--------------------------------------------------------------------------------
John Hancock Advisers, LLC                                     John Hancock logo

601 Congress Street
Boston, Massachusetts 02210-2805

April 19, 2007


Securities and Exchange Commission
Washington, DC  20549


RE:  John Hancock Patriot Premium Dividend Fund I
     File No.  811-5615


Dear Sir/Madam:


Pursuant to provisions of Regulation  17g-1 under the Investment  Company Act of
1940, enclosed are the following documents:

1.   A certified  copy of the resolution of majority of the Trustees who are not
     interested persons of the above named trust approving the bonds.

2.   A copy of the agreement between the investment company and all of the other
     named insured entered into pursuant to paragraph (f) of Regulation 17g-1.

3.   A copy of an amended joint insured  fidelity bond no.  469BD0284  issued by
     St. Paul Travelers Insurance Company.

4.   A copy of an amended joint insured  fidelity bond no.  87142106B  issued by
     ICI Mutual Insurance Co.

5.   A copy of an amended joint insured  fidelity bond no.  81520012H  issued by
     Chubb Insurance Co.


If the  investment  company  had not been named as an  insured  under this joint
insured bond, it would have provided and  maintained a single bond in the amount
of at least  $600,000.  Premiums  have been paid for the period July 15, 2006 to
July 15, 2007.


Sincerely,

/s/ Jeffrey Long
----------------
Jeffrey Long
Chief Financial Officer


         John Hancock Funds, LLC, 601 Congress Street, Boston, MA 02210,
                    Member NASD * John Hancock Advisers, LLC
                     Sovereign Asset Management Corporation

                                                                       All Funds
                                                                       ---------


                    RATIFICATION OF RENEWAL OF FIDELITY BOND
                      AND PROFESSIONAL LIABILITY INSURANCE


RESOLVED, that the joint insured fidelity bonds issued by St. Paul Travelers and
ICI Mutual  Insurance  Company on the Investment  Company  Blanket bond form, be
entered into for one year pursuant to and in compliance with the requirements of
Rule 17g-1 under the Investment  Company Act of 1940, as amended,  at a combined
limit of $45 million,  with each Fund as a joint  insured,  and that the premium
will be paid by all Funds  collectively and shall be pro-rated  according to the
assets of each Fund.

FURTHER  RESOLVED,  that the proposal to renew the coverage in the Directors and
Officers/Errors  & Omissions  Policies as presented to the meeting from July 15,
2006 through July 15, 2007; be and hereby is approved.



Certified by:  /s/Alfred P. Ouellette
               ----------------------
               Assistant Secretary



     It is hereby  agreed among the  undersigned  parties,  named  insured under
Fidelity Bond Insurance provided by St. Paul Travelers Insurance Company renewed
on July 15,  2006,  ICI Mutual  Insurance  Company  renewed on July 15, 2006 and
Chubb Insurance  Company renewed on March 31, 2006 that in the event recovery is
received  as a  result  of a  loss  sustained  by any  one  of  the  undersigned
registered  management  investment  companies and one or more of the other named
insured under the said bonds, the said registered  management investment company
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 under the provisions of
paragraph (f) (1) of Rule 17g-1 under Section  17(g) of the  Investment  Company
Act of 1940.

     IN WITNESS  WHEREOF,  the parties  hereto have caused this  agreement to be
executed by their duly authorized officer on April 12, 2007.



                                             
John Hancock Investment Trust                   John Hancock Investment Trust II

By:  /s/Alfred P. Ouellette                     By:  /s/Alfred P. Ouellette
     ----------------------                          ----------------------
     Assistant Secretary                             Assistant Secretary


John Hancock Investment Trust III               John Hancock Bank and Thrift Opportunity Fund

By:  /s/Alfred P. Ouellette                     By:  /s/Alfred P. Ouellette
     ----------------------                          ----------------------
     Assistant Secretary                             Assistant Secretary


John Hancock Bond Trust                         John Hancock California Tax-Free Income Fund

By:  /s/Alfred P. Ouellette                     By:  /s/Alfred P. Ouellette
     ----------------------                          ----------------------
     Assistant Secretary                             Assistant Secretary


John Hancock Capital Series                     John Hancock Tax-Advantaged Dividend Income Fund

By:  /s/Alfred P. Ouellette                     By:  /s/Alfred P. Ouellette
     ----------------------                          ----------------------
     Assistant Secretary                             Assistant Secretary


John Hancock Current Interest                   John Hancock Income Securities Trust

By:  /s/Alfred P. Ouellette                     By:  /s/Alfred P. Ouellette
     ----------------------                          ----------------------
     Assistant Secretary                             Assistant Secretary


John Hancock Institutional Series Trust         John Hancock Preferred Income Fund

By:  /s/Alfred P. Ouellette                     By:  /s/Alfred P. Ouellette
     ----------------------                          ----------------------
     Assistant Secretary                             Assistant Secretary


John Hancock Investors Trust                    John Hancock Equity Trust

By:  /s/Alfred P. Ouellette                     By:  /s/Alfred P. Ouellette
     ----------------------                          ----------------------
     Assistant Secretary                             Assistant Secretary


John Hancock Patriot Global Dividend Fund       John Hancock Patriot Preferred Dividend Fund

By:  /s/Alfred P. Ouellette                     By:  /s/Alfred P. Ouellette
     ----------------------                          ----------------------
     Assistant Secretary                             Assistant Secretary


John Hancock Patriot Premium Dividend Fund I    John Hancock Patriot Premium Dividend Fund II

By:  /s/Alfred P. Ouellette                     By:  /s/Alfred P. Ouellette
     ----------------------                          ----------------------
     Assistant Secretary                             Assistant Secretary


John Hancock Patriot Select Dividend Trust      John Hancock Series Trust

By:  /s/Alfred P. Ouellette                     By:  /s/Alfred P. Ouellette
     ----------------------                          ----------------------
     Assistant Secretary                             Assistant Secretary






                                             
John Hancock Sovereign Bond Fund                John Hancock Strategic Series

By:  /s/Alfred P. Ouellette                     By:  /s/Alfred P. Ouellette
     ----------------------                          ----------------------
     Assistant Secretary                             Assistant Secretary


John Hancock Tax-Exempt Series Fund             John Hancock Municipal Securities Trust

By:  /s/Alfred P. Ouellette                     By:  /s/Alfred P. Ouellette
     ----------------------                          ----------------------
     Assistant Secretary                             Assistant Secretary


John Hancock World Fund                         John Hancock Financial Trends Fund, Inc.

By:  /s/Alfred P. Ouellette                     By:  /s/Alfred P. Ouellette
     ----------------------                          ----------------------
     Assistant Secretary                             Assistant Secretary

John Hancock Preferred Income Fund II           John Hancock Preferred Income Fund III

By:  /s/Alfred P. Ouellette                     By:  /s/Alfred P. Ouellette
     ----------------------                          ----------------------
     Assistant Secretary                             Assistant Secretary


John Hancock Funds, LLC                         John Hancock Advisers, LLC

By:  /s/Alfred P. Ouellette                     By:  /s/Alfred P. Ouellette
     ----------------------                          ----------------------
     Assistant Secretary                             Assistant Secretary


John Hancock Signature Services, Inc.           MFC Global Investment Management (U.S.), LLC

By:  /s/John Hatch                              By:  /s/Alfred P. Ouellette
     ----------------------                          ----------------------
     President and CEO                               Assistant Secretary




DELIVERY INVOICE                                                The St Paul logo

Company: St Paul Fire & Marine Insurance Company
--------------------------------------------------------------------------------

INSURED
JOHN HANCOCK CAPITAL SERIES, INC.       Policy Inception/Effective Date: 7/15/05
101 HUNTINGTON AVENUE                   Agency Number: 5934854
BOSTON MA 02199
                                        Transaction Type:
                                        Renewal
                                        Transaction number: 001
                                        Processing date: 9/8/2005
                                        Policy Number: 469BD0284

AGENT
Aon Financial Services Group
99 High Street
Boston MA 02110

--------------------------------------------------------------------------------
Policy                                                          Surtax/
Number         Description                        Amount        Surcharge
--------------------------------------------------------------------------------
469PB0607      Investment Company Blanket Bond    $125,000










--------------------------------------------------------------------------------
40724 Ed.12-90 Printed in U.S.A.        INSURED COPY                      Page 1



                                                          St Paul Travelers logo

      IMPORTANT NOTICE REGARDING INDEPENDENT AGENT AND BROKER COMPENSATION
--------------------------------------------------------------------------------

For information about how St. Paul Travelers compensates  independent agents and
brokers, please visit www.stpaultravelers.com, or you may request a written copy
from Marketing at One Tower Square, 2GSA, Hartford, CT 06183.
















--------------------------------------------------------------------------------
                                                                     Page 1 of 1


POLICY FORM LIST

Here's a list of all forms included in your
policy, on the date shown below. These forms
are listed in the same order as they appear in
your policy.
--------------------------------------------------------------------------------
Title                                                 Form Number   Edition Date

Policy Form List                                         40705         05-84
Investment Company Blanket Bond - Declarations           ICB001        07-04
Investment Company Blanket Bond - Insuring Agreements    ICB005        07-04
Named Insured Endorsement                                ICB010        07-04
Computer Systems                                         ICB011        07-04
Unauthorized Signatures                                  ICB012        07-04
Telefacsimile Transactions                               ICB013        07-04
Voice-Initiated Transactions                             ICB014        07-04
Amend Definition of Employee (Exclude EDP Coverage for   ICB015        07-04
Computer Software or Programs)
Definition of Investment Company                         ICB016        07-04
Amend Section 13. - Termination As To Any Employee       ICB018        07-04
Automated Phone Systems                                  ICB019        07-04
Amend Definition of Employee (Include Contractors)       ICB022        07-04
Add Exclusions (n) & (o)                                 ICB026        07-04
Joint Loss Payee                                         ICB027        07-04
Include Trading Loss Coverage                            MEL2575       03-05
Automatic Coverage For New Investment Companies/         MEL2684       03-05
Increase In Limits
Amend Definition Of Employee                             MEL2899       05-05



--------------------------------------------------------------------------------
Name of Insured             Policy Number 469BD0284      Effective Date 07/15/06
JOHN HANCOCK CAPITAL SERIES, INC. Processing Date 09/19/06 07:10 001
--------------------------------------------------------------------------------

                                                                          Page 1


St Paul Travelers logo

                        INVESTMENT COMPANY BLANKET BOND
                   St. Paul Fire and Marine Insurance Company
                         St. Paul, Minnesota 55102-1396
             (A Stock Insurance Company, herein called Underwriter)

DECLARATIONS                                            BOND NO. 469BD0284

Item 1. Name of Insured (herein called Insured):
        JOHN HANCOCK CAPITAL SERIES, INC.
        Principal Address:
        601 Congress Street
        Boston, MA 02210

--------------------------------------------------------------------------------
Item 2. Bond Period from 12:01 a.m. on 07/15/06 to 12:01 a.m. on 07/15/07 the
        effective date of the termination or cancellation of the bond, standard
        time at the Principal Address as to each of said dates.
--------------------------------------------------------------------------------
Item 3. Limit of Liability
        Subject to Sections 9, 10, and 12 hereof:
                                        Limit of Liability     Deductible Amount
Insuring Agreement A - FIDELITY         $25,000,000.            $50,000.
Insuring Agreement B - AUDIT EXPENSE    $50,000.                $N/A
Insuring Agreement C - PREMISES         $25,000,000.            $50,000.
Insuring Agreement D - TRANSIT          $25,000,000.            $50,000.
Insuring Agreement E - FORGERY OR       $25,000,000.            $50,000.
ALTERATION
Insuring Agreement F - SECURITIES       $25,000,000.            $50,000.
Insuring Agreement G - COUNTERFEIT      $25,000,000.            $50,000.
CURRENCY
Insuring Agreement H - STOP PAYMENT     $50,000.                $5,000.
Insuring Agreement I - UNCOLLECTIBLE    $50,000.                $5,000.
ITEMS OF DEPOSIT

OPTIONAL COVERAGES ADDED BY RIDER:

Insuring Agreement J- Unauthorized Signatures      $50,000.     $5,000.
Insuring Agreement K- Computer Systems             $25,000,000. $50,000.
Insuring Agreement L- Voice Initiated Transactions $25,000,000. $50,000.
Insuring Agreement M- Automatic Phone Systems      $25,000,000. $50,000.
Insuring Agreement N- Telefacsimile Transactions   $25,000,000. $50,000.

If "Not Covered" is inserted above opposite any specified  Insuring Agreement or
Coverage,  such InsuringAgreement or Coverage and any other reference thereto in
this bond shall be deemed to be deleted therefrom.
--------------------------------------------------------------------------------
Item 4. Offices or Premises Covered - Offices acquired or established subsequent
        to the effective date of this bond are covered according to the terms of
        General Agreement A. All the Insured's offices or premises in existence
        at the time this bond becomes effective are covered under this bond
        except the offices or premises located as follows: N/A
--------------------------------------------------------------------------------
Item 5. The liability of the Underwriter is subject to the terms of the
        following endorsements or riders attached hereto:
See Attached Policy Forms List

                                                                     Page 1 of 2


--------------------------------------------------------------------------------
Item 6. The Insured by the acceptance of this bond gives notice to the
        Underwriter terminating or canceling prior bonds or policy(ies)
        No.(s) 469PB0607 such termination or cancellation to be effective as of
        the time this bond becomes effective.
--------------------------------------------------------------------------------
IN  WITNESS  WHEREOF,  the  Company  has  caused  this  bond to be signed by its
President and Secretary and countersigned by a duly authorized representative of
the Company.



                                             
Countersigned:                                  ST. PAUL FIRE AND MARINE INSURANCE COMPANY

/s/Andrew M. Sullivan                           /s/B.A. Backberg        /s/Brian MacLean
------------------------------------------      ------------------      -----------------
Authorized Representative Countersigned At      Secretary               President


---------------------
Countersignature Date




                        INVESTMENT COMPANY BLANKET BOND

The  Underwriter,  in  consideration  of an agreed  premium,  and subject to the
Declarations  made  a  part  hereof,  the  General  Agreements,  Conditions  and
Limitations and other terms of this bond, agrees with the Insured, in accordance
with the  Insuring  Agreements  hereof  to  which  an  amount  of  insurance  is
applicable as set forth in Item 3 of the  Declarations  and with respect to loss
sustained by the Insured at any time but discovered  during the Bond Period,  to
indemnify and hold harmless the Insured for:

                               INSURING AGREEMENTS
(A)  FIDELITY

     Loss resulting from any dishonest or fraudulent  act(s),  including Larceny
     or Embezzlement,  committed by an Employee,  committed anywhere and whether
     committed  alone or in collusion  with others,  including  loss of Property
     resulting  from such acts of an  Employee,  which  Property  is held by the
     Insured for any purpose or in any capacity and whether so held gratuitously
     or not and whether or not the Insured is liable therefor.

     Dishonest or  fraudulent  act(s) as used in this Insuring  Agreement  shall
     mean only  dishonest or fraudulent  act(s)  committed by such Employee with
     the manifest intent:

     (a) to cause the Insured to sustain such loss; and

     (b) to obtain financial  benefit for the Employee,  or for any other Person
     or  organization  intended by the Employee to receive such  benefit,  other
     than salaries,  commissions,  fees,  bonuses,  promotions,  awards,  profit
     sharing, pensions or other employee benefits earned in the normal course of
     employment.

