<SEC-DOCUMENT>0001133228-22-002229.txt : 20220421
<SEC-HEADER>0001133228-22-002229.hdr.sgml : 20220421
<ACCEPTANCE-DATETIME>20220421102106
ACCESSION NUMBER:		0001133228-22-002229
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20220421
DATE AS OF CHANGE:		20220421

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHN HANCOCK PREMIUM DIVIDEND FUND
		CENTRAL INDEX KEY:			0000855886
		IRS NUMBER:				043097281
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-264266
		FILM NUMBER:		22840021

	BUSINESS ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		200 BERKELEY STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
		BUSINESS PHONE:		617-663-3000

	MAIL ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		200 BERKELEY STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HANCOCK JOHN PATRIOT PREMIUM DIVIDEND FUND II
		DATE OF NAME CHANGE:	19990518

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PATRIOT PREMIUM DIVIDEND FUND II
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>jhpdf-html4756_424b5.htm
<DESCRIPTION>JH PREMIUM DIVIDEND FUND_424B5
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 42px; width: 173px"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Filed pursuant to Rule 424(b)(5)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">File No. 333-264266</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>P</B></FONT><B><FONT STYLE="font-size: 7.5pt">ROSPECTUS</FONT>
<FONT STYLE="font-size: 10pt">S</FONT><FONT STYLE="font-size: 7.5pt">UPPLEMENT</FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>(To Prospectus dated April 13, 2022<FONT STYLE="font-variant: small-caps">)</FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Up to 2,000,000 Shares</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>John Hancock Premium Dividend Fund</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Common Shares</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">John Hancock Premium Dividend Fund (the &#8220;Fund&#8221;
or &#8220;fund&#8221;) is a diversified, closed-end management investment company. The Fund commenced operations in December 1989 following
an initial public offering.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Investment Objective. </B>The Fund&#8217;s investment
objective is to provide high current income, consistent with modest growth of capital for holders of its Common Shares. The Fund will
pursue its objective by investing in a diversified portfolio comprised primarily of dividend-paying preferred securities and common equity
securities. There can be no assurance that the Fund will achieve its investment objective.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>The Offering. </B>John Hancock Investment
Management Distributors LLC (the &#8220;Distributor&#8221;) has entered into a distribution agreement with the Fund, dated April 21, 2022,
authorizing it to act as distributor for the Fund&#8217;s common shares of beneficial interest, no par value (&#8220;Common Shares&#8221;),
offered by this prospectus supplement (&#8220;Prospectus Supplement&#8221;) and the accompanying prospectus dated April 13, 2022 (the
&#8220;Prospectus&#8221;). The Distributor also has entered into a dealer agreement, dated April 21, 2022 (the &#8220;Dealer Agreement&#8221;),
with UBS Securities LLC (the &#8220;Dealer&#8221;) with respect to the Fund relating to the Common Shares offered by this Prospectus Supplement
and the Prospectus. In accordance with the terms of the Dealer Agreement, the Fund may offer and sell its Common Shares from time to time
through the Dealer as sub-placement agent for the offer and sale of the Common Shares. Under the Investment Company Act of 1940, as amended
(the &#8220;1940 Act&#8221;), the Fund may not sell any Common Shares at a price below the current net asset value (&#8220;NAV&#8221;)
of such Common Shares, exclusive of any distributing commission or discount.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Sales of Common Shares, if any, under this Prospectus
Supplement and the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be &#8220;at the
market&#8221; as defined in Rule 415 under the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;), including sales made directly
on the New York Stock Exchange (&#8220;NYSE&#8221;) or sales made to or through a market maker other than on an exchange.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund will compensate the Distributor with
respect to sales of the Common Shares at a commission rate of 1% of the gross proceeds of the sale of Common Shares. The Distributor will
compensate the Dealer out of this commission at a certain percentage rate of the gross proceeds of the sale of Common Shares sold under
the Dealer Agreement, with the exact amount of such compensation to be mutually agreed upon by the Distributor and the Dealer from time
to time. In connection with the sale of the Common Shares on the Fund&#8217;s behalf, the Distributor may be deemed to be an &#8220;underwriter&#8221;
within the meaning of the 1933 Act and the compensation of the Dealer may be deemed to be underwriting commissions or discounts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Investment Strategy. </B>Under normal circumstances,
the Fund will invest at least 80% (plus any borrowings for investment purposes) of its net assets in dividend-paying securities. The Fund
will focus on common stocks of those issuers which, in the opinion of the Advisor (as defined below), have strong fundamental characteristics,
large market capitalizations, favorable credit quality and current dividend yields generally higher than the currently available dividend
yield quoted on the Standard &amp; Poor&#8217;s 500 Index. The Advisor intends to manage the Fund&#8217;s portfolio to generate income
qualifying for the dividends received deduction (the &#8220;Dividends Received Deduction&#8221;) allowed corporations under Section 243(a)(1)
of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Investment Advisor and Subadvisor. </B>The Fund&#8217;s
investment advisor is John Hancock Investment Management LLC (the &#8220;Advisor&#8221; or &#8220;JHIM&#8221;) and its subadvisor is Manulife
Investment Management (US) LLC (the &#8220;Subadvisor&#8221;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Exchange listing. </B>The Fund&#8217;s currently
outstanding Common Shares are listed on the New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol &#8220;PDT.&#8221; Any new Common
Shares offered and sold hereby are expected to be listed on the NYSE and trade under this symbol. The last reported sale price, NAV per
share and percentage premium to NAV per share of the Common Shares as of April 8, 2022 were $16.38, $15.37 and 6.57%, respectively.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Leverage. </B>The Fund may use leverage to the extent
permitted by the 1940 Act, this Prospectus, and a liquidity agreement dated December 2, 2015 (the &#8220;LA&#8221;). See &#8220;&#8212;Other
Investment Policies&#8212;Borrowing.&#8221; The LA includes a line of credit and may utilize securities lending and reverse repurchase
agreements. The Fund&#8217;s leverage strategy may not be successful. In addition, new Rule 18f-4 may impact how the Fund uses leverage
and certain borrowings and other investments, but the Fund is not required to comply with those requirements until August 19, 2022. See
&#8220;Hedging, Derivative and Other Strategic Transactions Risk&#8221; for additional information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>The Common Shares have traded both at a premium
and a discount to net asset value (&#8220;NAV&#8221;). The Fund cannot predict whether Common Shares will trade in the future at a premium
or discount to NAV. The provisions of the 1940 Act generally require that the public offering price of common shares (less any underwriting
commissions and discounts) must equal or exceed the NAV per share of a company&#8217;s common stock (calculated within 48 hours of pricing).
The Fund&#8217;s issuance of Common Shares may have an adverse effect on prices in the secondary market for the Fund&#8217;s Common Shares
by increasing the number of Common Shares available, which may put downward pressure on the market price for the Fund&#8217;s Common Shares.
Shares of common stock of closed-end investment companies frequently trade at a discount from NAV, which may increase investors&#8217;
risk of loss.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Investing in the Fund&#8217;s Common Shares involves certain risks.
You could lose all or some of your investment. You should consider carefully these risks together with all of the other information contained
in this Prospectus Supplement and the accompanying Prospectus before making a decision to purchase the Fund&#8217;s securities. See &#8220;Risk
Factors&#8221; beginning on page 25 of the accompanying Prospectus.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Neither the Securities and Exchange Commission (the &#8220;SEC&#8221;)
nor any state securities commission has approved or disapproved of these securities or determined whether this Prospectus Supplement or
the accompanying Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This Prospectus Supplement and accompanying Prospectus set forth concisely
the information about the Fund that a prospective investor should know before investing. You should read this Prospectus Supplement and
the accompanying Prospectus, which contain important information, before deciding whether to invest in the Common Shares. You should retain
this Prospectus Supplement and the accompanying Prospectus for future reference. <A HREF="#SAI">A Statement of Additional Information (&#8220;SAI&#8221;), dated April 13, 2022</A>, as may be supplemented from time to time, containing additional information about the Fund, has been filed with
the SEC and is incorporated by reference in its entirety into this Prospectus Supplement and the accompanying Prospectus. This Prospectus
Supplement, together with the accompanying Prospectus and SAI, set forth concisely the information about the Fund that you should know
before investing. The Table of Contents for the SAI is on page 58 of the accompanying Prospectus. A paper copy of the Registration Statement
or SAI may be obtained without charge by visiting the Fund&#8217;s website (https://www.jhinvestments.com/investments/closed-end-fund/us-equity-funds/premium-dividend-fund-ce-pdt)
or by calling 800-225-6020 (toll-free) or from the SEC&#8217;s website at www.sec.gov. Copies of the Fund&#8217;s annual report and semi-annual
report and other information about the Fund may be obtained upon request by writing to the Fund, by calling 225-6020, or electronically
by visiting the Fund&#8217;s website https://www.jhinvestments.com/resources/all-resources/other/john-hancock-premium-dividend-fund-annual-report.
You also may obtain a copy of any information regarding the Fund filed with the SEC from the SEC&#8217;s website (<U>www.sec.gov</U>).
You may also e-mail requests for these documents to publicinfo@sec.gov or make a request in writing to the SEC&#8217;s Public Reference
Section, Washington, D.C. 20549-0102.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund&#8217;s Common Shares do not represent a deposit or obligation
of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal
Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Prospectus Supplement dated April 21, 2022</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>You should rely only on the information contained in, or incorporated
by reference into, this Prospectus Supplement, the accompanying Prospectus and the SAI in making your investment decisions. The Fund has
not authorized any person to provide you with different information. If anyone provides you with different or inconsistent information,
you should not rely on it. This Prospectus Supplement, which describes the specific terms of this offering including the method of distribution,
also adds to and updates information contained in the accompanying Prospectus, the SAI and the documents incorporated by reference into
the accompanying Prospectus and the SAI. If the description of this offering varies between this Prospectus Supplement and the accompanying
Prospectus or the SAI, you should rely on the information contained in this Prospectus Supplement. The Fund is not making an offer to
sell the Common Shares in any jurisdiction where the offer or sale is not permitted. You should assume that the information in this Prospectus
Supplement, the accompanying Prospectus and the SAI is accurate only as of the dates on their covers. The Fund&#8217;s business, financial
condition and prospects may have changed since the date of its description in this Prospectus Supplement or the date of its description
in the accompanying Prospectus and SAI.</B></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><A NAME="toc"></A>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Prospectus Supplement</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-indent: 0; width: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#toc_001">PROSPECTUS SUPPLEMENT SUMMARY</A></B></FONT></TD>
    <TD STYLE="text-align: right; padding: 3pt 0; white-space: nowrap; vertical-align: bottom; width: 10%; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S-1</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#toc_002">SUMMARY OF FUND EXPENSES</A></B></FONT></TD>
    <TD STYLE="text-align: right; padding: 3pt 0; white-space: nowrap; vertical-align: bottom; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S-2</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#toc_003">CAPITALIZATION</A></B></FONT></TD>
    <TD STYLE="text-align: right; padding: 3pt 0; white-space: nowrap; vertical-align: bottom; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S-4</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#toc_004">MARKET AND NET ASSET VALUE INFORMATION</A></B></FONT></TD>
    <TD STYLE="text-align: right; padding: 3pt 0; white-space: nowrap; vertical-align: bottom; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S-5</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#toc_005">THE FUND</A></B></FONT></TD>
    <TD STYLE="text-align: right; padding: 3pt 0; white-space: nowrap; vertical-align: bottom; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S-6</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#toc_006">USE OF PROCEEDS</A></B></FONT></TD>
    <TD STYLE="text-align: right; padding: 3pt 0; white-space: nowrap; vertical-align: bottom; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S-6</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#toc_007">PLAN OF DISTRIBUTION</A></B></FONT></TD>
    <TD STYLE="text-align: right; padding: 3pt 0; white-space: nowrap; vertical-align: bottom; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S-6</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-indent: 0"><FONT STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><A HREF="#toc_008">INCORPORATION BY REFERENCE</A></FONT></TD>
    <TD STYLE="text-align: right; padding: 3pt 0; white-space: nowrap; vertical-align: bottom; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S-7</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#toc_009">ADDITIONAL INFORMATION</A></B></FONT></TD>
    <TD STYLE="text-align: right; padding: 3pt 0; white-space: nowrap; vertical-align: bottom; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S-8</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="tocpro"></A><B>Prospectus</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; width: 90%; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_001">Prospectus Summary</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; width: 10%; font-style: italic">1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_002">Summary of Fund Expenses</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">12</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_003">Financial Highlights</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">14</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_004">Market and Net Asset Value Information</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">16</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_005">The Fund</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">16</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_006">Use of Proceeds</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">17</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_007">Investment Objective</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">17</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_008">Investment Strategies</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">17</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_009">Risk Factors</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">25</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_010">Management of the Fund</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">40</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_011">Determination of Net Asset Value</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">43</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_012">Distribution Policy</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">44</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_013">Dividend Reinvestment Plan</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">46</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_014">Closed-End Fund Structure</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">47</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_015">U.S. Federal Income Tax Matters</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">47</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_016">Plan of Distribution</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">50</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_017">Description of Capital Structure</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">52</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_018">Certain Provisions in the Declaration of Trust and By-Laws</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">54</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_019">Reports to Shareholders</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">56</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_020">Independent Registered Public Accounting Firm</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">56</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_021">Legal and Regulatory Matters</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">56</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_022">Incorporation by Reference</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">56</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_023">Additional Information</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">57</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_024">Table of Contents of the Statement of Additional Information</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">58</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_025">The Fund&rsquo;s Privacy Policy</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">59</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Until May 16, 2022 (25 days after the date of this Prospectus Supplement),
all dealers that buy, sell or trade the Common Shares, whether or not participating in this offering, may be required to deliver the Prospectus
and this Prospectus Supplement. This requirement is in addition to the dealers&#8217; obligation to deliver the Prospectus and this Prospectus
Supplement when acting as underwriters and with respect to their unsold allotments or subscriptions.</P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-indent: 24.5pt">This Prospectus Supplement, the accompanying
Prospectus and the SAI contain &#8220;forward-looking statements.&#8221; Forward-looking statements can be identified by the words &#8220;may,&#8221;
&#8220;will,&#8221; &#8220;intend,&#8221; &#8220;expect,&#8221; &#8220;estimate,&#8221; &#8220;continue,&#8221; &#8220;plan,&#8221; &#8220;anticipate,&#8221;
and similar terms and the negative of such terms. Such forward-looking statements may be contained in this Prospectus Supplement as well
as in the accompanying Prospectus and the SAI. By their nature, all forward-looking statements involve risks and uncertainties, and actual
results could differ materially from those contemplated by the forward-looking statements. Several factors that could materially affect
the Fund&#8217;s actual results are the performance of the portfolio of securities the Fund holds, the price at which the Common Shares
will trade in the public markets and other factors discussed in the Fund&#8217;s periodic filings with the SEC. Currently known risk factors
that could cause actual results to differ materially from the Fund&#8217;s expectations include, but are not limited to, the factors described
in the &#8220;Risk Factors&#8221; section of the accompanying Prospectus. You are urged to review carefully those sections for a more
detailed discussion of the risks of an investment in the Fund&#8217;s securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-indent: 24.5pt">Although the Fund believes that the expectations
expressed in the Fund&#8217;s forward-looking statements are reasonable, actual results could differ materially from those projected or
assumed in the Fund&#8217;s forward-looking statements. The Fund&#8217;s future financial condition and results of operations, as well
as any forward-looking statements, are subject to change and are subject to inherent risks and uncertainties, such as those disclosed
in the &#8220;Risk Factors&#8221; section of the accompanying Prospectus. All forward-looking statements contained or incorporated by
reference in this Prospectus Supplement, the accompanying Prospectus or the SAI are made as of the date of this Prospectus Supplement,
the accompanying Prospectus or the SAI, as the case may be. Except for the Fund&#8217;s ongoing obligations under the federal securities
laws, the Fund does not intend, and the Fund undertakes no obligation, to update any forward-looking statement. The forward-looking statements
contained in this Prospectus Supplement, the accompanying Prospectus and the SAI are excluded from the safe harbor protection provided
by section 27A of the 1933 Act.</P>




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<P STYLE="font: small-caps 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="toc_001"></A><B>Prospectus Supplement Summary</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>This is only a summary. You should review the more detailed information
elsewhere in this prospectus supplement (&#8220;Prospectus Supplement&#8221;), the accompanying prospectus (the &#8220;Prospectus&#8221;),
and in the Statement of Additional Information (the &#8220;SAI&#8221;) prior to making an investment in the Fund. See &#8220;Risk Factors&#8221;
in the accompanying Prospectus.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 12pt; width: 28%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>The Fund</B></FONT></TD>
    <TD STYLE="width: 72%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">John Hancock Premium Dividend Fund (the &#8220;Fund&#8221;) is a diversified,
    closed-end management investment company. The Fund commenced operations in December 1989 following an initial public offering.</P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment Objective</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund&#8217;s investment objective is to provide high current income,
    consistent with modest growth of capital for holders of its Common Shares. The Fund will pursue its objective by investing in a diversified
    portfolio comprised primarily of dividend-paying preferred securities and common equity securities. There can be no assurance that the
    Fund will achieve its investment objective. The Fund&#8217;s investment objective is not fundamental and may be changed without shareholder
    approval.</P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>The Offering</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">John Hancock Investment Management Distributors LLC (the &#8220;Distributor&#8221;)
    has entered into a distribution agreement with the Fund, dated April 21, 2022, authorizing it to act as distributor to the Fund&#8217;s
    common shares of beneficial interest, no par value (the &#8220;Common Shares&#8221;), offered by this Prospectus Supplement and the accompanying
    Prospectus dated April 13, 2022. The Distributor also has entered into a dealer agreement, dated April 21, 2022 (the &#8220;Dealer Agreement&#8221;)
    with UBS Securities LLC (the &#8220;Dealer&#8221;) with respect to the Fund relating to the Common Shares offered by this Prospectus Supplement
    and the Prospectus. In accordance with the terms of the Dealer Agreement, the Fund may offer and sell up to 2,000,000 Common Shares from
    time to time through the Dealer as sub-placement agent for the offer and sale of the Common Shares.</P>
    <P STYLE="font: 4.5pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.75pt">Offerings of the Common Shares will be subject to the provisions
    of the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), which generally require that the public offering price
    of common shares of a closed-end investment company (exclusive of distribution commissions and discounts) must equal or exceed the net
    asset value (&#8220;NAV&#8221;) per share of the company&#8217;s common shares (calculated within 48 hours of pricing), absent shareholder
    approval or under certain other circumstances.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.75pt">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Sales of the Common Shares, if any, under this Prospectus Supplement and
    the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be &#8220;at the market&#8221; as
    defined in Rule 415 under the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;), including sales made directly on the New
    York Stock Exchange (&#8220;NYSE&#8221;) or sales made to or through a market maker other than on an exchange. The Common Shares may not
    be sold through agents, underwriters or dealers without delivery or deemed delivery of a Prospectus and an accompanying Prospectus Supplement
    describing the method and terms of the offering of Common Shares.</P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Listing and Symbol</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund&#8217;s currently outstanding Common Shares
    are listed on the New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol &#8220;PDT.&#8221; Any new Common Shares offered and sold
    hereby will be listed on the NYSE and trade under this symbol. As of April 8, 2022, the last reported sale price per share of Common Shares
    in the market as of the close of regular trading on the NYSE was $16.38.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Use of Proceeds</B></FONT></TD>
    <TD STYLE="padding: 0; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund currently intends to invest substantially all of the net proceeds of any sales of Common Shares pursuant to this Prospectus Supplement and the accompanying Prospectus in accordance with its investment objectives and policies as described in the accompanying Prospectus under &#8220;Investment Objectives&#8221; and &#8220;Investment Strategies&#8221; within three months of receipt of such proceeds. Such investments may be delayed up to three months if suitable investments are unavailable at the time or for other reasons, such as market volatility and lack of </FONT></TD></TR>
  </TABLE>



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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; white-space: nowrap; width: 28%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 72%; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">liquidity in the markets of suitable investments. Pending such investment, the Fund anticipates that it will invest the proceeds in short-term money market instruments, securities with remaining maturities of less than one year, cash or cash equivalents. A delay in the anticipated use of proceeds could lower returns and reduce the Fund&#8217;s distribution to the holders of Common Shares (&#8220;Common Shareholders&#8221;) or result in a distribution consisting principally of a return of capital.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment Advisor and Subadvisor </B></FONT></TD>
    <TD STYLE="padding: 0">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund&#8217;s investment advisor is John Hancock Investment Management
    LLC (the &#8220;Advisor&#8221; or &#8220;JHIM&#8221;) and its subadvisor is Manulife Investment Management (US) LLC (the &#8220;Subadvisor&#8221;).</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">JHIM, the Fund&#8217;s investment advisor, is an indirect
    principally owned subsidiary of Manulife Financial Corporation. The Advisor is responsible for overseeing the management of the Fund,
    including its day-to-day business operations and monitoring the Subadvisor. As of December 31, 2021, the Advisor had total assets under
    management of approximately $177.8 billion.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Subadvisor handles the Fund&#8217;s portfolio management activity, subject
    to oversight by the Advisor. The Subadvisor, organized in 1968, is a wholly owned subsidiary of John Hancock Life Insurance Company (U.S.A.)
    (a subsidiary of Manulife Financial Corporation, a publicly held, Canadian-based company). As of December 31, 2021, the Subadvisor had
    total assets under management of approximately $229.3 billion.</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">See &#8220;Management of the Fund&#8212;The Advisor&#8221; and &#8220;&#8212;The
    Subadvisor.&#8221;</P>
</TD></TR>
  </TABLE>


<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="toc_002"></A>summary of fund expenses</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The purpose of the table below is to help you understand
all fees and expenses that you, as a Common Shareholder, would bear directly or indirectly. In accordance with SEC requirements, the table
below shows the Fund&#8217;s expenses as a percentage of its average net assets as of October 31, 2021, and not as a percentage of total
assets. By showing expenses as a percentage of average net assets, expenses are not expressed as a percentage of all of the assets in
which the Fund invests. The offering costs to be paid or reimbursed by the Fund are not included in the Annual Expenses table below. However,
these expenses will be borne by Common Shareholders and may result in a reduction in the NAV of the Common Shares. See &#8220;Management
of the Fund&#8221; and &#8220;Dividend Reinvestment Plan&#8221; in the accompanying Prospectus. The table and example are based on the
Fund&#8217;s capital structure as of October 31, 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 5pt; text-indent: 0; width: 87%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Shareholder Transaction Expenses</B></FONT></TD>
    <TD STYLE="padding: 3pt 2.35pt; text-align: right; width: 13%; font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 3pt 0 3pt 20pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales load (as a percentage of offering price) <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 2.35pt; text-align: right; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>1.00%</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 20pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Offering expenses (as a percentage of offering price) <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 2.35pt; text-align: right; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.73%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 3pt 0 3pt 20pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividend Reinvestment Plan fees <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 2.35pt; text-align: right; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9;None</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 5pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Annual Expenses (Percentage of Net Assets Attributable to Common Shares)</B></FONT></TD>
    <TD STYLE="padding: 3pt 2.35pt; text-align: right; font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 3pt 0 3pt 20pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management fees <SUP>(4)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 2.35pt; text-align: right; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.18%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 20pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest payments on borrowed funds<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 2.35pt; text-align: right; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.40%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 3pt 0 3pt 20pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other expenses</FONT></TD>
    <TD STYLE="padding: 3pt 2.35pt; text-align: right; border-bottom: Black 1pt solid; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.24%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 20pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Operating Expenses</FONT></TD>
    <TD STYLE="padding: 3pt 2.35pt; text-align: right; border-bottom: Black 1pt solid; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.82%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 3pt 0 3pt 20pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Contractual Expense Reimbursement <SUP>(6)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 2.35pt; text-align: right; border-bottom: Black 1pt solid; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.01)%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 20pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses After Expense Reimbursements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 2.35pt; text-align: right; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.81%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>



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<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt">(1)</TD><TD STYLE="text-align: justify">Represents the estimated commission with respect to the Common Shares being sold in this offering. There
is no guarantee that there will be any sales of the Common Shares pursuant to this Prospectus Supplement and the accompanying Prospectus.
Actual sales of the Common Shares under this Prospectus Supplement and the accompanying Prospectus, if any, may be less than as set forth
under &#8220;Capitalization&#8221; below. In addition, the price per share of any such sale may be greater or less than the price set
forth under &#8220;Capitalization&#8221; below, depending on market price of the Common Shares at the time of any such sale.</TD></TR></TABLE>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt">(2)</TD><TD STYLE="text-align: justify">Offering costs charged upon sale of the shares, based on the last reported sale price on April 8, 2022.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt">(3)</TD><TD STYLE="text-align: justify">Participants in the Fund&#8217;s dividend reinvestment plan do not pay brokerage charges with respect
to Common Shares issued directly by the Fund. However, whenever Common Shares are purchased or sold on the NYSE or otherwise on the open
market, each participant will pay a <I>pro rata </I>portion of brokerage trading fees, currently $0.05 per share purchased or sold. Brokerage
trading fees will be deducted from amounts to be invested. Shareholders participating in the Plan may buy additional Common Shares of
the Fund through the Plan at any time and will be charged a $5 transaction fee plus $0.05 per share brokerage trading fee for each order.
See &#8220;Distribution Policy&#8221; and &#8220;Dividend Reinvestment Plan&#8221; in the accompanying Prospectus.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt">(4)</TD><TD STYLE="text-align: justify">See &#8220;Management of the Fund&#8212;The Advisor&#8221; in the accompanying Prospectus.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt">(5)</TD><TD STYLE="text-align: justify">The Fund uses leverage by borrowing under the LA. &#8220;Interest payments on borrowed funds&#8221; includes
all interest paid in connection with outstanding loans. See &#8220;Other Investment Policies &#8211; Borrowing&#8221; and &#8220;Use of
Leverage by the Fund&#8221; in the accompanying Prospectus.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 15.95pt; text-align: justify; text-indent: -15.95pt">(6) The Advisor
contractually agrees to waive a portion of its management fee and/or reimburse expenses for the Fund and certain other John Hancock funds
according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver
or reimbursement. This waiver is allocated proportionally among the participating funds. During its most recent fiscal year, the Fund&#8217;s
reimbursement amounted to 0.01% of the Fund&#8217;s average daily net assets. This agreement expires on July 31, 2023, unless renewed
by mutual agreement of the Fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>EXAMPLE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following example illustrates the expenses that
Common Shareholders would pay on a $1,000 investment in Common Shares, assuming (i) total annual expenses set forth above, including any
reimbursements through their current expiration date; (ii) sales load of 1.00%; (iii) offering expenses of 0.73%; (iv) a 5% annual return;
and (v) all distributions are reinvested at NAV:</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0 3pt 3pt; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; text-align: center; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&#9;1
    Year&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 3pt; width: 2%; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; text-align: center; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&#9;3
    Years&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 3pt; width: 2%; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; text-align: center; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&#9;5
    Years&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 3pt; width: 2%; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; text-align: center; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&#9;10
    Years&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Expenses</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$35 </FONT></TD>
    <TD STYLE="padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$73 </FONT></TD>
    <TD STYLE="padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$114 </FONT></TD>
    <TD STYLE="padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$227 </FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The above table and example and the assumption in the
example of a 5% annual return are required by regulations of the SEC that are applicable to all investment companies; the assumed 5% annual
return is not a prediction of, and does not represent, the projected or actual performance of the Fund&#8217;s Common Shares. For more
complete descriptions of certain of the Fund&#8217;s costs and expenses, see &#8220;Management of the Fund&#8221; in the accompanying
Prospectus. In addition, while the example assumes reinvestment of all dividends and distributions at NAV, participants in the Fund&#8217;s
dividend reinvestment plan may receive Common Shares purchased or issued at a price or value different from NAV. See &#8220;Distribution
Policy&#8221; and &#8220;Dividend Reinvestment Plan&#8221; in the accompanying Prospectus.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>The example should not be considered a representation
of past or future expenses, and the Fund&#8217;s actual expenses may be greater or less than those shown. Moreover, the Fund&#8217;s actual
rate of return may be greater or less than the hypothetical 5% return shown in the example.</B></P>


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<P STYLE="font: small-caps 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="toc_003"></A>Capitalization</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0">The Fund may offer and sell up <FONT STYLE="background-color: white">to
2,000,000</FONT> Common Shares from time to time through the Dealer as sub-placement agent under this Prospectus Supplement and the accompanying
Prospectus. Of the 2,000,000 Common Shares, none have been issued and all are unsold. In addition, the Fund may register, and may take
down, additional shares at a later date. There is no guarantee that there will be any sales of the Common Shares pursuant to this Prospectus
Supplement and the accompanying Prospectus. The table below assumes that the Fund will sell 2,000,000 Common Shares at a price of $16.38
per share (the last reported sale price per share of Common Shares in the market as of the close of regular trading on the NYSE on April
8, 2022). Actual sales, if any, of the Common Shares under this Prospectus Supplement and the accompanying Prospectus may be greater or
less than $16.38 per share, depending on the market price of the Common Shares at the time of any such sale. To the extent that the market
price per share of the Common Shares on any given day is less than the net asset value per share on such day, the Fund will instruct the
Dealer not to make any sales on such day.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The following table sets forth the Fund&#8217;s capitalization:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.6pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>on a historical basis as of October 31, 2021 (audited);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.6pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>on an actual basis as of April 8, 2022 to reflect the sale and reinvestment of Common Shares from November 1, 2021 through April 8,
2022, and the application of the net proceeds from such sale of Common Shares; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.6pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>on a pro forma as adjusted basis to reflect the assumed sale of 2,000,000 Common Shares at $16.38 per share (the last reported sale
price for the Fund&#8217;s Common Shares in the market as of the close of regular trading on the NYSE on April 8, 2022), in an offering
under this Prospectus Supplement and the accompanying Prospectus, after deducting the assumed commission of $327,600 (representing an
estimated commission to the Distributor of 1.00% of the gross proceeds of the sale of Common Shares, of which a certain percentage will
be paid to the Dealer in connection with sales of Common Shares effected in this offering) and the offering expenses of $242,806 related
to the issuance of Common Shares.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.85pt; text-indent: -18.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -12pt; padding-top: 3pt; padding-left: 16pt; font-size: 4pt; width: 48%; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 3pt; padding-top: 3pt; padding-left: 7.2pt; text-align: center; width: 16%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>As
    of<BR>
    October 31, 2021<BR>
    (audited)</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 3pt; padding-top: 3pt; padding-left: 7.2pt; text-align: center; width: 16%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>As
    of<BR>
    April 8, 2022<BR>
    (unaudited)</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 3pt; padding-top: 3pt; text-align: center; width: 16%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Pro
    Forma<BR>
    (unaudited)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -12pt; padding-top: 3pt; padding-left: 16pt; font-size: 4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-left: 7.2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Actual</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-left: 7.2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Actual</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>As
    Adjusted</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(210,247,250)">
    <TD STYLE="padding-top: 3pt; vertical-align: top; padding-left: 16pt; text-indent: -12pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net
    assets</B>&#9;</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; padding-right: 0.85pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$725,942,696
    </FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; padding-right: 0.85pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$750,668,965
    </FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 0.85pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$782,858,558
    </FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-top: 3pt; vertical-align: top; padding-left: 16pt; text-indent: -12pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    Shares of beneficial interest outstanding &#8212; unlimited number of shares authorized with no par value&#9;</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; padding-right: 0.85pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48,800,759</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; padding-right: 0.85pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48,843,220</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 0.85pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,843,220</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(210,247,250)">
    <TD STYLE="padding-top: 3pt; vertical-align: top; padding-left: 16pt; text-indent: -12pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Paid-in
    capital&#9;</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; padding-right: 0.85pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$601,510,308</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; padding-right: 0.85pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$611,186,162</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 0.85pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$643,375,755</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-top: 3pt; vertical-align: top; padding-left: 16pt; text-indent: -12pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    distributable earnings (loss)&#9;</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; padding-right: 0.85pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">124,432,388</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; padding-right: 0.85pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">139,482,803</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 0.85pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">139,482,803</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(210,247,250)">
    <TD STYLE="padding-top: 3pt; vertical-align: top; padding-left: 16pt; text-indent: -12pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net
    assets</B>&#9;</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; padding-right: 0.85pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$725,942,696</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; padding-right: 0.85pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$750,668,965</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 0.85pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$782,858,558</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-top: 3pt; vertical-align: top; padding-left: 16pt; text-indent: -12pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net
    asset value per share</B>&#9;</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; padding-right: 0.85pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$14.88</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; padding-right: 0.85pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15.37</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 0.85pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15.40</FONT></TD>
    </TR>
  </TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B><A NAME="toc_004"></A>Market and
Net Asset Value Information</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund&#8217;s currently outstanding Common Shares
are listed on the New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol &#8220;PDT&#8221; and commenced trading on the NYSE in
1989.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund&#8217;s Common Shares have traded both at
a premium and at a discount to their net asset value (&#8220;NAV&#8221;). The Fund cannot predict whether its shares will trade in the
future at a premium or discount to NAV. The provisions of the 1940 Act generally require that the public offering price of common shares
(less any underwriting commissions and discounts) must equal or exceed the NAV per share of a company&#8217;s common stock (calculated
within 48 hours of pricing). The Fund&#8217;s issuance of Common Shares may have an adverse effect on prices in the secondary market for
Common Shares by increasing the number of Common Shares available, which may put downward pressure on the market price for Common Shares.
Shares of common stock of closed-end investment companies frequently trade at a discount from NAV. See &#8220;Risk Factors&#8212;General
Risks&#8212;Market Discount Risk&#8221; in the accompanying Prospectus.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following table sets forth for each of the periods
indicated the high and low closing market prices for Common Shares on the NYSE, and the corresponding NAV per share and the premium or
discount to NAV per share at which the Fund&#8217;s Common Shares were trading as of such date. NAV is determined once daily as of the
close of regular trading on the NYSE (typically 4:00 P.M., Eastern Time). See &#8220;Determination of Net Asset Value&#8221; in the accompanying
Prospectus for information as to the determination of the Fund&#8217;s NAV.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0 3pt 3pt; text-indent: 0"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 3pt 0; border-bottom: Black 1pt solid; text-indent: 0"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Market
    Price</B></FONT></P></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 3pt 0; border-bottom: Black 1pt solid; text-indent: 0"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NAV
    per Share on</B></FONT></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Date
    of Market Price</B></FONT></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>High
    and Low</B></FONT></P></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 3pt 0; border-bottom: Black 1pt solid; text-indent: 0"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Premium/(Discount)
    on</B></FONT></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Date
    of Market Price</B></FONT></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>High
    and Low</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0 3pt 3pt; width: 28%; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Fiscal
    Quarter Ended</B></FONT></TD>
    <TD STYLE="padding: 3pt 0; width: 2%; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; border-bottom: Black 1pt solid; width: 10%; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>High</B></FONT></TD>
    <TD STYLE="padding: 3pt 0; width: 2%; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; border-bottom: Black 1pt solid; width: 10%; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Low</B></FONT></TD>
    <TD STYLE="padding: 3pt 0; width: 2%; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; border-bottom: Black 1pt solid; width: 10%; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>High</B></FONT></TD>
    <TD STYLE="padding: 3pt 0; width: 2%; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; border-bottom: Black 1pt solid; width: 10%; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Low</B></FONT></TD>
    <TD STYLE="padding: 3pt 0; width: 2%; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; border-bottom: Black 1pt solid; width: 10%; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>High</B></FONT></TD>
    <TD STYLE="padding: 3pt 0; width: 2%; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; border-bottom: Black 1pt solid; width: 10%; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Low</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 3pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">January 31, 2020</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$18.45</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$16.72</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$16.35</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15.42</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.47%</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.59%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt 0 3pt 3pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">April 30, 2020</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$18.73</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$7.00</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$16.53</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$7.87</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.65%</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-11.05%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 3pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">July 31, 2020</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15.51</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$11.62</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$13.60</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$11.61</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.04%</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-0.68%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt 0 3pt 3pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">October 31, 2020</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$13.94</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$12.15</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$13.35</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$12.23</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.60%</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-0.73%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 3pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">January 31, 2021</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$14.48</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$12.55</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$13.94</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$12.84</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.85%</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-2.26%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt 0 3pt 3pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">April 30, 2021</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15.89</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$13.82</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$14.81</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$13.16</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.44%</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.02%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 3pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">July 31, 2021</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$17.37</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15.81</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15.10</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$14.53</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.26%</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.73%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt 0 3pt 3pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">October 31, 2021</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$17.38</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$16.62</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15.81</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$14.41</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.64%</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.46%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 3pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">January 31, 2022</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$17.55</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15.69</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15.18</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$14.13</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19.39%</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.37%</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The last reported sale price, NAV per share and percentage premium to NAV
per share of the Common Shares as of April 8, 2022, were $16.38, $15.37 and 6.57%, respectively. As of April 8, 2022, the Fund had 48,843,220
Common Shares outstanding and net assets of the Fund were $750,668,965.</P>


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<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: normal"><A NAME="toc_005"></A>THE
FUND</FONT></P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund is a diversified, closed-end management investment
company registered under the 1940 Act. The Fund was organized on September 26, 1989 as a Massachusetts business trust pursuant to an Agreement
and Declaration of Trust (as amended and restated from time to time, the &#8220;Declaration of Trust&#8221;). The Fund commenced operations
following an initial public offering on December 15, 1989, pursuant to which the Fund issued an aggregate of 13,000,000 Common Shares
of beneficial interest, no par value. The Fund issued an additional 41,176,463.295 shares in aggregate in connection with reorganizations
of certain acquired funds into the Fund on May 29, 2007, June 4, 2007, June 25, 2007, and October 10, 2007. The Fund&#8217;s principal
office is located at 200 Berkeley Street, Boston, Massachusetts 02116 and its phone number is 800-225-6020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following provides information about the Fund&#8217;s
outstanding securities as of February 28, 2022.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0 3pt 3pt; vertical-align: bottom; width: 48%; text-indent: 0; text-align: left">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Title of Class</U></B></P></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 0; border-bottom: Black 1pt solid; width: 16%; text-indent: 0; text-align: center">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Amount</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Authorized</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 0; width: 2%; text-indent: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 0; border-bottom: Black 1pt solid; width: 16%; text-indent: 0; text-align: center">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Amount Held by</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>the Fund or for</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>its Account</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 0; width: 2%; text-indent: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 0; border-bottom: Black 1pt solid; width: 16%; text-indent: 0; text-align: center">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Amount</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Outstanding</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 3pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common Shares, no par value</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unlimited</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48,834,761</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><BR>&nbsp;</B></FONT></P>

<P STYLE="font: small-caps 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="toc_006"></A>Use of Proceeds</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0">Sales of the Common Shares, if any, under this Prospectus Supplement
and the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be &#8220;at the market&#8221;
as defined in Rule 415 under the 1933 Act, including sales made directly on the NYSE or sales made to or through a market maker other
than on an exchange. There is no guarantee that there will be any sales of the Common Shares pursuant to this Prospectus Supplement and
the accompanying Prospectus. Actual sales, if any, of the Common Shares under this Prospectus Supplement and the accompanying Prospectus
may be less than as set forth in this paragraph. In addition, the price per share of any such sale may be greater or less than the price
set forth in this paragraph, depending on the market price of the Common Shares at the time of any such sale. As a result, the actual
net proceeds the Fund receives may be more or less than the amount of net proceeds estimated in this Prospectus Supplement. Assuming the
sale of all of the Common Shares offered under this Prospectus Supplement and the accompanying Prospectus, at the last reported sale price
of $16.38 per share for the Common Shares in the market as of the close of regular trading on the NYSE as of April 8, 2022, the Fund estimates
that the net proceeds of this offering will be approximately $32,189,594 after deducting the estimated sales load and the estimated offering
expenses payable by the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Subject to the remainder of this section, the Fund currently intends
to invest substantially all of the net proceeds of any sales of Common Shares pursuant to this Prospectus Supplement and the accompanying
Prospectus in accordance with its investment objectives and policies as described in the accompanying Prospectus under &#8220;Investment
Objectives&#8221; and &#8220;Investment Strategies&#8221; within three months of receipt of such proceeds. Such investments may be delayed
up to three months if suitable investments are unavailable at the time or for other reasons, such as market volatility and lack of liquidity
in the markets of suitable investments. Pending such investment, the Fund anticipates that it will invest the proceeds in short-term money
market instruments, securities with remaining maturities of less than one year, cash or cash equivalents. A delay in the anticipated use
of proceeds could lower returns and reduce the Fund&#8217;s distribution to Common Shareholders or result in a distribution consisting
principally of a return of capital.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: small-caps 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="toc_007"></A>Plan of Distribution</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Under the Dealer Agreement between the Distributor and the Dealer,
upon written instructions from the Distributor, the Dealer will use its reasonable best efforts, to sell, as sub-placement agent, the
Common Shares under the terms and subject to the conditions set forth in the Dealer Agreement. The Dealer&#8217;s solicitation will continue
until the Distributor instructs the Dealer to suspend the solicitations and offers. The Distributor will instruct the Dealer as to the
amount of Common Shares to be sold by the Dealer. The Distributor may instruct the Dealer not to sell Common Shares if the sales cannot
be effected at or above the price designated by the Distributor in any instruction. To the extent that the market price per share of the
Common Shares on any given day is less than the NAV per share on</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">such day, the Distributor will instruct the Dealer not to make any
sales on such day. The Distributor or the Dealer may suspend the offering of Common Shares upon proper notice and subject to other conditions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0">The Dealer will provide written confirmation to the Distributor following
the close of trading on the day on which Common Shares are sold under the Dealer Agreement. Each confirmation will include the number
of shares sold on the preceding day, the net proceeds to the Fund and the compensation payable by the Distributor to the Dealer in connection
with the sales.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0">The Fund will compensate the Distributor with respect to sales of
the Common Shares at a commission rate of 1% of the gross proceeds of the sale of Common Shares. The Distributor will compensate the Dealer
for its services in acting as sub-placement agent in the sale of Common Shares out of this commission at a certain percentage rate of
the gross proceeds of the sale of Common Shares sold under the Dealer Agreement, with the exact amount of such compensation to be mutually
agreed upon by the Distributor and the Dealer from time to time. There is no guarantee that there will be any sales of the Common Shares
pursuant to this Prospectus Supplement and the accompanying Prospectus. Actual sales, if any, of the Common Shares under this Prospectus
Supplement and the accompanying Prospectus may be greater or less than the price set forth in this paragraph, depending on the market
price of Common Shares at the time of any such sale. Assuming the 2,000,000 Common Shares offered hereby are sold at a market price of
$16.38 per share (the last reported sale price per share of Common Shares in the market as of the close of regular trading on the NYSE
on April 8, 2022), the Fund estimates that the total expenses for the offering, excluding compensation payable to the Distributor and
the Dealer, would be approximately $257,442.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0">Settlement for sales of Common Shares will occur on the second trading
day following the date on which such sales are made, in return for payment of the net proceeds to the Fund. There is no arrangement for
funds to be received in an escrow, trust or similar arrangement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0">The Distributor has agreed to provide indemnification and contribution
to the Dealer against certain civil liabilities, including liabilities under the 1933 Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0">The Dealer Agreement will remain in full force and effect unless terminated
by either party upon 30 days&#8217; written notice to the other party.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0">The principal business address of the Dealer is 1285 Avenue of the
Americas, New York, NY 10019.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B><A NAME="toc_008"></A>Incorporation
by Reference</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This Prospectus Supplement is part of a registration
statement filed with the SEC. Pursuant to the final rule and form amendments adopted by the SEC on April 8, 2020 to implement certain
provisions of the Economic Growth, Regulatory Relief, and Consumer Protection Act, including General Instruction A.2 of Form N-2, the
Fund is permitted to &#8220;incorporate by reference&#8221; the information filed with the SEC, which means that the Fund can disclose
important information to you by referring you to those documents. The information incorporated by reference is considered to be part of
this Prospectus Supplement, and later information that the Fund files with the SEC will automatically update and supersede this information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The documents listed below, and any reports and other
documents subsequently filed with the SEC pursuant to Rule 30(b)(2) under the 1940 Act and Sections 13(a), 13(c), 14 or 15(d) of the Exchange
Act, prior to the termination of the offering will be incorporated by reference into this Prospectus Supplement and deemed to be part
of this Prospectus Supplement from the date of the filing of such reports and documents:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">- The Fund&#8217;s <A HREF="#SAI">Statement of Additional Information, dated April 13, 2022</A>, filed with the accompanying Prospectus;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">- The Fund&#8217;s <A HREF="https://www.sec.gov/Archives/edgar/data/0000855886/000168386321007336/f9315d1.htm">Annual
Report</A> on Form N-CSR, filed on December 17, 2021;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">- The Fund&#8217;s description of Common Shares on
Form 8-A, filed on September 26, 1989.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">You may obtain copies of any information incorporated
by reference into this Prospectus Supplement, at no charge, by calling 800-225-6020 (toll-free), from the Fund&#8217;s website <U>https://www.jhinvestments.com/investments/closed-end-fund/us-equity-funds/premium-dividend-fund-ce-pdt</U>,
or from the SEC&#8217;s website at sec.gov. The Fund&#8217;s periodic reports filed pursuant to Section 30(b)(2) of the 1940 Act and
Sections 13 and 15(d) of the Exchange Act, as well as this Prospectus Supplement, accompanying Prospectus, and the Statement of Additional
Information, are available on</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">the Fund&#8217;s website <U>https://www.jhinvestments.com/investments/closed-end-fund/us-equity-funds/premium-dividend-fund-ce-pdt</U>.
The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that
file electronically with the SEC, and you also may obtain a copy of any information regarding the Fund filed with the SEC from the SEC&#8217;s
website (sec.gov).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><A NAME="toc_009"></A>ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0">This Prospectus Supplement, the accompanying Prospectus, and the SAI
do not contain all of the information set forth in the Registration Statement that the Fund has filed with the SEC (file Nos. 811-05908;
333-264266). The complete Registration Statement may be obtained from the SEC at sec.gov. See the cover page of the accompanying Prospectus
for information about how to obtain a paper copy of the Registration Statement or SAI without charge.</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="image_004.jpg" ALT="" STYLE="height: 45px; width: 185px"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>John Hancock Premium Dividend Fund</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Common Shares</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>



<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0">Until May 16, 2022 (25 days after the date of this Prospectus Supplement),
all dealers that buy, sell or trade the Common Shares, whether or not participating in this offering, may be required to deliver a prospectus
and the applicable prospectus supplement. This delivery requirement is in addition to the dealers&#8217; obligation to deliver a prospectus
and the applicable prospectus supplement when acting as underwriters and with respect to their unsold allotments or subscriptions.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As of January 1, 2021, paper copies of the Fund&#8217;s
shareholder reports will no longer be sent by mail. Instead, the reports will be made available on a website, and you will be notified
and provided with a link each time a report is posted to the website. You may request to receive paper reports from the Fund or from your
financial intermediary, free of charge, at any time. You may also request to receive documents through e-delivery.</P>


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<A NAME="pro"></A>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I><IMG SRC="image_001.jpg" ALT="John_Hancock_Investment_Management_stacked_black" STYLE="height: 64px; width: 173px"></I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-variant: small-caps"><B>Base Prospectus dated APRIL 13,
2022</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>2,000,000 Shares</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>John Hancock Premium Dividend Fund</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Common Shares</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><BR>
John Hancock Premium Dividend Fund (the &#8220;Fund&#8221; or &#8220;fund&#8221;) is a diversified, closed-end management investment company.
The Fund commenced operations in December 1989 following an initial public offering.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Investment Objective. </B>The Fund&#8217;s investment
objective is to provide high current income, consistent with modest growth of capital for holders of its Common Shares. The Fund will
pursue its objective by investing in a diversified portfolio comprised primarily of dividend-paying preferred securities and common equity
securities. There can be no assurance that the Fund will achieve its investment objective.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>The Offering. </B>The Fund may offer, from time
to time, in one or more offerings, the Fund&#8217;s common shares of beneficial interest, no par value (&#8220;Common Shares&#8221;).
Common Shares may be offered at prices and on terms to be set forth in one or more supplements to this Prospectus (each, a &#8220;Prospectus
Supplement&#8221;). You should read this Prospectus and the applicable Prospectus Supplement carefully before you invest in Common Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Common Shares may be offered directly to one or more
purchasers, through agents designated from time to time by the Fund, or to or through underwriters or dealers. The Prospectus Supplement
relating to the offering will identify any agents, underwriters or dealers involved in the offer or sale of Common Shares, and will set
forth any applicable offering price, sales, load, fee, commission or discount arrangement between the Fund and its agents or underwriters,
or among its underwriters, or the basis upon which such amount may be calculated, net proceeds and use of proceeds, and the terms of any
sale. The Fund may not sell any Common Shares through agents, underwriters or dealers without delivery of a Prospectus Supplement describing
the method and terms of the particular offering of the Common Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Investment Strategy. </B>Under normal circumstances,
the Fund will invest at least 80% (plus any borrowings for investment purposes) of its net assets in dividend-paying securities. The Fund
will focus on common stocks of those issuers which, in the opinion of the Advisor (as defined below), have strong fundamental characteristics,
large market capitalizations, favorable credit quality and current dividend yields generally higher than the currently available dividend
yield quoted on the Standard &amp; Poor&#8217;s 500 Index. The Advisor intends to manage the Fund&#8217;s portfolio to generate income
qualifying for the dividends received deduction (the &#8220;Dividends Received Deduction&#8221;) allowed corporations under Section 243(a)(1)
of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Investment Advisor and Subadvisor. </B>The Fund&#8217;s
investment advisor is John Hancock Investment Management LLC (the &#8220;Advisor&#8221; or &#8220;JHIM&#8221;) and its subadvisor is Manulife
Investment Management (US) LLC (the &#8220;Subadvisor&#8221;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Exchange listing. </B>The Fund&#8217;s currently
outstanding Common Shares are listed on the New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol &#8220;PDT.&#8221; Any new Common
Shares offered and sold hereby are expected to be listed on the NYSE and trade under this symbol. As of April 8, 2022, the last reported
sale price for the Common Shares was $16.38.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Leverage. </B>The Fund may use leverage to the extent
permitted by the Investment Company Act of 1940 (the &#8220;1940 Act&#8221;), this Prospectus, and a liquidity agreement dated December
2, 2015 (the &#8220;LA&#8221;). See &#8220;&#8212;Other Investment Policies&#8212;Borrowing.&#8221; The LA includes a line of credit and
may utilize securities lending and reverse repurchase agreements. The Fund&#8217;s leverage strategy may not be successful. In addition,
new Rule 18f-4 may impact how the Fund uses leverage and certain borrowings and other investments, but the Fund is not required to comply
with those requirements until August 19, 2022. See &#8220;Hedging, Derivative and Other Strategic Transactions Risk&#8221; for additional
information.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>The Common Shares have traded both at a premium
and a discount to net asset value (&#8220;NAV&#8221;). The Fund cannot predict whether Common Shares will trade in the future at a premium
or discount to NAV. The provisions of the 1940 Act generally require that the public offering price of common shares (less any underwriting
commissions and discounts) must equal or exceed the NAV per share of a company&#8217;s common stock (calculated within 48 hours of pricing).
The Fund&#8217;s issuance of Common Shares may have an adverse effect on prices in the secondary market for the Fund&#8217;s Common Shares
by increasing the number of Common Shares available, which may put downward pressure on the market price for the Fund&#8217;s Common Shares.
Shares of common stock of closed-end investment companies frequently trade at a discount from NAV, which may increase investors&#8217;
risk of loss.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Investing in the Fund&#8217;s Common Shares involves
certain risks. See &#8220;Risk Factors&#8221; beginning on page 25.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Neither the Securities and Exchange Commission (the
&#8220;SEC&#8221;) nor any state securities commission has approved or disapproved of these securities or determined whether this Prospectus
is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This Prospectus, together with any applicable Prospectus
Supplement, sets forth concisely the information about the Fund that a prospective investor should know before investing. You should read
this Prospectus and the applicable Prospectus Supplement, which contain important information, before deciding whether to invest in the
Common Shares. You should retain the Prospectus and Prospectus Supplement for future reference. <A HREF="#SAI">A Statement of Additional Information (&#8220;SAI&#8221;), dated April 13, 2022</A>, containing additional information about the Fund, has been filed with the SEC and is incorporated
by reference in its entirety into this Prospectus. The Table of Contents for the SAI is on page 58 of the Prospectus. A paper copy of
the Registration Statement or SAI may be obtained without charge by calling 800-225-6020 (toll-free) or from the SEC&#8217;s website at
sec.gov. Copies of the Fund&#8217;s annual report and semi-annual report and other information about the Fund may be obtained upon request
by writing to the Fund, by calling 800-225-6020, or by visiting the Fund&#8217;s website at https://www.jhinvestments.com/resources/all-resources/other/john-hancock-premium-dividend-fund-annual-report.
You also may obtain a copy of any information regarding the Fund filed with the SEC from the SEC&#8217;s website (sec.gov).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As of January 1, 2021, paper copies of the Fund&#8217;s
shareholder reports are no longer sent by mail. Instead, the reports are made available on jhinvestments.com, and you will be notified
and provided with a link each time a report is posted to the website. You may request to receive paper reports from the Fund or from your
financial intermediary, free of charge, at any time. You may also request to receive documents through eDelivery.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund&#8217;s Common Shares do not represent a deposit
or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured
by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Prospectus dated April 13, 2022</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>You should rely only on the information contained
in, or incorporated by reference into, this Prospectus and any related Prospectus Supplement in making your investment decisions. The
Fund has not authorized any person to provide you with different information. If anyone provides you with different or inconsistent information,
you should not rely on it. The Fund is not making an offer to sell the Common Shares in any jurisdiction where the offer or sale is not
permitted. You should assume that the information in this Prospectus and any Prospectus Supplement is accurate only as of the dates on
their covers. The Fund&#8217;s business, financial condition and prospects may have changed since the date of its description in this
Prospectus or the date of its description in any Prospectus Supplement.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><A NAME="tocpro"></A>TABLE OF CONTENTS </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; width: 90%; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_001">Prospectus Summary</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; width: 10%; font-style: italic">1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_002">Summary of Fund Expenses</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">12</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_003">Financial Highlights</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">14</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_004">Market and Net Asset Value Information</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">16</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_005">The Fund</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">16</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_006">Use of Proceeds</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">17</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_007">Investment Objective</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">17</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_008">Investment Strategies</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">17</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_009">Risk Factors</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">25</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_010">Management of the Fund</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">40</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_011">Determination of Net Asset Value</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">43</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_012">Distribution Policy</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">44</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_013">Dividend Reinvestment Plan</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">46</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_014">Closed-End Fund Structure</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">47</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_015">U.S. Federal Income Tax Matters</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">47</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_016">Plan of Distribution</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">50</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_017">Description of Capital Structure</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">52</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_018">Certain Provisions in the Declaration of Trust and By-Laws</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">54</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_019">Reports to Shareholders</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">56</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_020">Independent Registered Public Accounting Firm</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">56</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_021">Legal and Regulatory Matters</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">56</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_022">Incorporation by Reference</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">56</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_023">Additional Information</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">57</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_024">Table of Contents of the Statement of Additional Information</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">58</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#tocpro_025">The Fund&rsquo;s Privacy Policy</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right; font-style: italic">59</TD></TR>
  </TABLE>




