To the Trustees of the John Hancock Funds Boston, MA 02210 Re: Agreement to Waive Advisory Fees and Reimburse Expenses
Exhibit (h)(11)
June 1, 2013
To the Trustees of the ▇▇▇▇ ▇▇▇▇▇▇▇ Funds
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Boston, MA 02210
Re: Agreement to Waive Advisory Fees and Reimburse Expenses
▇▇▇▇ ▇▇▇▇▇▇▇ Investment Management Services, LLC and ▇▇▇▇ ▇▇▇▇▇▇▇ Advisers, LLC (collectively, the “Advisers”), the investment advisers to the investment companies listed in Appendix A (collectively, the “▇▇▇▇ ▇▇▇▇▇▇▇ Funds”), hereby notify you as follows:
1. Each Adviser agrees to waive its management fee for a ▇▇▇▇ ▇▇▇▇▇▇▇ Fund portfolio, as applicable, or otherwise reimburse the expenses of that portfolio as set forth below (the “Reimbursement”).
2. The Reimbursement shall apply to all ▇▇▇▇ ▇▇▇▇▇▇▇ Fund portfolios in existence on the date of this Agreement, except those noted below, and to all future ▇▇▇▇ ▇▇▇▇▇▇▇ Fund portfolios to which an Adviser agrees this Agreement should apply (the “Participating Portfolios”).
The Reimbursement shall not apply to the following ▇▇▇▇ ▇▇▇▇▇▇▇ Variable Insurance Trust portfolios:
Each Lifestyle Trust
Each Lifecycle Trust
Each Lifestyle PS Series
Core Strategy Trust
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Founding Allocation Trust
Fundamental Holdings Trust
Global Diversification Trust
Core Fundamental Holdings Trust
Core Global Diversification Trust
Money Market Trust
Money Market Trust B
500 Index Trust B
International Equity Index Trust B
Mid Cap Index Trust
Small Cap Index Trust
Total Bond Market Trust B
Total Stock Market Index Trust
The reimbursement shall not apply to the following ▇▇▇▇ ▇▇▇▇▇▇▇ Funds II portfolios:
Each Retirement Choices Portfolio
Each Lifestyle Portfolio
Each Retirement Living Portfolio
Alternative Asset Allocation Fund
Core Fundamental Holdings Portfolio
Core Global Diversification Portfolio
Core Diversified Growth & Income Portfolio
Mid Cap Growth Index Fund
Mid Cap Value Index Fund
The reimbursement shall not apply to the following ▇▇▇▇ ▇▇▇▇▇▇▇ Funds III portfolios:
International Allocation Portfolio
The reimbursement shall not apply to the following ▇▇▇▇ ▇▇▇▇▇▇▇ Current Interest portfolio:
Money Market Fund
The reimbursement shall not apply to the following ▇▇▇▇ ▇▇▇▇▇▇▇ closed-end portfolios:
▇▇▇▇ ▇▇▇▇▇▇▇ Emerging Markets Income Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Financial Opportunities Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Hedged Equity & Income Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Income Securities Trust
▇▇▇▇ ▇▇▇▇▇▇▇ Investors Trust
▇▇▇▇ ▇▇▇▇▇▇▇ Preferred Income Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Preferred Income Fund II
▇▇▇▇ ▇▇▇▇▇▇▇ Preferred Income Fund III
▇▇▇▇ ▇▇▇▇▇▇▇ Premium Dividend Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Strategic Diversified Income Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Tax-Advantaged Dividend Income Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Tax-Advantaged Global Shareholder Yield Fund
The reimbursement shall not apply to ▇▇▇▇ ▇▇▇▇▇▇▇ Collateral Investment Trust.
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3. The Reimbursement shall equal on an annualized basis:
0.01% of that portion of the aggregate net assets of all the Participating Portfolios that exceeds $75 billion but is less than or equal to $125 billion;
0.0125% of that portion of the aggregate net assets of all the Participating Portfolios that exceeds $125 billion but is less than or equal to $150 billion; and
0.0150% of that portion of the aggregate net assets of all the Participating Portfolios that exceeds $150 billion.
The amount of the Reimbursement shall be calculated daily and allocated among all the Participating Portfolios in proportion to the daily net assets of each such portfolio.
4. The Reimbursement with respect to each Participating Portfolio may be terminated or modified at any time by an Adviser upon notice to the Participating Portfolio and approval of the ▇▇▇▇ ▇▇▇▇▇▇▇ Funds Board of Trustees.
5. This Agreement is effective as of June 1, 2013 and supersedes the prior Letter Agreement from ▇▇▇▇ ▇▇▇▇▇▇▇ Investment Management Services, LLC to the Trustees of ▇▇▇▇ ▇▇▇▇▇▇▇ Variable Insurance Trust and ▇▇▇▇ ▇▇▇▇▇▇▇ Funds II relating to the same subject matter.