(B)  AUDIT EXPENSE

     Expense  incurred  by the  Insured  for that part of the costs of audits or
     examinations  required  by  any  governmental  regulatory  authority  to be
     conducted  either by such  authority  or by an  independent  accountant  by
     reason of the  discovery  of loss  sustained  by the  Insured  through  any
     dishonest or fraudulent act(s),  including Larceny or Embezzlement,  of any
     of the Employees.  The total  liability of the Underwriter for such expense
     by  reason  of such  acts of any  Employee  or in which  such  Employee  is
     concerned or implicated or with respect to any one audit or  examination is
     limited  to the  amount  stated  opposite  Audit  Expense  in Item 3 of the
     Declarations;  it being  understood,  however,  that such expense  shall be
     deemed to be a loss  sustained  by the  Insured  through any  dishonest  or
     fraudulent act(s), including Larceny or Embezzlement, of one or more of the
     Employees,  and the liability  under this paragraph shall be in addition to
     the Limit of Liability  stated in Insuring  Agreement  (A) in Item 3 of the
     Declarations.

(C)  ON PREMISES

     Loss of Property (occurring with or without negligence or violence) through
     robbery,  burglary,  Larceny,  theft,  holdup,  or other fraudulent  means,
     misplacement,  mysterious  unexplainable  disappearance,  damage thereto or
     destruction thereof, abstraction or removal from the possession, custody or
     control of the Insured, and loss of subscription, conversion, redemption or
     deposit privileges through the misplacement or loss of Property,  while the
     Property  is (or is  supposed  or  believed by the Insured to be) lodged or
     deposited  within any offices or premises  located  anywhere,  except in an
     office listed in Item 4 of the Declarations or amendment  thereof or in the
     mail or with a carrier  for  hire,  other  than an  armored  motor  vehicle
     company, for the purpose of transportation.

                              Office and Equipment

     (1) loss of or damage to  furnishings,  fixtures,  stationery,  supplies or
     equipment,  within any of the  Insured's  offices  covered  under this bond
     caused by Larceny or theft in, or by burglary,  robbery or hold-up of, such
     office, or attempt thereat, or by vandalism or malicious mischief; or

     (2) loss  through  damage to any such  office by Larceny or theft in, or by
     burglary, robbery or hold-up of, such office, or attempt thereat, or to the
     interior of any such office by vandalism or malicious mischief provided, in
     any  event,  that the  Insured is the owner of such  offices,  furnishings,
     fixtures,  stationery,  supplies or equipment or is legally liable for such
     loss or damage always excepting, however, all loss or damage through fire.

(D)  IN TRANSIT

                                    1 of 12


     Loss of Property (occurring with or without negligence or violence) through
     robbery,  Larceny, theft, hold-up,  misplacement,  mysterious unexplainable
     disappearance,  being lost or otherwise  made away with,  damage thereto or
     destruction  thereof, and loss of subscription,  conversion,  redemption or
     deposit privileges through the misplacement or loss of Property,  while the
     Property  is in transit  anywhere  in the  custody of any person or persons
     acting as  messenger,  except while in the mail or with a carrier for hire,
     other  than  an  armored  motor  vehicle   company,   for  the  purpose  of
     transportation,  such  transit to begin  immediately  upon  receipt of such
     Property by the transporting person or persons, and to end immediately upon
     delivery thereof at destination.

(E)  FORGERY 0R ALTERATION

     Loss through Forgery or alteration of or on:

     (1) any bills of exchange,  checks,  drafts,  acceptances,  certificates of
     deposit,  promissory notes, or other written promises, orders or directions
     to pay sums certain in money,  due bills,  money orders,  warrants,  orders
     upon public treasuries, letters of credit; or

     (2) other written  instructions,  advices or  applications  directed to the
     Insured,  authorizing or acknowledging the transfer,  payment,  delivery or
     receipt of funds or Property,  which instructions,  advices or applications
     purport to have been signed or endorsed by any:

     (a) customer of the Insured, or
     (b)   shareholder  or  subscriber  to  shares,   whether   certificated  or
     uncertificated, of any Investment Company, or
     (c) financial or banking institution or stockbroker,

     but which  instructions,  advices or  applications  either  bear the forged
     signature or  endorsement  or have been altered  without the  knowledge and
     consent of such customer, shareholder or subscriber to shares, or financial
     or banking institution or stockbroker; or

     (3) withdrawal  orders or receipts for the withdrawal of funds or Property,
     or receipts or certificates of deposit for Property and bearing the name of
     the  Insured as  issuer,  or of another  Investment  Company  for which the
     Insured acts as agent, excluding,  however, any loss covered under Insuring
     Agreement (F) hereof whether or not coverage for Insuring  Agreement (F) is
     provided for in the Declarations of this bond.

     Any check or draft (a) made payable to a  fictitious  payee and endorsed in
     the name of such fictitious payee or (b) procured in a transaction with the
     maker or drawer  thereof  or with one  acting as an agent of such  maker or
     drawer or anyone impersonating another and made or drawn payable to the one
     so  impersonated  and endorsed by anyone  other than the one  impersonated,
     shall be deemed to be forged as to such endorsement.

     Mechanically  reproduced  facsimile  signatures  are  treated  the  same as
     handwritten signatures.

(F)  SECURITIES

     Loss  sustained by the  Insured,  including  loss  sustained by reason of a
     violation of the  constitution  by-laws,  rules or  regulations of any Self
     Regulatory  Organization  of which the  Insured is a member or which  would
     have been imposed upon the Insured by the constitution,  by-laws,  rules or
     regulations of any Self  Regulatory  Organization if the Insured had been a
     member thereof,

     (1)  through  the  Insured's  having,  in good  faith and in the  course of
     business,  whether for its own account or for the account of others, in any
     representative,   fiduciary,   agency   or  any  other   capacity,   either
     gratuitously  or otherwise,  purchased or otherwise  acquired,  accepted or
     received, or sold or delivered,  or given any value, extended any credit or
     assumed  any  liability,  on the faith of, or  otherwise  acted  upon,  any
     securities,  documents  or other  written  instruments  which prove to have
     been:

     (a) counterfeited, or
     (b) forged as to the  signature  of any maker,  drawer,  issuer,  endorser,
     assignor,  lessee,  transfer  agent  or  registrar,   acceptor,  surety  or
     guarantor  or as to  the  signature  of any  person  signing  in any  other
     capacity, or
     (c) raised or otherwise altered, or lost, or stolen, or

     (2)  through  the  Insured's  having,  in good  faith and in the  course of
     business,  guaranteed  in writing or witnessed any  signatures  whether for
     valuable  consideration  or not and  whether  or not such  guaranteeing  or
     witnessing is ultra vires the Insured, upon any transfers,

                                    2 of 12


     assignments, bills of sale, powers of attorney, guarantees, endorsements or
     other  obligations upon or in connection with any securities,  documents or
     other written  instruments  and which pass or purport to pass title to such
     securities, documents or other written instruments; excluding losses caused
     by Forgery  or  alteration  of, on or in those  instruments  covered  under
     Insuring Agreement (E) hereof.

     Securities,  documents or other written instruments shall be deemed to mean
     original  (including  original  counterparts)  negotiable or non-negotiable
     agreements  which in and of  themselves  represent an  equitable  interest,
     ownership, or debt, including an assignment thereof, which instruments are,
     in the  ordinary  course of  business,  transferable  by  delivery  of such
     agreements with any necessary endorsement or assignment.

     The word "counterfeited" as used in this Insuring Agreement shall be deemed
     to mean  any  security,  document  or  other  written  instrument  which is
     intended to deceive and to be taken for an original.

     Mechanically  reproduced  facsimile  signatures  are  treated  the  same as
     handwritten signatures.

(G)  COUNTERFEIT CURRENCY

     Loss  through  the  receipt  by  the  Insured,   in  good  faith,   of  any
     counterfeited  money  orders or  altered  paper  currencies  or coin of the
     United States of America or Canada issued or purporting to have been issued
     by the United  States of America or Canada or issued  pursuant  to a United
     States of America or Canada statute for use as currency.

(H)  STOP PAYMENT

     Loss against any and all sums which the Insured  shall become  obligated to
     pay by reason of the liability imposed upon the Insured by law for damages:

     For having either complied with or failed to comply with any written notice
     of any customer, shareholder or subscriber of the Insured or any Authorized
     Representative of such customer,  shareholder or subscriber to stop payment
     of any  check or  draft  made or drawn  by such  customer,  shareholder  or
     subscriber or any Authorized  Representative of such customer,  shareholder
     or subscriber, or

     For having refused to pay any check or draft made or drawn by any customer,
     shareholder or subscriber of the Insured or any  Authorized  Representative
     of such customer, shareholder or subscriber.

(I)  UNCOLLECTIBLE ITEMS OF DEPOSIT

     Loss  resulting  from payments of dividends or fund shares,  or withdrawals
     permitted from any customer's, shareholder's, or subscriber's account based
     upon  Uncollectible  Items  of  Deposit  of  a  customer,   shareholder  or
     subscriber  credited  by  the  Insured  or  the  Insured's  agent  to  such
     customer's,  shareholder's  or  subscriber's  Mutual Fund Account;  or loss
     resulting from an Item of Deposit processed  through an Automated  Clearing
     House which is reversed by the  customer,  shareholder  or  subscriber  and
     deemed uncollectible by the Insured.

     Loss  includes  dividends  and  interest  accrued  not to exceed 15% of the
     Uncollectible Items which are deposited.

     This  Insuring  Agreement  applies  to  all  Mutual  Funds  with  "exchange
     privileges"  if all  Fund(s) in the  exchange  program  are  insured by the
     Underwriter for Uncollectible Items of Deposit. Regardless of the number of
     transactions  between Fund(s), the minimum number of days of deposit within
     the Fund(s) before  withdrawal as declared in the Fund(s)  prospectus shall
     begin from the date a deposit was first credited to any Insured Fund(s).


                               GENERAL AGREEMENTS

A.   ADDITIONAL OFFICES OR EMPLOYEES CONSOLIDATION OR MERGER - NOTICE

     (1) If the  Insured  shall,  while  this  bond is in force,  establish  any
     additional office or offices,  such offices shall be automatically  covered
     hereunder from the dates of their establishment, respectively. No notice to
     the  Underwriter of an increase  during any premium period in the number of
     offices  or in the  number  of  Employees  at any  of the  offices  covered
     hereunder  need be given  and no  additional  premium  need be paid for the
     remainder of such premium period.

     (2) If an Investment  Company,  named as Insured herein,  shall, while this
     bond is in force,  merge or  consolidate  with,  or purchase  the assets of
     another   institution,   coverage   for  such   acquisition   shall   apply
     automatically  from the date of  acquisition.  The Insured shall notify the
     Underwriter  of such  acquisition  within  60 days  of  said  date,  and an
     additional  premium  shall be computed  only if such  acquisition  involves
     additional offices or employees.

                                    3 of 12


B.   WARRANTY

     No statement made by or on behalf of the Insured,  whether contained in the
     application  or  otherwise,  shall be deemed to be a warranty  of  anything
     except  that it is true to the  best of the  knowledge  and  belief  of the
     person making the statement.

C.   COURT COSTS AND ATTORNEYS' FEES

     (Applicable  to all  Insuring  Agreements  or  Coverages  now or  hereafter
     forming part of this bond)

     The  Underwriter  will  indemnify  the  Insured  against  court  costs  and
     reasonable  attorneys'  fees  incurred  and paid by the Insured in defense,
     whether or not successful, whether or not fully litigated on the merits and
     whether or not settled, of any suit or legal proceeding brought against the
     Insured to enforce the Insured's  liability or alleged liability on account
     of any loss,  claim or damage which,  if  established  against the Insured,
     would constitute a loss sustained by the Insured covered under the terms of
     this bond provided,  however,  that with respect to Insuring  Agreement (A)
     this indemnity shall apply only in the event that:

     (1) an  Employee  admits to being  guilty of any  dishonest  or  fraudulent
     act(s), including Larceny or Embezzlement; or

     (2) an Employee is  adjudicated to be guilty of any dishonest or fraudulent
     act(s), including Larceny or Embezzlement;

     (3) in the absence of (1) or (2) above an arbitration panel agrees, after a
     review of an agreed  statement  of facts,  that an Employee  would be found
     guilty of dishonesty if such Employee were prosecuted.

     The Insured shall promptly give notice to the  Underwriter of any such suit
     or legal proceedings and at the request of the Underwriter shall furnish it
     with copies of all pleadings and other papers therein. At the Underwriter's
     election the Insured shall permit the Underwriter to conduct the defense of
     such suit or legal proceeding,  in the Insured's name, through attorneys of
     the  Underwriter's  selection.  In such event,  the Insured  shall give all
     reasonable  information  and assistance  which the  Underwriter  shall deem
     necessary to the proper defense of such suit or legal proceeding.

     If the amount of the  Insured's  liability or alleged  liability is greater
     than the amount  recoverable  under this bond, or if a Deductible Amount is
     applicable,  or both, the liability of the  Underwriter  under this General
     Agreement is limited to the proportion of court costs and  attorneys'  fees
     incurred  and paid by the  Insured  or by the  Underwriter  that the amount
     recoverable  under  this bond  bears to the total of such  amount  plus the
     amount which is not so recoverable.  Such indemnity shall be in addition to
     the Limit of Liability for the applicable Insuring Agreement or Coverage.

D.   FORMER EMPLOYEE

     Acts of an Employee,  as defined in this bond,  are covered under  Insuring
     Agreement  (A) only while the Employee is in the Insured's  employ.  Should
     loss involving a former Employee of the Insured be discovered subsequent to
     the  termination of  employment,  coverage would still apply under Insuring
     Agreement (A) if the direct  proximate cause of the loss occurred while the
     former Employee performed duties within the scope of his/her employment.

                  THE FOREGOING INSURING AGREEMENTS AND GENERAL
                     AGREEMENTS ARE SUBJECT TO THE FOLLOWING
                           CONDITIONS AND LIMITATIONS:



                                                      
SECTION 1. DEFINITIONS                                   (2)  any of the officers or employees of any
The following terms, as used in this bond have the            predecessor of the Insured whose principal
respective meanings stated in this Section:                   assets are acquired by the Insured by
(a) "Employee" means:                                         consolidation or merger with, or purchase of
                                                              assets or capital stock of, such predecessor,
(1) any of the Insured's officers, partners, or               and
employees, and


                                    4 of 12



     (3)  attorneys  retained by the Insured to perform  legal  services for the
     Insured  and the  employees  of such  attorneys  while  such  attorneys  or
     employees of such attorneys are  performing  such services for the Insured,
     and

     (4) guest students pursuing their studies or duties in any of the Insured's
     offices, and

     (5)  directors  or  trustees  of  the  Insured,   the  investment  advisor,
     underwriter (distributor), transfer agent, or shareholder accounting record
     keeper, or administrator  authorized by written agreement to keep financial
     and/or other required records, but only while performing acts coming within
     the scope of the usual  duties of an officer or employee or while acting as
     a member of any committee  duly elected or appointed to examine or audit or
     have custody of or access to the Property of the Insured, and

     (6) any individual or  individuals  assigned to perform the usual duties of
     an employee  within the  premises of the Insured,  by  contract,  or by any
     agency furnishing  temporary  personnel on a contingent or part-time basis,
     and

     (7) each natural person,  partnership or corporation  authorized by written
     agreement with the Insured to perform services as electronic data processor
     of checks or other  accounting  records of the Insured,  but  excluding any
     such processor who acts as transfer  agent or in any other agency  capacity
     in issuing  checks,  drafts or securities for the Insured,  unless included
     under sub-section (9) hereof, and

     (8) those  persons  so  designated  in  Section  15,  Central  Handling  of
     Securities, and

     (9) any officer, partner, or Employee of:

         (a) an investment advisor,

         (b) an underwriter (distributor),

         (c) a transfer agent or shareholder accounting record-keeper, or

         (d) an administrator authorized by written agreement to keep financial
         and/or other required records,

     for an Investment  Company named as Insured  while  performing  acts coming
     within  the scope of the usual  duties of an  officer  or  Employee  of any
     investment  Company named as Insured herein, or while acting as a member of
     any committee duly elected or appointed to examine or audit or have custody
     of or access to the Property of any such Investment Company,  provided that
     only  Employees  or partners of a transfer  agent,  shareholder  accounting
     record-keeper or administrator which is an affiliated person, as defined in
     the  Investment  Company Act of 1940,  of an  Investment  Company  named as
     Insured  or  is  an  affiliated  person  of  the  advisor,  underwriter  or
     administrator of such Investment Company, and which is not a bank, shall be
     included within the definition of Employee.