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<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="tocpro_001"></A>Prospectus Summary</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>This is only a summary. You should review the more
detailed information elsewhere in this prospectus (&#8220;Prospectus&#8221;), in any related supplement to this Prospectus (each, a &#8220;Prospectus
Supplement&#8221;), and in the Statement of Additional Information (the &#8220;SAI&#8221;) prior to making an investment in the Fund.
See &#8220;Risk Factors.&#8221;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>The Fund </B></FONT></TD>
    <TD STYLE="width: 70%; padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Premium Dividend Fund (the &#8220;Fund&#8221;) is a diversified, closed-end management investment company. The Fund commenced operations in December 1989 following an initial public offering.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment Objective </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund&#8217;s investment objective is to provide high current income, consistent with modest growth of capital for holders of its Common Shares. The Fund will pursue its objective by investing in a diversified portfolio comprised primarily of dividend-paying preferred securities and common equity securities. There can be no assurance that the Fund will achieve its investment objective. The Fund&#8217;s investment objective is not fundamental and may be changed without shareholder approval. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>The Offering </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund may offer, from time to time, in one or more offerings, up to 2,000,000 of the Fund&#8217;s common shares of beneficial interest, no par value (&#8220;Common Shares&#8221;), on terms to be determined at the time of the offering. The Common Shares may be offered at prices and on terms to be set forth in one or more Prospectus Supplements. You should read this Prospectus and the applicable Prospectus Supplement carefully before you invest in Common Shares. Common Shares may be offered directly to one or more purchasers, through agents designated from time to time by the Fund, or to or through underwriters or dealers. The Prospectus Supplement relating to the offering will identify any agents, underwriters or dealers involved in the offer or sale of Common Shares, and will set forth any applicable offering price, sales load, fee, commission or discount arrangement between the Fund and its agents or underwriters, or among its underwriters, or the basis upon which such amount may be calculated, net proceeds and use of proceeds, and the terms of any sale. See &#8220;Plan of Distribution.&#8221; The Fund may not sell any Common Shares through agents, underwriters or dealers without delivery of a Prospectus Supplement describing the method and terms of the particular offering of Common Shares. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Listing and Symbol </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund&#8217;s currently outstanding Common Shares are listed on the New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol &#8220;PDT.&#8221; Any new Common Shares offered and sold hereby will be listed on the NYSE and trade under this symbol. As of April 8, 2022, the last reported sale price for the Common Shares was $16.38. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment Strategy </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Under normal circumstances, the Fund will invest at
    least 80% of its net assets (plus borrowings for investment purposes) in dividend-paying securities. This is a non-fundamental policy
    and may be changed by the Board of Trustees of the Fund provided that shareholders are provided with at least 60 days prior written notice
    of any change as required by the rules under the 1940 Act. The Fund will focus on common stocks of those issuers which, in the opinion
    of the Advisor (as defined below), have strong fundamental characteristics, large market capitalizations, favorable credit quality and
    current dividend yields generally higher than the currently available dividend yield quoted on the Standard &amp; Poor's 500 Index. The
    Advisor intends to manage the Fund&#8217;s portfolio to generate income qualifying for the dividends received deduction (the &#8220;Dividends
    Received Deduction&#8221;) allowed corporations under Section 243(a)(1) of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;).</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may invest in floating-rate, fixed-to-floating
    rate, and fixed-rate preferred securities and debt obligations rated investment grade (at least &quot;BBB&quot; by S&amp;P Global Ratings
    (&#8220;S&amp;P&#8221;) or &quot;Baa&quot; by Moody's <FONT STYLE="color: #231F20">Investors Service, Inc.</FONT></P>
</TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 30%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 70%; padding-right: 0; padding-left: 0">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #231F20">(&#8220;Moody&#8217;s&#8221;)</FONT>
    at the time of investment or that are preferred securities of issuers of investment grade senior debt, some of which may have speculative
    characteristics, or, if not rated, will be of comparable quality as determined by the Advisor. The Fund will invest in common stocks of
    issuers whose senior debt is rated investment grade or, in the case of issuers that have no rated senior debt outstanding, whose senior
    debt is considered by the Advisor to be of comparable quality.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may invest in money market instruments, which
    include short-term U.S. Government securities, investment grade commercial paper (unsecured promissory notes issued by corporations to
    finance their short-term credit needs), certificates of deposit and bankers' acceptances.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may invest up to 10% of the value of its total
    assets in dividend-paying securities of registered investment companies that invest primarily in investment grade securities. The investment
    companies in which the Fund intends to invest include those open- and closed-end investment companies whose distributions qualify for
    the Dividends Received Deduction.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund concentrates its investments in securities
    of issuers primarily engaged in the utilities industry. The Fund may also invest in derivatives such as futures contracts, options, interest
    rate swaps and reverse repurchase agreements. The Fund intends to use reverse repurchase agreements to obtain investment leverage either
    alone and/or in combination with other forms of investment leverage or for temporary purposes. The Fund also utilizes a liquidity agreement
    to increase its assets available for investments. The Fund may seek to obtain additional income or portfolio leverage by making secured
    loans of its portfolio securities with a value of up to 33 1/3% of its total assets.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may invest up to 20% of its net assets in
    restricted securities purchased in direct (private) placements.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment Advisor and Subadvisor</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund&#8217;s investment advisor is John Hancock Investment Management LLC (the &#8220;Advisor&#8221; or &#8220;JHIM&#8221;) and its subadvisor is Manulife Investment Management (US) LLC (the &#8220;Subadvisor&#8221;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">JHIM, the Fund&#8217;s investment advisor, is an indirect
    principally owned subsidiary of Manulife Financial Corporation. The Advisor is responsible for overseeing the management of the Fund,
    including its day-to-day business operations and monitoring the Subadvisor. As of December 31, 2021, the Advisor had total assets under
    management of approximately $177.8 billion.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Subadvisor handles the Fund&#8217;s portfolio management
    activity, subject to oversight by the Advisor. The Subadvisor, organized in 1968, is a wholly owned subsidiary of John Hancock Life Insurance
    Company (U.S.A.) (a subsidiary of Manulife Financial, a publicly held, Canadian-based company). As of December 31, 2021, the Subadvisor
    had total assets under management of approximately $229.3 billion.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">See &#8220;Management of the Fund&#8212;The Advisor&#8221; and &#8220;&#8212;The Subadvisor.&#8221; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Distributions </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund makes regular monthly distributions to holders of Common Shares (the &#8220;Common Shareholders&#8221;) sourced from the Fund&#8217;s cash available for distribution. &#8220;Cash available for distribution&#8221; consists of the Fund&#8217;s (i) investment company taxable income, which includes among other things, dividend and ordinary income after payment of Fund expenses, the excess of net short-term capital gain over net long-term capital loss, and income from certain hedging and interest rate transactions, and (ii) net long-term capital gain (gain from the sale of capital assets held longer than one year). The Board of Trustees </FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 30%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 70%; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of the Fund (the &#8220;Board&#8221;) may modify this distribution policy at any time without obtaining the approval of Common Shareholders.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pursuant to the requirements of the 1940 Act, in the event the Fund makes distributions from sources other than income, a notice will accompany each monthly distribution with respect to the estimated sources of the distribution made. Such notices will describe the portion, if any, of the monthly dividend which, in the Fund&#8217;s good faith judgment, constitutes long-term capital gain, short-term capital gain, net investment income or a return of capital. The actual character of such dividend distributions for U.S. federal income tax purposes, however, will only be determined finally by the Fund at the close of its fiscal year, based on the Fund&#8217;s full year performance and its actual net investment company taxable income and net capital gain for the year, which may result in a recharacterization of amounts distributed during such fiscal year from the characterization in the monthly estimates.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If, for any calendar year, as discussed above, the total distributions made exceed the Fund&#8217;s net investment taxable income and net capital gain, the excess generally will be treated as a return of capital to each Common Shareholder (up to the amount of the Common Shareholder&#8217;s basis in his or her Common Shares) and thereafter as gain from the sale of Common Shares. The amount treated as a return of capital reduces the Common Shareholder&#8217;s adjusted basis in his or her Common Shares, thereby increasing his or her potential gain or reducing his or her potential loss on the subsequent sale of his or her Common Shares. Distributions in any year may include a substantial return of capital component. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution rates are based on projected monthly cash available for distribution, which may result in fluctuations in monthly rates. As a result, the distributions paid by the Fund for any particular month may be more or less than the amount of cash available for distribution from that monthly period. In certain circumstances, the Fund may be required to sell a portion of its investment portfolio to fund distributions. Distributions will reduce the Common Shares&#8217; net asset value (&#8220;NAV&#8221;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund has adopted a managed distribution plan (Plan). Under the Plan, the Fund makes monthly distributions of an amount equal to $0.0975 per share, which will be paid monthly until further notice. The Fund may make additional distributions: (i) for purposes of not incurring federal income tax at the Fund level of investment company taxable income and net capital gain, if any, not included in such regular distributions; and (ii) for purposes of not incurring federal excise tax on ordinary income and capital gain net income, if any, not included in such regular distributions. The Plan provides that the Board of Trustees of the Fund may amend the terms of the Plan or terminate the Plan at any time without prior notice to the Fund&#8217;s shareholders. The Plan is subject to periodic review by the Fund&#8217;s Board of Trustees. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Dividend Reinvestment Plan </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund has established an automatic dividend reinvestment plan (the &#8220;Plan&#8221;). Under the Plan, distributions of dividends and capital gain are automatically reinvested in Common Shares of the Fund by Computershare Trust Company, N.A. Every shareholder who became a shareholder of the Fund after June 30, 2011 and holds at least one full share of the Fund will be automatically enrolled in the Plan. Shareholders who do not participate in the Plan will receive all distributions in cash. Common Shareholders who intend to hold their Common Shares through a broker or nominee should contact such broker or nominee regarding the Plan. See &#8220;Dividend Reinvestment Plan.&#8221; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Closed-End Fund Structure </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Closed-end funds differ from open-end management investment companies (which generally are referred to as &#8220;mutual funds&#8221;) in that closed-end funds generally list their shares for trading on a securities exchange and do not redeem their shares at the option of the shareholder. Mutual funds do not trade on securities exchanges and issue securities redeemable at the option of the </FONT></TD></TR>
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    <TD STYLE="width: 30%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 70%; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shareholder. The continuous outflows of assets in a mutual fund can make it difficult to manage the Fund&#8217;s investments. Closed-end funds generally are able to stay more fully invested in securities that are consistent with their investment objectives and also have greater flexibility to make certain types of investments and to use certain investment strategies, such as financial leverage and investments in illiquid securities. The Fund&#8217;s Common Shares are designed primarily for long-term investors; you should not purchase Common Shares if you intend to sell them shortly after purchase.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common shares of closed-end funds frequently trade at prices lower than their NAV. Since inception, the market price of the Common Shares has fluctuated and at times has traded below the Fund&#8217;s NAV and at times has traded above the Fund&#8217;s NAV. The Fund cannot predict whether in the future the Common Shares will trade at, above or below NAV. In addition to NAV, the market price of the Fund&#8217;s Common Shares may be affected by such factors as the Fund&#8217;s dividend stability, dividend levels, which are in turn affected by expenses, and market supply and demand. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In recognition of the possibility that the Common Shares may trade at a discount from their NAV, and that any such discount may not be in the best interest of Common Shareholders, the Board, in consultation with the Advisor, from time to time may review possible actions to reduce any such discount. There can be no assurance that the Board will decide to undertake any of these actions or that, if undertaken, such actions would result in the Common Shares trading at a price equal to or close to NAV per Common Share. In the event that the Fund conducts an offering of new Common Shares and such offering constitutes a &#8220;distribution&#8221; under Regulation M, the Fund and certain of its affiliates may be subject to an applicable restricted period that could limit the timing of any repurchases by the Fund. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Summary of Risks </B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund&#8217;s principal risk factors are listed below by general risks and strategy risks. The Fund&#8217;s main risks are listed below in alphabetical order, not in order of importance. Before investing, be sure to read the additional descriptions of these risks beginning on page 25 of this Prospectus. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>General Risks</I></B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Anti-takeover Provisions.</I></B> The Fund&#8217;s
    Declaration of Trust includes provisions that could limit the ability of other persons or entities to acquire control of the Fund or to
    change the composition of its Board. These provisions may deprive shareholders of opportunities to sell their Common Shares at a premium
    over the then current market price of the Common Shares. See &#8220;Certain Provisions in the Declaration of Trust and By-Laws&#8212;Anti-takeover
    provisions.&#8221;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Changes in U.S. Law.</I></B> Changes in the state
    and U.S. federal laws applicable to the Fund, including changes to state and U.S. federal tax laws, or applicable to the Advisor, the
    Subadvisor and other securities or instruments in which the Fund may invest, may negatively affect the Fund&#8217;s returns to Common
    Shareholders. The Fund may need to modify its investment strategy in the future in order to satisfy new regulatory requirements or to
    compete in a changed business environment.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Cybersecurity and Operational Risk.</I></B> Cybersecurity
    breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or
    its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of the Fund&#8217;s
    securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors,
    or technology failures, among other causes.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Defensive Positions Risk.</I></B> During periods
    of adverse market or economic conditions, the Fund may temporarily invest all or a substantial portion of its total assets in short-term
    money market instruments, securities with remaining maturities of less than one year, cash or cash equivalents. The Fund will not be pursuing
    its investment objective in these circumstances and could miss favorable market developments.</P></TD></TR>
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    <TD STYLE="width: 70%; padding-right: 0; padding-left: 0">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Distribution Risk.</I></B> There can be no assurance
    that monthly distributions paid by the Fund to shareholders will be maintained at current levels or increase over time. The monthly distributions
    shareholders receive from the Fund are derived from the Fund&#8217;s dividends and interest income after payment of Fund expenses. The
    Fund&#8217;s cash available for distribution may vary widely over the short- and long-term. If, for any calendar year, the total distributions
    made exceed the Fund&#8217;s net investment taxable income and net capital gain, the excess generally will be treated as a return of capital
    to each Common Shareholder (up to the amount of the Common Shareholder&#8217;s basis in his or her Common Shares) and thereafter as gain
    from the sale of Common Shares. The amount treated as a return of capital reduces the Common Shareholder&#8217;s adjusted basis in his
    or her Common Shares, thereby increasing his or her potential gain or reducing his or her potential loss on the subsequent sale of his
    or her Common Shares. Distributions in any year may include a substantial return of capital component.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Economic and market events risk</I></B>.
    Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate
    or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced
    liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer
    losses if interest rates rise or economic conditions deteriorate.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 8.65pt 0 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Inflation Risk.</I></B> Inflation risk is the
    risk that the purchasing power of assets or income from investments will be worth less in the future as inflation decreases the value
    of money. As inflation increases, the real value of the Common Shares and distributions thereon can decline.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><I>Interest Rate Risk.</I></B> Interest rate risk
    is the risk that fixed-income securities such as debt securities and preferred securities will decline in value because of changes in
    market interest rates. When market interest rates rise, the market value of such securities generally will fall. The Fund&#8217;s investments
    in debt securities and preferred securities means that the NAV and market price of the Common Shares will tend to decline if market interest
    rates rise. Given the historically low level of interest rates in recent years and the likelihood that interest rates will increase when
    the national economy strengthens, the risk of the potentially negative impact of rising interest rates on the value of the Fund&#8217;s
    portfolio may be significant. In addition, the longer the average maturity of the Fund&#8217;s portfolio of debt securities, the greater
    the potential impact of rising interest rates on the value of the Fund&#8217;s portfolio and the less flexibility the Fund may have to
    respond to the decreasing spread between the yield on its portfolio securities.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">During periods of declining interest rates, an issuer
    may exercise its option to prepay principal of debt securities or to redeem preferred securities earlier than scheduled, forcing the Fund
    to reinvest in lower yielding securities. This is known as call or prepayment risk. During periods of rising interest rates, the average
    life of certain types of securities may be extended because of slower than expected principal payments. This may lock in a below market
    interest rate, increase the security&#8217;s duration and reduce the value of the security. This is known as extension risk. Recent and
    potential future changes in government monetary policy may affect interest rates.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Investment and Market Risk.</I></B> An investment in Common Shares
    is subject to investment and market risk, including the possible loss of the entire principal amount invested. An investment in Common
    Shares represents an indirect investment in the securities owned by the Fund, which generally are traded on a securities exchange or in
    the over-the-counter markets. The value of these securities, like other market investments, may move up or down, sometimes rapidly and
    unpredictably. Common Shares at any point in time may be worth</P></TD></TR>
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    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">less than the original investment, even after taking
    into account any reinvestment of dividends and distributions.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Leverage Risk.</I></B> The Fund is authorized
    to utilize leverage through borrowings, reinvestment of securities lending collateral or reverse repurchase agreement proceeds, and/or
    the issuance of preferred shares, including the issuance of debt securities. The Fund is party to the LA as described in &ldquo;&mdash;Description
    of Capital Structure&mdash;Liquidity Facility.&rdquo;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund utilizes the LA to increase its assets available
    for investment. When the Fund leverages its assets, Common Shareholders bear the fees associated with the LA and have the potential to
    benefit or be disadvantaged from the use of leverage. In addition, the fee paid to the Advisor is calculated on the basis of the Fund&rsquo;s
    average daily managed assets, including proceeds from borrowings and/or the issuance of any preferred shares, so the fee will be higher
    when leverage is utilized, which may create an incentive for the Advisor to employ financial leverage. Consequently, the Fund and the
    Advisor may have differing interests in determining whether to leverage the Fund&rsquo;s assets. Leverage creates risks that may adversely
    affect the return for the Common Shareholders, including:</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 66%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the likelihood of greater volatility of NAV and market price of Common Shares;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">fluctuations in the interest rate paid for the use of the LA;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">increased operating costs, which may reduce the Fund&rsquo;s total return;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the potential for a decline in the value of an investment acquired through leverage, while the Fund&rsquo;s obligations under such leverage remains fixed; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Fund is more likely to have to sell securities in a volatile market in order to meet asset coverage or other debt compliance requirements.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;To the extent the returns derived from securities purchased with proceeds
    received from leverage exceeds the cost of leverage, the Fund&rsquo;s distributions may be greater than if leverage had not been used.
    Conversely, if the returns from the securities purchased with such proceeds are not sufficient to cover the cost of leverage, the amount
    available for distribution to Common Shareholders will be less than if leverage had not been used. In the latter case, the Advisor, in
    its best judgment, may nevertheless determine to maintain the Fund&rsquo;s leveraged position if it deems such action to be appropriate.
    The costs of a borrowing program and/or an offering of preferred shares would be borne by Common Shareholders and consequently would result
    in a reduction of the NAV of Common Shares.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addition to the risks created by the Fund&rsquo;s
    use of leverage, the Fund is subject to the risk that it would be unable to timely, or at all, obtain replacement financing if the LA
    is terminated. For more information regarding termination, see &ldquo;&mdash;Description of Capital Structure&mdash;Liquidity Facility.&rdquo;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>LIBOR Discontinuation Risk.</I></B> The LA utilizes
    LIBOR as the reference or benchmark rate for interest rate calculations. LIBOR is a measure of the average interest rate at which major
    global banks can borrow from one another. Following allegations of rate manipulation and concerns regarding its thin liquidity, in July
    2017, the U.K. Financial Conduct Authority, which regulates LIBOR, announced that it will stop encouraging banks to provide the quotations
    needed to sustain LIBOR. The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing most LIBOR maturities,
    including some US LIBOR maturities, on December 31, 2021, and the remaining and most liquid US LIBOR maturities will cease being published
    on June 30, 2023. It is expected that market participants such as the Fund and SSB will transition to the use of alternative reference
    or benchmark rates prior to the applicable LIBOR publication cessation date. However, although regulators have</P></TD></TR>
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    <TD STYLE="width: 70%; padding-right: 0; padding-left: 0">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">encouraged the development and adoption of alternative
    rates such as the Secured Overnight Financing Rate, there is currently no definitive information regarding the future utilization of LIBOR
    or of any particular replacement rate.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Management Risk.</I></B> The Fund is subject
    to management risk because it relies on the Subadvisor&#8217;s ability to pursue the Fund&#8217;s investment objective. The Subadvisor
    applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that it will
    produce the desired results.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Market Discount Risk.</I></B> The Fund&#8217;s
    Common Shares will be offered only when Common Shares of the Fund are trading at a price equal to or above the Fund&#8217;s NAV per Common
    Share plus the per Common Share amount of commissions. As with any security, the market value of the Common Shares may increase or decrease
    from the amount initially paid for the Common Shares. The Fund&#8217;s Common Shares have traded at both a premium and at a discount to
    NAV. The shares of closed-end management investment companies frequently trade at a discount from their NAV. This characteristic is a
    risk separate and distinct from the risk that the Fund&#8217;s NAV could decrease as a result of investment activities. Investors bear
    a risk of loss to the extent that the price at which they sell their shares is lower in relation to the Fund&#8217;s NAV than at the time
    of purchase, assuming a stable NAV.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Natural Disasters and Adverse Weather Conditions.</I></B>
    Certain areas of the world historically have been prone to major natural disasters, such as hurricanes, earthquakes, typhoons, flooding,
    tidal waves, tsunamis, erupting volcanoes, wildfires or droughts, and have been economically sensitive to environmental events. Such disasters,
    and the resulting damage, could have a severe and negative impact on the Fund&#8217;s investment portfolio and, in the longer term, could
    impair the ability of issuers in which the Fund invests to conduct their businesses in the manner normally conducted. Adverse weather
    conditions also may have a particularly significant negative effect on issuers in the agricultural sector and on insurance companies that
    insure against the impact of natural disasters.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Secondary Market for the Common Shares. </I></B>The
    issuance of new Common Shares may have an adverse effect on the secondary market for the Common Shares. When Common Shares are trading
    at a premium, the Fund may issue new Common Shares of the Fund. The increase in the amount of the Fund&#8217;s outstanding Common Shares
    resulting from the offering of new Common Shares may put downward pressure on the market price for the Common Shares of the Fund. Common
    Shares will not be issued at any time when Common Shares are trading at a price lower than a price equal to the Fund&#8217;s NAV per Common
    Share plus the per Common Share amount of commissions.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund also issues Common Shares through its dividend
    reinvestment plan. Common Shares may be issued under the plan at a discount to the market price for such Common Shares, which may put
    downward pressure on the market price for Common Shares of the Fund.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The voting power of current Common Shareholders will
    be diluted to the extent that such shareholders do not purchase shares in any future Common Share offerings or do not purchase sufficient
    shares to maintain their percentage interest. In addition, if the proceeds of such offering are unable to be invested as intended, the
    Fund&#8217;s per Common Share distribution may decrease (or may consist of return of capital) and the Fund may not participate in market
    advances to the same extent as if such proceeds were fully invested as planned.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Tax Risk.</I></B> To qualify for the special
    tax treatment available to regulated investment companies, the Fund must: (i) derive at least 90% of its annual gross income from certain
    kinds of investment income; (ii) meet certain asset diversification requirements at the end of each quarter; and (iii) distribute in</P></TD></TR>
  </TABLE>



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    <TD STYLE="width: 30%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 70%; padding-right: 0; padding-left: 0">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">each taxable year at least 90% of its net investment
    income (including net interest income and net short-term capital gain). If the Fund failed to meet any of these requirements, subject
    to the opportunity to cure such failures under applicable provisions of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;),
    the Fund would be subject to U.S. federal income tax at regular corporate rates on its taxable income, including its net capital gain,
    even if such income were distributed to its shareholders. All distributions by the Fund from earnings and profits, including distributions
    of net capital gain (if any), would be taxable to the shareholders as ordinary income. To the extent designated by the Fund, such distributions
    generally would be eligible (i) to be treated as qualified dividend income in the case of individual and other non-corporate shareholders
    and (ii) for the dividends received deduction in the case of corporate shareholders, provided that in each case the shareholder meets
    applicable holding period requirements. In addition, in order to requalify for taxation as a regulated investment company, the Fund might
    be required to recognize unrealized gain, pay substantial taxes and interest, and make certain distributions. See &#8220;U.S. Federal
    Income Tax Matters.&#8221;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The tax treatment and characterization of the Fund&#8217;s
    distributions may vary significantly from time to time due to the nature of the Fund&#8217;s investments. The ultimate tax characterization
    of the Fund&#8217;s distributions in a calendar year may not finally be determined until after the end of that calendar year. The Fund
    may make distributions during a calendar year that exceed the Fund&#8217;s net investment income and net realized capital gain for that
    year. In such a situation, the amount by which the Fund&#8217;s total distributions exceed net investment income and net realized capital
    gain generally would be treated as a return of capital up to the amount of the Common Shareholder&#8217;s tax basis in his or her Common
    Shares, with any amounts exceeding such basis treated as gain from the sale of his or her Common Shares. The Fund&#8217;s income distributions
    that qualify for favorable tax treatment may be affected by Internal Revenue Service (&#8220;IRS&#8221;) interpretations of the Code and
    future changes in tax laws and regulations all of which may apply with retroactive effect. See &#8220;U.S. Federal Income Tax Matters.&#8221;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">No assurance can be given as to what percentage of
    the distributions paid on the Common Shares, if any, will consist of long-term capital gain or what the tax rates on various types of
    income will be in future years.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Strategy Risks</I></B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Concentration risk. </I></B>Because the Fund
    may focus on one or more industries or sectors of the economy, its performance depends in large part on the performance of those industries
    or sectors. As a result, the value of an investment may fluctuate more widely since it is more susceptible to market, economic, political,
    regulatory, and other conditions and risks affecting those industries or sectors than a fund that invests more broadly across industries
    and sectors.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Corporate debt securities risk. </I></B>Corporate
    debt obligations are subject to the risk of an issuer&#8217;s inability to meet principal and interest payments on the obligations and
    also may be subject to price volatility due to such factors as market interest rates, market perception of the creditworthiness of the
    issuer and general market liquidity.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Credit and counterparty risk.</I></B> The issuer
    or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities
    may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk
    depending upon the nature of their support. A downgrade or default affecting any of the Fund&#8217;s securities could affect the Fund&#8217;s
    performance.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Dividend Strategy Risk. </I></B>The Subadvisor
    may not be able to anticipate the level of dividends that companies will pay in any given timeframe. In accordance with the Fund&#8217;s
    strategies, the Subadvisor attempts to identify and take advantage of opportunities such as the announcement of major corporate actions
    that may lead to high current dividend income. These situations typically are non-</P></TD></TR>
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    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">recurring or infrequent, may be difficult to predict
    and may not result in an opportunity that allows the Subadvisor to fulfill the Fund&rsquo;s investment objective. In addition, the dividend
    policies of the Fund&rsquo;s target companies are heavily influenced by the current economic climate and the favorable U.S. federal tax
    treatment afforded to dividends.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Equity securities risk.</I></B> The price of
    equity securities may decline due to changes in a company&rsquo;s financial condition or overall market conditions.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Fixed-income securities risk.</I></B> A rise
    in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more
    sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal
    borrowed. Changes in a security&rsquo;s credit quality may adversely affect fund performance.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Foreign Securities Risk.</I></B> <FONT STYLE="background-color: white">Less
    information may be publicly available regarding foreign issuers. Foreign securities may be subject to foreign taxes and may be more&nbsp;volatile
    than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.
    Any depositary&nbsp;receipts are subject to most of the risks associated with investing in foreign securities directly because the value
    of a depositary receipt is dependent upon the market&nbsp;price of the underlying foreign equity security. Depositary receipts are also
    subject to liquidity risk.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Hedging, derivatives and other strategic transactions
    risk.</I></B> Hedging, derivatives, and other strategic transactions may increase the volatility of the Fund and, if the transaction does
    not have the desired outcome, could result in a significant loss to the Fund. The use of derivative instruments could produce disproportionate
    gain or loss, more than the principal amount invested. Investing in derivative instruments involves risks different from, or possibly
    greater than, the risks associated with investing directly in securities and other traditional investments and, in a down market, could
    become harder to value or sell at a fair price. The following is a list of certain derivatives and other strategic transactions that the
    Fund may utilize and the main risks associated with each of them:</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&bull;</B></FONT></TD>
    <TD STYLE="width: 66%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Futures contracts. </I></B>Counterparty risk, liquidity risk (<I>i.e.</I>, the inability to enter into closing transactions) and risk of disproportionate loss are the principal risks of engaging in transactions involving futures contracts.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Interest-rate swaps. </I></B>Counterparty risk, liquidity risk (<I>i.e.</I>, the inability to enter into closing transactions), interest-rate risk and risk of disproportionate loss are the principal risks of engaging in transactions involving interest-rate swaps.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Options and currency options. </I></B>Counterparty risk, liquidity risk (<I>i.e.</I>, the inability to enter into closing transactions) and risk of disproportionate loss are the principal risks of engaging in transactions involving options, including currency options. Counterparty risk does not apply to exchange-traded options.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Illiquid and restricted securities risk. </I></B>The Fund may invest without limit in securities for which there is no readily available trading market or which are otherwise illiquid <FONT STYLE="background-color: white">(<I>i.e.,</I>&nbsp;investments that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment)</FONT>. The Fund may have significant exposure to restricted securities.&nbsp; Restricted securities are securities with restrictions on public resale, such as securities offered in accordance with an exemption under Rule 144A under the Securities Act of 1933 (the &ldquo;1933 Act&rdquo;), or commercial paper issued</FONT></TD></TR>
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    <TD STYLE="width: 70%; padding-right: 0; padding-left: 0">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">under Section 4(a)(2) of the 1933 Act.&nbsp; Restricted
    securities are often required to be sold in private sales to institutional buyers, markets for restricted securities may or may not be
    well developed, and restricted securities can be illiquid.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Illiquid and restricted securities may be difficult
    to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security&#8217;s
    market price and the Fund&#8217;s ability to see the security. <FONT STYLE="background-color: white">Illiquid investments may become harder
    to value, especially in changing markets. The Fund&#8217;s investments in illiquid securities may reduce the returns of the Fund because
    it may be unable to sell the illiquid investments at an advantageous time or price or possibly require the Fund to dispose of other investments
    at unfavorable times or prices in order to satisfy its obligations, which could prevent the Fund from taking advantage of other investment
    opportunities. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent
    of any specific adverse changes in the conditions of a particular issuer.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The extent (if at all) to which a security may be sold
    or a derivative position closed without negatively impacting its market value may be impaired by&nbsp;reduced market activity or participation,
    legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due
    to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy obligations during periods of reduced
    demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the Fund to sell assets
    at a loss or depressed value, which could negatively affect performance.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addition, limited liquidity could affect the market
    price of the investments, thereby adversely affecting the Fund&#8217;s NAV and ability to make dividend distributions. The financial markets
    in general have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity
    during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments
    could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any time. The
    Fund has no limitation on the amount of its assets which may be invested in investments which are not readily marketable or are subject
    to restrictions on resale.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Investment company securities risk.</I></B> The
    Fund may invest in securities of other investment companies. Fund shareholders indirectly bear their proportionate share of the expenses
    of each such investment company. The total return on such investments will be reduced by the operating expenses and fees of such other
    investment companies, including advisory fees.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Large company risk</I></B>. Larger companies
    may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform
    the market as a whole.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Preferred and convertible securities risk. </I></B>Unlike
    interest on debt securities, preferred stock dividends are payable only if&nbsp;declared by the issuer&#8217;s board. Also, preferred
    stock may be subject to optional&nbsp;or mandatory redemption provisions. The market values of convertible securities&nbsp;tend to fall
    as interest rates rise and rise as interest rates fall. The value of&nbsp;convertible preferred stock can depend heavily upon the value
    of the security&nbsp;into which such convertible preferred stock is converted, depending on whether&nbsp;the market price of the underlying
    security exceeds the conversion price.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.75pt 0 0; text-align: justify"><B><I>Reverse repurchase agreement risk.</I></B>
    Reverse repurchase agreement transactions involve the risk that the market value of the securities that the Fund</P></TD></TR>
  </TABLE>



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    <TD STYLE="width: 30%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 70%; padding-right: 0; padding-left: 0">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">is obligated to repurchase under such agreements may
    decline below the repurchase price. Any fluctuations in the market value of either the securities transferred to the other party or the
    securities in which the proceeds may be invested would affect the market value of the Fund&#8217;s assets, thereby potentially increasing
    fluctuations in the market value of the Fund&#8217;s assets. In the event the buyer of securities under a reverse repurchase agreement
    files for bankruptcy or becomes insolvent, the Fund&#8217;s use of proceeds received under the agreement may be restricted pending a determination
    by the other party, or its trustee or receiver, whether to enforce the Fund&#8217;s obligation to repurchase the securities. An event
    of default of insolvency of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to
    the Fund&#8217;s ability to dispose of the underlying securities, in addition, a reverse repurchase agreement may be considered a form
    of leverage and may, therefore, increase fluctuations in the Fund&#8217;s net asset value per share (NAV).</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>U.S. government securities risk. </I></B>No assurance
    can be given that the U.S. government will provide financial support in the future to U.S. government agencies, authorities or instrumentalities
    that are not supported by the full faith and credit of the U.S. Securities guaranteed as to principal and interest by the United States
    government, its agencies, authorities or instrumentalities include: (i) securities for which the payment of principal and interest is
    backed by an irrevocable letter of credit issued by the U.S. government or any of its agencies, authorities or instrumentalities; and
    (ii) participations in loans made to non-U.S. governments or other entities that are so guaranteed. The secondary market for certain of
    these participations is limited and therefore may be regarded as illiquid.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Utilities sector risk. </B>Issuers in the utilities
    sector are subject to many risks, including the following: increases in fuel and other operating costs; restrictions on operations; increased
    costs and delays as a result of environmental and safety regulations; coping with the impact of energy conservation and other factors
    reducing the demand for services; technological innovations that may render existing plants, equipment or products obsolete; the potential
    impact of natural or man-made disasters; difficulty in obtaining adequate returns on invested capital; difficulty in obtaining approval
    for rate increases; the high cost of obtaining financing, particularly during periods of inflation; increased competition resulting from
    deregulation, overcapacity and pricing pressures; and the negative impact of regulation. Because utility companies are faced with the
    same obstacles, issues and regulatory burdens, their securities may react similarly and more in unison to these or other market conditions.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-indent: -14.4pt">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify; text-indent: -14.4pt">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: center; text-indent: -14.4pt"><B><I>Given the risks
    described above, an investment in Common Shares may not be appropriate for all investors.</I></B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: center; text-indent: -14.4pt"><B><I>You should carefully
    consider your ability to assume these risks before making an investment in the Fund.</I></B></P></TD></TR>
  </TABLE>



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<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="tocpro_002"></A>Summary of Fund Expenses</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The purpose of the table below is to help you understand
all fees and expenses that you, as a Common Shareholder, would bear directly or indirectly. In accordance with SEC requirements, the table
below shows the Fund&#8217;s expenses as a percentage of its average net assets as of October 31, 2021, and not as a percentage of total
assets. By showing expenses as a percentage of average net assets, expenses are not expressed as a percentage of all of the assets in
which the Fund invests. The offering costs to be paid or reimbursed by the Fund are not included in the Annual Expenses table below. However,
these expenses will be borne by Common Shareholders and may result in a reduction in the NAV of the Common Shares. See &#8220;Management
of the Fund&#8221; and &#8220;Dividend Reinvestment Plan.&#8221; The table and example are based on the Fund&#8217;s capital structure
as of October 31, 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 5pt; width: 91%; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Shareholder Transaction Expenses</B></FONT></TD>
    <TD STYLE="padding: 3pt 3pt 3pt 2.35pt; text-align: right; width: 9%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 3pt 0 3pt 20pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales load (as a percentage of offering price) <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 3pt 3pt 2.35pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>_____</U>%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 20pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Offering expenses (as a percentage of offering price) <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 3pt 3pt 2.35pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>_____</U>%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 3pt 0 3pt 20pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividend Reinvestment Plan fees <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 3pt 3pt 2.35pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9;None</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 5pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Annual Expenses (Percentage of Net Assets Attributable to Common Shares)</B></FONT></TD>
    <TD STYLE="padding: 3pt 3pt 3pt 2.35pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 3pt 0 3pt 20pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management fees <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 3pt 3pt 2.35pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.18%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 20pt; vertical-align: bottom; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest payments on borrowed funds<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 3pt 3pt 2.35pt; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.40%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding: 3pt 0 3pt 20pt; vertical-align: bottom; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other expenses</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding: 3pt 3pt 3pt 2.35pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.24%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 20pt; vertical-align: bottom; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Operating Expenses</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding: 3pt 3pt 3pt 2.35pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.82%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding: 3pt 0 3pt 20pt; vertical-align: bottom; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Contractual Expense Reimbursement <SUP>(5)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding: 3pt 3pt 3pt 2.35pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.01)%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 20pt; vertical-align: bottom; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses After Expense Reimbursements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 3pt 3pt 3pt 2.35pt; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.81%</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt">(1)</TD><TD STYLE="text-align: justify">If Common Shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable
sales load and the estimated offering expenses.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt">(2)</TD><TD STYLE="text-align: justify">Participants in the Fund&#8217;s dividend reinvestment plan do not pay brokerage charges with respect
to Common Shares issued directly by the Fund. However, whenever Common Shares are purchased or sold on the NYSE or otherwise on the open
market, each participant will pay a <I>pro rata </I>portion of brokerage trading fees, currently $0.05 per share purchased or sold. Brokerage
trading fees will be deducted from amounts to be invested. Shareholders participating in the Plan may buy additional Common Shares of
the Fund through the Plan at any time and will be charged a $5 transaction fee plus $0.05 per share brokerage trading fee for each order.
See &#8220;Distribution Policy&#8221; and &#8220;Dividend Reinvestment Plan.&#8221;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt">(3)</TD><TD STYLE="text-align: justify">See &#8220;Management of the Fund&#8212;The Advisor.&#8221;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt">(4)</TD><TD STYLE="text-align: justify">The Fund uses leverage by borrowing under a liquidity agreement. &#8220;Interest payments on borrowed
funds&#8221; includes all interest paid in connection with outstanding loans. See &#8220;Other Investment Policies - Borrowing&#8221;
and &#8220;Use of Leverage by the Fund.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 15.95pt">(5)</TD><TD STYLE="text-align: justify">The Advisor contractually agrees to waive a portion of its management fee and/or reimburse
expenses for the Fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate
net assets of all the funds participating in the waiver or reimbursement. This waiver is allocated proportionally among the participating
funds. During its most recent fiscal year, the Fund&#8217;s reimbursement amounted to 0.01% of the fund&#8217;s average daily net assets.
This agreement expires on July 31, 2023, unless renewed by mutual agreement of the Fund and the Advisor based upon a determination that
this is appropriate under the circumstances at that time.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>EXAMPLE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following example illustrates the expenses that
Common Shareholders would pay on a $1,000 investment in Common Shares, assuming (i) total annual expenses set forth above, including any
reimbursements through their current expiration date; (ii) a 5% annual return; and (iii) all distributions are reinvested at NAV:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0 1pt; width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 3pt; padding-right: 0; padding-left: 0; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&#9;1
    Year&#9;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 3pt; padding-right: 0; padding-left: 0; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&#9;3
    Years&#9;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 3pt; padding-right: 0; padding-left: 0; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&#9;5
    Years&#9;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 3pt; padding-right: 0; padding-left: 0; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&#9;10
    Years&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 0 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Expenses</FONT></TD>
    <TD STYLE="padding: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$18 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$57 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$98 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$214 </FONT></TD></TR>
  </TABLE>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The above table and example and the assumption in the
example of a 5% annual return are required by regulations of the SEC that are applicable to all investment companies; the assumed 5% annual
return is not a prediction of, and does not represent, the projected or actual performance of the Fund&#8217;s Common Shares. For more
complete descriptions of certain of the Fund&#8217;s costs and expenses, see &#8220;Management of the Fund.&#8221; In addition, while
the example assumes reinvestment of all dividends and distributions at NAV, participants in the Fund&#8217;s dividend reinvestment plan
may receive Common Shares purchased or issued at a price or value different from NAV. See &#8220;Distribution Policy&#8221; and &#8220;Dividend
Reinvestment Plan.&#8221; The example does not include sales load or estimated offering costs, which would cause the expenses shown in
the example to increase.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>The example should not be considered a representation
of past or future expenses, and the Fund&#8217;s actual expenses may be greater or less than those shown. Moreover, the Fund&#8217;s actual
rate of return may be greater or less than the hypothetical 5% return shown in the example. </B></P>


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<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="tocpro_003"></A>Financial Highlights</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This table details the financial performance of the
Common Shares, including total return information showing how much an investment in the Fund has increased or decreased each period (assuming
reinvestment of all dividends and distributions).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The financial statements of the Fund as of October
31, 2021, 2020, 2019, 2018, and 2017 have been audited by PricewaterhouseCoopers LLP (&#8220;PwC&#8221;), the Fund&#8217;s independent
registered public accounting firm. The report of PwC is included, along with the Fund&#8217;s financial statements, in the Fund&#8217;s
annual report for the fiscal year ended October 31, 2021, has been incorporated by reference into the SAI. Copies of the Fund&#8217;s
most recent annual and semi-annual reports are available upon request.</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Common Shares</B></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; width: 50%; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>Period ended</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; width: 10%; border-top: #DCDDDE 1pt solid; border-right: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>10-31-21</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-bottom: 3pt; width: 10%; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>10-31-20</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-bottom: 3pt; width: 10%; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>10-31-19</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-bottom: 3pt; width: 10%; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>10-31-18</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-bottom: 3pt; width: 10%; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>10-31-17</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #F1F2F2">
    <TD STYLE="border-right: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>Per share operating performance</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>Net asset value, beginning of period</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>$12.84</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>$15.74</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>$14.33</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>$15.95</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>$16.17</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Net investment income<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">0.83</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">0.83</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">0.72</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">0.85</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">1.11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Net realized and unrealized gain (loss) on investments</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid">

    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0; color: #231F20">2.40</P></TD>
    <TD STYLE="padding-right: 7.45pt; vertical-align: bottom; text-align: right; padding-top: 3pt; border-bottom: #DCDDDE 1pt solid; padding-bottom: 3pt">

    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0; color: #231F20">(2.53)</P></TD>
    <TD STYLE="padding-right: 7.45pt; vertical-align: bottom; text-align: right; padding-top: 3pt; border-bottom: #DCDDDE 1pt solid; padding-bottom: 3pt">

    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0; color: #231F20">1.89</P></TD>
    <TD STYLE="padding-right: 7.45pt; vertical-align: bottom; text-align: right; padding-top: 3pt; border-bottom: #DCDDDE 1pt solid; padding-bottom: 3pt">

    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0; color: #231F20">(0.77)</P></TD>
    <TD STYLE="padding-right: 7.45pt; vertical-align: bottom; text-align: right; padding-top: 3pt; border-bottom: #DCDDDE 1pt solid; padding-bottom: 3pt">

    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0; color: #231F20">0.14</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>Total from investment operations</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>3.23</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>(1.70)</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>2.61</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>0.08</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>1.25</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>Less distributions</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; border-bottom: #DCDDDE 1pt solid; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">From net investment income</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">(1.17)</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">(1.17)</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">(1.17)</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">(1.17)</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">(1.17)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">From net realized gain</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">(0.02)</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">(0.03)</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">(0.03)</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">(0.53)</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">(0.30)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>Total distributions</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>(1.19)</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>(1.20)</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>(1.20)</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>(1.70)</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>(1.47)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>Net asset value, end of period</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>$14.88</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>$12.84</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>$15.74</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>$14.33</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>$15.95</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>Per share market value, end of period</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>$17.27</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>$12.55</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>$17.69</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>$15.65</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>$16.97</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>Total return at net asset value (%)</B><SUP>2,3</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>25.56</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>(10.89)</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>18.52</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>0.19</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>8.26</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>Total return at market value (%)</B><SUP>2</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>49.09</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>(22.55)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>22.04</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>2.84</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>24.50</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #F1F2F2">
    <TD STYLE="border-right: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>Ratios and supplemental data</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Net assets, end of period (in millions)</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">$726</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">$625</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">$764</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">$695</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">$771</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Ratios (as a percentage of average net assets):</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; border-bottom: #DCDDDE 1pt solid; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 35pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Expenses before reductions</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">1.82</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">2.32</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">3.01</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">2.80</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">2.28</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 35pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Expenses including reductions<SUP>4</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">1.81</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">2.31</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">3.00</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">2.79</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">2.27</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 35pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Net investment income</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">5.78</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">6.07</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">4.79</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">5.75</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">7.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Portfolio turnover (%)</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">17</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">24</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">18</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">24</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #F1F2F2">
    <TD STYLE="border-right: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><B>Senior securities</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Total debt outstanding end of period (in millions)</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid">

    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0; color: #231F20">$374</P></TD>
    <TD STYLE="padding-right: 7.45pt; vertical-align: bottom; text-align: right; padding-top: 3pt; border-bottom: #DCDDDE 1pt solid; padding-bottom: 3pt">

    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0; color: #231F20">$374</P></TD>
    <TD STYLE="padding-right: 7.45pt; vertical-align: bottom; text-align: right; padding-top: 3pt; border-bottom: #DCDDDE 1pt solid; padding-bottom: 3pt">

    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0; color: #231F20">$384</P></TD>
    <TD STYLE="padding-right: 7.45pt; vertical-align: bottom; text-align: right; padding-top: 3pt; border-bottom: #DCDDDE 1pt solid; padding-bottom: 3pt">

    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0; color: #231F20">$384</P></TD>
    <TD STYLE="padding-right: 7.45pt; vertical-align: bottom; text-align: right; padding-top: 3pt; border-bottom: #DCDDDE 1pt solid; padding-bottom: 3pt">

    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0; color: #231F20">$384</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Asset coverage per $1,000 of debt<SUP>5</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">$2,943</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">$2,672</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">$2,992</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">$2,811</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; text-align: right; padding-top: 3pt; padding-right: 7.45pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">$3,009</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #231F20"><SUP>&nbsp;</SUP></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><SUP>1</SUP></TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: left">Based on average daily shares outstanding.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><SUP>2</SUP></TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: left">Total return based on net asset value reflects changes in the fund&#8217;s net asset value
during each period. Total return based on market value reflects changes in market value. Each figure assumes that distributions from
income, capital gains and tax return of capital, if any, were reinvested.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><SUP>3</SUP></TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: left">Total returns would have been lower had certain expenses not been reduced during the applicable
periods.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><SUP>4</SUP></TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: left">Expenses including reductions excluding interest expense were 1.41%, 1.48%, 1.41%, 1.44%
and 1.45% for the periods ended 10-31-21, 10-31-20, 10-31-19, 10-31-18 and 10-31-17, respectively.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><SUP>5</SUP></TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: left">Asset coverage equals the total net assets plus borrowings divided by the borrowings of the
fund outstanding at period end (Note 8). As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage
ratio provides a measure of leverage.</TD>
</TR></TABLE>




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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; width: 50%; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Period Ended</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; width: 10%; border-top: #DCDDDE 1pt solid; border-right: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10-31-16</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10-31-15</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 3pt; width: 10%; padding-top: 3pt; padding-right: 7.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10-31-14</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10-31-13</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10-31-12</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E7E8">
    <TD STYLE="border-right: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Per share operating performance</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net asset value, beginning of period</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$15.14</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$15.43</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$14.01</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$14.56</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$13.22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net investment income<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.98</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.97</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.98</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.96</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.89</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net realized and unrealized gain (loss) on investments</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid">

    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0">1.16</P></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-bottom: #DCDDDE 1pt solid">

    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">(0.21)</P></TD>
    <TD STYLE="padding-right: 7.45pt; vertical-align: bottom; text-align: right; padding-top: 3pt; border-bottom: #DCDDDE 1pt solid; padding-bottom: 3pt">

    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">1.74</P></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-bottom: #DCDDDE 1pt solid">

    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">(0.60)</P></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-bottom: #DCDDDE 1pt solid">

    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">1.36</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total from investment operations</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.14</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.76</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.72</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.36</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.25</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E7E8">
    <TD STYLE="border-right: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Less distributions to common shareholders</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From net investment income</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.97)</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.89)</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.97)</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.91)</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.91)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From net realized gain</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.14)</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.20)</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.34)</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total distributions</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1.11)</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1.09)</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1.31)</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.91)</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.91)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Anti-dilutive impact of repurchase plan</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;<SUP>2,3</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.04<SUP>2</SUP></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.01<SUP>2</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net asset value, end of period</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$16.17</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$15.14</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$15.43</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$14.01</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$14.56</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Per share market value, end of period</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$14.96</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$13.68</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$13.67</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$12.51</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$14.32</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total return at net asset value (%)</B><SUP>4,5</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14.83</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6.18</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22.07</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.94</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>17.61</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total return at market value (%)</B><SUP>5</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>17.58</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8.29</B></FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>21.12</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(6.54)</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>24.32</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E7E8">
    <TD STYLE="border-right: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ratios and supplemental data</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net assets applicable to common shares, end of period (in millions)</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid">

    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0">$781</P></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-bottom: #DCDDDE 1pt solid">

    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">$733</P></TD>
    <TD STYLE="padding-right: 7.45pt; vertical-align: bottom; text-align: right; padding-top: 3pt; border-bottom: #DCDDDE 1pt solid; padding-bottom: 3pt">

    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">$765</P></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-bottom: #DCDDDE 1pt solid">

    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">$701</P></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-bottom: #DCDDDE 1pt solid">

    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">$728</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ratios (as a percentage of average net assets):</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; border-bottom: #DCDDDE 1pt solid; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 35pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses before reductions</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.95</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.86</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.79</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.77</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.85</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 35pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses including reductions<SUP>6</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.94</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.85</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.79</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.77</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.85</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 35pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net investment income</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.14</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.38</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.85</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.61</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.45</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Portfolio turnover (%)</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E7E8">
    <TD STYLE="border-right: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Senior securities</B></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total debt outstanding end of period (in millions)</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$384</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$384</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$384</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$384</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$366</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid; padding: 3pt 0 3pt 20pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Asset coverage per $1,000 of debt<SUP>7</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; text-align: right; border-right: #DCDDDE 1pt solid; border-bottom: #DCDDDE 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$3,035</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,909</FONT></TD>
    <TD STYLE="border-bottom: #DCDDDE 1pt solid; vertical-align: bottom; padding-bottom: 3pt; padding-top: 3pt; padding-right: 7.45pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,994</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,826</FONT></TD>
    <TD STYLE="padding: 3pt 7.45pt 3pt 0; vertical-align: bottom; border-bottom: #DCDDDE 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,990</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><SUP>1</SUP></TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: left">Based on average daily shares outstanding.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><SUP>2</SUP></TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: left">The repurchase plan was completed at a repurchase price of $13.27, $13.41 and $12.85 for
105,700, 1,218,436 and 417,696 shares, which equals $1,402,564, $16,344,551 and $5,368,124 in redemptions for the periods ended 10-31-16,
10-31-15 and 10-31-14, respectively.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><SUP>3</SUP></TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: justify">Less than $0.005 per share.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><SUP>4</SUP></TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: left">Total returns would have been lower had certain expenses not been reduced during the applicable
periods.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><SUP>5</SUP></TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: left">Total return based on net asset value re&#64258;ects changes in the fund&#8217;s net asset
value during each period. Total return based on market value re&#64258;ects changes in market value. Each &#64257;gure assumes that distributions
from income, capital gains and tax return of capital, if any, were reinvested. These &#64257;gures will differ depending upon the level
of any discount from or premium to net asset value at which the fund&#8217;s shares traded during the period.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><SUP>6</SUP></TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: left">Expenses including reductions excluding interest expense were 1.40%, 1.41%, 1.44%, $1.41%
and 1.40% for the periods ended 10-31-16, 10-31-15, 10-31-14, 10-31-13 and 10-31-12, respectively.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><SUP>7</SUP></TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: left">Asset coverage equals the total net assets plus borrowings divided by the borrowings of the
fund outstanding at period end (Note 8). As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage
ratio provides a measure of leverage.</TD>
</TR></TABLE>




