[Federal Register Volume 76, Number 227 (Friday, November 25, 2011)]
[Notices]
[Pages 72731-72736]
[FR Doc No: 2011-30349]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 29865; File No. 812-13621]

John Hancock Variable Insurance Trust, et al.; Notice of
Application

November 18, 2011.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of an application for an order pursuant to: (a) Section
6(c) of the Investment Company Act of 1940 (``Act'') granting an
exemption from sections 18(f) and 21(b) of the Act; (b) section
12(d)(1)(J) of the Act granting an exemption from section 12(d)(1) of
the Act; (c) sections 6(c) and 17(b) of the Act granting an exemption
from sections 17(a)(1), 17(a)(2) and 17(a)(3) of the Act; and (d)
section 17(d) of the Act and rule 17d-1 under the Act to permit certain
joint arrangements and transactions.

-----------------------------------------------------------------------

SUMMARY: Summary of the Application: Applicants request an order that
would permit certain registered open-end management investment
companies to participate in a joint lending and borrowing facility.

Applicants: John Hancock Variable Insurance Trust, John Hancock Funds
II, John Hancock Funds III, John Hancock Bond Trust, John Hancock
California Tax-Free Income Fund, John Hancock Capital Series, John
Hancock Collateral Investment Trust, John Hancock Current Interest,
John Hancock Investment Trust, John Hancock Investment Trust II, John
Hancock Investment Trust III, John Hancock Municipal Securities Trust,
John Hancock Series Trust, John Hancock Sovereign Bond Fund, John
Hancock Strategic Series, John Hancock Tax-Exempt Series Fund (each a
``John Hancock Fund'' and collectively the ``John Hancock Funds''),
John Hancock Advisers, LLC (``JHA''), Manulife Asset Management (US)
LLC (``JHAM'') and John Hancock Investment Management Services, LLC
(``JHIMS'') (each of JHA, JHAM and JHIMS, an ``Adviser,'' and such
entities together, the ``Advisers'').

DATES: Filing Dates: The application was filed on December 31, 2008,
and amended on July 8, 2009, November 15, 2010, November 4, 2011 and
November 18, 2011. Applicants have agreed to file an amendment during
the notice period, the substance of which is reflected in this notice.

Hearing or Notification of Hearing: An order granting the application
will be issued unless the Commission orders a hearing. Interested
persons may request a hearing by writing to the Commission's Secretary
and serving applicants with a copy of the request, personally or by
mail. Hearing requests should be received by the Commission by 5:30
p.m. on December 13, 2011, and should be accompanied by proof of
service on applicants, in the form of an affidavit or, for lawyers, a
certificate of service. Hearing requests should state the nature of the
writer's interest, the reason for the request, and the issues
contested. Persons who wish to be notified of a hearing may request
notification by writing to the Commission's Secretary.

ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F
Street, NE., Washington, DC 20549-1090; Applicants: c/o Stuart E.
Fross, K&L Gates LLP, State Street Financial Center, One Lincoln
Street, Boston, MA 02111; John J. Danello, John Hancock Financial
Services, Inc., 601 Congress Street, Boston, MA 02210; Carolyn M.
Flanagan, Manulife Asset Management (US), LLC, 101 Huntington Avenue,
Boston, MA 02199.

FOR FURTHER INFORMATION CONTACT: Laura L. Solomon, Senior Counsel, at
(202) 551-6915 or Janet M. Grossnickle, Assistant Director, at (202)
551-6821 (Division of Investment Management, Office of Investment
Company Regulation).

SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained via the
Commission's Web site by searching for the file number, or an applicant
using the Company name box, at http://www.sec.gov/search/search.htm or
by calling<PHONE_NUMBER>.

Applicants' Representations

    1. Each John Hancock Fund is organized as a Massachusetts business
trust and is registered under the Act as an open-end, management
investment company. Some of the trusts have not created separate series
of shares but most issue one or more series, each series of shares
having a different investment objective and different investment
policies and each such series is deemed to be a John Hancock Fund.
Certain of the John Hancock Funds either are or may be money market
funds that comply with rule 2a-7 of the Act (each a ``Money Market
Hancock Fund'' and collectively, the ``Money Market Hancock Funds'' and
they are included in the term ``John Hancock Funds''). JHA, JHAM and
JHIMS are each a Delaware limited liability company that is registered
as an investment adviser under the Investment Advisers Act of 1940
(``Advisers Act''), each are indirect subsidiaries of Manulife
Financial Corporation and act as investment adviser to the John Hancock
Funds.\1\
---------------------------------------------------------------------------

    \1\ Applicants request that the order also apply to any existing
or future series of the John Hancock Funds, to any other registered
open-end management investment company or its series for which JHA,
JHAM or JHIMS or a person controlling, controlled by, or under
common control (within the meaning of section 2(a)(9) of the Act)
with JHA, JHAM, or JHIMS serves as investment adviser (``Adviser'').
All John Hancock Funds that currently intend to rely on the
requested order have been named as applicants. Any other John
Hancock Fund that relies on the requested order in the future will
comply with the terms and conditions of the application.
---------------------------------------------------------------------------

    2. John Hancock Funds may lend cash to banks or other entities by
entering into repurchase agreements, purchasing short-term instruments
or under arrangements whereby custodian fees are reduced. In order to
meet an unexpected volume of redemptions or to cover unanticipated cash
shortfalls, John Hancock Funds contracted for committed lines of credit
with State Street Bank and Trust Company and The Bank of New York
Mellon Corporation (``Bank Borrowing''). The amount of borrowing under
each of these lines of credit is limited to the amount specified by
fundamental investment restrictions and/or other policies of the
applicable John Hancock Fund and section 18 of the Act.
    3. If John Hancock Funds that experience a cash shortfall were to
draw down on their Bank Borrowing, they would pay interest at a rate
that is likely to be higher (and currently actually is higher) than the
rate that could be earned by non-borrowing John Hancock Funds on
investments in repurchase agreements and other short-term money market
instruments of the same maturity as the Bank Borrowing (``Short-Term
Instruments''). Applicants assert the difference between the higher
rate paid on Bank Borrowing and what the bank pays to borrow under
repurchase agreements or other arrangements represents the bank's
profit for serving as the middleperson between a borrower and lender
and is not attributable to any material difference in the credit
quality or risk of such transactions.

    4. The John Hancock Funds seek to enter into master interfund
lending agreements (``Credit Facility'') with each other that would
permit each John Hancock Fund to lend money directly to and borrow
money directly from other John Hancock Funds for temporary purposes
through the Credit Facility (an ``Interfund Loan''). The Money Market
Hancock Funds typically will not participate as borrowers in the Credit
Facility. Applicants state that the Credit Facility would enable the
John Hancock Funds to access an available source of money and reduce
costs incurred by the John Hancock Funds that need to obtain loans for
temporary purposes and permit those John Hancock Funds that have cash
available: (i) To earn a return on the money that they might not
otherwise be able to invest; or (ii) to earn a higher rate of interest
on investment of their short-term balances. Although the proposed
Credit Facility would reduce the John Hancock Funds' need to borrow
from banks, the John Hancock Funds would be free to establish and/or
continue committed lines of credit or other borrowing arrangements with
banks.
    5. Applicants anticipate that the proposed Credit Facility would
provide a borrowing John Hancock Fund with significant savings at times
when the cash position of the John Hancock Fund is insufficient to meet
temporary cash requirements. This situation could arise when
shareholder redemptions exceed anticipated cash volumes and certain
John Hancock Funds have insufficient cash on hand to satisfy such
redemptions. When the John Hancock Funds liquidate portfolio securities
to meet redemption requests, they often do not receive payment in
settlement for up to three days (or longer for certain foreign
transactions). However, redemption requests normally are effected
immediately. The proposed credit facility would provide a source of
immediate, short-term liquidity pending settlement of the sale of
portfolio securities.
    6. Applicants also anticipate that a John Hancock Fund could use
the Credit Facility when a sale of securities ``fails'' due to
circumstances beyond the John Hancock Fund's control, such as a delay
in the delivery of cash to the John Hancock Fund's custodian or
improper delivery instructions by the broker effecting the transaction.
``Sales fails'' may present a cash shortfall if the John Hancock Fund
has undertaken to purchase a security using the proceeds from
securities sold. Alternatively, the John Hancock Fund could ``fail'' on
its intended purchase due to lack of funds from the previous sale,
resulting in additional cost to the John Hancock Fund, or sell a
security on a same-day settlement basis, earning a lower return on the
investment. Use of the Credit Facility under these circumstances would
enable the John Hancock Fund to have access to immediate short-term
liquidity.
    7. While Bank Borrowing generally could supply John Hancock Funds
with needed cash to cover unanticipated redemptions and sales fails,
under the proposed Credit Facility, a borrowing John Hancock Fund would
pay lower interest rates than those that would be payable under short-
term loans offered by banks. In addition, John Hancock Funds making
short-term cash loans directly to other John Hancock Funds would earn
interest at a rate higher than they otherwise could obtain from
investing their cash in Short-Term Instruments. Thus, applicants assert
that the proposed Credit Facility would benefit both borrowing and
lending John Hancock Funds.
    8. The interest rate to be charged to the John Hancock Funds on any
Interfund Loan (the ``Interfund Loan Rate'') would be the average of
the ``Repo Rate'' and the ``Bank Loan Rate,'' both as defined below.
The Repo Rate would be the highest current overnight repurchase
agreement rate available to a lending John Hancock Fund. The Bank Loan
Rate for any day would be calculated by the Credit Facility Team, as
defined below, on each day an Interfund Loan is made according to a
formula established by each John Hancock Fund's board of trustees (the
``Board'') intended to approximate the lowest interest rate at which a
bank short-term loan would be available to the John Hancock Fund. The
formula would be based upon a publicly available rate (e.g., federal
funds rate plus 25 basis points) and would vary with this rate so as to
reflect changing bank loan rates. The initial formula and any
subsequent modifications to the formula would be subject to the
approval of each John Hancock Fund's Board. In addition, the Board of
each John Hancock Fund would periodically review the continuing
appropriateness of reliance on the formula used to determine the Bank
Loan Rate, as well as the relationship between the Bank Loan Rate and
current bank loan rates that would be available to the John Hancock
Fund.
    9. Certain members of the Adviser's fund administration personnel
and money market portfolio managers or analysts (the ``Credit Facility
Team'') would administer the Credit Facility. No portfolio manager
(other than a Money Market Hancock Fund portfolio manager) of any John
Hancock Fund will serve as a member of the Credit Facility Team. Under
the proposed Credit Facility, the portfolio managers for each
participating John Hancock Fund could provide standing instructions to
participate daily as a borrower or lender. The Credit Facility Team on
each business day would collect data on the uninvested cash and
borrowing requirements of all participating John Hancock Funds. Once
the Credit Facility Team has determined the aggregate amount of cash
available for loans and borrowing demand, the Credit Facility Team
would allocate loans among borrowing John Hancock Funds without any
further communication from the portfolio managers of the John Hancock
Funds. Applicants anticipate that there typically will be far more
available uninvested cash each day than borrowing demand. Therefore,
after the Credit Facility Team has allocated cash for Interfund Loans,
the Credit Facility Team will invest any remaining cash in accordance
with the standing instructions of the portfolio managers or such
remaining amounts will be invested directly by the portfolio managers
of the John Hancock Funds.
    10. The Credit Facility Team would allocate borrowing demand and
cash available for lending among the John Hancock Funds on what the
Credit Facility Team believes to be an equitable basis, subject to
certain administrative procedures applicable to all John Hancock Funds,
such as the time of filing requests to participate, minimum loan lot
sizes, and the need to minimize the number of transactions and
associated administrative costs. To reduce transaction costs, each
Interfund Loan normally would be allocated in a manner intended to
minimize the number of participants necessary to complete the loan
transaction. The method of allocation and related administrative
procedures would be approved by the Boards of the John Hancock Funds,
including a majority of the Board members who are not ``interested
persons'' of the John Hancock Fund, as that term is defined in section
2(a)(19) of the Act (``Independent Board Members''), to ensure that
both borrowing and lending John Hancock Funds participate on an
equitable basis.
    11. The Adviser would: (a) Monitor the Interfund Loan Rate and the
other terms and conditions of the Interfund Loans; (b) limit the
borrowings and loans entered into by each John Hancock Fund to ensure
that they comply with the John Hancock Fund's investment policies and
limitations; (c)