     Each  employer  of  temporary  personnel  or  processors  as set  forth  in
     sub-sections  (6) and (7) of Section 1(a) and their partners,  officers and
     employees  shall  collectively  be  deemed  to be one  person  for  all the
     purposes of this bond,  excepting,  however,  the last paragraph of Section
     13.

     Brokers,  or other agents  under  contract or  representatives  of the same
     general character shall not be considered Employees.

     (b)  "Property"  means  money (i.e.  currency,  coin,  bank notes,  Federal
     Reserve notes),  postage and revenue stamps, U.S. Savings Stamps,  bullion,
     precious  metals of all kinds and in any form and articles made  therefrom,
     jewelry, watches,  necklaces,  bracelets,  gems, precious and semi-precious
     stones,  bonds,  securities,   evidences  of  debts,   debentures,   scrip,
     certificates,  interim receipts,  warrants, rights, puts, calls, straddles,
     spreads, transfers, coupons, drafts, bills of exchange, acceptances, notes,
     checks,  withdrawal  orders,  money orders,  warehouse  receipts,  bills of
     lading,   conditional  sales  contracts,   abstracts  of  title,  insurance
     policies,  deeds,  mortgages  under real estate  and/or  chattels  and upon
     interests  therein,  and  assignments  of  such  policies,   mortgages  and
     instruments,  and other  valuable  papers,  including  books of account and
     other records used by the Insured in the conduct of its  business,  and all
     other  instruments  similar to or in the nature of the foregoing  including
     Electronic  Representations  of  such  instruments  enumerated  above  (but
     excluding all data processing records) in which the Insured has an interest
     or in which the Insured  acquired  or should  have  acquired an interest by
     reason of a predecessor's  declared financial  condition at the time of the
     Insured's consolidation or merger with, or purchase of the principal assets
     of, such predecessor or which are held by the Insured for any purpose or in
     any capacity and whether so held gratuitously or not and whether or not the
     Insured is liable therefor.

     (c)  "Forgery"  means the  signing  of the name of another  with  intent to
     deceive; it does not

                                    5 of 12



     include  the  signing of one's own name with or without  authority,  in any
     capacity, for any purpose.

     (d) "Larceny and  Embezzlement"  as it applies to any named  Insured  means
     those  acts as set forth in  Section 37 of the  Investment  Company  Act of
     1940.

     (e) "Items of Deposit"  means any one or more  checks and drafts.  Items of
     Deposit shall not be deemed  uncollectible  until the Insured's  collection
     procedures have failed.

SECTION 2. EXCLUSIONS THIS BOND, DOES NOT COVER:

     (a) loss effected  directly or indirectly by means of forgery or alteration
     of, on or in any instrument, except when covered by Insuring Agreement (A),
     (E), (F) or (G).

     (b)  loss due to riot or civil  commotion  outside  the  United  States  of
     America and Canada; or loss due to military, naval or usurped power, war or
     insurrection  unless  such loss  occurs  in  transit  in the  circumstances
     recited in  Insuring  Agreement  (D),  and  unless,  when such  transit was
     initiated, there was no knowledge of such riot, civil commotion,  military,
     naval or  usurped  power,  war or  insurrection  on the part of any  person
     acting for the Insured in initiating such transit.

     (c) loss,  in time of peace or war,  directly  or  indirectly  caused by or
     resulting from the effects of nuclear  fission or fusion or  radioactivity;
     provided,  however,  that this paragraph  shall not apply to loss resulting
     from industrial uses of nuclear energy.

     (d) loss  resulting  from any  wrongful  act or acts of any person who is a
     member  of the  Board  of  Directors  of the  Insured  or a  member  of any
     equivalent  body by  whatsoever  name known  unless  such person is also an
     Employee or an elected official, partial owner or partner of the Insured in
     some other capacity, nor, in any event, loss resulting from the act or acts
     of any person  while  acting in the  capacity  of a member of such Board or
     equivalent body.

     (e) loss resulting from the complete or partial  non-payment of, or default
     upon,  any loan or  transaction  in the nature of, or amounting  to, a loan
     made by or obtained from the Insured or any of its  partners,  directors or
     Employees,  whether authorized or unauthorized and whether procured in good
     faith or through trick, artifice fraud or false

     pretenses, unless such loss is covered under Insuring Agreement (A), (E) or
     (F).

     (f) loss resulting from any violation by the Insured or by any Employee:

          (1)  of  law  regulating  (a)  the  issuance,   purchase  or  sale  of
          securities,  (b) securities  transactions  upon Security  Exchanges or
          over the counter market, (c) Investment  Companies,  or (d) Investment
          Advisors, or

          (2) of any rule or regulation made pursuant to any such law.

     unless such loss, in the absence of such laws, rules or regulations,  would
     be covered under Insuring Agreements (A) or (E).

     (g) loss of Property or loss of privileges through the misplacement or loss
     of  Property  as set  forth in  Insuring  Agreement  (C) or (D)  while  the
     Property is in the custody of any armored  motor  vehicle  company,  unless
     such loss shall be in excess of the amount  recovered  or  received  by the
     Insured  under (a) the  Insured's  contract with said armored motor vehicle
     company,  (b) insurance  carried by said armored motor vehicle  company for
     the  benefit  of users of its  service,  and (c) all  other  insurance  and
     indemnity  in force in  whatsoever  form  carried by or for the  benefit of
     users of said armored motor vehicle company's  service,  and then this bond
     shall cover only such excess.

     (h) potential income,  including but not limited to interest and dividends,
     not  realized by the  Insured  because of a loss  covered  under this bond,
     except as included under Insuring Agreement (I).

     (i) all damages of any type for which the Insured is legally liable, except
     direct compensatory damages arising from a loss covered under this bond.

     (j) loss  through  the  surrender  of  Property  away from an office of the
     Insured as a result of a threat:

          (1) to do  bodily  harm to any  person,  except  loss of  Property  in
          transit in the custody of any person acting as messenger provided that
          when such transit was initiated  there was no knowledge by the Insured
          of any such threat, or

          (2) to do damage to the  premises or Property of the  Insured,  except
          when covered under Insuring Agreement (A).


                                    6 of 12


     (k)  all  costs,  fees  and  other  expenses  incurred  by the  Insured  in
     establishing  the  existence of or amount of loss  covered  under this bond
     unless such indemnity is provided for under Insuring Agreement (B).

     (l) loss resulting from payments made or withdrawals  from the account of a
     customer of the Insured,  shareholder  or  subscriber  to shares  involving
     funds erroneously  credited to such account,  unless such payments are made
     to or withdrawn by such depositors or representative of such person, who is
     within the  premises of the drawee bank of the Insured or within the office
     of the  Insured at the time of such  payment or  withdrawal  or unless such
     payment is covered under  Insuring  Agreement  (A).

     (m) any loss resulting from Uncollectible  Items of Deposit which are drawn
     from a financial  institution outside the fifty states of the United States
     of America,  District of Columbia,  and  territories and possessions of the
     United States of America, and Canada.

SECTION 3. ASSIGNMENT OF RIGHTS

This  bond does not  afford  coverage  in favor of any  Employers  of  temporary
personnel or of processors as set forth in  sub-sections  (6) and (7) of Section
1(a) of this  bond,  as  aforesaid,  and  upon  payment  to the  Insured  by the
Underwriter  on account  of any loss  through  dishonest  or  fraudulent  act(s)
including 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  Insured'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  Insured to the  Underwriter,  and the
Insured  shall  execute all papers  necessary to secure to the  Underwriter  the
rights herein provided for.

SECTION 4. LOSS -NOTICE -PROOF LEGAL PROCEEDINGS

This  bond  is for  the  use  and  benefit  only  of the  Insured  named  in the
Declarations  and  the  Underwriter  shall  not be  liable  hereunder  for  loss
sustained  by anyone  other than the  Insured  unless the  Insured,  in its sole
discretion and at its option,  shall include such loss in the Insured's proof of
loss. At the earliest  practicable  moment after discovery of any loss hereunder
the Insured shall give the  Underwriter  written  notice  thereof and shall also
within six months after such discovery  furnish to the  Underwriter  affirmative
proof of loss with full  particulars.  If claim is made under this bond for loss
of securities or shares, the Underwriter shall not be liable unless each of such
securities or shares is  identified  in such proof of loss by a  certificate  or
bond number or,  where such  securities  or shares are  uncertificated,  by such
identification means as agreed to by the Underwriter. The Underwriter shall have
thirty  days after  notice and proof of loss  within  which to  investigate  the
claim,  but  where the loss is clear and  undisputed,  settlement  shall be made
within forty-eight hours; and this shall apply  notwithstanding the loss is made
up wholly or in part of securities of which  duplicates  may be obtained.  Legal
proceedings for recovery of any loss hereunder shall not be brought prior to the
expiration of sixty days after such proof of loss is filed with the  Underwriter
nor after the expiration of twenty-four  months from the discovery of such loss,
except that any action or  proceedings  to recover  hereunder  on account of any
judgment against the Insured in any suit mentioned in General  Agreement C or to
recover attorneys' fees paid in any such suit, shall be begun within twenty-four
months from the date upon which the judgment in such suit shall become final. If
any limitation  embodied in this bond is prohibited by any law  controlling  the
construction  hereof,  such limitation shall be deemed to be amended so as to be
equal to the  minimum  period of  limitation  permitted  by such law.

     Discovery occurs when the Insured:

     (a) becomes aware of facts, or

     (b)  receives  written  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 a loss covered by the bond
has been or will be incurred even though the exact amount or details of loss may
not be then known.

SECTION 5. VALUATION OF PROPERTY

The value of any Property, except books of accounts or other records used by the
Insured in the conduct of its  business,  for the loss of which a claim shall be
made hereunder, shall be determined by the average market value of such Property
on the  business  day next  preceding  the  discovery  of such  loss;  provided,
however,  that the value of any  Property  replaced by the Insured  prior to the
payment  of claim  therefor  shall  be the  actual  market  value at the time of
replacement;  and further  provided  that in case of a loss or  misplacement  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  thereof  shall  be the  market  value  of such
privileges

                                    7 of 12


immediately preceding the expiration thereof if said loss or misplacement 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 or by arbitration.

In case of any loss or damage to  Property  consisting  of books of  accounts or
other  records  used  by  the  Insured  in the  conduct  of  its  business,  the
Underwriter  shall be liable  under this bond only if such books or records  are
actually  reproduced  and then for not more than the cost of blank books,  blank
pages or other materials plus the cost of labor for the actual  transcription or
copying  of data  which  shall have been  furnished  by the  Insured in order to
reproduce such books and other records.

SECTION 6. VALUATION OF PREMISES AND FURNISHINGS

In case of damage  to any  office  of the  Insured,  or loss of or damage to the
furnishings, fixtures, stationery, supplies, equipment, safes or vaults therein,
the Underwriter shall not be liable for more than the actual cash value thereof,
or for more than the actual cost of their replacement or repair. The Underwriter
may, at its  election,  pay such actual cash value or make such  replacement  or
repair.  If the underwriter and the Insured cannot agree upon such cash value or
such cost of replacement or repair, such shall be determined by arbitration.

SECTION 7. LOST SECURITIES

If the Insured shall sustain a loss of securities the total value of which is in
excess  of the limit  stated in Item 3 of the  Declarations  of this  bond,  the
liability of the Underwriter shall be limited to payment for, or duplication of,
securities  having value equal to the limit stated in Item 3 of the Declarations
of this bond.

If the Underwriter shall make payment to the Insured for any loss of securities,
the Insured  shall  thereupon  assign to the  Underwriter  all of the  Insured's
rights, title and interest in and to said securities.

With  respect to  securities  the value of which do not  exceed  the  Deductible
Amount (at the time of the discovery of the loss) and for which the  Underwriter
may at its sole  discretion and option and at the request of the Insured issue a
Lost Instrument Bond or Bonds to effect  replacement  thereof,  the Insured will
pay the usual  premium  charged  therefor  and will  indemnify  the  Underwriter
against all loss or expense  that the  Underwriter  may  sustain  because of the
issuance of such Lost Instrument  Bond or Bonds.  With respect to securities the
value of which  exceeds the  Deductible  Amount (at the time of discovery of the
loss) and for which the  Underwriter  may issue or arrange for the issuance of a
Lost Instrument Bond or Bonds to effect replacement  thereof, the Insured agrees
that it will pay as premium  therefor a proportion of the usual premium  charged
therefor,  said  proportion  being equal to the  percentage  that the Deductible
Amount bears to the value of the securities upon discovery of the loss, and that
it will indemnify the issuer of said Lost  Instrument  Bond or Bonds against all
loss and expense that is not recoverable  from the  Underwriter  under the terms
and conditions of this  Investment  Company Blanket Bond subject to the Limit of
Liability hereunder.

SECTION 8. SALVAGE

in case of  recovery,  whether  made by the  Insured or by the  Underwriter,  on
account  of any loss in  excess  of the Limit of  Liability  hereunder  plus the
Deductible   Amount  applicable  to  such  loss,  from  any  source  other  than
suretyship,  insurance,  reinsurance,  security or indemnity taken by or for the
benefit of the  Underwriter,  the net amount of such  recovery,  less the actual
costs and expenses of making same,  shall be applied to reimburse the Insured in
full for the excess portion of such loss,  and the  remainder,  if any, shall be
paid first in  reimbursement  of the Underwriter and thereafter in reimbursement
of the  Insured  for that part of such loss within the  Deductible  Amount.  The
Insured  shall  execute all necessary  papers to secure to the  Underwriter  the
rights provided for herein.

SECTION 9. NON-REDUCTION AND NONACCUMULATION OF LIABILITY AND TOTAL LIABILITY

At all times prior to termination  hereof, this bond shall continue in force for
the limit stated in the  applicable  sections of Item 3 of the  Declarations  of
this bond  notwithstanding  any previous loss for which the Underwriter may have
paid or be liable to pay hereunder;  PROVIDED,  however,  that regardless of the
number of years this bond  shall  continue  in force and the number or  premiums
which shall be payable or paid, the liability of the Underwriter under this bond
with respect to all loss resulting from:

     (a) any one act of  burglary,  robbery or holdup,  or attempt  thereat,  in
     which no Partner or Employee is concerned or implicated  shall be deemed to
     be one loss, or

     (b) any one  unintentional or negligent act on the part of any other person
     resulting in damage to or destruction or misplacement of Property, shall be
     deemed to be one loss, or

                                    8 of 12



     (c) all wrongful acts,  other than those specified in (a) above, of any one
     person shall be deemed to be one loss, or

     (d) all wrongful acts,  other than those  specified in (a) above, of one or
     more persons (which  dishonest  act(s) or act(s) of Larceny or Embezzlement
     include,  but are not limited to, the failure of an Employee to report such
     acts  of   others)   whose   dishonest   act  or  acts   intentionally   or
     unintentionally,  knowingly or unknowingly,  directly or indirectly, aid or
     aids in any way, or permits the  continuation of, the dishonest act or acts
     of any other person or persons  shall be deemed to be one loss with the act
     or acts of the persons aided, or

     (e) any one casualty or event other than those  specified in (a),  (b), (c)
     or (d) preceding, shall be deemed to be one loss, and

shall be limited to the  applicable  Limit of Liability  stated in Item 3 of the
Declarations  of this  bond  irrespective  of the  total  amount of such loss or
losses and shall not be  cumulative  in amounts from year to year or from period
to period.

Sub-section  (c) is not  applicable  to any  situation  to which the language of
sub-section (d) applies.

