-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
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 wM8QKXhbSGX5VwmJjU1ZPg==

<SEC-DOCUMENT>0001010521-09-000849.txt : 20091228
<SEC-HEADER>0001010521-09-000849.hdr.sgml : 20091225
<ACCEPTANCE-DATETIME>20091228142041
ACCESSION NUMBER:		0001010521-09-000849
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20091031
FILED AS OF DATE:		20091228
DATE AS OF CHANGE:		20091228
EFFECTIVENESS DATE:		20091228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HANCOCK JOHN BANK & THRIFT OPPORTUNITY FUND
		CENTRAL INDEX KEY:			0000925683
		IRS NUMBER:				043241844
		STATE OF INCORPORATION:			MA

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08568
		FILM NUMBER:		091261584

	BUSINESS ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
		BUSINESS PHONE:		617-663-3000

	MAIL ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HANCOCK JOHN REGIONAL BANK & THRIFT FUND
		DATE OF NAME CHANGE:	19940620
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>answer.fil
<DESCRIPTION>BANK AND THRIFT OPPORTUNITY FUND
<TEXT>
<PAGE>      PAGE  1
000 B000000 10/31/2009
000 C000000 0000925683
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 JOHN HANCOCK BANK AND THRIFT OPPORTUNITY FUND
001 B000000 811-8568
001 C000000 6176633872
002 A000000 601 CONGRESS STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02210
002 D020000 2805
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
008 A000001 JOHN HANCOCK ADVISERS, LLC
008 B000001 A
008 C000001 801-8124
008 D010001 BOSTON
008 D020001 MA
008 D030001 02210
008 D040001 2805
008 A000002 MFC GLOBAL INVESTMENT MANAGEMENT (U.S.), LLC
008 B000002 S
008 C000002 801-42023
008 D010002 BOSTON
008 D020002 MA
008 D030002 02199
010 A000001 JOHN HANCOCK ADVISERS, LLC
010 B000001 801-8124
010 C010001 BOSTON
010 C020001 MA
010 C030001 02210
010 C040001 2805
011 A000001 JOHN HANCOCK FUNDS, LLC
011 B000001 8-43582
011 C010001 BOSTON
011 C020001 MA
011 C030001 02199
011 C040001 7603
012 A000001 MELLON INVESTOR SERVICES
012 B000001 84-5579
<PAGE>      PAGE  2
012 C010001 JERSEY CITY
012 C020001 NJ
012 C030001 07310
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 BOSTON
013 B020001 MA
013 B030001 02110
014 A000001 JOHN HANCOCK FUNDS, LLC
014 B000001 8-43582
014 A000002 SIGNATOR INVESTORS, INC.
014 B000002 8-13995
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02105
015 E010001 X
015 A000002 CITIBANK
015 B000002 S
015 C010002 BUENOS AIRES
015 D010002 ARGENTINA
015 E040002 X
015 A000003 HSBC LTD.
015 B000003 S
015 C010003 Sydney
015 D010003 Australia
015 E040003 X
015 A000004 CITIGROUP PTY. LTD
015 B000004 S
015 C010004 MELBOURNE
015 D010004 AUSTRALIA
015 E040004 X
015 A000005 Unicredit Bank Austria
015 B000005 S
015 C010005 Vienna
015 D010005 Austria
015 E040005 X
015 A000006 HSBC MIddle East
015 B000006 S
015 C010006 Al Seef
015 D010006 Kingdom of Bahrain
015 E040006 X
015 A000007 Standard Chartered Bank
015 B000007 S
015 C010007 Dhaka
015 D010007 Bangladesh
015 E040007 X
015 A000008 Deutsche Bank AG
015 B000008 S
015 C010008 Amsterdam
015 D010008 Netherlands
<PAGE>      PAGE  3
015 E040008 X
015 A000009 SOCIETE GENERALE DE BANQUES EN COTE D IVOIRE
015 B000009 S
015 C010009 ABIDJAN
015 D010009 IVORY COAST
015 E040009 X
015 A000010 BANK OF BERMUDA LIMITED
015 B000010 S
015 C010010 HAMILTON
015 D010010 BERMUDA
015 E040010 X
015 A000011 BARCLAYS BANK OF BOTSWANA
015 B000011 S
015 C010011 GARBORONE
015 D010011 BOTSWANA
015 E040011 X
015 A000012 CITIBANK, N.A
015 B000012 S
015 C010012 SAO PAULO
015 D010012 BRAZIL
015 D020012 01311
015 E040012 X
015 A000013 ING BANK N.V.
015 B000013 S
015 C010013 SOFIA
015 D010013 BULGARIA
015 E040013 X
015 A000014 UNICREDIT BULBANK AD
015 B000014 S
015 C010014 SOFIA
015 D010014 BULGARIA
015 E040014 X
015 A000015 STATE STREET TRUST COMPANY CANADA
015 B000015 S
015 C010015 TORONTO
015 D010015 CANADA
015 E040015 X
015 A000016 RBC DEXIA INVESTOR SERVICES LIMITED
015 B000016 S
015 C010016 ONTARIO
015 D010016 CANADA
015 E040016 X
015 A000017 CLOSE TRUSTEES (CAYMAN) LIMITED
015 B000017 S
015 C010017 GRAND CAYMAN
015 D010017 CAYMAN ISLANDS
015 E040017 X
015 A000018 Banco Itau Chile
015 B000018 S
015 C010018 Santiago
015 D010018 Chile
<PAGE>      PAGE  4
015 E040018 X
015 A000019 HSBC Bank (China) Company Limited
015 B000019 S
015 C010019 Shenzhen
015 D010019 China
015 E040019 X
015 A000020 The Hongkong & Shanghai Banking Corp Ltd
015 B000020 S
015 C010020 Shanghai
015 D010020 China
015 E040020 X
015 A000021 STANDARD CHARTERED BANK
015 B000021 S
015 C010021 SHANGHAI
015 D010021 CHINA
015 E040021 X
015 A000022 CITITRUST COLOMBIA S.A.
015 B000022 S
015 C010022 BOGOTA
015 D010022 COLOMBIA
015 E040022 X
015 A000023 BANCO BCT S.A.
015 B000023 S
015 C010023 SAN JOSE
015 D010023 COSTA RICA
015 E040023 X
015 A000024 PRIVREDA BANKA ZAGREB D.D.
015 B000024 S
015 C010024 ZAGREB
015 D010024 CROATIA
015 E040024 X
015 A000025 ZAGREBACKA BANKA D.D.
015 B000025 S
015 C010025 ZAGREB
015 D010025 CROATIA
015 E040025 X
015 A000026 BNP PARIBAS SECURITES SERVICES
015 B000026 S
015 C010026 ATHENS
015 D010026 GREECE
015 E040026 X
015 A000027 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B000027 S
015 C010027 PRAGUE
015 D010027 CZECH REPUBLIC
015 E040027 X
015 A000028 SKANDINAVINSKA ENSKILDA BANKEN AB
015 B000028 S
015 C010028 COPENHAGEN
015 D010028 DENMARK
015 E040028 X
<PAGE>      PAGE  5
015 A000029 Banco de la Produccion S.A.
015 B000029 S
015 C010029 Quito
015 D010029 Ecuador
015 E040029 X
015 A000030 HSBC Bank Egypt S.A.E.
015 B000030 S
015 C010030 Cairo
015 D010030 Egypt
015 E040030 X
015 A000031 AS SEB Pank
015 B000031 S
015 C010031 Tallinn
015 D010031 Estonia
015 E040031 X
015 A000032 SKANDINAESKA ENSKIDA BANKEN
015 B000032 S
015 C010032 STOCKHOLM
015 D010032 SWEDEN
015 E040032 X
015 A000033 DEUTSCHE BANK AG
015 B000033 S
015 C010033 Eschborn
015 D010033 GERMANY
015 E040033 X
015 A000034 STANDARD CHARTERED BANK (HONG KONG) LTD.
015 B000034 S
015 C010034 Kwun Tong
015 D010034 HONG KONG
015 E040034 X
015 A000035 UniCredit Bank Hungary Zrt.
015 B000035 S
015 C010035 Budapest
015 D010035 Hungary
015 E040035 X
015 A000036 NBI hf.
015 B000036 S
015 C010036 Reykjavik
015 D010036 Iceland
015 E040036 X
015 A000037 Deutsche Bank AG
015 B000037 S
015 C010037 Fort Mumbai
015 D010037 India
015 E040037 X
015 A000038 The Hong Kong & Shanghai Bank Corp.
015 B000038 S
015 C010038 Mumbai
015 D010038 India
015 E040038 X
015 A000039 STANDARD CHARTERED BANK
<PAGE>      PAGE  6
015 B000039 S
015 C010039 MUMBAI
015 D010039 INDIA
015 E040039 X
015 A000040 Deutsche Bank AG
015 B000040 S
015 C010040 JAKARTA
015 D010040 INDONEISA
015 E040040 X
015 A000041 BANK OF IRELAND
015 B000041 S
015 C010041 DUBLIN
015 D010041 IRELAND
015 E040041 X
015 A000042 Bank Hapoalim B.M.
015 B000042 S
015 C010042 Tel Aviv
015 D010042 Israel
015 E040042 X
015 A000043 Deusche Bank SpA
015 B000043 S
015 C010043 Milan
015 D010043 Italy
015 E040043 X
015 A000044 Bank of Nova Scotia Jamaica Ltd.
015 B000044 S
015 C010044 Kingston
015 D010044 Jamaica
015 E040044 X
015 A000045 MIZUHO CORPORATE BANK LTD
015 B000045 S
015 C010045 TOKYO
015 D010045 JAPAN
015 E040045 X
015 A000046 HSBC Bank Middle East Limited
015 B000046 S
015 C010046 Western Amman
015 D010046 Jordan
015 E040046 X
015 A000047 BARCLAYS BANK OF KENYA LIMITED
015 B000047 S
015 C010047 NAIROBI
015 D010047 KENYA
015 E040047 X
015 A000048 Deutsche Bank AG
015 B000048 S
015 C010048 Seoul
015 D010048 Korea
015 E040048 X
015 A000049 THE HONGKONG AND SHANGHAI BANKING CORP. LTD
015 B000049 S
<PAGE>      PAGE  7
015 C010049 SEOUL
015 D010049 KOREA
015 E040049 X
015 A000050 HSBC Bank Middle East, Kuwait
015 B000050 S
015 C010050 Safat
015 D010050 Kuwait
015 E040050 X
015 A000051 AS SEB Banka
015 B000051 S
015 C010051 Riga
015 D010051 Latvia
015 E040051 X
015 A000052 HSBC BANK MIDDLE EAST
015 B000052 S
015 C010052 BEIRUT
015 D010052 LEBANON
015 E040052 X
015 A000053 STANDARD CHARTERED BANK MALAYSIA BERHAD
015 B000053 S
015 C010053 KUALA LAMPUR
015 D010053 MALAYSIA
015 E040053 X
015 A000054 BANCO NACIONAL DE MEXICO S.A.
015 B000054 S
015 C010054 SANTA FE
015 D010054 MEXICO
015 E040054 X
015 A000055 STANDARD BANK NAMBIA LIMITED
015 B000055 S
015 C010055 WINDHOEK
015 D010055 NAMBIA
015 E040055 X
015 A000056 SB HSBC Bank Kazakhstan JSC
015 B000056 S
015 C010056 Almaty
015 D010056 Kazakhstan
015 E040056 X
015 A000057 Standard Chartered First Bank Korea Limited
015 B000057 S
015 C010057 Seoul
015 D010057 Korea
015 E040057 X
015 A000058 AS SEB Bankas
015 B000058 S
015 C010058 Vilnius
015 D010058 Lithuania
015 E040058 X
015 A000059 Citibank Maghreb
015 B000059 S
015 C010059 Casablanca
<PAGE>      PAGE  8
015 D010059 Morocco
015 E040059 X
015 A000060 HSBC Bank Plc.
015 B000060 S
015 C010060 London
015 D010060 England
015 E040060 X
015 A000061 Stanbic IBTC Bank Plc.
015 B000061 S
015 C010061 Lagos
015 D010061 Nigeria
015 E040061 X
015 A000062 SKANDINAVINSKA ENSKILDA BANKEN AB
015 B000062 S
015 C010062 STOCKHOLM
015 D010062 SWEDEN
015 E040062 X
015 A000063 Deutsche Bank A.G.
015 B000063 S
015 C010063 Karachi
