--------------------------------------------------------------------------------
John Hancock Advisers, LLC                                     John Hancock logo
601 Congress Street
Boston, Massachusetts 02210-2805

July 28, 2006

Securities and Exchange Commission

Washington, DC  20549


RE:  John Hancock Income Securities Trust

     File No.  811-4186


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 name 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.  469PB0607 issued by
      St. Paul Travelers Insurance Company.

   4. A copy of an amended joint insured  fidelity bond no.  87142105B 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  $750,000.  Premiums  have been paid for the period July 15, 2005 to
July 15, 2006.



Sincerely,


/s/Jeffrey Long
---------------
Jeffrey Long
VP & Corporate Controller


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


                                                                       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,
2005 through July 15, 2006; 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,  2005,  ICI Mutual  Insurance  Company  renewed on July 15, 2005 and
Chubb Insurance  Company renewed on March 31, 2005 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 July 26, 2006.



                                             
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



                                       1




                                             
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



                                       2




                                             
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.           Sovereign Asset Management 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: 5934854S
BOSTON MA 02199

                                        Transaction Type:
                                        Renewal

                                        Transaction number: 001
                                        Processing date: 9/8/2005
                                        Policy Number: 469PB0607

AGENT
Aon Financial Services Group
99 High Street
Boston MA 02110


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

                                                                          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;  Fax (860)
954-5987.


                                                                     Page 1 of 1


POLICY FORM LIST                                                The St Paul logo


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
Service Of Lawsuit Endorsement                   5180T          07-04
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 Computer Software or Programs)      ICB015         07-04
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/
Increase In Limits                               MEL2684        03-05
Limits
Amend Definition Of Employee                     MEL2899        05-05



--------------------------------------------------------------------------------
Name of Insured                 Policy Number 469PB0607  Effective Date 07/15/05
JOHN HANCOCK CAPITAL SERIES, INC. Processing Date 09/13/05 13:07 001
--------------------------------------------------------------------------------

                                                                          Page 1


St. Paul Surplus Lines
Insurance Company                                               Endorsement No.

                                   ENDORSEMENT

The following  spaces  preceded by an asterisk (*) need not be completed if this
endorsement and the policy have the same inception date.

--------------------------------------------------------------------------------
ATTACHED TO AND FORMING   *EFFECTIVE DATE OF   *ISSUED TO
PART OF POLICY NO.           ENDORSEMENT
469PB0607                     07/15/05         JOHN HANCOCK CAPITAL SERIES, INC.
--------------------------------------------------------------------------------

                         SERVICE OF LAWSUIT ENDORSEMENT


It is agreed  that in the event of the  failure of the Insurer to pay any amount
claimed to be due  hereunder,  the Insurer shall honor the decision of the court
that is authorized to hear the case;  provided that the Insurer has the right to
appeal that decision.

It is further agreed that service of process for any lawsuit brought against the
Insurer  may  be  made  upon  the  Insurer  by  serving  its  President,  or the
President's  designee,  at 385 Washington Street, St. Paul,  Minnesota 55102 and
such person shall be authorized to receive the papers on behalf of the Insurer.

However, the Insured may also serve or send papers involving such lawsuit to the
Commissioner, Director or Superintendent of Insurance for the state in which the
lawsuit is being filed. The Insurer designates that appropriate officer, or that
person's successor, to mail a copy of the paper to the Insurer.

California Clause:
------------------

For the State of  California,  it is agreed that service of process in a lawsuit
against the Insurer may be made upon:

     CSC-Lawyers Incorporating Service
     2730 Gateway Oaks Drive, Suite 100
     Sacremento, California 95833

Rhode Island Clause:

For the State of Rhode Island, it is agreed that service of process in a lawsuit
against the Insurer may be made upon:

     Corporation Service Company
     222 Jefferson Blvd., Suite 200
     Warwick, Rhode Island 02888

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 policy, other than as above stated.

By_____________________

Authorized Representative

5180T Rev. 7-04 Printed in U.S.A.


                                                          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. 469PB0607

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 07/15/05 to 12:01 a.m. on 07/15/06 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
ALTERATION                              $25,000,000            $50,000
Insuring Agreement F - SECURITIES       $25,000,000            $50,000
Insuring Agreement G - COUNTERFEIT
CURRENCY                                $25,000,000            $50,000
Insuring Agreement H - STOP PAYMENT     $50,000                $5,000
Insuring Agreement I - UNCOLLECTIBLE
ITEMS OF DEPOSIT                        $50,000                $5,000

OPTIONAL COVERAGES ADDED BY RIDER:
Insuring Agreement J- Unauthorized Signatures
Insuring Agreement K- Computer Systems
Insuring Agreement L- Voice Initiated Transactions
Insuring Agreement M- Automatic Phone Systems

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:
--------------------------------------------------------------------------------
Item 5.  The  liability  of the  Underwriter  is  subject  to the  terms  of the
         following  endorsements  or riders  attached  hereto:  Endorsements  or
         Riders No. 1 through
--------------------------------------------------------------------------------
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)
         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/Jay S. Fishman
------------------------------------------      ------------------      -----------------
Authorized Representative Countersigned At      Secretary               President

9/30/05
---------------------
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

                                     3 of 12


   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.