SECTION 10. LIMIT OF LIABILITY

With respect to any loss set forth in the  PROVIDED  clause of Section 9 of this
bond which is recoverable or recovered in whole or in part under any other bonds
or policies  issued by the  Underwriter to the Insured or to any  predecessor in
interest of the Insured and  terminated or cancelled or allowed to expire and in
which  the  period  of  discovery  has not  expired  at the time  any such  loss
thereunder is discovered, the total liability of the Underwriter under this bond
and under other bonds or policies shall not exceed, in the aggregate, the amount
carried hereunder on such loss or the amount available to the Insured under such
other bonds or policies, as limited by the terms and conditions thereof, for any
such loss if the latter amount be the larger.

SECTION 11. OTHER INSURANCE

If the Insured shall hold, as indemnity against any loss covered hereunder,  any
valid and enforceable  insurance or suretyship,  the Underwriter shall be liable
hereunder  only for such amount of such loss which is in excess of the amount of
such  other  insurance  or  suretyship,  not  exceeding,  however,  the Limit of
Liability of this bond applicable to such loss.

SECTION 12.  DEDUCTIBLE
The Underwriter shall not be liable under any of the Insuring Agreements of this
bond on account of loss as specified,  respectively,  in sub-sections  (a), (b),
(c), (d) and (e) of Section 9, NON-REDUCTION AND  NON-ACCUMULATION  OF LIABILITY
AND TOTAL  LIABILITY,  unless the amount of such loss,  after  deducting the net
amount of all  reimbursement  and/or  recovery  obtained or made by the Insured,
other than from any bond or policy of insurance  issued by an insurance  company
and  covering  such loss,  or by the  Underwriter  on account  thereof  prior to
payment by the Underwriter of such loss, shall exceed the Deductible  Amount set
forth in Item 3 of the Declarations  hereof (herein called  Deductible  Amount),
and then for such  excess  only,  but in no event for more  than the  applicable
Limit of Liability stated in Item 3 of the Declarations.

The Insured will bear, in addition to the  Deductible  Amount,  premiums on Lost
Instrument Bonds as set forth in Section 7.

There shall be no deductible  applicable to any loss under Insuring  Agreement A
sustained by any Investment Company named as Insured herein.

SECTION 13. TERMINATION

The  Underwriter  may terminate  this bond as an entirety by furnishing  written
notice  specifying the termination  date, which cannot be prior to 60 days after
the receipt of such written notice by each  Investment  Company named as Insured
and the Securities  and Exchange  Commission,  Washington,  D.C. The Insured may
terminate  this  bond  as an  entirety  by  furnishing  written  notice  to  the
Underwriter.  When the Insured cancels, the Insured shall furnish written notice
to the Securities and Exchange  Commission,  Washington,  D.C., prior to 60 days
before the effective date of the termination.  The Underwriter  shall notify all
other  Investment  Companies named as Insured of the receipt of such termination
notice and the termination cannot be effective prior to 60 days after receipt of
written notice by all other Investment Companies.  Premiums are earned until the
termination date as set forth herein.

This Bond will terminate as to any one Insured  immediately  upon taking over of
such Insured by a receiver or other liquidator or by State or Federal officials,
or immediately  upon 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, or immediately upon such Insured ceasing to
exist,  whether through merger into another entity,  or by disposition of all of
its assets.

                                    9 of 12


The  Underwriter  shall refund the unearned  premium  computed at short rates in
accordance with the standard short rate cancellation tables if terminated by the
Insured or pro rata if terminated for any other reason.

     This Bond shall terminate:

     (a) as to any  Employee  as soon as any  partner,  officer  or  supervisory
     Employee of the Insured, who is not in collusion with such Employee,  shall
     learn  of  any  dishonest  or  fraudulent  act(s),   including  Larceny  or
     Embezzlement on the part of such Employee without  prejudice to the loss of
     any Property  then in transit in the custody of such  Employee (see Section
     16(d)), or

     (b) as to any  Employee  60 days after  receipt by each  Insured and by the
     Securities and Exchange Commission of a written notice from the Underwriter
     of its desire to terminate this bond as to such Employee, or

     (c)  as to any  person,  who  is a  partner,  officer  or  employee  of any
     Electronic Data Processor  covered under this bond, from and after the time
     that the Insured or any partner or officer  thereof not in  collusion  with
     such  person  shall have  knowledge  or  information  that such  person has
     committed  any  dishonest  or  fraudulent  act(s),   including  Larceny  or
     Embezzlement  in the service of the Insured or otherwise,  whether such act
     be committed before or after the time this bond is effective.


SECTION 14. RIGHTS AFTER TERMINATION OR CANCELLATION

At any  time  prior  to the  termination  or  cancellation  of  this  bond as an
entirety,  whether by the  Insured or the  Underwrite,  the Insured may give the
Underwriter  notice that it desires under this bond an  additional  period of 12
months  within  which to discover  loss  sustained  by the Insured  prior to the
effective date of such  termination or cancellation  and shall pay an additional
premium therefor.

Upon receipt of such notice from the  Insured,  the  Underwriter  shall give its
written consent thereto; provided,  however, that such additional period of time
shall terminate immediately:

     (a) on the effective date of any other  insurance  obtained by the Insured,
     its successor in business or any other party, replacing in whole or in part
     the insurance  afforded by this bond,  whether or not such other  insurance
     provides coverage for loss sustained prior to its effective date, or

     (b) upon  takeover  of the  Insured's  business  by any  State  or  Federal
     official or agency,  or by any receiver or liquidator,  acting or appointed
     for this purpose without the necessity of the Underwriter  giving notice of
     such  termination.  In the  event  that such  additional  period of time is
     terminated,  as provided above,  the Underwriter  shall refund any unearned
     premium.

The right to purchase such  additional  period for the discovery of loss may not
be  exercised  by any State or Federal  official or agency,  or by a receiver or
liquidator,  acting or  appointed  to take over the  Insured's  business for the
operation or for the liquidation thereof or for any purpose.

SECTION 15. CENTRAL HANDLING OF SECURITIES

Securities  included  in the  system  for the  central  handling  of  securities
established and maintained by Depository Trust Company, Midwest Depository Trust
Company,   Pacific  Securities   Depository  Trust  Company,   and  Philadelphia
Depository Trust Company, hereinafter called Corporations,  to the extent of the
Insured's  interest therein as effected by the making of appropriate  entries on
the books and records of such Corporations shall be deemed to be Property.

The words  "Employee" and  'Employees"  shall be deemed to include the officers,
partners,  clerks and other  employees  of the New York Stock  Exchange,  Boston
Stock Exchange,  Midwest Stock Exchange, Pacific Stock Exchange and Philadelphia
Stock  Exchange,   hereinafter   called  Exchanges,   and  of  the  above  named
Corporations,  and of any  nominee  in whose  name is  registered  any  security
included within the systems for the central  handling of securities  established
and maintained by such Corporations,  and any employee or any recognized service
company, while such officers, partners, clerks and other employees and employees
of service  companies perform services for such Corporations in the operation of
such  systems.  For the purpose of the above  definition  a  recognized  service
company  shall be any company  providing  clerks or other  personnel to the said
Exchanges or Corporations on a contract basis.

The  Underwriter  shall not be liable on account of any  loss(es) in  connection
with the central  handling of  securities  within the  systems  established  and
maintained by such Corporations,  unless such loss(es) shall be in excess of the
amount(s)  recoverable  or  recovered  under  any bond or  policy  of  insurance
indemnifying such Corporations  against such loss(es),  and then the Underwriter
shall be liable hereunder

                                    10 of 12


only for the Insured's share of such excess  loss(es),  but in no event for more
than the Limit of Liability applicable hereunder.

For the purpose of determining  the Insured's  share of excess loss(es) it shall
be deemed that the Insured has an interest in any certificate  representing  any
security  included  within such systems  equivalent  to the interest the Insured
then has in all certificates representing the same security included within such
systems and that such Corporations shall use their best judgment in apportioning
the  amount(s)  recoverable  or recovered  under any bond or policy of insurance
indemnifying  such  Corporations  against such loss(es) in  connection  with the
central  handling of  securities  within such systems  among all those having an
interest  as recorded  by  appropriate  entries in the books and records of such
Corporations  in Property  involved in such loss(es) on the basis that each such
interest  shall share in the amount(s) so  recoverable or recovered in the ratio
that the value of each such interest bears to the total value all such interests
and that the Insured's  share of such excess loss(es) shall be the amount of the
Insured's interest in such Property in excess of the amount(s) so apportioned to
the Insured by such Corporations.

This bond does not afford coverage in favor of such Corporations or Exchanges or
any nominee in whose name is registered any security included within the systems
for the central  handling  of  securities  established  and  maintained  by such
Corporations,  and upon payment to the Insured by the  Underwriter on account of
any loss(es) within the systems,  an assignment of such of the Insured's  rights
and causes of action as it may have against such Corporations or Exchanges shall
to the extent of such payment,  be given by the Insured to the Underwriter,  and
the Insured shall  execute all papers  necessary to secure the  Underwriter  the
rights provided for herein.

SECTION 16. ADDITIONAL COMPANIES INCLUDED AS INSURED

If more than one  corporation,  co-partnership  or person or any  combination of
them be included as the Insured herein:

     (a) the total  liability of the  Underwriter  hereunder  for loss or losses
     sustained  by any one or more or all of them shall not exceed the limit for
     which  the  Underwriter  would be  liable  hereunder  if all such loss were
     sustained by any one of them;

     (b) the one first named herein shall be deemed  authorized to make,  adjust
     and receive and enforce payment of all claims hereunder and shall be deemed
     to be the  agent of the  others  for such  purposes  and for the  giving or
     receiving  of any notice  required  or  permitted  to be given by the terms
     hereof,  provided that the Underwriter  shall furnish each named Investment
     Company with a copy of the bond and with any  amendment  thereto,  together
     with a copy of each  formal  filing of the  settlement  of each such  claim
     prior to the execution of such settlement;

     (c) the Underwriter shall not be responsible for the proper  application of
     any payment made hereunder to said first named Insured;

     (d)  knowledge  possessed  or  discovery  made by any  partner,  officer of
     supervisory Employee of any Insured shall for the purposes of Section 4 and
     Section  13 of this  bond  constitute  knowledge  or  discovery  by all the
     Insured; and

     (e) if the first named  Insured  ceases for any reason to be covered  under
     this bond,  then the Insured next named shall  thereafter  be considered as
     the first, named Insured for the purposes of this bond.

SECTION 17. NOTICE AND CHANGE OF CONTROL

Upon the Insured  obtaining  knowledge of a transfer of its  outstanding  voting
securities  which  results in a change in control (as set forth in Section  2(a)
(9) of the  Investment  Company Act of 1940) of the Insured,  the Insured  shall
within thirty (30) days of such knowledge give written notice to the Underwriter
setting forth:

     (a) the  names of the  transferors  and  transferees  (or the  names of the
     beneficial  owners if the voting securities are requested in another name),
     and

     (b) 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

     (c) the total number of outstanding voting securities.

As used in this  section,  control  means the power to  exercise  a  controlling
influence over the management or policies of the Insured.

Failing to give the required  notice shall result in  termination of coverage of
this bond,  effective  upon the date of stock transfer for any loss in which any
transferee is concerned or implicated.

Such notice is not  required  to be given in the case of an Insured  which is an
Investment Company.

SECTION 18. CHANGE OR MODIFICATION

                                    11 of 12


This bond or any  instrument  amending or  effecting  same may not be changed or
modified orally. No changes in or modification thereof shall be effective unless
made by written  endorsement  issued to form a part hereof over the signature of
the  Underwriter's  Authorized  Representative.  When a  bond  covers  only  one
Investment  Company no change or modification  which would adversely  affect the
rights of the  Investment  Company  shall be  effective  prior to 60 days  after
written   notification  has  been  furnished  to  the  Securities  and  Exchange
Commission, Washington, D.C., by the Insured or by the Underwriter. If more than
one Investment  Company is named as the Insured herein,  the  Underwriter  shall
give  written  notice  to each  Investment  Company  and to the  Securities  and
Exchange  Commission,  Washington,  D.C.,  not  less  than 60 days  prior to the
effective date of any change or modification  which would  adversely  affect the
rights of such Investment Company.











                                    12 of 12


                            ENDORSEMENT OR RIDER NO.
         THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

The  following  spaces  preceded  by an  (*)  need  not  be  completed  if  this
endorsement or rider and the Bond or Policy have the same inception date.



                                                  
-------------------------------------------------------------------------------------------------
ATTACHED TO AND FORMING         DATE ENDORSEMENT OR     * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO.      RIDER EXECUTED                    12:01 A.M. STANDARD TIME AS
                                                                  SPECIFIED IN THE BOND OR POLICY
     469BD0284                       09/19/06             07/15/06
-------------------------------------------------------------------------------------------------
* ISSUED TO
JOHN HANCOCK CAPITAL SERIES, INC.
-------------------------------------------------------------------------------------------------

                           Named Insured Endorsement

It is agreed that:

1.   From and after the time this rider becomes effective the Insured under the
     attached bond are:

     John Hancock Capital Series
     John Hancock Core Equity Fund
     John Hancock U.S. Global Leaders Growth Fund
     John Hancock Classic Value Fund
     John Hancock Large Cap Select Fund
     Allocation Growth & Value Portfolio
     Allocation Core Portfolio
     JH International Classic Value Fund
     John Hancock Equity Trust
     John Hancock Growth Trends Fund
     John Hancock Small Cap Fund
     John Hancock Technology Leaders Fund
     John Hancock Income Securities Trust
     John Hancock Investment Trust II
     John Hancock Financial Industries Fund
     John Hancock Regional Bank Fund

2.   The first  named  Insured  shall act for itself and for each and all of the
     Insured for all the purposes of the attached bond.

3.   Knowledge  possessed or discovery  made by any Insured or by any partner or
     officer  thereof shall for all the purposes of the attached bond constitute
     knowledge or discovery by all the Insured.

4.   If, prior to the  termination  of the attached  bond in its  entirety,  the
     attached bond is terminated as to any Insured,  there shall be no liability
     for any loss  sustained by such Insured unless  discovered  before the time
     such termination as to such Insured becomes effective.

5.   The liability of the Underwriter for loss or losses sustained by any or all
     of the Insured shall not exceed the amount for which the Underwriter  would
     be  liable  had all such loss or losses  been  sustained  by any one of the
     Insured.  Payment by the  Underwriter  to the first  named  Insured of loss
     sustained by any Insured shall fully release the  Underwriter on account of
     such loss.

6.   If the first named  Insured  ceases for any reason to be covered  under the
     attached bond,  then the Insured next named shall  thereafter be considered
     as the first named Insured for all the purposes of the attached bond.

Nothing herein contained shall be held to vary,  alter,  waive, or extend any of
the  terms,  conditions,  provisions,  agreements  or  limitations  of the above
mentioned Bond or Policy, other than as above stated.

                                                By

                                                --------------------------
                                                Authorized Representative

                                    INSURED


                            ENDORSEMENT OR RIDER NO.
         THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

The  following  spaces  preceded  by an  (*)  need  not  be  completed  if  this
endorsement or rider and the Bond or Policy have the same inception date.



                                                  
-------------------------------------------------------------------------------------------------
ATTACHED TO AND FORMING         DATE ENDORSEMENT OR     * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO.      RIDER EXECUTED                    12:01 A.M. STANDARD TIME AS
                                                                  SPECIFIED IN THE BOND OR POLICY
     469BD0284                       09/19/06             07/15/06
-------------------------------------------------------------------------------------------------
* ISSUED TO
JOHN HANCOCK CAPITAL SERIES, INC.
-------------------------------------------------------------------------------------------------


                            Named Insured Endorsement

It is agreed that:

1.   From and after the time this rider becomes effective the Insured under the
     attached bond are:

     John Hancock Small Cap Equity Fund
     John Hancock Investment Trust III
     John Hancock International Fund
     John Hancock Mid Cap Growth Fund
     John Hancock Greater China Opportunities Fund
     John Hancock Investors Trust
     John Hancock Sovereign Bond Fund
     John Hancock Bond Fund
     John Hancock Strategic Income Fund
     John Hancock Tax-Exempt Series Fund
     John Hancock Massachusetts Tax-Free Income Fund
     John Hancock New York Tax-Free Income Fund
     John Hancock World Fund
     John Hancock Health Sciences Fund
     John Hancock Bank and Thrift Opportunity Fund
     John Hancock Bond Trust

2.   The first  named  Insured  shall act for itself and for each and all of the
     Insured for all the purposes of the attached bond.