015 D010063 Pakistan
015 E040063 X
015 A000064 Citibank del Peru S.A.
015 B000064 S
015 C010064 Lima
015 D010064 Peru
015 E040064 X
015 A000065 STANDARD CHARTERED BANK
015 B000065 S
015 C010065 MANILA
015 D010065 PHILIPPINES
015 E040065 X
015 A000066 BANK HANDLOWLY W WARSZAWIE S.A.
015 B000066 S
015 C010066 WARSAW
015 D010066 POLAND
015 E040066 X
015 A000067 BNP PARIBAS SECURITIES SERVICES S.A.
015 B000067 S
015 C010067 PARIS
015 D010067 FRANCE
015 E040067 X
015 A000068 HSBC Bank Middle East Limited
015 B000068 S
015 C010068 Muscat
015 D010068 Oman
015 E040068 X
015 A000069 Standard Chartered Bank (Pakistan) Limited
015 B000069 S
015 C010069 Karachi
015 D010069 Pakistan
<PAGE>      PAGE  9
015 E040069 X
015 A000070 HSBC Bank Middle East Limited
015 B000070 S
015 C010070 Ramallah, West Bank
015 D010070 Palestine
015 E040070 X
015 A000071 Banco Comercial Portugues S.A.
015 B000071 S
015 C010071 Lisbon
015 D010071 Portugal
015 E040071 X
015 A000072 Citibank, N.A.
015 B000072 S
015 C010072 San Juan
015 D010072 Puerto Rico
015 E040072 X
015 A000073 HSBC Bank Middle East Limited
015 B000073 S
015 C010073 Doha
015 D010073 Qatar
015 E040073 X
015 A000074 ING BANK N.V.
015 B000074 S
015 C010074 BUCHAREST
015 D010074 ROMANIA
015 E040074 X
015 A000075 UNICREDIT TRIAC BANK S.A.
015 B000075 S
015 C010075 BUCHAREST
015 D010075 ROMANIA
015 E040075 X
015 A000076 ING Bank (Euroasia) ZAO
015 B000076 S
015 C010076 Moscow
015 D010076 Russia
015 E040076 X
015 A000077 Saudi British Bank
015 B000077 S
015 C010077 Riyadh
015 D010077 Saudi Arabia
015 E040077 X
015 A000078 SOCIETE GENERALE BE BANQUES EN COTE D'IVOIRE
015 B000078 S
015 C010078 ABIDJAN
015 D010078 BENIN
015 E040078 X
015 A000079 UniCredit Bank Serbia JSC
015 B000079 S
015 C010079 Belgrade
015 D010079 Serbia
015 E040079 X
<PAGE>      PAGE  10
015 A000080 CITIBANK N.A.
015 B000080 S
015 C010080 SINGAPORE
015 D010080 SINGAPORE
015 E040080 X
015 A000081 UNITED OVERSEAS BANK LTD
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015 C010081 SINGAPORE
015 D010081 SINGAPORE
015 E040081 X
015 A000082 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B000082 S
015 C010082 BRATISLAVA
015 D010082 SLOVAK REPUBLIC
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015 A000083 UNICREDIT BANK  SLOVAKIA A.S.
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015 C010083 BRATISLAVA
015 D010083 SLOVAK REPUBLIC
015 E040083 X
015 A000084 UNICREDIT BANK SLOVENIJA D.D.
015 B000084 S
015 C010084 LJUBLJANA
015 D010084 SLOVENIA
015 E040084 X
015 A000085 Nedbank Limited
015 B000085 S
015 C010085 Johannesburg
015 D010085 South Africa
015 E040085 X
015 A000086 STANDARD BANK OF SOUTH AFRICA LTD
015 B000086 S
015 C010086 JOHANNESBURG
015 D010086 SOUTH AFRICA
015 E040086 X
015 A000087 Deutsche Bank S.A.E.
015 B000087 S
015 C010087 Barcelona
015 D010087 Spain
015 E040087 X
015 A000088 The HongKong & Shanghai Banking Corp Ltd
015 B000088 S
015 C010088 Colombo
015 D010088 Sri Lanka
015 E040088 X
015 A000089 STANDARD CHARTERED BANK
015 B000089 S
015 C010089 COLOMBO
015 D010089 SRI LANKA
015 E040089 X
015 A000090 STANDARD BANK SWAZILAND LIMITED
<PAGE>      PAGE  11
015 B000090 S
015 C010090 MBABANE
015 D010090 SWAZILAND
015 E040090 X
015 A000091 UBS AG
015 B000091 S
015 C010091 ZURICH
015 D010091 SWITZERLAND
015 E040091 X
015 A000092 CREDIT SUISSE FIRST BOSTON
015 B000092 S
015 C010092 ZURICH
015 D010092 SWITZERLAND
015 E040092 X
015 A000093 Deutsche Bank
015 B000093 S
015 C010093 Taipei
015 D010093 Taiwan R.O.C.
015 E040093 X
015 A000094 STANDARD CHARTERED BANK, TAIPEI
015 B000094 S
015 C010094 TAIPEI
015 D010094 TAIWAN
015 E040094 X
015 A000095 The Hong Kong & Shanghai Bank Corp.
015 B000095 S
015 C010095 Tokyo
015 D010095 Japan
015 E040095 X
015 A000096 The Hong Kong & Shanghai Bank Corp.
015 B000096 S
015 C010096 valletta
015 D010096 malta
015 E040096 X
015 A000097 The Hong Kong & Shanghai Bank Corp.
015 B000097 S
015 C010097 ebene
015 D010097 mauritius
015 E040097 X
015 A000098 The Hong Kong & Shanghai Bank Corp.
015 B000098 S
015 C010098 Auckland
015 D010098 New Zealand
015 E040098 X
015 A000099 UNICREDIT BANK CZECH REPUBLIC A S
015 B000099 S
015 C010099 PRAGUE
015 D010099 CZECH REPUBLIC
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<PAGE>      PAGE  12
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<PAGE>      PAGE  17
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SIGNATURE   KINGA KAPUSCINSKI
TITLE       AVP AND SR. COUNSEL

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<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>nsar.htm
<DESCRIPTION>ACCOUNTANT'S LETTER
<TEXT>

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<a name="page_1"></a> <h2 style='margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;'><b><font face=Arial style='font-size:10.0pt;'>&nbsp;</font></b></h2> <h2 style='margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;'><b><font face=Arial style='font-size:10.0pt;'>Report of Independent Registered Public Accounting Firm</font></b></h2>
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;'><b><font face=Arial lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>To the Board of Trustees and Shareholders of John Hancock Bank and Thrift Opportunity Fund,</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>In planning and performing our audit of the financial statements of John Hancock Bank and Thrift Opportunity Fund (the &#8220;Fund&#8221;) as of and for the year ended October 31, 2009, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Fund's internal control over financial reporting.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting.&#160; In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.&#160; A fund&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.&#160; A fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit
 preparation of financial statements in accordance with</font><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'> </font><font face=Arial lang=EN-US style='font-size:10.0pt;'>generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3)</font><font color=red face=Arial lang=EN-US style='font-size:10.0pt;'> </font><font face=Arial lang=EN-US style='font-size:10.0pt;'>&#160;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund&#8217;s assets that could have a material effect on the financial statements.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.&#160; Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.&#160; A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund's annual or interim financial statements will not be prevented or detected on a timely basis.&#160; </font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States).&#160; However, we noted no deficiencies in the Fund's internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be material weaknesses as defined above as of October 31, 2009.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>This report is intended solely for the information and use of management and the Board of Trustees of John Hancock Bank and Thrift Opportunity Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><u><font face=Arial lang=EN-US style='font-size:10.0pt;'>/s/ PricewaterhouseCoopers LLP</font></u></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>PricewaterhouseCoopers LLP</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>December 18, 2009</font></p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77C VOTES
<SEQUENCE>3
<FILENAME>meeting.htm
<DESCRIPTION>SHAREHOLDER MEETING
<TEXT>

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<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif color=#63a6b0 size=2>Shareholder meeting</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT face=serif size=2>On May 18, 2009, an adjourned session of the Annual Meeting of the Shareholders of John Hancock Bank and Thrift Opportunity Fund was held at 601 Congress Street, Boston, Massachusetts for the purpose of considering and voting upon:</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>Proposal 1: </FONT></B><FONT face=serif size=2>Election of six Trustees to serve until their respective successors have been duly elected and qualified.</FONT></P>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="37%"></TD>
     <TD width="37%"></TD>
     <TD width="25%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><B><FONT face=serif size=2>PROPOSAL 1 </FONT></B><B><FONT face=serif size=2>PASSED </FONT></B><B><FONT face=serif size=2>FOR </FONT></B><B><FONT face=serif size=2>ALL </FONT></B><B><FONT face=serif size=2>TRUSTEES ON MAY 18, 2009.</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>WITHHELD</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT face=sans-serif size=1>FOR</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT face=sans-serif size=1>AUTHORITY</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Deborah C. Jackson</FONT></TD>
     <TD noWrap align=right><FONT face=serif size=2>10,123,104</FONT></TD>
     <TD noWrap align=right><FONT face=serif size=2>1,758,071</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Charles L. Ladner</FONT></TD>