<!-- Field: Page; Sequence: 18; Value: 1 -->
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<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="tocpro_004"></A>Market and Net Asset Value
Information</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund&#8217;s currently outstanding Common Shares
are listed on the New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol &#8220;PDT&#8221; and commenced trading on the NYSE in
1989.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund&#8217;s Common Shares have traded both at
a premium and at a discount to its net asset value (&#8220;NAV&#8221;). The Fund cannot predict whether its shares will trade in the future
at a premium or discount to NAV. The provisions of the 1940 Act generally require that the public offering price of common shares (less
any underwriting commissions and discounts) must equal or exceed the NAV per share of a company&#8217;s common stock (calculated within
48 hours of pricing). The Fund&#8217;s issuance of Common Shares may have an adverse effect on prices in the secondary market for Common
Shares by increasing the number of Common Shares available, which may put downward pressure on the market price for Common Shares. Shares
of common stock of closed-end investment companies frequently trade at a discount from NAV. See &#8220;Risk Factors&#8212;General Risks&#8212;Market
Discount Risk&#8221; and &#8220;&#8212;Secondary Market for the Common Shares.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following table sets forth for each of the periods
indicated the high and low closing market prices for Common Shares on the NYSE, and the corresponding NAV per share and the premium or
discount to NAV per share at which the Fund&#8217;s Common Shares were trading as of such date. NAV is determined once daily as of the
close of regular trading of the NYSE (typically 4:00 P.M., Eastern Time). See &#8220;Determination of Net Asset Value&#8221; for information
as to the determination of the Fund&#8217;s NAV.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 4pt; text-align: left; text-indent: 0">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin: 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="padding-top: 0; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0 0 3pt; border-bottom: Black 1pt solid; text-align: right; text-indent: 0">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Market Price</B></P></TD>
    <TD STYLE="padding-top: 0; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0 0 3pt; border-bottom: Black 1pt solid; text-align: right; text-indent: 0">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>NAV per Share on</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Date of Market Price</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>High and Low</B></P></TD>
    <TD STYLE="padding-top: 0; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0 0 3pt; border-bottom: Black 1pt solid; text-align: right; text-indent: 0">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Premium/(Discount) on</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Date of Market Price</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>High and Low</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0 3pt 4pt; border-bottom: Black 1pt solid; text-align: left; width: 28%; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Fiscal Quarter Ended</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; width: 2%; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; border-bottom: Black 1pt solid; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>High</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; border-bottom: Black 1pt solid; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Low</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; border-bottom: Black 1pt solid; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>High</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; border-bottom: Black 1pt solid; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Low</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; border-bottom: Black 1pt solid; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>High</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Low</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 4pt; text-align: left; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">January 31, 2020</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$18.45</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$16.72</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$16.35</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15.42</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.47%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 3pt 3pt 3pt 0pt; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.59%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt 0 3pt 4pt; text-align: left; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">April 30, 2020</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$18.73</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$7.00</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$16.53</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$7.87</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.65%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 3pt 3pt 3pt 0pt; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-11.05%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 4pt; text-align: left; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">July 31, 2020</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15.51</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$11.62</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$13.60</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$11.61</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.04%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 3pt 3pt 3pt 0pt; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-0.68%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt 0 3pt 4pt; text-align: left; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">October 31, 2020</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$13.94</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$12.15</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$13.35</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$12.23</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.60%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 3pt 3pt 3pt 0pt; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-0.73%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 4pt; text-align: left; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">January 31, 2021</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$14.48</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$12.55</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$13.94</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$12.84</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.85%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 3pt 3pt 3pt 0pt; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-2.26%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt 0 3pt 4pt; text-align: left; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">April 30, 2021</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15.89</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$13.82</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$14.81</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$13.16</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.44%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 3pt 3pt 3pt 0pt; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.02%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 4pt; text-align: left; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">July 31, 2021</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$17.37</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15.81</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15.10</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$14.53</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.26%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 3pt 3pt 3pt 0pt; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.73%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt 0 3pt 4pt; text-align: left; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">October 31, 2021</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$17.38</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$16.62</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15.81</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$14.41</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.64%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 3pt 3pt 3pt 0pt; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.46%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 4pt; text-align: left; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">January 31, 2022</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$17.55</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15.69</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15.18</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$14.13</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 3pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19.39%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 3pt 3pt 3pt 0pt; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.37%</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The last reported sale price, NAV per share and percentage to NAV per share
of the Common Shares as of April 8, 2022 were $16.38, $15.37 and 6.57%, respectively. As of April 8, 2022, the Fund had 48,843,220 Common
Shares outstanding and net assets of the Fund were $750,668,965.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="tocpro_005"></A>The Fund</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund is a diversified, closed-end management investment
company registered under the 1940 Act. The Fund was organized on September 26, 1989 as a Massachusetts business trust pursuant to an Agreement
and Declaration of Trust (as amended and restated from time to time, the &#8220;Declaration of Trust&#8221;). The Fund commenced operations
following an initial public offering on December 15, 1989, pursuant to which the Fund issued an aggregate of 13,000,000 Common Shares
of beneficial interest. The Fund issued an additional 41,176,463.295 shares in aggregate in connection with reorganizations of certain
acquired funds into the Fund on May 29, 2007, June 4, 2007, June 25, 2007, and October 10, 2007. The Fund&#8217;s principal office is
located at 200 Berkeley Street, Boston, Massachusetts 02116 and its phone number is 800-225-6020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following provides information about the Fund&#8217;s
outstanding securities as of February 28, 2022.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; vertical-align: bottom; width: 48%; text-indent: 0; text-align: left">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Title of Class</U></B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 0; padding-right: 0; padding-left: 0; width: 16%; text-indent: 0; text-align: center">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Amount</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Authorized</B></P></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 0; padding-right: 0; padding-left: 0; width: 16%; text-indent: 0; text-align: center">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Amount Held by</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>the Fund or for</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>its Account</B></P></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 0; padding-right: 0; padding-left: 0; width: 16%; text-indent: 0; text-align: center">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Amount</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Outstanding</B></P></TD></TR>
  <TR STYLE="background-color: rgb(210,247,250)">
    <TD STYLE="padding: 0; vertical-align: bottom; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common Shares</FONT></TD>
    <TD STYLE="padding: 3pt 0 0; vertical-align: top; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unlimited&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0 0; vertical-align: top; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;0</FONT></TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0 0; vertical-align: top; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48,834,761 </FONT></TD></TR>
  </TABLE>



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<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="tocpro_006"></A>Use of Proceeds</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Subject to the remainder of this section, and unless
otherwise specified in a Prospectus Supplement, the Fund currently intends to invest substantially all of the net proceeds of any sales
of Common Shares pursuant to this Prospectus in accordance with its investment objective and policies as described under &#8220;Investment
Objective&#8221; and &#8220;Investment Strategies&#8221; within three months of receipt of such proceeds. Such investments may be delayed
up to three months if suitable investments are unavailable at the time or for other reasons, such as market volatility and lack of liquidity
in the markets of suitable investments. Pending such investment, the Fund anticipates that it will invest the proceeds in short-term money
market instruments, securities with remaining maturities of less than one year, cash or cash equivalents. A delay in the anticipated use
of proceeds could lower returns and reduce the Fund&#8217;s distribution to Common Shareholders or result in a distribution consisting
principally of a return of capital.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="tocpro_007"></A>Investment Objective</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund&#8217;s investment objective is to provide
high current income, consistent with modest growth of capital for holders of its Common Shares. The Fund will pursue its objective by
investing in a diversified portfolio comprised primarily of dividend-paying preferred securities and common equity securities. There can
be no assurance that the Fund will achieve its investment objective. The Fund&#8217;s investment objective is not a fundamental policy
and may be changed without the approval of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="tocpro_008"></A>Investment Strategies</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Under normal circumstances, the Fund will invest at
least 80% of its net assets (plus borrowings for investment purposes) in dividend-paying securities. This is a non-fundamental policy
and may be changed by the Board of Trustees of the Fund provided that shareholders are provided with at least 60 days prior written notice
of any change as required by the rules under the 1940 Act. The Fund will focus on common stocks of those issuers which, in the opinion
of the Advisor, have strong fundamental characteristics, large market capitalizations, favorable credit quality and current dividend yields
generally higher than the currently available dividend yield quoted on the Standard &amp; Poor's 500 Index. The Advisor intends to manage
the Fund&#8217;s portfolio to generate income qualifying for the dividends received deduction (the &#8220;Dividends Received Deduction&#8221;)
allowed corporations under Section 243(a)(1) of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may invest in floating-rate, fixed-to-floating
rate, and fixed-rate preferred securities and debt obligations rated investment grade (at least &quot;BBB&quot; by S&amp;P or &quot;Baa&quot;
by Moody's) at the time of investment or that are preferred securities of issuers of investment grade senior debt, some of which may have
speculative characteristics, or, if not rated, will be of comparable quality as determined by the Advisor. In selecting preferred securities,
the Advisor will consider current yield, price stability and the underlying fundamental characteristics of the issuer, with particular
emphasis on debt and dividend coverage and the potential for timely payment of dividends. The Fund will invest in common stocks of issuers
whose senior debt is rated investment grade or, in the case of issuers that have no rated senior debt outstanding, whose senior debt is
considered by the Advisor to be of comparable quality.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may invest in money market instruments, which
include short-term U.S. Government securities, investment grade commercial paper (unsecured promissory notes issued by corporations to
finance their short-term credit needs), certificates of deposit and bankers' acceptances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may invest up to 10% of the value of its total
assets in dividend-paying securities of registered investment companies that invest primarily in investment grade securities. The investment
companies in which the Fund intends to invest include those open- and closed-end investment companies whose distributions qualify for
the Dividends Received Deduction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund concentrates its investments in securities
of issuers primarily engaged in the utilities industry. Companies in the utilities industry generally include companies engaged in the
generation, transmission, or distribution of electric energy, gas, water, or telecommunications. Certain segments of the industry and
individual companies within such segments may not perform as well as the industry as a whole. Many utility companies, especially electric
and gas and other energy-related utility companies, historically have been subject to risks of increases in fuel and other operating costs,
high interest costs on borrowings needed for capital improvement programs and costs associated with</P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">compliance with and changes in environmental
and other governmental regulations. In particular, regulatory changes with respect to nuclear and conventionally fueled power generating
facilities could increase costs or impair the ability of the utility companies to operate such facilities, thus reducing the utility companies'
earnings or resulting in losses. Rates of return on investment of certain utility companies are subject to review by government regulators.
There can be no assurance that changes in regulatory policies or accounting standards will not negatively affect utility companies&#8217;
earnings or dividends. Certain utilities, especially gas and telephone utilities, have in recent years been affected by increased competition,
which could adversely affect the profitability of such utilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may also invest in derivatives such as futures
contracts, options, interest rate swaps and reverse repurchase agreements. The Fund intends to use reverse repurchase agreements to obtain
investment leverage either alone and/or in combination with other forms of investment leverage or for temporary purposes. The Fund also
utilizes a liquidity agreement to increase its assets available for investments. The Fund may seek to obtain additional income or portfolio
leverage by making secured loans of its portfolio securities with a value of up to 33 1/3% of its total assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may invest up to 20% of its net assets in
restricted securities purchased in direct (private) placements.</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>PORTFOLIO INVESTMENTS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Common Stocks </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Common stocks are shares of a corporation or other
entity that entitle the holder to a <I>pro rata </I>share of the profits, if any, of the corporation without preference over any other
shareholder or class of shareholders, including holders of such entity&#8217;s preferred securities and other senior equity securities.
Common stock usually carries with it the right to vote and frequently an exclusive right to do so. In selecting common stocks for investment,
the Fund expects generally to focus more on the security&#8217;s dividend paying capacity than on its potential for capital appreciation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Preferred Securities</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may invest in preferred securities. Preferred
securities, like common stock, represent an equity ownership in an issuer. Generally, preferred securities have a priority of claim over
common stock in dividend payments and upon liquidation of the issuer. Unlike common stock, preferred securities do not usually have voting
rights. Preferred securities in some instances are convertible into common
stock. Although they are equity securities, preferred securities have characteristics of both debt and common stock. Like debt, their
promised income is contractually fixed. Like common stock, they do not have rights to precipitate bankruptcy proceedings or collection
activities in the event of missed payments. Other equity characteristics are their subordinated position in an issuer&#8217;s capital
structure and that their quality and value are heavily dependent on the profitability of the issuer rather than on any legal claims to
specific assets or cash flows.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Distributions on preferred securities must be declared
by the board of directors and may be subject to deferral, and thus they may not be automatically payable. Income payments on preferred
securities may be cumulative, causing dividends and distributions to accrue even if not declared by the board or otherwise made payable,
or they may be non-cumulative, so that skipped dividends and distributions do not continue to accrue. There is no assurance that dividends
on preferred securities in which the Fund invests will be declared or otherwise made payable. The Fund may invest in non-cumulative preferred
securities, although the Subadvisor would consider, among other factors, their non-cumulative nature in making any decision to purchase
or sell such securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Shares of preferred securities have a liquidation value
that generally equals the original purchase price at the date of issuance. The market values of preferred securities may be affected by
favorable and unfavorable changes impacting the issuers&#8217; industries or sectors, including companies in the utilities and financial
services sectors, which are prominent issuers of preferred securities. They also may be affected by actual and anticipated changes or
ambiguities in the tax status of the security and by actual and anticipated changes or ambiguities in tax laws, such as changes in corporate
and individual income tax rates, and in the dividends received deduction for corporate taxpayers or the characterization of dividends
as tax-advantaged as described herein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Because the claim on an issuer&#8217;s earnings represented
by preferred securities may become onerous when interest rates fall below the rate payable on the security or for other reasons, the issuer
may redeem preferred securities, generally after an initial period of call protection during which the security is not redeemable. Thus,
in declining interest rate</P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">environments in particular, the Fund&#8217;s holdings of higher dividend-paying preferred securities may be
reduced and the Fund may be unable to acquire securities paying comparable rates with the redemption proceeds. For the Fund to receive
tax-advantaged dividend income on preferred securities, the Fund must hold securities paying an otherwise tax-advantaged dividend for
more than 90 days during the associated 180-day period. In addition, as is the case for Common Shares the Fund cannot be obligated to
make related payments (pursuant to a short sale or otherwise) with respect to substantially similar or related property. Similar provisions
apply to each Common Shareholder&#8217;s investment in the Fund as discussed herein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Convertible Securities</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may invest in convertible securities, which
are bonds, debentures, notes, preferred stock or other securities that may be converted into or exchanged for a specified amount of equity
securities of the same or a different issuer within a particular period of time at a specified price or formula. A convertible security
entitles the holder to receive interest generally paid or accrued on debt or the dividend paid on preferred stock until the convertible
security matures or is redeemed, converted or exchanged. Convertible securities have unique investment characteristics in that they generally:
(i) have higher yields than common stocks, but lower yields than comparable non-convertible securities; (ii) are less subject to fluctuation
in value than the underlying stock because they have fixed income characteristics; and (iii) provide the potential for capital appreciation
if the market price of the underlying common stock increases.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The value of a convertible security is a function of
its &quot;investment value&quot; (determined by its yield in comparison with the yields of other securities of comparable maturity and
quality that do not have a conversion privilege) and its &quot;conversion value&quot; (the security's worth, at market value, if converted
into the underlying common stock). The investment value of a convertible security is influenced by changes in interest rates, with investment
value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors
also may have an effect on the convertible security's investment value. The conversion value of a convertible security is determined by
the market price of the underlying common stock. If the conversion value is low relative to the investment value, the price of the convertible
security is governed principally by its investment value. Generally,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">the conversion value decreases as the convertible security
approaches maturity. To the extent the market price of the underlying common stock approaches or exceeds the conversion price, the price
of the convertible security will be increasingly influenced by its conversion value. A convertible security generally will sell at a premium
over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock while holding
a fixed income security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>





<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">A convertible security might be subject to redemption
at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held
by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying
common stock or sell it to a third party. Any of these actions could have an adverse effect on the Fund's ability to achieve its investment
objective. In evaluating a convertible security, the Advisor will give primary emphasis to the attractiveness of the underlying equity
security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Direct (Private) Placements </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may invest in securities that are sold in
private placement transactions between their issuers and their purchasers and that are neither listed on an exchange nor traded in the
over-the-counter secondary market. However, the Fund will not invest more than 20% of its total assets in privately placed securities.
In many cases, privately placed securities will be subject to contractual or legal restrictions on transfer. As a result of the absence
of a public trading market, privately placed securities may in turn be less liquid and more difficult to value than publicly traded securities.
Although privately placed securities may be resold in privately negotiated transactions, the prices realized from the sales could, due
to illiquidity, be less than if such securities were more widely traded. In addition, issuers whose securities are not publicly traded
may not be subject to the disclosure and other investor protection requirements that may be applicable if their securities were publicly
traded.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Debt Securities</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may invest in U.S. and foreign debt securities
including, but not limited to, bonds, notes, bills and debentures. Capital appreciation in debt securities in which the Fund invests may
arise as a result of favorable changes in relative interest rate levels and/or in the creditworthiness of issuers. The Fund may also earn
income on such debt securities. There is no requirement with respect to the maturity or duration of debt securities in which the Fund
may</P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">invest. Debt securities in which the Fund may invest are subject to the risk of an issuer's inability to meet principal and interest
payments on the obligations (credit risk) and may also be subject to price volatility due to such factors as interest rate sensitivity,
market perception of the creditworthiness of the issuer and general market liquidity (market risk). Particular debt securities will be
selected based upon credit risk analysis of potential issuers, the characteristics of the security and interest rate sensitivity of the
various debt issues available with respect to a particular issuer and analysis of the anticipated volatility and liquidity of the particular
debt instruments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Illiquid Securities</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may invest without limit in illiquid securities
(<I>i.e.</I>, securities that are not readily marketable). For this purpose, &#8220;illiquid securities&#8221; may include certain securities
that are not registered (&#8220;restricted securities&#8221;) under the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;),
including commercial paper issued in reliance on Section 4(a)(2) of the 1933 Act and securities offered and sold to &#8220;qualified institutional
buyers&#8221; under Rule 144A under the 1933 Act. The Board of Trustees (the &#8220;Board&#8221;) has adopted guidelines and delegated
to the Advisor the daily function of determining the monitoring and liquidity of restricted securities. The Board will, however, retain
sufficient oversight and be ultimately responsible for these determinations. The Board will carefully monitor the Fund&#8217;s investments
in these securities, focusing on such important factors, among others, as valuation, liquidity and availability of information. This investment
practice could have the effect of increasing the level of illiquidity in the Fund if qualified institutional buyers become for a time
uninterested in purchasing these restricted securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Repurchase agreements maturing in more than seven days
are considered illiquid, unless an agreement can be terminated after a notice period of seven days or less.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As long as the SEC maintains the position that most
swap contracts, caps, floors, and collars are illiquid, the Fund will continue to designate these instruments as illiquid unless the instrument
includes a termination clause or has been determined to be liquid based on a case-by-case analysis pursuant to procedures approved by
the Board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Temporary Investments</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may invest its assets in cash and temporary
investments (as defined below) for cash management purposes, pending investment in accordance with the Fund's investment objective and
polices, to pay distributions to shareholders and to meet its operating expenses and obligations under any tender offer or share repurchases.
In addition, as described below, the Fund may take a temporary
defensive posture and invest without limitation in Temporary Investments. To the extent that the Fund invests in Temporary Investments,
it may not achieve its investment objective. Temporary Investments are debt securities including: (i) short-term (less than 12 months
to maturity) and medium-term (not greater than five to seven years to maturity) obligations issued or guaranteed by the U.S. Government
or its agencies or instrumentalities; (ii) finance company obligations, corporate commercial paper and other short-term commercial obligations,
in each case rated, or issued by companies with similar securities outstanding that are rated, Prime-1 or A or better by Moody's or A-1
or A or better by S&amp;P or, if unrated, of comparable quality as determined by the Advisor, (iii) obligations (including certificates
of deposit, time deposits, demand deposits and bankers' acceptances) of banks and (iv) repurchase agreement with respect to securities
in which the Fund may invest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>TEMPORARY DEFENSIVE STRATEGIES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">There may be times when, in the Subadvisor&#8217;s
judgment, conditions in the securities markets would make pursuit of the Fund&#8217;s investment strategy inconsistent with achievement
of the Fund&#8217;s investment objective. At such times, the Subadvisor may employ alternative strategies primarily to seek to reduce
fluctuations in the value of the Fund&#8217;s assets. In implementing these temporary defensive strategies, depending on the circumstances,
the Fund may invest an unlimited portion of its portfolio in short-term money market instruments, securities with remaining maturities
of less than one year, cash or cash equivalents. It is impossible to predict when, or for how long, the Fund may use these alternative
strategies.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>ADDITIONAL PORTFOLIO INVESTMENTS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>When-Issued and Delayed Delivery Purchases</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may make contracts to purchase securities
on a &quot;when-issued&quot; or &quot;delayed delivery&quot; basis. Pursuant to such</P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">contracts, delivery and payment for the securities
occurs at a date later than the customary settlement date. The payment obligation and the interest rate on the securities will be fixed
at the time the Fund enters into the commitment, but interest will not accrue to the Fund until delivery of and payment for the securities.
An amount of cash or liquid, high grade debt securities equal to the amount of the Fund's commitment will be deposited in a segregated
account at the Fund's custodian to secure the Fund's obligation. Although the Fund would generally purchase securities on a when-issued
or delayed delivery basis with the intention of actually acquiring the securities for its portfolio (or for delivery pursuant to options
or futures contracts it has entered into) and not for leverage purposes, the Fund could dispose of a security prior to settlement if the
Advisor deemed it advisable. The purchase of securities on a when-issued or delayed delivery basis involves a risk of loss if the value
of the security to be purchased declines prior to the settlement date. This risk is in addition to the risk of a decline in value of the
Fund's other assets. Furthermore, when such purchases are made through a dealer, the dealer's failure to consummate the sale may result
in the loss to the Fund of an advantageous yield or price.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Short Sales</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may from time to time sell securities short,
provided that the amount of such short sales does not exceed 5% of the Fund's total assets. The foregoing limitation does not apply to
&quot;short-sales against the box&quot; where at all times a short position is open the Fund owns an equal amount of such securities or
securities convertible or exchangeable into such securities without payment of additional consideration. A short sale is a transaction
in which the Fund would sell securities it does not own (but has borrowed) in anticipation of a decline in the market price of the securities.
When the Fund makes a short sale, the proceeds it receives from the sale will be held on behalf of a broker until the Fund replaces the
borrowed securities. To deliver the securities to the buyer, the Fund will need to arrange through a broker to borrow the securities and,
in so doing, the Fund will become obligated to replace the securities borrowed at their market price at the time of replacement, whatever
the price may be. The Fund may have to pay a premium to borrow the securities and must pay any dividends or interest payable on the securities
until they are replaced.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund's obligation to replace the securities borrowed
in connection with a short sale will be secured by collateral deposited with the broker that consists of cash or liquid, high grade debt
securities. In addition, the Fund will place in a segregated account with its custodian. or designated sub-custodian, an amount of cash,
or liquid, high grade debt securities equal to the difference, if any, between (1) the market value of the securities sold at the time
they were sold short and (2) any cash, or liquid, high grade debt securities deposited as collateral with the broker in connection with the short sale (not including the proceeds of the short
sale). Until it replaces the borrowed securities, the Fund will maintain the segregated account daily at a level so that (1) the amount
deposited in the account plus the amount deposited with the broker (not including the proceeds from the short sale) will equal the current
market value of the securities sold short and (2) the amount deposited in the account plus the amount deposited with the broker (not including
the proceeds from the short sale) will not be less than the market value of the securities at the time they were sold short. Short sales
by the Fund involve certain risks and special considerations. Possible losses from short sales differ from losses that could be incurred
from a purchase of a security, because losses from short sales may be unlimited, whereas losses from purchases can equal only the total
amount invested.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Options on Securities and Securities Indices</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may write and purchase call and put options
on securities and securities indices. The Fund typically will limit notional exposure of the options to 5% of the value of the Fund&#8217;s
portfolio securities, although this amount is expected to vary over time based upon U.S. equity market conditions and other factors. A
call option written by the Fund obligates the Fund to sell specified securities to the holder of the option at a specified price if the
option is exercised before the expiration date. All call options written by the Fund will be covered, which means that the Fund will own
the securities subject to the option so long as the option is outstanding. The purpose of writing covered call options is to realize greater
income than would be realized on portfolio securities transactions alone. However, in writing covered call options for additional income,
the Fund may forego the opportunity to profit from an increase in the market price of the underlying security. A put written by the Fund
would obligate the Fund to purchase specified securities from the option holder at a specified price if the option is exercised at any
time before the expiration date. All put options written by the Fund will be covered, which means that the Fund would have deposited with
its custodian cash or liquid, high grade debt securities with a value at least equal to the exercise price of the put option. The purpose
of writing such options is to generate additional income for the Fund. However, in return for the option premium, the Fund accepts the
risk that it may be required to purchase the underlying securities at a price in excess of the market value at the time of purchase. In
addition, a written call or put option may be covered by maintaining cash</P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">or liquid, high grade debt securities in a segregated account
or by entering into an offsetting forward contract and/or by purchasing an offsetting option which, by virtue of its exercise price or
otherwise, reduces the Fund's net exposure on its written position. The Fund may terminate its obligations under an exchange traded call
or put option written by the Fund by purchasing an option identical to the one it has written. Obligations under over-the-counter options
may be terminated only by entering into an offsetting transaction with the counter party to such option. Such purchases are referred to
as &quot;closing purchase transactions.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may also write (sell) covered call and put
options on any securities index composed of securities in which it may invest. Options on securities indices are similar to options on
securities, except that the exercise of securities index options requires cash payments and does not involve the actual purchase or sale
of securities. In addition, securities index options are designed to reflect price fluctuations in a group of securities or segment of
the securities market rather than price fluctuations in a single security. The Fund may cover call options on a securities index by owning
securities whose price changes are expected to be similar to those of the underlying index, or by having an absolute and immediate right
to acquire such securities without additional cash consideration (or for additional cash consideration held in a segregated account by
its custodian) upon conversion or exchange of other securities in its portfolio. The Fund may cover call and put options on a securities
index by maintaining cash or liquid, high grade debt securities with a value equal to the exercise price in a segregated account with
its custodian.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may purchase put and call options on any securities
in which it may invest or options on any securities index based on securities in which it may invest. The Fund will purchase such options
on securities that are listed on securities exchanges or traded in the over-the-counter market. The Fund would also be able to enter into
closing sale transactions in order to realize gains or minimize losses on options it has purchased. The Fund would normally purchase call
options in anticipation of an increase in the market value of securities of the type in which it may invest. The purchase of a call option
would entitle the Fund, in return for the premium paid, to purchase specified securities at a specified price at any time during the option
period. The Fund would ordinarily realize a gain if, during the option period, the value of such securities exceeded the sum of the exercise
price, the premium paid and transaction costs. Otherwise, the Fund would realize either no gain or a loss on the purchase of the call
option. The Fund would normally purchase put options in anticipation of a decline in the market value of securities in its portfolio (&quot;protective
puts&quot;) or in securities in which it may invest. The purchase of a put option would entitle the Fund, in exchange for the premium
paid, to sell specified securities at a specified price during the option period. The purchase of protective puts is designed to offset
or hedge against a decline in the market value of the Fund's securities. Put options may also be purchased by the Fund for the purpose
of affirmatively benefiting from a decline in the price of securities which it does not own. The Fund would ordinarily realize a gain
if, during the option period, the value of the underlying securities decreased below the exercise price sufficiently to more than cover
the premium and transaction costs. Otherwise, the Fund would realize either no gain or a loss on the purchase of the put option. Gains
and losses on the purchase of protective put options would tend to be offset by countervailing changes in the value of underlying portfolio
securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Other investment companies</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may invest in the securities of other investment
companies to the extent that such investments are consistent with the Fund&#8217;s investment objectives and policies and permissible
under the 1940 Act. As a stockholder in an investment company, the Fund will bear its ratable share of that investment company&#8217;s
expenses, and would remain subject to payment of the Fund&#8217;s investment management fees and other expenses with respect to the assets
so invested. Common Shareholders would therefore be subject to duplicative expenses to the extent the Fund invests in other investment
companies. In addition, these other investment companies may utilize leverage, in which case an investment would subject the Fund to additional
risks associated with leverage. See &#8220;Risk Factors&#8212;Leverage Risk.&#8221; The Fund, as a holder of the securities of other investment
companies, will bear its <I>pro rata </I>portion of the other in , including advisory fees. These expenses are in addition to the direct
expenses of the Fund&#8217;s own operations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>OTHER INVESTMENT POLICIES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Borrowing</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may use leverage to the extent permitted by
the 1940 Act, this Prospectus, and the LA. The Fund is authorized to utilize leverage through borrowings, reinvestment of securities lending
collateral or reverse repurchase agreement proceeds, and/or the issuance of preferred shares, including the issuance of debt securities.
The Fund is party to the LA as described in &#8220;&#8212;Description of Capital Structure&#8212;Liquidity Facility.&#8221; Borrowings,
together with</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">the issuance of preferred shares, or other &#8220;senior securities&#8221; as that term is defined in the 1940 Act, may
not be in an aggregate amount that would, immediately after giving effect to the drawdown, exceed 33<SUP>1/3</SUP>% of the Fund&#8217;s
total assets (including any assets attributable to financial leverage from senior securities) minus the sum of accrued liabilities (other
than liabilities from senior securities).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Portfolio turnover</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2.4pt 0; text-align: justify">In general, the Fund intends to purchase and
hold securities for long-term capital appreciation and not to trade in securities for short-term gain. The Fund's portfolio turnover rate
is calculated by dividing the lesser of sales or purchases of portfolio securities by the average monthly value of the Fund's portfolio
securities. For purposes of this calculation, portfolio securities exclude securities having a maturity when purchased of one year or
less. Notwithstanding the foregoing, the Advisor may, from time to time, make short-term investments when it believes such investments
are in the best interest of the Fund. The portfolio turnover rate for the Fund for the fiscal years ended October 31, 2021 and October
31, 2020 was 17% and 24%, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Securities loans</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund is party to the LA as described in &#8220;&#8212;Description
of Capital Structure&#8212;Liquidity Facility.&#8221; The Fund may seek to obtain additional income or portfolio leverage by making secured
loans of its portfolio securities with a value of up to 33<SUP>1/3</SUP>% of total assets. In such transactions, the borrower pays to
the Fund an amount equal to any dividends or interest received on loaned securities. The Fund retains all or a portion of the dividends,
interest, capital gains, and/or other distributions received on investment of cash collateral in short-term obligations of the U.S. government,
cash equivalents (including shares of a fund managed by the Fund&#8217;s investment adviser or an affiliate thereof), or other investments
consistent with the Fund&#8217;s investment objective, policies, and restrictions, or receives a fee from the borrower. If the Fund receives
a fee in lieu of dividends with respect to securities on loan pursuant to a securities lending transaction, such income will not be eligible
for the dividends-received deduction for corporate shareholders. As a result of investing such cash collateral in such investments, the
Fund will receive the benefit of any gains and bear any losses generated by such investments. All securities loans will be made pursuant
to agreements requiring that the loans be continuously secured by collateral in cash or short-term debt obligations at least equal at
all times to the market value of the loaned securities. The Fund may pay reasonable finders&#8217;, administrative and custodial fees
in connection with loans of its portfolio securities. Although voting rights or rights to consent accompanying loaned securities pass
to the borrower, the Fund retains the right to call the loans at any time on reasonable notice, and it will do so in order that the securities may be voted by
the Fund with respect to matters materially affecting the Fund&#8217;s investment. The Fund may also call a loan in order to sell the
securities involved. Lending portfolio securities involves risks of delay in recovery of the loaned securities or, in some cases, loss
of rights in the collateral should the borrower commence an action relating to bankruptcy, insolvency or reorganization. The use of securities
lending collateral to obtain leverage in the Fund&#8217;s investment portfolio may subject the Fund to greater risk of loss than the use
of traditional securities lending to earn incremental income via investing collateral solely in short-term U.S. government securities
or cash equivalents.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Foreign currency transactions</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The value of non-U.S. assets as measured in U.S. dollars
may be affected favorably or unfavorably by changes in foreign currency rates and exchange control regulations. Currency exchange rates
also can be affected unpredictably by intervention by U.S. or foreign governments or central banks, or the failure to intervene, or by
currency controls or political developments in the U.S. or abroad. The Fund may (but is not required to) engage in transactions to hedge
against changes in foreign currencies, and will use such hedging techniques when the Advisor or the Subadvisor deems appropriate. Foreign
currency exchange transactions may be conducted on a spot (<I>i.e.</I>, cash) basis at the spot rate prevailing in the foreign currency
exchange market or through entering into derivative currency transactions. Currency futures contracts are exchange-traded and change in
value to reflect movements of a currency or a basket of currencies. Settlement must be made in a designated currency.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Forward foreign currency exchange contracts are individually
negotiated and privately traded so they are dependent upon the creditworthiness of the counterparty. Such contracts may be used when a
security denominated in a foreign currency is purchased or sold, or when the receipt in a foreign currency of dividend or interest payments
on such a security is anticipated. A forward contract can then &#8220;lock in&#8221; the U.S. dollar price of the security or the U.S.
dollar equivalent of such dividend or interest payment, as the case may be.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Additionally, when the Advisor or the Subadvisor believes
that the currency of a particular foreign country may suffer a substantial decline against the U.S. dollar, it may enter into a forward
contract to sell, for a fixed amount of dollars, the amount of foreign currency approximating the value of some or all of the securities
held that are denominated in such foreign currency. The precise matching of the forward contract amounts and the value of the securities
involved generally will not be possible. In addition, it may not be possible to hedge against long-term currency changes. Cross-hedging
may be performed by using forward contracts in one currency (or basket of currencies) to hedge against fluctuations in the value of securities
denominated in a different currency if the Advisor or the Subadvisor determines that there is an established historical pattern of correlation
between the two currencies (or the basket of currencies and the underlying currency). Use of a different foreign currency magnifies exposure
to foreign currency exchange rate fluctuations. Forward contracts also may be used to shift exposure to foreign currency exchange rate
changes from one currency to another. Short-term hedging provides a means of fixing the dollar value of only a portion of portfolio assets.
Income or gain earned on any of the Fund&#8217;s foreign currency transactions generally will be treated as fully taxable income (<I>i.e.</I>,
income other than tax-advantaged dividends).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Currency transactions are subject to the risk of a
number of complex political and economic factors applicable to the countries issuing the underlying currencies. Furthermore, unlike trading
in most other types of instruments, there is no systematic reporting of last sale information with respect to the foreign currencies underlying
the derivative currency transactions. As a result, available information may not be complete. In an over-the-counter trading environment,
there are no daily price fluctuation limits. There may be no liquid secondary market to close out options purchased or written, or forward
contracts entered into, until their exercise, expiration or maturity. There also is the risk of default by, or the bankruptcy of, the
financial institution serving as counterparty.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>ESG Integration</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">The manager may consider ESG factors that it deems
relevant or additive, along with other material factors and analysis, when managing the Fund. ESG factors may include, but are not limited
to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The portion of the Fund's
investments for which the manager considers these ESG factors may vary, and could increase or decrease over time. The ESG characteristics
utilized in the Fund&#8217;s investment process may change over time, and different ESG characteristics may be relevant to different investments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>USE OF LEVERAGE BY THE FUND</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may use leverage to the extent permitted by
the 1940 Act, this Prospectus, and the LA. The Fund is authorized to utilize leverage through borrowings, reinvestment of securities lending
collateral or reverse repurchase agreement proceeds, and/or the issuance of preferred shares, including the issuance of debt securities.
See &#8220;&#8212;Other Investment Policies&#8212;Borrowing.&#8221; The Fund is party to the LA as described in &#8220;&#8212;Description
of Capital Structure&#8212;Liquidity Facility.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund&#8217;s leverage strategy may not be successful.
By leveraging its investment portfolio, the Fund creates an opportunity for increased net income or capital appreciation. However, the
use of leverage also involves risks, which can be significant. These risks include the possibility that the value of the assets acquired
with such borrowing decreases although the Fund&#8217;s liability is fixed, greater volatility in the Fund&#8217;s NAV and the market
price of the Fund&#8217;s Common Shares and higher expenses. Because the Advisor&#8217;s fee is based upon a percentage of the Fund&#8217;s
managed assets, the Advisor&#8217;s fee will be higher if the Fund is leveraged and the Advisor will have an incentive to leverage the
Fund. The Advisor intends only to leverage the Fund when it believes that the potential return on the additional investments acquired
through the use of leverage is likely to exceed the costs incurred in connection with the offering.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">At October 31, 2021, the Fund had borrowings under
the LA of $373,700,000. The average daily loan balance, weighted average interest rate and maximum daily loan outstanding for the year
ended October 31, 2021, were as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="vertical-align: bottom; padding: 3pt 0; width: 33%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Average Daily Loan Balance</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 0; width: 33%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Weighted Average Interest Rate%</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 0; width: 34%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Maximum Daily Loan Outstanding</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$373,700,000</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.74%</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$383,700,000</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund&#8217;s borrowings under the LA as of October
31, 2021, equaled approximately 33.97% of the Fund&#8217;s total assets (including the proceeds of such leverage). The Fund&#8217;s asset
coverage ratio as of October 31, 2021 was 294%. See &#8220;&#8212;Other Investment Policies&#8212;Borrowing&#8221; for a brief description
of the Fund&#8217;s liquid facility agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Assuming the utilization of leverage in the amount
of 33.97% of the Fund&#8217;s total assets and an annual interest rate of 0.71% payable on such leverage based on market rates as of October
31, 2021, the additional income that the Fund must earn (net of expenses) in order to cover such leverage is approximately $2,653,270.
Actual costs of leverage may be higher or lower than that assumed in the previous example. Under normal market conditions, interest charged
under the LA is at the rate of one-month LIBOR plus 0.625%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Following an offering of additional Common Shares from
time to time, the Fund may increase the amount of leverage outstanding. The Fund may engage in additional borrowings, securities lending,
and reverse repurchase agreements in order to maintain the Fund&#8217;s desired leverage ratio. Leverage creates a greater risk of loss,
as well as a potential for more gain, for the Common Shares than if leverage was not used. Interest on borrowings may be at a fixed or
floating rate and generally will be based on short-term rates. The costs associated with the Fund&#8217;s use of leverage, including the
issuance of such leverage and the payment of dividends or interest on such leverage, will be borne entirely by the Common Shareholders.
As long as the rate of return, net of applicable Fund expenses, on the Fund&#8217;s investment portfolio investments purchased with leverage
exceeds the costs associated with such leverage, the Fund will generate more return or income than will be needed to pay such costs. In
this event, the excess will be available to pay higher dividends to Common Shareholders. Conversely, if the Fund&#8217;s return on such
assets is less than the cost of leverage and other Fund expenses, the return to the Common Shareholders will diminish. To the extent that
the Fund uses leverage, the NAV and market price of the Common Shares and the yield to Common Shareholders will be more volatile. The
Fund&#8217;s leveraging strategy may not be successful. See &#8220;Risk Factors&#8212;Leverage Risk.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following table is designed to illustrate the effect
on the return to a holder of the Fund&#8217;s Common Shares of leverage in the amount of approximately 33.97% of the Fund&#8217;s total
assets, assuming hypothetical annual returns of the Fund&#8217;s investment portfolio of minus 10% to plus 10%. As the table shows, leverage
generally increases the return to Common Shareholders when portfolio return is positive and greater than the cost of leverage and decreases
the return when the portfolio return is negative or less than the cost of leverage. The figures appearing in the table are hypothetical.
Actual returns may be greater or less than those appearing in the table.</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0 3pt 4pt; border-bottom: Black 1pt solid; width: 45%; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Assumed
    Portfolio Return</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; border-bottom: Black 1pt solid; width: 9%; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(10.00)%</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; border-bottom: Black 1pt solid; width: 9%; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(5.00)%</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; border-bottom: Black 1pt solid; width: 9%; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.00%</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; border-bottom: Black 1pt solid; width: 9%; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.00%</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; border-bottom: Black 1pt solid; width: 9%; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10.00%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 4pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corresponding Common Shares Total Return</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-13.60%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-7.01%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-0.42%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.16%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.75%</FONT></TD></TR>
  </TABLE>




<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; margin: 0; text-align: center">&nbsp;</P>


<P STYLE="text-indent: 0; font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="tocpro_009"></A>Risk Factors</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="text-indent: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20">The principal risks
of investing in the Fund are summarized in the Prospectus Summary above. Below are descriptions of the principal factors that may play
a role in shaping the Fund&#8217;s overall risk profile. The descriptions appear in alphabetical order by general risks, equity strategy
risks, and options strategy risks, not in order of importance. For further details about the Fund&#8217;s risks, including additional
risk factors that are not discussed in this Prospectus because they are considered non-principal risk factors, see the Fund&#8217;s SAI.</P>

<P STYLE="text-indent: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="text-indent: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>General Risks</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>ANTI-TAKEOVER PROVISIONS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund&#8217;s Declaration of Trust includes provisions
that could limit the ability of other persons or entities to acquire control of the Fund or to change the composition of its Board. These
provisions may deprive shareholders of opportunities to sell their Common Shares at a premium over the then current market price of the
Common Shares. See &#8220;Certain Provisions in the Declaration of Trust and By-Laws&#8212;Anti-takeover provisions.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>CHANGES IN U.S. LAW</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Changes in the state and U.S. federal laws applicable
to the Fund, including changes to state and U.S. federal tax laws, or applicable to the Advisor, the Subadvisor and other securities or
instruments in which the Fund may invest, may negatively affect the Fund&#8217;s returns to Common Shareholders. The Fund may need to
modify its investment strategy in the future in order to satisfy new regulatory requirements or to compete in a changed business environment.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>Cybersecurity and operational
risk</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Intentional cybersecurity breaches include unauthorized access to systems,
networks, or devices (such as through &#8220;hacking&#8221; activity); infection from computer viruses or other malicious software code;
and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. In
addition, unintentional incidents can occur, such as the inadvertent release of confidential information (possibly resulting in the violation
of applicable privacy laws).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">A cybersecurity breach could result in the loss or
theft of customer data or funds, the inability to access electronic systems (&#8220;denial of services&#8221;), loss or theft of proprietary
information or corporate data, physical damage to a computer or network system, or costs associated with system repairs. Such incidents
could cause the Fund, the advisor, a manager, or other service providers to incur regulatory penalties, reputational damage, additional
compliance costs, or financial loss. In addition, such incidents could affect issuers in which the Fund invests, and thereby cause the
Fund&#8217;s investments to lose value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Cyber-events have the potential to affect materially
the Fund and the Advisor&#8217;s relationships with accounts, shareholders, clients, customers, employees, products, and service providers.
The Fund has established risk management systems reasonably designed to seek to reduce the risks associated with cyber-events. There is
no guarantee that the Fund will be able to prevent or mitigate the impact of any or all cyber-events.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund is exposed to operational risk arising from
a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund&#8217;s service
providers, counterparties, or other third parties, failed or inadequate processes and technology or system failures.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addition, other disruptive events, including (but
not limited to) natural disasters and public health crises (such as the coronavirus (COVID-19) pandemic), may adversely affect the
Fund&#8217;s ability to conduct business, in particular if the Fund&#8217;s employees or the employees of its service providers are unable
or unwilling to perform their responsibilities as a result of any such event. Even if the Fund&#8217;s employees and the employees of
its service providers are able to work remotely, those remote work arrangements could result in the Fund&#8217;s business operations being
less efficient than under normal circumstances, could lead to delays in its processing of transactions, and could increase the risk of
cyber-events.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>DEFENSIVE POSITIONS RISK</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">During periods of adverse market or economic conditions,
the Fund may temporarily invest all or a substantial portion of its total assets in short-term money market instruments, securities with
remaining maturities of less than one year, cash or cash equivalents. The Fund will not be pursuing
its investment objective in these circumstances and could miss favorable market developments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>DISTRIBUTION RISK</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">There can be no assurance that monthly distributions
paid by the Fund to shareholders will be maintained at current levels or increase over time. The monthly distributions shareholders receive
from the Fund are derived from the Fund&#8217;s dividends and interest income after payment of Fund expenses, net option premiums and
net realized gain on equity securities investments. If stock market volatility and/or stock prices decline, the premiums available from
writing call options and writing put options on individual stocks likely will decrease as well. Payments to purchase put options and to
close written call and put options will reduce amounts available for distribution. Net realized gain on the Fund&#8217;s stock investments
will be determined primarily by the direction and movement of the stock market and the equity securities held. The Fund&#8217;s cash available
for distribution may vary widely over the short- and long-term. If, for any calendar year, the total distributions made exceed the Fund&#8217;s
net investment taxable income and net capital gain, the excess generally will be treated as a return of capital to each Common Shareholder
(up to the amount of the Common Shareholder&#8217;s basis in his or her Common Shares) and thereafter as gain from the sale of Common
Shares. The amount treated as a return of capital reduces the Common Shareholder&#8217;s adjusted basis in his or her Common Shares, thereby
increasing his or her potential gain or reducing his or her potential loss on the subsequent sale of his or her Common Shares. Distributions
in any year may include a substantial return of capital component. Dividends on common stocks are not fixed but are declared at the discretion
of the issuer&#8217;s board of directors.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>ECONOMIC AND MARKET EVENTS RISK</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Events in certain sectors historically have resulted, and may in
the future result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. These events have included,
but are not limited to: bankruptcies, corporate restructurings, and other similar events; governmental efforts to limit short selling
and high frequency trading; measures to address U.S. federal and state budget deficits; social, political, and economic instability in
Europe; economic stimulus by the Japanese central bank; dramatic changes in energy prices and currency exchange rates; and China's economic
slowdown. Interconnected global economies and financial markets increase the possibility that conditions in one country or region might
adversely impact issuers in a different country or region. Both domestic and foreign equity markets have experienced increased volatility
and turmoil, with issuers that have exposure to the real estate, mortgage, and credit markets particularly affected. Financial institutions
could suffer losses as interest rates&nbsp;rise or economic conditions deteriorate.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In addition, relatively high market volatility and reduced liquidity
in credit and fixed-income markets may adversely affect many issuers worldwide. Actions taken by the U.S. Federal Reserve (Fed) or foreign
central banks to stimulate or stabilize economic growth, such as interventions in currency markets, could cause high volatility in the
equity and fixed-income markets. Reduced liquidity may result in less money being available to purchase raw materials, goods, and services
from emerging markets, which may, in turn, bring down the prices of these economic staples. It may also result in emerging-market issuers
having more difficulty obtaining financing, which may, in turn, cause a decline in their securities prices.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In addition, while interest rates have been historically low in
recent years in the United States and abroad, any decision by the Fed to adjust the target Fed funds rate, among other factors, could
cause markets to experience continuing high volatility. A significant increase in interest rates may cause a decline in the market for
equity securities. Also, regulators have expressed concern that rate increases may contribute to price volatility. These events and the
possible resulting market volatility may have an adverse effect on the Fund.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0">Political turmoil within the United States and abroad may also
impact the Fund. Although the U.S. government has honored its credit obligations, it remains possible that the United States could default
on its obligations. While it is impossible to predict the consequences of such an unprecedented event, it is likely that a default by
the United States would be highly disruptive to the U.S. and global securities markets and could significantly impair the value of the
Fund&#8217;s investments. Similarly, political events within the United States at times have resulted, and may in the future result, in
a shutdown of government services, which could negatively affect the U.S. economy, decrease the value of many Fund investments, and increase
uncertainty in or impair the operation of the U.S. or other securities markets. In recent years, the U.S. renegotiated many of its global
trade relationships and imposed or threatened to impose significant import tariffs. These actions could lead to price volatility
and overall declines in U.S. and global investment markets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0">Uncertainties surrounding the sovereign debt of a number of European
Union (EU) countries and the viability of the EU have disrupted and may in the future disrupt markets in the United States and around
the world. If one or more countries leave the EU or the EU dissolves, the world&#8217;s securities markets likely will be significantly
disrupted. On January 31, 2020, the United Kingdom (UK) left the EU, commonly referred to as &#8220;Brexit,&#8221; and the UK ceased to
be a member of the EU. Following a transition period during which the EU and the UK Government engaged in a series of negotiations regarding
the terms of the UK's&nbsp;future relationship with the EU, the EU&nbsp;and the UK Government signed an agreement on December 30, 2020
regarding the economic relationship between the UK and the EU. This agreement became effective on a provisional basis on January 1, 2021
and formally entered into force on May 1, 2021. While the full impact of Brexit is unknown, Brexit has already resulted in volatility
in European and global markets. There remains significant market uncertainty regarding Brexit&#8217;s ramifications, and the range and
potential implications of possible political, regulatory, economic, and market outcomes are difficult to predict. This uncertainty may
affect other countries in the EU and elsewhere, and may cause volatility within the EU, triggering prolonged economic downturns in certain
countries within the EU. Despite the influence of the lockdowns, and the economic bounce back, Brexit has had a material impact on the
UK's economy. Additionally, trade between the UK&nbsp;and the EU&nbsp;did not benefit from the global rebound in trade in 2021, and remained
at the very low levels experienced at the start of the coronavirus (COVID-19) pandemic in 2020, highlighting Brexit's potential long-term
effects on the UK&nbsp;economy.</P>
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<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In addition, Brexit may create additional and substantial economic
stresses for the UK, including a contraction of the UK economy and price volatility in UK stocks, decreased trade, capital outflows, devaluation
of the British pound, wider corporate bond spreads due to uncertainty and declines in business and consumer spending as well as foreign
direct investment. Brexit may also adversely affect UK-based financial firms that have counterparties in the EU or participate in market
infrastructure (trading venues, clearing houses, settlement facilities) based in the EU. Additionally, the spread of the coronavirus (COVID-19)&nbsp;pandemic
is likely to continue to stretch the resources and deficits of many countries in the EU and throughout the world, increasing the possibility
that countries may be unable to make timely payments on their sovereign debt. These events and the resulting market volatility may have
an adverse effect on the performance of the Fund.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">A widespread health crisis such as a global pandemic could cause
substantial market volatility, exchange trading suspensions and closures, which may lead to less liquidity in certain instruments, industries,
sectors or the markets generally, and may ultimately&nbsp;affect Fund performance. For example, the coronavirus (COVID-19)&nbsp;pandemic
has resulted and may continue to result in significant disruptions to global business activity and market volatility due to disruptions
in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among
others. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy
in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing political, social and
economic risks. Any such impact could adversely affect the Fund&#8217;s performance, resulting in losses to your investment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: justify">The United States responded to the coronavirus (COVID-19)&nbsp;pandemic
and resulting economic distress with fiscal and monetary stimulus packages. In late March 2020, the government passed the Coronavirus
Aid, Relief, and Economic Security Act, a stimulus package providing for over $2.2 trillion in resources to small businesses, state and
local governments, and individuals adversely impacted by the coronavirus (COVID-19) pandemic. In late December 2020, the government also
passed a spending bill that included $900 billion in stimulus relief for the coronavirus (COVID-19) pandemic. Further, in March 2021,
the government passed the American Rescue Plan Act of 2021, a $1.9 trillion stimulus bill to accelerate the United States&#8217; recovery
from the economic and health effects of the coronavirus (COVID-19) pandemic. In addition, in mid-March 2020 the Fed cut interest rates
to historically low levels and promised unlimited and open-ended quantitative easing, including purchases of corporate and municipal government
bonds. The Fed also enacted various programs to support liquidity operations and funding in the financial markets, including expanding
its reverse repurchase agreement operations, adding $1.5 trillion of liquidity to the banking system, establishing swap lines with other
major central banks to provide dollar funding, establishing a program to support money market funds, easing various bank capital buffers,
providing funding backstops for businesses to provide bridging loans for up to four years, and providing funding to help credit flow in
asset-backed securities markets. The Fed also extended credit to small- and medium-sized businesses.</P>






<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">To the extent the Fed &#8220;tapers&#8221; or reduces the amount
of securities it purchases pursuant to quantitative easing, and/or raises the federal funds rate, there is a risk that interest rates
will rise, which could expose fixed-income and related markets to heightened volatility and could cause the value of a Fund's investments,
and the Fund's net asset value (NAV), to decline, potentially suddenly and significantly.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Political and military events, including in Ukraine, North Korea,
Russia, Venezuela, Iran, Syria, and other areas of the Middle East, and nationalist unrest in Europe and South America, also may cause
market disruptions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0">As a result of continued political
tensions and armed conflicts, including the Russian invasion of Ukraine commencing in February of 2022, the extent and ultimate
result of which are unknown at this time, the United States and the European Union, along with the regulatory bodies of a number of
countries, have imposed economic sanctions on certain Russian corporate entities and individuals, and certain sectors of
Russia&#8217;s economy, which may result in, among other things, the continued devaluation of Russian currency, a downgrade in the
country&#8217;s credit rating, and/or a decline in the value and liquidity of Russian securities, property or interests. These
sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited assets, impairing the
ability of the Fund to buy, sell, receive or deliver those securities and/or assets. These sanctions or the threat of additional
sanctions could also result in Russia taking counter measures or retaliatory actions, which may further impair the value and
liquidity of Russian securities. The United States and other nations or international organizations may also impose additional
economic sanctions or take other actions that may adversely affect Russia-exposed issuers and companies in various sectors of the
Russian economy. Any or all of these potential results could lead Russia's economy into a recession. Economic sanctions and other
actions against Russian institutions,</P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 12pt">companies, and individuals resulting from the ongoing conflict may also have a substantial
negative impact on other economies and securities markets both regionally and globally, as well as on companies with operations in
the conflict region, the extent to which is unknown at this time. The United States and the European Union have also imposed similar
sanctions on Belarus for its support of Russia&#8217;s invasion of Ukraine. Additional sanctions may be imposed on Belarus and other
countries that support Russia. Any such sanctions could present substantially similar risks as those resulting from the sanctions
imposed on Russia, including substantial negative impacts on the regional and global economies and securities markets.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In addition, there is a risk that the
prices of goods and services in the United States and many foreign economies may decline over time, known as deflation. Deflation
may have an adverse effect on stock prices and creditworthiness and may make defaults on debt more likely. If a country&#8217;s
economy slips into a deflationary pattern, it could last for a prolonged period and may be difficult to reverse. Further, there is a
risk that the present value of assets or income from investments will be less in the future, known as inflation. Inflation rates may
change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy, and
the Fund&#8217;s investments may be affected, which may reduce the Fund's performance. Further, inflation may lead to the rise in
interest rates, which may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the
Fund's performance. Generally, securities issued in emerging markets are subject to a greater risk of inflationary or deflationary
forces, and more developed markets are better able to use monetary policy to normalize markets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>ESG INTEGRATION RISK</B></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 13.5pt 0 0">The manager may consider ESG factors that it deems relevant or
additive, along with other material factors and analysis, when managing the Fund. The portion of the Fund's investments for which the
manager considers these ESG factors may vary, and could increase or decrease over time. ESG factors may include, but are not limited to,
matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized
in the Fund&#8217;s investment process may change over time, and different ESG characteristics may be relevant to different investments.
Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries
the risk that the Fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize
different ESG criteria.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>INFLATION RISK</B></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Inflation risk is the risk that the purchasing power
of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases,
the real value of Common Shares and distributions thereon can decline.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>






