal insurance backstop under which ICI Mutual and these other insurers will be partially reimbursed for future “insured losses” resulting from certified “acts of terrorism.” (Each of these bolded terms is defined by the Act.) The Act also places certain disclosure and other obligations on ICI Mutual and these other insurers.

Pursuant to the Act, any future losses to ICI Mutual caused by certified “acts of terrorism” will be partially reimbursed by the United States government under a formula established by the Act. Under this formula, the United States government will reimburse ICI Mutual for 85% of ICI Mutual’s “insured losses” in excess of a statutorily established deductible until total insured losses of all participating insurers reach $100 billion. If total “insured losses” of all property and casualty insurers reach $100 billion during any applicable period, the Act provides that the insurers will not be liable under their policies for their portions of such losses that exceed such amount. Amounts otherwise payable under this bond may be reduced as a result.

Coverage under this bond remains subject to all applicable terms, conditions and limitations of the bond (including exclusions) that are permissible under the Act. The portion of the premium that is attributable to any coverage potentially available under the bond for “acts of terrorism” is one percent (1%).

RX53.0-01 (03/12)

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John Hancock Bond Trust	John Hancock Investors Trust
John Hancock California Tax-Free Income Fund	John Hancock Municipal Securities Trust
John Hancock Capital Series	John Hancock Preferred Income Fund
John Hancock Collateral Trust	John Hancock Preferred Income Fund II
John Hancock Current Interest	John Hancock Preferred Income Fund III
John Hancock Emerging Markets Income Fund	John Hancock Premium Dividend Fund
John Hancock Financial Opportunities Fund	John Hancock Series Trust
John Hancock Flexible Income Opportunities Fund	John Hancock Sovereign Bond Fund
John Hancock Floating Rate High Income Fund	John Hancock Strategic Diversified Income Fund
John Hancock Funds II	John Hancock Strategic Series
John Hancock Funds III	John Hancock Tax-Advantaged Dividend Income Fund
John Hancock Hedged Equity & Income Fund	John Hancock Tax-Advantaged Global Shareholder Yield Fund
John Hancock Income Securities Trust	John Hancock Tax-Exempt Series Fund
John Hancock Investment Trust	John Hancock Variable Insurance Trust
John Hancock Investment Trust II
John Hancock Investment Trust III

(Collectively referred to as the “Trusts” and the series are collectively referred to as the “Funds”)

2014-2015 Joint Financial Institutions (Fidelity) Bond (the “Joint Bond”)

WHEREAS , Rule 17g-1 under the 1940 Act governs the required bonding of the Trusts’ officers and employees under a joint fidelity bond;

WHEREAS , the Trustees desire to approve the Joint Bond for a one-year term ending December 31, 2015; and

WHEREAS , the Trustees of the Trusts have considered the allocation of premiums for the Joint Bond among the John Hancock Trusts and have determined that the allocation should be based on the premium (including tax) of $98,106; it is:

RESOLVED , that the Joint Bond issued by Federal Insurance Company (Chubb) and ICI Mutual Insurance Company, covering each officer and employee of the Trusts against larceny and embezzlement, in the amount of $30 million for a one-year term ending December 31, 2015, and in the proposed form presented at this meeting, after consideration of all factors deemed relevant by the Board, including, but not limited to: (i) the expected value of the aggregate assets of the Trusts to which any officer or employee of such Trusts may have access; (ii) the type and terms of the arrangements made for the custody and safekeeping of such assets; and (iii) the nature of the securities in the John Hancock Trusts’ portfolios, be, and it hereby is, determined to be reasonable in form and amount, and hereby approved;

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FURTHER RESOLVED , that the portion of the premium for the Joint Bond to be paid by each Trust, in substantially the form presented at this Meeting, after consideration of all factors deemed relevant by the Board, including, but not limited to: (i) the number of the other parties named as insureds; (ii) the nature of the business activities of such other parties; (iii) the amount of the Joint Bond; (iv) the amount of the premium for such Joint Bond; (v) the ratable allocation of the premium among all parties named as insureds; and (vi) the extent to which the share of the premium allocated to each Trust is less than the premium such Trust would have had to pay if it had provided and maintained a single insured bond, be, and it hereby is, approved; and

FURTHER RESOLVED , that the appropriate officers of the Trusts be, and each hereby is, authorized to increase the amount of the Joint Bond coverage from time to time to ensure adequate coverage based upon the value of the Trusts’ assets and to enable the Trusts to remain in compliance with the 1940 Act and the rules promulgated thereunder;

FURTHER RESOLVED , that the Joint Insured Bond Agreement among the Trusts (the “Joint Bond Agreement”), in substantially the form presented at this Meeting, providing in substance that, in the event any recovery is received under the Joint Bond as a result of a loss sustained by the Trusts and any one or more other named insureds, the Trusts shall receive an equitable and proportionate share of the recovery, but in no event less than the amount it would have received had it provided and maintained a single bond with the minimum coverage required by paragraph (d)(1) of Rule 17g-1 under the 1940 Act, be, and it hereby is, approved;

FURTHER RESOLVED , that the Secretary of the Trusts or his delegate be, and each hereby is, authorized to make all necessary filings and give all notices and information with respect to such Joint Bond and the Joint Bond Agreement required by paragraph (g) of Rule 17g-1 under the 1940 Act; and

FURTHER RESOLVED , that the appropriate officers of the Trusts be, and each hereby is, authorized to make any and all payments and to do any and all such further acts, in the name of the Trusts and on its behalf, as they, or any of them, may determine to be necessary or desirable and proper, with the advice of counsel, in connection with or in furtherance of the foregoing resolutions.