     <TD noWrap align=right><FONT face=serif size=2>10,136,736</FONT></TD>
     <TD noWrap align=right><FONT face=serif size=2>1,744,439</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Stanley Martin</FONT></TD>
     <TD noWrap align=right><FONT face=serif size=2>10,146,969</FONT></TD>
     <TD noWrap align=right><FONT face=serif size=2>1,734,206</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>John A. Moore</FONT></TD>
     <TD noWrap align=right><FONT face=serif size=2>10,144,867</FONT></TD>
     <TD noWrap align=right><FONT face=serif size=2>1,736,308</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Gregory A. Russo</FONT></TD>
     <TD noWrap align=right><FONT face=serif size=2>10,158,399</FONT></TD>
     <TD noWrap align=right><FONT face=serif size=2>1,722,776</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>John G. Vrysen</FONT></TD>
     <TD noWrap align=right><FONT face=serif size=2>10,142,910</FONT></TD>
     <TD noWrap align=right><FONT face=serif size=2>1,738,265</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=3></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><B><FONT face=serif size=2>Proposal 2: </FONT></B><FONT face=serif size=2>To adopt a new form of investment advisory agreement.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face=serif size=2>PROPOSAL 2 </FONT></B><B><FONT face=serif size=2>PASSED </FONT></B><B><FONT face=serif size=2>ON MAY 18, 2009.</FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>For</FONT></TD>
     <TD noWrap align=right><FONT face=serif size=2>7,968,475</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Against</FONT></TD>
     <TD noWrap align=right><FONT face=serif size=2>1,544,674</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Withheld</FONT></TD>
     <TD noWrap align=right><FONT face=serif size=2>269,223</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Broker Non-Votes</FONT></TD>
     <TD noWrap align=right><FONT face=serif size=2>2,098,803</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE><BR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>4
<FILENAME>advagrmnt.htm
<DESCRIPTION>ADVISORY AGREEMENT
<TEXT>

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<p align=center style='line-height:200%;margin:0in;margin-bottom:.0001pt;text-align:center;'><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>JOHN HANCOCK BANK AND THRIFT OPPORTUNITY FUND</font></b></p>
<p align=center style='line-height:200%;margin:0in;margin-bottom:.0001pt;text-align:center;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>ADVISORY AGREEMENT</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Advisory Agreement dated July 1, 2009, between John Hancock Bank and Thrift Opportunity Fund, a </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>Massachusetts business trust (the &#8220;Fund&#8221;),</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>and John Hancock</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> Advisers, </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>LLC, a</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> Delaware limited liability company (&#8220;JHA&#8221; or the &#8220;Adviser&#8221;).&#160; In consideration of the mutual covenants contained herein, the 
parties agree as follows:</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>1.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>APPOINTMENT OF ADVISER</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>The Fund hereby appoints JHA, subject to the supervision of the Trustees of the Fund and the</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> terms of this Agreement, as the investment adviser for </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>the</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> Fund.&#160; The Adviser accepts such appointment and agrees to render the services and to assume the obligations set forth in this Agreement commencing on its effective date.&#160; The Adviser will be an independent contractor and will have no authority to act for or represent the Fund in an</font><i><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>y</font></i><font face="Times New Roma
n" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> way or otherwise be deemed an agent unless expressly authorized in this Agreement or another writing by the Fund and the Adviser.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>2.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>DUTIES OF THE ADVISER</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>a.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Subject to the general supervision of the Trustees of the Fund and the terms of this Agreement, the Adviser will at its own expense, except as noted below, select and contract with investment subadvisers (&#8220;Subadvisers&#8221;) to manage the investments and determine the composition of the assets of the Fund; provided, that any contract with a Subadviser (a &#8220;Subadvisory Agreement&#8221;) shall be in compliance with and approved as required by the Investment Company Act 
of 1940, as amended (the &#8220;1940 Act&#8221;), except for such exemptions therefrom as may be granted to the </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>Fund or the Adviser.&#160; Subject always to the direction and control of the Trustees of the Fund, the</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> Adviser will monitor each Subadviser&#8217;s management of the Fund&#8217;s investment operations in accordance with the investment objectives and related investment policies, as set forth in the registration statement with the Securities and Exchange Commission of the Fund under the management of such Subadviser, and review and report to the Trustees of the Fund on the performance of such Subadviser.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>b.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.1pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>The Adviser shall furnish to the Fund the following:</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>i.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Office and Other Facilities</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - The Adviser shall furnish to the Fund office space in the offices of the Adviser or in such other place as may be agreed upon by the parties hereto from time to time, and all necessary office facilities and equipment.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>ii.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Trustees and Officers</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - The Adviser agrees to permit individuals who are directors, officers or employees of the Adviser to serve (if duly elected or appointed) as Trustees or President of the Fund without remuneration from or other cost to the Fund.</font></p>
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<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>iii.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.1pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Investment Personnel</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - The Adviser shall furnish to the Fund any personnel necessary for the oversight and/or conduct of the investment operations of the Fund.&#160; For the elimination of doubt, however, the Adviser shall not be obligated to furnish to the Fund pursuant to this Agreement personnel for the performance of functions: (a)&nbsp;related to and to be performed under any other separate contract from time-t
o-time in effect between the Fund and the Adviser or another party for legal, accounting, administrative and other any other non-investment related services; (b)&nbsp;related to and to be </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>performed under the Fund contract for custodial, bookkeeping, transfer and dividend</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>disbursing agency services by the bank</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>or other </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>financial</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'> inst</font><font face="Times New Roman" la