<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>INTEREST RATE RISK</B></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Fixed-income securities are affected by changes in interest rates.
When interest rates decline, the market value of fixed-income securities generally can be expected to rise. Conversely, when interest
rates rise, the market value of fixed-income securities generally can be expected to decline. The longer the duration or maturity of a
fixed-income security, the more susceptible it is to interest-rate risk. Duration is a measure of the price sensitivity of a debt security,
or a fund that invests in a portfolio of debt securities, to changes in interest rates, whereas the maturity of a security measures the
time until final payment is due. Duration measures sensitivity more accurately than maturity because it takes into account the time value
of cash flows generated over the life of a debt security. Recent and potential future changes in government monetary policy may affect
interest rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0">The fixed-income securities market has been and may continue to
be negatively affected by the coronavirus (COVID-19) pandemic. As with other serious economic disruptions, governmental authorities and
regulators responded with significant fiscal and monetary policy changes, including considerably lowering interest rates, which, in some
cases could result in negative interest rates. These actions, including their possible unexpected or sudden reversal or potential ineffectiveness,
could further increase volatility in securities and other financial markets and reduce market liquidity. To the extent the Fund has a
bank deposit or holds a debt instrument with a negative interest rate to maturity, the Fund would generate a negative return on that investment.
Similarly, negative rates on investments by money market funds and similar cash management products could lead to losses on investments,</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 12pt">including on investments of the Fund&rsquo;s uninvested cash. To the extent the Fed &ldquo;tapers&rdquo; or reduces the amount of securities
it purchases pursuant to quantitative easing, and/or raises the federal funds rate, there is a risk that interest rates will rise, which
could expose fixed-income and related markets to heightened volatility and could cause the value of the Fund's investments, and the Fund's
net asset value (NAV), to decline, potentially suddenly and significantly, which may negatively impact the Fund's performance.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>INVESTMENT AND MARKET RISK</B></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">An investment in Common Shares is subject to investment
and market risk, including the possible loss of the entire principal amount invested. An investment in Common Shares represents an indirect
investment in the securities owned by the Fund, which generally are traded on a securities exchange or in the over-the-counter markets.
The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. Common Shares
at any point in time may be worth less than the original investment, even after taking into account any reinvestment of dividends and
distributions.</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>LEVERAGE RISK</B></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">By leveraging its investment portfolio, the Fund creates
an opportunity for increased net income or capital appreciation. However, the use of leverage also involves risks, which can be significant.
These risks include the possibility that the value of the assets acquired with such borrowing decreases although the Fund&#8217;s liability
is fixed, greater volatility in the Fund&#8217;s NAV and the market price of the Fund&#8217;s Common Shares and higher expenses. Since
the Advisor&#8217;s fee is based upon a percentage of the Fund&#8217;s managed assets, the Advisor&#8217;s fee will be higher if the Fund
is leveraged and the Advisor will have an incentive to leverage the Fund. The Board will monitor this potential conflict. The Advisor
intends to leverage the Fund only when it believes that the potential return on the additional investments acquired through the use of
leverage is likely to exceed the costs incurred in connection with the offering.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund is authorized to utilize leverage through
borrowings, reinvestment of securities lending collateral or reverse repurchase agreement proceeds, and/or the issuance of preferred shares,
including the issuance of debt securities. The Fund is party to the LA as described in &#8220;&#8212;Description of Capital Structure&#8212;Liquidity
Facility.&#8221;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund utilizes the LA to increase its assets available
for investment. When the Fund leverages its assets, Common Shareholders bear the fees associated with the liquidity facility and have
the potential to benefit or be disadvantaged from the use of leverage. In addition, the fee paid to the Advisor is calculated on the basis
of the Fund&#8217;s average daily managed assets, including proceeds from borrowings and/or the issuance of preferred shares, so the fee
will be higher when leverage is utilized, which may create an incentive
for the Advisor to employ financial leverage. Consequently, the Fund and the Advisor may have differing interests in determining whether
to leverage the Fund&#8217;s assets. Leverage creates risks that may adversely affect the return for the Common Shareholders, including:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 14.4pt"><B>&#8226;</B></TD><TD STYLE="text-align: justify">the likelihood of greater volatility of NAV and market price of Common Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-indent: -14.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 14.4pt"><B>&#8226;</B></TD><TD STYLE="text-align: justify">fluctuations in the interest rate paid for the use of the LA;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-indent: -14.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 14.4pt"><B>&#8226;</B></TD><TD STYLE="text-align: justify">increased operating costs, which may reduce the Fund&#8217;s total return;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-indent: -14.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 14.4pt"><B>&#8226;</B></TD><TD STYLE="text-align: justify">the potential for a decline in the value of an investment acquired through leverage, while the Fund&#8217;s
obligations under such leverage remains fixed; and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-indent: -14.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 14.4pt"><B>&#8226;</B></TD><TD STYLE="text-align: justify">the Fund is more likely to have to sell securities in a volatile market in order to meet asset coverage
or other debt compliance requirements.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">To the extent the returns derived from securities purchased
with proceeds received from leverage exceed the cost of leverage, the Fund&#8217;s distributions may be greater than if leverage had not
been used. Conversely, if the returns from the securities purchased with such proceeds are not sufficient to cover the cost of leverage,
the amount available for distribution to Common Shareholders will be less than if leverage had not been used. In the latter case, the
Advisor, in its best judgment, may nevertheless determine to maintain the Fund&#8217;s leveraged position if it deems such action to be
appropriate. The costs of a borrowing program and/or an offering of preferred shares would be borne by Common Shareholders and consequently
would result in a reduction of the NAV of Common Shares.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addition to the risks created by the Fund&#8217;s
use of leverage, the Fund is subject to the risk that the liquidity facility agreement is terminated due to the occurrence of one or more
events of default under the LA. If the LA is terminated in such circumstances, the Fund would be subject to additional risk that it would
be unable to timely, or at all, obtain replacement financing. The Fund might also be required to de-leverage, selling securities at a
potentially inopportune time and incurring tax consequences. Further, the Fund&#8217;s ability to generate income from the use of leverage
would be adversely affected.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may be required to maintain minimum average
balances in connection with borrowings or to pay a commitment or other fee to maintain a liquidity facility; either of these requirements
will increase the cost of borrowing over the stated interest rate. To the extent that the Fund borrows through the use of reverse repurchase
agreements, it would be subject to a risk that the value of the portfolio securities transferred may substantially exceed the purchase
price received by the Fund under the reverse repurchase agreement transaction. Alternatively, during the life of any reverse repurchase
agreement transaction, the Fund may be required to transfer additional securities if the market value of those securities initially transferred
declines. In addition, capital raised through borrowing or the issuance of preferred shares will be subject to interest costs or dividend
payments that may or may not exceed the income and appreciation on the assets purchased. The issuance of additional classes of preferred
shares involves offering expenses and other costs, which will be borne by the Common Shareholders, and may limit the Fund&#8217;s freedom
to pay dividends on Common Shares or to engage in other activities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may be subject to certain restrictions on
investments imposed by guidelines of one or more nationally recognized statistical rating organizations which may issue ratings for the
preferred shares or short-term debt instruments issued by the Fund. These guidelines may impose asset coverage or portfolio composition
requirements that are more stringent than those imposed by the 1940 Act. Certain types of borrowings may result in the Fund being subject
to covenants in credit agreements, including those relating to asset coverage, borrowing base and portfolio composition requirements and
additional covenants that may affect the Fund&#8217;s ability to pay dividends and distributions on Common Shares in certain instances.
The Fund also may be required to pledge its assets to the lenders in connection with certain types of borrowing. Under the current LA,
the Fund is subject to covenants that include, but are not limited to, certain minimum net asset value and collateral requirements, as
well as a requirement to provide timely certain financial information to the lender. The Advisor does not anticipate that these covenants
or restrictions will adversely affect its ability to manage the Fund&#8217;s portfolio in accordance with the Fund&#8217;s investment
objective and principal investment strategies. Due to these covenants or restrictions, the Fund may be forced to liquidate investments
at times and at prices that are not favorable to the Fund, or the Fund may be forced to forego investments that the Advisor otherwise
views as favorable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>






<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The extent that the Fund employs leverage, if any,
will depend on many factors, the most important of which are investment outlook, market conditions and interest rates. Successful use
of a leveraging strategy depends on the Advisor&#8217;s ability to predict correctly interest rates and market movements. There is no
assurance that a leveraging strategy will be successful during any period in which it is employed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>LIBOR DISCONTINUATION RISK</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The LA utilizes LIBOR as the reference or benchmark
rate for interest rate calculations. LIBOR is a measure of the average interest rate at which major global banks can borrow from one another.
Following allegations of rate manipulation and concerns regarding its thin liquidity, in July 2017, the U.K. Financial Conduct Authority,
which regulates LIBOR, announced that it will stop encouraging banks to provide the quotations needed to sustain LIBOR. The ICE Benchmark
Administration Limited, the administrator of LIBOR, ceased publishing most LIBOR maturities, including some US LIBOR maturities, on December
31, 2021, and the remaining and most liquid US LIBOR maturities will cease being published on June 30, 2023. It is expected that market
participants such as the Fund and SSB will transition to the use of alternative reference or benchmark rates prior to the applicable LIBOR
publication cessation date. However, although regulators have encouraged the development and adoption of alternative rates such as the
Secured Overnight Financing Rate (&#8220;SOFR&#8221;), the future utilization of LIBOR or of any particular replacement rate remains unclear.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Although the transition process away from LIBOR has
become increasingly well-defined in advance of the anticipated discontinuation dates, the impact on the LA remains uncertain. It is expected
that market participants will amend financial instruments referencing LIBOR, such as the LA, to include fallback provisions and other
measures that contemplate the discontinuation of LIBOR or other similar market disruption events, but neither the effect of the transition
process nor the viability of such measures is known. To facilitate the transition of legacy derivatives</P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">contracts referencing LIBOR, the
International Swaps and Derivatives Association, Inc. launched a protocol to incorporate fallback provisions. However, there are obstacles
to converting certain longer term securities and transactions to a new benchmark or benchmarks and the effectiveness of one alternative
reference rate versus multiple alternative reference rates in new or existing financial instruments and products has not been determined.
Certain proposed replacement rates to LIBOR, such as SOFR, which is a broad measure of secured overnight US Treasury repo rates, are materially
different from LIBOR, and changes in the applicable spread for financial instruments transitioning away from LIBOR will need to be made
to accommodate the differences. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition to replacement
rates may be exacerbated if an orderly transition to an alternative reference rate is not completed in a timely manner.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As market participants transition away from LIBOR,
LIBOR&#8217;s usefulness may deteriorate. The transition process may lead to increased volatility and illiquidity in markets that currently
rely on LIBOR to determine interest rates. LIBOR&#8217;s deterioration may adversely affect the liquidity and/or market value of securities
that use LIBOR as a benchmark interest rate. The use of an alternative reference rate, or the transition process to an alternative reference
rate, may result in increases to the interest paid by the Fund pursuant to the LA and, therefore, may adversely affect the Fund&#8217;s
performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>MANAGEMENT RISK</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund is subject to management risk because it relies
on the Subadvisor&#8217;s ability to pursue the Fund&#8217;s investment objective. The Subadvisor applies investment techniques and risk
analyses in making investment decisions for the Fund, but there can be no guarantee that it will produce the desired results. The Subadvisor&#8217;s
securities selections and other investment decisions might produce a loss or cause the Fund to underperform when compared to other funds
with similar investment goals. If one or more key individuals leave the employ of the Subadvisor, then the Subadvisor may not be able
to hire qualified replacements, or may require an extended time to do so. This could prevent the Fund from achieving its investment objective.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>MARKET DISCOUNT RISK</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund&#8217;s Common Shares will be offered only
when Common Shares of the Fund are trading at a price equal to or above the Fund&#8217;s NAV per Common Share plus the per Common Share
amount of commissions. As with any security, the market value of the Common Shares may increase or decrease from the amount initially
paid for the Common Shares. The Fund&#8217;s Common Shares have traded at both a premium and at a discount to NAV. The shares of closed-end
management investment companies frequently trade at a discount from their NAV. This characteristic is a risk separate and distinct from the risk that the Fund&#8217;s
NAV could decrease as a result of investment activities. Investors bear a risk of loss to the extent that the price at which they sell
their shares is lower in relation to the Fund&#8217;s NAV than at the time of purchase, assuming a stable NAV.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>NATURAL DISASTERS AND ADVERSE WEATHER CONDITIONS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Certain areas of the world historically have been prone
to major natural disasters, such as hurricanes, earthquakes, typhoons, flooding, tidal waves, tsunamis, erupting volcanoes, wildfires
or droughts, and have been economically sensitive to environmental events. Such disasters, and the resulting damage, could have a severe
and negative impact on the Fund&#8217;s investment portfolio and, in the longer term, could impair the ability of issuers in which the
Fund invests to conduct their businesses in the manner normally conducted. Adverse weather conditions also may have a particularly significant
negative effect on issuers in the agricultural sector and on insurance companies that insure against the impact of natural disasters.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>SECONDARY MARKET FOR THE COMMON SHARES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The issuance of new Common Shares may have an adverse
effect on the secondary market for the Common Shares. When Common Shares are trading at a premium, the Fund may issue new Common Shares
of the Fund. The increase in the amount of the Fund&#8217;s outstanding Common Shares resulting from the offering of new Common Shares
may put downward pressure on the market price for the Common Shares of the Fund. Common Shares will not be issued at any time when Common
Shares are trading at a price lower than a price equal to the Fund&#8217;s NAV per Common Share plus the per Common Share amount of commissions.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund also issues Common Shares through its dividend
reinvestment plan. Common Shares may be issued under the plan at a discount to the market price for such Common Shares, which may put
downward pressure on the market price for Common Shares of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The voting power of current Common Shareholders will
be diluted to the extent that such shareholders do not purchase shares in any future Common Share offerings or do not purchase sufficient
shares to maintain their percentage interest. In addition, if the proceeds of such offering are unable to be invested as intended, the
Fund&#8217;s per Common Share distribution may decrease (or may consist of return of capital) and the Fund may not participate in market
advances to the same extent as if such proceeds were fully invested as planned.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>TAX RISK </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">To qualify for the special tax treatment available
to regulated investment companies, the Fund must: (i) derive at least 90% of its annual gross income from certain kinds of investment
income; (ii) meet certain asset diversification requirements at the end of each quarter; and (iii) distribute in each taxable year at
least 90% of its net investment income (including net interest income and net short term capital gain). If the Fund failed to meet any
of these requirements, subject to the opportunity to cure such failures under applicable provisions of the Code, the Fund would be subject
to U.S. federal income tax at regular corporate rates on its taxable income, including its net capital gain, even if such income were
distributed to its shareholders. All distributions by the Fund from earnings and profits, including distributions of net capital gain
(if any), would be taxable to the shareholders as ordinary income. To the extent designated by the Fund, such distributions generally
would be eligible (i) to be treated as qualified dividend income in the case of individual and other non-corporate shareholders and (ii)
for the dividends received deduction in the case of corporate shareholders, provided that in each case the shareholder meets applicable
holding period requirements. In addition, in order to requalify for taxation as a regulated investment company, the Fund might be required
to recognize unrealized gain, pay substantial taxes and interest, and make certain distributions. See &#8220;U.S. Federal Income Tax Matters.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The tax treatment and characterization of the Fund&#8217;s
distributions may vary significantly from time to time due to the nature of the Fund&#8217;s investments. The ultimate tax characterization
of the Fund&#8217;s distributions in a calendar year may not finally be determined until after the end of that calendar year. The Fund
may make distributions during a calendar year that exceed the Fund&#8217;s net investment income and net realized capital gain for that
year. In such a situation, the amount by which the Fund&#8217;s total distributions exceed net investment income and net realized capital
gain generally would be treated as a return of capital up to the amount of the Common Shareholder&#8217;s tax basis in his or her Common
Shares, with any amounts exceeding such basis treated as gain from the sale of his or her Common Shares. The Fund&#8217;s income distributions that qualify for favorable tax
treatment may be affected by the Internal Revenue Service&#8217;s (&#8220;IRS&#8221;) interpretations of the Code and future changes in
tax laws and regulations. See &#8220;U.S. Federal Income Tax Matters.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">No assurance can be given as to what percentage of
the distributions paid on Common Shares, if any, will consist of long-term capital gain or what the tax rates on various types of income
will be in future years. See &#8220;U.S. Federal Income Tax Matters.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Strategy Risks</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>CONCENTRATION RISK</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">When a fund&#8217;s investments are focused
in one or more industries or sectors of the economy, they are less broadly invested across industries or sectors than other funds. This
means that concentrated funds tend to be more volatile than other funds, and the values of their investments tend to go up and down more
rapidly. In addition, a fund that invests in particular industries or sectors is particularly susceptible to the impact of market, economic,
political, regulatory, and other conditions and risks affecting those industries or sectors. From time to time, a small number of companies
may represent a large portion of a single industry or sector or a group of related industries or sectors as a whole.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>CORPORATE DEBT SECURITIES RISK</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Corporate debt obligations are subject to the risk of an issuer&#8217;s
inability to meet principal and interest payments on the obligations and also may be subject to price volatility due to such factors as
market interest rates, market perception of the creditworthiness of the issuer and general market liquidity.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>CREDIT AND COUNTERPARTY RISK</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20">This is the risk that the
issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter (OTC) derivatives contract (see &#8220;Hedging,
derivatives, and other strategic transactions risk&#8221;), or a borrower of the Fund&#8217;s securities will be unable or unwilling to
make timely principal, interest, or settlement payments, or otherwise honor its obligations. Credit risk associated with investments in
fixed-income securities relates to the ability of the issuer to make scheduled payments of principal and interest on an obligation. A
fund that invests in fixed-income securities is subject to varying degrees of risk that the issuers of the securities will have their
credit ratings downgraded or will default, potentially reducing the Fund&#8217;s share price and income level. Nearly all fixed-income
securities are subject to some credit risk, which may vary depending upon whether the issuers of the securities are corporations, domestic
or foreign governments, or their subdivisions or instrumentalities. U.S. government securities are subject to varying degrees of credit
risk depending upon whether the securities are supported by the full faith and credit of the United States; the ability to borrow from
the U.S. Treasury; only by the credit of the issuing U.S. government agency, instrumentality, or corporation; or otherwise supported by
the United States. For example, issuers of many types of U.S. government securities (e.g., the Federal Home Loan Mortgage Corporation
(Freddie Mac), Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Banks), although chartered or sponsored by Congress,
are not funded by congressional appropriations, and their fixed-income securities, including asset-backed and mortgage-backed securities,
are neither guaranteed nor insured by the U.S. government. An agency of the U.S. government has placed Fannie Mae and Freddie Mac into
conservatorship, a statutory process with the objective of returning the entities to normal business operations. It is unclear what effect
this conservatorship will have on the securities issued or guaranteed by Fannie Mae or Freddie Mac. As a result, these securities are
subject to more credit risk than U.S. government securities that are supported by the full faith and credit of the United States (e.g.,
U.S. Treasury bonds). When a fixed-income security is not rated, a manager may have to assess the risk of the security itself. Asset-backed
securities, whose principal and interest payments are supported by pools of other assets, such as credit card receivables and automobile
loans, are subject to further risks, including the risk that the obligors of the underlying assets default on payment of those assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20">In addition, the Fund is
exposed to credit risk to the extent that it makes use of OTC derivatives (such as forward foreign currency contracts and/or swap contracts)
and engages to a significant extent in the lending of fund securities or the use of repurchase agreements. OTC derivatives transactions
can be closed out with the other party to the transaction. If the counterparty defaults, the Fund will have contractual remedies, but
there is no assurance that the counterparty will be able to meet its contractual obligations or that, in the event of default, the Fund
will succeed in enforcing them. A fund, therefore, assumes the risk that it may be unable to obtain payments owed to it under OTC derivatives contracts
or that those payments may be delayed or made only after the Fund has incurred the costs of litigation. While the manager intends to monitor
the creditworthiness of contract counterparties, there can be no assurance that the counterparty will be in a position to meet its obligations,
especially during unusually adverse market conditions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20"><B>DIVIDEND STRATEGY RISK</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Subadvisor <FONT STYLE="color: #231F20">may
not be able to anticipate the level of dividends that companies will pay in any given timeframe. In accordance with the Fund&#8217;s strategies,
</FONT>the Subadvisor <FONT STYLE="color: #231F20">attempts to identify and exploit opportunities such as the announcement of major corporate
actions that may lead to high current dividend income. These situations typically are non-recurring or infrequent, may be difficult to
predict and may not result in an opportunity that allows </FONT>the Subadvisor <FONT STYLE="color: #231F20">to fulfill the Fund&#8217;s
investment objective. In addition, the dividend policies of the Fund&#8217;s target companies are heavily influenced by the current economic
climate and the favorable U.S. federal tax treatment afforded to dividends.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>EQUITY SECURITIES RISK</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Common and preferred stocks represent equity ownership
in a company. Stock markets are volatile. The price of equity securities will fluctuate, and can decline and reduce the value of the Fund
investing in equities. The price of equity securities fluctuates based on changes in a company&#8217;s financial condition and overall
market and economic conditions. The value of equity securities purchased by the Fund could decline if the financial condition of the companies
in which the Fund is invested declines, or if overall market and economic conditions deteriorate. An issuer&#8217;s financial condition
could decline as a result of poor management decisions, competitive pressures, technological obsolescence, undue reliance on suppliers,
labor issues, shortages, corporate restructurings, fraudulent disclosures,</P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">irregular and/or unexpected trading activity among retail investors,
or other factors. Changes in the financial condition of a single issuer can impact the market as a whole.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Even a fund that invests in high-quality, or blue chip,
equity securities, or securities of established companies with large market capitalizations (which generally have strong financial characteristics),
can be negatively impacted by poor overall market and economic conditions. Companies with large market capitalizations may also have less
growth potential than smaller companies and may be less able to react quickly to changes in the marketplace.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund generally does not attempt to time the market.
Because of its exposure to equities, the possibility that stock market prices in general will decline over short or extended periods subjects
the Fund to unpredictable declines in the value of its investments, as well as periods of poor performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>FIXED-INCOME SECURITIES RISK</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20">Fixed-income securities
are generally subject to two principal types of risk, as well as other risks described below: (1) interest-rate risk and (2) credit quality
risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20"><B>Credit quality risk.
</B>Fixed-income securities are subject to the risk that the issuer of the security will not repay all or a portion of the principal borrowed
and will not make all interest payments. If the credit quality of a fixed-income security deteriorates after the Fund has purchased the
security, the market value of the security may decrease and lead to a decrease in the value of the Fund&#8217;s investments. An issuer&#8217;s
credit quality could deteriorate as a result of poor management decisions, competitive pressures, technological obsolescence, undue reliance
on suppliers, labor issues, shortages, corporate restructurings, fraudulent disclosures, or other factors. Funds that may invest in lower-rated
fixed-income securities, commonly referred to as junk securities, are riskier than funds that may invest in higher-rated fixed-income
securities. Additional information on the risks of investing in investment-grade fixed-income securities in the lowest rating category
is set forth below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20"><B>Interest-rate risk. </B>Fixed-income
securities are affected by changes in interest rates. When interest rates decline, the market value of fixed-income securities generally
can be expected to rise. Conversely, when interest rates rise, the market value of fixed-income securities generally can be expected to
decline. The longer the duration or maturity of a fixed-income security, the more susceptible it is to interest-rate risk. Recent and
potential future changes in government monetary policy may affect the level of interest rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The fixed-income securities market has
been and may continue to be negatively affected by the novel coronavirus (COVID-19) pandemic. As with other serious
economic disruptions, governmental authorities and regulators are responding to this crisis with significant fiscal and monetary policy
changes, including considerably lowering interest rates, which, in some cases could result in negative interest rates. These actions,
including their possible unexpected or sudden reversal or potential ineffectiveness, could further increase volatility in securities and
other financial markets and reduce market liquidity. To the extent the Fund has a bank deposit or holds a debt instrument with a negative
interest rate to maturity, the Fund would generate a negative return on that investment. Similarly, negative rates on investments by money
market funds and similar cash management products could lead to losses on investments, including on investments of the Fund&#8217;s uninvested
cash.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20"><B>Investment-grade fixed-income
securities in the lowest rating category risk. </B>Investment-grade fixed-income securities in the lowest rating category (such as Baa
by Moody&#8217;s or BBB by S&amp;P or Fitch Ratings, as applicable, and comparable unrated securities) involve a higher degree of risk
than fixed-income securities in the higher rating categories. While such securities are considered investment-grade quality and are deemed
to have adequate capacity for payment of principal and interest, such securities lack outstanding investment characteristics and have
speculative characteristics as well. For example, changes in economic conditions or other circumstances are more likely to lead to a weakened
capacity to make principal and interest payments than is the case with higher-grade securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20"><B>Prepayment of principal
risk. </B>Many types of debt securities, including floating-rate loans, are subject to prepayment risk. Prepayment risk occurs when the
issuer of a security can repay principal prior to the security&#8217;s maturity. Securities subject to prepayment risk can offer less
potential for gains when the credit quality of the issuer improves.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Recent Fixed-Income Market Events.</B> In addition
to financial market volatility, relatively high market volatility and reduced liquidity in credit and fixed-income markets may adversely
affect many issuers worldwide. Actions taken by</P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth,
such as decreases or increases in short-term interest rates, or interventions in currency markets, could cause high volatility in the
equity and fixed-income markets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>FOREIGN SECURITIES RISK</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Funds that invest in securities traded principally
in securities markets outside&nbsp;the United States are subject to additional and more varied risks, as the value&nbsp;of foreign securities
may change more rapidly and extremely than the value of&nbsp;U.S. securities. Less information may be publicly available regarding foreign&nbsp;issuers,
including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more&nbsp;volatile than U.S. securities.
Currency fluctuations and political and economic&nbsp;developments may adversely impact the value of foreign securities. The&nbsp;securities
markets of many foreign countries are relatively small, with a limited&nbsp;number of companies representing a small number of industries.
Additionally,&nbsp;issuers of foreign securities may not be subject to the same degree of&nbsp;regulation as U.S. issuers. Reporting,
accounting, and auditing standards of foreign countries differ, in some cases significantly, from U.S. standards. There&nbsp;are generally
higher commission rates on foreign portfolio transactions, transfer&nbsp;taxes, higher custodial costs, and the possibility that foreign
taxes will be&nbsp;charged on dividends and interest payable on foreign securities, some or all of&nbsp;which may not be reclaimable.
Also, adverse changes in investment or&nbsp;exchange control regulations (which may include suspension of the ability to&nbsp;transfer
currency or assets from a country); political changes; or diplomatic&nbsp;developments could adversely affect the Fund&#8217;s investments.
In the event of&nbsp;nationalization, expropriation, confiscatory taxation, or other confiscation, the&nbsp;Fund could lose a substantial
portion of, or its entire investment in, a foreign&nbsp;security. Some of the foreign securities risks are also applicable to funds that
invest a material portion of their assets in securities of foreign issuers traded in the United States.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If applicable, depositary receipts are subject to most
of the risks associated with&nbsp;investing in foreign securities directly because the value of a depositary receipt&nbsp;is dependent
upon the market price of the underlying foreign equity security.&nbsp;Depositary receipts are also subject to liquidity risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Currency Risk. </B>Currency
risk is the risk that fluctuations in exchange rates may adversely affect the U.S. dollar value of the Fund&#8217;s investments. Currency
risk includes both the risk that currencies in which a fund&#8217;s investments are traded, or currencies in which a fund has taken an
active investment position, will decline in value relative to the U.S. dollar and, in the case of hedging positions, that the U.S. dollar
will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly for a number
of reasons, including the forces of supply and demand in the foreign exchange markets, actual or perceived changes in interest rates,
intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or currency controls or political developments
in the United States or abroad. Certain funds may engage in proxy hedging of currencies by entering into derivative
transactions with respect to a currency whose value is expected to correlate to the value of a currency the Fund owns or wants to own.
This presents the risk that the two currencies may not move in relation to one another as expected. In that case, the Fund could lose
money on its investment and also lose money on the position designed to act as a proxy hedge. Certain funds may also take active currency
positions and may cross-hedge currency exposure represented by their securities into another foreign currency. This may result in a fund&#8217;s
currency exposure being substantially different than that suggested by its securities investments. All funds with foreign currency holdings
and/or that invest or trade in securities denominated in foreign currencies or related derivative instruments may be adversely affected
by changes in foreign currency exchange rates. Derivative foreign currency transactions (such as futures, forwards, and swaps) may also
involve leveraging risk, in addition to currency risk. Leverage may disproportionately increase a fund&#8217;s portfolio losses and reduce
opportunities for gain when interest rates, stock prices, or currency rates are changing.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>HEDGING, DERIVATIVES AND OTHER STRATEGIC TRANSACTIONS
RISK</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20">The ability of the Fund to utilize
hedging, derivatives, and other strategic transactions to benefit the Fund will depend in part on its manager&#8217;s ability to predict
pertinent market movements and market risk, counterparty risk, credit risk, interest-rate risk, and other risk factors, none of which
can be assured. The skills required to utilize hedging and other strategic transactions are different from those needed to select the
Fund&#8217;s securities. Even if the manager only uses hedging and other strategic transactions in the Fund primarily for hedging purposes
or to gain exposure to a particular securities market, if the transaction does not have the desired outcome, it could result in a significant
loss to the Fund. The amount of loss could be more than the principal amount invested. These transactions may also increase the volatility
of the Fund and may involve a small investment of cash relative to the magnitude of the risks assumed, thereby magnifying the impact of
any resulting gain or loss. For example, the potential loss from the use of futures</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20">can exceed the Fund&#8217;s initial investment in
such contracts. In addition, these transactions could result in a loss to a fund if the counterparty to the transaction does not perform
as promised.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20">The Fund may invest in derivatives,
which are financial contracts with a value that depends on, or is derived from, the value of underlying assets, reference rates, or indexes.
Derivatives may relate to stocks, bonds, interest rates, currencies or currency exchange rates, and related indexes. The Fund may use
derivatives for many purposes, including for hedging and as a substitute for direct investment in securities or other assets. Derivatives
may be used in a way to efficiently adjust the exposure of the Fund to various securities, markets, and currencies without the Fund actually
having to sell existing investments and make new investments. This generally will be done when the adjustment is expected to be relatively
temporary or in anticipation of effecting the sale of Fund assets and making new investments over time. Further, since many derivatives
have a leverage component, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss
substantially greater than the amount invested in the derivative itself. Certain derivatives have the potential for unlimited loss, regardless
of the size of the initial investment. When the Fund uses derivatives for leverage, investments in the Fund will tend to be more volatile,
resulting in larger gains or losses in response to market changes. To limit risks associated with leverage, the Fund may segregate assets
determined to be liquid or, as permitted by applicable regulation, enter into certain offsetting positions to cover its obligations under
derivative instruments. For a description of the various derivative instruments the Fund may utilize, refer to the SAI.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20">The regulation of the U.S. and non-U.S.
derivatives markets has undergone substantial change in recent years and such change may continue. In particular, the Dodd-Frank Wall
Street Reform and Consumer Protection Act, and regulations promulgated or proposed thereunder require many derivatives to be cleared and
traded on an exchange, expand entity registration requirements, impose business conduct requirements on dealers that enter into swaps
with a pension plan, endowment, retirement plan or government entity, and required banks to move some derivatives trading units to a non-guaranteed
affiliate separate from the deposit-taking bank or divest them altogether. Although the Commodity Futures Trading Commission (CFTC) has
released final rules relating to clearing, reporting, recordkeeping and registration requirements under the legislation, many of the provisions
are subject to further final rule making, and thus its ultimate impact remains unclear. New regulations could, among other things, restrict
the Fund&#8217;s ability to engage in derivatives transactions (for example, by making certain types of derivatives transactions no longer
available to the Fund) and/or increase the costs of such derivatives transactions (for example, by increasing margin or capital requirements),
and the Fund may be unable to fully execute its investment strategies as a result. Limits or restrictions applicable to the counterparties
with which the Fund engages in derivative transactions also could prevent the Fund from using these instruments or affect the pricing
or other factors relating to these instruments, or may change the availability of certain investments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20">In addition, new Rule 18f-4 (the Derivatives
Rule), adopted by the SEC on October 28, 2020, replaces current asset segregation requirements with a new framework for the use of derivatives
by registered funds. For funds using a significant amount of derivatives,
the Derivatives Rule mandates a fund adopt and/or implement: (i) value at risk limitations in lieu of asset segregation requirements;
(ii) a written derivatives risk management program; (iii) new Board oversight responsibilities; and (iv) new reporting and recordkeeping
requirements. The Derivatives Rule provides an exception for funds with derivative exposure not exceeding 10% of its net assets, excluding
certain currency and interest rate hedging transactions. In addition, the Derivatives Rule provides special treatment for reverse repurchase
agreements and similar financing transactions and unfunded commitment agreements. Funds will be required to comply with the Derivatives
Rule starting on August 19, 2022.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20">At any time after the date of this
prospectus, legislation may be enacted that could negatively affect the assets of the Fund. Legislation or regulation may change the way
in which the Fund itself is regulated. The advisor cannot predict the effects of any new governmental regulation that may be implemented,
and there can be no assurance that any new governmental regulation will not adversely affect the Fund&#8217;s ability to achieve its investment
objectives.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20">The use of derivative instruments may
involve risks different from, or potentially greater than, the risks associated with investing directly in securities and other, more
traditional assets. In particular, the use of derivative instruments exposes the Fund to the risk that the counterparty to an OTC derivatives
contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions
typically can only be closed out with the other party to the transaction, although either party may engage in an offsetting transaction
that puts that party in the same economic position as if it had closed out the transaction with the counterparty or may obtain the other
party&#8217;s consent to assign the transaction to a third party. If the counterparty defaults, the Fund will have contractual remedies,
but there is no assurance that the counterparty will meet its contractual obligations or that, in the event of default, the Fund will
succeed in enforcing them. For example, because the contract for each OTC derivatives transaction is individually negotiated with a specific
counterparty, the Fund is subject to the risk that a</P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20">counterparty may interpret contractual terms (e.g., the definition of default) differently
than the Fund when the Fund seeks to enforce its contractual rights. If that occurs, the cost and unpredictability of the legal proceedings
required for the Fund to enforce its contractual rights may lead it to decide not to pursue its claims against the counterparty. The Fund,
therefore, assumes the risk that it may be unable to obtain payments owed to it under OTC derivatives contracts or that those payments
may be delayed or made only after the Fund has incurred the costs of litigation. While a manager intends to monitor the creditworthiness
of counterparties, there can be no assurance that a counterparty will meet its obligations, especially during unusually adverse market
conditions. To the extent the Fund contracts with a limited number of counterparties, the Fund&#8217;s risk will be concentrated and events
that affect the creditworthiness of any of those counterparties may have a pronounced effect on the Fund. Derivatives are also subject
to a number of other risks, including market risk and liquidity risk. Since the value of derivatives is calculated and derived from the
value of other assets, instruments, or references, there is a risk that they will be improperly valued. Derivatives also involve the risk
that changes in their value may not correlate perfectly with the assets, rates, or indexes they are designed to hedge or closely track.
Suitable derivatives transactions may not be available in all circumstances. The Fund is also subject to the risk that the counterparty
closes out the derivatives transactions upon the occurrence of certain triggering events. In addition, a manager may determine not to
use derivatives to hedge or otherwise reduce risk exposure. Government legislation or regulation could affect the use of derivatives transactions
and could limit the Fund&#8217;s ability to pursue its investment strategies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20">A detailed discussion of various hedging
and other strategic transactions appears in the SAI. To the extent that the Fund utilizes the following list of certain derivatives and
other strategic transactions, it will be subject to associated risks. The main risks of each appear below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 14.4pt"><B>&#8226;</B></TD><TD STYLE="text-align: justify"><B><I>Futures contracts. </I></B>Counterparty risk, liquidity risk (<I>i.e.</I>, the inability to enter
into closing transactions) and risk of disproportionate loss are the principal risks of engaging in transactions involving futures contracts.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 14.4pt"><B>&#8226;</B></TD><TD STYLE="text-align: justify"><B><I>Interest-rate swaps. </I></B>Counterparty risk, liquidity risk (<I>i.e.</I>, the inability to enter
into closing transactions), interest-rate risk and risk of disproportionate loss are the principal risks of engaging in transactions involving
interest-rate swaps.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 14.4pt"><B>&#8226;</B></TD><TD STYLE="text-align: justify"><B><I>Options and currency options. </I></B>Counterparty risk, liquidity risk (<I>i.e.</I>, the inability
to enter into closing transactions) and risk of disproportionate loss are the principal risks of engaging in transactions involving options,
including currency options. Counterparty risk does not apply to exchange-traded options.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify; text-indent: -14.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>ILLIQUID AND RESTRICTED SECURITIES RISK</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may invest without limit in securities
for which there is no readily available trading market or which are otherwise illiquid <FONT STYLE="background-color: white">(<I>i.e.,</I>&nbsp;investments
that the Fund reasonably expects cannot be sold or disposed of in current market conditions
in seven calendar days or less without the sale or disposition significantly changing the market value of the investment)</FONT>. The
Fund may have significant exposure to restricted securities. Restricted securities are securities with restrictions on public resale,
such as securities offered in accordance with an exemption under Rule 144A under the Securities Act of 1933 (the &#8220;1933 Act&#8221;),
or commercial paper issued under Section 4(a)(2) of the 1933 Act. Restricted securities are often required to be sold in private sales
to institutional buyers, markets for restricted securities may or may not be well developed, and restricted securities can be illiquid.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Illiquid and restricted securities may be difficult
to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security&#8217;s
market price and the Fund&#8217;s ability to see the security. <FONT STYLE="background-color: white">Illiquid investments may become harder
to value, especially in changing markets. The Fund&#8217;s investments in illiquid securities may reduce the returns of the Fund because
it may be unable to sell the illiquid investments at an advantageous time or price or possibly require the Fund to dispose of other investments
at unfavorable times or prices in order to satisfy its obligations, which could prevent the Fund from taking advantage of other investment
opportunities. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent
of any specific adverse changes in the conditions of a particular issuer.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The extent (if at all) to which a security may
be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation,
legal restrictions or other economic and market impediments. Funds with principal investment strategies that involve investments in securities
of companies with smaller market capitalizations, foreign securities, derivatives, or securities with substantial market and/or credit
risk tend to have the greatest exposure to liquidity risk. Exposure to liquidity risk may be heightened for funds that</P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">invest in securities
of emerging markets and related derivatives that are not widely traded, and that may be subject to purchase and sale restrictions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The capacity of traditional dealers to engage in fixed-income
trading has not kept pace with the bond market&#8217;s growth. As a result, dealer inventories of corporate bonds, which indicate the
ability to &#8220;make markets,&#8221; i.e., buy or sell a security at the quoted bid and ask price, respectively, are at or near historic
lows relative to market size. Because market makers provide stability to fixed-income markets, the significant reduction in dealer inventories
could lead to decreased liquidity and increased volatility, which may become exacerbated during periods of economic or political stress.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">In addition, limited liquidity
could affect the market price of the investments, thereby adversely affecting the Fund&#8217;s NAV and ability to make dividend distributions.
The financial markets in general have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting
in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During
such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation
may occur again at any time. The Fund has no limitation on the amount of its assets which may be invested in investments which are not
readily marketable or are subject to restrictions on resale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B>INVESTMENT COMPANY SECURITIES
RISK</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">The Fund may invest in securities
of other investment companies. Fund shareholders indirectly bear their proportionate share of the expenses of each such investment company.
The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including
advisory fees. Investments in closed-end funds may involve the payment of substantial premiums above the value of such investment companies&#8217;
portfolio securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B>LARGE COMPANY RISK</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">Larger, more established companies
may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies
also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">For purposes of the two investment
policies with regard to investments in medium and smaller companies and large companies, the market capitalization of a company is based
on its capitalization at the time the Fund purchases the company&#8217;s securities. Market capitalizations of companies change over time.
The Fund is not obligated to sell a company&#8217;s security simply because, subsequent to its purchase, the company&#8217;s market capitalization
has changed to be outside the capitalization range for the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>






<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B>PREFERRED AND CONVERTIBLE
SECURITIES RISK</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">Unlike interest on debt securities,
preferred stock dividends are payable only if&nbsp;declared by the issuer&#8217;s board. Also, preferred stock may be subject to optional&nbsp;or
mandatory redemption provisions. The market values of convertible securities&nbsp;tend to fall as interest rates rise and rise as interest
rates fall. The value of&nbsp;convertible preferred stock can depend heavily upon the value of the security&nbsp;into which such convertible
preferred stock is converted, depending on whether&nbsp;the market price of the underlying security exceeds the conversion price.</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>REVERSE REPURCHASE AGREEMENT RISK</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Reverse repurchase agreement transactions involve the
risk that the market value of the securities that the Fund is obligated to repurchase under such agreements may decline below the repurchase
price. Any fluctuations in the market value of either the securities transferred to the other party or the securities in which the proceeds
may be invested would affect the market value of the Fund&#8217;s assets, thereby potentially increasing fluctuations in the market value
of the Fund&#8217;s assets. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes
insolvent, the Fund&#8217;s use of proceeds received under the agreement may be restricted pending a determination by the other party,
or its trustee or receiver, whether to enforce the Fund&#8217;s obligation to repurchase the securities.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>U.S. GOVERNMENT SECURITIES RISK</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #231F20">The Fund may invest in U.S. government
securities issued or guaranteed by the U.S. government or by an agency or instrumentality of the U.S. government. Not all U.S. government
securities are backed by the full faith and credit of the United States. Some are supported only by the credit of the issuing agency or
instrumentality, which depends entirely on its own resources to repay the debt. U.S. government securities that are backed by the full
faith and credit of the United States include U.S. Treasuries and mortgage-backed securities guaranteed by the Government National Mortgage
Association. Securities that are only supported by the credit of the issuing agency or instrumentality include Fannie Mae, FHLBs and Freddie
Mac. See &#8220;Credit and counterparty risk&#8221; for additional information on Fannie Mae and Freddie Mac securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>UTILITIES SECTOR RISK</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Companies in the utilities sector may be affected by
general economic conditions, supply and demand, financing and operating costs, rate caps, interest rates, liabilities
arising from governmental or civil actions, consumer confidence and spending, competition, technological progress, energy prices, resource
conservation and depletion, man-made or natural disasters, geopolitical events, and environmental and other government regulations. The
value of securities issued by companies in the utilities sector may be negatively impacted by variations in exchange rates, domestic and
international competition, energy conservation and governmental limitations on rates charged to customers. Although rate changes of a
regulated utility usually vary in approximate correlation with financing costs, due to political and regulatory factors rate changes usually
happen only after a delay after the changes in financing costs. Deregulation may subject utility companies to increased competition and
can negatively affect their profitability as it permits utility companies to diversify outside of their original geographic regions and
customary lines of business, causing them to engage in more uncertain ventures. Deregulation can also eliminate restrictions on the profits
of certain utility companies, but can simultaneously expose these companies to an increased risk of loss. Although opportunities may permit
certain utility companies to earn more than their traditional regulated rates of return, companies in the utilities industry may have
difficulty obtaining an adequate return on invested capital, raising capital, or financing large construction projects during periods
of inflation or unsettled capital markets. Utility companies may also be subject to increased costs because of the effects of man-made
or natural disasters. Current and future regulations or legislation can make it more difficult for utility companies to operate profitably.
Government regulators monitor and control utility revenues and costs, and thus may restrict utility profits. There is no assurance that
regulatory authorities will grant rate increases in the future, or that those increases will be adequate to permit the payment of dividends
on stocks issued by a utility company. Because utility companies are faced with the same obstacles, issues and regulatory burdens, their
securities may react similarly and more in unison to these or other market conditions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Given the risks described above, an investment
in Common Shares may not be appropriate for all investors. You should carefully consider your ability to assume these risks before making
an investment in the Fund.</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>






<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="tocpro_010"></A>Management of the Fund</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>TRUSTEES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The overall management of the Fund, including supervision
of the duties performed by the Advisor and the Subadvisor, is the responsibility of the Board of Trustees, under the laws of The Commonwealth
of Massachusetts and the 1940 Act. The Board of Trustees is responsible for the Fund&#8217;s overall management, including adopting the
investment and other policies of the Fund, electing and replacing officers and selecting and supervising the Fund&#8217;s Advisor and
Subadvisor. The names and business addresses of the Trustees and officers of the Fund and their principal occupations and other affiliations
during the past five years, as well as a description of committees of the Board, are set forth under &#8220;Those Responsible for Management&#8221;
in the SAI.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">A discussion regarding the basis for the Trustees&#8217;
approval of the Advisory Agreement and the Subadvisory Agreement (each, as defined below) is available in the Fund&#8217;s most recent
annual shareholder report for the period ended October 31.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>THE ADVISOR</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Advisor is a Delaware limited liability company
whose principal offices are located at 200 Berkeley Street, Boston, Massachusetts 02116 and serves as the Fund&#8217;s investment advisor.
The Advisor is registered with the SEC as an investment advisor under the Investment Advisers Act of 1940, as amended (the &#8220;Advisers
Act&#8221;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Founded in 1968, the Advisor is an indirect principally
owned subsidiary of John Hancock Life Insurance Company (U.S.A.), a subsidiary of Manulife Financial Corporation (&#8220;Manulife Financial&#8221;
or the &#8220;Company&#8221;). Manulife Financial is the holding company of The Manufacturers Life Insurance Company (the &#8220;Life
Company&#8221;) and its subsidiaries. John Hancock Life Insurance Company (U.S.A.) and its subsidiaries (&#8220;John Hancock&#8221;) today
offer a broad range of financial products and services, including whole, term, variable, and universal life insurance, as well as college
savings products, mutual funds, fixed and variable annuities, long-term care insurance and various forms of business insurance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Advisor&#8217;s parent company has been helping
individuals and institutions work toward their financial goals since 1862. The Advisor offers investment solutions managed by institutional
money managers, taking a disciplined team approach to portfolio management and research, leveraging the expertise of seasoned investment
professionals. The Advisor has been managing closed-end funds since 1971. As of December 31, 2021, the Advisor had total assets under
management of approximately $177.8 billion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Subject to general oversight by the Board of Trustees,
the Advisor manages and supervises the investment operations and business affairs of the Fund. The Advisor selects, contracts with and
compensates one or more subadvisors to manage all or a portion of the Fund&#8217;s portfolio assets, subject to oversight by the Advisor.
In this role, the Advisor has supervisory responsibility for managing the investment and reinvestment of the Fund, as described in further
detail below. In this role, the Advisor has supervisory responsibility for managing the investment and reinvestment of the Fund as described
in further detail below. The Advisor is responsible for developing overall investment strategies for the Fund and overseeing and implementing
the Fund&#8217;s continuous investment program and provides a variety of advisory oversight and investment research services. The Advisor
also provides management and transition services associated with certain fund events (e.g., strategy, portfolio manager or subadvisor
changes) and coordinates and oversees services provided under other agreements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Advisor has ultimate responsibility to oversee
a subadvisor and recommended to the Board of Trustees its hiring, termination, and replacement. In this capacity, the Advisor, among other
things: (i) monitors on a daily basis the compliance of the subadvisor with the investment objective and related policies of the Fund;
(ii) monitors significant changes that may impact the subadvisor&#8217;s overall business and regularly performs due diligence reviews
of the subadvisor; (iii) reviews the performance of the subadvisor; and (iv) reports periodically on such performance to the Board of
Trustees. The Advisor employs a team of investment professionals who provide these ongoing research and monitoring services.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Advisor has contractually agreed to waive a portion
of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the Fund (the
participating portfolios). The waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating
portfolios that exceeds $75 billion but is less than or equal
to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but
is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds
$150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios
that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating
portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets
of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among
all the participating portfolios in proportion to the daily net assets of each fund. During the year ended October 31, 2021, this waiver
amounted to 0.01% of the Fund&#8217;s average daily net assets. This arrangement expires on July 31, 2023, unless renewed by mutual agreement
of the Fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Manulife Financial Corporation is a leading international
financial services group with principal operations in Asia, Canada and the United States. Operating primarily as John Hancock in the United
States and Manulife elsewhere, it provides financial protection products and advice, insurance, as well as wealth and asset management
services through its extensive network of solutions for individuals, groups and institutions. Its global headquarters are in Toronto,
Canada, and it trades as &#8216;MFC&#8217; on the Toronto Stock Exchange, New York Stock Exchange (the &#8220;NYSE&#8221;), and the Philippine
Stock Exchange, and under '945' in Hong Kong. Manulife Financial Corporation can be found on the</P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Internet at manulife.com.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Advisory Agreement. </I></B>The Fund entered
into an amended and restated investment management contract dated June 30, 2020 (the &#8220;Advisory Agreement&#8221;) with the Advisor.
As compensation for its advisory services under the Advisory Agreement, the Advisor receives a fee from the Fund, calculated and paid
daily, at an annual rate of the Fund&#8217;s average daily managed assets. &#8220;Managed assets&#8221; means, for the purposes of calculating
the advisory fee, the total assets of the Fund (including any assets attributable to any leverage that may be outstanding) minus the sum
of accrued liabilities (other than liabilities representing financial leverage). The liquidation preference of any preferred shares is
not a liability.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Pursuant to the Advisory Agreement and subject to the
general supervision of the Trustees, the Advisor selects, contracts with, and compensates the Subadvisor to manage the investments and
determine the composition of the assets of the Fund. The Advisor does not itself manage any of the Fund&#8217;s portfolio assets but has
ultimate responsibility to oversee the Subadvisor and recommend its hiring, termination and replacement. In this capacity, the Advisor
monitors the Subadvisor&#8217;s management of the Fund&#8217;s investment operations in accordance with the investment objective and related
investment policies of the Fund, reviews the performance of the Subadvisor and reports periodically on such performance to the Board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Administration Agreement.</I></B> The Fund entered
into an administration contract dated May 6, 1992 (the &#8220;Administration Agreement&#8221;) with JHIM, under which the Fund receives
Non-Advisory Services. These &#8220;Non-Advisory Services&#8221; include, but are not limited to, preparing tax returns, preparing and
transmitting periodic reports to shareholders, preparing and submitting filings with the SEC and other regulatory authorities, maintaining
Fund records, providing personnel and clerical services, and other services that are not investment advisory in nature. The Fund pays
a monthly fee to JHIM equal to 0.10% of the Fund&#8217;s average weekly managed assets for such Non-Advisory Services under the Administration
Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>THE SUBADVISOR</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Subadvisory Agreement. </I></B>The Advisor entered
into a Subadvisory Agreement dated December 31, 2005 with the Subadvisor (the &#8220;Subadvisory Agreement&#8221;). The Subadvisor handles
the Fund&#8217;s portfolio management activities, subject to oversight by the Advisor. The Subadvisor, organized in 1968, is a wholly
owned subsidiary of John Hancock Life Insurance Company (U.S.A.) (a subsidiary of Manulife Financial, a publicly held, Canadian-based
company). As of December 31, 2021, the Subadvisor had total assets under management of approximately $229.3 billion. The Subadvisor is
located at 197 Clarendon Street Boston MA 02116.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Under the terms of the Subadvisory Agreement, the Subadvisor
is responsible for managing the investment and reinvestment of the assets of the Fund, subject to the supervision and control of the Board
and the Advisor. For services rendered by the Subadvisor under the Subadvisory Agreement, the Advisor (and not the Fund) pays the Subadvisor
a fee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>






<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>PORTFOLIO MANAGERS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Below is a list of the Fund&#8217;s investment management
team at the Subadvisor, listed in alphabetical order, which includes a brief summary of their business careers during the past five years.
These managers are jointly and primarily responsible for the day-to-day management of the Fund&#8217;s portfolio. These managers are employed
by the Subadvisor. For more details about these individuals, including information about their compensation, other accounts they manage
and any investments they may have in the Fund, see the SAI.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 5pt; text-align: justify"><B><I>Joseph H. Bozoyan, CFA</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 28.8pt; text-align: justify; text-indent: -14.4pt">Managing Director
and Portfolio Manager</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 28.8pt; text-align: justify; text-indent: -14.4pt">Manulife Investment
Management (US) LLC since 2015</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 28.8pt; text-align: justify; text-indent: -14.4pt">Managed the Fund
since 2015</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 28.8pt; text-align: justify; text-indent: -14.4pt">Began business career
in 1993</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 28.8pt; text-align: justify; text-indent: -14.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 5pt; text-align: justify"><B><I>Bradley L. Lutz, CFA*</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 28.8pt; text-align: justify; text-indent: -14.4pt">Managing Director
and Portfolio Manager</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 28.8pt; text-align: justify; text-indent: -14.4pt">Manulife Investment
Management (US) LLC since 2002</P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 28.8pt; text-align: justify; text-indent: -14.4pt">Managed the Fund
since 2017</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 28.8pt; text-align: justify; text-indent: -14.4pt">Began business career
in 1992</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 5pt; text-align: justify"><B><I>Caryn E. Rothman, CFA</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 28.8pt; text-align: justify; text-indent: -14.4pt">Managing Director
and Portfolio Manager</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 28.8pt; text-align: justify; text-indent: -14.4pt">Manulife Investment
Management (US) LLC since 1996</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 28.8pt; text-align: justify; text-indent: -14.4pt">Managed the Fund
since 2022</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 28.8pt; text-align: justify; text-indent: -14.4pt">Began business career
in 1996</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 28.8pt; text-align: justify; text-indent: -14.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">* <I>Bradley L. Lutz, CFA will be removed as a portfolio
manager of the fund on December 31, 2022</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>CUSTODIAN AND TRANSFER AGENT</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund&#8217;s portfolio securities are held pursuant
to a custodian agreement between the Fund and State Street Bank and Trust Company (&#8220;State Street&#8221; or the &#8220;Custodian&#8221;),
State Street Financial Center, One Lincoln Street, Boston, Massachusetts 02111. Under the custodian agreement, State Street performs custody,
foreign custody manager and fund accounting services.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Computershare Shareowner Services, LLC, P.O. Box 505000,
Louisville, KY 40233, is the transfer agent and dividend disbursing agent of the Fund.</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="tocpro_011"></A>Determination of Net Asset
Value</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund&#8217;s net asset value per Common
Share (&#8220;NAV&#8221;) is normally determined each business day at the close of regular trading on the NYSE (typically 4:00 p.m. Eastern
Time, on each business day that the NYSE is open) by dividing the Fund&#8217;s net assets by the number of Common Shares outstanding.
In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly
scheduled close, the NAV may be determined as of the regularly scheduled close of the NYSE pursuant to the Fund's Valuation Policies and
Procedures. The time at which shares and transactions are priced and until which orders are accepted may vary to the extent permitted
by the Securities and Exchange Commission and applicable regulations. On holidays or other days when the NYSE is closed, the NAV is not
calculated. Trading of securities that are primarily listed on foreign exchanges may take place on weekends and U.S. business holidays
on which the Fund&#8217;s NAV is not calculated. Consequently, the Fund&#8217;s portfolio securities may trade and the NAV of the Fund&#8217;s
Common Shares may be significantly affected on days when a shareholder will not be able to purchase or sell the Fund&#8217;s Common Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>