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

The following terms, as used in this bond have the respective meanings stated in
this Section:

(a) "Employee" means:

   (1)any of the Insured's officers, partners, or and employees, and

   (2)any of the officers or employees of any  predecessor  of the Insured whose
      principal  assets are acquired by the Insured by  consolidation  or merger
      with, or purchase of assets or capital stock of, such predecessor,

                                     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
     469PB0607                       09/13/05             07/15/05
-------------------------------------------------------------------------------------------------
* 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:

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
     469PB0607                       09/13/05             07/15/05
-------------------------------------------------------------------------------------------------
* 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

   (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.


                                  Page 1 of 2


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
     469PB0607                       09/13/05             07/15/05
-------------------------------------------------------------------------------------------------
* 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
     469PB0607                       09/13/05             07/15/05
-------------------------------------------------------------------------------------------------
* 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  through  a
   Telefacsimile System. an Investment Company which is requested

   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
     469PB0607                       09/13/05             07/15/05
-------------------------------------------------------------------------------------------------
* 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 Company Act of 1940.

   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
     469PB0607                       09/13/05             07/15/05
-------------------------------------------------------------------------------------------------
* 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
     469PB0607                       09/13/05             07/15/05
-------------------------------------------------------------------------------------------------
* 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
     469PB0607                       09/13/05             07/15/05
-------------------------------------------------------------------------------------------------
* 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
     469PB0607                       09/13/05             07/15/05
-------------------------------------------------------------------------------------------------
* 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
     469PB0607                       09/13/05             07/15/05
-------------------------------------------------------------------------------------------------
* 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
     469PB0607                       09/13/05             07/15/05
-------------------------------------------------------------------------------------------------
* 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
     469PB0607                       09/13/05             07/15/05
-------------------------------------------------------------------------------------------------
* 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


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
     469PB0607                       09/13/05             07/15/05
-------------------------------------------------------------------------------------------------
* 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


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
     469PB0607                       09/13/05             07/15/05
-------------------------------------------------------------------------------------------------
* 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                                                  87142105B

           Principal Address:  601 Congress Street, Boston, MA 02210-2805

------------------------------------------------------------------------------------------------------------------------------------
Item 2.   Bond  Period:  from  12:01 a.m.  on July 15,  2005 to 12:01 a.m.  on July 15,  2006,  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--

                                                                                             DEDUCTIBLE
                                                                       LIMIT OF LIABILITY    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 K-COMPUTER SYSTEMS                            $20,000,000          $25,000,000
      Insuring Agreement L--VOICE-INTIATED TRANSACTIONS                $20,000,000          $25,000,000
      Insuring Agreement M--AUTOMATIC PHONE 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. 469PB0607
------------------------------------------------------------------------------------------------------------------------------------

Item 5.   The liability of ICI Mutual  Insurance  Company (the  "Underwriter") is subject to the terms of the following Riders
          attached hereto:

          Riders: 1

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

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




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.




   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) 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.

   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.




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.




                          ICI MUTUAL INSURANCE COMPANY

                         INVESTMENT COMPANY BLANKET BOND
                                  (EXCESS BOND)

                                   RIDER NO. 1


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

John Hancock Capital Series                                          87142105B
--------------------------------------------------------------------------------
EFFECTIVE DATE                 BOND PERIOD             AUTHORIZED REPRESENTATIVE

July 15, 2005         July 15, 2005 to July 15, 2006   /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%).



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

                                                        Bond No. 8152 00 12 H

                       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, 2005 to 12:01 a.m. on March 31, 2006 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 - 32
-----------------------------------------------------------------------------------------------------------
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).    81520012G
              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     June 9, 2005
                                           ---------------------------------
                                           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    03/31/2005
                          To:          12:01 a.m. on    03/31/2006

6. Term of Binder:        From:        12:01 a.m. on    March 31, 2005
                          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 30/2005 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:                     12.5%


This  Binder  includes  coverage  for  the  Expiring  ECCP  coverage  as per the
2004/2005  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/2005 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  28/2005 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: 03/30/2005
    -------------------------                                     ----------
    Authorized Representative                                     mm/dd/ccyy

Attachment