ng=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>i</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>tution selected to perform </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>such services; or (c)&nbsp;related to the investment </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>subadvisory</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>services to </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>be provided by any</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'> Subadviser pursuant to a Subadvisory Agreement.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>iv.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.1pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>Reports to Fund</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>. - The Adviser shall furnish to, or place at the disposal of, the Fund such information, reports, valuations, analyses and opinions as the Fund may, at any time or from time to time, reasonably request or as the Adviser may deem helpful to the Fund, provided that the expenses associated with any such materials furnished by the Adviser at the request of the Fund shall be borne by the Fund.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>c.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.1pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>In addition to negotiating and contracting with Subadvisers as set forth in section (2)(a) of this Agreement and providing facilities, personnel and services as set forth in section (2)(b), the Adviser will pay the compensation of the President and Trustees of the Fund who are also directors, officers or employees of the Adviser or its affiliates.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>d.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:-.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>The Adviser may elect to manage the investments and determine the composition of the assets of the Fund, subject to the approval of the Trustees of the Fund.&#160; In the event of such election, the Adviser, subject always to the direction and control of the Trustees of the Fund, will manage the investments and determine the composition of the assets of the Fund in accordance with the Fund&#8217;s registration statement, as amended.&#160; In fulfilling its obligations to manage the investments and reinvestments of th
e assets of the Fund, the Adviser:</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>i.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:-.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>will obtain and evaluate pertinent economic, statistical, financial and other information affecting the economy generally and individual companies or industries the securities of which are included in the Fund or are under consideration for inclusion in the Fund;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>ii.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:-.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>will formulate and implement a continuous investment program for the Fund consistent with the investment objectives and related investment policies for the Fund as described in the Fund&#8217;s registration statement, as amended;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>iii.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:-.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>will take whatever steps are necessary to implement these investment programs by the purchase and sale of securities including the placing of orders for such purchases and sales;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
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<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>iv.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:-.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>will regularly report to the Trustees of the Fund with respect to the implementation of these investment programs;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>v.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:-.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>will provide assistance to the Fund&#8217;s Custodian regarding the fair value of securities held by the Fund for which market quotations are not readily available;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>vi.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:-.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>will furnish, at its expense: (i) all necessary investment and management facilities, including salaries of personnel required for it to execute its duties faithfully; and (ii) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the investment affairs of the Fund (excluding any such services that are the subject of a separate agreement as may from time to time be in effect between the Fund and the Adviser or another party);</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>vii.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:-.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>will select brokers and dealers to effect all transactions subject to the following conditions: the Adviser will place all necessary orders with brokers, dealers, or issuers, and will negotiate brokerage commissions if applicable; the Adviser is directed at all times to seek to execute brokerage transactions for the Fund in accordance with such policies or practices as may be established by the Trustees and described in the Fund&#8217;s registration statement as amended; the Adviser may pay a broker-dealer which provides re
search and brokerage services a higher spread or commission for a particular transaction than otherwise might have been charged by another broker-dealer, if the Adviser determines that the higher spread or commission is reasonable in relation to the value of the brokerage and research services that such broker-dealer provides, viewed in terms of either the particular transaction or the Adviser&#8217;s overall responsibilities with respect to accounts managed by the Adviser; and the Adviser may use for the benefit of its other clients, or make available to companies affiliated with the Adviser for the benefit of such companies or their clients, any such brokerage and research services that the Adviser obtains from brokers or dealers;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>viii.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:-.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, on occasions when the Adviser deems the purchase or sale of a security to be in the best interest of the Fund as well as other clients of the Adviser, aggregate the securities to be purchased or sold to attempt to obtain a more favorable price or lower brokerage commissions and efficient execution.&#160; In such event, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made 
by the Adviser in the manner the Adviser considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to its other clients;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>ix.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>will maintain all accounts, books and records with respect to the Fund as are required of an investment adviser of a registered investment company pursuant to the 1940 Act and the </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>Investment Advisers Act of 1940, as amended (the &#8220;Advisers Act&#8221;) and the rules</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> thereunder; and</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>x.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>will vote all proxies received in connection with securities held by the Fund.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
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<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>3.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>EXPENSES ASSUMED BY THE FUND</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>The Fund will pay all expenses of its organization, operations and business not specifically assumed or agreed to be paid by the Adviser, as provided in this Agreement, or by a Subadviser, as provided in a Subadvisory Agreement.&#160; Without limiting the generality of the foregoing, in addition to certain expenses described in section 2 above, the Fund shall pay or arrange for the payment of the following:</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>a.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Edgarization, Printing and Mailing</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - Costs of edgarization, printing and mailing (i) all registration statements (including all amendments thereto) and prospectuses/statements of additional information (including all supplements thereto), all annual, semiannual and periodic reports to shareholders of the Fund, regulatory authorities or others, (ii) all notices and proxy solicitati
on materials furnished to shareholders of the Fund or regulatory authorities and (iii) all tax returns;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>b.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Compensation of Officers and Trustees</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - Compensation of the officers and Trustees of the Fund </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>(other than persons serving as </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>President</font><font face="Times New Roman" lang=EN-US style='font-size:12.0p