<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Portfolio securities are valued by various
methods that are generally described below. Portfolio securities also may be fair valued by the Fund&#8217;s Pricing Committee in certain
instances pursuant to procedures established by the Trustees. Equity securities are generally valued at the last sale price or, for certain
markets, the official closing price as of the close of the relevant exchange. Securities not traded on a particular day are valued using
last available bid prices. A security that is listed or traded on more than one exchange is typically valued at the price on the exchange
where the security was acquired or most likely will be sold. In certain instances, the Pricing Committee may determine to value equity
securities using prices obtained from another exchange or market if trading on the exchange or market on which prices are typically obtained
did not open for trading as scheduled, or if trading closed earlier than scheduled, and trading occurred as normal on another exchange
or market. Equity securities traded principally in foreign markets are typically valued using the last sale price or official closing
price in the relevant exchange or market, as adjusted by an independent pricing vendor to reflect fair value. On any day a foreign market
is closed and the NYSE is open, any foreign securities will typically be valued using the last price or official closing price obtained
from the relevant exchange on the prior business day adjusted based on information provided by an independent pricing vendor to reflect
fair value. Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. The value of securities
denominated in foreign currencies is converted into U.S. dollars at the exchange rate supplied by an independent pricing vendor. Forward
foreign currency contracts are valued at the prevailing forward rates which are based on foreign currency exchange spot rates and forward
points supplied by an independent pricing vendor. Exchange-traded options are valued at the mid-price of the last quoted bid and ask prices.
Futures contracts whose settlement prices are determined as of the close of the NYSE are</P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">typically valued based on the settlement price
while other futures contracts are typically valued at the last traded price on the exchange on which they trade. Foreign equity index
futures that trade in the electronic trading market subsequent to the close of regular trading may be valued at the last traded price
in the electronic trading market as of the close of the NYSE, or may be fair valued based on fair value adjustment factors provided by
an independent pricing vendor in order to adjust for events that may occur between the close of foreign exchanges or markets and the close
of the NYSE. Swaps and unlisted options are generally valued using evaluated prices obtained from an independent pricing vendor. Shares
of open-end investment companies that are not exchange-traded funds (&#8220;ETFs&#8221;) held by the Fund are valued based on the NAVs
of such other investment companies.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Pricing vendors may use matrix pricing or valuation
models that utilize certain inputs and assumptions to derive values, including transaction data, broker-dealer quotations, credit quality
information, general market conditions, news, and other factors and assumptions. The Fund may receive different prices when it sells odd-lot
positions than it would receive for sales of institutional round lot positions. Pricing vendors generally value securities assuming orderly
transactions of institutional round lot sizes, but the Fund may hold or transact in such securities in smaller, odd lot sizes.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Pricing Committee engages in oversight
activities with respect to the Fund&#8217;s pricing vendors, which includes, among other things, monitoring significant or unusual price
fluctuations above predetermined tolerance levels from the prior day, back-testing of pricing vendor prices against actual trades, conducting
periodic due diligence meetings and reviews, and periodically reviewing the inputs, assumptions and methodologies used by these vendors.
Nevertheless, market quotations, official closing prices, or information furnished by a pricing vendor could be inaccurate, which could
lead to a security being valued incorrectly.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If market quotations, official closing prices,
or information furnished by a pricing vendor are not readily available or are otherwise deemed unreliable or not representative of the
fair value of such security because of market- or issuer-specific events, a security will be valued at its fair value as determined in
good faith by the Trustees. The Trustees are assisted in their responsibility to fair value securities by the Fund&#8217;s Pricing Committee,
and the actual calculation of a security&#8217;s fair value may be made by the Pricing Committee acting pursuant to the procedures established
by the Trustees. In certain instances, therefore, the Pricing Committee may determine that a reported valuation does not reflect fair
value, based on additional information available or other factors, and may accordingly determine in good faith the fair value of the assets,
which may differ from the reported valuation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Fair value pricing of securities is intended
to help ensure that the Fund&#8217;s NAV reflects the fair market value of the Fund&#8217;s portfolio securities as of the close of regular
trading on the NYSE (as opposed to a value that no longer reflects market value as of such close). The use of fair value pricing has the
effect of valuing a security based upon the price the Fund might reasonably expect to receive if it sold that security in an orderly transaction
between market participants, but does not guarantee that the security can be sold at the fair value price. Further, because of the inherent
uncertainty and subjective nature of fair valuation, a fair valuation price may differ significantly from the value that would have been used had a readily
available market price for the investment existed and these differences could be material.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Regarding the Fund&#8217;s investment in an
open-end investment company that is not an ETF, which (as noted above) is valued at such investment company&#8217;s NAV, the prospectus
for such investment company explains the circumstances and effects of fair value pricing for that investment company.</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="tocpro_012"></A>Distribution Policy</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund makes regular monthly distributions to Common
Shareholders sourced from the Fund&#8217;s cash available for distribution. &#8220;Cash available for distribution&#8221; consists of
the Fund&#8217;s (i) investment company taxable income, which includes among other things, dividend and ordinary income after payment
of Fund expenses, the excess of net short-term capital gain over net long-term capital loss, and income from certain hedging and interest
rate transactions and (ii) net long-term capital gain (gain from the sale of capital assets held longer than one year). The Board may
modify this distribution policy at any time without obtaining the approval of Common Shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Expenses of the Fund are accrued each day. To the extent
that the Fund&#8217;s net investment income for any year exceeds the total monthly distributions paid during the year, the Fund may make
a special distribution at or near year-end of such excess amount as may be required. If it does, over time, all of the Fund&#8217;s investment
company taxable income will be distributed.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If, for any calendar year, as discussed above, the
total distributions made exceed the Fund&#8217;s net investment taxable income and net capital gain, the excess generally will be treated
as a return of capital to each Common Shareholder (up to the amount of the Common Shareholder&#8217;s basis in his or her Common Shares)
and thereafter as gain from the sale of Common Shares. The amount treated as a return of capital reduces the Common Shareholder&#8217;s
adjusted basis in his or her Common Shares, thereby increasing his or her potential gain or reducing his or her potential loss on the
subsequent sale of his or her Common Shares. Distributions in any year may include a substantial return of capital component.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Pursuant to the requirements of the 1940 Act, in the
event the Fund makes distributions from sources other than income, a notice will accompany each monthly distribution with respect to the
estimated source of the distribution made. Such notices will describe the portion, if any, of the monthly dividend which, in the Fund&#8217;s
good faith judgment, constitutes long-term capital gain, short-term capital gain, net investment income or a return of capital. The actual
character of such dividend distributions for U.S. federal income tax purposes, however, will only be determined finally by the Fund at
the close of its fiscal year, based on the Fund&#8217;s full year performance and its actual net investment company taxable income and
net capital gain for the year, which may result in a recharacterization of amounts distributed during such fiscal year from the characterization
in the monthly estimates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">At least annually, the Fund intends to distribute any
net capital gain (which is the excess of net long-term capital gain over net short-term capital loss) or, alternatively, to retain all
or a portion of the year&#8217;s net capital gain and pay U.S. federal income tax on the retained gain. As provided under U.S. federal
tax law, Common Shareholders of record as of the end of the Fund&#8217;s taxable year will include their attributable share of the retained
gain in their income for the year as a long-term capital gain, and will be entitled to a tax credit or refund for the tax deemed paid
on their behalf by the Fund. The Fund may treat the cash value of tax credit and refund amounts in connection with retained capital gain
as a substitute for equivalent cash distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The tax treatment and characterization of the Fund&#8217;s
distributions may vary substantially from time to time because of the varied nature of the Fund&#8217;s investments. If the Fund&#8217;s
total monthly distributions in any year exceed the amount of its net investment taxable income for the year, any such excess would be
characterized as a return of capital for U.S. federal income tax purposes to the extent not designated as a capital gain dividend. Distributions
in any year may include a substantial return of capital component. Under the 1940 Act, for any distribution that includes amounts from
sources other than net income (calculated on a book basis), the Fund is required to provide Common Shareholders a written statement regarding
the components of such distribution. Such a statement will be provided at the time of any distribution believed to include any such amounts.
A return of capital is a distribution to Common Shareholders that is not attributable to the Fund&#8217;s earnings but, represents a return
of part of the Common Shareholder&#8217;s investment. If the Fund&#8217;s distributions exceed the Fund&#8217;s current and accumulated
earnings and profits, such excess will be treated first as a return of capital to the extent of the shareholder&#8217;s tax basis in Common
Shares (thus reducing a shareholder&#8217;s adjusted tax basis in his or her Common Shares), and thereafter as capital gain assuming Common
Shares are held as a capital asset. Upon the sale of Common Shares, a shareholder generally will recognize capital gain or loss equal
to the difference between the amount realized on the sale and the shareholder&#8217;s adjusted tax basis in Common Shares sold. For example,
in year one, a Common Shareholder purchased 100 shares of the Fund at $10 per Share. In year two, the Common Shareholder received a $1-per-share
return of capital distribution, which reduced the basis in each share by $1, to give the Common Shareholder an adjusted basis of $9 per
share. In year three, the Common Shareholder sells the 100 shares for $15 per Share. Assuming no other transactions during this period,
a Common Shareholder would have a capital gain in year three of $6 per share ($15 minus $9) for a total capital gain of $600.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund has adopted a managed distribution plan (Plan).
Under the Plan, the Fund makes monthly distributions of an amount equal to $0.0975 per share, which will be paid monthly until further
notice. The Fund may make additional distributions: (i) for purposes of not incurring federal income tax at the Fund level of investment
company taxable income and net capital gain, if any, not included in such regular distributions; and (ii) for purposes of not incurring
federal excise tax on ordinary income and capital gain net income, if any, not included in such regular distributions. The Plan provides
that the Board of Trustees of the Fund may amend the terms of the Plan or terminate the Plan at any time without prior notice to the Fund&#8217;s
shareholders. The Plan is subject to periodic review by the Fund&#8217;s Board of Trustees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Distribution rates are based on projected monthly cash
available for distribution, which may result in fluctuations in monthly rates. As a result, the distributions paid by the Fund for any
particular month may be more or less than the amount of cash available for distribution from that monthly period. In certain circumstances,
the Fund may be required to sell a portion of its investment portfolio to fund distributions. Distributions will reduce the Common Shares&#8217;
NAV.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Common Shareholders may automatically reinvest some
or all of their distributions in additional Common Shares under the Fund&#8217;s dividend reinvestment plan. See &#8220;Dividend Reinvestment
Plan.&#8221;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt; text-align: center"><A NAME="tocpro_013"></A>Dividend Reinvestment Plan</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Pursuant to the Fund&#8217;s Dividend Reinvestment
Plan (the &#8220;Plan&#8221;), distributions of dividends and capital gain are automatically reinvested in Common Shares by Computershare
Trust Company, N.A. (the &#8220;Plan Agent&#8221;). Every shareholder who became a shareholder of the Fund after June 30, 2011 and holds
at least one full share of the Fund will be automatically enrolled in the Plan. Shareholders who do not participate in the Plan will receive
all distributions in cash.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If the Fund declares a dividend or distribution payable
either in cash or in Common Shares and the market price of shares on the payment date for the distribution or dividend equals or exceeds
the Fund&#8217;s NAV per share, the Fund will issue Common Shares to participants at a value equal to the higher of NAV or 95% of the
market price. The number of additional Common Shares to be credited to each participant&#8217;s account will be determined by dividing
the dollar amount of the distribution or dividend by the higher of NAV or 95% of the market price. If the market price is lower than NAV,
or if dividends or distributions are payable only in cash, then participants will receive Common Shares purchased by the Plan Agent on
participants&#8217; behalf on the NYSE or otherwise on the open market. If the market price exceeds NAV before the Plan Agent has completed
its purchases, the average per share purchase price may exceed NAV, resulting in fewer Common Shares being acquired than if the Fund had
issued new Common Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">There are no brokerage charges with respect to Common
Shares issued directly by the Fund. However, whenever shares are purchased or sold on the NYSE or otherwise on the open market, each participant
will pay a <I>pro rata </I>portion of brokerage trading fees, currently $0.05 per share purchased or sold. Brokerage trading fees will
be deducted from amounts to be invested.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The reinvestment of dividends and net capital gain
distributions does not relieve participants of any income tax that may be payable on such dividends or distributions even though cash
is not received by the participant.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Shareholders participating in the Plan may buy additional
Common Shares of the Fund through the Plan at any time in amounts of at least $50 per investment, up to a maximum of $10,000, with a total
calendar year limit of $100,000. Shareholders will be charged a $5 transaction fee plus $0.05 per share brokerage trading fee for each
order. Purchases of additional shares of the Fund will be made on the open market. Shareholders who elect to utilize monthly electronic
fund transfers to buy additional shares of the Fund will be charged a $2 transaction fee plus $0.05 per share brokerage trading fee for
each automatic purchase. Shareholders also can sell Fund shares held in the Plan account at any time by contacting the Plan Agent by telephone,
in writing or by visiting the Plan Agent&#8217;s website at www.computershare.com/investor The Plan Agent will mail a check (less applicable
brokerage trading fees) on settlement date (two business days after the shares have been sold). If shareholders choose to sell shares
through their stockbroker, they will need to request that the Plan
Agent electronically transfer those shares to their stockbroker through the Direct Registration System.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Shareholders participating in the Plan may elect to
receive all distributions in cash by withdrawing from the Plan at any time by contacting the Plan Agent by telephone, in writing or by
visiting the Plan Agent&#8217;s website at www.computershare.com/investor. Such termination will be effective immediately if the notice
is received by the Plan Agent prior to any dividend or distribution record date; otherwise, such termination will be effective on the
first trading day after the payment date for such dividend or distribution, with respect to any subsequent dividend or distribution. If
you withdraw, your shares will be credited to your account; or, if you wish, the Plan Agent will sell your full and fractional shares
and send you the proceeds, less a transaction fee of $5.00 and less brokerage trading fees of $0.05 per share. If a shareholder does not
maintain at least one whole share of common stock in the Plan account, the Plan Agent may terminate such shareholder&#8217;s participation
in the Plan after written notice. Upon termination, shareholders will be sent a check for the cash value of any fractional share in the
Plan account, less any applicable broker commissions and taxes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Shareholders who hold at least one full share of the
Fund may join the Plan by notifying the Plan Agent by telephone, in writing or by visiting the Plan Agent&#8217;s website at www.computershare.com/investor.
If received in proper form by the Plan Agent before the record date of a dividend, the election will be effective with respect to all
dividends paid after such record date. If you wish to participate in the Plan and your shares are held in the name of a brokerage firm,
bank or other nominee, please contact your nominee to see if it will participate in the Plan for you. If you wish to</P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">participate in the
Plan, but your brokerage firm, bank or other nominee is unable to participate on your behalf, you will need to request that your shares
be re-registered in your own name, or you will not be able to participate. The Plan Agent will administer the Plan on the basis of the
number of shares certified from time to time by you as representing the total amount registered in your name and held for your account
by your nominee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Experience under the Plan may indicate that changes
are desirable. Accordingly, the Fund and the Plan Agent reserve the right to amend or terminate the Plan. Participants generally will
receive written notice at least 90 days before the effective date of any amendment. In the case of termination, participants will receive
written notice at least 90 days before the record date for the payment of any dividend or distribution by the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">All correspondence or additional information about
the Plan should be directed to Computershare Trust Company, N.A. (Telephone: 800-852-0218 (within the U.S. and Canada), 201-680-6578 (International
Telephone Inquiries), and 201-680-6610 (For the Hearing Impaired (TDD)).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="tocpro_014"></A>Closed-End Fund Structure</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Closed-end funds differ from open-end management investment
companies (which generally are referred to as &#8220;mutual funds&#8221;) in that closed-end funds generally list their shares for trading
on a securities exchange and do not redeem their shares at the option of the shareholder. Mutual funds do not trade on securities exchanges
and issue securities redeemable at the option of the shareholder. The continuous outflows of assets in a mutual fund can make it difficult
to manage the fund&#8217;s investments. Closed-end funds generally are able to stay more fully invested in securities that are consistent
with their investment objective and also have greater flexibility to make certain types of investments and to use certain investment strategies,
such as financial leverage and investments in illiquid securities. The Fund&#8217;s Common Shares are designed primarily for long-term
investors; you should not purchase Common Shares if you intend to sell them shortly after purchase.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Common shares of closed-end funds frequently trade
at prices lower than their NAV. Since inception, the market price of the Common Shares has fluctuated and at times has traded below the
Fund&#8217;s NAV and at times has traded above the Fund&#8217;s NAV. The Fund cannot predict whether in the future the Common Shares will
trade at, above or below NAV. In addition to NAV, the market price of the Fund&#8217;s Common Shares may be affected by such factors as
the Fund&#8217;s dividend stability, dividend levels, which are in turn affected by expenses, and market supply and demand.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In recognition of the possibility that Common Shares
may trade at a discount from their NAV, and that any such discount may not be in the best interest of Common Shareholders, the Board,
in consultation with the Advisor, from time to time may review possible actions to reduce any such discount. There can be no assurance
that the Board will decide to undertake any of these actions or that, if undertaken, such actions would result in Common Shares trading
at a price equal to or close to NAV per Common Share. In the event that the Fund conducts an offering of new Common Shares and such offering
constitutes a &#8220;distribution&#8221; under Regulation M, the Fund and certain of its affiliates may be subject to an applicable restricted
period that could limit the timing of any repurchases by the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>






<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="tocpro_015"></A>U.S. Federal Income Tax Matters</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following discussion of U.S. federal income tax
matters is based on the advice of K&amp;L Gates LLP. The Fund has elected to be treated and to qualify each year as a regulated investment
company (a &#8220;RIC&#8221;) under the Code. Accordingly, the Fund intends to satisfy certain requirements relating to sources of its
income and diversification of its total assets and to distribute substantially all of its net income and net short-term capital gain (after
reduction by net long-term capital loss and any available capital loss carryforwards) in accordance with the timing requirements imposed
by the Code, so as to maintain its RIC status and to avoid paying U.S. federal income or excise tax thereon. To the extent it qualifies
for treatment as a RIC and satisfies the above-mentioned distribution requirements, the Fund will not be subject to U.S. federal income
tax on income paid to its shareholders in the form of dividends or capital gain distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">At least annually, the Fund intends to distribute any
net capital gain (which is the excess of net long-term capital gain over net short-term capital loss) or, alternatively, to retain all
or a portion of the year&#8217;s net capital gain and pay U.S. federal income tax on the retained gain. As provided under U.S. federal
tax law, Common Shareholders of record as of the end of the Fund&#8217;s taxable year will include their attributable share of the retained
gain in their income for the year as long-term capital gain (regardless of holding period in Common Shares), and will be entitled to a
tax credit or refund for the tax paid on their behalf by the Fund. Common Shareholders of record for the retained capital gain also will
be entitled to increase their tax basis in their Common Shares by an amount equal to the deemed distribution less the tax credit. Distributions
of the Fund&#8217;s net capital gain (&#8220;capital gain distributions&#8221;), if any, are taxable to Common</P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Shareholders as long-term
capital gain, regardless of their holding period in Common Shares. Distributions of the Fund&#8217;s net realized short-term capital gain
will be taxable as ordinary income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If, for any calendar year, the Fund&#8217;s total distributions
exceed the Fund&#8217;s current and accumulated earnings and profits, the excess will be treated as a return of capital to each Common
Shareholder (up to the amount of the Common Shareholder&#8217;s basis in his or her Common Shares) and thereafter as gain from the sale
of Common Shares (assuming Common Shares are held as a capital asset). The amount treated as a return of capital reduces the Common Shareholder&#8217;s
adjusted basis in his or her Common Shares, thereby increasing his or her potential gain or reducing his or her potential loss on the
subsequent sale or other disposition of his or her Common Shares. See below for a summary of the current maximum tax rates applicable
to long-term capital gain (including capital gain distributions).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For federal income tax purposes, the Fund is generally
permitted to carry forward a net capital loss incurred in any taxable year, for an unlimited period to offset net capital gains, if any,
during its taxable years following the year of the loss. Capital losses carried forward will retain their character as either short-term
or long-term capital losses. To the extent subsequent net capital gains are offset by such losses, they would not result in federal income
tax liability to the Fund and would not be distributed as such to shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">To qualify as a RIC for income tax purposes, the Fund
must derive at least 90% of its annual gross income from dividends, interest, payments with respect to securities loans, gain from the
sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to, gain from options,
futures or forward contracts) derived with respect to its business of investing in stock, securities and currencies, and net income derived
from an interest in a qualified publicly traded partnership. A &#8220;qualified publicly traded partnership&#8221; is a publicly traded
partnership that meets certain requirements with respect to the nature of its income. To qualify as a RIC, the Fund must also satisfy
certain requirements with respect to the diversification of its assets. The Fund must have, at the close of each quarter of the taxable
year, at least 50% of the value of its total assets represented by cash, cash items, U.S. government securities, securities of other regulated
investment companies, and other securities that, in respect of any one issuer, do not represent more than 5% of the value of the assets
of the Fund nor more than 10% of the voting securities of that issuer. In addition, at those times not more than 25% of the value of the
Fund&#8217;s assets can be invested in securities (other than U.S. government securities or the securities of other regulated investment
companies) of any one issuer, or of two or more issuers, which the Fund controls and which are engaged in the same or similar trades or
businesses or related trades or businesses, or of one or more qualified publicly traded partnerships. If the Fund fails to meet the annual
gross income test described above, the Fund will nevertheless be considered to have satisfied the test if (i) (a) such failure is due
to reasonable cause and not due to willful neglect and (b) the Fund reports the failure, and (ii) the Fund pays an excise tax equal to
the excess non-qualifying income. If the Fund fails to meet the asset diversification test described above with respect to any quarter,
the Fund will nevertheless be considered to have satisfied the requirements for such quarter if the Fund cures such failure within 6 months
and either (i) such failure is <I>de minimis </I>or (ii) (a) such failure is due to reasonable cause and not due to willful neglect and
(b) the Fund reports the failure and pays an excise tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>





<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As a RIC, the Fund generally will not be subject to
federal income tax on its investment company taxable income (as that term is defined in the Code, but without regard to the deductions
for dividend paid) and net capital gain (the excess of net long-term capital gain over net short-term capital loss), if any, that it distributes
in each taxable year to its shareholders, provided that it distributes at least the sum of 90% of its investment company taxable income
and 90% of its net tax-exempt interest income for such taxable year. The Fund intends to distribute to its shareholders, at least annually,
substantially all of its investment company taxable income, net tax-exempt income and net capital gain. In order to avoid incurring a
nondeductible 4% federal excise tax obligation, the Code requires that the Fund distribute (or be deemed to have distributed) by December
31 of each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for such year, (ii) 98.2% of its capital
gain net income (which is the excess of its realized net long-term capital gain over its realized net short-term capital loss), generally
computed on the basis of the one-year period ending on December 31 of such year, after reduction by any available capital loss carryforwards
and (iii) 100% of any ordinary income and capital gain net income from the prior year (as previously computed) that were not paid out
during such year and on which the Fund paid no U.S. federal income tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If the Fund does not qualify as a RIC for any taxable
year, the Fund&#8217;s taxable income will be subject to corporate income taxes, and all distributions from earnings and profits, including
distributions of net capital gain (if any), will be taxable to the shareholder as ordinary income. Such distributions generally would
be eligible (i) to be treated as qualified dividend income in the case of individual and other non-corporate shareholders and (ii) for
the dividends received deduction (&#8220;DRD&#8221;) in the case of corporate shareholders. In addition, in order to requalify for taxation
as a RIC, the Fund may be required to recognize unrealized gain, pay substantial taxes and interest, and make certain distributions.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Certain of the Fund&#8217;s investment practices are
subject to special and complex U.S. federal income tax provisions that may, among other things, (i) convert dividends that would otherwise
constitute qualified dividend income into ordinary income, (ii) treat dividends that would otherwise be eligible for the corporate DRD
as ineligible for such treatment, (iii) disallow, suspend or otherwise limit the allowance of certain loss or deductions, (iv) convert
long-term capital gain into short-term capital gain or ordinary income, (v) convert an ordinary loss or deduction into a capital loss
(the deductibility of which is more limited), (vi) cause the Fund to recognize income or gain without a corresponding receipt of cash,
(vii) adversely affect when a purchase or sale of stock or securities is deemed to occur, (viii) adversely alter the characterization
of certain complex financial transactions, and (ix) produce income that will not qualify as good income for purposes of the income requirement
that applies to RICs. While it may not always be successful in doing so, the Fund will seek to avoid or minimize the adverse tax consequences
of its investment practices.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may recognize gain (but not loss) from a constructive
sale of certain &#8220;appreciated financial positions&#8221; if the Fund enters into a short sale, offsetting notional principal contract,
or forward contract transaction with respect to the appreciated position or substantially identical property. Appreciated financial positions
subject to this constructive sale treatment include interests (including options and forward contracts and short sales) in stock and certain
other instruments. Constructive sale treatment does not apply if the transaction is closed out not later than thirty days after the end
of the taxable year in which the transaction was initiated, and the underlying appreciated securities position is held unhedged for at
least the next sixty days after the hedging transaction is closed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Gain or loss from a short sale of property generally
is considered as capital gain or loss to the extent the property used to close the short sale constitutes a capital asset in the Fund&#8217;s
hands. Except with respect to certain situations where the property used to close a short sale has a long-term holding period on the date
the short sale is entered into, gain on short sales generally are short-term capital gain. A loss on a short sale will be treated as a
long-term capital loss if, on the date of the short sale, &#8220;substantially identical property&#8221; has been held by the Fund for
more than one year. In addition, entering into a short sale may result in suspension of the holding period of &#8220;substantially identical
property&#8221; held by the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Gain or loss on a short sale generally will not be
realized until such time as the short sale is closed. However, as described above in the discussion of constructive sales, if the Fund
holds a short sale position with respect to securities that have appreciated in value, and it then acquires property that is the same
as or substantially identical to the property sold short, the Fund generally will recognize gain on the date it acquires such property
as if the short sale were closed on such date with such property. Similarly, if the Fund holds an appreciated financial position with
respect to securities and then enters into a short sale with respect to the same or substantially identical property, the Fund generally
will recognize gain as if the appreciated financial position were sold at its fair market value on the date it enters into the short sale.
The subsequent holding period for any appreciated financial position that is subject to these constructive sale rules will be determined
as if such position were acquired on the date of the constructive sale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>






<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund will inform Common Shareholders of the source
and tax status of all distributions promptly after the close of each calendar year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Selling Common Shareholders generally will recognize
gain or loss in an amount equal to the difference between the amount realized on the sale and the Common Shareholder&#8217;s adjusted
tax basis in the Common Shares sold. If Common Shares are held as a capital asset, the gain or loss will be a capital gain or loss. The
maximum tax rate applicable to net capital gain recognized by individuals and other non-corporate taxpayers is (i) the same as the maximum
ordinary income tax rate for gain recognized on the sale of capital assets held for one year or less (currently 37%), or (ii) for gain
recognized on the sale of capital assets held for more than one year (as well as any capital gain distributions), 20%, 15%, or 0% for
individuals depending on the amount of their taxable income for the year. An additional 3.8% Medicare tax will also apply in the case
of some individuals.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Any loss on a disposition of Common Shares held for
six months or less will be treated as a long-term capital loss to the extent of any capital gain distributions received with respect to
those Common Shares. For purposes of determining whether Common Shares have been held for six months or less, the holding period is suspended
for any periods during which the Common Shareholder&#8217;s risk of loss is diminished as a result of holding one or more other positions
in substantially similar or related property, or through certain options or short sales. Any loss realized on a sale or exchange of Common
Shares will be disallowed to the extent those Common Shares are replaced by other Common Shares within a period of 61 days beginning 30
days before and ending 30 days after the date of disposition of Common</P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Shares (whether through the reinvestment of distributions or otherwise).
In that event, the basis of the replacement Common Shares will be adjusted to reflect the disallowed loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">An investor should be aware that, if Common Shares
are purchased shortly before the record date for any taxable distribution (including a capital gain distribution), the purchase price
likely will reflect the value of the distribution and the investor then would receive a taxable distribution that is likely to reduce
the trading value of such Common Shares, in effect resulting in a taxable return of some of the purchase price.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Taxable distributions to certain individuals and certain
other non-corporate Common Shareholders, including those who have not provided their correct taxpayer identification number and other
required certifications, may be subject to &#8220;backup&#8221; U.S. federal income tax withholding at the fourth lowest rate of tax applicable
to a single individual (24%). Backup withholding is not an additional tax. Any amounts withheld may be refunded or credited against such
shareholder&#8217;s U.S. federal income tax liability, if any, provided that the required information is furnished to the Internal Revenue
Service.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">An investor also should be aware that the benefits
of the reduced tax rate applicable to long-term capital gain and qualified dividend income may be impacted by the application of the alternative
minimum tax to individual shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund&#8217;s investments in non-U.S. securities
may be subject to foreign withholding taxes on dividends, interest, or capital gain, which will decrease the Fund&#8217;s yield. Foreign
withholding taxes may be reduced under income tax treaties between the U.S. and certain foreign jurisdictions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Depending on the number of non-U.S. shareholders in
the Fund, however, such reduced foreign withholding tax rates may not be available for investments in certain jurisdictions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The foregoing briefly summarizes some of the important
U.S. federal income tax consequences to Common Shareholders of investing in Common Shares, reflects the U.S. federal tax law as of the
date of this Prospectus, and does not address special tax rules applicable to certain types of investors, such as corporate and non-U.S.
investors. A more complete discussion of the tax rules applicable to the Fund and the Common Shareholders can be found in the SAI that
is incorporated by reference into this Prospectus. Unless otherwise noted, this discussion assumes that an investor is a U.S. person and
holds Common Shares as a capital asset. This discussion is based upon current provisions of the Code, the regulations promulgated thereunder,
and judicial and administrative ruling authorities, all of which are subject to change or differing interpretations by the courts or the
IRS retroactively or prospectively. Investors should consult their tax advisors regarding other U.S. federal, state or local tax considerations
that may be applicable in their particular circumstances, as well as any proposed tax law changes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>






<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="tocpro_016"></A>Plan of Distribution</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may sell the Common Shares being offered under
this Prospectus in any one or more of the following ways: (i) directly to purchasers; (ii) through agents; (iii) to or through underwriters;
or (iv) through dealers. The Prospectus Supplement relating to the offering will identify any agents, underwriters or dealers involved
in the offer or sale of Common Shares, and will set forth any applicable offering price, sales load, fee, commission or discount arrangement
between the Fund and its agents or underwriters, or among its underwriters, or the basis upon which such amount may be calculated, net
proceeds and use of proceeds, and the terms of any sale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may distribute Common Shares from time to
time in one or more transactions at: (i) a fixed price or prices, which may be changed; (ii) market prices prevailing at the time of sale;
(iii) prices related to prevailing market prices; or (iv) negotiated prices; provided, however, that in each case the offering price per
Common Share (less any underwriting commission or discount) must equal or exceed the NAV per Common Share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund from time to time may offer its Common Shares
through or to certain broker-dealers, including UBS Securities LLC, that have entered into selected dealer agreements relating to at-the-market
offerings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may directly solicit offers to purchase Common
Shares, or the Fund may designate agents to solicit such offers. The Fund will, in a Prospectus Supplement relating to such offering,
name any agent that could be viewed as an underwriter under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;),
and describe any commissions the Fund must pay. Any such agent will be acting on a best efforts basis for the period of its appointment
or, if indicated</P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">in the applicable Prospectus Supplement or other offering materials, on a firm commitment basis. Agents, dealers and
underwriters may be customers of, engage in transactions with, or perform services for the Fund in the ordinary course of business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If any underwriters or agents are used in the sale
of Common Shares in respect of which this Prospectus is delivered, the Fund will enter into an underwriting agreement or other agreement
with them at the time of sale to them, and the Fund will set forth in the Prospectus Supplement relating to such offering their names
and the terms of the Fund&#8217;s agreement with them.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If a dealer is utilized in the sale of Common Shares
in respect of which this Prospectus is delivered, the Fund will sell such Common Shares to the dealer, as principal. The dealer may then
resell such Common Shares to the public at varying prices to be determined by such dealer at the time of resale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may engage in at-the-market offerings to or
through a market maker or into an existing trading market, on an exchange or otherwise, in accordance with Rule 415(a)(4) under the Securities
Act. An at-the-market offering may be through an underwriter or underwriters acting as principal or agent for the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Agents, underwriters and dealers may be entitled under
agreements which they may enter into with the Fund to indemnification by the Fund against certain civil liabilities, including liabilities
under the Securities Act, and may be customers of, engage in transactions with or perform services for the Fund in the ordinary course
of business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In order to facilitate the offering of Common Shares,
any underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of Common Shares or any other Common
Shares the prices of which may be used to determine payments on the Common Shares. Specifically, any underwriters may over-allot in connection
with the offering, creating a short position for their own accounts. In addition, to cover over-allotments or to stabilize the price of
Common Shares or of any such other Common Shares, the underwriters may bid for, and purchase, Common Shares or any such other Common Shares
in the open market. Finally, in any offering of Common Shares through a syndicate of underwriters, the underwriting syndicate may reclaim
selling concessions allowed to an underwriter or a dealer for distributing Common Shares in the offering if the syndicate repurchases
previously distributed Common Shares in transactions to cover syndicate short positions, in stabilization transactions or otherwise. Any
of these activities may stabilize or maintain the market price of Common Shares above independent market levels. Any such underwriters
are not required to engage in these activities and may end any of these activities at any time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may enter into derivative transactions with
third parties, or sell Common Shares not covered by this Prospectus to third parties in privately negotiated transactions. If the applicable
Prospectus Supplement indicates, in connection with those derivatives, the third parties may sell Common Shares covered by this Prospectus
and the applicable Prospectus Supplement or other offering materials, including in short sale transactions. If so, the third parties may use Common Shares pledged by the Fund or
borrowed from the Fund or others to settle those sales or to close out any related open borrowings of securities, and may use Common Shares
received from the Fund in settlement of those derivatives to close out any related open borrowings of securities. The third parties in
such sale transactions will be underwriters and, if not identified in this Prospectus, will be identified in the applicable Prospectus
Supplement or other offering materials (or a post-effective amendment).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund or one of the Fund&#8217;s affiliates may
loan or pledge Common Shares to a financial institution or other third party that in turn may sell Common Shares using this Prospectus.
Such financial institution or third party may transfer its short position to investors in Common Shares or in connection with a simultaneous
offering of other Common Shares offered by this Prospectus or otherwise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The maximum amount of compensation to be received by
any member of the Financial Industry Regulatory Authority, Inc. will not exceed 8% of the initial gross proceeds from the sale of any
security being sold with respect to each particular offering of Common Shares made under a single Prospectus Supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Any underwriter, agent or dealer utilized in the initial
offering of Common Shares will not confirm sales to accounts over which it exercises discretionary authority without the prior specific
written approval of its customer.</P>

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<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="tocpro_017"></A>Description of Capital Structure</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund is a business trust established under the
laws of The Commonwealth of Massachusetts by the Declaration of Trust. The Declaration of Trust provides that the Board may authorize
separate classes of shares of beneficial interest. The Board has authorized an unlimited number of Common Shares. The Fund holds annual
meetings of Common Shareholders in compliance with the requirements of the NYSE.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>COMMON SHARES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Declaration of Trust permits the Fund to issue
an unlimited number of full and fractional Common Shares of beneficial interest, without par value. Each Common Share represents an equal
proportionate interest in the assets of the Fund with each other Common Share in the Fund. Common Shareholders will be entitled to the
payment of distributions when, and if declared by the Fund. The 1940 Act or the terms of any future borrowings or issuance of preferred
shares may limit the payment of distributions to the Common Shareholders. Each whole Common Share is entitled to one vote and each fractional
Common Share is entitled to a proportionate fractional vote as to matters on which it is entitled to vote pursuant to the terms of the
Declaration of Trust. Upon termination of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund
and the liquidation preference with respect to any outstanding preferred shares, and upon receipt of such releases, indemnities and refunding
agreements as the Trustees deem necessary , the Trustees may distribute the remaining assets of the Fund among the Common Shareholders.
The Declaration of Trust provides that Common Shareholders are not liable for any liabilities of the Fund, and indemnifies shareholders
against any such liability. Although shareholders of a business trust established under Massachusetts law, in certain limited circumstances,
may be held personally liable for the obligations of the business trust as though they were general partners, the provisions of the Declaration
of Trust described in the foregoing sentence make the likelihood of such personal liability remote. The Fund will not issue Common Share
certificates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund has no current intention to issue preferred
shares. However, if at some future time there are any preferred shares outstanding, subject to certain exceptions, the Fund might not
be permitted to declare any cash distribution on its Common Shares, unless at the time of such declaration, (i) all accrued distributions
on preferred shares and any accrued interest on borrowings, if any, have been paid and (ii) the value of the Fund&#8217;s total assets
(determined after deducting the amount of such distribution), less all liabilities and indebtedness of the Fund not represented by senior
securities, is at least 300% of the aggregate amount of any securities representing indebtedness and at least 200% of the aggregate amount
of any securities representing indebtedness plus the aggregate liquidation value of the outstanding preferred shares. In addition to the
requirements of the 1940 Act, the Fund may be required to comply with other asset coverage requirements under a liquidity facility or
as a condition of the Fund obtaining a rating of preferred shares from a nationally recognized statistical rating organization (a &#8220;Rating
Agency&#8221;). These requirements may include an asset coverage test more stringent than under the 1940 Act. This limitation on the Fund&#8217;s
ability to make distributions on its Common Shares could in certain circumstances impair the ability of the Fund to maintain its qualification
for taxation as a RIC for U.S. federal income tax purposes. If the Fund were in the future to issue preferred shares, it would intend,
however, to the extent possible, to purchase or redeem preferred shares from time to time to maintain compliance with such asset coverage
requirements and may pay special distributions to the holders of the preferred shares in certain circumstances in connection
with any potential impairment of the Fund&#8217;s status as a RIC. Depending on the timing of any such redemption or repayment, the Fund
may be required to pay a premium in addition to the liquidation preference of the preferred shares to the holders thereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund has no present intention of offering additional
Common Shares, except as described herein. Other offerings of its Common Shares, if made, will require approval of the Board. Any additional
offering will not be sold at a price per Common Share below the then current NAV (exclusive of underwriting discounts and commissions)
except in connection with an offering to existing Common Shareholders or with the consent of a majority of the Fund&#8217;s outstanding
Common Shares. Common Shares have no preemptive rights.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>LIQUIDITY FACILITY</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund has entered into the LA with State
Street Bank and Trust Company (&quot;SSB&quot;) that allows it to borrow or otherwise access funds through a line of credit, securities
lending and reverse repurchase agreements. The Fund pledges its assets as collateral to secure obligations under the LA. The Fund retains
the risks and rewards of the ownership of assets pledged to secure obligations under the LA and makes these assets available for securities
lending and reverse repurchase transactions with SSB acting as the Fund's authorized agent for these transactions. All transactions initiated
through SSB are required to be secured with cash collateral received from the securities borrower</P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">or cash is received from the reverse
repurchase agreement counterparties. Securities lending transactions (other than reverse repurchase) will be secured with cash collateral
in amounts at least equal to 100% of the market value of the securities utilized in these transactions. Cash received by SSB from securities
lending or reverse repurchase transactions is credited against the amounts borrowed under the line of credit.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Upon return of securities by the borrower or
reverse repurchase counterparty, SSB will return the cash collateral to the borrower or proceeds from the reverse repurchase transaction,
as applicable, which will eliminate the credit against the line of credit and will cause the drawdowns under the line of credit to increase
by the amounts returned. Income earned on the loaned securities is retained by SSB, and any interest due on the reverse repurchase agreements
is paid by SSB.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">SSB has indemnified the Fund for certain losses
that may arise if the borrower or a reverse repurchase counterparty fails to return securities when due. With respect to securities lending
transactions, upon a default of the securities borrower, SSB uses the collateral received from the borrower to purchase replacement securities
of the same issue, type, class and series. If the value of the collateral is less than the purchase cost of replacement securities, SSB
is responsible for satisfying the shortfall, but only to the extent that the shortfall is not due to any of the Fund's losses on the reinvested
cash collateral. Although the risk of the loss of the securities is mitigated by receiving collateral from the borrower or proceeds from
the reverse repurchase counterparty and through SSB indemnification, the Fund could experience a delay in recovering securities or could
experience a lower than expected return if the borrower or reverse repurchase counterparty fails to return the securities on a timely
basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Under normal circumstances, interest charged is at
the rate of one month LIBOR (London Interbank Offered Rate) plus 0.625%, and is payable monthly on the aggregate balance of the drawdowns
outstanding under the LA. As of October 31, 2021, the Fund had an average daily loan balance of $373,700,000 at an average interest rate
of 0.74%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">After the six month anniversary of the effective date
of the agreement, the Fund may terminate the LA with 60 days' notice. If certain asset coverage and collateral requirements, or other
covenants are not met, the LA could be deemed in default and result in termination. Absent a default or facility termination event, SSB
is required to provide the Fund with 360 days' notice prior to terminating the LA.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">By leveraging its investment portfolio, the Fund creates
an opportunity for increased net income or capital appreciation. However, the use of leverage also involves risks, which can be significant.
See &quot;Leverage Risk.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>REPURCHASE OF SHARES AND OTHER DISCOUNT MEASURES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In recognition of the possibility that Common Shares
might trade at a discount to NAV and that any such discount may not be in the interest of the Fund&#8217;s shareholders, the Board, in
consultation with the Advisor, from time to time may review possible actions to help reduce any such discount. The Board, in consultation
with the Advisor, may review the possibility of open market repurchases and/or tender offers for the Common Shares and consider such factors
as the market price of the Common Shares, the NAV of the Common Shares, the liquidity of the assets of the Fund, effect on the Fund&#8217;s expenses, whether
such transactions would impair the Fund&#8217;s status as a RIC or result in a failure to comply with applicable asset coverage requirements,
general economic conditions and such other events or conditions, which may have a material effect on the Fund&#8217;s ability to consummate
such transactions. There are no assurances that the Board will, in fact, decide to undertake either of these actions or, if undertaken,
that such actions will result in the Fund&#8217;s Common Shares trading at a price which is equal to or approximates their NAV.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In the event that the Fund conducts an offering of
new Common Shares and such offering constitutes a &#8220;distribution&#8221; under Regulation M, the Fund and certain of its affiliates
may be subject to an applicable restricted period that could limit the timing of any repurchases by the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>PREFERRED SHARES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Declaration of Trust authorizes the issuance of
an unlimited number of shares of beneficial interest with preference rights, including preferred shares (&#8220;Preferred Shares&#8221;),
having no par value per share or such other amount as the Board may establish, in one or more series, with rights as determined by the
Board, by action of the Board without the approval of the Common Shareholders. The Board has no current intention to issue Preferred Shares.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Under the requirements of the 1940 Act, the Fund must,
immediately after the issuance of any Preferred Shares, have an &#8220;asset coverage&#8221; of at least 200%. Asset coverage means the
ratio which the value of the total assets of the Fund, less all liability and indebtedness not represented by senior securities (as defined
in the 1940 Act), bears to the aggregate amount of senior securities representing indebtedness of the Fund, if any, plus the aggregate
liquidation preference of the Preferred Shares. If the Fund seeks a rating of the Preferred Shares, asset coverage requirements, in addition
to those set forth in the 1940 Act, may be imposed. The liquidation value of the Preferred Shares is expected to equal their aggregate
original purchase price plus redemption premium, if any, together with any accrued and unpaid dividends thereon (on a cumulative basis),
whether or not earned or declared. The terms of the Preferred Shares, including their dividend rate, voting rights, liquidation preference
and redemption provisions, will be determined by the Board (subject to applicable law and the Declaration of Trust) if and when it authorizes
the Preferred Shares. The Fund may issue Preferred Shares that provide for the periodic redetermination of the dividend rate at relatively
short intervals through an auction or remarketing procedure, although the terms of the Preferred Shares also may enable the Fund to lengthen
such intervals. At times, the dividend rate as redetermined on the Fund&#8217;s Preferred Shares may approach or exceed the Fund&#8217;s
return after expenses on the investment of proceeds from the Preferred Shares and the Fund&#8217;s leveraged capital structure would result
in a lower rate of return to Common Shareholders than if the Fund were not so structured.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In the event of any voluntary or involuntary liquidation,
dissolution or winding up of the Fund, the terms of any Preferred Shares may entitle the holders of Preferred Shares to receive a preferential
liquidating distribution (expected to equal the original purchase price per share plus redemption premium, if any, together with accrued
and unpaid dividends, whether or not earned or declared and on a cumulative basis) before any distribution of assets is made to Common
Shareholders. After payment of the full amount of the liquidating distribution to which they are entitled, the holders of Preferred Shares
would not be entitled to any further participation in any distribution of assets by the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Under the 1940 Act, if at any time dividends on the
Preferred Shares are unpaid in an amount equal to two full years&#8217; dividends thereon, the holders of all outstanding Preferred Shares,
voting as a class, will be allowed to elect a majority of the Fund&#8217;s Trustees until all dividends in default have been paid or declared
and set apart for payment. In addition, if required by the Rating Agency rating the Preferred Shares or if the Board determines it to
be in the best interests of the Common Shareholders, issuance of the Preferred Shares may result in more restrictive provisions than required
by the 1940 Act being imposed. In this regard, holders of the Preferred Shares may be entitled to elect a majority of the Board in other
circumstances, for example, if one payment on the Preferred Shares is in arrears.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If the Fund were to issue Preferred Shares, it is expected
that the Fund would seek a credit rating for the Preferred Shares from a Rating Agency. In that case, as long as Preferred Shares are
outstanding, the composition of its portfolio would reflect guidelines established by such Rating Agency. Although, as of the date hereof,
no such Rating Agency has established guidelines relating to any such Preferred Shares, based on previous guidelines established by such
Rating Agencies for the securities of other issuers, the Fund anticipates that the guidelines with respect to the Preferred Shares would
establish a set of tests for portfolio composition and asset coverage that supplement (and in some cases are more restrictive than) the
applicable requirements under the 1940 Act. Although, at this time, no assurance can be given as to the nature or extent of the guidelines,
which may be imposed in connection with obtaining a rating of the Preferred Shares, the Fund currently anticipates that such guidelines
will include asset coverage requirements, which are more restrictive than those under the 1940 Act,
restrictions on certain portfolio investments and investment practices, requirements that the Fund maintain a portion of its total assets
in short-term, high-quality, fixed-income securities and certain mandatory redemption requirements relating to the Preferred Shares. No
assurance can be given that the guidelines actually imposed with respect to the Preferred Shares by such Rating Agency will be more or
less restrictive than as described in this Prospectus.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="tocpro_018"></A>Certain Provisions in the Declaration
of Trust and By-Laws</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Under Massachusetts law, shareholders, in certain circumstances,
could be held personally liable for the obligations of the Fund. However, the Declaration of Trust contains an express disclaimer of shareholder
liability in connection with Fund property or the acts, obligations or affairs of the Fund and provides for indemnification out of the
assets of the Fund for all loss and expense of any shareholder held personally liable for the obligations of the Fund. Thus, the risk
of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which the Fund would be unable
to meet its obligations. The Fund believes that the likelihood of such circumstances is remote.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Declaration of Trust provides that the Trustees
may amend the Declaration of Trust without Common Shareholder approval to change the name of the Fund or to supply any omission, clear
any ambiguity or correct or supplement a defective or inconsistent provision. The Declaration of Trust does not permit amendments that
impair the exemption from personal liability of the shareholders, Trustees, officers, employees and agents of the Fund or permit assessments
upon shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The By-laws provide that the Trustees have the power,
to the exclusion of shareholders, to adopt, alter, amend or repeal any of the By-laws, except for any By-law that requires a vote of the
shareholders to be amended, adopted or repealed by the terms of the Declaration of Trust, By-laws or applicable law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>ANTI-TAKEOVER PROVISIONS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Declaration of Trust and By-laws include provisions
that could have the effect of limiting the ability of other entities or persons to acquire control of the Fund or to change the composition
of its Board and could have the effect of depriving Common Shareholders of an opportunity to sell their Common Shares at a premium over
prevailing market prices by discouraging a third party from seeking to obtain control of the Fund. These provisions may have the effect
of discouraging attempts to acquire control of the Fund, which attempts could have the effect of increasing the expenses of the Fund and
interfering with the normal operation of the Fund. They provide, however, the advantage of potentially requiring persons seeking control
of the Fund to negotiate with its management regarding the price to be paid and facilitating the continuity of the Fund&#8217;s investment
objective and policies. The Board has considered and approved the following anti-takeover provisions. The following is only a summary
and is qualified in its entirety by reference to the Declaration of Trust and By-laws on file with the SEC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The number of Trustees is currently twelve, but by
action of a majority of the Trustees, the Board may from time to time be increased or decreased. If the Fund issues Preferred Shares,
the Fund may establish a separate class for the Trustees elected by the holders of the Preferred Shares. Subject to applicable provisions
of the 1940 Act, vacancies on the Board may be filled by a majority action of the remaining Trustees. Such provisions may work to delay
a change in the majority of the Board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Generally, the shareholders have power to vote only:
(a) for the election of Trustees; (b) with respect to any investment advisory or management contract; (c) with respect to a termination
of the Fund; (d) with respect to an amendment of the Declaration of Trust; (e) with respect to a merger, consolidation or sale of assets
of the Fund; (f) with respect to incorporation of the Fund; (g) to the same extent as the stockholders of a Massachusetts business corporation
as to whether or not a court action, proceeding or claim should or should not be brought or maintained derivatively or as a class action
on behalf of the Fund or the shareholders; and (h) with respect to such additional matters relating to the Fund as may be required by
the Declaration of Trust or the By-Laws or by reason of the registration of the Fund or the shares with the SEC or any state or by any
applicable law or any regulation or order of the SEC or any state or as the Trustees may consider necessary or desirable. On any matter
required or permitted to be voted on by the shareholders, all shares then entitled to vote shall be voted in the aggregate as a single
class without regard to class, except (i) when required by the Declaration of Trust, the By-Laws, the 1940 Act, or when the Trustees have
determined that any matter to be submitted to a vote of the shareholders affects the rights or interests of the shareholders of one or
more classes, if any, materially differently, shares shall be voted by each such affected class individually; and (ii) when the Trustees
shall have determined that the matter affects only the interests of one or more classes, then only the shareholders of such affected class
shall be entitled to vote thereon.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>






<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Additionally, the Fund&#8217;s By-laws contain certain
provisions that may tend to make a change of control of the Fund more difficult. For example, the By-laws (i) require a shareholder to
give written advance notice and other&nbsp;information to the Fund of the shareholder&#8217;s nominees for Trustees and proposals for
other business to be considered at annual shareholders&#8217; meetings, or in the event a shareholder proposes to seek a shareholder action
by written consent or requests a special meeting of shareholders; (ii) require any such notice by a shareholder to be accompanied by certain
information as provided in the By-laws; (iii) provide that Trustees may be nominated by shareholders only at an annual meeting of the
Fund or special meeting in lieu of an annual meeting; and (iv) reserve to the Trustees the exclusive power to alter, amend or repeal any
provision of the By-laws or to make new By-laws, except where the Declaration of Trust, By-laws or applicable law would also require a
shareholder vote to effect such alteration, amendment or repeal. The foregoing description of the By-laws is qualified in its entirety
by the full text of the Amended and Restated By-laws effective as of September 27, 2013, last amended March 10, 2016.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>POTENTIAL CONVERSION TO OPEN-END FUND</B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Conversion of the Fund to an open-end management investment
company would require an amendment to the Fund&#8217;s Declaration of Trust. Such amendment would require approval by each of the following:
(i) a majority of the Trustees then in office, (ii) a majority of the outstanding voting securities, and (iii) by such vote or votes of
the holders of any class or classes or series of shares as may be required by the 1940 Act. In the event of conversion, the Common Shares
would cease to be listed on the NYSE or other national securities exchange or market system. The Board believes, however, that the closed-end
structure is desirable, given the Fund&#8217;s investment objective and policies. Investors should assume, therefore, that it is unlikely
that the Board would vote to convert the Fund to an open-end management investment company. Shareholders of an open-end management investment
company may require the company to redeem their shares at any time (except in certain circumstances as authorized by or under the 1940
Act) at their NAV, less such redemption charge, if any, as might be in effect at the time of a redemption. The Fund would expect to pay
all such redemption requests in cash, but intends to reserve the right to pay redemption requests in a combination of cash or securities.
If such partial payment in securities were made, investors may incur brokerage costs in converting such securities to cash. If the Fund
were converted to an open-end fund, it is likely that new Common Shares would be sold at NAV plus a sales load.</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="tocpro_019"></A>Reports to Shareholders</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund sends to its shareholders unaudited semi-annual
and audited annual reports, including a list of investments held.</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="tocpro_020"></A>Independent Registered Public
Accounting Firm</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PricewaterhouseCoopers LLP, who has offices at 101
Seaport Boulevard, Suite 500, Boston Massachusetts 02210, is the independent registered public accounting firm for the Fund and audits
the Fund&#8217;s <A HREF="https://www.sec.gov/Archives/edgar/data/0000855886/000168386321007336/f9315d1.htm">financial statements</A>.</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="tocpro_021"></A>Legal and Regulatory Matters</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">There are no legal proceedings to which the Fund, the
Advisor, or any of its affiliates is a party that are likely to have a material adverse effect on the Fund, or the ability of the Advisor
to perform its contract with the Fund.</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="tocpro_022"></A>Incorporation by Reference</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As noted above, this Prospectus is part of a registration
statement filed with the SEC. Pursuant to the final rule and form amendments adopted by the SEC&nbsp;on April 8, 2020 to implement certain
provisions of the Economic Growth, Regulatory Relief, and Consumer Protection Act, including General Instruction A.2 of Form N-2, the
Fund is permitted to&nbsp;&#8220;incorporate by reference&#8221; the information filed with the SEC, which means that the Fund can disclose
important information to you by referring you to&nbsp;those documents. The information incorporated by reference is considered to be part
of this Prospectus, and later information that the Fund files with the&nbsp;SEC will automatically update and supersede this information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>