ensure equitable treatment of each John Hancock Fund; and (d) make
quarterly reports to the Board of each John Hancock Fund concerning any
transactions by the applicable John Hancock Fund under the Credit
Facility and the Interfund Loan Rate.
    12. The Advisers, through the Credit Facility Team, would
administer the Credit Facility as a disinterested fiduciary as part of
its duties under the investment management and administrative
agreements with each John Hancock Fund and would receive no additional
fee as compensation for its services in connection with the
administration of the Credit Facility.
    13. No John Hancock Fund may participate in the Credit Facility
unless: (a) the John Hancock Fund has obtained shareholder approval for
its participation, if such approval is required by law; (b) the John
Hancock Fund has fully disclosed all material information concerning
the Credit Facility in its registration statement on form N-1A; and (c)
the John Hancock Fund's participation in the Credit Facility is
consistent with its investment objectives, limitations and
organizational documents.
    14. In connection with the Credit Facility, applicants request an
order under section 6(c) of the Act exempting them from the provisions
of sections 18(f) and 21(b) of the Act; under section 12(d)(1)(J) of
the Act exempting them from section 12(d)(1) of the Act; under sections
6(c) and 17(b) of the Act exempting them from sections 17(a)(1),
17(a)(2), and 17(a)(3) of the Act; and under section 17(d) of the Act
and rule 17d-1 under the Act to permit certain joint arrangements and
transactions.

Applicants' Legal Analysis

    1. Section 17(a)(3) of the Act generally prohibits any affiliated
person of a registered investment company, or affiliated person of an
affiliated person, from borrowing money or other property from the
registered investment company. Section 21(b) of the Act generally
prohibits any registered management company from lending money or other
property to any person, directly or indirectly, if that person controls
or is under common control with that company. Section 2(a)(3)(C) of the
Act defines an ``affiliated person'' of another person, in part, to be
any person directly or indirectly controlling, controlled by, or under
common control with, such other person. Section 2(a)(9) of the Act
defines ``control'' as the ``power to exercise a controlling influence
over the management or policies of a company,'' but excludes
circumstances in which ``such power is solely the result of an official
position with such company.'' Applicants state that the John Hancock
Funds may be under common control by virtue of having common investment
advisers and/or by having common directors, trustees and officers.
    2. Section 6(c) of the Act provides that an exemptive order may be
granted where an exemption is necessary or appropriate in the public
interest and consistent with the protection of investors and the
purposes fairly intended by the policy and provisions of the Act.
Section 17(b) of the Act authorizes the Commission to exempt a proposed
transaction from section 17(a) provided that the terms of the
transaction, including the consideration to be paid or received, are
fair and reasonable and do not involve overreaching on the part of any
person concerned, and the transaction is consistent with the policy of
the investment company as recited in its registration statement and
with the general purposes of the Act. Applicants believe that the
proposed arrangements satisfy these standards for the reasons discussed
below.
    3. Applicants assert that sections 17(a)(3) and 21(b) of the Act
were intended to prevent a party with strong potential adverse
interests to, and some influence over the investment decisions of, a
registered investment company from causing or inducing the investment
company to engage in lending transactions that unfairly inure to the
benefit of such party and that are detrimental to the best interests of
the investment company and its shareholders. Applicants assert that the
proposed transactions do not raise these concerns because: (a) The
Advisers, through the Credit Facility Team members, would administer
the Credit Facility as a disinterested fiduciary as part of its duties
under the investment management and administrative agreements with each
John Hancock Fund; (b) all Interfund Loans would consist only of
uninvested cash reserves that the John Hancock Fund otherwise would
invest in short-term repurchase agreements or other short-term
investments; (c) the Interfund Loans would not involve a significantly
greater risk than such other investments; (d) the lending John Hancock
Fund would receive interest at a rate higher than it could otherwise
obtain through such other investments; and (e) the borrowing John
Hancock Fund would pay interest at a rate lower than otherwise
available to it under its bank loan agreements and avoid the quarterly
commitment fees associated with committed lines of credit. Moreover,
applicants assert that the other terms and conditions that applicants
propose also would effectively preclude the possibility of any John
Hancock Fund obtaining an undue advantage over any other John Hancock
Fund.
    4. Section 17(a)(1) of the Act generally prohibits an affiliated
person of a registered investment company, or any affiliated person of
such a person, from selling securities or other property to the
investment company. Section 17(a)(2) of the Act generally prohibits an
affiliated person of a registered investment company, or any affiliated
person of such a person, from purchasing securities or other property
from the investment company. Section 12(d)(1) of the Act generally
prohibits a registered investment company from purchasing or otherwise
acquiring any security issued by any other investment company except in
accordance with the limitations set forth in that section.
    5. Applicants state that the obligation of a borrowing John Hancock
Fund to repay an Interfund Loan could be deemed to constitute a
security for the purposes of sections 17(a)(1) and 12(d)(1). Applicants
also state that any pledge of securities to secure an Interfund Loan by
the borrowing John Hancock Fund to the lending John Hancock Fund could
constitute a purchase of securities for purposes of section 17(a)(2) of
the Act. Section 12(d)(1)(J) of the Act provides that the Commission
may exempt persons or transactions from any provision of section
12(d)(1) if and to the extent that such exemption is consistent with
the public interest and the protection of investors. Applicants contend
that the standards under sections 6(c), 17(b), and 12(d)(1)(J) are
satisfied for all the reasons set forth above in support of their
request for relief from sections 17(a)(3) and 21(b) and for the reasons
discussed below. Applicants state that the requested relief from
section 17(a)(2) of the Act meets the standards of section 6(c) and
17(b) because any collateral pledged to secure an Interfund Loan would
be subject to the same conditions imposed by any other lender to a John
Hancock Fund that imposes conditions on the quality of or access to
collateral for a borrowing (if the lender is another John Hancock Fund)
or the same or better conditions (in any other circumstance).
    6. Applicants state that section 12(d)(1) was intended to prevent
the pyramiding of investment companies in order to avoid imposing on
investors additional and duplicative costs and fees attendant upon
multiple layers of investment companies. Applicants submit that the
proposed Credit Facility