t;letter-spacing:.1pt;'> or Trustee of the Fund who are also directors, officers or</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> employees of the Adviser or its affiliates);</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>c.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Registration and Filing Fees</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - Registration, filing, blue-sky and other fees in connection with requirements of regulatory authorities, including, without limitation, all fees and expenses of registering and maintaining the registration of the Fund under the 1940 Act and the registration of the Fund&#8217;s shares under the Securities Act of 1933, as amended;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>d.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Custodial Services</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - The charges and expenses of the custodian appointed by the Fund for custodial services;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>e.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Accounting Fees</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - The charges and expenses of the independent accountants retained by the Fund;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>f.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Legal, Accounting and Administrative Services</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - The charges and expenses of the Adviser or any other party pursuant to any separate contract with the Fund from time to time in effect with respect to the provision of legal services (including registering and qualifying Fund shares with regulatory authorities), as well as accounting, administrative and any other non-investment related services;<
/font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>g.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Transfer, Bookkeeping and Dividend Disbursing Agents</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - The charges and expenses of any transfer, bookkeeping and dividend disbursing agents appointed by the Fund;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>h.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Commissions</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - Broker&#8217;s commissions and issue and transfer taxes chargeable to the Fund in connection with securities transactions to which the Fund is a party;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>i.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Taxes</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - Taxes and corporate fees payable by the Fund to federal, state or other governmental agencies and the expenses incurred in the preparation of all tax returns;</font></p>
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<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>j.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Stock Certificates</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - The cost of stock certificates, if any, representing shares of the Fund;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>k.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Membership Dues</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - Association membership dues, as explicitly approved by the Trustees;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>l.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Insurance Premiums</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - Insurance premiums for fidelity, errors and omissions, directors and officers and other coverage;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>m.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Shareholders and Trustees Meetings</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - Expenses of shareholders and Trustees meetings;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>n.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Pricing</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - Pricing of the Fund&#8217;s shares, including the cost of any equipment or services used for obtaining price quotations and valuing Fund portfolio investments;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>o.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Interest</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - Interest on borrowings;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>p.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Communication Equipment</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - All charges for equipment or services used for communication between the Adviser or the Fund and the custodian, transfer agent or any other agent selected by the Fund; and</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>q.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Nonrecurring and Extraordinary Expense</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - Such nonrecurring expenses as may arise, including the costs of actions, suits, or proceedings to which the Fund is, or is threatened to be made, a party and the expenses the Fund may incur as a result of its legal obligation to provide indemnification to its Trustees, officers, agents and shareholders</font><font color=#312900 face="Times New Roman" lang=EN-US sty
le='font-size:12.0pt;letter-spacing:-.2pt;'>.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>4.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>COMPENSATION OF ADVISER</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>Subject to the provisions of section 2(d) of this Agreement, </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>the Adviser shall be entitled to a fee, paid daily,</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>at such annual percentage rates, as specified in Appendix A to this Agreement, of the average daily net assets of the Fund.&#160; </font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>5.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>NON-EXCLUSIVITY</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>The services of the Adviser to the Fund are not to be deemed to be exclusive, and the Adviser shall be free to render investment advisory or other services to others (including other investment companies) and to engage in other activities.&#160; It is understood and agreed that the directors, officers and employees of the Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors, trustees or employees of any other firm or corporation, including other investment companies.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
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<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>6.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>SUPPLEMENTAL ARRANGEMENTS</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>The Adviser may enter into arrangements with other persons affiliated with the Adviser to better</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'> enable it to fulfill its obligations under this Agreement for the provision of certain personnel and facilities to the Adviser.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>7.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>CONFLICTS OF INTEREST</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>It is understood that Trustees, officers, agents and shareholders of the Fund are or may be interested in the Adviser as directors, officers, stockholders, or otherwise; that directors, officers, agents and stockholders of the Adviser are or may be interested in the Fund as Trustees, officers, shareholders or otherwise; that the Adviser may be interested in the Fund; and that the existence of any such dual interest shall not affect the validity hereof or of any transactions hereunder except as otherwise provided </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>in the Agreement and Declaration of Trust of the Fund or the organizational documents of the Adviser or</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'> by specific provision of a
pplicable law. </font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>8.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>REGULATION</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>The Adviser shall submit to all regulatory and administrative bodies having jurisdiction over the</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'> services provided pursuant to this Agreement any information, reports or other material which any such body by reason of this Agreement may request or require pursuant to applicable laws and regulations.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>9.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>DURATION AND TERMINATION OF AGREEMENT</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>This Agreement shall become effective on the later of (i) its execution and (ii) the date of the meeting of the shareholders of the Fund, at which meeting this Agreement is approved by the vote of a </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>&#8220;majority of the outstanding voting securities&#8221; (as defined in the 1940 Act) of the Fund.&#160; The Agreement</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'> will continue in effect for a period more than two years from the date of its execution only so long as such continuance is specifically approved at least annually either by the Trustees of the Fund or by the vote of a majority of the outstanding voting securities of the Fund provided that in either event such continuance sha