<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: justify; background-color: white">The documents listed
below, and any reports and other documents subsequently filed with the SEC pursuant to Rule 30(b)(2) under the 1940 Act and&nbsp;Sections
13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the termination of the offering will be incorporated by reference into this Prospectus
and&nbsp;deemed to be part of this Prospectus from the date of the filing of such reports and documents:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: justify; background-color: white">- The Fund&#8217;s <A HREF="#SAI">Statement of Additional Information, dated April 13, 2022</A>, filed with this Prospectus;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: justify; background-color: white">- The Fund&#8217;s <A HREF="https://www.sec.gov/Archives/edgar/data/0000855886/000168386321007336/f9315d1.htm">Annual
Report</A> on Form N-CSR, filed on December 17, 2021;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: justify; background-color: white">- The Fund&#8217;s description
of Common Shares on Form 8-A, filed on September 26, 1989.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">You may obtain copies of
any information incorporated by reference into this Prospectus, at no charge, by calling 800-225-6020 (toll-free), from the Fund&#8217;s
website <U>https://www.jhinvestments.com/investments/closed-end-fund/us-equity-funds/premium-dividend-fund-ce-pdt</U> or from the SEC&#8217;s
website at sec.gov. The Fund&#8217;s periodic reports filed pursuant to&nbsp;Section 30(b)(2) of the 1940 Act and Sections 13 and 15(d)
of the Exchange Act, as well as this Prospectus and the Statement of Additional Information, are&nbsp;available on the Fund&#8217;s website
<U>https://www.jhinvestments.com/investments/closed-end-fund/us-equity-funds/premium-dividend-fund-ce-pdt</U>. The SEC maintains an internet
site that contains reports, proxy and information statements, and other information</P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">regarding issuers that file electronically with the
SEC, and you also may obtain a copy of any information regarding the Fund filed with the SEC from the SEC&#8217;s website (sec.gov).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="tocpro_023"></A>Additional Information</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund has entered into contractual arrangements
with various parties that provide services to the Fund, which may include, among others, the Advisor, Subadvisor, Custodian, and transfer
agent, as described above and in the SAI. Fund shareholders are not parties to, or intended or &#8220;third-party&#8221; beneficiaries
of, any of these contractual arrangements. These contractual arrangements are not intended to, nor do they, create in any individual shareholder
or group of shareholders any right, either directly or on behalf of the Fund, to either: (a) enforce such contracts against the service
providers; or (b) seek any remedy under such contracts against the service providers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This Prospectus provides information concerning the
Fund that you should consider in determining whether to purchase shares of the Fund. Each of this prospectus, the SAI, or any contract
that is an exhibit to the Fund&#8217;s registration statement, is not intended to, nor does it, give rise to an agreement or contract
between the Fund and any investor. Each such document also does not give rise to any contract or create rights in any individual shareholder,
group of shareholders, or other person. The foregoing disclosure should not be read to suggest any waiver of any rights conferred by federal
or state securities laws.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This Prospectus and the SAI do not contain all of the
information set forth in the Registration Statement that the Fund has filed with the SEC (File Nos. 811-05908;333-264266). The complete Registration Statement
may be obtained from the SEC at sec.gov. See the cover page of this Prospectus for information about how to obtain a paper copy of the
Registration Statement or SAI without charge.</P>