does not involve these abuses. Applicants note that there will be no
duplicative costs or fees to the John Hancock Funds or their
shareholders, and that each Adviser will receive no additional
compensation for its services in administering the Credit Facility.
Applicants also note that the purpose of the proposed Credit Facility
is to provide economic benefits for all the participating John Hancock
Funds and their shareholders.
    7. Section 18(f)(1) of the Act prohibits open-end investment
companies from issuing any senior security except that a company is
permitted to borrow from any bank, provided, that immediately after the
borrowing, there is asset coverage of at least 300 per centum for all
borrowings of the company. Under section 18(g) of the Act, the term
``senior security'' generally includes any bond, debenture, note or
similar obligation or instrument constituting a security and evidencing
indebtedness. Applicants request exemptive relief under section 6(c)
from section 18(f)(1) to the limited extent necessary to implement the
Credit Facility (because the lending John Hancock Funds are not banks).
    8. Applicants believe that granting relief under section 6(c) is
appropriate because the Funds would remain subject to the requirement
of section 18(f)(1) that all borrowings of a John Hancock Fund,
including combined Interfund Loans and bank borrowings, have at least
300% asset coverage. Based on the conditions and safeguards described
in the application, applicants also submit that to allow the John
Hancock Funds to borrow from other John Hancock Funds pursuant to the
proposed Credit Facility is consistent with the purposes and policies
of section 18(f)(1).
    9. Section 17(d) of the Act and rule 17d-1 under the Act generally
prohibit an affiliated person of a registered investment company, or
any affiliated person of such a person, when acting as principal, from
effecting any joint transaction in which the investment company
participates, unless, upon application, the transaction has been
approved by the Commission. Rule 17d-1(b) under the Act provides that
in passing upon an application filed under the rule, the Commission
will consider whether the participation of the registered investment
company in a joint enterprise on the basis proposed is consistent with
the provisions, policies and purposes of the Act and the extent to
which such participation is on a basis different from or less
advantageous than that of the other participants.
    10. Applicants assert that the purpose of section 17(d) is to avoid
overreaching by and unfair advantage to insiders. Applicants assert
that the Credit Facility is consistent with the provisions, policies
and purposes of the Act in that it offers both reduced borrowing costs
and enhanced returns on loaned funds to all participating John Hancock
Funds and their shareholders. Applicants note that each John Hancock
Fund would have an equal opportunity to borrow and lend on equal terms
consistent with its investment policies and fundamental investment
limitations. Applicants assert that each John Hancock Fund's
participation in the proposed Credit Facility would be on terms that
are no different from or less advantageous than that of other
participating John Hancock Funds.

Applicants' Conditions

    Applicants agree that any order granting the requested relief will
be subject to the following conditions:
    1. The Interfund Loan Rate will be the average of the Repo Rate and
the Bank Loan Rate.
    2. On each business day, when an interfund loan is to be made, the
Credit Facility Team will compare the Bank Loan Rate with the Repo Rate
and will make cash available for Interfund Loans only if the Interfund
Loan Rate is: (a) More favorable to the lending John Hancock Fund than
the Repo Rate; and (b) more favorable to the borrowing John Hancock
Fund than the Bank Loan Rate.
    3. If a John Hancock Fund has outstanding bank borrowings, any
Interfund Loan to the John Hancock Fund will: (a) Be at an interest
rate equal to or lower than the interest rate of any outstanding bank
loan; (b) be secured at least on an equal priority basis with at least
an equivalent percentage of collateral to loan value as any outstanding
bank loan that requires collateral; (c) have a maturity no longer than
any outstanding bank loan (and in any event not over seven days); and
(d) provide that, if an event of default occurs under any agreement
evidencing an outstanding bank loan to the John Hancock Fund, that the
event of default by the John Hancock Fund, automatically (without need
for action or notice by the lending John Hancock Fund) will constitute
an immediate event of default under the interfund lending agreement
that both (i) entitles the lending John Hancock Fund to call the
Interfund Loan immediately and exercise all rights with respect to any
collateral and (ii) causes the call to be made if the lending bank
exercises its right to call its loan under its agreement with the
borrowing John Hancock Fund.
    4. A John Hancock Fund may borrow on an unsecured basis through the
Credit Facility only if the relevant borrowing fund's outstanding
borrowings from all sources immediately after the interfund borrowing
total 10% or less of its total assets, provided that if the borrowing
fund has a secured loan outstanding from any other lender, including
but not limited to another John Hancock Fund, the lending John Hancock
Fund's Interfund Loan will be secured on at least an equal priority
basis with at least an equivalent percentage of collateral to loan
value as any outstanding loan that requires collateral. If a borrowing
John Hancock Fund's total outstanding borrowings immediately after an
Interfund Loan would be greater than 10% of its total assets, the John
Hancock Fund may borrow through the Credit Facility only on a secured
basis. A John Hancock Fund may not borrow through the Credit Facility
or from any other source if its total outstanding borrowings
immediately after the borrowing would be more than 33 \1/3\% of its
total assets.
    5. Before any John Hancock Fund that has outstanding interfund
borrowings may, through additional borrowings, cause its outstanding
borrowings from all sources to exceed 10% of its total assets, it must
first secure each outstanding Interfund Loan to a John Hancock Fund by
the pledge of segregated collateral with a market value at least equal
to 102% of the outstanding principal value of the loan. If the total
outstanding borrowings of a John Hancock Fund with outstanding
Interfund Loans exceed 10% of its total assets for any other reason
(such as a decline in net asset value or because of shareholder
redemptions), the John Hancock Fund will within one business day
thereafter either: (a) Repay all its outstanding Interfund Loans to
John Hancock Funds; (b) reduce its outstanding indebtedness to John
Hancock Funds to 10% or less of its total assets; or (c) secure each
outstanding Interfund Loan to John Hancock Funds by the pledge of
segregated collateral with a market value at least equal to 102% of the
outstanding principal value of the loan until the John Hancock Fund's
total outstanding borrowings cease to exceed 10% of its total assets,
at which time the collateral called for by this condition 5 shall no
longer be required. Until each Interfund Loan that is outstanding at
any time that a John Hancock Fund's total outstanding borrowings exceed
10% of its total assets is repaid or the John Hancock Fund's total
outstanding borrowings cease to exceed 10% of its total assets, the
John Hancock Fund will

mark the value of the collateral to market each day and will pledge
such additional collateral as is necessary to maintain the market value
of the collateral that secures each outstanding Interfund Loan to John
Hancock Funds at least equal to 102% of the outstanding principal value
of the Interfund Loans.
    6. No John Hancock Fund may lend to another John Hancock Fund
through the Credit Facility if the loan would cause the lending John
Hancock Fund's aggregate outstanding loans through the Credit Facility
to exceed 15% of its current net assets at the time of the loan.
    7. A John Hancock Fund's Interfund Loans to any one John Hancock
Fund shall not exceed 5% of the lending John Hancock Fund's net assets.
    8. The duration of Interfund Loans will be limited to the time
required to receive payment for securities sold, but in no event more
than seven days. Loans effected within seven days of each other will be
treated as separate loan transactions for purposes of this condition.
    9. A John Hancock Fund's borrowings through the Credit Facility, as
measured on the day when the most recent loan was made, will not exceed
the greater of 125% of the John Hancock Fund's total net cash
redemptions for the preceding seven calendar days or 102% of the John
Hancock Fund's sales fails for the preceding seven calendar days.
    10. Each Interfund Loan may be called on one business day's notice
by a lending John Hancock Fund and may be repaid on any day by a
borrowing John Hancock Fund.
    11. A John Hancock Fund's participation in the Credit Facility must
be consistent with its investment policies, limitations and
organizational documents.
    12. The Credit Facility Team will calculate total John Hancock Fund
borrowing and lending demand through the Credit Facility, and allocate
Interfund Loans on an equitable basis among the John Hancock Funds,
without the intervention of any portfolio manager of the John Hancock
Funds (other than a money market portfolio manager or managers acting
in his or her or their capacity as a member of the Credit Facility
Team). All allocations will require the approval of at least one member
of the Credit Facility Team who is a high level employee and is not a
money market portfolio manager. The Credit Facility Team will not
solicit cash for the Credit Facility from any John Hancock Fund or
prospectively publish or disseminate loan demand data to portfolio
managers (except to the extent that a money market portfolio manager or
managers on the Credit Facility Team has or have access to loan demand
data). The Credit Facility Team will invest all amounts remaining after
satisfaction of borrowing demand in accordance with the standing
instructions of the portfolio managers or such remaining amounts will
be invested directly by the portfolio managers of the John Hancock
Funds.
    13. The Credit Facility Team will monitor the Interfund Loan Rate
and the other terms and conditions of the Interfund Loans and will make
a quarterly report to the Boards of the John Hancock Funds concerning
the participation of the John Hancock Funds in the Credit Facility and
the terms and other conditions of any extensions of credit under the
Credit Facility.
    14. The Board of each John Hancock Fund, including a majority of
the Independent Board Members, will:
    (a) Review, no less frequently than quarterly, each of the John
Hancock Fund's participation in the Credit Facility during the
preceding quarter for compliance with the conditions of any order
permitting such participation;
    (b) establish the Bank Loan Rate formula used to determine the
interest rate on Interfund Loans;
    (c) review, no less frequently than annually, the continuing
appropriateness of the Bank Loan Rate formula; and
    (d) review, no less frequently than annually, the continuing
appropriateness of each John Hancock Fund's participation in the Credit
Facility.
    15. Each John Hancock Fund will maintain and preserve for a period
of not less than six years from the end of the fiscal year in which any
transaction by it under the Credit Facility occurred, the first two
years in an easily accessible place, written records of all such
transactions setting forth a description of the terms of the
transaction, including the amount, the maturity and the Interfund Loan
Rate, the rate of interest available at the time each Interfund Loan is
made on overnight repurchase agreements and Bank Borrowing, and such
other information presented to the Boards of the John Hancock Funds in
connection with the review required by conditions 13 and 14.
    16. In the event an Interfund Loan is not paid according to its
terms and the default is not cured within two business days from its
maturity or from the time the lending John Hancock Fund makes a demand
for payment under the provisions of the interfund lending agreement,
the Adviser promptly will refer the loan for arbitration to an
independent arbitrator selected by the Board of any John Hancock Fund
involved in the loan who will serve as arbitrator of disputes
concerning Interfund Loans.\2\ The arbitrator will resolve any problem
promptly, and the arbitrator's decision will be binding on both John
Hancock Funds. The arbitrator will submit, at least annually, a written
report to the Board of each John Hancock Fund setting forth a
description of the nature of any dispute and the actions taken by the
John Hancock Funds to resolve the dispute.
---------------------------------------------------------------------------

