Prospectus Filed Pursuant to Rule 424(b)(3) (424b3)
August 19 2022 - 10:13AM
Edgar (US Regulatory)
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Prospectus Supplement
John Hancock Asset-Based Lending Fund |
John Hancock Investment Trust II |
John Hancock Bond Trust |
John Hancock Investors Trust |
John Hancock California Tax-Free Income Fund |
John Hancock Municipal Securities Trust |
John Hancock Capital Series |
John Hancock Premium Dividend Fund |
John Hancock Exchange-Traded Fund Trust |
John Hancock Sovereign Bond Fund |
John Hancock Financial Opportunities Fund |
John Hancock Strategic Series |
John Hancock Funds II |
John Hancock Tax-Advantaged Global Shareholder Yield Fund |
John Hancock Funds III |
John Hancock Variable Insurance Trust |
John Hancock Investment Trust |
|
Supplement dated August 19, 2022 to the current
Prospectus, as may be supplemented (the “Prospectus”)
Effective immediately, the following replaces the similar
information contained in each Prospectus, as applicable:
The regulation of the U.S. and non-U.S. derivatives markets has
undergone substantial change in recent years and such change may continue. In particular, effective August 19, 2022 (the “Compliance
Date”), Rule 18f-4 under the 1940 Act (the “Derivatives Rule”) replaces the asset segregation regime of Investment Company
Act Release No. 10666 (“Release 10666”) with a new framework for the use of derivatives by registered funds. On the Compliance
Date, the SEC rescinded Release 10666 and withdrew no-action letters and similar guidance addressing a fund’s use of derivatives
and began requiring funds to satisfy the requirements of the Derivatives Rule. As a result, on or after the Compliance Date, the funds
will no longer engage in “segregation” or “coverage” techniques with respect to derivatives transactions and will
instead comply with the applicable requirements of the Derivatives Rule.
The Derivatives Rule mandates that a fund adopt and/or implement:
(i) value-at-risk limitations (“VaR”); (ii) a written derivatives risk management program; (iii) new Board oversight responsibilities;
and (iv) new reporting and recordkeeping requirements. In the event that a fund’s derivative exposure is 10% or less of its net
assets, excluding certain currency and interest rate hedging transactions, it can elect to be classified as a limited derivatives user
(“Limited Derivatives User”) under the Derivatives Rule, in which case the fund is not subject to the full requirements of
the Derivatives Rule. Limited Derivatives Users are excepted from VaR testing, implementing a derivatives risk management program, and
certain Board oversight and reporting requirements mandated by the Derivatives Rule. However, a Limited Derivatives User is still required
to implement written compliance policies and procedures reasonably designed to manage its derivatives risks. The Derivatives Rule also
provides special treatment for reverse repurchase agreements, similar financing transactions and unfunded commitment agreements. Specifically,
a fund may elect whether to treat reverse repurchase agreements and similar financing transactions as “derivatives transactions”
subject to the requirements of the Derivatives Rule or as senior securities equivalent to bank borrowings for purposes of Section 18 of
the 1940 Act. In addition, a fund, including money market funds, may invest in a security on a when-issued or forward-settling basis,
or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security, provided that: (i) the fund
intends to physically settle the transaction; and (ii) the transaction will settle within 35 days of its trade date.
You should read this Supplement in conjunction with
each Prospectus and retain it for your future reference.
Manulife, Manulife Investment Management, Stylized M Design, and Manulife
Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by its affiliates
under license.
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Statement of Additional Information Supplement
John Hancock Asset-Based Lending Fund |
John Hancock Investment Trust II |
John Hancock Bond Trust |
John Hancock Investors Trust |
John Hancock California Tax-Free Income Fund |
John Hancock Municipal Securities Trust |
John Hancock Capital Series |
John Hancock Premium Dividend Fund |
John Hancock Exchange-Traded Fund Trust |
John Hancock Sovereign Bond Fund |
John Hancock Financial Opportunities Fund |
John Hancock Strategic Series |
John Hancock Funds II |
John Hancock Tax-Advantaged Global Shareholder Yield Fund |
John Hancock Funds III |
John Hancock Variable Insurance Trust |
John Hancock Investment Trust |
|
Supplement dated August 19, 2022 to the current Statement of Additional
Information, as may be supplemented (the “SAI”)
Effective immediately, the following replaces the similar
information contained in each SAI, as applicable:
The regulation of the U.S. and non-U.S. derivatives markets has
undergone substantial change in recent years and such change may continue. In particular, effective August 19, 2022 (the “Compliance
Date”), Rule 18f-4 under the 1940 Act (the “Derivatives Rule”) replaces the asset segregation regime of Investment Company
Act Release No. 10666 ("Release 10666") with a new framework for the use of derivatives by registered funds. On the Compliance
Date, the SEC rescinded Release 10666 and withdrew no-action letters and similar guidance addressing a fund’s use of derivatives
and began requiring funds to satisfy the requirements of the Derivatives Rule. As a result, on or after the Compliance Date, the funds
will no longer engage in “segregation” or “coverage” techniques with respect to derivatives transactions as outlined
in this SAI and will instead comply with the applicable requirements of the Derivatives Rule.
The Derivatives Rule mandates that a fund adopt and/or implement:
(i) value-at-risk limitations (“VaR”) in lieu of asset segregation requirements; (ii) a written derivatives risk management
program; (iii) new Board oversight responsibilities; and (iv) new reporting and recordkeeping requirements. In the event that a fund’s
derivative exposure is 10% or less of its net assets, excluding certain currency and interest rate hedging transactions, it can elect
to be classified as a limited derivatives user (“Limited Derivatives User”) under the Derivatives Rule, in which case the
fund is not subject to the full requirements of the Derivatives Rule. Limited Derivatives Users are excepted from VaR testing, implementing
a derivatives risk management program, and Board oversight and reporting requirements mandated by the Derivatives Rule. However, a Limited
Derivatives User is still required to implement written compliance policies and procedures reasonably designed to manage its derivatives
risks. The Derivatives Rule also provides special treatment for reverse repurchase agreements, similar financing transactions and unfunded
commitment agreements. Specifically, a fund may elect whether to treat reverse repurchase agreements and similar financing transactions
as “derivatives transactions” subject to the requirements of the Derivatives Rule or as senior securities equivalent to bank
borrowings for purposes of Section 18 of the 1940 Act. In addition, a fund, including money market funds, may invest in a security on
a when-issued or forward-settling basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a
senior security, provided that: (i) the fund intends to physically settle the transaction; and (ii) the transaction will settle within
35 days of its trade date.
Furthermore, it is possible that additional government regulation
of various types of derivative instruments may limit or prevent a fund from using such instruments as part of its investment strategy
in the future, which could negatively impact the fund. New position limits imposed on a fund or its counterparty may also impact the fund’s
ability to invest in futures, options, and swaps in a manner that efficiently meets its investment objective.
You should read this Supplement in conjunction with
each SAI and retain it for your future reference.
Manulife, Manulife Investment Management, Stylized M Design, and Manulife
Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by its affiliates
under license.
![](https://content.edgar-online.com/edgar_conv_img/2022/08/19/0001133228-22-005486_img002.jpg)
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