3.   Knowledge  possessed or discovery  made by any Insured or by any partner or
     officer  thereof shall for all the purposes of the attached bond constitute
     knowledge or discovery by all the Insured.

4.   If, prior to the  termination  of the attached  bond in its  entirety,  the
     attached bond is terminated as to any Insured,  there shall be no liability
     for any loss  sustained by such Insured unless  discovered  before the time
     such termination as to such Insured becomes effective.

5.   The liability of the Underwriter for loss or losses sustained by any or all
     of the Insured shall not exceed the amount for which the Underwriter  would
     be  liable  had all such loss or losses  been  sustained  by any one of the
     Insured.  Payment by the  Underwriter  to the first  named  Insured of loss
     sustained by any Insured shall fully release the  Underwriter on account of
     such loss.

6.   If the first named  Insured  ceases for any reason to be covered  under the
     attached bond,  then the Insured next named shall  thereafter be considered
     as the first named Insured for all the purposes of the attached bond.

Nothing herein contained shall be held to vary,  alter,  waive, or extend any of
the  terms,  conditions,  provisions,  agreements  or  limitations  of the above
mentioned Bond or Policy, other than as above stated.

                                                By

                                                --------------------------
                                                Authorized Representative

                                    INSURED


                            ENDORSEMENT OR RIDER NO.
         THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

The  following  spaces  preceded  by an  (*)  need  not  be  completed  if  this
endorsement or rider and the Bond or Policy have the same inception date.



                                                  
-------------------------------------------------------------------------------------------------
ATTACHED TO AND FORMING         DATE ENDORSEMENT OR     * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO.      RIDER EXECUTED                    12:01 A.M. STANDARD TIME AS
                                                                  SPECIFIED IN THE BOND OR POLICY
     469BD0284                       09/19/06             07/15/06
-------------------------------------------------------------------------------------------------
* ISSUED TO
JOHN HANCOCK CAPITAL SERIES, INC.
-------------------------------------------------------------------------------------------------


                            Named Insured Endorsement

It is agreed that:

1.   From and after the time this rider becomes effective the Insured under the
     attached bond are:

     John Hancock Government Income Fund
     John Hancock High Yield Fund
     John Hancock Investment Grade Bond Fund
     John Hancock California Tax-Free Income Fund
     John Hancock Current Interest
     John Hancock Money Market Fund
     John Hancock U.S. Government Cash Reserve
     John Hancock Institutional Series Trust
     John Hancock Independence Diversified Core Equity Fund II
     John Hancock Investment Trust
     John Hancock Large Cap Equity Fund
     John Hancock Balanced Fund
     John Hancock Sovereign Investors Fund
     John Hancock Small Cap Intrinsic Value Fund
     John Hancock Large Cap Intrinsic Value Fund

2.   The first  named  Insured  shall act for itself and for each and all of the
     Insured for all the purposes of the attached bond.

3.   Knowledge  possessed or discovery  made by any Insured or by any partner or
     officer  thereof shall for all the purposes of the attached bond constitute
     knowledge or discovery by all the Insured.

4.   If, prior to the  termination  of the attached  bond in its  entirety,  the
     attached bond is terminated as to any Insured,  there shall be no liability
     for any loss  sustained by such Insured unless  discovered  before the time
     such termination as to such Insured becomes effective.

5.   The liability of the Underwriter for loss or losses sustained by any or all
     of the Insured shall not exceed the amount for which the Underwriter  would
     be  liable  had all such loss or losses  been  sustained  by any one of the
     Insured.  Payment by the  Underwriter  to the first  named  Insured of loss
     sustained by any Insured shall fully release the  Underwriter on account of
     such loss.

6.   If the first named  Insured  ceases for any reason to be covered  under the
     attached bond,  then the Insured next named shall  thereafter be considered
     as the first named Insured for all the purposes of the attached bond.

Nothing herein contained shall be held to vary,  alter,  waive, or extend any of
the  terms,  conditions,  provisions,  agreements  or  limitations  of the above
mentioned Bond or Policy, other than as above stated.

                                                By

                                                --------------------------
                                                Authorized Representative

                                    INSURED


                            ENDORSEMENT OR RIDER NO.
         THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

The  following  spaces  preceded  by an  (*)  need  not  be  completed  if  this
endorsement or rider and the Bond or Policy have the same inception date.



                                                  
-------------------------------------------------------------------------------------------------
ATTACHED TO AND FORMING         DATE ENDORSEMENT OR     * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO.      RIDER EXECUTED                    12:01 A.M. STANDARD TIME AS
                                                                  SPECIFIED IN THE BOND OR POLICY
     469BD0284                       09/19/06             07/15/06
-------------------------------------------------------------------------------------------------
* ISSUED TO
JOHN HANCOCK CAPITAL SERIES, INC.
-------------------------------------------------------------------------------------------------


                            Named Insured Endorsement

It is agreed that:

1.   From and after the time this rider becomes effective the Insured under the
     attached bond are:

     John Hancock Patriot Global Dividend Fund
     John Hancock Patriot Preferred Dividend Fund
     John Hancock Patriot Premium Dividend Fund I
     John Hancock Patriot Premium Dividend Fund II
     John Hancock Patriot Select Dividend Trust
     John Hancock Preferred Income Fund
     John Hancock Preferred Income Fund II
     John Hancock Preferred Income Fund III
     John Hancock Tax Advantaged Dividend Income Fund
     John Hancock Series Trust
     John Hancock Real Estate Fund
     John Hancock Technology Fund
     John Hancock Focused Equity Fund
     John Hancock Multi Cap Growth Fund
     John Hancock Mid Cap Equity Fund
     John Hancock Municipal Securities Trust

2.   The first  named  Insured  shall act for itself and for each and all of the
     Insured for all the purposes of the attached bond.

3.   Knowledge  possessed or discovery  made by any Insured or by any partner or
     officer  thereof shall for all the purposes of the attached bond constitute
     knowledge or discovery by all the Insured.

4.   If, prior to the  termination  of the attached  bond in its  entirety,  the
     attached bond is terminated as to any Insured,  there shall be no liability
     for any loss  sustained by such Insured unless  discovered  before the time
     such termination as to such Insured becomes effective.

5.   The liability of the Underwriter for loss or losses sustained by any or all
     of the Insured shall not exceed the amount for which the Underwriter  would
     be  liable  had all such loss or losses  been  sustained  by any one of the
     Insured.  Payment by the  Underwriter  to the first  named  Insured of loss
     sustained by any Insured shall fully release the  Underwriter on account of
     such loss.

6.   If the first named  Insured  ceases for any reason to be covered  under the
     attached bond,  then the Insured next named shall  thereafter be considered
     as the first named Insured for all the purposes of the attached bond.

Nothing herein contained shall be held to vary,  alter,  waive, or extend any of
the  terms,  conditions,  provisions,  agreements  or  limitations  of the above
mentioned Bond or Policy, other than as above stated.

                                                By

                                                --------------------------
                                                Authorized Representative

                                    INSURED


                            ENDORSEMENT OR RIDER NO.
         THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

The  following  spaces  preceded  by an  (*)  need  not  be  completed  if  this
endorsement or rider and the Bond or Policy have the same inception date.



                                                  
-------------------------------------------------------------------------------------------------
ATTACHED TO AND FORMING         DATE ENDORSEMENT OR     * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO.      RIDER EXECUTED                    12:01 A.M. STANDARD TIME AS
                                                                  SPECIFIED IN THE BOND OR POLICY
     469BD0284                       09/19/06             07/15/06
-------------------------------------------------------------------------------------------------
* ISSUED TO
JOHN HANCOCK CAPITAL SERIES, INC.
-------------------------------------------------------------------------------------------------


                            Named Insured Endorsement

It is agreed that:

1.   From and after the time this rider becomes effective the Insured under the
     attached bond are:

     John Hancock High Yield Municipal Bond Fund
     John Hancock Tax Free Bond Fund
     John Hancock Financial Trends Fund, Inc.





2.   The first  named  Insured  shall act for itself and for each and all of the
     Insured for all the purposes of the attached bond.

3.   Knowledge  possessed or discovery  made by any Insured or by any partner or
     officer  thereof shall for all the purposes of the attached bond constitute
     knowledge or discovery by all the Insured.

4.   If, prior to the  termination  of the attached  bond in its  entirety,  the
     attached bond is terminated as to any Insured,  there shall be no liability
     for any loss  sustained by such Insured unless  discovered  before the time
     such termination as to such Insured becomes effective.

5.   The liability of the Underwriter for loss or losses sustained by any or all
     of the Insured shall not exceed the amount for which the Underwriter  would
     be  liable  had all such loss or losses  been  sustained  by any one of the
     Insured.  Payment by the  Underwriter  to the first  named  Insured of loss
     sustained by any Insured shall fully release the  Underwriter on account of
     such loss.

6.   If the first named  Insured  ceases for any reason to be covered  under the
     attached bond,  then the Insured next named shall  thereafter be considered
     as the first named Insured for all the purposes of the attached bond.

Nothing herein contained shall be held to vary,  alter,  waive, or extend any of
the  terms,  conditions,  provisions,  agreements  or  limitations  of the above
mentioned Bond or Policy, other than as above stated.

                                                By

                                                --------------------------
                                                Authorized Representative

                                    INSURED


                            ENDORSEMENT OR RIDER NO.
         THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

The  following  spaces  preceded  by an  (*)  need  not  be  completed  if  this
endorsement or rider and the Bond or Policy have the same inception date.



                                                  
-------------------------------------------------------------------------------------------------
ATTACHED TO AND FORMING         DATE ENDORSEMENT OR     * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO.      RIDER EXECUTED                    12:01 A.M. STANDARD TIME AS
                                                                  SPECIFIED IN THE BOND OR POLICY
     469BD0284                       09/19/06             07/15/06
-------------------------------------------------------------------------------------------------
* ISSUED TO
JOHN HANCOCK CAPITAL SERIES, INC.
-------------------------------------------------------------------------------------------------


                                Computer Systems
It is agreed that:

1.   The attached bond is amended by adding an additional Insuring Agreement as
     follows:

                      INSURING AGREEMENT K COMPUTER SYSTEMS

     Loss resulting directly from a fraudulent
     (1) entry of data into, or
     (2) change of data elements or program  within a Computer  System listed in
         the SCHEDULE below, provided the fraudulent entry or change causes
         (a) Property to be transferred, paid or delivered,
         (b) an  account  of the  Insured,  or of its  customer,  to be  added,
         deleted, debited or credited, or
         (c) an unauthorized  account or a fictitious  account to be debited or
         credited, and provided further, the fraudulent entry or change is made
         or caused by an individual acting with the manifest intent to
             (i) cause the Insured to sustain a loss, and
             (ii) obtain  financial  benefit for that  individual or for other
             persons intended by that individual to receive financial benefit.

                                    SCHEDULE

All systems utilized by the Insurer





2.   As used in this Rider, Computer System means

     (a)  computers  with  related  peripheral  components,   including  storage
     components, wherever located,
     (b) systems and applications software,
     (c) terminal devices, and
     (d) related communication networks

     by which data are electronically collected, transmitted,  processed, stored
     and retrieved.

3.   In  addition  to  the  exclusions  in  the  attached  bond,  the  following
     exclusions are applicable to this Insuring Agreement:
     (a) loss resulting  directly or indirectly  from the theft of  confidential
     information, material or data; and

                                  Page 1 of 2


     (b) loss resulting  directly or indirectly  from entries or changes made by
     an individual  authorized  to have access to a Computer  System who acts in
     good faith on  instructions,  unless  such  instructions  are given to that
     individual by a software  contractor (or by a partner,  officer or employee
     thereof)  authorized by the Insured to design,  develop,  prepare,  supply,
     service, write or implement programs for the Insured's Computer System.

4.   The following portions of the attached bond are not applicable to this
     Rider:
     (a) the portion preceding the Insuring  Agreements which reads "at any time
     but discovered during the Bond Period";
     (b)  Section  9  NONREDUCTION  AND  NON-ACCUMULATION  OF  LIABILITY  of the
     Conditions and Limitations; and
     (c) Section 10 LIMIT OF LIABILITY of the Conditions and Limitations.

5.   The coverage  afforded by this Rider applies only to loss discovered by the
     Insured during the period this Rider is in force.

6.   All loss or series of  losses  involving  the  fraudulent  activity  of one
     individual,  or involving fraudulent  activity,  in which one individual is
     implicated,  whether or not that  individual  is  specifically  identified,
     shall be treated  as one loss.  A series of losses  involving  unidentified
     individuals  but arising from the same method of operation may be deemed by
     the  Underwriter to involve the same  individual and in that event shall be
     treated as one loss.

7.   The Limit of Liability for the coverage provided by this Rider shall be

      Twenty-Five Million

     Dollars ($25,000,000 ), it being understood,  however,  that such liability
     shall be a part of and not in addition to the Limit of Liability  stated in
     Item 3 of the Declarations of the attached bond or any amendment thereof.

8.   The Underwriter  shall be liable hereunder for the amount by which one loss
     exceeds the Deductible  Amount  applicable to the attached bond, but not in
     excess of the Limit of Liability stated above.

9.   If any loss is covered under this Insuring Agreement and any other Insuring
     Agreement or Coverage,  the maximum  amount payable for such loss shall not
     exceed the largest  amount  available  under any one Insuring  Agreement or
     Coverage.

10.  Coverage under this Rider shall terminate upon  termination or cancellation
     of the bond to which this Rider is attached.  Coverage under this Rider may
     also be terminated or canceled without canceling the bond as an entirety
     (a) 60 days  after  receipt  by the  Insured  of  written  notice  from the
     Underwriter of its desire to terminate or cancel coverage under this Rider,
     or
     (b)  immediately  upon receipt by the Underwriter of a written request from
     the Insured to terminate or cancel coverage under this Rider.

     The  Underwriter  shall refund to the Insured the unearned  premium for the
     coverage  under this Rider.  The refund shall be computed at short rates if
     this Rider be  terminated  or canceled or reduced by notice from, or at the
     instance of, the Insured.



Nothing herein contained shall be held to vary,  alter,  waive, or extend any of
the  terms,  conditions,  provisions,  agreements  or  limitations  of the above
mentioned Bond or Policy, other than as above stated.

                                                By

                                                --------------------------
                                                Authorized Representative

                                    INSURED
                                  Page 2 of 2


                            ENDORSEMENT OR RIDER NO.
         THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

The  following  spaces  preceded  by an  (*)  need  not  be  completed  if  this
endorsement or rider and the Bond or Policy have the same inception date.



                                                  
-------------------------------------------------------------------------------------------------
ATTACHED TO AND FORMING         DATE ENDORSEMENT OR     * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO.      RIDER EXECUTED                    12:01 A.M. STANDARD TIME AS
                                                                  SPECIFIED IN THE BOND OR POLICY
     469BD0284                       09/19/06             07/15/06
-------------------------------------------------------------------------------------------------
* ISSUED TO
JOHN HANCOCK CAPITAL SERIES, INC.
-------------------------------------------------------------------------------------------------


                             Unauthorized Signatures
It is agreed that:

1.   The attached bond is amended by inserting an additional  Insuring Agreement
     as follows:

                   INSURING AGREEMENT J UNAUTHORIZED SIGNATURE

     (A) Loss  resulting  directly  from the Insured  having  accepted,  paid or
     cashed any check or withdrawal order,  draft, made or drawn on a customer's
     account which bears the signature or endorsement of one other than a person
     whose name and signature is on the  application on file with the Insured as
     a signatory on such account.