    \2\ If the dispute involves John Hancock Funds that do not have
common Boards, the Board of each affected John Hancock Fund will
select an independent arbitrator that is satisfactory to each John
Hancock Fund.
---------------------------------------------------------------------------

    17. The Advisers will prepare and submit to the Board for review an
initial report describing the operations of the Credit Facility and the
procedures to be implemented to ensure that all John Hancock Funds are
treated fairly. After the commencement of the Credit Facility, the
Advisers will report on the operations of the Credit Facility at the
Board's quarterly meetings. Each John Hancock Fund's chief compliance
officer, as defined in rule 38a-1(a)(4) under the Act, shall prepare an
annual report for its Board each year that the John Hancock Fund
participates in the Credit Facility, that evaluates the John Hancock
Fund's compliance with the terms and conditions of the application and
the procedures established to achieve such compliance. Each John
Hancock Fund's chief compliance officer will also annually file a
certification pursuant to Item 77Q3 of Form N-SAR as such Form may be
revised, amended or superseded from time to time, for each year that
the John Hancock Fund participates in the Credit Facility, that
certifies that the John Hancock Fund and the Advisers have established
procedures reasonably designed to achieve compliance with the terms and
conditions of the order. In particular, such certification will address
procedures designed to achieve the following objectives:
    (a) That the Interfund Loan Rate will be higher than the Repo Rate
but lower than the Bank Loan Rate;
    (b) Compliance with the collateral requirements as set forth in the
application;
    (c) Compliance with the percentage limitations on interfund
borrowing and lending;
    (d) Allocation of interfund borrowing and lending demand in an
equitable manner and in accordance with procedures established by the
Board; and

    (e) That the Interfund Loan Rate does not exceed the interest rate
on any third party borrowings of a borrowing John Hancock Fund at the
time of the Interfund Loan.
    Additionally, each John Hancock Fund's independent public
accountants, in connection with their audit examination of the John
Hancock Fund, will review the operation of the Credit Facility for
compliance with the conditions of the application and their review will
form the basis, in part, of the auditor's report on internal accounting
controls in Form N-SAR.
    18. No John Hancock Fund will participate in the Credit Facility,
upon receipt of requisite regulatory approval, unless it has fully
disclosed in its registration statement on Form N-1A (or any successor
form adopted by the Commission) all material facts about its intended
participation.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2011-30349 Filed 11-23-11; 8:45 am]
BILLING CODE 8011-01-P