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<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="tocpro_024"></A>Table of Contents of the Statement
of Additional Information</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0; width: 90%">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: right; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>&#9;Page&#9;</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Organization of the Fund</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additional Investment Policies and Risks</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investment Restrictions</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Portfolio Turnover</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Those Responsible for Management</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shareholders of the Fund</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investment Advisory and Other Services</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Determination of Net Asset Value</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brokerage Allocation</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additional Information Concerning Taxes</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Information</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Custodian and Transfer Agent</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Independent Registered Public Accounting Firm</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reports to Shareholders</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Incorporation by Reference</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Codes of Ethics</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additional Information</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Appendix A: Description of Ratings</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A-1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Appendix B: Proxy Voting Policies and Procedures</FONT></TD>
    <TD STYLE="padding: 3pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">B-1</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="tocpro_025"></A>The Fund&#8217;s Privacy Policy</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund is committed to maintaining the privacy of
its shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand
what personal information the Fund collects, how the Fund protects that information and why, in certain cases, the Fund may share information
with select other parties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Generally, the Fund does not receive any non-public
personal information relating to its shareholders, although certain non-public personal information of its shareholders may become available
to the Fund. The Fund does not disclose any non-public personal information about its shareholders or former shareholders to anyone, except
as permitted by law (which includes disclosure to employees necessary to service your account). The Fund may share information with unaffiliated
third parties that perform various required services, such as transfer agents, custodians and broker/dealers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund restricts access to non-public personal information
about its shareholders to employees of the Fund&#8217;s investment advisor and its affiliates with a legitimate business need for the
information. The Fund maintains physical, electronic and procedural safeguards designed to protect the non-public personal information
of its shareholders.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I><IMG SRC="image_002.jpg" ALT="John_Hancock_Investment_Management_stacked_black" STYLE="height: 115px; width: 307px"></I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>2,000,000 Shares</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>John Hancock Premium Dividend Fund</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Common Shares</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>April 13, 2022</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As of January 1, 2021, paper copies of the Fund&#8217;s
shareholder reports are no longer sent by mail. Instead, the reports are made available on jhinvestments.com, and you will be notified
and provided with a link each time a report is posted to the website. You may request to receive paper reports from the Fund or from your
financial intermediary, free of charge, at any time. You may also request to receive documents through eDelivery.</P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="SAI"></A><B>JOHN HANCOCK PREMIUM DIVIDEND FUND</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Statement of Additional Information</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">April 13, 2022</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">200 Berkeley Street</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Boston, Massachusetts 02116</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">800-225-6020</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><A NAME="TOCSAI"></A>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 3pt 0; white-space: nowrap; width: 92%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><A HREF="#sai011">Organization
    of the Fund</A></I></B></FONT></TD>
    <TD STYLE="padding: 3pt 0; white-space: nowrap; width: 8%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>2</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><A HREF="#sai012">Additional
    Investment Policies and Risks</A></I></B></FONT></TD>
    <TD STYLE="padding: 3pt 0; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>2</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><A HREF="#sai013">Investment
    Restrictions</A></I></B></FONT></TD>
    <TD STYLE="padding: 3pt 0; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>20</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><A HREF="#sai014">Portfolio
    Turnover</A></I></B></FONT></TD>
    <TD STYLE="padding: 3pt 0; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>22</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><A HREF="#sai015">Those
    Responsible for Management</A></I></B></FONT></TD>
    <TD STYLE="padding: 3pt 0; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>22</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><A HREF="#sai016">Shareholders
    of the Fund</A></I></B></FONT></TD>
    <TD STYLE="padding: 3pt 0; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>31</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><A HREF="#sai017">Investment
    Advisory and Other Services</A></I></B></FONT></TD>
    <TD STYLE="padding: 3pt 0; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>32</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><A HREF="#sai018">Determination
    of Net Asset Value</A></I></B></FONT></TD>
    <TD STYLE="padding: 3pt 0; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>38</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><A HREF="#sai019">Brokerage
    Allocation</A></I></B></FONT></TD>
    <TD STYLE="padding: 3pt 0; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>39</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><A HREF="#sai020">Additional
    Information Concerning Taxes</A></I></B></FONT></TD>
    <TD STYLE="padding: 3pt 0; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>43</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><A HREF="#sai021">Other
    Information</A></I></B></FONT></TD>
    <TD STYLE="padding: 3pt 0; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>50</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><A HREF="#sai022">Custodian
    and Transfer Agent</A></I></B></FONT></TD>
    <TD STYLE="padding: 3pt 0; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>50</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><A HREF="#sai023">Independent
    Registered Public Accounting Firm</A></I></B></FONT></TD>
    <TD STYLE="padding: 3pt 0; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>50</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><A HREF="#sai024">Reports
    to Shareholders</A></I></B></FONT></TD>
    <TD STYLE="padding: 3pt 0; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>51</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><A HREF="#sai025">Incorporation
    by Reference</A></I></B></FONT></TD>
    <TD STYLE="padding: 3pt 0; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>51</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><A HREF="#sai026">Codes
    of Ethics</A></I></B></FONT></TD>
    <TD STYLE="padding: 3pt 0; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>51</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><A HREF="#sai027">Additional
    Information</A></I></B></FONT></TD>
    <TD STYLE="padding: 3pt 0; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>51</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal"><A HREF="#sai028">Appendix
    A: Description of Ratings</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">A-1</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 0; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal"><A HREF="#sai029">Appendix
    B: Proxy Voting Policies and Procedures</A></FONT></TD>
    <TD STYLE="padding: 3pt 0; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">B-1</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This Statement of Additional Information (&#8220;SAI&#8221;)
is not a prospectus and is authorized for distribution to prospective investors only if preceded or accompanied by the prospectus of John
Hancock Premium Dividend Fund (the &#8220;Fund&#8221;) dated April 13, 2022, (the &#8220;Prospectus&#8221;) and any related supplement
thereto (&#8220;Prospectus Supplements&#8221;), which are incorporated herein by reference. This SAI should be read in conjunction with
such Prospectus and any related Prospectus Supplements, copies of which may be obtained without charge by contacting your financial intermediary
or calling the Fund at 800-225-6020.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Capitalized terms used in this SAI and not otherwise
defined have the meanings given them in the Fund&#8217;s Prospectus and any related Prospectus Supplements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="sai011"></A>Organization of the Fund</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund is a diversified, closed-end management investment
company registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;). The Fund was organized on September
26, 1989 as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust (as amended and restated from time to time,
the &#8220;Declaration of Trust&#8221;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">John Hancock Investment Management LLC (the &#8220;Advisor&#8221;
or &#8220;JHIM&#8221;) is the Fund&#8217;s investment advisor and is registered with the Securities and Exchange Commission (the &#8220;SEC&#8221;)
as an investment advisor under the Investment Advisers Act of 1940, as amended (the &#8220;Advisers Act&#8221;). The Advisor is responsible
for overseeing the management of the Fund, including its day-to-day business operations and monitoring the Subadvisor (as defined below).
The Advisor has been managing closed-end funds since 1971.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Founded in 1968, the Advisor is an indirect principally
owned subsidiary of John Hancock Life Insurance Company (U.S.A.), a subsidiary of Manulife Financial Corporation (&#8220;Manulife Financial&#8221;
or the &#8220;Company&#8221;). John Hancock Life Insurance Company (U.S.A.) and its subsidiaries (&#8220;John Hancock&#8221;) today offer
a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, college savings plans, and certain
forms of business insurance. Additional information about John Hancock may be found on the Internet at johnhancock.com.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Advisor&#8217;s parent company has been helping
individuals and institutions work toward their financial goals since 1862. The Advisor offers investment solutions managed by institutional
money managers, taking a disciplined team approach to portfolio management and research, leveraging the expertise of seasoned investment
professionals.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Manulife Financial is a leading Canada-based financial
services group with principal operations in Asia, Canada and the United States. Operating as Manulife in Canada and Asia, and primarily
as John Hancock in the United States, the Manulife Financial group of companies offers clients a diverse range of financial protection
products and wealth management services through its extensive network of employees, agents, and distribution partners.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund&#8217;s subadvisor is Manulife Investment
Management (US) LLC (the &#8220;Subadvisor&#8221;), formerly John Hancock Asset Management a Division of Manulife Asset Management (US)
LLC). The Subadvisor is responsible for the day-to-day management of the Fund&#8217;s portfolio investments. The Subadvisor, organized
in 1968, is a wholly owned subsidiary of John Hancock Life Insurance Company (U.S.A.) (a subsidiary of Manulife Financial).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="sai012"></A>Additional Investment Policies and Risks</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The principal strategies and risks of investing in
the Fund are described in the Prospectus. Unless otherwise stated in the Prospectus or this SAI, the investment objective and policies
of the Fund may be changed without shareholder approval. The Fund may invest in the instruments below, in accordance with its principal
and non-principal investment strategies and such instruments and investment policies apply to the Fund, but only if and to the extent
that such policies are consistent with and permitted by the Fund&#8217;s investment objective and policies. The Fund may also have indirect
exposure to the instruments described below through derivative contracts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Ratings as Investment Criteria.</B> In general,
the ratings of Moody&#8217;s and S&amp;P represent the opinions of these agencies as to the quality of the securities which they rate.
It should be emphasized, however, that ratings are relative and subjective and are not absolute standards of quality. There is no guarantee
that these institutions will continue to provide ratings. These ratings will be used by the Fund as initial criteria for the selection
of debt securities. Among the factors which will be considered are the long-term ability of the issuer to pay principal and interest and
general economic trends. Appendix A contains further information concerning the ratings of Moody&#8217;s and S&amp;P and their significance.
Subsequent to its purchase by the Fund, an issue of securities may cease to be rated or its rating may be reduced below the minimum required
for purchase by the Fund. Neither of these events will require the sale of the securities by the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Repurchase Agreements, Reverse Repurchase Agreements,
and Sale-Buybacks. </B>Repurchase agreements are arrangements involving the purchase of an obligation and the simultaneous agreement to
resell the same obligation on</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">demand or at a specified future date and at an agreed-upon
price. A repurchase agreement can be viewed as a loan made by the Fund to the seller of the obligation with such obligation serving as
collateral for the seller&#8217;s agreement to repay the amount borrowed with interest. Repurchase agreements provide the opportunity
to earn a return on cash that is only temporarily available. Repurchase agreements may be entered with banks, brokers, or dealers. However,
a repurchase agreement will only be entered with a broker or dealer if the broker or dealer agrees to deposit additional collateral should
the value of the obligation purchased decrease below the resale price.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><BR>
Generally, repurchase agreements are of a short duration, often less than one week but on occasion for longer periods. Securities subject
to repurchase agreements will be valued every business day and additional collateral will be requested if necessary so that the value
of the collateral is at least equal to the value of the repurchase obligation, including the interest accrued thereon.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Subadvisor shall engage in a repurchase agreement
transaction only with those banks or broker dealers who meet the Subadvisor&#8217;s quantitative and qualitative criteria regarding creditworthiness,
asset size and collateralization requirements. The Advisor also may engage in repurchase agreement transactions on behalf of the Fund.
The counterparties to a repurchase agreement transaction are limited to a:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Federal Reserve System member bank;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>primary government securities dealer reporting to the Federal Reserve Bank of New York&#8217;s Market Reports Division;<BR>
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>broker dealer that reports U.S. government securities positions to the Federal Reserve Board.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><BR>
The Fund also may participate in repurchase agreement transactions utilizing the settlement services of clearing firms that meet the Subadvisor&#8217;s
creditworthiness requirements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Advisor and the Subadvisor will continuously monitor repurchase
agreement transactions to ensure that the collateral held with respect to a repurchase agreement equals or exceeds the amount of the
obligation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The risk of a repurchase agreement transaction is limited to the ability
of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument
purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining
collateral and delays and expense in liquidating the instrument. If an issuer of a repurchase agreement fails to repurchase the underlying
obligation, the loss, if any, would be the difference between the repurchase price and the underlying obligation&#8217;s market value.
The Fund also might incur certain costs in liquidating the underlying obligation. Moreover, if bankruptcy or other insolvency proceedings
are commenced with respect to the seller, realization upon the underlying obligation might be delayed or limited.<BR>
<BR>
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Under a reverse repurchase agreement, the Fund sells
a debt security and agrees to repurchase it at an agreed-upon time and at an agreed-upon price. The Fund retains record ownership of the
security and the right to receive interest and principal payments thereon. At an agreed-upon future date, the Fund repurchases the security
by remitting the proceeds previously received, plus interest. The difference between the amount the Fund receives for the security and
the amount it pays on repurchase is payment of interest. In certain types of agreements, there is no agreed-upon repurchase date and interest
payments are calculated daily, often based on the prevailing overnight repurchase rate. A reverse repurchase agreement may be considered
a form of leveraging and may, therefore, increase fluctuations in the Fund&#8217;s NAV per share. Subject to the requirements noted under
&#8220;Risk of Additional Government Regulation of Derivatives&#8221; and &#8220;Use of Segregated and Other Special Accounts,&#8221;
the Fund will cover its repurchase agreement transactions by maintaining in a segregated custodial account cash, Treasury bills, other
U.S. government securities, or other liquid assets having an aggregate value at least equal to the amount of such commitment to repurchase
including accrued interest, until payment is made.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may effect simultaneous purchase and sale
transactions that are known as &#8220;sale-buybacks.&#8221; A sale-buyback is similar to a reverse repurchase agreement, except that in
a sale-buyback, the counterparty that purchases the security is entitled to receive any principal or interest payments made on the underlying
security pending settlement of the Fund&#8217;s repurchase of the underlying security. The Fund&#8217;s obligations under a sale-buyback
typically would be offset by liquid assets equal in value to the amount of the Fund&#8217;s forward commitment to repurchase the subject
security.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Foreign Repurchase Agreements</B>. Foreign repurchase
agreements involve an agreement to purchase a foreign security and to sell that security back to the original seller at an agreed-upon
price in either U.S. dollars or foreign currency. Unlike typical U.S. repurchase agreements, foreign repurchase agreements may not be
fully collateralized at all times. The value of a security purchased may be more or less than the price at which the counterparty has
agreed to repurchase the security. In the event of default by the counterparty, the Fund may suffer a loss if the value of the security
purchased is less than the agreed-upon repurchase price, or if it is unable to successfully assert a claim to the collateral under foreign
laws. As a result, foreign repurchase agreements may involve higher credit risks than repurchase agreements in U.S. markets, as well as
risks associated with currency fluctuations. In addition, as with other emerging market investments, repurchase agreements with counterparties
located in emerging markets, or relating to emerging markets, may involve issuers or counterparties with lower credit ratings than typical
U.S. repurchase agreements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Under a reverse repurchase agreement, the Fund sells
a debt security and agrees to repurchase it at an agreed-upon time and at an agreed-upon price. The fund retains record ownership of the
security and the right to receive interest and principal payments thereon. At an agreed-upon future date, the fund repurchases the security
by remitting the proceeds previously received, plus interest. The difference between the amount the fund receives for the security and
the amount it pays on repurchase is payment of interest. In certain types of agreements, there is no agreed-upon repurchase date and interest
payments are calculated daily, often based on the prevailing overnight repurchase rate. A reverse repurchase agreement may be considered
a form of leveraging and may, therefore, increase fluctuations in the Fund&#8217;s NAV per share. The Fund may be required to cover its
repurchase agreement transactions by maintaining in a segregated custodial account cash, Treasury bills, other U.S. government securities,
or other liquid assets having an aggregate value at least equal to the amount of such commitment to repurchase including accrued interest,
until payment is made.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may effect simultaneous purchase and sale
transactions that are known as &#8220;sale-buybacks.&#8221; A sale-buyback is similar to a reverse repurchase agreement, except that in
a sale-buyback, the counterparty that purchases the security is entitled to receive any principal or interest payments made on the underlying
security pending settlement of the fund&#8217;s repurchase of the underlying security. The Fund&#8217;s obligations under a sale-buyback
typically would be offset by liquid assets equal in value to the amount of the fund&#8217;s forward commitment to repurchase the subject
security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Short-Term Bank and Corporate Obligations.</B> The
Fund may invest in depository-type obligations of banks and savings and loan associations and other high-quality money market instruments
consisting of short-term obligations of the U.S. government or its agencies and commercial paper. Commercial paper represents short-term
unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations and finance companies. Depository-type
obligations in which the Fund may invest include certificates of deposit, bankers&#8217; acceptances and fixed time deposits. Certificates
of deposit are negotiable certificates issued against funds deposited in a commercial bank for a definite period of time and earning a
specified return.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Bankers&#8217; acceptances are negotiable drafts or
bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, which are &#8220;accepted&#8221; by a bank,
meaning, in effect, that the bank unconditionally agrees to pay the face value of the instrument at maturity. Fixed time deposits are
bank obligations payable at a stated maturity date and bearing interest at a fixed rate. Fixed time deposits may be withdrawn on demand
by the investor, but may be subject to early withdrawal penalties which vary depending upon market conditions and the remaining maturity
of the obligation. There are no contractual restrictions on the right to transfer a beneficial interest in a fixed time deposit to a third
party, although there is no market for such deposits. Bank notes and bankers&#8217; acceptances rank junior to domestic deposit liabilities
of the bank and <I>pari passu </I>with other senior, unsecured obligations of the bank. Bank notes are not insured by the Federal Deposit
Insurance Corporation or any other insurer. Deposit notes are insured by the Federal Deposit Insurance Corporation only to the extent
of $100,000 per depositor per bank.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Preferred Securities.</B> The Fund may invest in
preferred securities. Preferred securities, like common stock, represent an equity ownership in an issuer. Generally, preferred securities
have a priority of claim over common stock in dividend payments and upon liquidation of the issuer. Unlike common stock, preferred securities
do not usually have voting rights. Preferred securities in some instances are convertible into common stock. Although they are equity
securities, preferred securities have characteristics of both debt and common stock. Like debt, their promised income is contractually
fixed. Like common stock, they do not have rights to precipitate bankruptcy proceedings or collection activities in the event of missed
payments. Other equity characteristics are their subordinated position in an issuer&#8217;s capital structure and that their quality and
value are heavily dependent on the profitability of the issuer rather than on</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">any legal claims to specific assets or cash flows.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Distributions on preferred securities must be declared
by the board of directors and may be subject to deferral, and thus they may not be automatically payable. Income payments on preferred
securities may be cumulative, causing dividends and distributions to accrue even if not declared by the board or otherwise made payable,
or they may be non-cumulative, so that skipped dividends and distributions do not continue to accrue. There is no assurance that dividends
on preferred securities in which the Fund invests will be declared or otherwise made payable. The Fund may invest in non-cumulative preferred
securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Shares of preferred securities have a liquidation value
that generally equals the original purchase price at the date of issuance. The market values of preferred securities may be affected by
favorable and unfavorable changes impacting the issuers&#8217; industries or sectors, including companies in the utilities and financial
services sectors, which are prominent issuers of preferred securities. They may also be affected by actual and anticipated changes or
ambiguities in the tax status of the security and by actual and anticipated changes or ambiguities in tax laws, such as changes in corporate
and individual income tax rates, and in the dividends received deduction for corporate taxpayers or the characterization of dividends
as tax-advantaged as described herein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Because the claim on an issuer&#8217;s earnings represented
by preferred securities may become onerous when interest rates fall below the rate payable on the stock or for other reasons, the issuer
may redeem preferred securities, generally after an initial period of call protection during which the stock is not redeemable. Thus,
in declining interest rate environments in particular, the Fund&#8217;s holdings of higher dividend-paying preferred securities may be
reduced and the Fund may be unable to acquire securities paying comparable rates with the redemption proceeds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Foreign Government Securities.</B> Foreign government
securities include securities issued or guaranteed by foreign governments (including political subdivisions) or their authorities, agencies,
or instrumentalities or by supra-national agencies. Different kinds of foreign government securities have different kinds of government
support. For example, some foreign government securities are supported by the full faith and credit of a foreign national government or
political subdivision and some are not. Foreign government securities of some countries may involve varying degrees of credit risk as
a result of financial or political instability in those countries and the possible inability of the Fund to enforce its rights against
the foreign government issuer. As with other fixed income securities, sovereign issuers may be unable or unwilling to make timely principal
or interest payments. Supra-national agencies are agencies whose member nations make capital contributions to support the agencies&#8217;
activities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Investments in Non-U.S. Securities.</B> The Fund
may invest directly in the securities of non-U.S. issuers as well as securities in the form of sponsored or unsponsored American Depository
Receipts (&#8220;ADRs&#8221;), European Depository Receipts (&#8220;EDRs&#8221;) and Global Depository Receipts (&#8220;GDRs&#8221;) or
other securities convertible into non-U.S. securities. The Fund may invest up to 30% of its total assets in securities denominated in
non-U.S. currencies. ADRs are receipts typically issued by a U.S. bank or trust company which evidence ownership of underlying securities
issued by a non-U.S. corporation. EDRs are receipts issued in Europe which evidence a similar ownership arrangement. Issuers of unsponsored
ADRs are not contractually obligated to disclose material information, including financial information, in the United States. Generally,
ADRs are designed for use in the United States securities markets and EDRs are designed for use in European securities markets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">An investment in non-U.S. securities including ADRs
may be affected by changes in currency rates and in exchange control regulations. Issuers of unsponsored ADRs are not contractually obligated
to disclose material information, including financial information, in the United States and, therefore, there may not be a correlation
between such information and the market value of the unsponsored ADR. Non-U.S. companies may not be subject to accounting standards or
government supervision comparable to U.S. companies, and there is often less publicly available information about their operations. Non-U.S.
companies may also be affected by political or financial instability abroad. These risk considerations may be intensified in the case
of investments in ADRs of non-U.S. companies that are located in emerging market countries. ADRs of companies located in these countries
may have limited marketability and may be subject to more abrupt or erratic price movements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Emerging Markets Risk.</I></B> In addition, the
Fund may invest in the securities of issuers based in countries with &#8220;emerging market&#8221; economies. Funds that invest a significant
portion of their assets in the securities of issuers based in countries with &#8220;emerging market&#8221; economies are subject to greater
levels of foreign investment risk than funds investing primarily in more-developed foreign markets, since emerging market securities may
present market, credit, currency,</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">liquidity, legal, political and other risks greater
than, or in addition to, the risks of investing in developed foreign countries. These risks include: high currency exchange-rate fluctuations;
increased risk of default (including both government and private issuers); greater social, economic and political uncertainty and instability
(including the risk of war); more substantial governmental involvement in the economy; less governmental supervision and regulation of
the securities markets and participants in those markets; controls on foreign investment and limitations on repatriation of invested capital
and on the Fund&#8217;s ability to exchange local currencies for U.S. dollars; unavailability of currency hedging techniques in certain
emerging market countries; the fact that companies in emerging market countries may be newly organized, smaller and less seasoned; the
difference in, or lack of, auditing and financial reporting standards, which may result in the unavailability of material information
about issuers; different clearance and settlement procedures, which may be unable to keep pace with the volume of securities transactions
or otherwise make it difficult to engage in such transactions; difficulties in obtaining and/or enforcing legal judgments in foreign jurisdictions;
and significantly smaller market capitalizations of emerging market issuers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>European Risk. </I></B>Countries in Europe
may be significantly affected by fiscal and monetary controls implemented by the European Union (&#8220;EU&#8221;) and European Economic
and Monetary Union (&#8220;EMU&#8221;), which require member countries to comply with restrictions on inflation rates, deficits, interest
rates, debt levels and fiscal and monetary controls. Decreasing imports or exports, changes in governmental or other regulations on trade,
changes in the exchange rate or dissolution of the Euro, the default or threat of default by one or more EU member countries on its sovereign
debt, and/or an economic recession in one or more EU member countries may have a significant adverse effect on the other European economies
and major trading partners outside Europe.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In recent years, the European financial markets
have experienced volatility and adverse trends due to concerns about economic downturns, rising government debt levels and the possible
default of government debt in several European countries. The European Central Bank and IMF have previously bailed-out several European
countries. There is no guarantee that these institutions will continue to provide financial support, and markets may react adversely to
any reduction in financial support. A default or debt restructuring by any European country can adversely impact holders of that country&#8217;s
debt and sellers of credit default swaps linked to that country&#8217;s creditworthiness, which may be located in countries other than
those listed above, and can affect exposures to other EU countries and their financial companies as well.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Uncertainties surrounding the sovereign debt of a number of EU countries
and the viability of the EU have disrupted and may in the future disrupt markets in the United States and around the world. If one or
more countries leave the EU or the EU dissolves, the world&#8217;s securities markets likely will be significantly disrupted. On January
31, 2020, the UK left the EU, commonly referred to as &#8220;Brexit,&#8221; and the UK ceased to be a member of the EU. Following a transition
period during which the EU and the UK Government engaged in a series of negotiations regarding the terms of the UK&#8217;s future relationship
with the EU, the EU and the UK Government signed an agreement on December 30, 2020 regarding the economic relationship between the UK
and the EU. This agreement became effective on a provisional basis on January 1, 2021 and formally entered into force on May 1, 2021.
While the full impact of Brexit is unknown, Brexit has already resulted in volatility in European and global markets. There remains significant
market uncertainty regarding Brexit&#8217;s ramifications, and the range and potential implications of possible political, regulatory,
economic, and market outcomes are difficult to predict. The uncertainty resulting from the transition period may affect other countries
in the EU and elsewhere, cause volatility within the EU, or trigger prolonged economic downturns in certain countries within the EU. It
is also possible that various countries within the UK, such as Scotland or Northern Ireland, could seek to separate and remain a part
of the EU. Other secessionist movements including countries seeking to abandon the Euro or withdraw from the EU may cause volatility and
uncertainty in the EU.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">The UK has one of the largest economies in Europe and is a major
trading partner with the other EU countries and the United States. Brexit might negatively affect The City of London&#8217;s economy,
which is heavily dominated by financial services, as banks might be forced to move staff and comply with two separate sets of rules or
lose business to banks in Continental Europe. In addition, Brexit may create additional and substantial economic stresses for the UK,
including a contraction of the UK economy and price volatility in UK stocks, decreased trade, capital outflows, devaluation of the British
pound, wider corporate bond spreads due to uncertainty and declines in business and consumer spending as well as foreign direct investment.
Brexit may also adversely affect UK-based financial firms that have counterparties in the EU or participate in market infrastructure (trading
venues, clearing houses, settlement facilities) based in the EU. Additionally, the spread of the coronavirus (COVID-19) pandemic is likely
to continue to stretch the resources and deficits of many countries in the EU and throughout the world, increasing the possibility that
countries may be unable to make payments on their sovereign debt. These events and the resulting market volatility may have an adverse
effect on the performance of the fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Investing in the securities of Eastern European issuers is highly speculative
and involves risks not usually associated with investing in the more developed markets of Western Europe. Securities markets of Eastern
European countries typically are less efficient and have lower trading volume, lower liquidity, and higher volatility than more developed
markets. Eastern European</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">economies also may be particularly susceptible to disruption in the
international credit market due to their reliance on bank related inflows of capital.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">To the extent that a fund invests in European securities,
it may be exposed to these risks through its direct investments in such securities, including sovereign debt, or indirectly through investments
in money market funds and financial institutions with significant investments in such securities. In addition, Russia&#8217;s increasing
international assertiveness could negatively impact EU and Eastern European economic activity. Please see &#8220;Market Events&#8221;
for additional information regarding risks related to sanctions imposed on Russia.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Hedging and Other Strategies.</I></B> Hedging
refers to protecting against possible changes in the market value of securities or other assets that the Fund already owns or plans to
buy, or protecting unrealized gains in the Fund. When securities prices are falling, the Fund can seek to offset a decline in the value
of its current portfolio securities through the sale of futures contracts. When securities prices are rising, the Fund, through the purchase
of futures contracts, can attempt to secure better rates or prices than might later be available in the market when it effects anticipated
purchases.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If, in the opinion of the Advisor, there is a sufficient
degree of correlation between price trends for the Fund&#8217;s portfolio securities and futures contracts based on other financial instruments,
securities indices or other indices, the Fund may also enter into such futures contracts as part of its hedging strategy. Although under
some circumstances prices of securities in the Fund&#8217;s portfolio may be more or less volatile than prices of such futures contracts,
the Advisor will attempt to estimate the extent of this volatility difference based on historical patterns and compensate for any differential
by having the Fund enter into a greater or lesser number of futures contracts or by attempting to achieve only a partial hedge against
price changes affecting the Fund&#8217;s portfolio securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">When a short hedging position is successful, any depreciation
in the value of portfolio securities will be substantially offset by appreciation in the value of the futures position. On the other hand,
any unanticipated appreciation in the value of the Fund&#8217;s portfolio securities would be substantially offset by a decline in the
value of the futures position. On other occasions, the Fund may take a &#8220;long&#8221; position by purchasing futures contracts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Options on Securities and Securities Indices.</I></B>
The Fund may purchase and write (sell) call and put options on any securities and securities indices. These options may be listed on national
domestic securities exchanges or foreign securities exchanges or traded in the over-the-counter market. The Fund may write covered put
and call options and purchase put and call options as a substitute for the purchase or sale of securities or to protect against declines
in the value of portfolio securities and against increases in the cost of securities to be acquired.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Writing Covered Options. </I>A call option on securities
written by the Fund obligates the Fund to sell specified securities to the holder of the option at a specified price if the option is
exercised at any time before the expiration date. A put option on securities written by the Fund obligates the Fund to purchase specified
securities from the option holder at a specified price if the option is exercised at any time before the expiration date. Options on securities
indices are similar to options on securities, except that the exercise of securities index options requires cash settlement payments and
does not involve the actual purchase or sale of securities. In addition, securities index options are designed to reflect price fluctuations
in a group of securities or segment of the securities market rather than price fluctuations in a single security. Writing covered call
options may deprive the Fund of the opportunity to profit from an increase in the market price of the securities in its portfolio. Writing
covered put options may deprive the Fund of the opportunity to profit from a decrease in the market price of the securities to be acquired
for its portfolio.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">All call and put options written by the Fund are covered.
A written call option or put option may be covered by (i) maintaining cash or liquid securities in a segregated account with a value at
least equal to the Fund&#8217;s obligation under the option, (ii) entering into an offsetting forward commitment and/or (iii) purchasing
an offsetting option or any other option which, by virtue of its exercise price or otherwise, reduces the Fund&#8217;s net exposure on
its written option position. A written call option on securities is typically covered by maintaining the securities that are subject to
the option in a segregated account. The Fund may cover call options on a securities index by owning securities whose price changes are
expected to be similar to those of the underlying index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may terminate its obligations under an exchange-traded
call or put option by purchasing an option identical to the one it has written. Obligations under over-the-counter options may be terminated
only by entering into an offsetting transaction with the counterparty to such option. Such purchases are referred to as &#8220;closing
purchase transactions.&#8221;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>ESG Integration Risk </I></B>The manager considers
ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the Fund. The portion of
the Fund&#8217;s investments for which the manager considers these ESG factors may vary, and could increase or decrease over time. In
certain situations, the extent to which these ESG factors may be applied according to the manager&#8217;s integrated investment process
may not include U.S. Treasuries, government securities, or other asset classes. ESG factors may include, but are not limited to, matters
regarding board diversity, climate change policies, and supply chain and human rights policies. Incorporating ESG criteria and making
investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk the Fund may perform differently,
including underperforming, funds that do not utilize ESG criteria or an ESG investment strategy. Integration of ESG factors into the Fund&#8217;s
investment process may result in a manager making different investments for the Fund than for a fund with a similar investment universe
and/or investment style that does not incorporate such considerations in its investment strategy or processes, and the Fund&#8217;s investment
performance may be affected. Because ESG factors are one of many considerations for the Fund, the manager may nonetheless include companies
with low ESG scores or exclude companies with high ESG scores in the Fund&#8217;s investments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The ESG characteristics utilized in the Fund&#8217;s
investment process may change over time, and different ESG characteristics may be relevant to different investments. Although the manager
has established its own structure to oversee ESG integration in accordance with the Fund&#8217;s investment objective and strategies,
successful integration of ESG factors will depend on the manager&#8217;s skill in researching, identifying, and applying these factors,
as well as on the availability of relevant data. The method of evaluating ESG factors and subsequent impact on portfolio composition,
performance, proxy voting decisions and other factors, is subject to the interpretation of the manager in accordance with the Fund&#8217;s
investment objective and strategies. ESG factors may be evaluated differently by different managers, and may not carry the same meaning
to all investors and managers. The manager may employ active shareowner engagement to raise ESG issues with the management of select portfolio
companies. The regulatory landscape with respect to ESG investing in the United States is evolving and any future rules or regulations
may require the Fund to change its investment process with respect to ESG integration.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Illiquid and Restricted Securities Risk.</I></B>
<FONT STYLE="color: #231F20">The Fund may have significant exposure to restricted securities. Restricted securities are securities with
restrictions on public resale, such as securities offered in accordance with an exemption under Rule 144A under the Securities Act of
1933 (the &#8220;1933 Act&#8221;), or commercial paper issued under Section 4(a)(2) of the 1933 Act. Restricted securities are often required
to be sold in private sales to institutional buyers, markets for restricted securities may or may not be well developed, and restricted
securities can be illiquid. The extent (if at all) to which a security may be sold or a derivative position closed without negatively
impacting its market value may be impaired by reduced market activity or participation, legal restrictions or other economic and market
impediments. Funds with principal investment strategies that involve investments in securities of companies with smaller market capitalizations,
foreign securities, derivatives, or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity
risk. Exposure to liquidity risk may be heightened for funds that invest in securities of emerging markets and related derivatives that
are not widely traded, and that may be subject to purchase and sale restrictions.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 10.1pt 0 0; text-align: justify; color: #231F20">The capacity of traditional
dealers to engage in fixed-income trading has not kept pace with the bond market&#8217;s growth. As a result, dealer inventories of corporate
bonds, which indicate the ability to &#8220;make markets,&#8221; i.e., buy or sell a security at the quoted bid and ask price, respectively,
are at or near historic lows relative to market size. Because market makers provide stability to fixed-income markets, the significant
reduction in dealer inventories could lead to decreased liquidity and increased volatility, which may become exacerbated during periods
of economic or political stress.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Libor Discontinuation Risk.</I></B> The LA utilizes
LIBOR as the reference or benchmark rate for interest rate calculations. LIBOR is a measure of the average interest rate at which major
global banks can borrow from one another. Following allegations of rate manipulation and concerns regarding its thin liquidity, in July
2017, the U.K. Financial Conduct Authority, which regulates LIBOR, announced that it will stop encouraging banks to provide the quotations
needed to sustain LIBOR. The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing most LIBOR maturities,
including some US LIBOR maturities, on December 31, 2021, and the remaining and most liquid US LIBOR maturities will cease being published
on June 30, 2023. It is expected that market participants will transition to the use of alternative reference or benchmark rates prior
to the applicable LIBOR publication cessation date. However, although regulators have encouraged the development and adoption of alternative
rates such as the Secured Overnight Financing Rate (&#8220;SOFR&#8221;), the future utilization of LIBOR or of any particular replacement
rate</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">remains uncertain.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Although the transition process away from LIBOR has
become increasingly well-defined in advance of the anticipated discontinuation dates, the impact on the LA remains uncertain. It is expected
that market participants will amend financial instruments referencing LIBOR, such as the LA, to include fallback provisions and other
measures that contemplate the discontinuation of LIBOR or other similar market disruption events, but neither the effect of the transition
process nor the viability of such measures is known. To facilitate the transition of legacy derivatives contracts referencing LIBOR, the
International Swaps and Derivatives Association, Inc. launched a protocol to incorporate fallback provisions. However, there are obstacles
to converting certain longer term securities and transactions to a new benchmark or benchmarks and the effectiveness of one alternative
reference rate versus multiple alternative reference rates in new or existing financial instruments and products has not been determined.
Certain proposed replacement rates to LIBOR, such as SOFR, which is a broad measure of secured overnight US Treasury repo rates, are materially
different from LIBOR, and changes in the applicable spread for financial instruments transitioning away from LIBOR will need to be made
to accommodate the differences. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition to replacement
rates may be exacerbated if an orderly transition to an alternative reference rate is not completed in a timely manner.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As market participants transition away from LIBOR,
LIBOR&#8217;s usefulness may deteriorate. The transition process may lead to increased volatility and illiquidity in markets that currently
rely on LIBOR to determine interest rates. LIBOR&#8217;s deterioration may adversely affect the liquidity and/or market value of securities
that use LIBOR as a benchmark interest rate. The use of an alternative reference rate, or the transition process to an alternative reference
rate, may result in increases to the interest paid by the fund pursuant to the LA and, therefore, may adversely affect the fund&#8217;s
performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Multinational Companies Risk.</I></B> To the
extent that the Fund invests in the securities of companies with foreign business operations, it may be riskier than funds that focus
on companies with primarily U.S. operations. Multinational companies may face certain political and economic risks, such as foreign controls
over currency exchange; restrictions on monetary repatriation; possible seizure, nationalization or expropriation of assets; and political,
economic or social instability. These risks are greater for companies with significant operations in developing countries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Negative Interest Rates. </I></B>Certain countries
have recently experienced negative interest rates on deposits and debt instruments have traded at negative yields. A negative interest
rate policy is an unconventional central bank monetary policy tool where nominal target interest rates are set with a negative value (i.e.,
below zero percent) intended to help create self-sustaining growth in the local economy. Negative interest rates may become more prevalent
among non-U.S. issuers, and potentially within the U.S. For example, if a bank charges negative interest, instead of receiving interest
on deposits, a depositor must pay the bank fees to keep money with the bank.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">These market conditions may increase the Fund&#8217;s
exposures to interest rate risk. To the extent the Fund has a bank deposit or holds a debt instrument with a negative interest rate to
maturity, the Fund would generate a negative return on that investment. While negative yields can be expected to reduce demand for fixed-income
investments trading at a negative interest rate, investors may be willing to continue to purchase such investments for a number of reasons
including, but not limited to, price insensitivity, arbitrage opportunities across fixed-income markets or rules-based investment strategies.
If negative interest rates become more prevalent in the market, it is expected that investors will seek to reallocate assets to other
income-producing assets such as investment grade and high-yield debt instruments, or equity investments that pay a dividend. This increased
demand for higher yielding assets may cause the price of such instruments to rise while triggering a corresponding decrease in yield and
the value of debt instruments over time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Risks of Non-U.S. Securities.</I></B> Investments
in non-U.S. securities may involve a greater degree of risk than those in domestic securities. There is generally less publicly available
information about non-U.S. companies in the form of reports and ratings similar to those that are published about issuers in the United
States. Also, non-U.S. issuers generally are not subject to uniform accounting, auditing and financial reporting requirements comparable
to those applicable to U.S. issuers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Because non-U.S. securities may be denominated in currencies
other than the U.S. dollar, changes in foreign currency exchange rates may affect the Fund&#8217;s net asset value (&#8220;NAV&#8221;),
the value of dividends and interest earned, gains and losses realized on the sale of securities, and any net investment income and gains
that the Fund distributes to</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">shareholders. Securities transactions undertaken in
some non-U.S. markets may not be settled promptly so that the Fund&#8217;s investments on non-U.S. exchanges may be less liquid and subject
to the risk of fluctuating currency exchange rates pending settlement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Non-U.S. securities will be purchased in the best available
market, whether through OTC markets or exchanges located in the countries where principal offices of the issuers are located. Non-U.S.
securities markets generally are not as developed or efficient as those in the United States. While growing in volume, they usually have
substantially less volume than the NYSE, and securities of some non-U.S. issuers are less liquid and more volatile than securities of
comparable U.S. issuers. Fixed commissions on non-U.S. exchanges generally are higher than negotiated commissions on U.S. exchanges; nevertheless,
the Fund will endeavor to achieve the most favorable net results on its portfolio transactions. There is generally less government supervision
and regulation of securities exchanges, brokers and listed issuers than in the United States.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">With respect to certain non-U.S. countries, there is
the possibility of adverse changes in investment or exchange control regulations, expropriation, nationalization or confiscatory taxation
limitations on the removal of funds or other assets of the Fund, political or social instability, or diplomatic developments, which could
affect United States investments in those countries. Moreover, individual non-U.S. economies may differ favorably or unfavorably from
the United States&#8217; economy in terms of growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency
and balance of payments position.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The dividends, in some cases capital gains and interest
payable on certain of the Fund&#8217;s non-U.S. portfolio securities, may be subject to non-U.S. withholding or other non-U.S. taxes,
thus reducing the net amount of income or gains available for distribution to the Fund&#8217;s shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">These risks may be intensified in the case of investments
in emerging markets or countries with limited or developing capital markets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund&#8217;s ability and decision to purchase or
sell portfolio securities may be affected by laws or regulations relating to the convertibility and repatriation of assets. Under present
conditions, it is not believed that this consideration will have any significant effect on the Fund&#8217;s portfolio strategies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Purchasing Options.</I></B> The Fund would normally
purchase call options in anticipation of an increase, or put options in anticipation of a decrease (&#8220;protective puts&#8221;), in
the market value of securities of the type in which it may invest. The Fund may also sell call and put options to close out its purchased
options.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The purchase of a call option would entitle the Fund,
in return for the premium paid, to purchase specified securities or currency at a specified price during the option period. The Fund would
ordinarily realize a gain on the purchase of a call option if, during the option period, the value of such securities or currency exceeded
the sum of the exercise price, the premium paid and transaction costs; otherwise the Fund would realize either no gain or a loss on the
purchase of the call option.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The purchase of a put option would entitle the Fund,
in exchange for the premium paid, to sell specified securities at a specified price during the option period. The purchase of protective
puts is designed to offset or hedge against a decline in the market value of the Fund&#8217;s portfolio securities. Put options may also
be purchased by the Fund for the purpose of affirmatively benefiting from a decline in the price of securities which it does not own.
The Fund would ordinarily realize a gain if, during the option period, the value of the underlying securities decreased below the exercise
price sufficiently to cover the premium and transaction costs; otherwise the Fund would realize either no gain or a loss on the purchase
of the put option. Gains and losses on the purchase of put options may be offset by countervailing changes in the value of the Fund&#8217;s
portfolio securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund&#8217;s options transactions will be subject
to limitations established by each of the exchanges, boards of trade or other trading facilities on which such options are traded. These
limitations govern the maximum number of options in each class which may be written or purchased by a single investor or group of investors
acting in concert, regardless of whether the options are written or purchased on the same or different exchanges, boards of trade or other
trading facilities or are held or written in one or more accounts or through one or more brokers. Thus, the number of options which the
Fund may write or purchase may be affected by options written or purchased by other investment advisory clients of the Advisor. An exchange,
board of trade or other trading facility may order the liquidation of positions</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">found to be in excess of these limits, and it may impose
certain other sanctions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Risks Associated with Options Transactions.</I></B>
There is no assurance that a liquid secondary market on a domestic or foreign options exchange will exist for any particular exchange-traded
option or at any particular time. If the Fund is unable to effect a closing purchase transaction with respect to covered options it has
written, the Fund will not be able to sell the underlying securities or dispose of assets held in a segregated account until the options
expire or are exercised. Similarly, if the Fund is unable to effect a closing sale transaction with respect to options it has purchased,
it would have to exercise the options in order to realize any profit and will incur transaction costs upon the purchase or sale of underlying
securities or currencies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Reasons for the absence of a liquid secondary market
on an exchange include the following: (i) there may be insufficient trading interest in certain options; (ii) restrictions may be imposed
by an exchange on opening transactions or closing transactions or both; (iii) trading halts, suspensions or other restrictions may be
imposed with respect to particular classes or series of options; (iv) unusual or unforeseen circumstances may interrupt normal operations
on an exchange; (v) the facilities of an exchange or the Options Clearing Corporation may not at all times be adequate to handle current
trading volume; or (vi) one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue
the trading of options (or a particular class or series of options). If trading were discontinued, the secondary market on that exchange
(or in that class or series of options) would cease to exist. However, outstanding options on that exchange that had been issued by the
Options Clearing Corporation as a result of trades on that exchange would continue to be exercisable in accordance with their terms.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund&#8217;s ability to terminate over-the-counter
options is more limited than with exchange-traded options and may involve the risk that broker-dealers participating in such transactions
will not fulfill their obligations. The Advisor will determine the liquidity of each over-the-counter option in accordance with guidelines
adopted by the Board of Trustees of the Fund (the &#8220;Board&#8221;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The writing and purchase of options is a highly specialized
activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions.
The successful use of options depends in part on the Advisor&#8217;s ability to predict future price fluctuations and, for hedging transactions,
the degree of correlation between the options and securities or currency markets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Futures Contracts and Options on Futures Contracts.
</I></B>The Fund may purchase and sell futures contracts based on various securities (such as U.S. government securities) and securities
indices, and any other financial instruments and indices and purchase and write call and put options on these futures contracts. The Fund
may also enter into closing purchase and sale transactions with respect to any of these contracts and options. All futures contracts entered
into by the Fund are traded on U.S. or foreign exchanges or boards of trade that are licensed, regulated or approved by the Commodity
Futures Trading Commission (&#8220;CFTC&#8221;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Futures Contracts. </I>A futures contract may generally
be described as an agreement between two parties to buy and sell particular financial instruments or currencies for an agreed price during
a designated month (or to deliver the final cash settlement price, in the case of a contract relating to an index or otherwise not calling
for physical delivery at the end of trading in the contract).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Positions taken in the futures markets are not normally
held to maturity but are instead liquidated through offsetting transactions, which may result in a profit or a loss. While futures contracts
on securities will usually be liquidated in this manner, the Fund may instead make, or take, delivery of the underlying securities or
currency whenever it appears economically advantageous to do so. A clearing corporation associated with the exchange on which futures
contracts are traded guarantees that, if still open, the sale or purchase will be performed on the settlement date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may, for example, take a &#8220;short&#8221;
position in the futures market by selling futures contracts in an attempt to hedge against an anticipated decline in market prices that
would adversely affect the value of the Fund&#8217;s portfolio securities. Such futures contracts may include contracts for the future
delivery of securities held by the Fund or securities with characteristics similar to those of the Fund&#8217;s portfolio securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Options on Futures Contracts. </I>The purchase of
put and call options on futures contracts will give the Fund the right (but not the obligation) for a specified price to sell or to purchase,
respectively, the underlying futures contract at any</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">time during the option period. As the purchaser of
an option on a futures contract, the Fund obtains the benefit of the futures position if prices move in a favorable direction but limits
its risk of loss in the event of an unfavorable price movement to the loss of the premium and transaction costs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The writing of a call option on a futures contract
generates a premium which may partially offset a decline in the value of the Fund&#8217;s assets. By writing a call option, the Fund becomes
obligated, in exchange for the premium (upon exercise of the option) to sell a futures contract if the option is exercised, which may
have a value higher than the exercise price. Conversely, the writing of a put option on a futures contract generates a premium which may
partially offset an increase in the price of securities that the Fund intends to purchase. However, the Fund becomes obligated (upon exercise
of the option) to purchase a futures contract if the option is exercised, which may have a value lower than the exercise price. The loss
incurred by the Fund in writing options on futures is potentially unlimited and may exceed the amount of the premium received.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The holder or writer of an option on a futures contract
may terminate its position by selling or purchasing an offsetting option of the same series. There is no guarantee that such closing transactions
can be effected. The Fund&#8217;s ability to establish and close out positions on such options will be subject to the development and
maintenance of a liquid market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Other Considerations.</I></B> The Fund will engage
in futures and related options transactions either for <I>bona fide </I>hedging or to facilitate portfolio management. The Fund will not
engage in futures or related options for speculative purposes. To the extent that the Fund is using futures and related options for hedging
purposes, futures contracts will be sold to protect against a decline in the price of securities that the Fund owns or futures contracts
will be purchased to protect the Fund against an increase in the price of securities it intends to purchase. The Fund will determine that
the price fluctuations in the futures contracts and options on futures used for hedging purposes are substantially related to price fluctuations
in securities held by the Fund or securities or instruments which it expects to purchase. To the extent that the Fund engages in non-hedging
transactions in futures contracts and options on futures to facilitate portfolio management, the aggregate initial margin and premiums
required to establish these nonhedging positions will not exceed 5% of the net asset value of the Fund&#8217;s portfolio, after taking
into account unrealized profits and losses on any such positions and excluding the amount by which such options were in-the-money at the
time of purchase.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Transactions in futures contracts and options on futures
involve brokerage costs, require margin deposits and, in the case of contracts and options obligating the Fund to purchase securities,
require the Fund to establish a segregated account consisting of cash or liquid securities in an amount equal to the underlying value
of such contracts and options.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">While transactions in futures contracts and options
on futures may reduce certain risks, these transactions themselves entail certain other risks. For example, unanticipated changes in interest
rates or securities prices may result in a poorer overall performance for the Fund than if it had not entered into any futures contracts
or options transactions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Perfect correlation between the Fund&#8217;s futures
positions and portfolio positions will be impossible to achieve. In the event of an imperfect correlation between a futures position and
a portfolio position which is intended to be protected, the desired protection may not be obtained and the Fund may be exposed to risk
of loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Some futures contracts or options on futures may become
illiquid under adverse market conditions. In addition, during periods of market volatility, a commodity exchange may suspend or limit
trading in a futures contract or related option, which may make the instrument temporarily illiquid and difficult to price. Commodity
exchanges may also establish daily limits on the amount that the price of a futures contract or related option can vary from the previous
day&#8217;s settlement price. Once the daily limit is reached, no trades may be made that day at a price beyond the limit. This may prevent
the Fund from closing out positions and limiting its losses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Interest Rate Swaps, Collars, Caps and Floors.</I></B>
In order to hedge the value of the Fund&#8217;s portfolio against interest rate fluctuations or to facilitate portfolio management, the
Fund may, but is not required to, enter into various interest rate transactions such as interest rate swaps and the purchase or sale of
interest rate caps and floors. To the extent that the Fund enters into these transactions, the Fund expects to do so primarily to preserve
a return or spread on a particular investment or portion of its portfolio, to protect against any increase in the price of securities
the Fund anticipates purchasing at a later date or to manage the Fund&#8217;s interest rate exposure on any debt securities or preferred
shares issued by the Fund for leverage purposes. The Fund intends to use these transactions only as a hedge or to facilitate portfolio
management. The Fund is not required to hedge its portfolio and may choose not to do so. The Fund cannot</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">guarantee that any hedging strategies it uses will
work.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Interest Rate Swaps. </I></B>In an interest rate
swap, the Fund exchanges with another party their respective commitments to pay or receive interest (<I>e.g.</I>, an exchange of fixed
rate payments for floating rate payments). For example, if the Fund holds a debt instrument with an interest rate that is reset only once
each year, it may swap the right to receive interest at this fixed rate for the right to receive interest at a rate that is reset every
week. This would enable the Fund to offset a decline in the value of the debt instrument due to rising interest rates but would also limit
its ability to benefit from falling interest rates. Conversely, if the Fund holds a debt instrument with an interest rate that is reset
every week and it would like to lock in what it believes to be a high interest rate for one year, it may swap the right to receive interest
at this variable weekly rate for the right to receive interest at a rate that is fixed for one year. Such a swap would protect the Fund
from a reduction in yield due to falling interest rates and may permit the Fund to enhance its income through the positive differential
between one week and one year interest rates, but would preclude it from taking full advantage of rising interest rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund usually will enter into interest rate swaps
on a net basis (<I>i.e.</I>, the two payment streams are netted out with the trust receiving or paying, as the case may be, only the net
amount of the two payments). The net amount of the excess, if any, of the Fund&#8217;s obligations over its entitlements with respect
to each interest rate swap will be accrued on a daily basis, and an amount of cash or liquid instruments having an aggregate net asset
value at least equal to the accrued excess will be maintained in a segregated account by the Fund&#8217;s custodian. If the interest rate
swap transaction is entered into on other than a net basis, the full amount of the Fund&#8217;s obligations will be accrued on a daily
basis, and the full amount of the Fund&#8217;s obligations will be maintained in a segregated account by the Fund&#8217;s custodian.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Credit Default Swap Agreements. </I></B>The Fund
may enter into credit default swap agreements. The &#8220;buyer&#8221; in a credit default contract is obligated to pay the &#8220;seller&#8221;
a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has
occurred. If an event of default occurs, the seller must pay the buyer the &#8220;par value&#8221; (full notional value) of the reference
obligation in exchange for the reference obligation. The Fund may be either the buyer or seller in the transaction. If the Fund is a buyer
and no event of default occurs, the Fund loses its investment and recovers nothing. However, if an event of default occurs, the buyer
receives full notional value for a reference obligation that may have little or no value. As a seller, the Fund receives a fixed rate
of income throughout the term of the contract, which can run between six months and ten years but is typically structured between three
and five years, provided that there is no default event. If an event of default occurs, the seller must pay the buyer the full notional
value of the reference obligation. Credit default swaps involve greater risks than if the Fund had invested in the reference obligation
directly. In addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risks.
The Fund will enter into swap agreements only with counterparties who are rated investment grade by at least one nationally recognized
statistical rating organization at the time of entering into such transaction or whose creditworthiness is believed by the Advisor to
be equivalent to such rating. A buyer also will lose its investment and recover nothing should an event of default occur. If an event
of default were to occur, the value of the reference obligation received by the seller, coupled with the periodic payments previously
received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If the Fund enters into a credit default swap, the
Fund may be required to report the swap as a &#8220;listed transaction&#8221; for tax shelter reporting purposes on the Fund&#8217;s federal
income tax return. If the Internal Revenue Service (the &#8220;IRS&#8221;) were to determine that the credit default swap is a tax shelter,
the Fund could be subject to penalties under the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Warrants and Rights.</I></B> Warrants and rights generally give the
holder the right to receive, upon exercise and prior to the expiration date, a security of the issuer at a stated price. Funds typically
use warrants and rights in a manner similar to their use of options on securities, as described in &#8220;General Characteristics of Options&#8221;
above and elsewhere in this SAI. Risks associated with the use of warrants and rights are generally similar to risks associated with the
use of options. Unlike most options, however, warrants and rights are issued in specific amounts, and warrants generally have longer terms
than options. Warrants and rights are not likely to be as liquid as exchange-traded options backed by a recognized clearing agency. In
addition, the terms of warrants or rights may limit the Fund&#8217;s ability to exercise the warrants or rights at such time, or in such
quantities, as the Fund would otherwise wish.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund may in the future employ new or additional investment strategies
and hedging instruments if those strategies and instruments are consistent with the Fund&#8217;s investment objectives and are permissible
under applicable</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">regulations governing the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Additional Regulatory Limitations on the Use
of Futures and Related Options, Interest Rate Floors, Caps and Collars and Interest Rate and Currency Swap Contracts</I>. </B>The CFTC
has adopted regulations that subject registered investment companies and/or their investment advisors to regulation by the CFTC if the
registered investment company invests more than a prescribed level of its NAV in commodity futures, options on commodities or commodity
futures, swaps, or other financial instruments regulated under the Commodity Exchange Act (&#8220;CEA&#8221;) (&#8220;commodity interests&#8221;),
or if the registered investment company markets itself as providing investment exposure to such commodity interests. The Advisor is registered
as a commodity pool operator (&#8220;CPO&#8221;) under the CEA and is a National Futures Association member firm; however, the Advisor
does not act in the capacity of a registered CPO with respect to the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Although the Advisor is a registered commodity pool
operator (&#8220;CPO&#8221;) under the CEA and is a National Futures Association member firm, the Advisor has claimed an exclusion from
CPO registration pursuant to CFTC Rule 4.5 with respect to the Fund. To remain eligible for this exclusion, the Fund must comply with
certain limitations, including limits on trading in commodity interests, and restrictions on the manner in which the Fund markets its
commodity interests trading activities. These limitations may restrict the Fund&#8217;s ability to pursue its investment strategy, increase
the costs of implementing its strategy, increase its expenses and/or adversely affect its total return.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Please see &#8220;<I>Risk of Additional Government
Regulation of Derivatives</I>&#8221; for more information regarding governmental regulations of derivatives and similar transactions</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Risk of Additional Government Regulation of Derivatives.</I></B>
The regulation of the U.S. and non-U.S. derivatives markets has undergone substantial change in recent years and such change may continue.
In particular, new Rule 18f-4 (the &#8220;Derivatives Rule&#8221;), adopted by the SEC on October 28, 2020, replaces the asset segregation
regime of Investment Company Act Release No. 10666 (Release 10666) with a new framework for the use of derivatives by registered funds.
For funds using a significant amount of derivatives, the Derivatives Rule mandates a fund adopt and/or implement: (i) value at risk limitations
in lieu of asset segregation requirements; (ii) a written derivatives risk management program; (iii) new Board oversight responsibilities,
and (iv) new reporting and recordkeeping requirements. The Derivative Rule provides an exception for funds with derivative exposure up
to 10% of its net assets, excluding certain currency and interest rate hedging transactions. In addition, the Derivatives Rule provides
special treatment for reverse repurchase agreements, similar financing transactions and unfunded commitment agreements. On August 19,
2022, the SEC will rescind Release 10666 and withdraw letters and similar guidance addressing a fund&#8217;s use of derivatives and require
funds to satisfy the requirements of the Derivatives Rule. Unless the Fund elects to comply early with the Derivatives Rule, the Fund
may continue to engage in certain asset segregation practices in accordance with Release 10666 and related staff letters and guidance
until August 19, 2022.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It is possible that additional government regulation
of various types of derivative instruments, including futures, options on futures and swap agreements, may limit or prevent the Fund from
using such instruments as part of its investment strategy, which could negatively impact the Fund. While many provisions of the Dodd-Frank
Act have yet to be fully implemented and any regulatory or legislative activity may not necessarily have a direct, immediate effect upon
the Fund, it is possible that, upon implementation of these measures or any future measures, they could potentially limit or completely
restrict the ability of the Fund to use these instruments as a part of its investment strategy, increase the costs of using these instruments
or make them less effective. In particular, new position limits imposed on the Fund or its counterparty may impact the Fund&#8217;s ability
to invest in futures, options, and swaps in a manner that efficiently meets its investment objective.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Real estate investment trust (REIT) risk</I></B>.
REITs are subject to risks associated with the ownership of real estate. Some REITs experience market risk and liquidity risk due to investment
in a limited number of properties, in a narrow geographic area, or in a single property type, which increases the risk that such REIT
could be unfavorably affected by the poor performance of a single investment or investment type. These companies are also sensitive to
factors such as changes in real estate values and property taxes, interest rates, cash flow of underlying real estate assets, supply and
demand, and the management skill and creditworthiness of the issuer. Borrowers could default on or sell investments that a REIT holds,
which could reduce the cash flow needed to make distributions to investors. In addition, REITs may also be affected by tax and regulatory
requirements impacting the REITs&#8217; ability to qualify for preferential tax treatments or exemptions. REITs require specialized management
and pay management expenses. REITs also are subject to physical risks to real property, including weather, natural disasters, terrorist
attacks, war, or other events that destroy real property.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">REITs include equity REITs and mortgage REITs. Equity
REITs may be affected by changes in the value of the underlying property owned by the trusts, while mortgage REITs may be affected by
the quality of any credit extended. Further, equity and mortgage REITs are dependent upon management skills and generally may not be diversified.
Equity and mortgage REITs are also subject to heavy cash flow dependency, defaults by borrowers or lessees, and self-liquidations. In
addition, equity and mortgage REITs could possibly fail to qualify for tax-free pass-through of income under the Internal Revenue Code
of 1986, as amended (the Code), or to maintain their exemptions from registration under the Investment Company Act of 1940, as amended.
The above factors may also adversely affect a borrower&#8217;s or a lessee&#8217;s ability to meet its obligations to the REIT. In the
event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur
substantial costs associated with protecting its investments. In addition, even many of the larger REITs in the industry tend to be small
to medium-sized companies in relation to the equity markets as a whole. Moreover, shares of REITs may trade less frequently and, therefore,
are subject to more erratic price movements than securities of larger issuers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Real Estate Securities.</B> Investing in securities
of companies in the real estate industry subjects the Fund to the risks associated with the direct ownership of real estate. These risks
include:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#8226;&#9;&nbsp;&nbsp;&nbsp;Declines in the value of real estate;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#8226;&#9;&nbsp;&nbsp;&nbsp;Risks related to general and local economic
conditions;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#8226;&#9;&nbsp;&nbsp;&nbsp;Possible lack of availability of mortgage
funds;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#8226;&#9;&nbsp;&nbsp;&nbsp;Overbuilding;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#8226;&#9;&nbsp;&nbsp;&nbsp;Extended vacancies of properties;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#8226;&#9;&nbsp;&nbsp;&nbsp;Increased competition;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#8226;&#9;&nbsp;&nbsp;&nbsp;Increases in property taxes and operating
expenses;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#8226;&#9;&nbsp;&nbsp;&nbsp;Changes in zoning laws;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#8226;&#9;&nbsp;&nbsp;&nbsp;Losses due to costs resulting from the cleanup
of environmental problems;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#8226;&#9;&nbsp;&nbsp;&nbsp;Liability to third parties for damages resulting
from environmental problems;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#8226;&#9;&nbsp;&nbsp;&nbsp;Casualty or condemnation losses;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#8226;&#9;&nbsp;&nbsp;&nbsp;Limitations on rents;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#8226;&#9;&nbsp;&nbsp;&nbsp;Changes in neighborhood values and the appeal
of properties to tenants;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#8226;&#9;&nbsp;&nbsp;&nbsp;Changes in interest rates; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#8226;&#9;&nbsp;&nbsp;&nbsp;Liquidity risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Therefore, to the extent that the Fund invests a substantial
amount of its assets in securities of companies in the real estate industry, the value of the Fund&#8217;s shares may change at different
rates compared to the value of shares of the Fund with investments in a mix of different industries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0; background-color: white"><B><I>Russian Securities
Risk. </I></B>Throughout the past decade, the United States, the EU, and other nations have imposed a series of economic sanctions on
the Russian Federation. In addition to imposing new import and export controls on Russia and blocking financial transactions with certain
Russian elites, oligarchs, and political and national security leaders, the United States, the EU, and other nations have imposed sanctions
on companies in certain sectors of the Russian economy, including the financial services, energy, metals and mining, engineering, technology,
and defense and defense-related materials sectors. These sanctions could impair the Fund&#8217;s ability to continue to price, buy, sell,</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0; background-color: white">receive, or deliver securities
of certain Russian issuers. For example, the Fund may be prohibited from investing in securities issued by companies subject to such sanctions.
The Fund could determine at any time that certain of the most affected securities have little or no value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0; background-color: white">The extent and duration of
Russia&#8217;s military actions and the global response to such actions are impossible to predict. More Russian companies could be sanctioned
in the future, and the threat of additional sanctions could itself result in further declines in the value and liquidity of certain securities.
Widespread divestment of interests in Russia or certain Russian businesses could result in additional declines in the value of Russian
securities. Additionally, market disruptions could have a substantial negative impact on other economics and securities markets both regionally
and globally, as well as global supply chains and inflation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0; background-color: white">The Russian government may respond to these
sanctions and others by freezing Russian assets held by a fund, thereby prohibiting the fund from selling or otherwise transacting in
these investments. In such circumstances, the fund might be forced to liquidate non-restricted assets in order to satisfy shareholder
redemptions. Such liquidation of fund assets might also result in the fund receiving substantially lower prices for its portfolio securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Short-Term Trading and Portfolio Turnover.</I></B>
Short-term trading means the purchase and subsequent sale of a security after it has been held for a relatively brief period of time.
The Fund may engage in short-term trading in response to stock market conditions, changes in interest rates or other economic trends and
developments, or to take advantage of yield disparities between various fixed-income securities in order to realize capital gains or improve
income. Short-term trading may have the effect of increasing portfolio turnover rate. A high rate of portfolio turnover (100% or greater)
involves correspondingly greater brokerage expenses. The portfolio turnover rate for the Fund for the fiscal years ended October 31, 2021
and October 31, 2020 was 17% and 24%, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Gaming-Tribal Authority Investments.</I></B>
The Fund may invest in securities issued by gaming companies, including gaming facilities operated by Indian (Native American) tribal
authorities. The value of the Fund&#8217;s investments in gaming companies is subject to legislative or regulatory changes, adverse market
conditions, and/or increased competition affecting the gaming sector. Securities of gaming companies may be considered speculative, and
generally exhibit greater volatility than the overall market. The market value of gaming company securities may fluctuate widely due to
unpredictable earnings, due in part to changing consumer tastes and intense competition, strong reaction to technological developments,
and the threat of increased government regulation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Securities issued by Indian tribal authorities are
subject to particular risks. Indian tribes enjoy sovereign immunity, which is the legal privilege by which the United States federal,
state, and tribal governments cannot be sued without their consent. In order to sue an Indian tribe (or an agency or instrumentality thereof),
the tribe must have effectively waived its sovereign immunity with respect to the matter in dispute. Certain Indian tribal authorities
have agreed to waive their sovereign immunity in connection with their outstanding debt obligations. Generally, waivers of sovereign immunity
have been held to be enforceable against Indian tribes. Nevertheless, if a waiver of sovereign immunity is held to be ineffective, claimants,
including investors in Indian tribal authority securities (such as the Fund), could be precluded from judicially enforcing their rights
and remedies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Further, in most commercial disputes with Indian tribes,
it may be difficult or impossible to obtain federal court jurisdiction. A commercial dispute may not present a federal question, and an
Indian tribe may not be considered a citizen of any state for purposes of establishing diversity jurisdiction. The U.S. Supreme Court
has held that jurisdiction in a tribal court must be exhausted before any dispute can be heard in an appropriate federal court. In cases
where the jurisdiction of the tribal forum is disputed, the tribal court first must rule as to the limits of its own jurisdiction. Such
jurisdictional issues, as well as the general view that Indian tribes are not considered to be subject to ordinary bankruptcy proceedings,
may be disadvantageous to holders of obligations issued by Indian tribal authorities, including the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Cybersecurity and Operational Risk.</I></B> Cybersecurity
breaches are either intentional or unintentional events that allow an unauthorized party to gain access to Fund assets, customer data,
or proprietary information, or cause the Fund or a Fund service provider to suffer data corruption or lose operational functionality.
Intentional cybersecurity incidents include: unauthorized access to systems, networks, or devices (such as through &#8220;hacking&#8221;
activity); infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt
operations, business processes, or website access or functionality. In addition, unintentional incidents can occur, such as the inadvertent
release of confidential information.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">A cybersecurity breach could result in the loss or
theft of customer data or funds, the inability to access electronic systems (&#8220;denial of services&#8221;), loss or theft of proprietary
information or corporate data, physical damage to a computer or network system, or costs associated with system repairs, any of which
could have a substantial impact on the Fund. For example, in a denial of service, Fund shareholders could lose access to their electronic
accounts indefinitely, and employees of the Advisor, a Subadvisor, or the Fund&#8217;s other service providers may not be able to access
electronic systems to perform critical duties for the Fund, such as trading, NAV calculation, shareholder accounting, or fulfilment of
Fund share purchases and redemptions. Cybersecurity incidents could cause the Fund, the Advisor, a Subadvisor, or other service provider
to incur regulatory penalties, reputational damage, compliance costs associated with corrective measures, or financial loss. They may
also result in violations of applicable privacy and other laws. In addition, such incidents could affect issuers in which the Fund invests,
thereby causing the Fund&#8217;s investments to lose value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Cyber-events have the potential to materially affect
the Fund and the Advisor&#8217;s relationships with accounts, shareholders, clients, customers, employees, products, and service providers.
The Fund has established risk management systems reasonably designed to seek to reduce the risks associated with cyber-events. There is
no guarantee that the Fund will be able to prevent or mitigate the impact of any or all cyber-events.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund is exposed to operational risk arising from
a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund&#8217;s service
providers, counterparties, or other third parties, failed or inadequate processes and technology or system failures.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Advisor, the Subadvisor, and their affiliates have
established risk management or operational failure systems that seek to reduce cybersecurity and operational risks, and business continuity
plans in the event of a cybersecurity breach or operational failure. However, there are inherent limitations in such plans, including
that certain risks have not been identified, and there is no guarantee that such efforts will succeed, especially since none of the Advisor,
the Subadvisor, or their affiliates controls the cybersecurity or operational systems of the Fund&#8217;s third-party service providers
(including the Fund&#8217;s custodian), or those of the issuers of securities in which the Fund invests.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addition, other disruptive events, including (but
not limited to) natural disasters and public health crises (such as the coronavirus (COVID-19) pandemic), may adversely affect the
Fund&#8217;s ability to conduct business, in particular if the Fund&#8217;s employees or the employees of its service providers are unable
or unwilling to perform their responsibilities as a result of any such event. Even if the Fund&#8217;s employees and the employees of
its service providers are able to work remotely, those remote work arrangements could result in the Fund&#8217;s business operations being
less efficient than under normal circumstances, could lead to delays in its processing of transactions, and could increase the risk of
cyber-events.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Market Events Risk. </I></B>Events in certain
sectors historically have resulted, and may in the future result, in an unusually high degree of volatility in the financial markets,
both domestic and foreign. These events have included, but are not limited to: bankruptcies, corporate restructurings, and other similar
events; governmental efforts to limit short selling and high frequency trading; measures to address U.S. federal and state budget deficits;
social, political, and economic instability in Europe; economic stimulus by the Japanese central bank; dramatic changes in energy prices
and currency exchange rates; and China&#8217;s economic slowdown. Interconnected global economies and financial markets increase the possibility
that conditions in one country or region might adversely impact issuers in a different country or region. Both domestic and foreign equity
markets have experienced increased volatility and turmoil, with issuers that have exposure to the real estate, mortgage, and credit markets
particularly affected. Financial institutions could suffer losses as interest rates rise or economic conditions deteriorate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addition, relatively high market volatility and
reduced liquidity in credit and fixed-income markets may adversely affect many issuers worldwide. Actions taken by the U.S. Federal Reserve
(the &#8220;Fed&#8221;) or foreign central banks to stimulate or stabilize economic growth, such as interventions in currency markets,
could cause high volatility in the equity and fixed-income markets. Reduced liquidity may result in less money being available to purchase
raw materials, goods, and services from emerging markets, which may, in turn, bring down the prices of these economic staples. It may
also result in emerging-market issuers having more difficulty obtaining financing, which may, in turn, cause a decline in their securities
prices.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addition, while interest rates have been historically
low in recent years in the United States and abroad, any decision by the Fed to adjust the target Fed funds rate, among other factors,
could cause markets to experience continuing high volatility. A significant increase in interest rates may cause a decline in the market
for equity securities. Also, regulators have expressed concern that rate increases may contribute to price volatility. These events and
the possible resulting market volatility may have an adverse effect on the Fund.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Political turmoil within the United States and abroad
may also impact the Fund. Although the U.S. government has honored its credit obligations, it remains possible that the United States
could default on its obligations. While it is impossible to predict the consequences of such an unprecedented event, it is likely that
a default by the United States would be highly disruptive to the U.S. and global securities markets and could significantly impair the
value of the Fund&#8217;s investments. Similarly, political events within the United States at times have resulted, and may in the future
result, in a shutdown of government services, which could negatively affect the U.S. economy, decrease the value of many Fund investments,
and increase uncertainty in or impair the operation of the U.S. or other securities markets. In recent years, the U.S. renegotiated many
of its global trade relationships and imposed or threatened to impose significant import tariffs. These actions could lead to price volatility
and overall declines in U.S. and global investment markets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Uncertainties surrounding the sovereign debt of a number
of EU countries and the viability of the EU have disrupted and may in the future disrupt markets in the United States and around the world.
If one or more countries leave the EU or the EU dissolves, the world&#8217;s securities markets likely will be significantly disrupted.
On January 31, 2020, the UK left the EU, commonly referred to as &#8220;Brexit,&#8221; and the UK ceased to be a member of the EU. Following
a transition period during which the EU and the UK Government engaged in a series of negotiations regarding the terms of the UK&#8217;s
future relationship with the EU, the EU and the UK Government signed an agreement on December 30, 2020 regarding the economic relationship
between the UK and the EU. This agreement became effective on a provisional basis on January 1, 2021 and formally entered into force on
May 1, 2021. While the full impact of Brexit is unknown, Brexit has already resulted in volatility in European and global markets. There
remains significant market uncertainty regarding Brexit&#8217;s ramifications, and the range and potential implications of possible political,
regulatory, economic, and market outcomes are difficult to predict. This uncertainty may affect other countries in the EU and elsewhere,
and may cause volatility within the EU, triggering prolonged economic downturns in certain countries within the EU. Despite the influence
of the lockdowns, and the economic bounce back, Brexit has had a material impact on the UK&#8217;s economy. Additionally, trade between
the UK and the EU did not benefit from the global rebound in trade in 2021, and remained at the very low levels experienced at the start
of the coronavirus (COVID-19) pandemic in 2020, highlighting Brexit&#8217;s potential long-term effects on the UK economy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addition, Brexit may create additional and substantial
economic stresses for the UK, including a contraction of the UK economy and price volatility in UK stocks, decreased trade, capital outflows,
devaluation of the British pound, wider corporate bond spreads due to uncertainty and declines in business and consumer spending as well
as foreign direct investment. Brexit may also adversely affect UK-based financial firms that have counterparties in the EU or participate
in market infrastructure (trading venues, clearing houses, settlement facilities) based in the EU. Additionally, the spread of the coronavirus
(COVID-19) pandemic is likely to continue to stretch the resources and deficits of many countries in the EU and throughout the world,
increasing the possibility that countries may be unable to make timely payments on their sovereign debt. These events and the resulting
market volatility may have an adverse effect on the performance of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">A widespread health crisis such as a global pandemic
could cause substantial market volatility, exchange trading suspensions and closures, which may lead to less liquidity in certain instruments,
industries, sectors or the markets generally, and may ultimately affect Fund performance. For example, the coronavirus (COVID-19) pandemic
has resulted and may continue to result in significant disruptions to global business activity and market volatility due to disruptions
in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among
others. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy
in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing political, social and
economic risks. Any such impact could adversely affect the Fund&#8217;s performance, resulting in losses to your investment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The United States responded to the coronavirus (COVID-19)
pandemic and resulting economic distress with fiscal and monetary stimulus packages. In late March 2020, the government passed the Coronavirus
Aid, Relief, and Economic Security Act, a stimulus package providing for over $2.2 trillion in resources to small businesses, state and
local governments, and individuals adversely impacted by the coronavirus (COVID-19) pandemic. In late December 2020, the government also
passed a spending bill that included $900 billion in stimulus relief for the coronavirus (COVID-19) pandemic. Further, in March 2021,
the government passed the American Rescue Plan Act of 2021, a $1.9 trillion stimulus bill to accelerate the United States&#8217; recovery
from the economic and health effects of the coronavirus (COVID-19) pandemic. In addition, in mid-March 2020 the Fed cut interest rates
to historically low levels and promised unlimited and open-ended quantitative easing, including purchases of corporate and municipal government
bonds. The Fed also enacted various programs to support liquidity operations and funding in the financial markets, including expanding
its reverse repurchase agreement operations, adding $1.5 trillion of liquidity to the</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">banking system, establishing swap lines with other
major central banks to provide dollar funding, establishing a program to support money market funds, easing various bank capital buffers,
providing funding backstops for businesses to provide bridging loans for up to four years, and providing funding to help credit flow in
asset-backed securities markets. The Fed also extended credit to small- and medium-sized businesses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">To the extent the Fed &#8220;tapers&#8221; or reduces
the amount of securities it purchases pursuant to quantitative easing, and/or raises the federal funds rate, there is a risk that interest
rates will rise, which could expose fixed-income and related markets to heightened volatility and could cause the value of the Fund&#8217;s
investments, and the fund&#8217;s NAV, to decline, potentially suddenly and significantly.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Political and military events, including in Ukraine,
North Korea, Venezuela, Iran, Syria, and other areas of the Middle East, and nationalist unrest in Europe and South America, also may
cause market disruptions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As a result of continued political tensions and armed
conflicts, including the Russian invasion of Ukraine commencing in February of 2022, the extent and ultimate result of which are unknown
at this time, the United States and the European Union, along with the regulatory bodies of a number of countries, have imposed economic
sanctions on certain Russian corporate entities and individuals, and certain sectors of Russia&#8217;s economy, which may result in, among
other things, the continued devaluation of Russian currency, a downgrade in the country&#8217;s credit rating, and/or a decline in the
value and liquidity of Russian securities, property or interests. These sanctions could also result in the immediate freeze of Russian
securities and/or funds invested in prohibited assets, impairing the ability of the Fund to buy, sell, receive or deliver those securities
and/or assets. These sanctions or the threat of additional sanctions could also result in Russia taking counter measures or retaliatory
actions, which may further impair the value and liquidity of Russian securities. The United States and other nations or international
organizations may also impose additional economic sanctions or take other actions that may adversely affect Russia-exposed issuers and
companies in various sectors of the Russian economy. Any or all of these potential results could lead Russia&#8217;s economy into a recession.
Economic sanctions and other actions against Russian institutions, companies, and individuals resulting from the ongoing conflict may
also have a substantial negative impact on other economies and securities markets both regionally and globally, as well as on companies
with operations in the conflict region, the extent to which is unknown at this time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addition, there is a risk that the prices of goods
and services in the United States and many foreign economies may decline over time, known as deflation. Deflation may have an adverse
effect on stock prices and creditworthiness and may make defaults on debt more likely. If a country&#8217;s economy slips into a deflationary
pattern, it could last for a prolonged period and may be difficult to reverse. Further, there is a risk that the present value of assets
or income from investments will be less in the future, known as inflation. Inflation rates may change frequently and drastically as a
result of various factors, including unexpected shifts in the domestic or global economy, and a Fund&#8217;s investments may be affected,
which may reduce a Fund&#8217;s performance. Further, inflation may lead to the rise in interest rates, which may negatively affect the
value of debt instruments held by the Fund, resulting in a negative impact on a Fund&#8217;s performance. Generally, securities issued
in emerging markets are subject to a greater risk of inflationary or deflationary forces, and more developed markets are better able to
use monetary policy to normalize markets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Use of Segregated and Other Special Accounts</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As noted under &#8220;Risk of Additional Government
Regulation of Derivatives&#8221;, on October 28, 2020, the SEC announced it would rescind Release 10666. However, unless the Fund elects
to comply early with the Derivatives Rule, the Fund may continue to engage in certain asset segregation practices in accordance with Release
10666 and related staff letters and guidance until August 19, 2022, as described in this subsection.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Use of extensive hedging and other strategic transactions
by the Fund will require, among other things, that the Fund post collateral with counterparties or clearinghouses and/or segregate cash
or other liquid assets with its custodian, or a designated subcustodian, to the extent that the Fund&#8217;s obligations are not otherwise
&#8220;covered&#8221; through ownership of the underlying security, financial instrument or currency.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In general, either the full amount of any obligation
by the Fund to pay or deliver securities or assets under a transaction or series of transactions must be covered at all times by (a) holding
the securities, instruments or currency required to meet the Fund&#8217;s obligations under such transactions or series of transactions,
or (b) subject to any regulatory restrictions, segregating an amount of cash or other liquid assets at least equal to the current amount
of the obligation. The segregated assets cannot be sold or transferred unless equivalent assets are substituted in their place or it is
no longer necessary to segregate them. Some examples of cover requirements are set forth below.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Call Options. </I>A call option on securities written
by the Fund will require the Fund to hold the securities subject to the call (or securities convertible into the needed securities without
additional consideration) or to segregate cash or other liquid assets sufficient to purchase and deliver the securities if the call is
exercised. A call option sold by the Fund on an index will require the Fund to own portfolio securities that correlate with the index
or to segregate cash or other liquid assets equal to its obligations under the option.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Put Options.</B> A put option on securities written
by the Fund will require the Fund to segregate cash or other liquid assets equal to the exercise price.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>OTC Options. </B>OTC options entered into by the
Fund, including those on securities, currency, financial instruments or indices, and OTC-issued and exchange-listed index options generally
will provide for cash settlement, although the Fund will not be required to do so. As a result, when the Fund sells these instruments
it will segregate an amount of cash or other liquid assets equal to its obligations under the options. OTC-issued and exchange-listed
options sold by the Fund other than those described above generally settle with physical delivery, and the Fund will segregate an amount
of cash or liquid high grade debt securities equal to the full value of the option. OTC options settling with physical delivery or with
an election of either physical delivery or cash settlement will be treated the same as other options settling with physical delivery.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Currency Contracts.</B> Except when the Fund enters
into a forward contract in connection with the purchase or sale of a security denominated in a foreign currency or for other non-speculative
purposes, which requires no segregation, a currency contract that obligates the Fund to buy or sell a foreign currency generally will
require the Fund to hold an amount of that currency or liquid securities denominated in that currency equal to the Fund&#8217;s obligations
or to segregate cash or other liquid assets equal to the amount of the Fund&#8217;s obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Futures Contracts and Options on Futures Contracts</B><I>.
</I>In the case of a futures contract or an option on a futures contract, the Fund must deposit initial margin and, in some instances,
daily variation margin, in addition to segregating assets sufficient to meet its obligations under the contract. These assets may consist
of cash, cash equivalents, liquid debt, equity securities or other acceptable assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Swaps.</B> The Fund will calculate the net amount,
if any, of its obligations relating to swaps on a daily basis and will segregate an amount of cash or other liquid assets having an aggregate
value at least equal to this net amount.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Caps, Floors and Collars.</B> Caps, floors and collars
require segregation of assets with a value equal to the Fund&#8217;s net obligation, if any.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Hedging and other strategic transactions may be covered
by means other than those described above when consistent with applicable regulatory policies. The Fund also may enter into offsetting
transactions so that its combined position, coupled with any segregated assets, equals its net outstanding obligation. The Fund could
purchase a put option, for example, if the exercise price of that option is the same or higher than the exercise price of a put option
sold by the Fund. In addition, if it holds a futures contract or a forward contract, the Fund could, instead of segregating assets, purchase
a put option on the same futures contract or forward contract with an exercise price as high as or higher than the price of the contract
held. Other hedging and strategic transactions also may be offset in combinations. If the offsetting transaction terminates on or after
the time the primary transaction terminates, no segregation is required, but if it terminates prior to that time, assets equal to any
remaining obligation would need to be segregated.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="sai013"></A>Investment Restrictions</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The investment policies and strategies of the Fund
described in this SAI and the Prospectus, except for the nine investment restrictions designated as fundamental policies under this caption,
are not fundamental and may be changed by the Board without shareholder approval.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Fundamental Investment Restrictions</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As referred to above, the following nine investment
restrictions of the Fund are designated as fundamental policies and as such cannot be changed without the approval of the holders of a
majority of the Fund&#8217;s outstanding voting securities, which as used in this SAI means the lesser of (a) 67% of the shares of the
Fund present or represented by proxy at a meeting if the holders of more than 50% of the outstanding shares are present or represented