     (B) It shall be a condition  precedent to the  Insured's  right of recovery
     under this  Rider that the  Insured  shall have on file  signatures  of all
     persons who are authorized signatories on such account.

2.   The total  liability  of the  Underwriter  under  Insuring  Agreement  J is
     limited  to the  sum  of  Fifty  Thousand  Dollars  ($50,000  ),  it  being
     understood,  however,  that  such  liability  shall  be  part of and not in
     addition to the Limit of Liability  stated in Item 3 of the Declarations of
     the attached bond or amendment thereof.

3.   With respect to coverage  afforded under this Rider, the Deductible  Amount
     shall be Five Thousand Dollars ($5,000 ).





Nothing herein contained shall be held to vary,  alter,  waive, or extend any of
the  terms,  conditions,  provisions,  agreements  or  limitations  of the above
mentioned Bond or Policy, other than as above stated.

                                                By

                                                --------------------------
                                                Authorized Representative

                                    INSURED


                            ENDORSEMENT OR RIDER NO.
         THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

The  following  spaces  preceded  by an  (*)  need  not  be  completed  if  this
endorsement or rider and the Bond or Policy have the same inception date.



                                                  
-------------------------------------------------------------------------------------------------
ATTACHED TO AND FORMING         DATE ENDORSEMENT OR     * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO.      RIDER EXECUTED                    12:01 A.M. STANDARD TIME AS
                                                                  SPECIFIED IN THE BOND OR POLICY
     469BD0284                       09/19/06             07/15/06
-------------------------------------------------------------------------------------------------
* ISSUED TO
JOHN HANCOCK CAPITAL SERIES, INC.
-------------------------------------------------------------------------------------------------


                           Telefacsimile Transactions

It is agreed that:

1.   The attached Bond is amended by adding an additional Insuring Agreement as
     follows:

     INSURING AGREEMENT N TELEFACSIMILE TRANSACTIONS

     Loss  caused by a  Telefacsimile  Transaction,  where the  request for such
     Telefacsimile  Transaction is  unauthorized  or fraudulent and is made with
     the manifest  intent to deceive;  provided,  that the entity which receives
     such request  generally  maintains  and follows  during the Bond Period all
     Designated Fax Procedures with respect to Telefacsimile  Transactions.  The
     isolated  failure  of such  entity  to  maintain  and  follow a  particular
     Designated  Fax  Procedure  in a  particular  instance  will  not  preclude
     coverage under this Insuring  Agreement,  subject to the exclusions  herein
     and in the Bond.

2.   Definitions. The following terms used in this Insuring Agreement shall have
     the following meanings:

     a.  "Telefacsimile  System" means a system of transmitting  and reproducing
     fixed  graphic  material  (as, for  example,  printing) by means of signals
     transmitted over telephone lines.

     b. "Telefacsimile  Transaction" means any Fax Redemption, Fax Election, Fax
     Exchange, or Fax Purchase.

     c. "Fax Redemption"  means any redemption of shares issued by an Investment
     Company which is requested through a Telefacsimile System.

     d. "Fax Election" means any election  concerning dividend options available
     to Fund shareholders which is requested through a Telefacsimile System.

     e. "Fax Exchange"  means any exchange of shares in a registered  account of
     one Fund into shares in an identically  registered  account of another Fund
     in the same complex pursuant to exchange privileges of the two Funds, which
     exchange is requested through a Telefacsimile System.

     f. "Fax Purchase"  means any purchase of shares issued by an Investment
     Company which is requested through a Telefacsimile System.

     g. "Designated Fax Procedures" means the following procedures:

        (1)  Retention:  All  Telefacsimile   Transaction  requests  shall  be
        retained  for at least six (6)  months.  Requests  shall be capable of
        being  retrieved and produced in legible form within a reasonable time
        after retrieval is requested.

        (2)  Identity  Test:  The  identity of the sender in any request for a
        Telefacsimile  Transaction  shall  be  tested  before  executing  that
        Telefacsimile  Transaction,  either by requiring the sender to include
        on the  face of the  request  a  unique  identification  number  or to
        include key specific account information.  Requests of Dealers must be
        on company  letterhead and be signed by an authorized  representative.
        Transactions  by  occasional  users are to be  verified  by  telephone
        confirmation.

                                  Page 1 of 2


        (3) Contents: A Telefacsimile Transaction shall not be executed unless
        the request for such  Telefacsimile  Transaction is dated and purports
        to have been signed by (a) any  shareholder  or  subscriber  to shares
        issued by a Fund,  or (b) any  financial  or  banking  institution  or
        stockbroker.

        (4) Written Confirmation: A written confirmation of each Telefacsimile
        Transaction shall be sent to the  shareholder(s) to whose account such
        Telefacsimile  Transaction  relates, at the record address, by the end
        of the Insured's next regular processing cycle, but no later than five
        (5) business days following such Telefacsimile Transaction.

     i.  "Designated"  means or  refers  to a  written  designation  signed by a
     shareholder  of record  of a Fund,  either  in such  shareholder's  initial
     application  for the purchase of Fund  shares,  with or without a Signature
     Guarantee, or in another document with a Signature Guarantee.

     j. "Signature  Guarantee" means a written  guarantee of a signature,  which
     guarantee is made by an Eligible  Guarantor  Institution as defined in Rule
     17Ad-15(a)(2) under the Securities Exchange Act of 1934.

3.   Exclusions.  It  is  further  understood  and  agreed  that  this  Insuring
     Agreement shall not cover:

     a. Any loss covered under Insuring  Agreement A,  "Fidelity," of this Bond;
     and

     b. Any loss resulting from:

     (1) Any  Fax  Redemption,  where  the  proceeds  of  such  redemption  were
     requested to be paid or made payable to other than (a) the  shareholder  of
     record, or (b) a person Designated in the initial application or in writing
     at  least  one (1) day  prior  to such  redemption  to  receive  redemption
     proceeds, or (c) a bank account Designated in the initial application or in
     writing at least one (1) day prior to such redemption to receive redemption
     proceeds; or

     (2) Any Fax Redemption of Fund shares which had been improperly credited to
     a shareholder's account, where such shareholder (a) did not cause, directly
     or indirectly, such shares to be credited to such account, and (b) directly
     or indirectly  received any proceeds or other benefit from such redemption;
     or

     (3) Any Fax  Redemption  from  any  account,  where  the  proceeds  of such
     redemption  were  requested to be sent to any address other than the record
     address or another  address for such account which was  designated (a) over
     the telephone or by  telefacsimile at least fifteen (15) days prior to such
     redemption,  or (b) in the initial  application  or in writing at least one
     (1) day prior to such redemption; or

     (4)  The  intentional  failure  to  adhere  to one or more  Designated  Fax
     Procedures; or

     (5) The failure to pay for shares attempted to be purchased.

4.   The Single Loss Limit of Liability under Insuring Agreement N is limited to
     the sum of Tewnty Five Million Dollars  ($25,000,000 ) it being understood,
     however,  that such  liability  shall be part of and not in addition to the
     Limit of  Liability  stated in Item 3 of the  Declarations  of the attached
     Bond or amendments thereof.

5.   With respect to coverage  afforded under this Rider the  applicable  Single
     loss Deductible Amount is Fifty Thousand Dollars ($50,000 ).



Nothing herein contained shall be held to vary,  alter,  waive, or extend any of
the  terms,  conditions,  provisions,  agreements  or  limitations  of the above
mentioned Bond or Policy, other than as above stated.

                                                By

                                                --------------------------
                                                Authorized Representative

                                    INSURED
                                  Page 2 of 2


                            ENDORSEMENT OR RIDER NO.
         THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

The  following  spaces  preceded  by an  (*)  need  not  be  completed  if  this
endorsement or rider and the Bond or Policy have the same inception date.



                                                  
-------------------------------------------------------------------------------------------------
ATTACHED TO AND FORMING         DATE ENDORSEMENT OR     * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO.      RIDER EXECUTED                    12:01 A.M. STANDARD TIME AS
                                                                  SPECIFIED IN THE BOND OR POLICY
     469BD0284                       09/19/06             07/15/06
-------------------------------------------------------------------------------------------------
* ISSUED TO
JOHN HANCOCK CAPITAL SERIES, INC.
-------------------------------------------------------------------------------------------------


                          Voice Initiated Transactions
It is agreed that:

1.   The attached bond is amended by inserting an additional  Insuring Agreement
     as follows:

               INSURING AGREEMENT L -VOICE-INITIATED TRANSACTIONS

     Loss caused by a  Voice-initiated  Transaction,  where the request for such
     Voice-initiated  Transaction is unauthorized or fraudulent and is made with
     the manifest  intent to deceive;  provided,  that the entity which receives
     such request  generally  maintains  and follows  during the Bond Period all
     Designated  Procedures with respect to Voice-initiated  Redemptions and the
     Designated  Procedures  described in paragraph 2f (1) and (3) of this Rider
     with  respect  to all  other  Voice-initiated  Transactions.  The  isolated
     failure  of such  entity to  maintain  and follow a  particular  Designated
     Procedure in a particular  instance will not preclude  coverage  under this
     Insuring  Agreement,  subject to the specific  exclusions herein and in the
     Bond.

2.   Definitions. The following terms used in this Insuring Agreement shall have
     the following meanings:

     a.  "Voice-initiated  Transaction"  means any  Voice-initiated  Redemption,
     Voice-initiated  Election,  Voice-initiated  Exchange,  or  Voice-initiated
     Purchase.

     b. "Voice-initiated Redemption" means any redemption of shares issued by an
     Investment Company which is requested by voice over the telephone.

     c.  "Voice-initiated  Election"  means  any  election  concerning  dividend
     options available to Fund shareholders which is requested by voice over the
     telephone.

     d. "Voice-initiated  Exchange" means any exchange of shares in a registered
     account of one Fund into  shares in an  identically  registered  account of
     another Fund in the same complex pursuant to exchange privileges of the two
     Funds, which exchange is requested by voice over the telephone.

     e.  "Voice-initiated  Purchase"  means any purchase of shares  issued by an
     Investment Company which is requested by voice over the telephone.

     f. "Designated Procedures" means the following procedures:


     (1) Recordings: All Voice-initiated Transaction requests shall be recorded,
     and  the  recordings  shall  be  retained  for at  least  six  (6)  months.
     Information contained on the recordings 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%.

     (2)  Identity  Test:  The  identity  of the  caller  in any  request  for a
     Voice-initiated   Redemption   shall  be  tested  before   executing   that
     Voice-initiated  Redemption,  either by  requesting  the  caller to state a
     unique   identification   number  or  to  furnish  key   specific   account
     information.

     (3) Written  Confirmation:  A written  confirmation of each Voice-initiated
     Transaction and of each change of the record address of a Fund  shareholder
     requested by voice over the telephone shall be mailed to the shareholder(s)
     to whose  account  such  Voice-initiated  Transaction  or change of address
     relates, at the original record address (and, in the case of such change of
     address,  at the changed  record  address) by the end of the Insured's next
     regular  processing  cycle,  but no  later  than  five  (5)  business  days
     following such Voice-initiated Transaction or change of address.

                                  Page 1 of 2


     g. "Investment  Company" or "Fund" means an investment  company  registered
     under the Investment

     h. "Officially  Designated" means or refers to a written designation signed
     by a shareholder of record of a Fund, either in such shareholder's  initial
     application  for the purchase of Fund  shares,  with or without a Signature
     Guarantee, or in another document with a Signature Guarantee.

     i. "Signature  Guarantee" means a written  guarantee of a signature,  which
     guarantee is made by a financial or banking  institution whose deposits are
     insured by the Federal Deposit  Insurance  Corporation or by a broker which
     is a member  of any  national  securities  exchange  registered  under  the
     Securities Exchange Act of 1934.

3.   Exclusions.  It  is  further  understood  and  agreed  that  this  Insuring
     Agreement shall not cover:

     a. Any loss covered under Insuring Agreement A, "Fidelity,  " of this Bond;
     and

     b. Any loss resulting from:

     (1) Any Voice-initiated  Redemption,  where the proceeds of such redemption
     were requested to be paid or made payable to other than (a) the shareholder
     of record,  or (b) a person  Officially  Designated  to receive  redemption
     proceeds, or (c) a bank account Officially Designated to receive redemption
     proceeds; or
     (2) Any Voice-initiated Redemption of Fund shares which had been improperly
     credited to a  shareholder's  account,  where such  shareholder (a) did not
     cause, directly or indirectly,  such shares to be credited to such account,
     and (b) directly or indirectly  received any proceeds or other benefit from
     such redemption; or
     (3) Any Voice-initiated  Redemption from any account, where the proceeds of
     such redemption were requested to be sent (a) to any address other than the
     record  address  for  such  account,  or (b) to a record  address  for such
     account  which was  either (i)  designated  over the  telephone  fewer than
     thirty (30) days prior to such  redemption,  or (ii)  designated in writing
     less than on (1) day prior to such redemption; or
     (4) The intentional failure to adhere to one or more Designated Procedures;
     or
     (5) The failure to pay for shares attempted to be purchased; or
     (6) Any Voice-initiated  Transaction  requested by voice over the telephone
     and received by an  automated  system  which  receives  and  converts  such
     request to executable instructions.

4.   The total  liability  of the  Underwriter  under  Insuring  Agreement  L is
     limited to the sum of Twenty-Five Million Dollars  ($25,000,000 ), it being
     understood,  however,  that  such  liability  shall  be  part of and not in
     addition to the Limit of Liability  stated in Item 3 of the Declarations of
     the attached bond or amendment thereof.

5.   With  respect  to  coverage   afforded  under  this  Rider  the  applicable
     Deductible Amount is Fifty Thousand Dollars ($50,000 ).





Nothing herein contained shall be held to vary,  alter,  waive, or extend any of
the  terms,  conditions,  provisions,  agreements  or  limitations  of the above
mentioned Bond or Policy, other than as above stated.

                                                By

                                                --------------------------
                                                Authorized Representative

                                    INSURED
                                  Page 2 of 2


                            ENDORSEMENT OR RIDER NO.
         THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

The  following  spaces  preceded  by an  (*)  need  not  be  completed  if  this
endorsement or rider and the Bond or Policy have the same inception date.



                                                  
-------------------------------------------------------------------------------------------------
ATTACHED TO AND FORMING         DATE ENDORSEMENT OR     * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO.      RIDER EXECUTED                    12:01 A.M. STANDARD TIME AS
                                                                  SPECIFIED IN THE BOND OR POLICY
     469BD0284                       09/19/06             07/15/06
-------------------------------------------------------------------------------------------------
* ISSUED TO
JOHN HANCOCK CAPITAL SERIES, INC.
-------------------------------------------------------------------------------------------------


                          Amend Definition of Employee
            (Exclude EDP Coverage for Computer Software or Programs)

It is agreed that:

1.   Sub-section 7 of Section 1(a) in the Definition of Employee, is deleted and
     replaced by the following:

     (7) "each natural person,  partnership or corporation authorized by written
     agreement with the Insured to perform services as electronic data processor
     of checks or other accounting  records of the Insured (does not include the
     creating,  preparing,  modifying  or  maintaining  the  Insured's  computer
     software  or  programs),  but  excluding  any  such  processor  who acts as
     transfer agent or in any other agency capacity in issuing checks, drafts or
     securities for the Insured,  unless included under  sub-section (9) hereof,
     and"










Nothing herein contained shall be held to vary,  alter,  waive, or extend any of
the  terms,  conditions,  provisions,  agreements  or  limitations  of the above
mentioned Bond or Policy, other than as above stated.

                                                By

                                                --------------------------
                                                Authorized Representative

                                    INSURED


                            ENDORSEMENT OR RIDER NO.
         THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

The  following  spaces  preceded  by an  (*)  need  not  be  completed  if  this
endorsement or rider and the Bond or Policy have the same inception date.