0 0 0 0 0 0 0.0025 0 0 Page 1999 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0221 0 0 0 0 0 0 0 0 0 0 0 0 Page 2000 Option 3  2020 0 0 0 0 0 0 0.0231 0.0231 0 0 0 0 0 0 0 0 0.0113 0 0 0 0 0 0.03582253 0.035901116 0.046176354 0.020067446 0.020132554 0 0 0 0 0 0 0 0 0 0 0.008875317 0.008824683 0.014575912 0.014624088 0 0 0 0 0 0 0 0 0 0 Page 2001 Option 3  2020 0 0 0.000673825 0.000926175 0 0 0 0 0 0 0 0 0 0 0.008645338 0.015954662 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2002 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2003 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.01445 0.01445 0.0025 0 0 0 0 0.0104 Page 2004 Option 3  2020 0.0189 0 0 0 0 0 0 0 0.0108 0 0 0.011245705 0.011254295 0 0.0154168 0.0153832 0.012030105 0.011669895 0 0 0 0 0 0 0 0 0 0 0.005895667 0.006263955 0.006285201 0.006255177 0.0242 0 0 0 0 0 0 0 0.0125 0.0145 0 0 0 0.008362925 0.008420556 0.009716519 0 0 0 Page 2005 Option 3  2020 0 0 0 0 0 0 0 0 0.00585 0.00585 0.00585 0.00585 0 0 0 0 0 0 0 0 0 0 0.016072666 0.004757536 0 0 0 0 0 0 0.010420597 0.012606737 0 0 0 0 0 0 0.011763682 0.006868074 0.005242464 0 0 0 0 0 0 0 0 0 0 Page 2006 Option 3  2020 0 0 0.0081 0.0866 0.00715 0.00715 0.00705 0.00705 0 0.009831926 0.0155 0.0084 0 0 0 0.007667939 0.00747736 0.010591018 0 0 0 0 0.003849396 0.003849396 0.005797666 0.006062644 0.005582025 0.005035545 0.005035545 0.005102686 0.002800382 0.002800382 0 0 0 0.005102686 0.005102686 0.008191153 0.008191153 0.038970949 0.00899684 0.00899684 0.003312814 0 0 0.008487702 0.008487702 0.014550346 0.0834 0 0 Page 2007 Option 3  2020 0 0 0.002909772 0.012622433 0.012622433 0.002909772 0 0 0 0 0 0 0 0 0 0 0 0.0052 0.0106 0 0 0 0 0 0 0 0 0.0391 0.104962115 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.059737885 0.1024 0.0346 0.0253 0.020426957 0.025892028 0.0258 0.009986171 Page 2008 Option 3  2020 0.009713829 0.018079831 0.006701867 0.010030304 0.017969696 0 0 0 0 0 0 0 0 0 0 0.0187 0.020073043 0.0216 0 0 0 0 0.01841547 0.0067 0.0187 0 0.009664631 0.009260466 0.0092 0.016859433 0.056 0 0.0537 0 0 0 0 0.006876792 0.031223208 0.015302292 0.014797708 0.005846715 0 0 0 0 0 0 0 0.005043436 0.005669215 Page 2009 Option 3  2020 0.005037407 0.004945918 0.005136288 0.005240252 0 0.021450777 0.02104082 0.021476944 0.02153146 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0075 0 0 0.0034 0.003053285 0.0073 0.0073 0 0 0 0.007733836 0.0023 0.0024 0.007666164 0.0126 0.059541144 Page 2010 Option 3  2020 0.059058856 0 0 0 0 0 0 0 0 0 0 0 0 0.008094519 0.008105481 0.008488878 0.008411122 0.0162 0.010023128 0.009601594 0.009601594 0.009320572 0.009461083 0.018600777 0.019319392 0.009598133 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.006693182 0 0 0 0 0.002527484 0.0014 0 Page 2011 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.004438419 0.004438419 0.0028 0.003 0.004432386 0.008244069 0.005355931 0.005658324 0.005658324 0.008806818 0.000383351 0 0 0.0031 0.003937802 0 0 0.001933153 0.001933153 0.002386669 0 0 0 0 0 0 0 0 0 0 0 0 Page 2012 Option 3  2020 0 0 0 0 0.011717105 0.011782895 0.011604042 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0113 0.046048951 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2013 Option 3  2020 0.154306152 0.139638534 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.015794558 0.016069451 0.028635991 0.0295 0.0219 0 0 0 0 0 0 0 0 0 0 0 0 Page 2014 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.011910787 0.011489213 0.014532041 0.020267959 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0145 0 0 Page 2015 Option 3  2020 0 0 0 0 0 0 0 0 0 0.055580346 0.055119654 0 0 0 0 0 0.02499453 0.023165509 0.0459 0.012546059 0.0087 0.010824455 0.010855888 0 0 0 0.019012061 0.019012061 0.020340911 0.015934967 0 0 0.033995613 0.033396383 0 0 0 0 0.007928847 0.007871153 0.0066 0 0 0 0 0 0 0.0189 0.022062322 0.041857335 0 Page 2016 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.02824976 0.028498205 0 0 0 0 0 0 0 0 0 0 0 0 0.012853941 0 0 0 0 0 0 0 0 0 0 0 0.0104 0 Page 2017 Option 3  2020 0 0 0 0 0 0 0 0 0.020432766 0.022467234 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.023998094 0.024487375 0.069614531 0.020482961 0.020417039 0 0 0 0.011874486 0 0 0 0 0 0 0 0 Page 2018 Option 3  2020 0 0 0 0 0 0 0 0 0.017863317 0 0 0 0 0 0 0 0 0 0 0 0.014905164 0.014194836 0.0258 0 0 0 0 0 0 0.013114117 0.012964448 0.003905672 0 0 0 0 0 0.002549293 0.002545035 0 0 0 0 0 0 0 0 0 0 0 0 Page 2019 Option 3  2020 0.009958311 0 0 0 0.0072 0.007066125 0.010333875 0 0 0 0 0 0 0 0 0 0 0 0 0.009007277 0.009034412 0 0 0 0 0 0.0034 0.016658118 0 0 0 0 0 0.0034 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2020 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0.0244 0.025848178 0.026051822 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0278 0.038819496 0.038380504 0.014312194 0.014498217 0.016640029 0.016449559 0 0 0 0 0 0 0 0 0.003522896 Page 2021 Option 3  2020 0.00353583 0.00342362 0.003517653 0 0.01275642 0 0 0 0 0 0 0 0.01434358 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.002988535 0.002988535 0.002988535 0.002988535 0.003911465 0.003911465 0.003911465 0.003911465 0.0041 0 0 0 0 0 0 0 0.0093 0 Page 2022 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2023 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.006302089 0.006430703 0.005567208 Page 2024 Option 3  2020 0.0127 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2025 Option 3  2020 0 0 0 0 0 0.102248268 0.104451732 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2026 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2027 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2028 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0077 0.0115 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0018 0 0 0 0 0 0 0 0 0 Page 2029 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.004305694 0.004245831 0.004219473 0.0043 0.0048 0.004329002 0 0 0 0 0 0 0 0 0 0.015122564 0.015177436 0.0142 0.0079 0.0221 0.011 0.0068 Page 2030 Option 3  2020 0.0144 0.0287 0 0 0 0 0 0 0 0 0 0 0 0 0.01121324 0.01088676 0.0063 0.0096 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.015021859 0.015878141 0 0 0 0 0 0 0 0 0 0.044928135 0.036619361 0.041574335 0.043078169 0.0488 0.0488 0 Page 2031 Option 3  2020 0 0 0 0 0.0072 0 0 0.030951724 0.030951724 0.050296552 0.007865822 0.007934178 0.006197341 0.006141741 0.005766887 0.005888849 0.017405182 0 0 0.0059 0.0217 0.0546 0.0201 0.0201 0.0201 0 0 0 0.0077 0.007976303 0.007940769 0.007782928 0.033828925 0.033471075 0.0171 0.0171 0.0156 0 0 0 0.0081 0.0081 0.0063 0 0 0 0 0 0 0 0 Page 2032 Option 3  2020 0 0 0 0 0 0 0.0047 0.00455312 0.00424688 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0501 0.0516 0.0399 0.0433 Page 2033 Option 3  2020 0 0.001169534 0.001181586 0.001189619 0.001159261 0 0 0 0 0.0154 0.0076 0.0088 0.01199561 0.01150439 0 0 0 0 0 0 0 0.002944143 0.002779435 0.005974267 0.007912771 0.008889384 0.0147 0 0 0 0.007329333 0.008170667 0.0203 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2034 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0011 0.001682342 0.001517658 0.0038 0 0 0.003157568 0.004342432 0 0 0 0 0 0 0 0 0 0 0 0 0 0.005788742 0.004873368 0.005837889 0.01116204 0.01623796 0.0366 0 0 0 Page 2035 Option 3  2020 0 0 0 0 0.0027 0.0024 0.0024 0.0024 0.019389935 0.019553828 0.042356237 0.0434 0.0156 0.0145 0.022341516 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0072 0 0 0 0 0 0.009 0 0 0 0 0 0 0.0033 0.0041 Page 2036 Option 3  2020 0 0 0.0009 0.002 0.0045 0.000953188 0.002224066 0.002505355 0.0016 0.006370579 0 0 0.016677768 0.016600168 0.016642072 0.016579992 0.0147 0 0 0 0 0 0 0 0 0.021 0.0203 0 0.0018 0 0 0 0 0 0 0 0 0 0 0.000846812 0.0014 0.0023 0 0 0 0 0 0 0 0 0 Page 2037 Option 3  2020 0 0 0.081865365 0.083991632 0.082243003 0 0 0 0 0 0 0 0.012660138 0.012144616 0.012678588 0.012706806 0.012360592 0.01194926 0.0153 0.0144 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.002702706 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2038 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0018 0 0 0 0 0 0 0.0041 0.0041 0 Page 2039 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.000757895 0.001421053 0.001421053 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00168823 0.001682603 0.001434996 0.001994171 0.0115 0.0097 0 Page 2040 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0099 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2041 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2042 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0152 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2043 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0.008268727 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0011 0 0 0 0 0 0 Page 2044 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0.002316818 0.0081 0.0076 0 0 0 0 0 0 0.0103 0 0 0.0053 0.0355 0 0 0 0 0 0 0 0 0 0 0.1238 0 0 0 0 0 0 0 0 0.00135 0.00135 0 0 0 0 Page 2045 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2046 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2047 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2048 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0.00178929 0.00251071 0.0011 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0034 0 0 0 0 0 0 0 0 0 0 0 0 0.0025 0.0025 0.0025 0.0025 0 0 0 0 0 Page 2049 Option 3  2020 0 0.002180477 0 0 0 0 0.0018 0 0 0 0 0 0 0 0 0 0.0213 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2050 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0.0006 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2051 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2052 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0011 0.0169 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2053 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0042 0 0 0 0 0 0 0 0 Page 2054 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2055 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2056 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2057 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2058 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2059 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2060 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2061 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2062 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2063 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2064 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2065 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2066 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0.0114 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2067 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0033 0.005235071 0.005164929 0 0 0 0 0 Page 2068 Option 3  2020 0 0 0 0 0.012656973 0.0152 0 0 0.0216 0 0 0 0 0 0.0217 0 0 0 0.0099 0.0208 0 0 0.011709173 0.012390827 0.0207 0.0526 0 0 0 0 0 0 0.0172 0 0 0.071544078 0.071510434 0.069984317 0.068861171 0.023543449 0.023156551 0.019276785 0.019657241 0 0 0 0 0 0 0 0 Page 2069 Option 3  2020 0 0.0111 0.052282208 0.056 0.0188 0.0452 0.0281 0.0271 0.047978949 0.044421051 0.0039 0 0 0 0 0 0 0 0.0685257 0.0683743 0 0.0236 0 0.105563968 0.107536032 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0061 0.0156 0 0 0 0 0 0 0 0 0 0 Page 2070 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0.034101524 0.034139797 0 0.051307393 0.049692607 0.0484 0 0 0 0 0 0.004200189 0.004199811 0 0 0 0.0515 0.0145 0.017349799 0.018050977 0.017499224 0 0 0 0 0.014 0.015540835 0.015430895 0 0 0 0 0 0 0 0 0 0 0.04216768 0.041998208 Page 2071 Option 3  2020 0.086734111 0.0886 0.0415 0.0163 0 0 0 0 0 0 0.0436 0.0502 0.0522 0.012291364 0.011708636 0 0 0 0 0 0 0 0.0068 0 0 0.0989 0.0983 0.11 0 0 0.027812786 0.027787214 0.029325514 0.01166233 0.011333628 0.013297348 0 0.0763 0 0 0 0.0445 0.0491 0 0 0 0 0 0 0.019733333 0.019733333 Page 2072 Option 3  2020 0.019733333 0.0195 0.0147 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.006 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2073 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0.079061466 0.007801834 0.007798166 0 0.0106 0.0107 0.010498507 0.010501493 0 0 0.159943554 0.168865006 0.174663202 0.073296053 0.075403947 0.1674304 0.0137 0.0131 0 0.0287 0.027692841 0.008 0.124660371 0.124139629 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0142 Page 2074 Option 3  2020 0.0855 0 0.041884978 0.041865281 0.0727 0.037608843 0.037591157 0.0832 0.034381383 0.033818617 0.092296471 0 0 0 0.0106 0 0.0077 0.021869676 0.021379373 0.031848422 0.029002529 0.0265 0 0 0 0 0 0 0.081 0.0823 0.0818 0 0 0 0 0 0 0 0 0 0 0 0.015733262 0.015466738 0 0 0 0 0 0 0.004369179 Page 2075 Option 3  2020 0 0 0 0 0 0.0084 0 0 0 0 0 0 0 0 0 0 0 0 0.0314 0.0056 0.0056 0.0054 0.0054 0.01165 0.01165 0 0 0 0 0 0.083984184 0.069765887 0.069261524 0.073672387 0.070700202 0 0 0 0 0 0 0 0.0592 0 0 0 0 0.035514788 0.039985212 0.0197 0.0195 Page 2076 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0079 0.008266592 0.0273 0.0149 0.005916704 0.005916704 0.016060573 0.018639427 0 Page 2077 Option 3  2020 0.0126 0.0124 0.0126 0.0128 0 0 0 0 0 0.017187703 0.017112297 0 0.014564505 0.014535495 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2078 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0061 0 0 0 Page 2079 Option 3  2020 0.006852147 0.006614843 0 0 0 0 0 0 0.01947275 0.020593224 0.118495215 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0147 0 0 0 0 0 0 0 0 0 0 0 0 0.003574742 0 0 Page 2080 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.010131346 0 0 0 0 0.0458 0.0149 0.041751049 0 0 0 0 0 0 0 0 0 0 0 0 0 0.011982909 Page 2081 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2082 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0.027458953 0.02748024 0.03452253 0.03555591 0 0.015856504 0.015743496 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.002206527 0.00221832 0.002195806 0.019641047 0 0 0 0.005077547 0.006147152 0.009511428 0.009302259 0.028 0.004750487 0.004893353 0 Page 2083 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2084 Option 3  2020 0 0 0 0 0 0 0 0 0.007 0 0 0 0 0.003778855 0.003821145 0 0 0 0 0 0 0 0 0 0.0055 0 0 0 0 0 0 0 0.005794129 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2085 Option 3  2020 0 0 0 0 0 0.0076 0.004169083 0.004602672 0.002669216 0.002727905 0.022488252 0.022711748 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.002080478 Page 2086 Option 3  2020 0.002119522 0.003834116 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0133 0 0 0 0 0 0 0.0623 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2087 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0014 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2088 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0135 0 0 0 0 0 0 0 0 0 0 0 0.0009 0.0023 Page 2089 Option 3  2020 0 0 0 0 0 0 0.0018 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0055 0.003236765 0.006063235 0.0029 0 0 0 0 0 0 0 0 0 0 Page 2090 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0011 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2091 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0081 0 0 0 Page 2092 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2093 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2094 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0709 0 0 0 0 0 0 0 Page 2095 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2096 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0208 0.012437428 0.012062572 0.004176819 0.004556539 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0121 0.0117 Page 2097 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0.077664525 0.077664525 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.034991309 0.034874549 0.034987973 0.035004653 0 Page 2098 Option 3  2020 0 0 0 0 0 0.028307159 0.0281 0 0 0 0 0 0 0 0 0 0 0 0 0.045986617 0.045713383 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0036 0 0 0.0777 0.003314748 0.003485252 0.0037 0.0027 0.0226 Page 2099 Option 3  2020 0 0 0 0 0 0 0 0 0.003636433 0.007663567 0.0095 0 0 0.009044465 0.014855535 0 0 0 0 0 0 0 0 0.0059 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.022135849 0.032164151 0 0 0 0 0 0 0 0 Page 2100 Option 3  2020 0 0 0 0 0.007 0 0 0 0 0 0 0 0 0 0 0 0 0.0525 0 0 0 0 0 0 0 0 0 0 0 0 0 0.055231937 0.05354906 0 0 0 0 0.036041331 0.035608671 0.035684542 0.035965456 0 0 0 0 0 0 0 0.0111 0.0542 0.029651459 Page 2101 Option 3  2020 0 0 0 0 0.016589049 0.016610951 0.0424 0.050931606 0.031016935 0 0 0 0 0 0 0 0 0.017063916 0.016956637 0.017106827 0.017098575 0.017143137 0.017030907 0.0624 0.059019003 0.0605 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2102 Option 3  2020 0 0 0 0 0 0 0 0.0134 0 0.020617792 0 0 0 0 0 0 0 0 0 0.0066 0 0 0 0 0.0126 0.0364 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2103 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2104 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0032 0.0031 0.0063 0 0 0 0 Page 2105 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0063 0.009 0.0476 0.005939272 0.005996935 0.005968103 0.005910441 0.006285249 0.0054 0 0 0.014133058 0.013995007 0.019371935 0.0149 0 0 0 0.010315167 0.010284833 0.010506264 Page 2106 Option 3  2020 0 0 0 0 0 0 0 0 0 0.003879508 0.006 0.005220492 0.0095 0 0.000483333 0.000483333 0.000483333 0.000483333 0.000483333 0.000483333 0 0 0.007077329 0.0129 0.015896567 0.015926104 0 0 0 0.005249444 0.010550556 0 0.016096869 0.017849102 0.017639275 0.018214754 0 0 0 0.0488 0 0 0 0 0 0 0 0 0 0 0 Page 2107 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2108 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2109 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2110 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2111 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2112 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0013 0 0 0 0 0 0 0 0.0149 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2113 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0063 0 0 0 0 0 0 0 0 0 0.00055 0.00055 0.014396066 0.014396066 0.013603934 0 0 0 0 0 Page 2114 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2115 Option 3  2020 0 0 0 0 2.6412E 05 0.000310774 0.000344926 0.000402212 1.56767E 05 0.004972378 0.000422592 0.006435391 0.000250827 0.005518811 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2.6412E 05 0.000310774 1.56767E 05 0.000344926 0.000402212 0.000250827 0.005518811 0.006435391 0.000422592 0.004972378 0 0 0 0 0 0 0 0 0 0 0 0 Page 2116 Option 3  2020 0 0 0 0.000402212 1.56767E 05 0.000344926 2.6412E 05 0.000310774 0.004972378 0.006435391 0.000250827 0.005518811 0.000422592 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.000310774 0.000402212 0.000344926 1.56767E 05 2.6412E 05 0.000250827 0.004972378 0.000422592 0.005518811 0.006435391 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2117 Option 3  2020 0 0 0.000339026 0.000438777 0.000376283 1.71019E 05 2.88131E 05 0.009944757 0.000845185 0.012870781 0.011037622 0.000501655 3.65647E 05 2.82522E 05 3.13569E 05 1.42516E 06 2.40109E 06 0 0 0 0 0 0 0 0 0 0 0 0.00016327 0.009856412 0.000780318 6.04702E 05 0.000289007 0.003650523 0 0 0 0 0 0 0 0 0 0.009856412 0.000780318 0.00016327 0.000289007 0.003650523 6.04702E 05 0 0 Page 2118 Option 3  2020 0 0 0 0 0 0 0 0.00016327 0.009856412 0.000780318 0.000289007 6.04702E 05 0.003650523 0.022 0.000813467 0.001944564 0.001499576 0.000827916 0.000192343 1.85931E 05 0.000577362 0.000126178 0 0 0 0 0 0 0 0 0.000126178 0.000577362 1.85931E 05 0.001944564 0.001499576 0.000192343 0.000827916 0.000813467 0 0 0 0 0 0 0 0 0.000827916 0.001499576 0.001944564 0.000192343 1.85931E 05 Page 2119 Option 3  2020 0.000126178 0.000577362 0.000813467 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.000126178 0.000827916 0.000192343 0.000577362 1.85931E 05 0.001944564 0.000813467 0.001499576 0 0 0 0 0 0 0 0 0.000813467 0.000577362 0.000192343 1.85931E 05 0.001499576 0.001944564 0.000126178 0.000827916 0 0 0 0 0 0 0 0 Page 2120 Option 3  2020 0.000813467 0.001944564 0.000827916 0.000577362 1.85931E 05 0.000192343 0.001499576 0.000126178 0 0 0 0 0 0 0 0 0.000813467 0.001499576 0.001944564 1.85931E 05 0.000827916 0.000192343 0.000126178 0.000577362 0 0 0 0 0 0 0 0 0.000126178 0.001944564 0.001499576 0.000827916 0.000577362 0.000813467 0.000192343 1.85931E 05 0 0 0 0 0 0 0 0 0 0 0 Page 2121 Option 3  2020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Page 2122 Option 3  2020 0 0.0649 0.0034 0 0 0 0 0 0 0 0 0.000210825 0.005489175 0 0 0 0 0 0 0.000210825 0.005489175 0 0 0 0 0 0 0.002696437 0.000103563 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.002347059 0.032452941 0 0 Page 2123 Option 3  2020 0.002347059 0.032452941 0 0 0.0496 0.000521429 0.002251992 0.004426578 0 0 0 0 0 0 0.000785206 0.00415605 0.002258744 0 0 0 0.000785206 0.002258744 0.00415605 0 0 0 0.000785206 0.00415605 0.002258744 0 0 0 0.000311409 0.00134494 0.002643651 0 0 0 0.00134494 0.002643651 0.000311409 Page 2124