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Very truly yours,
▇▇▇▇ ▇▇▇▇▇▇▇ Investment Management Services, LLC
By: _______________________________
▇▇▇▇ ▇▇▇▇▇▇▇ Advisers, LLC
By: _______________________________
ACCEPTED BY:
| ▇▇▇▇ ▇▇▇▇▇▇▇ Financial Opportunities Fund | ▇▇▇▇ ▇▇▇▇▇▇▇ Municipal Securities Trust |
| ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ Trust | ▇▇▇▇ ▇▇▇▇▇▇▇ Preferred Income Fund |
| ▇▇▇▇ ▇▇▇▇▇▇▇ California Tax-Free Income Fund | ▇▇▇▇ ▇▇▇▇▇▇▇ Preferred Income Fund II |
| ▇▇▇▇ ▇▇▇▇▇▇▇ Capital Series | ▇▇▇▇ ▇▇▇▇▇▇▇ Preferred Income Fund III |
| ▇▇▇▇ ▇▇▇▇▇▇▇ Current Interest | ▇▇▇▇ ▇▇▇▇▇▇▇ Premium Dividend Fund |
| ▇▇▇▇ ▇▇▇▇▇▇▇ Emerging Markets Income Fund | ▇▇▇▇ ▇▇▇▇▇▇▇ Series Trust |
| ▇▇▇▇ ▇▇▇▇▇▇▇ Funds III | ▇▇▇▇ ▇▇▇▇▇▇▇ Sovereign Bond Fund |
| ▇▇▇▇ ▇▇▇▇▇▇▇ Hedged Equity & Income Fund | ▇▇▇▇ ▇▇▇▇▇▇▇ Strategic Diversified Income Fund |
| ▇▇▇▇ ▇▇▇▇▇▇▇ Income Securities Trust | ▇▇▇▇ ▇▇▇▇▇▇▇ Strategic Series |
| ▇▇▇▇ ▇▇▇▇▇▇▇ Investment Trust | ▇▇▇▇ ▇▇▇▇▇▇▇ Tax-Advantaged Dividend Income Fund |
| ▇▇▇▇ ▇▇▇▇▇▇▇ Investment Trust II | ▇▇▇▇ ▇▇▇▇▇▇▇ Tax-Advantaged Global Shareholder Yield Fund |
| ▇▇▇▇ ▇▇▇▇▇▇▇ Investment Trust III | ▇▇▇▇ ▇▇▇▇▇▇▇ Tax-Exempt Series Fund |
| ▇▇▇▇ ▇▇▇▇▇▇▇ Investors Trust | ▇▇▇▇ ▇▇▇▇▇▇▇ Funds II |
| ▇▇▇▇ ▇▇▇▇▇▇▇ Emerging Markets Income Fund | ▇▇▇▇ ▇▇▇▇▇▇▇ Variable Insurance Trust |
| ▇▇▇▇ ▇▇▇▇▇▇▇ Flexible Income Opportunities Fund |
On behalf of each of its series identified as a Participating Portfolio
By: _______________________
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Appendix A
| ▇▇▇▇ ▇▇▇▇▇▇▇ Financial Opportunities Fund | ▇▇▇▇ ▇▇▇▇▇▇▇ Municipal Securities Trust |
| ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ Trust | ▇▇▇▇ ▇▇▇▇▇▇▇ Preferred Income Fund |
| ▇▇▇▇ ▇▇▇▇▇▇▇ California Tax-Free Income Fund | ▇▇▇▇ ▇▇▇▇▇▇▇ Preferred Income Fund II |
| ▇▇▇▇ ▇▇▇▇▇▇▇ Capital Series | ▇▇▇▇ ▇▇▇▇▇▇▇ Preferred Income Fund III |
| ▇▇▇▇ ▇▇▇▇▇▇▇ Current Interest | ▇▇▇▇ ▇▇▇▇▇▇▇ Premium Dividend Fund |
| ▇▇▇▇ ▇▇▇▇▇▇▇ Emerging Markets Income Fund | ▇▇▇▇ ▇▇▇▇▇▇▇ Series Trust |
| ▇▇▇▇ ▇▇▇▇▇▇▇ Funds III | ▇▇▇▇ ▇▇▇▇▇▇▇ Sovereign Bond Fund |
| ▇▇▇▇ ▇▇▇▇▇▇▇ Hedged Equity & Income Fund | ▇▇▇▇ ▇▇▇▇▇▇▇ Strategic Diversified Income Fund |
| ▇▇▇▇ ▇▇▇▇▇▇▇ Income Securities Trust | ▇▇▇▇ ▇▇▇▇▇▇▇ Strategic Series |
| ▇▇▇▇ ▇▇▇▇▇▇▇ Investment Trust | ▇▇▇▇ ▇▇▇▇▇▇▇ Tax-Advantaged Dividend Income Fund |
| ▇▇▇▇ ▇▇▇▇▇▇▇ Investment Trust II | ▇▇▇▇ ▇▇▇▇▇▇▇ Tax-Advantaged Global Shareholder Yield Fund |
| ▇▇▇▇ ▇▇▇▇▇▇▇ Investment Trust III | ▇▇▇▇ ▇▇▇▇▇▇▇ Tax-Exempt Series Fund |
| ▇▇▇▇ ▇▇▇▇▇▇▇ Investors Trust | ▇▇▇▇ ▇▇▇▇▇▇▇ Funds II |
| ▇▇▇▇ ▇▇▇▇▇▇▇ Emerging Markets Income Fund | ▇▇▇▇ ▇▇▇▇▇▇▇ Variable Insurance Trust |
| ▇▇▇▇ ▇▇▇▇▇▇▇ Flexible Income Opportunities Fund |
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