                                                  
-------------------------------------------------------------------------------------------------
ATTACHED TO AND FORMING         DATE ENDORSEMENT OR     * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO.      RIDER EXECUTED                    12:01 A.M. STANDARD TIME AS
                                                                  SPECIFIED IN THE BOND OR POLICY
     469BD0284                       09/19/06             07/15/06
-------------------------------------------------------------------------------------------------
* ISSUED TO
JOHN HANCOCK CAPITAL SERIES, INC.
-------------------------------------------------------------------------------------------------


                        Definition of Investment Company

It is agreed that:

1.   Section 1, Definitions,  under General Agreements is amended to include the
     following paragraph:

     (f) Investment  Company means an investment  company  registered  under the
     Investment Company Act of 1940 and as listed under the names of Insureds on
     the Declarations.










Nothing herein contained shall be held to vary,  alter,  waive, or extend any of
the  terms,  conditions,  provisions,  agreements  or  limitations  of the above
mentioned Bond or Policy, other than as above stated.

                                                By

                                                --------------------------
                                                Authorized Representative

                                    INSURED


                            ENDORSEMENT OR RIDER NO.
         THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

The  following  spaces  preceded  by an  (*)  need  not  be  completed  if  this
endorsement or rider and the Bond or Policy have the same inception date.



                                                  
-------------------------------------------------------------------------------------------------
ATTACHED TO AND FORMING         DATE ENDORSEMENT OR     * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO.      RIDER EXECUTED                    12:01 A.M. STANDARD TIME AS
                                                                  SPECIFIED IN THE BOND OR POLICY
     469BD0284                       09/19/06             07/15/06
-------------------------------------------------------------------------------------------------
* ISSUED TO
JOHN HANCOCK CAPITAL SERIES, INC.
-------------------------------------------------------------------------------------------------


               Amend Section 13. - Termination as to any Employee

It is agreed that:

1.   Sub-sections   (b)  of  Section  13.   TERMINATION   under  CONDITIONS  AND
     LIMITATIONS,  is deleted in its entirety,  and the following is substituted
     in lieu thereof:

     Upon the  detection by any Insured that such  Employee  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  forty-eight  (48)  hours of such
     detection,  shall notify the Underwriter with full and complete particulars
     of the detected dishonest or fraudulent act(s) or theft, or

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

     This Bond shall  terminate  as to any  Employee  by written  notice to each
     Insured and to the Securities and Exchange  Commission from the Underwriter
     of not less than sixty (60) days prior to the effective date of termination
     specified in such notice.










Nothing herein contained shall be held to vary,  alter,  waive, or extend any of
the  terms,  conditions,  provisions,  agreements  or  limitations  of the above
mentioned Bond or Policy, other than as above stated.

                                                By

                                                --------------------------
                                                Authorized Representative

                                    INSURED


                            ENDORSEMENT OR RIDER NO.
         THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

The  following  spaces  preceded  by an  (*)  need  not  be  completed  if  this
endorsement or rider and the Bond or Policy have the same inception date.



                                                  
-------------------------------------------------------------------------------------------------
ATTACHED TO AND FORMING         DATE ENDORSEMENT OR     * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO.      RIDER EXECUTED                    12:01 A.M. STANDARD TIME AS
                                                                  SPECIFIED IN THE BOND OR POLICY
     469BD0284                       09/19/06             07/15/06
-------------------------------------------------------------------------------------------------
* ISSUED TO
JOHN HANCOCK CAPITAL SERIES, INC.
-------------------------------------------------------------------------------------------------


                             Automated Phone Systems

1.   The attached Bond is amended by adding an additional  Insuring Agreement as
     follows:

             INSURING AGREEMENT M - AUTOMATED PHONE SYSTEMS ("APS")

     Loss  caused  by an  APS  Transaction,  where  the  request  for  such  APS
     Transaction  is  unauthorized  or fraudulent  and is made with the manifest
     intent to deceive;  provided,  that the entity which  receives such request
     generally  maintains and follows  during the Bond Period all APS Designated
     Procedures with respect to APS  Transactions.  The isolated failure of such
     entity to maintain and follow a particular  APS  Designated  Procedure in a
     particular   instance  will  not  preclude  coverage  under  this  Insuring
     Agreement, subject to the exclusions herein and in the Bond.

2.   Definitions. The following terms used in this Insuring Agreement shall have
     the following meanings:

     a.  "Automated  Phone  Systems" or "APS" means an  automated  system  which
     receives and converts to executable instructions (1) transmissions by voice
     over the telephone,  or (2) transmissions over the telephone through use of
     a   touch-tone   keypad  or  other  tone  system;   and  always   excluding
     transmissions from a Computer System or part thereof.

     b. "APS Transaction" means any APS Redemption,  APS Election, APS Exchange,
     or PAS Purchase.

     c. "APS Redemption"  means any redemption of shares issued by an Investment
     Company which is requested through an Automated Phone System.

     d. "APS Election" means any election  concerning dividend options available
     to Fund shareholders which is requested through an Automated Phone System.

     e. "APS Exchange"  means any exchange of shares in a registered  account of
     one Fund into shares in an identically  registered  account of another Fund
     in the same complex pursuant to exchange privileges of the two Funds, which
     exchange is requested through an Automated Phone System.

     f. "APS  Purchase"  means any  purchase of shares  issued by an  Investment
     Company which is requested through an Automated Phone System.

     g. "APS Designated Procedures" means the following procedures:

     (1)  Logging:  All APS  Transaction  requests  shall be logged or otherwise
     recorded,  so as to preserve all of the information necessary to effect the
     requested APS Transaction  transmitted in the course of such a request, and
     the  records  shall  be  retained  for at  least  six  months.  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.

     (2)  Identity  Test:  The  identity of the caller in any request for an APS
     Transaction  shall be tested  before  executing  that APS  Transaction,  by
     requiring the entry by the caller of an identification number consisting of
     at least four characters.

     (3)  Contemporaneous  Confirmation:  All information in each request for an
     APS Transaction  which is necessary to effect such APS Transaction shall be
     contemporaneously repeated to the caller, and no such APS Transaction shall
     be  executed   unless  the  caller  has  confirmed  the  accuracy  of  such
     information.

                                  Page 1 of 2


     (4) Written  Confirmation:  A written  confirmation of each APS Transaction
     shall be sent to the  shareholder(s)  to whose account such APS Transaction
     relates,  at the record  address,  by the end of the Insured's next regular
     processing  cycle, but not later than five (5) business days following such
     APS Transaction.

     (5) Access to APS  Equipment:  Physical  access to APS  equipment  shall be
     limited to duly authorized personnel.

h.   "Investment  Company" or "Fund" means a investment company registered under
     the Investment Company Act of 1940.

i.   "Officially  Designated" means or refers to a written designation signed by
     a shareholder  of record of a Fund,  either in such  shareholder's  initial
     application  for the purchase of Fund  shares,  with or without a Signature
     Guarantee, or in another document with a Signature Guarantee.

j.   "Signature  Guarantee"  means a written  guarantee  of a  signature,  which
     guarantee is made by a financial or banking  institution whose deposits are
     insured by the Federal Deposit  Insurance  Corporation or by a broker which
     is a member  of any  national  securities  exchange  registered  under  the
     Securities Exchange Act of 1934.

3.   Exclusion: It is further understood and agreed that this Insuring Agreement
     shall not cover:

     a. Any loss covered under Insuring  Agreement A, "Fidelity",  of this Bond:
     and

     b. Any loss resulting from:

     (1) Any  APS  Redemption,  where  the  proceeds  of  such  redemption  were
     requested to be paid or made payable to other than (a) the  shareholder  of
     record,  or  (b) a  person  officially  Designated  to  receive  redemption
     proceeds, or (c) a bank account Officially Designated to receive redemption
     proceeds; or
     (2) Any APS Redemption of Fund shares which had been improperly credited to
     a shareholder's account, where such shareholder (a) did not cause, directly
     or indirectly, such shares to be credited to such account, and (b) directly
     or indirectly  received any proceeds or other benefit from such redemption;
     or
     (3) Any APS  Redemption  from  any  account,  where  the  proceeds  of such
     redemption  were  requested  to be sent (a) to any  address  other than the
     record  address  for  such  account,  or (b) to a record  address  for such
     account  which was  either (i)  designated  over the  telephone  fewer than
     thirty (30) days prior to such  redemption,  or (ii)  designated in writing
     less than one (1) day prior to such redemption; or
     (4) The failure to pay for shares attempted to be purchased, or
     (5)  The  intentional  failure  to  adhere  to one or more  APS  Designated
     Procedures.

4.   The total  liability  of the  Underwriter  under  Insuring  Agreement  M is
     limited to the sum of TwentyFive  Million Dollars  ($25,000,000 ), it being
     understood,  however,  that  such  liability  shall  be  part of and not in
     addition to the Limit of Liability  stated in Item 3 of the Declarations of
     the attached bond or amendments thereof.

5.   With  respect  to  coverage  afforded  under  this  Rider,  the  applicable
     Deductible Amount is Fifty Thousand Dollars ($50,000 ).





Nothing herein contained shall be held to vary,  alter,  waive, or extend any of
the  terms,  conditions,  provisions,  agreements  or  limitations  of the above
mentioned Bond or Policy, other than as above stated.

                                                By

                                                --------------------------
                                                Authorized Representative

                                    INSURED
                                  Page 2 of 2


                            ENDORSEMENT OR RIDER NO.
         THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

The  following  spaces  preceded  by an  (*)  need  not  be  completed  if  this
endorsement or rider and the Bond or Policy have the same inception date.



                                                  
-------------------------------------------------------------------------------------------------
ATTACHED TO AND FORMING         DATE ENDORSEMENT OR     * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO.      RIDER EXECUTED                    12:01 A.M. STANDARD TIME AS
                                                                  SPECIFIED IN THE BOND OR POLICY
     469BD0284                       09/19/06             07/15/06
-------------------------------------------------------------------------------------------------
* ISSUED TO
JOHN HANCOCK CAPITAL SERIES, INC.
-------------------------------------------------------------------------------------------------


               Amend Definition of Employee (Include Contractors)

It is agreed that:

1.   Section 1(a) EMPLOYEES,  under Definitions -CONDITIONS AND LIMITATIONS,  is
     amended to include the following sub-section;

     ([X])A person  provided by an employment  contractor to perform  duties for
          the Insured  under the Insured's  supervision  at any of the Insured's
          offices or premises covered hereunder.










Nothing herein contained shall be held to vary,  alter,  waive, or extend any of
the  terms,  conditions,  provisions,  agreements  or  limitations  of the above
mentioned Bond or Policy, other than as above stated.

                                                By

                                                --------------------------
                                                Authorized Representative

                                    INSURED


                            ENDORSEMENT OR RIDER NO.
         THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

The  following  spaces  preceded  by an  (*)  need  not  be  completed  if  this
endorsement or rider and the Bond or Policy have the same inception date.



                                                  
-------------------------------------------------------------------------------------------------
ATTACHED TO AND FORMING         DATE ENDORSEMENT OR     * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO.      RIDER EXECUTED                    12:01 A.M. STANDARD TIME AS
                                                                  SPECIFIED IN THE BOND OR POLICY
     469BD0284                       09/19/06             07/15/06
-------------------------------------------------------------------------------------------------
* ISSUED TO
JOHN HANCOCK CAPITAL SERIES, INC.
-------------------------------------------------------------------------------------------------


                            Add Exclusions (n) & (o)

It is agreed that:

1.   Section 2, Exclusions,  under General Agreements, is amended to include the
     following sub-sections:

     (n) loss  from  the use of  credit,  debit,  charge,  access,  convenience,
     identification,  cash  management  or other cards,  whether such cards were
     issued or purport  to have been  issued by the  Insured or by anyone  else,
     unless such loss is otherwise covered under Insuring Agreement A.

     (o) the  underwriter  shall not be liable under the attached  bond for loss
     due to  liability  imposed  upon the  Insured  as a result of the  unlawful
     disclosure  of  non-public  material  information  by  the  Insured  or any
     Employee,  or as a result of any  Employee  acting  upon such  information,
     whether authorized or unauthorized.










Nothing herein contained shall be held to vary,  alter,  waive, or extend any of
the  terms,  conditions,  provisions,  agreements  or  limitations  of the above
mentioned Bond or Policy, other than as above stated.

                                                By

                                                --------------------------
                                                Authorized Representative

                                    INSURED


                            ENDORSEMENT OR RIDER NO.
         THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

The  following  spaces  preceded  by an  (*)  need  not  be  completed  if  this
endorsement or rider and the Bond or Policy have the same inception date.



                                                  
-------------------------------------------------------------------------------------------------
ATTACHED TO AND FORMING         DATE ENDORSEMENT OR     * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO.      RIDER EXECUTED                    12:01 A.M. STANDARD TIME AS
                                                                  SPECIFIED IN THE BOND OR POLICY
     469BD0284                       09/19/06             07/15/06
-------------------------------------------------------------------------------------------------
* ISSUED TO
JOHN HANCOCK CAPITAL SERIES, INC.
-------------------------------------------------------------------------------------------------


                                Joint Loss Payee

It is agreed that:

1.   At the written request of the named Insured, any payment in satisfaction of
     loss covered by said Bond  involving  money or other  Property in which the
     has an interest  shall be paid by an  instrument  issued to that entity and
     the Named Insured as Joint Loss-Payees, subject to the following conditions
     and limitations:

     a. The attached  Bond is for the sole use and benefit of the Named  Insured
     as expressed  herein.  The entity named above shall not be considered as an
     Insured under the Bond,  nor shall it otherwise have any rights or benefits
     under said Bond.

     b.  Notwithstanding  any payment  made under the terms of this Rider or the
     execution of more than one of such similar  rider,  the amount paid for any
     one loss  occurrence or otherwise in accordance with the terms of this Bond
     shall not  exceed  the  limits of  liability  as set forth in Item 3 of the
     Declarations Page.

2.   Should  this  Bond  be  canceled,  reduced,  non-renewed  or  restrictively
     modified  by  the  Underwriter  or at  the  request  of  the  Insured,  the
     Underwriter  will give sixty (60) days written  advance notice by certified
     mail, return receipt requested to the entity named above, but failure to do
     so shall not impair or delay the  effectiveness  of any such  cancellation,
     reduction,   non-renewal  or  restrictive   modification,   nor  shall  the
     Underwriter be held liable in any way.










Nothing herein contained shall be held to vary,  alter,  waive, or extend any of
the  terms,  conditions,  provisions,  agreements  or  limitations  of the above
mentioned Bond or Policy, other than as above stated.

                                                By

                                                --------------------------
                                                Authorized Representative

                                    INSURED


                            ENDORSEMENT OR RIDER NO.
         THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

The  following  spaces  preceded  by an  (*)  need  not  be  completed  if  this
endorsement or rider and the Bond or Policy have the same inception date.



                                                  
-------------------------------------------------------------------------------------------------
ATTACHED TO AND FORMING         DATE ENDORSEMENT OR     * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO.      RIDER EXECUTED                    12:01 A.M. STANDARD TIME AS
                                                                  SPECIFIED IN THE BOND OR POLICY
     469BD0284                       09/19/06             07/15/06
-------------------------------------------------------------------------------------------------
* ISSUED TO
JOHN HANCOCK CAPITAL SERIES, INC.
-------------------------------------------------------------------------------------------------


                          INCLUDE TRADING LOSS COVERAGE
                 MEL2575 Ed. 3-05 - For use with ICB005 Ed. 7-04

It is agreed that:

1.   The total liability of the Underwriter under Insuring  Agreement (A) of the
     attached bond,  with respect to losses  resulting from trading,  whether in
     the name of the Insured or otherwise,  is limited to the sum of Twenty-Five
     Million

     Dollars ($25,000,000. ), it being understood,  however, that such liability
     shall be a part of and not in addition to the Limit of Liability  stated in
     Item 3 of the Declarations of the attached bond or amendment thereof.