[Federal Register: December 23, 2008 (Volume 73, Number 247)]
[Notices]
[Page 78868-78870]
[DOCID:fr23de08-134]

-----------------------------------------------------------------------

DEPARTMENT OF TRANSPORTATION

National Highway Traffic Safety Administration

[Docket No. NHTSA-2008-0058; Notice 2]

Decision That Certain Nonconforming 1994 and 1995 Land Rover
Defender 90 Multipurpose Passenger Vehicles Are Eligible for
Importation

AGENCY: National Highway Traffic Safety Administration, DOT.

ACTION: Notice of decision by the National Highway Traffic Safety
Administration (NHTSA) that certain nonconforming 1994 and 1995 Land
Rover Defender 90 multipurpose passenger vehicles are eligible for
importation.

-----------------------------------------------------------------------

SUMMARY: This document announces a decision by NHTSA that a certain
limited range of 1994 and 1995 Land Rover Defender 90 multipurpose
passenger vehicles (MPVs) that were not originally manufactured to
comply with all applicable Federal motor vehicle safety standards
(FMVSS) are eligible for importation into the United States because (1)
they are substantially similar to vehicles that were originally
manufactured for sale in the United States and that were certified by
their manufacturer as complying with the safety standards (the U.S.-
certified version of the 1994 and 1995 Land Rover Defender 90 MPVs),
and (2) they are capable of being readily altered to conform to the
standards.

DATES: This decision is effective December 16, 2008.

FOR FURTHER INFORMATION CONTACT: Coleman Sachs, Office of Vehicle
Safety Compliance, NHTSA<PHONE_NUMBER>).

SUPPLEMENTARY INFORMATION:

Background

    Under 49 U.S.C. 30141(a)(1)(A), a motor vehicle that was not
originally manufactured to conform to all applicable FMVSS shall be
refused admission into the United States unless NHTSA has decided that
the motor vehicle is substantially similar to a motor vehicle
originally manufactured for sale in the United States, certified under
49 U.S.C. 30115, and of the same model year as the model of the motor
vehicle to be compared, and is capable of being readily altered to
conform to all applicable FMVSS.
    Where there is no substantially similar U.S.-certified motor
vehicle, 49 U.S.C. 30141(a)(1)(B) permits a nonconforming motor vehicle
to be admitted into the United States if its safety features comply
with, or are capable of being altered to comply with, all applicable
FMVSS based on destructive test data or such other evidence as NHTSA
decides to be adequate.
    Petitions for eligibility decisions may be submitted by either
manufacturers or importers who have registered with NHTSA pursuant to
49 CFR Part 592. As specified in 49 CFR 593.7, NHTSA publishes notice
in the Federal Register of each petition that it receives, and affords
interested persons an opportunity to comment on the petition. At the
close of the comment period, NHTSA decides, on the basis of the
petition and any comments that it has received, whether the vehicle is
eligible for importation. The agency then publishes this decision in
the Federal Register.
    Export Auto Sales, Inc., of Chicopee, Massachusetts (Export Auto)
(Registered Importer 01-284) petitioned NHTSA to decide whether all
nonconforming 1994 and 1995 Land Rover Defender 90 MPVs are eligible
for importation into the United States. In its petition, Export Auto
compared these nonconforming vehicles to substantially similar U.S.-
certified 1994 and 1995 Land Rover Defender 90 MPVs. NHTSA published
notice of the petition on March 31, 2008 (73 FR 16961) to afford an
opportunity for public comment. The reader is referred to that notice
for a thorough description of the petition. Comments were received in
response to the notice of the petition from Skytop Rover Co. (Skytop)
of Philadelphia, Pennsylvania (Registered Importer 06-343) and Ford
Motor Company (Ford) of Dearborn, Michigan as agent for Land Rover.