ll also be approved by the vote of a majority of the Trustees of the Fund who are not &#8220;interested persons&#8221; (as defined in the 1940 Act) of any party to this Agreement cast in person at a meeting called for the purpose of voting on such approval.&#160; The required shareholder approval of the Agreement or of any continuance of the Agreement shall be effective if a majority of the outstanding voting securities of the Fund votes to approve the Agreement or its continuance.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>Following the effectiveness of the Agreement, if the Agreement terminates because the shareholders of the Fund fail to provide any requisite approval under the 1940 Act for the continued effectiveness of the Agreement, the Adviser will continue to act as investment adviser with respect to the Fund pending the required approval of the Agreement or its continuance or of a new contract with the Adviser or a different adviser or other definitive action; provided, that the compensation received by the Adviser in respect of the Fund during such period will be no more than its actual costs incurred in furnishing investment advisory and management services to the Fund or the amount it would have received under the Agreement in respect of the Fund, whichever is less; </font>
<a name="page_7"></a><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.2pt" face="Times New Roman">provided further, for the elimination of doubt, the failure of shareholders of the Fund to approve a proposed amendment to the Agreement is not a termination of the Agreement with respect to the Fund and, in such event, the Agreement shall continue with respect to the Fund as previously in force and effect.</FONT></P>
<P style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0.2pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0.05in 0pt 0in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.2pt" face="Times New Roman">This Agreement may be terminated at any time, without the payment of any penalty, by the Trustees of the Fund, by the vote of a majority of the outstanding voting securities of the Fund, on sixty days&#146; written notice to the Adviser, or by the Adviser on sixty days&#146; written notice to the Fund.&nbsp; This </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.3pt" face="Times New Roman">Agreement will automatically terminate, without payment of any penalty, in the event of its &#147;assignment&#148;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.2pt" face="Times New Roman"> (as defined in the 1940 Act).</FONT></P>
<P style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0.2pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0.2pt" face="Times New Roman" color=black>10.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: 0.2pt" face="Times New Roman" color=black>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.2pt" face="Times New Roman">PROVISION OF CERTAIN INFORMATION BY ADVISER</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.2pt" face="Times New Roman">.</FONT></P>
<P style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0.2pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">The Adviser will promptly notify the Fund in writing of the occurrence of any of the following:</FONT></P>
<P style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0.2pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0.05in 0pt 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.2pt" face="Times New Roman" color=black>a.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.2pt" face="Times New Roman" color=black>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.2pt" face="Times New Roman">the Adviser </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0.2pt" face="Times New Roman">fails</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.2pt" face="Times New Roman"> to be registered as an investment adviser under the Advisers Act or under the </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.3pt" face="Times New Roman">laws of any jurisdiction in which the Adviser is required to be registered as an investment adviser</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LE
TTER-SPACING: -0.2pt" face="Times New Roman"> in order to perform its obligations under this Agreement;</FONT></P>
<P style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0.2pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0.05in 0pt 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman" color=black>b.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman" color=black>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.2pt" face="Times New Roman">the Adviser is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, involving the affairs of the Fund; and</FONT></P>
<P style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0.2pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0.05in 0pt 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman" color=black>c.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman" color=black>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.2pt" face="Times New Roman">the chief executive officer or managing member of the Adviser or the portfolio manager of the Fund changes</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">.</FONT></P>
<P style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.05in; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0.2pt" face="Times New Roman" color=black>11.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: 0.2pt" face="Times New Roman" color=black>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">AMENDMENTS TO THE AGREEMENT</FONT></B></P>
<P style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0.2pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.1pt" face="Times New Roman">This Agreement may</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.1pt" face="Times New Roman">be amended by the parties only if such amendment is specifically approved</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> by the vote of a majority of the outstanding voting securities of the Fund and by the vote of a majority of the Trustees of the Fund who are not interested persons of </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.1pt" face="Times New Roman">an</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">y</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.1pt" face="Times New Roman"> pa</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">r</FONT><FONT lang=EN-US sty
le="FONT-SIZE: 12pt; LETTER-SPACING: -0.1pt" face="Times New Roman">ty to this Agreement cast in person at a meeting called for the purpose of voting on such approval.&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">The required shareholder approval shall be effective if a majority of the outstanding voting securities of the Fund vote to approve the amendment.</FONT></P>
<P style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0.2pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0.2pt" face="Times New Roman" color=black>12.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: 0.2pt" face="Times New Roman" color=black>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">ENTIRE AGREEMENT</FONT></B></P>
<P style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0.2pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">This</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.15pt" face="Times New Roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">A</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.15pt" face="Times New Roman">greement contains the entire unders</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.15pt" face="Times New Roman">anding and agreement of the parties.</FONT></P>
<P style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0.2pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0.2pt" face="Times New Roman" color=black>13.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: 0.2pt" face="Times New Roman" color=black>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">HEADINGS</FONT></B></P>
<P style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0.2pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0.05in 0pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">The headings in the sections of this Agreement are inserted for convenience of reference only and shall not constitute a part hereof.</FONT></P>