Nothing herein contained shall be held to vary,  alter,  waive, or extend any of
the  terms,  conditions,  provisions,  agreements  or  limitations  of the above
mentioned Bond or Policy, other than as above stated.

                                                By

                                                --------------------------
                                                Authorized Representative

                                    INSURED


                            ENDORSEMENT OR RIDER NO.
         THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

The  following  spaces  preceded  by an  (*)  need  not  be  completed  if  this
endorsement or rider and the Bond or Policy have the same inception date.



                                                  
-------------------------------------------------------------------------------------------------
ATTACHED TO AND FORMING         DATE ENDORSEMENT OR     * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO.      RIDER EXECUTED                    12:01 A.M. STANDARD TIME AS
                                                                  SPECIFIED IN THE BOND OR POLICY
     469BD0284                       09/19/06             07/15/06
-------------------------------------------------------------------------------------------------
* ISSUED TO
JOHN HANCOCK CAPITAL SERIES, INC.
-------------------------------------------------------------------------------------------------


       AUTOMATIC COVERAGE FOR NEW INVESTMENT COMPANIES/INCREASE IN LIMITS
              MEL2684 - Ed. 3/05 - For use with ICB005 - Ed. 7/04

It is agreed that:

1.   General  Agreement A.,  Additional  Offices or Employees  -Consolidation or
     Merger -Notice, is amended to include the following paragraph:

     (3) If the Insured  shall,  while this bond is in force,  establish any new
     Investment  Companies  other  than by  consolidation  or  merger  with,  or
     purchase or acquisition of assets or liabilities  of, another  institution,
     such Investment Companies shall automatically be covered hereunder from the
     date of such  establishment  without the payment of additional  premium for
     the remainder of such premium period.

2.   Section  10.,  Limit of  Liability,  is amended to  include  the  following
     paragraph:

     If the Insured shall,  while this bond is in force,  require an increase in
     limits to comply with SEC Reg.  17g-1,  due to an increase in asset size of
     current Investment  Companies insured under the bond or the addition of new
     Investment  Companies,  such  increase  in limits  shall  automatically  be
     covered  hereunder  from the date of such  increase  without the payment of
     additional premium for the remainder of the premium period.










Nothing herein contained shall be held to vary,  alter,  waive, or extend any of
the  terms,  conditions,  provisions,  agreements  or  limitations  of the above
mentioned Bond or Policy, other than as above stated.

                                                By

                                                --------------------------
                                                Authorized Representative

                                    INSURED


                            ENDORSEMENT OR RIDER NO.
         THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

The  following  spaces  preceded  by an  (*)  need  not  be  completed  if  this
endorsement or rider and the Bond or Policy have the same inception date.



                                                  
-------------------------------------------------------------------------------------------------
ATTACHED TO AND FORMING         DATE ENDORSEMENT OR     * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO.      RIDER EXECUTED                    12:01 A.M. STANDARD TIME AS
                                                                  SPECIFIED IN THE BOND OR POLICY
     469BD0284                       09/19/06             07/15/06
-------------------------------------------------------------------------------------------------
* ISSUED TO
JOHN HANCOCK CAPITAL SERIES, INC.
-------------------------------------------------------------------------------------------------


                          AMEND DEFINITION OF EMPLOYEE
                 MEL2899 Ed. 5/05 - For use with ICB005 Ed. 7/04


It is agreed that:

1.   The  following  is added to  Definition  (a),  Employee,  of  Section  1. -
     DEFINITIONS,  of the CONDITIONS AND  LIMITATIONS:  to include  employees of
     Affiliated  Sub-Adviser  Independence  Advisors,  LLC only while  acting on
     behalf of Investment Company










Nothing herein contained shall be held to vary,  alter,  waive, or extend any of
the  terms,  conditions,  provisions,  agreements  or  limitations  of the above
mentioned Bond or Policy, other than as above stated.

                                                By

                                                --------------------------
                                                Authorized Representative

                                    INSURED
                                                                     Page 1 of 1






                          ICI MUTUAL INSURANCE COMPANY

                                  P.O. Box 730
                         Burlington, Vermont 05402-0730

                         INVESTMENT COMPANY BLANKET BOND
                                    (EXCESS)







                          ICI MUTUAL INSURANCE COMPANY
                                  P.O. Box 730
                         Burlington, Vermont 05402-0730

                                  DECLARATIONS
--------------------------------------------------------------------------------
Item 1.    Name of Insured (the "Insured")              Bond Number
           John Hancock Capital Series                  87142106B

           Principal Address    c/o Aon Financial Services Group
                                99 High Street
                                Boston, MA 02110


--------------------------------------------------------------------------------
Item 2.   Bond Period: from 12:01 a.m. on July 15, 2006 to 12:01 a.m. on
          July 15, 2007___, or the earlier effective date of the termination of
          this Bond, standard time at the Principal Address as to each of said
          dates.
--------------------------------------------------------------------------------
Item 3.   Limit of Liability -



                                                                               
                                                             LIMIT OF LIABILITY      DEDUCTIBLE AMOUNT (1)
       Insuring Agreement A--FIDELITY                           $20,000,000              $25,000,000
       Insuring Agreement C--PREMISES                           $20,000,000              $25,000,000
       Insuring Agreement D--TRANSIT                            $20,000,000              $25,000,000
       Insuring Agreement E--FORGERY OR ALTERATION              $20,000,000              $25,000,000
       Insuring Agreement F--SECURITIES                         $20,000,000              $25,000,000
       Insuring Agreement G--COUNTERFEIT CURRENCY               $20,000,000              $25,000,000
       Insuring Agreement H--VOICE-INTIATED TRANSACTIONS        $20,000,000              $25,000,000
       Insuring Agreement I--TELEFACSIMILE SYSTEMS              $20,000,000              $25,000,000
       Insuring Agreement J--AUTOMATIC PHONE SYSTEMS            $20,000,000              $25,000,000
       Insuring Agreement K--COMPUTER SYSTEMS                   $20,000,000              $25,000,000


(1)  Plus the applicable deductible of the Primary Bond
--------------------------------------------------------------------------------
Item 4. PRIMARY BOND -

        St. Paul Fire and Marine Insurance Company Blanket Bond No. 469BD0284
--------------------------------------------------------------------------------
Item 5. The liability of ICI Mutual Insurance Company (the "Underwriter") is
        subject to the terms of the following  Riders attached hereto:

        Rider 1

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

                                           By:  /S/ Maggie Sullivan
                                                -------------------
                                                Authorized Representative

                                        1


ICI Mutual Insurance Company  ("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.

                                       1


     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 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, P.O. Box 730, Burlington, Vermont 05402-0730.

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


     (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 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.

                                       3


     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 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.

                                       4


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.

     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.






                                       5


                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND
                                  (EXCESS BOND)

                                   RIDER NO. 1


--------------------------------------------------------------------------------
INSURED                                                 BOND NUMBER

John Hancock Capital Series                             87142106B
--------------------------------------------------------------------------------
EFFECTIVE DATE                BOND PERIOD              AUTHORIZED REPRESENTATIVE

July 15, 2006         July 15, 2006 to July 15, 2007   /S/ Maggie Sullivan
================================================================================

Most  property and casualty  insurers,  including ICI Mutual  Insurance  Company
("ICI Mutual"),  are subject to the requirements of the Terrorism Risk Insurance
Act of 2002 (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 90% 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%).







CHUBB logo

                          FINANCIAL INSTITUTIONAL BOND
                 Standard Form No. 25, Revised to October, 1987

                                                        Bond No. 8152 00 12 I

                       CHUBB INSURANCE COMPANY OF CANADA
                          (Herein called Underwriter)

DECLARATIONS
ITEM 1.           Name of Insured (herein called Insured):
                  Manulife Financial Corporation
                  (As Per Rider Attached)

                  Principal Address:
                  200 Bloor Street East,
                  Toronto, Ontario
                  M4W IE5



           
Item 2.       Bond Period: from 12:01 a.m. on March 31, 2006 to 12:01 a.m. on March 31, 2007 standard time.
                                                 (MONTH, DAY, YEAR)                     (MONTH, DAY, YEAR)
-----------------------------------------------------------------------------------------------------------
Item 3.       The Aggregate Liability of the Underwriter during the Bond Period shall be $50,000,000. US
-----------------------------------------------------------------------------------------------------------
Item 4.       Subject to Sections 4 and 11 hereof,
              The Single Loss Limit of Liability is           $25,000,000.US
              And the Single Loss Deductible is               $ 5,000,000.US

              Provided, however, that if any amounts are inserted below opposite specified Insuring Agreements or
              Coverage, those amounts shall be controlling. Any amount set forth below shall be part of and not
              in addition to amounts set forth above. (If an Insuring Agreement or Coverage is to be deleted,
              insert "Not Covered.")




                                                                                   
Amount applicable to:                                                Single Loss                 Single Loss
                                                                 Limit of Liability              Deductible
                                                              -------------------------- ---------------------------
Insuring Agreement (D) - Forgery or Alteration                          $25,000,000. US               $5,000,000.US
Insuring Agreement (E) - Securities                                     $25,000,000. US               $5,000,000.US
Optional Insuring Agreements and Coverages:
Insuring Agreement (F) - Counterfeit Currency                           $25,000,000. US               $5,000,000.US
Insuring Agreement (G) - Redemption of Canada Savings Bonds             $25,000,000. US               $5,000,000.US
Insuring Agreement (H) - Fraudulent Mortgages                           $25,000,000. US               $5,000,000.US
Insuring Agreement (I) - Unauthorized Signatures                           $100,000. US                  $10,000.US
Insuring Agreement (J) - Telephone Toll Call Fraud                         $100,000. US                  $10,000.US
Trading Loss Coverage                                                   $25,000,000. US               $5,000,000.US
Agent Insuring Agreement                                                $10,000,000. US               $5,000,000.US
Fidelity Claims Expense                                                    $100,000. US                         NIL
Stop Payment Order Liability                                               $100,000. US                  $10,000.US
Audit Expense                                                              $100,000. US                         NIL



                                                                         Bond 25
                                                                     Page 1 of 2




           
              If "Not Covered" is inserted above opposite any specified Insuring Agreement or Coverage, such
              Insuring Agreement or Coverage and any other reference thereto in this bond shall be deemed to be
              deleted therefrom.
-----------------------------------------------------------------------------------------------------------
Item 5.       The liability of the Underwriter is subject to the terms of the following riders attached hereto:
              Rider No's. 1 - 33
-----------------------------------------------------------------------------------------------------------
Item 6.       Insured's Offices Covered - All offices in the United States of America and Canada and any other
              offices listed below:   All offices anywhere in the world
-----------------------------------------------------------------------------------------------------------
Item 7.       The Insured by the acceptance of this bond gives notice to the Underwriter terminating or canceling
              prior bond(s) or policy(ies) No.(s).    81520012H
              Such termination or cancellation to be effective as of the time this bond becomes effective.

================================================================================

IN WITNESS WHEREOF,  CHUBB INSURANCE COMPANY OF CANADA has caused this policy to
be signed by its authorized  officer,  but this policy shall not be valid unless
signed by a duly authorized Representative of the Company.

                                                /s/ Ellen J. Moore
                                                ------------------
                                                     President

                                                     CHAIRMAN

                                           Toronto, Ontario   April 11, 2006
                                           ---------------------------------
                                           Issued at            Date


                                                                         Bond 25
                                                                     Page 2 of 2


CHUBB logo



              
                CHUBB INSURANCE COMPANY OF CANADA

                ONE FINANCIAL PLACE, 1 ADELAIDE ST. E., TORONTO, ONT. M5C 2V9 Telephone (416) 863-0550
                                                                              Facsimile (416) 863-5010


THIS CERTIFIES THAT pending  issuance of a Bond in the form described below, the
Chubb Insurance Company Of Canada,  hereinafter  called the Company,  is binding
coverage described as follows:

1. Named of Insured:      Manulife Financial Corporation And Manulife Securities
   International Limited
   Address:               200 Bloor Street East
                          Toronto, Ontario M4W1E5

2. Producer:              March Canada Limited
    Attn:                 Michael Shore
    Address:              161 Bay Street, #1400
                          Toronto, ON M5J 2S4

3. Bond Number:           81520012

4. Bond Type/Form No.:    Financial Institution Bond Form 25 (Rev. 10-87)
                          Form TSB 5174a

5. Bond Period:           From:        12:01 a.m. on    03/31/2006
                          To:          12:01 a.m. on    03/31/2007

6. Term of Binder:        From:        12:01 a.m. on    March 31, 2006
                          To:          12:01 a.m. on    Upon Issuance of the
Policy

7. Aggregate Limit of Liability:   $US $50,000,000

8. Single Loss Limit of Liability and Deductible Amounts: US $25,000,000


   Insuring Agreement         Single Loss Limit of Liability  Deductible Amount
   -------------------------- ------------------------------- ------------------

   A. Fidelity                $ US 25,000,000                 $ US 5,000,000
   B. On Premises             $ US 25,000,000                 $ US 5,000,000
   C. In Transit              $ US 25,000,000                 $ US 5,000,000
   D. Forgery or Alteration   $ US 25,000,000                 $ US 5,000,000
   E. Securities              $ US 25,000,000                 $ US 5,000,000






                                        
9. Endorsement(s) effective at inception:  As Per the Expiry FIB with the Exception of the
                                           Following:
                                           1.  Language for Expiring Endt. #12-ERISA
                                               still being determined;
                                           2.  Expiring Endt. #10-Third Party
                                               Administrator is effective for 90 days.
                                               Prior to June 30/2006 we agree to
                                               reevaluate where Manulife is in the process
                                               of tying it's TPA's to contractual
                                               agreements.

10.Premium:                                $US 600,000  (1 Year Prepaid Premium)

11.Commission Payable:                     15%


This  Binder  includes  coverage  for  the  Expiring  ECCP  coverage  as per the
2005/2006  policy term.  The ECCP  coverage has a separate  limit of US $25/$50M
aggregate.

The above Binder is expressly contingent upon receipt,  review and acceptance of
the  subjectivity's  listed  below.  The Company  must  receive all of the items
identified below on or before the Binder  Expiration Date shown above. If all of
these items are not received and approved by the Company on or before this date,
this Binder will automatically expire without further action or notice.

Fully  completed  and  signed  FIB and  ECCP  Applications  (must  be  dated  in
March/2006 and received within 30 days of binding).

The foregoing  Binder for coverage is subject to  modification  or withdrawal by
the Company if,  before the  proposed  inception  date,  any new,  corrected  or
updated information becomes known which relates to any proposed Insured's claims
history or risk  exposure  or which  could  otherwise  change  the  underwriting
evaluation  of any  proposed  Insured and the Company,  in its sole  discretion,
determines that the terms of this Binder are no longer appropriate.

It is  expressly  stipulated  that  except as  otherwise  provided  herein,  the
coverage  provided by this Binder is subject to all of the terms and  conditions
of the quotation  letter of February  28/2006 and attachments  thereto issued by
the Company. A copy of this quotation letter, without the reference attachments,
is attached to this Binder.

This Binder may be  canceled at any time by the entity  referred to in item 1 by
giving  written  notice of  cancellation  to the  Company.  This  Binder  may be
canceled  at any time by the  Company  upon  ten (10)  days  written  notice  of
cancellation to the entity referred to in item 1 or its agent.




This Binder shall terminate  automatically upon the expiration date shown above,
or upon  issuance of the Bond,  whichever  occurs  first.  A short rate  premium
charge will be made for this Binder unless the Bond is issued by the Company and
accepted by the entity  referred to above.  The  Company  reserves  the right to
modify  the  policies,  terms and  conditions  upon  underwriting  review of any
information received.

This binder does not apply to the extent  that trade or  economic  sanctions  or
other laws or regulations prohibit us from offering or providing  insurance.  To
the extent any such prohibitions apply, the binder is void ab initio.

By: Carol McLellan                                          Date: 03/30/2006
    -------------------------                                     ----------
    Authorized Representative                                     mm/dd/ccyy

Attachment