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Agreement Relating to Joint Insured Bond

WHEREAS, each of the parties hereto is a named insured under a “joint insured bond,” as that term is defined in Rule 17g-1 under the Investment Company Act of 1940 (the “1940 Act”); and

WHEREAS, Rule 17g-1(f) under the 1940 Act requires an agreement between all the named insureds under a joint insured bond;

NOW, THEREFORE, the parties hereto hereby agree as follows:

In the event recovery is received under the joint insured bond as a result of a loss sustained by any two or more of the named insureds, each insured shall receive an equitable and proportionate share of the recovery, but at least equal to the amount which it would have received had it provided and maintained a single insured bond with the minimum coverage required by paragraph (d)(1) of Rule 17g-1 under the 1940 Act.

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed on its behalf by the undersigned thereunto duly authorized on January 30, 2015.

JOHN HANCOCK VARIABLE INSURANCE TRUST on behalf of each of its Series
JOHN HANCOCK FUNDS II on behalf of each of its Series
John HANCOCK FUNDS III on behalf of each of its series
JOHN HANCOCK BOND TRUST on behalf of each of its series
JOHN HANCOCK CAPITAL SERIES on behalf of each of its series
JOHN HANCOCK CALIFORNIA TAX-FREE INCOME
FUND on behalf of each of its series
JOHN HANCOCK COLLATERAL TRUST On behalf of each of its series
JOHN HANCOCK CURRENT INTEREST on behalf of each of its series
JOHN HANCOCK INVESTMENT TRUST on behalf of each of its series
JOHN HANCOCK INVESTMENT TRUST II on behalf of each of its series
JOHN HANCOCK INVESTMENT TRUST III on behalf of each of its series

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JOHN HANCOCK MUNICIPAL SERIES TRUST on behalf of each of its series

JOHN HANCOCK SOVEREIGN BOND FUND on behalf of its of its series
JOHN HANCOCK STRATEGIC SERIES on behalf of each of its series
JOHN HANCOCK TAX-EXEMPT SERIES FUND on behalf of each of its series
JOHN HANCOCK EMERGING MARKETS INCOME FUND on behalf of its of its series
JOHN HANCOCK FINANCIAL OPPORTUNITIES
FUND on behalf of each of its series
JOHN HANCOCK FLEXIBLE INCOME OPPORTUNITIES
FUND on behalf of each of its series
JOHN HANCOCK FLOATING RATE HIGH INCOME
FUND On behalf of each of its series
JOHN HANCOCK HEDGED EQUITY & INCOME
FUND on behalf of each of its series
JOHN HANCOCK INCOME SECURITIES TRUST on behalf of each of its series
JOHN HANCOCK INVESTORS TRUST on behalf of each of its series
JOHN HANCOCK PREFERRED INCOME FUND on behalf of each of its series
JOHN HANCOCK PREFERRED INCOME FUND II on behalf of each of its series
JOHN HANCOCK PREFERRED INCOME FUND III on behalf of each of its series

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JOHN HANCOCK PREMIUM DIVIDEND FUND on behalf of each of its series
JOHN HANCOCK STRATEGIC DIVERSIFIED INCOME
FUND on behalf of each if its series
JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME
FUND on behalf of each of its series
JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER
YIELD FUND on behalf of each of its series ___________
Executed on behalf of each Trust and its relevant Series referenced above:
By:	/s/ Betsy Anne Seel
Name:	Betsy Anne Seel
Title:	Assistant Secretary

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STATEMENT REGARDING SINGLE BOND AMOUNT

If the investment companies shown below had not been named as an insured under this joint insured bond, they would have provided and maintained a single bond in the amount of at least:

John Hancock Bond Trust	$1,700,000
John Hancock California Tax-Free Income Fund	$750,000
John Hancock Capital Series	$2,100,000
John Hancock Collateral Trust	$1,500,000
John Hancock Current Interest	$750,000
John Hancock Emerging Markets Income Fund	$50,000
John Hancock Financial Opportunities Fund	$900,000
John Hancock Flexible Income Opportunities Fund*	$0
* (terminated 6/17/2013)
John Hancock Floating Rate High Income Fund	$50,000
John Hancock Funds II	$2,500,000
John Hancock Funds III	$2,500,000
John Hancock Hedged Equity & Income Fund	$750,000
John Hancock Income Securities Trust	$750,000
John Hancock Investment Trust	$2,300,000
John Hancock Investment Trust II	$1,500,000
John Hancock Investment Trust III	$400,000
John Hancock Investors Trust	$750,000
John Hancock Municipal Securities Trust	$900,000
John Hancock Preferred Income Fund	$1,000,000
John Hancock Preferred Income Fund II	$900,000
John Hancock Preferred Income Fund III	$1,000,000
John Hancock Premium Dividend Fund	$1,250,000
John Hancock Sovereign Bond Fund	$1,700,000
John Hancock Strategic Diversified Income Fund	$50,000
John Hancock Strategic Series	$1,900,000
John Hancock Tax-Advantaged Dividend Income Fund	$1,250,000
John Hancock Tax-Advantaged Global Shareholder Yield Fund	$525,000
John Hancock Tax-Exempt Series Fund	$525,000
John Hancock Variable Insurance Trust	$2,500,000

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PREMIUM PERIOD

Premiums have been paid for the period December 31, 2014 to December 31, 2015 .

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