<P style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0.2pt" face="Times New Roman"></FONT>&nbsp;</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<a name="page_8"></a>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>14.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>NOTICES</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>All notices required to be given pursuant to this Agreement shall be delivered or mailed to the </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>last known business address of the Fund or Adviser in person or by regist</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>e</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>red mail or a private mail or</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'> delivery service providing the sender with notice of receipt.&#160; Notice shall be deemed given on the date delivered or mailed in accordance with this section.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>15.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>SEVERABILITY</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.15in;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>Should any portion of this Agreement for any reason be held to be void in law or in equity, the A</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.05pt;'>gr</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>eement shall be construed, insofar as is possible, as if such portion had never</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.05pt;'>be</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>en contained h</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>e</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.05pt;'>re</font><font face="Times New Roman" lang=EN-US style='font-
size:12.0pt;letter-spacing:-.1pt;'>in.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>16.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.8pt;'>GOVERNING LAW</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>The provisions of this Agreement shall</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>be construed</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>an</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>d</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'> interpreted in accor</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>d</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>ance with the laws</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>
 of The Commonwealth of Massachusetts, or any of the applicable provisions of the 1940 Act.&#160; To the </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>extent that the laws of The Commonwealth of Massachusetts, or</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>an</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>y</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'> of the provisions in this Agreement,</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'> conflict with applicable provisions of the 1940 Act, the latter shall control.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>17.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>NAME OF THE FUND</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>The Fund may use the name &#8220;John </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>H</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>ancock&#8221; or</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'> any name or names derived from or similar to the names &#8220;John Hancock Advisers</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>, LLC,&#8221; &#8220;John </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>H</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>ancock Life Insurance Com</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>p</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt
;letter-spacing:-.1pt;'>any&#8221; or &#8220;John Hancock Financial Services, Inc.&#8221;</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>only for so</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>long as this </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>A</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>greement remains in effect as to the Fund.&#160; At such time</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'> as this Agreement shall no longer be in effect as to the Fund, the Fund will (to the extent it lawfully can) cease to use such a name or any </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>other name indicating that the Fund 
is advised by or otherwise connected with the </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>Adviser.&#160; The Fund acknowledges that it has adopted the name John Hancock Bank and Thrift Opportunity Fund through permission of John Hancock Life Insurance Company, a Massachusetts insurance company, and agrees that John Hancock Life Insurance Company reserves to itself and any successor to its business the right to grant the non-exclusive right to use the name &#8220;John Hancock&#8221; or any similar name or names to any </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>other corporation or entity, including but not limited to any investment company of which John Hancock</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'> Life Insurance Company or any subsidiary or affiliate thereof shall be the investment adviser.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>18.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>LIMITATION OF LIABILITY UNDER THE DECLARATION OF TRUST</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>The Amended and Restated Declaration of Trust establishing the Fund, dated March 8, 2005, a copy of which, together with all amendments thereto (the &#8220;Declaration&#8221;), is on file in the office of the Secretary of The Commonwealth of Massachusetts, provides that no Trustee, shareholder, officer, employee or agent of the Fund shall be subject to any personal liability in connection with Fund property or the affairs of the </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>Fund and that all persons should shall look solely to the Fund property </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>for satisfaction of claims of any nature arising in connection with the affairs of the Fund.</font></p>
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<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>19.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>LIABILITY OF THE ADVISER</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>In the absence of (a) willful misfeasance, bad faith or gross negligence on the part of the Adviser</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'> in performance of its obligations and duties hereunder, (b) reckless disregard by the Adviser of its obligations and duties hereunder, or (c)&nbsp;a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services (in which case any award of damages shall be limited to the period and the amount set forth in Section 36(b)(3) of the 1940 Act), the Adviser shall not be subject to any liability whatsoever to the Fund, or to any shareholder for any error of judgment, mistake of law or any other act or omission in the course of, or connected with, rendering services hereunder including, without limitat
ion, for any losses that may be sustained in connection with the purchase, holding, redemption or sale of any security on behalf of the Fund.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>20.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:1.3pt;'>INDEMNIFICATION</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>a.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:-.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>To the fullest extent permitted by applicable law, the Fund shall indemnify the Adviser, its affiliates and the officers, directors, employees and agents of the Adviser and its affiliates (each an &#8220;indemnitee&#8221;) against any and all losses, claims, damages, </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>liabilities or expenses (including reasonable counsel fees and expenses) resulting from any claim, </font><font face="T
imes New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>demand, action or suit relating to the Fund and not resulting from the willful misfeasance, bad faith, gross negligence, or reckless disregard of the indemnitee in the performance of the obligations and duties of the indenmitee&#8217;s office.&#160; The federal and state securities laws impose liabilities under certain circumstances on persons who act in good faith, and therefore nothing in this Agreement will waive or limit any rights that the Fund may have under those laws.&#160; An indemnitee will not confess any claim or settle or make any compromise in any instance in which the Fund will be asked to provide indemnification, except with the Fund&#8217;s prior written consent.&#160; Any amounts payable by the Fund under this section shall </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>be satisfied only against the assets of the Fund</font><font face="Times New Roman" lang=EN-US style='f