Skytop's and Ford's comments

    Skytop expressed concern that Export Auto's petition does not
address several key modifications that Skytop considered necessary for
the vehicles to meet various safety standards. Skytop first contends
that there were two distinct versions of a cage assembly mounted on
both the interior and the exterior of the U.S.-certified models sold in
the United States. One version was for the pickup (open back) model and
a different version was for the station wagon hardtop (closed-in back)
model. Skytop asserted that the U.S.-model cages are necessary for the
vehicles to conform to FMVSS No. 216 Roof Crush Resistance.
    Skytop's second contention is that the petition does not adequately
address all modifications necessary to bring the vehicles into
compliance with FMVSS No. 301 Fuel System Integrity. Specifically,
Skytop states that structural modifications to the chassis as well as
the addition of a rear step assembly and associated support brackets
are required for the vehicles to conform to FMVSS No. 301.
    Skytop's third contention is that the rear step assembly is also
required for the vehicles to conform to the bumper crash requirements
of 49 CFR Part 581 Bumper Standard.
    Skytop's fourth contention is that the seat belt assembly
anchorages do not conform to FMVSS No. 210 Seat Belt Assembly
Anchorages because the part numbers for those components, as found on
the nonconforming vehicles, differ from those on the U.S.-certified
model.
    Skytop's fifth contention is that the nonconforming vehicles do not
meet the requirements of FMVSS No. 114 Theft Protection because no seat
belt audible warning system is present.
    Ford's comments detailed the differences between the U.S.-model
vehicles and the nonconforming vehicles that effect compliance with the
FMVSS. Ford's comments are summarized below under the heading of each
standard the company addressed:

    FMVSS No. 101 Controls and Displays: The instrument cluster-
mounted telltails and speedometer unit of measure in the
nonconforming vehicles may not comply with FMVSS No. 101.
    FMVSS No. 106 Brake Hoses: The brake hoses on Nonconforming
vehicles do not have DOT markings.
    FMVSS No. 108 Lamps, Reflective Devices, and Associated
Equipment: Nonconforming vehicles' front lamps and side marker lamps
do not conform to FMVSS No. 108. All lamps mounted on the rear of
the vehicles may not conform to FMVSS No. 108.
    FMVSS No. 110 Tire Selection and Rims: Nonconforming vehicles do
not have a tire information placard.
    FMVSS No. 111 Rearview Mirrors: None of the mirrors on
nonconforming vehicles conform to FMVSS No. 111. Also, the sun
visors on the nonconforming vehicles are not compatible with the
U.S.-model interior rearview mirror.
    FMVSS No. 114 Theft Protection: Nonconforming vehicles do not
have the required key warning system. Nonconforming vehicles with
automatic transmissions also do not have the required rollaway
prevention device.
    FMVSS No. 116 Motor Vehicle Brake Fluids: Nonconforming vehicles
do not have labeling that conforms to FMVSS No. 116.
    FMVSS No. 119 New Pneumatic Tires for Vehicles Other than
Passenger Cars: Tires on nonconforming vehicles may not conform to
the requirements of FMVSS no. 119.

    FMVSS No. 124 Accelerator Control Systems: The U.S.-model
vehicles have a unique throttle design. The throttle installed on
nonconforming vehicles has not been evaluated for conformance with
FMVSS No. 124 by Land Rover.
    FMVSS No. 203 Impact Protection for the Driver from the Steering
Control System: U.S.-model vehicles were equipped with a padded hub
steering wheel and a compatible spline steering column.
Nonconforming vehicles are not equipped with these features.
    FMVSS No. 205 Glazing Materials: Nonconforming vehicles may not
be equipped with glazing that conforms to FMVSS No. 205.
    FMVSS No. 208 Occupant Crash Protection: Seat belts installed in
nonconforming vehicles do not conform to the requirements of FMVSS
no. 209. Nonconforming vehicles do not have audible or visual seat
belt warning systems.
    FMVSS No. 209 Seat Belt Assemblies: Seat belts installed in
nonconforming vehicles do not conform to the requirements of FMVSS
no. 209.
    FMVSS No. 212 Windshield Mounting: U.S.-model vehicles have a
safari cage installed with an additional front hoop to protect the
windshield and comply with FMVSS No. 212. Some nonconforming
vehicles may not have the full external front hoop installed.
    FMVSS No. 216 Roof Crush Resistance: Vehicles built prior to
September 1, 1994 are not required to meet this standard. Non-U.S.
certified vehicles built after September 1, 1994 may have a GVWR
below the 6,000 lb. applicability cutoff, making it necessary for
those vehicles to comply with the standard. U.S.-model vehicles were
not certified to the standard because their GVWR exceeded the
applicability cutoff. Nonconforming vehicles were not evaluated
against these requirements by Land Rover and Ford cannot draw any
conclusions about the necessary modifications required to comply
with the regulation.
    FMVSS No. 219 Windshield Zone Intrusion: U.S.-model vehicles
have a safari cage installed with an additional front hoop to
protect the windshield and comply with FMNSS No. 219. Some
nonconforming vehicles may not have the full external front hoop
installed.
    FMVSS No. 301 Fuel System Integrity: The fuel tank and fuel
lines were unique to the U.S.-model vehicles. Nonconforming
vehicles, at a minimum, require installation of the rear step bar,
rollover valve and inertia switch. Land Rover did not evaluate
nonconforming vehicles to these requirements and Ford cannot draw
any conclusions about the necessary modifications required to comply
with FMVSS No. 301.
    49 CFR Part 565 Vehicle Identification number--Content
Requirements: Non-U.S. certified vehicles do not have a check digit
and the VIN plate is not visible.
    49 CFR Part 567 Certification: Non-U.S. certified vehicles do
not have a certification label affixed to the B-pillar.
    49 CFR Part 575.105 Consumer Information Regulations: A sticker
(i.e., a rollover label) is required on the driver's sun visor and
is not installed on non-U.S. vehicles.

NHTSA's Response

    After NHTSA's initial review of the petition and the comments from
Skytop and Ford, the agency found that the petitioner had failed to
address many differences between the U.S.-model vehicles and the
nonconforming vehicles that affect compliance with certain FMVSS. The
petitioner also failed to fully provide sufficient details about which
nonconforming vehicle body types could be considered to be
substantially similar to the U.S.-model vehicle body types. Based on
information provided by Ford, NHTSA has determined that only certain 2-
door pickup body style and certain 2-door station wagon hardtop
configurations of the nonconforming vehicles can be considered to be
substantially similar to the U.S.-model vehicles. Ford identified the
substantially similar nonconforming vehicles as 1994 2-door pickup
style, and 1994 and 1995 2-door station wagon hardtop style vehicles
that have the characters ``A'' in the seventh position and ``M'' in the
eight position of their vehicle identification number (VIN).
    With regard Skytop's comments NHTSA offers the following
observations:

    (1) As previously discussed, there are two distinct body styles
for the U.S.-conforming model, a 2-door pickup model and a 2-door
station wagon hardtop model. Each model has a unique safari cage.
After reviewing the comments received from both Skytop and Ford,
NHTSA has determined that the presence of those unique U.S.-model
safari cages is necessary for the vehicles to meet the requirements
of several FMVSS as detailed below.
    (2) NHTSA agrees with Skytop that the fuel system in the
nonconforming vehicles must be modified in order to conform to all
applicable requirements of FMVSS No. 301. NHTSA did not receive any
evidence indicating that any specific structural modifications would
be required to conform the limited subset of vehicles identified as
substantially similar to the U.S.-conforming vehicles to the
applicable requirements of FMVSS No. 301. However, the presence of a
complete U.S.-model fuel system is warranted, as described below.
    (3) The Bumper standard that is referred to by Skytop (49 CFR
Part 581 Bumper Standard) does not apply to MPVs and is not a FMVSS.
Therefore, a vehicle's conformity status with regard to 49 CFR Part
581 cannot be a factor in deciding whether the vehicle is eligible
for importation.
    (4) NHTSA agrees with Skytop that all seat belt anchorages
should be inspected and U.S.-model components must be installed on
vehicles not already so equipped to conform to FMVSS No. 210 as
described below.
    (5) NHTSA agrees with Skytop that an audible key warning system
must be installed in the nonconforming vehicles to conform to FMVSS
No. 114 as described below.