ont-size:12.0pt;letter-spacing:-.2pt;'>.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>b.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>Any indemnification or advancement of expenses made in accordance with this section shall not prevent the recovery from any indemnitee of any amount if the indemnitee subsequently is determined in a final judicial decision on the merits in any action, suit, investigation or </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>proceeding involving the liability or expense that gave rise to the indemnification to be liable to the Fund</font><font
 face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'> or its shareholders by reason of willful misfeasance, bad faith,</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>gross negligence, or reckless</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> disregard of the duties involved in the conduct of the indemnitee&#8217;s </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>office</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>c.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>The rights of indemnification </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>provided</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> in this section shall not be exclusive of or affect any other rights to which any person may be entitled by contract or otherwise under law.&#160; Nothing contained in this section shall affect the power of the Fund to purchase and maintain liability insuran
ce on behalf of the Adviser or any indemnitee.</font></p>
<p style='margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:.05in;margin-top:0in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p align=center style='margin:0in;margin-bottom:12.0pt;text-align:center;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.15pt;'>(THE REMAINDER OF THIS SPACE HAS BEEN INTENTIONALLY LEFT BLANK)</font></p>
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<p style='margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:.05in;margin-top:0in;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>IN WITNESS WHERE</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>O</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>F, the parties hereto have caused this Agreement to </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>be</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>executed under </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>seal by their duly authorized officers as of the date first mentioned above.</font></p>
<p style='margin:0in;margin-bottom:.5in;margin-left:3.25in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>JOHN HANCOCK BANK AND THRIFT OPPORTUNITY FUND</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:3.25in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>By:&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>/s/Keith F. Hartstein</font></u></p>
<p style='line-height:13.2pt;margin:0in;margin-bottom:.0001pt;margin-left:261.0pt;margin-right:0pt;margin-top:0in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.9pt;'>Name:&#160;&#160; Keith F. Hartstein</font></p>
<p style='margin:0in;margin-bottom:24.0pt;margin-left:306.7pt;margin-right:0in;margin-top:0in;text-indent:-45.35pt;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.9pt;'>Title:&#160;&#160;&#160;&#160; President and Chief Executive Officer</font></p>
<p style='margin:0in;margin-bottom:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>JOHN HANCOCK ADVISERS, LLC</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>By:&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>/s/Jeffrey H. Long</font></u></p>
<p style='line-height:13.2pt;margin:0in;margin-bottom:.0001pt;margin-left:27.0pt;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.9pt;'>Name:&#160;&#160; Jeffrey H. Long</font></p>
<p style='line-height:13.2pt;margin:0in;margin-bottom:.0001pt;margin-left:27.0pt;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.9pt;'>Title:&#160;&#160;&#160;&#160; Chief Financial Officer</font></p>
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<p align=right style='margin:0in;margin-bottom:.0001pt;text-align:right;'><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.3pt;'>APPENDIX A</font></b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.3pt;'>&nbsp;</font></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.3pt;'>&nbsp;</font></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center;'><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.3pt;'>ADVISORY FEE SCHEDULE</font></b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.3pt;'>&nbsp;</font></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.3pt;'>&nbsp;</font></p>
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<p style='line-height:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;'><b><u><font face="Times New Roman" style='font-size:12.0pt;'>Fund</font></u></b></p>
</td>
     <td valign=top width=42% style='height:.3in;padding:0in 5.4pt 0in 5.4pt;'>
<p style='line-height:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;'><b><u><font face="Times New Roman" style='font-size:12.0pt;'>Fee</font></u></b></p>
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<p style='line-height:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;'><font face="Times New Roman" style='font-size:12.0pt;'>John Hancock Bank and Thrift Opportunity Fund</font></p>
</td>
     <td valign=top width=42% style='height:.3in;padding:0in 5.4pt 0in 5.4pt;'>
<p style='line-height:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;'><font face="Times New Roman" style='font-size:12.0pt;'>1.150% of Average Daily Net Assets</font></p>
</td> </tr> </table></div>
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>Dated:&#160; July 1, 2009</font></p>
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<TYPE>EX-99.77Q1 OTHR EXHB
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<DESCRIPTION>AMENDED & RESTATED BY-LAWS - SEPT.
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<p align=center style='margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;'><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>JOHN HANCOCK BANK AND THRIFT OPPORTUNITY FUND</font></b></p>
<p style='margin:0in;margin-bottom:12.0pt;text-align:center;'><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>AMENDMENT DATED AUGUST 1, 2009</font></b></p>
<p style='margin:0in;margin-bottom:12.0pt;text-align:center;'><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>TO THE</font></b></p>
<p style='margin:0in;margin-bottom:12.0pt;text-align:center;'><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>AMENDED AND RESTATED BY-LAWS</font></b></p>
<p style='margin:0in;margin-bottom:.25in;text-align:center;'><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>DATED SEPTEMBER 13, 2004</font></b></p>
<p style='margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>Pursuant to the authority granted to the Board of Trustees in Section 2.10 of the Trust&#8217;s Amended and Restated Declaration of Trust (the &#8220;Declaration of Trust&#8221;), dated June 16, 1994, as amended from time to time, the Board of Trustees further amends the Amended and Restated By-Laws (the &#8220;By-Laws&#8221;) of the John Hancock Bank &amp; Thrift Opportunity Fund (the &#8220;Trust&#8221;) by restating Article VI of the By-Laws in its entirety as follows:</font></p>
<p style='margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 6.8 is amended to read as follows in its entirety:</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.5in;margin-top:0in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.5in;margin-top:0in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>POWERS AND DUTIES OF THE TREASURER.&#160; The Treasurer shall deliver all funds of the Trust or any Series or Class thereof which may come into his hands to such Custodian as the Trustees may employ.&#160; He shall render a statement of condition of the finances of the Trust or any Series or Class thereof to the Trustees as often as they shall require the same and he shall in general perform all the duties incident to the office of a Treasurer and such other duties as from time to time may be assigned to him by the Trustees.&#160; The Treasurer shall give a bond for the faithful discharge of his duties, if required so to do by the Trustees, in such sum and with such surety or sureties as the Trustees shall require.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.5in;margin-top:0in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A new Section 6.13 is added as follows:</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:.5in;margin-top:0in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>DESIGNATION OF PRINCIPAL ACCOUNTING OFFICER(S) AND PRINCIPAL FINANCIAL OFFICER(S).&#160; The Trustees shall designate by resolution one or more officers of the Trust as the principal accounting officer(s) and the principal financial officer(s) for purposes of signing registration statements of the Trust in conformity with the requirements of the Securities Act of 1933, as amended.</font></p>
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