    NHTSA agrees with Ford's descriptions of the differences between
the nonconforming vehicles and the U.S.-conforming model vehicles.
    Based on Ford's and Skytop's comments concerning FMVSS Nos. 114,
210 & 301, NHTSA has determined that in addition to the modifications
described in Export Auto's petition, the following modifications must
be performed to bring the nonconforming vehicles into compliance with
all applicable FMVSS:

    FMVSS No. 101 Controls and Displays: Installation of U.S.-model
speedometer and instrument cluster mounted telltale lamps or
modification of existing components to achieve compliance with the
standard.
    FMVSS No. 106 Brake Hoses: Inspection of the vehicles and
replacement of any nonconforming brake hoses with U.S.-model
components.
    FMVSS No. 105 Hydraulic and Electric Brake Systems: Inspection
of all vehicles and installation of U.S.-model brake system
components as needed to meet the labeling requirements of the
standard on vehicles that are not already so equipped.
    FMVSS No. 108 Lamps, Reflective Devices, and Associated
Equipment: Installation of U.S.-model front and rear side marker
lamps. Inspection of all vehicles and replacement of any
nonconforming front parking lamps, rear lamps, and reflex reflectors
with U.S.-model components on vehicles that are not already so
equipped.
    FMVSS No. 110 Tire Selection and Rims: Installation of a
conforming tire and rim information placard.
    FMVSS No. 111 Rearview Mirrors: Installation of a U.S.-model
interior rearview mirror and compatible sun visors if the existing
sun visors interfere with the compliance of the U.S.-model interior
mirror, and installation of U.S.-model driver's and passenger's side
exterior mounted rearview mirrors.
    FMVSS No. 114 Theft Protection: Installation of a U.S.-model key
warning system and installation of a U.S.-model park-interlock on
vehicles with automatic transmissions.
    FMVSS No. 119 New Pneumatic Tires for Vehicles Other than
Passenger Cars: Inspection of all vehicles and replacement of any
tires that do not conform to the requirements of the standard.
    FMVSS No. 124 Accelerator Control Systems: Installation of a
U.S.-model throttle, or production of test data showing that the
existing throttle components conform to FMVSS No. 124.
    FMVSS No. 203 Impact Protection for the Driver from the Steering
Control System: Installation of a U.S.-model padded steering wheel
hub and a compatible U.S.-model spline column.
    FMVSS No. 208 Occupant Crash Protection: Installation of
supplemental audible and visual seat belt warning systems and
compatible U.S.-model seat belt components.

    FMVSS No. 209 Seat Belt Assemblies: Installation of U.S.-model
seat belts.
    FMVSS No. 210 Seat Belt Assembly Anchorages: Inspection of all
vehicles and installation, on vehicles that are not already so
equipped, of U.S.-model anchorages.
    FMVSS No. 212 Windshield Mounting: Installation of the complete
body style-specific U.S.-model safari cage including the full
external front hoop on vehicles not already so equipped.
    FMVSS No. 216 Roof Crush Resistance: The substantially similar
U.S.-model vehicles were not certified to FMVSS No. 216, either
because they were manufactured before September 1, 1994, the date
the standard became applicable to MPVs, or because their gross
vehicle weight rating (GVWR) was 6,000 lbs. or greater. Therefore,
nonconforming vehicles manufactured on or after September 1, 1994
will only be eligible under this decision if they were manufactured
with a GVWR greater than 2722 kg (6,000 lb).
    FMVSS No. 219 Windshield Zone Intrusion: Installation of the
complete body style-specific U.S.-model safari cage including the
full external front hoop.
    FMVSS No. 301 Fuel System Integrity: Installation of a U.S.-
model rear step bar, rollover valve, and inertia switch. Inspection
of all vehicles and replacement of any non-U.S.-model fuel system
components with U.S.-model components.
    49 CFR Part 565 Vehicle Identification number--Content
Requirements: Nonconforming vehicles imported and certified by RIs
are not required to have vehicle identification numbers (VINs) that
conform to the style and content requirements of 49 CFR Part 565.
However, as required by 49 CFR Part 565.5(b), the VIN that was
assigned to an imported vehicle by its original manufacturer must be
displayed on the certification label applied by the RI and must also
be on a plate or label located inside the vehicle and visible.
    49 CFR Part 567 Certification: Installation of an RI's
certification label as required by 49 CFR Part 567.2(b).
    49 CFR Part 575.105 Consumer Information Regulations: In
addition to ensuring that converted vehicles conform to all
applicable FMVSS, an RI who converts one of the subject vehicles
must also install a rollover warning label on the driver's sun visor
to meet the requirements of 49 CFR Part 757.105.

    While the modifications detailed above are extensive, NHTSA has
decided that a specific subgroup of nonconforming 1994 and 1995 Land
Rover Defender 90 MPVs are capable of being readily modified to conform
to applicable FMVSS.
    Accordingly, the agency has decided to grant the petition subject
to the limitations discussed below.

Applicability

    The applicability of this decision is limited to nonconforming 1994
and 1995 Land Rover Defender 90 MPVs with the following
characteristics:
    (1) 1994 Land Rover Defender 90 MPVs--2-door pickup only,
    (2) 1995 Land Rover Defender 90 MPVs--2-door pickup and 2-door
station wagon hardtop only,
    (3) 1994 & 1995 Land Rover Defender 90 MPVs--The seventh position
of the VIN must be the character ``A,''
    (4) 1994 & 1995 Land Rover Defender 90 MPVs--The eighth position
must be the character ``M,''
    (5) 1994 & 1995 Land Rover Defender 90 MPVs manufactured on or
after September 1, 1994--The GVWR assigned by the original manufacturer
must be greater than 2722 kg.

Vehicle Eligibility Number for Subject Vehicles

    The importer of a vehicle admissible under any final decision must
indicate on the form HS-7 accompanying entry the appropriate vehicle
eligibility number indicating that the vehicle is eligible for entry.
VSP-512 is the vehicle eligibility number assigned to vehicles
admissible under this notice of final decision.

Final Decision

    Accordingly, on the basis of the foregoing, NHTSA has decided that
the previously described subset of 1994 and 1995 Land Rover Defender 90
MPVs that were not originally manufactured to comply with all
applicable FMVSS are substantially similar to 1994 and 1995 Land Rover
Defender 90 MPVs originally manufactured for sale in the United States
and certified under 49 U.S.C. 30115, and are capable of being readily
altered to conform to all applicable FMVSS.

    Authority: 49 U.S.C. 30141(a)(1)(A) and (b)(1); 49 CFR 593.8;
delegations of authority at 49 CFR 1.50 and 501.8.

    Issued on: December 16, 2008.
Claude H. Harris,
Director, Office of Vehicle Safety Compliance.
 [FR Doc. E8-30335 Filed 12-22-08; 8:45 am]

BILLING CODE 4910-59-P


[Federal Register: November 25, 2008 (Volume 73, Number 228)]
[Notices]
[Page 71629-71630]
[DOCID:fr25no08-56]

-----------------------------------------------------------------------

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings 1

September 30, 2008.
    Take notice that the Commission received the following electric
corporate filings:

    Docket Numbers: EC08-127-000.
    Applicants: Puget Sound Energy, Inc., Mint Farm Energy Center LLC.
    Description: Joint Application of Mint Farm Energy Center LLC and
Puget Sound Energy, Inc. Under Section 203 of the FPA and Request for
Expedited Action.
    Filed Date: 09/26/2008.
    Accession Number: 20080926-5119.
    Comment Date: 5 p.m. Eastern Time on Friday, October 17, 2008.

    Take notice that the Commission received the following exempt
wholesale generator filings:

    Docket Numbers: EG08-98-000.
    Applicants: Elbow Creek Wind Project LLC.
    Description: Self Certification Notice as an Exempt Wholesale
Generator of Elbow Creek Wind Project LLC.
    Filed Date: 09/29/2008.
    Accession Number: 20080929-5002.
    Comment Date: 5 p.m. Eastern Time on Monday, October 20, 2008.

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER08-1214-001; ER08-1215-001; ER08-1216-001.
    Applicants: Wisconsin Electric Power Company.
    Description: Wisconsin Electric Power Co. submits an executed
Settlement Agreement and associated documents.

    Filed Date: 09/12/2008.
    Accession Number: 20080912-4012.
    Comment Date: 5 p.m. Eastern Time on Tuesday, October 07, 2008.

    Docket Numbers: ER08-1315-001.
    Applicants: Florida Power & Light Company.
    Description: Florida Power & Light Company submits an amendment to
their 7/28/08 filing to address an inquiry from FERC Staff re the
nature of the facilities specifically whether the facilities to be
installed by FPL etc.
    Filed Date: 09/11/2008.
    Accession Number: 20080916-0098.
    Comment Date: 5 p.m. Eastern Time on Thursday, October 09, 2008.

    Take notice that the Commission received the following open access
transmission tariff filings:

    Docket Numbers: OA08-9-002.
    Applicants: PJM Interconnection, L.L.C.
    Description: Compliance Amendment.
    Filed Date: 09/29/2008.
    Accession Number: 20080929-5141.
    Comment Date: 5 p.m. Eastern Time on Monday, October 20, 2008.

    Any person desiring to intervene or to protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Rules of Practice and Procedure (18 CFR 385.211 and
385.214) on or before 5 p.m. Eastern time on the specified comment
date. It is not necessary to separately intervene again in a subdocket
related to a compliance filing if you have previously intervened in the
same docket. Protests will be considered by the Commission in
determining the appropriate action to be taken, but will not serve to
make protestants parties to the proceeding. Anyone filing a motion to
intervene or protest must serve a copy of that document on the
Applicant. In reference to filings initiating a new proceeding,
interventions or protests submitted on or before the comment deadline
need not be served on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://
www.ferc.gov. To facilitate electronic service, persons with Internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
14 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First St. NE., Washington, DC 20426.
    The filings in the above proceedings are accessible in the
Commission's eLibrary system by clicking on the appropriate link in the
above list. They are also available for review in the Commission's
Public Reference Room in Washington, DC. There is an eSubscription link
on the Web site that enables subscribers to receive e-mail notification
when a document is added to a subscribed dockets(s). For assistance
with any FERC Online service, please e-mail<EMAIL_ADDRESS>
or call<PHONE_NUMBER> (toll free). For TTY, call<PHONE_NUMBER>.

Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. E8-27904 Filed 11-24-08; 8:45 am]

BILLING CODE 6717-01-P