at the meeting</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">or (b) more than 50% of outstanding shares of the Fund.
As a matter of fundamental policy, the Fund may not:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 20pt">(1)</TD><TD STYLE="text-align: justify">Borrow money, provided that the Fund may (i) borrow amounts not exceeding 5% of the value of its total
assets (not including the amount borrowed) for temporary purposes and (ii) issue senior securities, as defined in the 1940 Act, to the
extent permitted under the 1940 Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 20pt">(2)</TD><TD STYLE="text-align: justify">Pledge, hypothecate, mortgage or otherwise encumber its assets, except to secure borrowings permitted
by the preceding paragraph. Collateral arrangements with respect to margin or futures contracts and options are not deemed to be pledges
or other encumbrances for purposes of this restriction.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 20pt">(3)</TD><TD STYLE="text-align: justify">Purchase securities on margin, except the Fund may obtain such short-term credits as may be necessary
for the clearance of security transactions and may make margin deposits in connection with transactions in options, futures contracts
and options on such contracts.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 20pt">(4)</TD><TD STYLE="text-align: justify">Make short sales of securities or maintain a short position for the account of the Fund, unless at all
times when a short position is open the Fund owns an equal amount of such securities or owns securities which, without payment of any
further consideration, are convertible into or exchangeable for securities of the same issue as, and in equal amounts to, the securities
sold short.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 20pt">(5)</TD><TD STYLE="text-align: justify">Underwrite securities issued by other persons, except to the extent that in connection with the disposition
of its portfolio investments it may be deemed to be an underwriter under the federal securities laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 20pt">(6)</TD><TD STYLE="text-align: justify">Purchase or sell real estate, although the Fund may purchase securities of issuers which deal in real
estate, securities which are secured by interests in real estate and securities representing interests in real estate.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 20pt">(7)</TD><TD STYLE="text-align: justify">Purchase or sell commodities or commodity contracts, except that the Fund may purchase or sell financial
futures contracts and related options.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 20pt">(8)</TD><TD STYLE="text-align: justify">Make loans, except by purchase of debt obligations in which the Fund may invest consistent with its investment
policies, by entering into repurchase agreements, or through the lending of its portfolio securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 20pt">(9)</TD><TD STYLE="text-align: justify">Purchase or retain the securities of any issuer if, to the knowledge of the Fund, those officers and Trustees
of the Fund and officers and Directors of the Advisor who each own beneficially more than .50 of 1% of the securities of that issuer together
own more than 5% of such issuer.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 20pt">(10)</TD><TD STYLE="text-align: justify">Invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets
of the Fund (taken at current value) would be invested in the securities of such issuer or acquire more than 10% of the outstanding voting
securities of any issuer, provided that this limitation does not apply to obligations issued or guaranteed as to interest and principal
by the U.S. Government or its agencies or instrumentalities or to repurchase agreements secured by such obligations and that up to 25%
of the Fund&#8217;s total assets (at current value) may be invested without regard to this limitation.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 20pt">(11)</TD><TD STYLE="text-align: justify">Invest more than 25% of the value of its total assets in the securities of issuers primarily engaged in
any one industry except the utilities industry, provided that this limitation does not apply to obligations issued or guaranteed as to
interest and principal by the U.S. Government or its agencies or instrumentalities or to repurchase agreements secured by such obligations
or to bank money market instruments.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 20pt">(12)</TD><TD STYLE="text-align: justify">Buy or sell oil, gas or other mineral leases, rights or royalty contracts although it may purchase securities
of issuers which deal in, represent interests in or are secured by interests in such leases, rights or contracts.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 20pt">(13)</TD><TD STYLE="text-align: justify">Purchase securities of any issuer for the purpose of exercising control or management, except in connection
with a merger, consolidation, acquisition or reorganization.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In regard to restriction (1), the Fund may borrow money
as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions
which otherwise might require untimely dispositions of Fund securities. The 1940 Act currently requires that the Fund have 300% asset
coverage at the time of borrowing with respect to all borrowings other than temporary borrowings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">With respect to restriction (10), a diversified fund,
as to at least 75% of the value of its total assets, generally may not,</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">except with respect to government securities and securities
of other investment companies, invest more than 5% of its total assets in the securities, or own more than 10% of the outstanding voting
securities, of any one issuer. In determining the issuer of a municipal security, each state, each political subdivision, agency, and
instrumentality of each state and each multi-state agency of which such state is a member is considered a separate issuer. In the event
that securities are backed only by assets and revenues of a particular instrumentality, facility or subdivision, such entity is considered
the issuer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For purposes of construing restriction (11), securities
of the U.S. government, its agencies, or instrumentalities are not considered to represent industries. Tax-exempt municipal obligations
backed by the credit of a governmental entity also are not considered to represent industries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Whenever an investment policy or investment restriction
set forth in the Prospectus or this SAI states a maximum percentage of assets that may be invested in any security or other asset or describes
a policy regarding quality standards, such percentage limitation or standard shall be determined immediately after and as a result of
the Fund&#8217;s acquisition of such security or asset. Accordingly, any later increase or decrease resulting from a change in values,
assets or other circumstances or any subsequent rating change made by a rating agency (or as determined by the Subadvisor if the security
is not rated by a rating agency) will not compel the Fund to dispose of such security or other asset. Notwithstanding the foregoing, the
Fund must always be in compliance with the borrowing policies set forth above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="sai014"></A>Portfolio Turnover</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Advisor may, from time to time, make short-term
investments when it believes such investments are in the best interest of the Fund. The Fund&#8217;s annual rate of portfolio turnover
may vary from year to year as well as within a year. A high rate of portfolio turnover (100% or more) generally involves correspondingly
greater brokerage commission expenses, which must be borne directly by the Fund and could generate short-term capital gain taxable as
ordinary income, which could have a negative impact on the Fund&#8217;s performance over time. Portfolio turnover is calculated by dividing
the lesser of purchases or sales of Fund securities during the fiscal year by the monthly average of the value of the Fund&#8217;s securities.
(Excluded from the computation are all securities, including options, with maturities at the time of acquisition of one year or less.)
The portfolio turnover rate for the Fund for the fiscal years ended October 31, 2021 and October 31, 2020 was 17% and 24%, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="sai015"></A>Those Responsible for Management</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The business of the Fund is managed by the Board, including
certain Trustees who are not &#8220;interested persons&#8221; (as defined in the 1940 Act) of the Fund (the &#8220;Independent Trustees&#8221;).
The Trustees elect officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Trustees.
Several of the Trustees and officers of the Fund also are officers or directors of the Advisor. Each Trustee oversees the Fund and other
funds in the John Hancock Fund Complex (as defined below).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The tables below present certain information regarding
the Trustees and officers of the Fund, including their principal occupations which, unless specific dates are shown, are of at least five
years&#8217; duration. In addition, the table includes information concerning other directorships held by each Trustee in other registered
investment companies or publicly traded companies. Information is listed separately for each Trustee who is an &#8220;interested person&#8221;
(as defined in the 1940 Act) of the Fund (each a &#8220;Non-Independent Trustee&#8221;) and the Independent Trustees. As of February 28,
2022, the John Hancock Fund Complex consisted of 191 funds (including separate series of series mutual funds). The address of each Trustee
and officer of the Fund is 200 Berkeley Street, Boston, Massachusetts 02116. The Board consists of eleven members.</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; padding: 0 3pt 3pt; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-Independent Trustees</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 3pt 3pt; vertical-align: bottom; text-align: left">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Name</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>(Birth Year)</B></P></TD>
    <TD STYLE="padding: 0 3pt 3pt; vertical-align: bottom; text-align: center">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Current Positions with</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>the Fund</B><SUP>1</SUP></P></TD>
    <TD STYLE="padding: 0 3pt 3pt; vertical-align: bottom; text-align: center">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Principal Occupation(s) and Other</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Directorships During the Past 5 Years</B></P></TD>
    <TD STYLE="padding: 0 3pt 3pt; vertical-align: bottom; text-align: center">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Number of</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Funds in John</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Hancock Fund</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Complex</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Overseen by</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Trustee</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Andrew G. Arnott<SUP>2</SUP> <BR>
(1971)</FONT></TD>
    <TD STYLE="padding: 3pt 3pt 0">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Trustee (since 2017)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">President (Since 2014)</P></TD>
    <TD STYLE="padding: 3pt 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2018); Director and Executive Vice President, John Hancock Investment Management LLC (since 2005, including prior positions); Director and Executive Vice President, John Hancock Variable Trust Advisers LLC (since 2006, including prior positions); President, John Hancock Investment Management Distributors LLC (since 2004, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017).</FONT></TD>
    <TD STYLE="padding: 3pt 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">191</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 3pt">&nbsp;</TD>
    <TD STYLE="padding: 0 3pt">&nbsp;</TD>
    <TD STYLE="padding: 0 3pt">&nbsp;</TD>
    <TD STYLE="padding: 0 3pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Marianne Harrison<SUP>2</SUP></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(1963)</P></TD>
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0">Trustee</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(since 2018)</P></TD>
    <TD STYLE="padding: 0 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">President and CEO, John Hancock (since 2017); President and CEO, Manulife Canadian Division (2013-2017); Member, Board of Directors, Boston Medical Center (since 2021); Member, Board of Directors, CAE Inc. (since 2019); Member, Board of Directors, MA Competitive Partnership Board (since 2018); Member, Board of Directors, American Council of Life Insurers (ACLI) (since 2018); Member, Board of Directors, Communitech, an industry-led innovation center that fosters technology companies in Canada (2017-2019); Member, Board of Directors, Manulife Assurance Canada (2015-2017); Board Member, St. Mary&#8217;s General Hospital Foundation (2014-2017); Member, Board of Directors, Manulife Bank of Canada (2013-2017); Member, Standing Committee of the Canadian Life &amp; Health Assurance Association (2013-2017); Member, Board of Directors, John Hancock USA, John Hancock Life &amp; Health, John Hancock New York (2012&#8211;2013). Trustee of various trusts within the John Hancock Fund Complex (since 2018).</FONT></TD>
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">191</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  <TR>
    <TD STYLE="padding: 0 3pt; width: 17%">&nbsp;</TD>
    <TD STYLE="padding: 0 3pt; width: 17%">&nbsp;</TD>
    <TD STYLE="padding: 0 3pt; width: 52%">&nbsp;</TD>
    <TD STYLE="padding: 0 3pt; width: 14%">&nbsp;</TD>
    </TR>
  </TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: center"><B>Independent Trustees</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt; width: 17%; border-top: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Name</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>(Birth Year)</B></P></TD>
    <TD STYLE="padding: 3pt; width: 17%; border-top: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Current Position(s) with</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>the Fund</B><SUP>1</SUP></P></TD>
    <TD STYLE="padding: 3pt; width: 52%; border-top: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Principal Occupation(s) and Other</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Directorships During the Past 5 Years</B></P></TD>
    <TD STYLE="padding: 3pt; width: 14%; border-top: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Number of</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Funds in John</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Hancock Fund</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Complex</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Overseen by</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Trustee</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">James R. Boyle<SUP>3</SUP> (1959)</FONT></TD>
    <TD STYLE="padding: 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Trustee</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(since 2015)</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 3pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foresters Financial, Chief Executive Officer (2018-2022) and board member (2017-2022). Manulife Financial and John Hancock, more than 20 years, retiring in 2012 as Chief Executive Officer, John Hancock and Senior Executive Vice President, Manulife Financial. Trustee of various trusts within the John Hancock Fund Complex (2005-2014 and since 2015).</FONT></TD>
    <TD STYLE="padding: 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">191</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding: 0 3pt 3pt; width: 17%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Name</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>(Birth Year)</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0 3pt 3pt; width: 17%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Current Position(s) with</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>the Fund</B><SUP>1</SUP></P></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0 3pt 3pt; width: 52%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Principal Occupation(s) and Other</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Directorships During the Past 5 Years</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0 3pt 3pt; width: 14%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Number of</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Funds in John</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Hancock Fund</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Complex</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Overseen by</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Trustee</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 3pt 0">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Peter S. Burgess</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(1942)</P></TD>
    <TD STYLE="padding: 3pt 3pt 0">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Trustee</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(since 2012)</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 3pt 3pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consultant (financial, accounting, and auditing matters) (since 1999); Certified Public Accountant; Partner, Arthur Andersen (independent public accounting firm) (prior to 1999); Director, Lincoln Educational Services Corporation (2004-2021); Director, Symetra Financial Corporation (2010-2016); Director, PMA Capital Corporation (2004-2010). Trustee of various trusts within the John Hancock Fund Complex (since 2005).</FONT></TD>
    <TD STYLE="padding: 3pt 3pt 0">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">191</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: #221E1F">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 3pt">&nbsp;</TD>
    <TD STYLE="padding: 0 3pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 0 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">William H. Cunningham</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(1944)</P></TD>
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Trustee</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(since 1994)</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0 3pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Chairman (since 2009) and Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000). Trustee of various trusts within the John Hancock Fund Complex (since 1986).</FONT></TD>
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">191</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 3pt">&nbsp;</TD>
    <TD STYLE="padding: 0 3pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 0 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Grace K. Fey</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(1946)</P></TD>
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Trustee</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(since 2012)</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0 3pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988&#8211;2007); Director, Fiduciary Trust (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2008).</FONT></TD>
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">191</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: #221E1F">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 3pt">&nbsp;</TD>
    <TD STYLE="padding: 0 3pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 0 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Deborah C. Jackson</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(1952)</P></TD>
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Trustee</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(since 2008)</P></TD>
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">President, Cambridge College, Cambridge, Massachusetts
    (since 2011); Board of Directors, Amwell Corporation (since 2020); Board of Directors, Massachusetts Women&#8217;s Forum (2018-2020);
    Board of Directors, National Association of Corporate Directors/New England (2015-2020); Board of Directors, Association of Independent
    Colleges and Universities of Massachusetts (2014-2017); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002&#8211;2011);
    Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board
    of Directors of American Student Assistance Corporation (1996&#8211;2009); Board of Directors of Boston Stock Exchange (2002&#8211;2008);
    Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007&#8211;2011). Trustee of various trusts within the John
    Hancock Fund Complex (since 2008).</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">191</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Hassell H. McClellan</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(1945)</P></TD>
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Trustee</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(since 2012) and</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Chairperson of the Board (since 2017)</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0 3pt; text-align: justify"><P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Director/Trustee, Virtus Funds (2008-2020); Director, The Barnes Group (2010-2021); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2005) and Chairperson of the Board (since 2017) of various trusts within the John Hancock Fund Complex.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">191</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: #221E1F">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Steven R. Pruchansky</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(1944)</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee (since 1992) and Vice Chairperson of the</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Managing Director, Pru Realty (since 2017); Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (2014-2020); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of </FONT></TD>
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">191</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
  </TABLE>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding: 0 3pt 3pt; width: 17%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Name</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>(Birth Year)</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0 3pt 3pt; width: 17%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Current Position(s) with</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>the Fund</B><SUP>1</SUP></P></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0 3pt 3pt; width: 52%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Principal Occupation(s) and Other</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Directorships During the Past 5 Years</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0 3pt 3pt; width: 14%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Number of</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Funds in John</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Hancock Fund</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Complex</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Overseen by</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Trustee</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0 3pt">&nbsp;</TD>
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Board</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(since 2012)</P></TD>
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Advisors, First American Bank (until 2010); Managing Director, Jon James,
    LLC (real estate) (since 2000); Partner, Right Funding, LLC (2014-2017); Director, First Signature Bank &amp; Trust Company (until 1991);
    Director, Mast Realty Trust (until 1994); President, Maxwell Building Corp. (until 1991). Trustee (since 1992), Chairperson of the Board
    (2011&#8211;2012), and Vice Chairperson of the Board (since 2012) of various trusts within the John Hancock Fund Complex.</P>
</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0 3pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0 3pt">&nbsp;</TD>
    <TD STYLE="padding: 0 3pt">&nbsp;</TD>
    <TD STYLE="padding: 0 3pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0 3pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Frances G. Rathke</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(1960)</P></TD>
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Trustee<BR>
    (since 2020)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0 3pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Director, Audit Committee Chair, Oatly Group AB (plant-based drink company) (since 2021); Director, Audit Committee Chair and Compensation Committee Member, Green Mountain Power Corporation (since 2016); Director, Treasurer and Finance &amp; Audit Committee Chair, Flynn Center for Performing Arts (since 2016); Director, Audit Committee Chair and Compensation Committee Member, Planet Fitness (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003-retired 2015). Trustee of various trusts within the John Hancock Fund Complex (since 2020).</FONT></TD>
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">191</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 3pt">&nbsp;</TD>
    <TD STYLE="padding: 0 3pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Gregory A. Russo</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(1949)</P></TD>
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Trustee</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(since 2008)</P></TD>
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">Director and Audit Committee Chairman (2012-2020),
    and Member, Audit Committee and Finance Committee (2011-2020), NCH Healthcare System, Inc. (holding company for multi-entity healthcare
    system); Director and Member (2012-2018) and Finance Committee Chairman (2014-2018), The Moorings, Inc. (nonprofit continuing care community);
    Vice Chairman, Risk &amp; Regulatory Matters, KPMG LLP (KPMG) (2002&#8211;2006); Vice Chairman, Industrial Markets, KPMG (1998&#8211;2002);
    Chairman and Treasurer, Westchester County, New York, Chamber of Commerce (1986&#8211;1992); Director, Treasurer, and Chairman of Audit
    and Finance Committees, Putnam Hospital Center (1989&#8211;1995); Director and Chairman of Fundraising Campaign, United Way of Westchester
    and Putnam Counties, New York (1990&#8211;1995). Trustee of various trusts within the John Hancock Fund Complex (since 2008).</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding: 0 3pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">191</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">1</TD><TD STYLE="text-align: justify">Mr. Boyle, Mr. Cunningham, Ms. Fey, Mr. McClellan and Mr. Russo serve as Trustees for a term expiring
in 2023; Mr. Burgess, Ms. Harrison and Ms. Rathke serve as Trustees for a term expiring in 2024; Mr. Arnott, Ms. Jackson and Mr. Pruchansky
serve as Trustees for a term expiring in 2025.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt">2</TD><TD STYLE="text-align: justify">The Trustee is a Non-Independent Trustee due to his position with the Advisor and certain of its affiliates.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt">3</TD><TD STYLE="text-align: justify">Mr. Boyle served as Trustee at various time periods prior to 2015.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Correspondence intended for any of the Trustees
may be sent to the attention of the individual Trustee or to the Board c/o the Secretary of the Fund at 200 Berkeley Street, Boston, Massachusetts
02116-2805. All communications addressed to the Board or individual Trustee will be logged and sent to the Board or individual Trustee.
The Secretary may determine not to forward any letter to Trustees that does not relate to the business of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Principal Officers who are not Trustees</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following table presents information regarding
the current principal officers of the Fund who are not Trustees,</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">including their principal occupations which, unless
specific dates are shown, are of at least five years&#8217; duration. Each of the officers is an affiliated person of the Advisor. All
of the officers listed are officers or employees of the Advisor or its affiliates. All of the officers also are officers of all of the
other funds for which the Advisor serves as investment advisor.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Principal Officers who are not Trustees</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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  <TR>
    <TD STYLE="text-align: left; padding: 0; vertical-align: top; width: 21%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Name</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>(Birth Year)</B></P></TD>
    <TD STYLE="text-align: left; padding: 0; vertical-align: top; width: 21%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Position(s) with</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>the Fund<SUP>1</SUP></B></P></TD>
    <TD STYLE="padding: 0; width: 9%; font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; vertical-align: top; width: 49%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Principal Occupation(s) During Past 5 Years</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Charles A. Rizzo</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(1957)</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Chief Financial Officer (since 2007)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Vice President, John Hancock Financial Services (since
    2008); Senior Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2008); Chief
    Financial Officer of various trusts within the John Hancock Fund Complex (since 2007).</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Salvatore Schiavone</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(1965)</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Treasurer (2007-2009 and since 2010, including prior positions)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Assistant Vice President, John Hancock Financial Services (since 2007);
    Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2007); Treasurer of various
    trusts within the John Hancock Fund Complex (since 2007, including prior positions).</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Christopher (Kit) <BR>
Sechler<BR>
(1973)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Secretary and Chief Legal Officer (Since 2018)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Vice President and Deputy Chief Counsel, John Hancock Investment Management
    (since 2015); Assistant Vice President and Senior Counsel (2009&#8211;2015), John Hancock Investment Management; Assistant Secretary of
    John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009); Chief Legal Officer and Secretary of
    various trusts within the John Hancock Fund Complex (since 2009, including prior positions).</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trevor Swanberg<BR>
(1979)</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Chief Compliance Officer</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(since 2020)</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019&#8211;2020); Assistant Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2016&#8211;2019); Vice President, State Street Global Advisors (2015&#8211;2016); Chief Compliance Officer of various trusts within the John Hancock Fund Complex (since 2016, including prior positions).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>
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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">1</TD><TD STYLE="text-align: justify">Each officer holds office for an indefinite term until his or her successor is duly elected and qualified
or until he/she dies,</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0">retires, resigns, is removed
or becomes disqualified.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Additional Information about the Trustees</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addition to the description of each Trustee&#8217;s
Principal Occupation(s) and Other Directorships set forth above, the following provides further information about each Trustee&#8217;s
specific experience, qualifications, attributes or skills with respect to the Fund. The information in this section should not be understood
to mean that any of the Trustees is an &#8220;expert&#8221; within the meaning of the U.S. federal securities laws.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">There are no specific required qualifications for Board
membership. The Board believes that the different perspectives, viewpoints, professional experience, education, and individual qualities
of each Trustee represent a diversity of experiences and a variety of complementary skills. Each Trustee has experience as a Trustee of
the Fund, as well as experience as a Trustee of other John Hancock funds. It is the Trustees&#8217; belief that this allows the Board,
as a whole, to oversee the business of the Fund in a manner consistent with the best interests of the Fund&#8217;s shareholders. When
considering potential nominees to fill vacancies on the Board, and as part of its annual self-evaluation, the Board reviews the mix of
skills and other relevant experiences of the Trustees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Independent Trustees</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>James R. Boyle </I>&#8212; Mr. Boyle has high-level executive, financial,
operational, governance, regulatory and leadership experience in the financial services industry, including in the development and management
of registered investment companies, variable annuities, retirement and insurance products. Mr. Boyle is the former
President and CEO of a large international fraternal life insurance company and is the former President and CEO of multi-line life insurance
and financial services companies. Mr. Boyle began his career as a Certified Public Accountant with Coopers &amp; Lybrand. He is a member
of the Contracts, Legal and Risk Committee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><I>Peter S. Burgess </I>&#8212; As a financial
consultant, Certified Public Accountant, and former partner in a major international public accounting firm, Mr. Burgess has experience
in the auditing of financial services companies and mutual funds. He also has experience as a director of publicly traded operating companies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>William H. Cunningham &#8212; </I>Mr. Cunningham
has management and operational oversight experience as a former Chancellor and President of a major university. Mr. Cunningham regularly
teaches a graduate course in corporate governance at the law school and at the Red McCombs School of Business at The University of Texas
at Austin. He also has oversight and corporate governance experience as a current and former director of a number of operating companies,
including an insurance company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Grace K. Fey </I>&#8212; Ms. Fey has significant
governance, financial services, and asset management industry expertise based on her extensive non-profit board experience, as well as
her experience as a consultant to non-profit and corporate boards, and as a former director and executive of an investment management
firm.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><I>Deborah C. Jackson </I>&#8212; Ms. Jackson
has leadership, governance, management, and operational oversight experience as the lead director of a large bank, president of a college,
and as the former chief executive officer of a major charitable organization. She also has expertise in financial services matters and
oversight and corporate governance experience as a current and former director of various other corporate organizations, including an
insurance company, a regional stock exchange, a telemedicine company, and non-profit entities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Hassell H. McClellan </I>&#8212; As a former professor
of finance and policy in the graduate management department of a major university, a current director of a public company, and as a former
director of several privately held companies, Mr. McClellan has experience in corporate and financial matters. He also has experience
as a director of other investment companies not affiliated with the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Steven R. Pruchansky </I>&#8212; Mr. Pruchansky
has entrepreneurial, executive and financial experience as a senior officer and chief executive of business in the retail, service and
distribution companies and a current and former director of real estate and banking companies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Frances G. Rathke</I> &#8212; Through her former
positions in senior financial roles, as a former certified public accountant, and as a consultant on strategic and financial matters,
Ms. Rathke has experience as a leader overseeing, conceiving, implementing, and analyzing strategic and financial growth plans, and financial
statements. Ms. Rathke also has</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">experience in the auditing of financial statements
and related materials. In addition, she has experience as a director of various organizations, including a publicly traded company and
a non-profit entity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Gregory A. Russo </I>&#8212; As a retired Certified Public Accountant,
Mr. Russo served as a partner and Global Vice Chairman in a major independent registered public accounting firm, as well as a member of
its geographic boards of directors and International Executive Team. As a result of Mr. Russo&#8217;s diverse global responsibilities,
he possesses accounting, finance and executive operating experience.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>Non-Independent Trustees</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Andrew G. Arnott </I>&#8212; Through his positions
as Executive Vice President of John Hancock Financial Services; Director and Executive Vice President of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC; President of John Hancock Investment Management Distributors LLC; and President
of the John Hancock Fund Complex, Mr. Arnott has experience in the management of investments, registered investment companies, variable
annuities and retirement products, enabling him to provide management input to the Board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Marianne Harrison </I>&#8212; Through her position
as President and CEO, John Hancock, and previous experience as President and CEO, Manulife Canadian Division, President and General Manager
for John Hancock Long-Term Care Insurance, and Executive Vice President and Controller for Manulife, Ms. Harrison has experience as a
strategic business builder expanding product offerings and distribution, enabling her to provide management input to the Board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Duties of Trustees; Committee Structure</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund is organized as a Massachusetts business trust.
Under the Declaration of Trust, the Trustees are responsible for managing the affairs of the Fund, including the appointment of advisors
and subadvisors. Each Trustee has the experience, skills, attributes or qualifications described above (see &#8220;&#8212;Principal Occupation(s)
and Other Directorships&#8221; and &#8220;&#8212;Additional Information about the Trustees&#8221; above). The Board appoints officers
who assist in managing the day-to-day affairs of the Fund. The Board met 6 times during the latest fiscal year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board has appointed an Independent Trustee as Chairperson.
The Chairperson presides at meetings of the Trustees and may call meetings of the Board and any Board committee whenever he deems it necessary.
The Chairperson participates in the preparation of the agenda for meetings of the Board and the identification of information to be presented
to the Board with respect to matters to be acted upon by the Board. The Chairperson also acts as a liaison with the Fund&#8217;s management,
officers, attorneys, and other Trustees generally between meetings. The Chairperson may perform such other functions as may be requested
by the Board from time to time. The Board has also designated a Vice Chairperson to serve in the absence of the Chairperson. Except for
any duties specified in this SAI or pursuant to the Fund&#8217;s Declaration of Trust or Amended and Restated By-Laws (the &#8220;By-Laws),
or as assigned by the Board, the designation of a Trustee as Chairperson or Vice Chairperson does not impose on that Trustee any duties,
obligations or liability that are greater than the duties, obligations or liability imposed on any other Trustee, generally. The Board
has designated a number of standing committees as further described below, each of which has a Chairperson. The Board also may designate
working groups or ad hoc committees as it deems appropriate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board believes that this leadership structure is
appropriate because it allows the Board to exercise informed and independent judgment over matters under its purview, and it allocates
areas of responsibility among committees or working groups of Trustees and the full Board in a manner that enhances effective oversight.
The Board considers leadership by an Independent Trustee as Chairperson to be integral to promoting effective independent oversight of
the Fund&#8217;s operations and meaningful representation of the shareholders&#8217; interests. The Board also believes that having a
super-majority of Independent Trustees is appropriate and in the best interest of the Fund&#8217;s shareholders. Nevertheless, the Board
also believes that having interested persons serve on the Board brings corporate and financial viewpoints that are, in the Board&#8217;s
view, helpful elements in its decision-making process. In addition, the Board believes that Messrs. Arnott and Boyle and Ms. Harrison,
as current or former executives of the Advisor (or of its parent company, MFC), and of other affiliates of the Advisor, provide the Board
with the perspective of the Advisor in managing and sponsoring the Fund. The leadership structure of the Board may be changed, at any
time and in the discretion of the Board, including in response to changes in circumstances or the characteristics of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Board Committees</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board has established an Audit Committee; Compliance
Committee; Contracts, Legal &amp; Risk Committee; Nominating and Governance Committee; and Investment Committee.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Audit Committee.</B> The Board has a standing
Audit Committee composed solely of Independent Trustees (Messrs. Burgess and Cunningham and Ms. Rathke). Mr. Burgess serves as Chairperson
of this Committee. This Committee met 4 times during the fiscal year ended October 31, 2021, to review the internal and external accounting
and auditing procedures of the Fund and, among other things, to consider the selection of an independent registered public accounting
firm for the Fund, to approve all significant services proposed to be performed by its independent registered public accounting firm and
to consider the possible effect of such services on its independence.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Compliance Committee</B>. The Board also
has a standing Compliance Committee (Mses. Fey and Jackson). This Committee reviews and makes recommendations to the full Board regarding
certain compliance matters relating to the Fund. Ms. Fey serves as Chairperson of this Committee. This Committee met 4 times during the
fiscal year ended October 31, 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Contracts, Legal &amp; Risk Committee</B>.
The Board also has a standing Contracts, Legal &amp; Risk Committee (Messrs. Boyle, Pruchansky and Russo). This Committee oversees the
initiation, operation, and renewal of the various contracts between the funds and other entities. These contracts include advisory and
subadvisory agreements, custodial and transfer agency agreements and arrangements with other service providers. The Committee also reviews
the significant legal affairs of the funds, as well as any significant regulatory and legislative actions or proposals affecting or relating
to the funds or their service providers. The Committee also assists the Board in its oversight role with respect to the processes pursuant
to which the Advisor and the Subadvisor identify, manage and report the various risks that affect or could affect the funds. Mr. Russo
serves as Chairperson of this Committee. The Contracts, Legal &amp; Risk Committee held 4 meetings during the fiscal year ended October
31, 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Nominating and Governance Committee.</B> The Board
also has a Nominating and Governance Committee composed of all of the Independent Trustees. This Committee will consider nominees recommended
by Trust shareholders. Nominations should be forwarded to the attention of the Secretary of the Trust at 200 Berkeley Street, Boston,
Massachusetts 02116. Any shareholder nomination must be submitted in compliance with all of the pertinent provisions of Rule 14a-8 under
the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), in order to be considered by this Committee. This Committee
met 5 times during the fiscal year ended October 31, 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Investment Committee</B>. The Board also has an
Investment Committee composed of all of the Trustees. The Investment Committee has four subcommittees with the Trustees divided among
the four subcommittees (each an &#8220;Investment Sub- Committee&#8221;). Ms. Jackson and Messrs. Boyle, Cunningham, and Pruchansky serve
as Chairpersons of the Investment Sub-Committees. Each Investment Sub-Committee reviews investment matters relating to a particular group
of funds in the John Hancock Fund Complex and coordinates with the full Board regarding investment matters. The Investment Committee met
5 times during the fiscal year ended October 31, 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Annually, the Board evaluates its performance and that of its Committees,
including the effectiveness of the Board&#8217;s Committee structure.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Risk Oversight</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As a registered investment company, the Fund is subject
to a variety of risks, including investment risks (such as, among others, market risk, credit risk and interest rate risk), financial
risks (such as, among others, settlement risk, liquidity risk and valuation risk), compliance risks, and operational risks. As a part
of its overall activities, the Board oversees the Fund&#8217;s risk management activities that are implemented by the Advisor, the Fund&#8217;s
Chief Compliance Officer (&#8220;CCO&#8221;) and other service providers to the Fund. The Advisor has primary responsibility for the Fund&#8217;s
risk management on a day-to-day basis as a part of its overall responsibilities. The Fund&#8217;s Subadvisor, subject to oversight of
the Advisor, is primarily responsible for managing investment and financial risks as a part of its day-to-day investment responsibilities,
as well as operational and compliance risks at its firm. The Advisor and the CCO also assist the Board in overseeing compliance with investment
policies of the Fund and regulatory requirements, and monitor the implementation of the various compliance policies and procedures approved
by the Board as a part of its oversight responsibilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Advisor identifies to the Board the risks that
it believes may affect the Fund and develops processes and controls regarding such risks. However, risk management is a complex and dynamic
undertaking and it is not always possible to comprehensively identify and/or mitigate all such risks at all times since risks are at times
impacted by external events. In discharging its oversight responsibilities, the Board considers risk management issues throughout the
year</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">with the assistance of its various Committees as described
below. Each Committee meets at least quarterly and presents reports to the Board, which may prompt further discussion of issues concerning
the oversight of the Fund&#8217;s risk management. The Board as a whole also reviews written reports or presentations on a variety of
risk issues as needed and may discuss particular risks that are not addressed in the Committee process.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board has established an Investment Committee,
which consists of four Investment Sub-Committees. Each Investment Sub-Committee assists the Board in overseeing the significant investment
policies of the Fund and the performance of its subadvisor. The Advisor monitors these policies and subadvisor activities and may recommend
changes in connection with the Fund to the relevant Investment Sub-Committee in response to subadvisor requests or other circumstances.
On at least a quarterly basis, the Investment Sub-Committee reviews reports from the Advisor regarding the Fund&#8217;s investment performance,
which include information about investment and financial risks and how they are managed, and from the CCO or his/her designee regarding
subadvisor compliance matters. In addition, the Investment Sub-Committee meets periodically with the portfolio managers of the Fund&#8217;s
subadvisor to receive reports regarding management of the Fund, including with respect to risk management processes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Audit Committee assists the Board in reviewing
with the independent auditors, at various times throughout the year, matters relating to the Fund&#8217;s financial reporting. In addition,
this Committee oversees the process of the Fund&#8217;s valuation of its portfolio securities, assisted by the Fund&#8217;s Pricing Committee
(composed of officers of the Fund), which calculates fair value determinations pursuant to procedures adopted by the Board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Compliance Committee assists the Board in overseeing
the activities of the Fund&#8217;s CCO with respect to the compliance programs of the Fund, the Advisor, the Subadvisor, and certain of
the Fund&#8217;s other service providers (the distributor and transfer agent). This Committee and the Board receive and consider periodic
reports from the CCO throughout the year, including the CCO&#8217;s annual written report, which, among other things, summarizes material
compliance issues that arose during the previous year and any remedial action taken to address these issues, as well as any material changes
to the compliance programs</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Contracts, Legal &amp; Risk Committee assists the
Board in its oversight role with respect to the processes pursuant to which the Advisor and the Subadvisor identify, assess, manage and
report the various risks that affect or could affect the Fund. This Committee reviews reports from the Fund&#8217;s Advisor on a periodic
basis regarding the risks facing the Fund, and makes recommendations to the Board concerning risks and risk oversight matters as the Committee
deems appropriate. This Committee also coordinates with the other Board Committees regarding risks relevant to the other Committees, as
appropriate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addressing issues regarding the Fund&#8217;s risk
management between meetings, appropriate representatives of the Advisor communicate with the Chairperson of the Board, the relevant Committee
Chair, or the Fund&#8217;s CCO, who is directly accountable to the Board. As appropriate, the Chairperson of the Board, the Committee
Chairs and the Trustees confer among themselves, with the Fund&#8217;s CCO, the Advisor, other service providers, external fund counsel,
and counsel to the Independent Trustees, to identify and review risk management issues that may be placed on the full Board&#8217;s agenda
and/or that of an appropriate Committee for review and discussion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addition, in its annual review of the Fund&#8217;s
advisory, subadvisory and distribution agreements, the Board reviews information provided by the Advisor, the Subadvisor and the distributor
relating to their operational capabilities, financial condition, risk management processes and resources.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Advisor also has its own, independent interest
in risk management. In this regard, the Advisor has appointed a Risk and Investment Operations Committee, consisting of senior personnel
from each of the Advisor&#8217;s functional departments. This Committee reports periodically to the Board and the Contracts, Legal &amp;
Risk Committee on risk management matters. The Advisor&#8217;s risk management program is part of the overall risk management program
of John Hancock, the Advisor&#8217;s parent company. John Hancock&#8217;s Chief Risk Officer supports the Advisor&#8217;s risk management
program, and at the Board&#8217;s request will report on risk management matters.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Compensation of Trustees</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund pays fees to its Independent Trustees. Trustees
also are reimbursed for travel and other out-of-pocket expenses. Each Independent Trustee receives in the aggregate from the Fund and
the other closed-end funds in the John Hancock Fund Complex an annual retainer of $40,000.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following table provides information regarding
the compensation paid by the Fund and the other investment companies in the John Hancock Fund Complex to the Independent Trustees for
their services during the Fund&#8217;s fiscal year ended October 31, 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Compensation Table<SUP>1</SUP></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0 3pt 3pt; font: 12pt Times New Roman, Times, Serif; width: 45%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Independent
    Trustees</B></FONT></TD>
    <TD STYLE="padding: 3pt 0; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 3pt 0; width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Fund</B></FONT></TD>
    <TD STYLE="padding: 3pt 0; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 36%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>John
    Hancock Fund Complex</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(210,247,250)">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 3pt 0 3pt 3pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charles L. Bardelis<SUP>2</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$4,000</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$420,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 3pt 0 3pt 3pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">James R. Boyle</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$4,000</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$420,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(210,247,250)">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 3pt 0 3pt 3pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Peter S. Burgess</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$4,000</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$440,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 3pt 0 3pt 3pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">William H. Cunningham</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$4,000</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$420,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(210,247,250)">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 3pt 0 3pt 3pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Grace K. Fey</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$4,000</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$440,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 3pt 0 3pt 3pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deborah C. Jackson</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$4,000</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$420,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(210,247,250)">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 3pt 0 3pt 3pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hassell H. McClellan</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$4,000</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$560,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 3pt 0 3pt 3pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">James M. Oates<SUP>3</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$4,000</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$199,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(210,247,250)">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 3pt 0 3pt 3pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Steven R. Pruchansky</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$4,000</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$420,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 3pt 0 3pt 3pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Frances G. Rathke</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$4,000</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$395,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(210,247,250)">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 3pt 0 3pt 3pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gregory A. Russo</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$4,000</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$440,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 15pt 0 3pt 3pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Non-Independent Trustees</U></B></FONT></TD>
    <TD STYLE="padding: 15pt 0 3pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 15pt 0 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 15pt 0 3pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 15pt 0 3pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(210,247,250)">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 3pt 0 3pt 3pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Andrew G. Arnott</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 3pt 0 3pt 3pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Marianne Harrison</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; padding: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0 0 0 3pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>1</SUP> The Trust does not have a pension or retirement plan for any
of its Trustees or officers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>2</SUP> Mr. Bardelis retired as Trustee effective December 31, 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>3</SUP> Mr. Oates retired as Trustee effective April 30, 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><BR>
Trustee Ownership of Shares of John Hancock Funds</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The table below sets forth the aggregate dollar range
of equity securities beneficially owned by the Trustees in the Fund and in all John Hancock funds overseen by each Trustee as of December
31, 2021. The information as to beneficial ownership is based on statements furnished to the Fund by the Trustees. Each of the Trustees
has all voting and investment powers with respect to the shares indicated.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0 3pt 3pt; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Trustees</B></FONT></TD>
    <TD STYLE="padding: 3pt 0; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding: 3pt 0; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Fund</B></FONT></TD>
    <TD STYLE="padding: 3pt 0; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center; border-bottom: Black 1pt solid; width: 36%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>John
    Hancock Fund Complex</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0 3pt 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Independent Trustees</I></B></FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">James R. Boyle</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10,001-$50,000</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt 0 3pt 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Peter S. Burgess</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10,001-$50,000</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">William H. Cunningham</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10,001-$50,000</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt 0 3pt 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Grace K. Fey</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10,001-$50,000</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deborah C. Jackson</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10,001-$50,000</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt 0 3pt 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hassell H. McClellan</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10,001-$50,000</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Steven R. Pruchansky</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$50,001-$100,000</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt 0 3pt 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Frances G. Rathke</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10,001-$50,000</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gregory A. Russo</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10,001-$50,000</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 15pt 0 3pt 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Non-Independent Trustees</I></B></FONT></TD>
    <TD STYLE="padding: 15pt 0 3pt">&nbsp;</TD>
    <TD STYLE="padding: 15pt 0 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 15pt 0 3pt">&nbsp;</TD>
    <TD STYLE="padding: 15pt 0 3pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Andrew G. Arnott</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt 0 3pt 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Marianne Harrison</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="padding: 3pt 0">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0 0 0 3pt">&nbsp;</TD>
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="sai016"></A>Shareholders of the Fund</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As of April 1, 2022, the officers and Trustees of the
Fund as a group owned beneficially less than 1% of the outstanding shares of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">To the best knowledge of the Fund, no shareholders
(principal holders) owned more than 5% of the Fund&#8217;s shares as of April 1, 2022. Information related to these shareholders is as
of the date indicated and may be different as of April 1, 2022. A shareholder who owns beneficially more than 25% of the Fund is deemed
to be a control person of that</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">fund and can determine the outcome of a shareholder
meeting with respect to a proposal directly affecting that share class.</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt; text-align: center"><A NAME="sai017"></A>Investment Advisory and Other
Services</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">A discussion regarding the basis for the Trustees&#8217;
approval of the Advisory Agreement and the Subadvisory Agreements is available in the Fund&#8217;s most recent shareholder report for
the fiscal year ended October 31.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>THE ADVISOR</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Advisor is a Delaware limited liability company
whose principal offices are located at 200 Berkeley Street, Boston, Massachusetts 02116 and serves as the Fund&#8217;s investment advisor.
The Advisor is registered with the SEC as an investment advisor under the Advisers Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Founded in 1968, the Advisor is an indirect principally
owned subsidiary of John Hancock Life Insurance Company (U.S.A.), a subsidiary of Manulife Financial Corporation (&#8220;Manulife Financial&#8221;
or the &#8220;Company&#8221;). Manulife Financial is the holding company of The Manufacturers Life Insurance Company (the &#8220;Life
Company&#8221;) and its subsidiaries. John Hancock Life Insurance Company (U.S.A.) and its subsidiaries (&#8220;John Hancock&#8221;) today
offer a broad range of financial products and services, including whole, term, variable, and universal life insurance, as well as college
savings products, mutual funds, fixed and variable annuities, long-term care insurance and various forms of business insurance. Additional
information about John Hancock may be found on the Internet at johnhancock.com.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify">The Advisor has contractually agreed to waive
a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the
Fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of
the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each
fund. During the year ended October 31, 2021, this waiver amounted to 0.01% of the Fund&#8217;s average daily net assets. This arrangement
expires on July 31, 2023, unless renewed by mutual agreement of the Fund and the Advisor based upon a determination that this is appropriate
under the circumstances at that time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Advisor&#8217;s parent company has been helping
individuals and institutions work toward their financial goals since 1862. The Advisor offers investment solutions managed by institutional
money managers, taking a disciplined team approach to portfolio management and research, leveraging the expertise of seasoned investment
professionals. The Advisor has been managing closed-end funds since 1971. As of December 31, 2021, the Advisor had total assets under
management of approximately $177.8 billion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Manulife Financial Corporation is a leading international
financial services group with principal operations in Asia, Canada and the United States. Operating primarily as John Hancock in the United
States and Manulife elsewhere, it provides financial protection products and advice, insurance, as well as wealth and asset management
services through its extensive network of solutions for individuals, groups and institutions. Its global headquarters are in Toronto,
Canada, and it trades as &#8216;MFC&#8217; on the Toronto Stock Exchange, New York Stock Exchange (the &#8220;NYSE&#8221;), and the Philippine
Stock Exchange, and under &#8216;945&#8217; in Hong Kong. Manulife Financial Corporation can be found on the Internet at manulife.com.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Advisor serves as investment advisor to the Fund
and is responsible for monitoring the Subadvisor&#8217;s services to the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Advisory Agreement. </I></B>The Fund has entered
into an amended and restated investment management contract dated June 30, 2020 (the &#8220;Advisory Agreement&#8221;) with the Advisor.
As compensation for its advisory services under the Advisory Agreement, the Advisor receives a fee from the Fund, calculated and paid
daily, at an annual rate of the Fund&#8217;s average daily managed assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following table shows the advisory fee that the
Fund incurred and paid to the Advisor for the last three fiscal years ended October 31, 2021, October 31, 2020, and October 31, 2019.</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: #7F7F7F 1.5pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Advisory Fee Paid in Fiscal Year Ended</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 4pt; text-align: left; width: 58%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 4pt; text-align: center; width: 14%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2021</B><BR>
<B>($)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 4pt; text-align: center; width: 14%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2020</B><BR>
<B>($)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 4pt; text-align: center; width: 14%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2019</B><BR>
<B>($)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(210,247,250)">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 4pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gross Fees</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 4pt 14pt 4pt 4pt; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;8,222,167 </FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 4pt 14pt 4pt 4pt; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;8,168,502 </FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 4pt 14pt 4pt 4pt; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;8,535,837 </FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 4pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Waivers</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 4pt 14pt 4pt 4pt; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(93,803)</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 4pt 14pt 4pt 4pt; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(73,857)</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 4pt 14pt 4pt 4pt; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(81,687)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(210,247,250)">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 4pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Fees</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 4pt 14pt 4pt 4pt; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;8,128,364 </FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 4pt 14pt 4pt 4pt; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;8,094,645 </FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 4pt 14pt 4pt 4pt; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;8,454,150 </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Pursuant to the Advisory Agreement and subject to the
general supervision of the Trustees, the Advisor selects, contracts with, and compensates the Subadvisor to manage the investments and
determine the composition of the assets of the Fund; provided, that any contract with a Subadvisor (a &#8220;Subadvisory Agreement&#8221;)
shall be in compliance with and approved as required by the 1940 Act, except for such exemptions therefrom as may be granted to the Fund
or the Advisor. The Advisor monitors the Subadvisor&#8217;s management of the Fund&#8217;s investment operations in accordance with the
investment objectives and related investment policies of the Fund, reviews the performance of the Subadvisor and reports periodically
on such performance to the Board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Pursuant to the Advisory Agreement, the Advisor has
entered into a Subadvisory Agreement with the Subadvisor to provide day-to-day portfolio management of the Fund and to implement the Fund&#8217;s
portfolio management strategies and investment objective. The Advisory Agreement provides that the Advisor may terminate the Subadvisory
Agreement entered into and directly assume any functions performed by the Subadvisor, upon approval of the Board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund pays all expenses of its organization, operations
and business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Advisory Agreement had an initial period of two
years and continues from year to year so long as such continuance is approved at least annually: (i) by the vote of a majority of the
Independent Trustees; and (ii) either by the Board or by the vote of a majority of the outstanding shares of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Advisory Agreement may be terminated at any time
without penalty upon sixty (60) days&#8217; written notice by the Board or the Advisor, as applicable, or by the vote of the majority
of the outstanding shares of the Fund. The Advisory Agreement will terminate automatically in the event of its assignment. The Subadvisory
Agreement terminates automatically upon the termination of the Advisory Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Advisory Agreement provides that, in the absence
of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations or duties to the Fund under such agreements
on the part of the Advisor, the Advisor shall not be liable to the Fund or to any shareholder for any loss sustained in connection with
the purchase, holding, redemption or sale of any security on behalf of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Administration Agreement. </I></B>The Fund has
entered into an administration contract dated May 6, 1992 (the &#8220;Administration Agreement&#8221;) with JHIM, under which the Fund
receives Non-Advisory Services. These &#8220;Non-Advisory Services&#8221; include, but are not limited to, preparing tax returns, preparing
and transmitting periodic reports to shareholders, preparing and submitting filings with the SEC and other regulatory authorities, maintaining
Fund records, providing personnel and clerical services, and other services that are not investment advisory in nature.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund pays a monthly fee to JHIM equal to 0.10%
of the Fund&#8217;s average weekly net assets for such Non-Advisory Services under the Administration Agreement. The following table shows
the expenses incurred by JHIM in providing services under the Administration Agreement for the last three fiscal years ended October 31,
2021, October 31, 2020, and October 31, 2019.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: #7F7F7F 1.5pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Administration Fee Paid in Fiscal Year Ended</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 4pt; width: 58%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 4pt; text-align: center; width: 14%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2021</B><BR>
<B>($)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 4pt; text-align: center; width: 14%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2020</B><BR>
<B>($)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 4pt; text-align: center; width: 14%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2019</B><BR>
<B>($)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(210,247,250)">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gross Fees</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 4pt 15pt 4pt 4pt; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,071,651</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 4pt 15pt 4pt 4pt; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,039,895</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 4pt 15pt 4pt 4pt; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,110,926</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Fees</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 4pt 14pt 4pt 4pt; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,071,651</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 4pt 14pt 4pt 4pt; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,039,895</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 4pt 14pt 4pt 4pt; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,110,926</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Administration Agreement had an initial period
of two years and continues from year to year so long as such continuance is specifically approved at least annually by a majority of the
Board and a majority of the Independent</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Trustees. The Fund or JHIM may terminate the Administration
Agreement at any time without penalty upon 60 days&#8217; written notice to the other party. The Administration Agreement may be amended
by mutual written agreement of the parties, without obtaining shareholder approval.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">JHIM is not liable for any error of judgment or mistake
of law or for any loss suffered by the Fund in connection with the matters to which the Administration Agreement relates, except losses
resulting from willful misfeasance, bad faith or gross negligence by JHIM in the performance of its duties or from reckless disregard
by JHIM of its obligations under the Administration Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>THE SUBADVISOR</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Subadvisory Agreement. </I></B>The Advisor entered
into a Subadvisory Agreement dated December 31, 2005 with the Subadvisor (the &#8220;Subadvisory Agreement&#8221;). The Subadvisor handles
the Fund&#8217;s portfolio management activity, subject to oversight by the Advisor. The Subadvisor, organized in 1968, is a wholly owned
subsidiary of John Hancock Life Insurance Company (U.S.A.) (a subsidiary of Manulife Financial, a publicly held, Canadian-based company).
As of December 31, 2021, the Subadvisor had total assets under management of approximately $229.30 billion. The Subadvisor is located
at 197 Clarendon Street Boston MA 02116.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Under the terms of the Subadvisory Agreement, the Subadvisor
is responsible for managing the investment and reinvestment of the assets of the Fund, subject to the supervision and control of the Board
and the Advisor.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Subadvisory Agreement had an initial period of
two years and continues from year to year so long as such continuance is approved at least annually: (i) by the Board or by the holders
of a majority of its outstanding voting securities and (ii) by a majority of the Trustees who are not &#8220;interested persons&#8221;
(as defined in the 1940 Act) of any party to the Subadvisory Agreement. The Subadvisory Agreement terminates automatically in the event
of its assignment or upon termination of the Advisory Agreement and may be terminated without penalty upon 60 days&#8217; written notice
at the option of the Advisor, the Subadvisor, by the Board or by a vote of a majority of the Fund&#8217;s outstanding shares. As discussed
above, the Advisor may terminate the Subadvisory Agreement and directly assume responsibility for the services provided by the Subadvisor
upon approval by the Board without the need for approval of the shareholders of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Subadvisory Agreement provides that in the absence
of willful misfeasance, bad faith, gross negligence or reckless disregard for its obligations and duties thereunder, the Subadvisor is
not liable for any error or judgment or mistake of law or for any loss suffered by the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Both the Advisor and the Subadvisor are controlled
by Manulife Financial. Advisory arrangements involving an affiliated subadvisor may present certain potential conflicts of interest. Manulife
Financial benefits not only from the net advisory fee retained by the Advisor, but also from the subadvisory fee paid by the Advisor to
the Subadvisor. Consequently, Manulife may be viewed as benefiting financially from the appointment of or continued service of the Subadvisor
to manage the Fund. However, both the Advisor, in recommending to the Board the appointment or continued service of an affiliated subadvisor,
and the Subadvisor have a fiduciary duty to act in the best interests of the Fund and its shareholders. The Independent Trustees are aware
of and monitor these potential conflicts of interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>PORTFOLIO MANAGERS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Subadvisor handles the Fund&#8217;s portfolio management
activities, subject to oversight by the Advisor. The individuals jointly and primarily responsible for the day-to-day management of the
Fund&#8217;s portfolio are listed below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following tables present information regarding
accounts other than the Fund for which each portfolio manager has day-to-day management responsibilities. Accounts are grouped into three
categories: (i) other investment companies, (ii) other pooled investment vehicles, and (iii) other accounts. To the extent that any of
these accounts pay advisory fees based on account performance, information on those accounts is specifically broken out. In addition,
any assets denominated in foreign currencies have been converted into U.S. dollars using the exchange rates as of the applicable date.
Also shown below the chart is each portfolio manager&#8217;s investment in the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following table reflects approximate information
as of February 28, 2022:</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 3pt 0 3pt 3pt; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 3pt 0; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Registered Investment Companies</B></FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 3pt 0; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other Pooled Investment Vehicles</B></FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 3pt 0; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other Accounts</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0 3pt 3pt; vertical-align: top; width: 29%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; vertical-align: bottom; width: 11%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Number of Accounts</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; vertical-align: bottom; width: 11%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Assets $&nbsp;Million</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; vertical-align: bottom; width: 11%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Number of Accounts</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; vertical-align: bottom; width: 11%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Assets $&nbsp;Million</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; vertical-align: bottom; width: 11%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Number of Accounts</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; vertical-align: bottom; width: 11%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Assets $&nbsp;Million</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Joseph H. Bozoyan, CFA</B></FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,583</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">336</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding: 3pt 0 3pt 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Bradley L. Lutz, CFA *</B></FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,583</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">351</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">372</FONT></TD></TR>
  <TR STYLE="background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Caryn E. Rothman, CFA</B></FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,598</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,778</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Performance-Based Fees for Other Accounts Managed</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 3pt 0 3pt 3pt; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 3pt 0; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Registered Investment Companies</B></FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 3pt 0; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other Pooled Investment Vehicles</B></FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 3pt 0; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other Accounts</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0 3pt 3pt; vertical-align: top; width: 29%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; vertical-align: bottom; width: 11%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Number of Accounts</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; vertical-align: bottom; width: 11%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Assets $&nbsp;Million</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; vertical-align: bottom; width: 11%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Number of Accounts</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; vertical-align: bottom; width: 11%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Assets $&nbsp;Million</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; vertical-align: bottom; width: 11%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Number of Accounts</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0; vertical-align: bottom; width: 11%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Assets $&nbsp;Million</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 3pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Joseph H. Bozoyan, CFA</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding: 3pt 0 3pt 3pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bradley L. Lutz, CFA *</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD></TR>
  <TR STYLE="background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt 0 3pt 3pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caryn E. Rothman, CFA</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Portfolio Manager Ownership of Shares of the Fund</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The following table indicates as of February 28, 2022, the value of shares
beneficially owned by the portfolio managers in the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt; width: 70%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Portfolio Manager</B></FONT></TD>
    <TD STYLE="padding: 3pt; width: 30%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Range of Beneficial<BR> Ownership in the Fund</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Joseph H. Bozoyan, CFA</FONT></TD>
    <TD STYLE="padding: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10,001-$50,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bradley L. Lutz, CFA *</FONT></TD>
    <TD STYLE="padding: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caryn E. Rothman, CFA</FONT></TD>
    <TD STYLE="padding: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding: 0; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>* Bradley L. Lutz, CFA will be removed as a portfolio
manager on December 31, 2022</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Conflicts of Interest.</I></B> When a portfolio
manager is responsible for the management of more than one account, the potential arises for the portfolio manager to favor one account
over another. The principal types of potential conflicts of interest that may arise are discussed below. For the reasons outlined below,
the Fund does not believe that any material conflicts are likely to arise out of a portfolio manager&#8217;s responsibility for the management
of the Fund as well as one or more other accounts. The Advisor and Subadvisor have adopted procedures that are intended to monitor compliance
with the policies referred to in the following paragraphs. Generally, the risks of such conflicts of interests are increased to the extent
that a portfolio manager has a financial incentive to favor one account over another. The Advisor and Subadvisor have structured their
compensation arrangements in a manner that is intended to limit such potential for conflicts of interests. See &#8220;Compensation of
Portfolio Managers&#8221; below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">A portfolio manager could favor one account over another in allocating new investment opportunities that
have limited supply, such as initial public offerings and private placements. If, for example, an initial public offering that was expected
to appreciate in value significantly shortly after the offering was allocated to a single account, that account may be expected to have
better investment performance than other accounts that did not receive an allocation on the initial public offering. The Subadvisor has
policies that require a portfolio manager to allocate such investment opportunities in an equitable manner and generally to allocate such
investments proportionately among all accounts with similar investment objectives.</TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-bottom: 0; text-align: justify">A portfolio manager could favor one account over another in the order in which trades for the accounts
are placed. If a portfolio manager determines to purchase a security for more than one account in an aggregate</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 36pt; text-align: justify">amount that may influence the market price
of the security, accounts that purchased or sold the security first may receive a more favorable price than accounts that made subsequent
transactions. The less liquid the market for the security or the greater the percentage that the proposed aggregate purchases or sales
represent of average daily trading volume, the greater the potential for accounts that make subsequent purchases or sales to receive a
less favorable price. When a portfolio manager intends to trade the same security for more than one account, the policies of the Subadvisor
generally require that such trades be &#8220;bunched,&#8221; which means that the trades for the individual accounts are aggregated and
each account receives the same price. There are some types of accounts as to which bunching may not be possible for contractual reasons
(such as directed brokerage arrangements). Circumstances may also arise where the trader believes that bunching the orders may not result
in the best possible price. Where those accounts or circumstances are involved, the Subadvisor will place the order in a manner intended
to result in as favorable a price as possible for such client.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">A portfolio manager could favor an account if the portfolio manager&#8217;s compensation is tied to the
performance of that account rather than all accounts managed by the portfolio manager. If, for example, the portfolio manager receives
a bonus based upon the performance of certain accounts relative to a benchmark while other accounts are disregarded for this purpose,
the portfolio manager will have a financial incentive to seek to have the accounts that determine the portfolio manager&#8217;s bonus
achieve the best possible performance to the possible detriment of other accounts. Similarly, if the Subadvisor receives a performance-based
advisory fee, the portfolio manager may favor that account, whether or not the performance of that account directly determines the portfolio
manager&#8217;s compensation. The investment performance on specific accounts is not a factor in determining the portfolio manager&#8217;s
compensation. See &#8220;Compensation of Portfolio Managers&#8221; below. Neither the Advisor nor the Subadvisor receives a performance-based
fee with respect to any of the accounts managed by the portfolio managers.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">A portfolio manager could favor an account if the portfolio manager has a beneficial interest in the account,
in order to benefit a large client or to compensate a client that had poor returns. For example, if the portfolio manager held an interest
in an investment partnership that was one of the accounts managed by the portfolio manager, the portfolio manager would have an economic
incentive to favor the account in which the portfolio manager held an interest. The Subadvisor imposes certain trading restrictions and
reporting requirements for accounts in which a portfolio manager or certain family members have a personal interest in order to confirm
that such accounts are not favored over other accounts.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">If the different accounts have materially and potentially conflicting investment objectives or strategies,
a conflict of interest may arise. For example, if a portfolio manager purchases a security for one account and sells the same security
short for another account, such trading pattern could disadvantage either the account that is long or short. In making portfolio manager
assignments, the Subadvisor seeks to avoid such potentially conflicting situations. However, where a portfolio manager is responsible
for accounts with differing investment objectives and policies, it is possible that the portfolio manager will conclude that it is in
the best interest of one account to sell a portfolio security while another account continues to hold or increase the holding in such
security.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Compensation of Portfolio Managers</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Subadvisor has adopted a system of compensation
for portfolio managers and others involved in the investment process that is applied systematically among investment professionals. At
the Subadvisor, the structure of compensation of investment professionals is currently composed of the following basic components: base
salary and short-and long-term incentives. The following describes each component of the compensation package for the individuals identified
as a portfolio manager for the Funds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">Base salary. Base compensation is fixed and normally reevaluated on an annual basis. The Subadvisor seeks
to set compensation at market rates, taking into account the experience and responsibilities of the investment professional.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">Incentives. Only investment professionals are eligible to participate in the short-and long-term incentive
plan. Under the plan, investment professionals are eligible for an annual cash award. The plan is intended to provide a competitive level
of annual bonus compensation that is tied to the investment professional</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 54pt; text-align: justify">achieving superior investment performance
and aligns the financial incentives of the Subadvisor and the investment professional. Any bonus under the plan is completely discretionary,
with a maximum annual bonus that may be well in excess of base salary. Payout of a portion of this bonus may be deferred for up to five
years. While the amount of any bonus is discretionary, the following factors are generally used in determining bonuses under the plan:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><I>Investment Performance</I>: The investment performance of all accounts managed by the investment professional
over one, three and five-year periods are considered. With respect to fixed income accounts, relative yields are also used to measure
performance. The pre-tax performance of each account is measured relative to an appropriate benchmark and universe as identified in the
table below.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><I>Financial Performance</I>: The profitability of the Subadvisor and its parent company are also considered
in determining bonus awards.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><I>Non-Investment Performance</I>: To a lesser extent, intangible contributions, including the investment
professional&#8217;s support of client service and sales activities, new fund/strategy idea generation, professional growth and development,
and management, where applicable, are also evaluated when determining bonus awards.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">In addition to the above, compensation may also include a revenue component for an investment team derived
from a number of factors including, but not limited to, client assets under management, investment performance, and firm metrics.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">Manulife Equity Awards. A limited number of senior investment professionals may receive options to purchase
shares of Manulife Financial stock. Generally, such option would permit the investment professional to purchase a set amount of stock
at the market price on the date of grant. The option can be exercised for a set period (normally a number of years or until termination
of employment) and the investment professional would exercise the option if the market value of Manulife Financial stock increases. Some
investment professionals may receive restricted stock grants, where the investment professional is entitled to receive the stock at no
or nominal cost, provided that the stock is forgone if the investment professional&#8217;s employment is terminated prior to a vesting
date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">Deferred Incentives. Investment professionals may receive deferred incentives which are fully invested
in strategies managed by the team/individuals as well as other Manulife Asset Management strategies.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Subadvisor also permits investment professionals
to participate on a voluntary basis in a deferred compensation plan, under which the investment professional may elect on an annual basis
to defer receipt of a portion of their compensation until retirement. Participation in the plan is voluntary.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Other Services</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Proxy voting</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund&#8217;s proxy voting policies and procedures
(the &#8220;Fund&#8217;s Procedures&#8221;) delegate to the Subadvisor the responsibility to vote all proxies relating to securities held
by the Fund in accordance with the Subadvisor&#8217;s proxy voting policies and procedures. The Subadvisor has a duty to vote such proxies
in the best interests of the Fund and its shareholders. Complete descriptions of the Fund&#8217;s Procedures and the proxy voting procedures
of the Subadvisor are set forth in Appendix B to this SAI.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It is possible that conflicts of interest could arise
for the Subadvisor when voting proxies. Such conflicts could arise, for example, when the Subadvisor or its affiliate has a client or
other business relationship with the issuer of the security being voted or with a third party that has an interest in the vote. A conflict
of interest also could arise when the Fund, its investment advisor or principal underwriter or any of their affiliates has an interest
in the vote.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In the event that the Subadvisor becomes aware of a
material conflict of interest, the Fund&#8217;s Procedures generally require the Subadvisor to follow any conflicts procedures that may
be included in the Subadvisor&#8217;s proxy voting</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">procedures. The conflict procedures generally will
include one or more of the following:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -21.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 21.6pt">(a)</TD><TD STYLE="text-align: justify">voting pursuant to the recommendation of a third party voting service;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -21.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 21.6pt">(b)</TD><TD STYLE="text-align: justify">voting pursuant to pre-determined voting guidelines; or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -21.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 21.6pt">(c)</TD><TD STYLE="text-align: justify">referring voting to a special compliance or oversight committee.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The specific conflicts procedures of the Subadvisor
are set forth in the Subadvisor&#8217;s proxy voting procedures included in Appendix B. While these conflicts procedures may reduce, they
will not necessarily eliminate, any influence on proxy voting of conflicts of interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Although the Subadvisor has a duty to vote all proxies
on behalf of the Fund, it is possible that the Subadvisor may not be able to vote proxies under certain circumstances. For example, it
may be impracticable to translate in a timely manner voting materials that are written in a foreign language or to travel to a foreign
country when voting in person rather than by proxy is required. In addition, if the voting of proxies for shares of a security prohibits
the Subadvisor from trading the shares in the marketplace for a period of time, the Subadvisor may determine that it is not in the best
interests of the Fund to vote the proxies. The Subadvisor also may choose not to recall securities that have been lent in order to vote
proxies for shares of the security since the Fund would lose security lending income if the securities were recalled.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Information regarding how the Fund voted proxies relating
to portfolio securities during the most recent 12-month period ended October 31st is available (i) without charge, on jhinvestments.com
and (ii) on the SEC&#8217;s website at <U>http://www.sec.gov</U>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="sai018"></A>Determination of Net Asset Value</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 9pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 9pt; text-align: justify">The Fund&#8217;s net asset value per Common Share
(&#8220;NAV&#8221;) is normally determined each business day at the close of regular trading on the NYSE (typically 4:00 p.m. Eastern
Time, on each business day that the NYSE is open) by dividing the Fund&#8217;s net assets by the number of Common Shares outstanding.
In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly
scheduled close, the NAV may be determined as of the regularly scheduled close of the NYSE pursuant to the Fund&#8217;s Valuation Policies
and Procedures. The time at which shares and transactions are priced and until which orders are accepted may vary to the extent permitted
by the Securities and Exchange Commission and applicable regulations. On holidays or other days when the NYSE is closed, the NAV is not
calculated. Trading of securities that are primarily listed on foreign exchanges may take place on weekends and U.S. business holidays
on which the Fund&#8217;s NAV is not calculated. Consequently, the Fund&#8217;s portfolio securities may trade and the NAV of the Fund&#8217;s
Common Shares may be significantly affected on days when a shareholder will not be able to purchase or sell the Fund&#8217;s Common Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 9pt; text-align: justify">Portfolio securities are valued by various methods
that are generally described below. Portfolio securities also may be fair valued by the Fund&#8217;s Pricing Committee in certain instances
pursuant to procedures established by the Trustees. Equity securities are generally valued at the last sale price or, for certain markets,
the official closing price as of the close of the relevant exchange. Securities not traded on a particular day are valued using last available
bid prices. A security that is listed or traded on more than one exchange is typically valued at the price on the exchange where the security
was acquired or most likely will be sold. In certain instances, the Pricing Committee may determine to value equity securities using prices
obtained from another exchange or market if trading on the exchange or market on which prices are typically obtained did not open for
trading as scheduled, or if trading closed earlier than scheduled, and trading occurred as normal on another exchange or market. Equity
securities traded principally in foreign markets are typically valued using the last sale price or official closing price in the relevant
exchange or market, as adjusted by an independent pricing vendor to reflect fair value. On any day a foreign market is closed and the
NYSE is open, any foreign securities will typically be valued using the last price or official closing price obtained from the relevant
exchange on the prior business day adjusted based on information provided by an independent pricing vendor to reflect fair value. Debt
obligations are typically valued based on evaluated prices provided by an independent pricing vendor. The value of securities denominated
in foreign currencies is converted into U.S. dollars at the exchange rate supplied by an independent pricing vendor. Forward foreign currency
contracts are valued at the prevailing forward rates which are based on</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 9pt; text-align: justify">foreign currency exchange spot rates and forward
points supplied by an independent pricing vendor. Exchange-traded options are valued at the mid-price of the last quoted bid and ask prices.
Futures contracts whose settlement prices are determined as of the close of the NYSE are typically valued based on the settlement price
while other futures contracts are typically valued at the last traded price on the exchange on which they trade. Foreign equity index
futures that trade in the electronic trading market subsequent to the close of regular trading may be valued at the last traded price
in the electronic trading market as of the close of the NYSE, or may be fair valued based on fair value adjustment factors provided by
an independent pricing vendor in order to adjust for events that may occur between the close of foreign exchanges or markets and the close
of the NYSE. Swaps and unlisted options are generally valued using evaluated prices obtained from an independent pricing vendor. Shares
of open-end investment companies that are not exchange-traded funds (&#8220;ETFs&#8221;) held by the Fund are valued based on the NAVs
of such other investment companies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 9pt; text-align: justify">Pricing vendors may use matrix pricing or valuation
models that utilize certain inputs and assumptions to derive values, including transaction data, broker-dealer quotations, credit quality
information, general market conditions, news, and other factors and assumptions. The Fund may receive different prices when it sells odd-lot
positions than it would receive for sales of institutional round lot positions. Pricing vendors generally value securities assuming orderly
transactions of institutional round lot sizes, but the Fund may hold or transact in such securities in smaller, odd lot sizes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 9pt; text-align: justify">The Pricing Committee engages in oversight activities
with respect to the Fund&#8217;s pricing vendors, which includes, among other things, monitoring significant or unusual price fluctuations
above predetermined tolerance levels from the prior day, back-testing of pricing vendor prices against actual trades, conducting periodic
due diligence meetings and reviews, and periodically reviewing the inputs, assumptions and methodologies used by these vendors. Nevertheless,
market quotations, official closing prices, or information furnished by a pricing vendor could be inaccurate, which could lead to a security
being valued incorrectly.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 9pt; text-align: justify">If market quotations, official closing prices,
or information furnished by a pricing vendor are not readily available or are otherwise deemed unreliable or not representative of the
fair value of such security because of market- or issuer-specific events, a security will be valued at its fair value as determined in
good faith by the Trustees. The Trustees are assisted in their responsibility to fair value securities by the Fund&#8217;s Pricing Committee,
and the actual calculation of a security&#8217;s fair value may be made by the Pricing Committee acting pursuant to the procedures established
by the Trustees. In certain instances, therefore, the Pricing Committee may determine that a reported valuation does not reflect fair
value, based on additional information available or other factors, and may accordingly determine in good faith the fair value of the assets,
which may differ from the reported valuation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 9pt; text-align: justify">Fair value pricing of securities is intended to
help ensure that the Fund&#8217;s NAV reflects the fair market value of the Fund&#8217;s portfolio securities as of the close of regular
trading on the NYSE (as opposed to a value that no longer reflects market value as of such close). The use of fair value pricing has the
effect of valuing a security based upon the price the Fund might reasonably expect to receive if it sold that security in an orderly transaction
between market participants, but does not guarantee that the security can be sold at the fair value price. Further, because of the inherent
uncertainty and subjective nature of fair valuation, a fair valuation price may differ significantly from the value that would have been
used had a readily available market price for the investment existed and these differences could be material.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 9pt; text-align: justify">Regarding the Fund&#8217;s investment in an open-end
investment company that is not an ETF, which (as noted above) is valued at such investment company&#8217;s NAV, the prospectus for such
investment company explains the circumstances and effects of fair value pricing for that investment company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="sai019"></A>Brokerage Allocation</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Pursuant to the Subadvisory Agreement, the Subadvisor
is responsible for placing all orders for the purchase and sale of portfolio securities of the Fund. The Subadvisor has no formula for
the distribution of the Fund&#8217;s brokerage business; rather it places orders for the purchase and sale of securities with the primary
objective of obtaining the most favorable overall results for the Fund and the Subadvisor&#8217;s other clients. The cost of securities
transactions for the Fund primarily consists of brokerage commissions or dealer or underwriter spreads. Fixed-income securities and money
market instruments generally are traded on a net basis and normally do not involve either brokerage commissions or transfer taxes.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Occasionally, securities may be purchased directly
from the issuer. For securities traded primarily in the OTC market, the Subadvisor will, where possible, deal directly with dealers who
make a market in the securities unless better prices and execution are available elsewhere. Such dealers usually act as principals for
their own account.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Brokerage Commissions Paid</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following table shows the aggregate amount of brokerage
commissions paid by the Fund for the last three fiscal years ended October 31, 2021, October 31, 2020, and October 31, 2019.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 12pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; width: 34%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>October 31, 2021</U></B></FONT></TD>
    <TD STYLE="padding: 4pt; width: 33%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>October 31, 2020</U></B></FONT></TD>
    <TD STYLE="padding: 4pt; width: 33%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>October 31, 2019</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$22,631</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$108,284</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$49,748</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">No brokerage commissions paid by the Fund during the
last three fiscal years were to any broker that: (i) is an affiliated person of the Fund; (ii) is an affiliated person of an affiliated
person of the Fund; or (iii) has an affiliated person that is an affiliated person of the Fund, Advisor, Subadvisor, or principal underwriter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Approved Trading Counterparties</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Subadvisor maintains and periodically updates a
list of approved trading counterparties. Portfolio managers may execute trades only with pre-approved broker-dealer/counterparties. A
sub-group of the Subadvisor&#8217;s Brokerage Practices Committee, through a delegation from the Subadvisor&#8217;s Senior Investment
Policy Committee, reviews and approves all broker-dealers/counterparties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Selection of Brokers, Dealers, and Counterparties</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In placing orders for purchase and sale of securities
and selecting trading counterparties (including banks or broker-dealers) to effect these transactions, the Subadvisor seeks prompt execution
of orders at the most favorable prices reasonably obtainable. The Subadvisor will consider a number of factors when selecting trading
counterparties, including the overall direct net economic result to the Fund (including commissions, which may not be the lowest available,
but which ordinarily will not be higher than the generally prevailing competitive range), the financial strength, reputation and stability
of the counterparty, the efficiency with which the transaction is effected, the ability to effect the transaction when a large block trade
is involved, the availability of the counterparty to stand ready to execute possibly difficult transactions in the future, and other matters
involved in the receipt of brokerage and research services.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Subadvisor periodically prepares and maintains
a list of broker-dealer firms that have been deemed to provide valuable research as determined periodically by the investment staff, together
with a suggested non-binding amount of brokerage commissions (&#8220;non-binding target&#8221;) to be allocated to each of these research
firms, subject to certain requirements. Neither the Subadvisor nor any client has an obligation to any research firm if the amount of
brokerage commissions paid to the research firms is less than the applicable non-binding target.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In seeking best execution, traders have a variety of
venues available for execution. Traders may, in their discretion, use algorithmic strategies through direct market access (&#8220;DMA&#8221;)
tools and electronic crossing networks (&#8220;ECNs&#8221;). DMA allows the trader to act in the market without a full service or other
broker. ECNs give the trader additional options when searching for liquidity and the ability to trade block positions in a more efficient
manner. In selecting a broker, dealer or trading venue, traders consider the full range of available trading platforms in seeking best
execution.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Best Execution</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Subadvisor owes a duty to its clients to seek best
execution when executing trades on behalf of clients. &#8220;Best execution&#8221; generally is understood to mean the most favorable
cost or net proceeds reasonably obtainable under the circumstances. The Subadvisor is not obligated to choose the broker-dealer offering
the lowest available commission rate if, in the Subadvisor&#8217;s reasonable judgment, there is a material risk that the total cost or
proceeds from the transaction might be less favorable than may be obtained elsewhere, or, if a higher commission is justified by the trading
provided by the broker-dealer, or if other considerations dictate using a different broker-dealer. Negotiated commission rates generally
will reflect overall execution requirements of the transaction without regard to whether the broker may provide other services in addition
to execution.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Subadvisor may pay higher or lower commissions
to different brokers that provide different categories of services. Under this approach, the Subadvisor periodically may classify different
brokers in different categories based on execution abilities, the quality of research, brokerage services, block trading capability, speed
and responsiveness, or other services provided by the brokers. Some examples of these categories may include, without limitation, full
service brokers, alternative trading systems, client commission and execution-only brokers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The reasonableness of brokerage commission is evaluated
on an ongoing basis and at least annually on a formal basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">When more than one broker-dealer is believed to be
capable of providing the best combination of price and execution with respect to a particular portfolio transaction, the Subadvisor often
selects a broker-dealer that furnishes research and other related services or products. The amount of brokerage allotted to a particular
broker-dealer is not made pursuant to any binding agreement or commitment with any selected broker-dealer. However, the Subadvisor maintains
an internal allocation procedure to identify those broker-dealers who have provided us with effective research and the amount of research
provided, and the Subadvisor endeavors to direct sufficient commissions to it to ensure the continued receipt of research that the Subadvisor
believes is useful.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Soft Dollar Considerations</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Subadvisor may pay for research and brokerage services
with the commission dollars generated by Fund account transactions (known as &#8220;soft dollar benefits&#8221;), subject to certain conditions.
Further, the Subadvisor may cause the Fund to pay up in return for soft dollar benefits (pay commissions, markups or markdowns higher
than those charged by other broker-dealers).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The research provided may be either proprietary (created
and provided by the broker-dealer, including tangible research products as well as access to analysts, traders and issuers) or third-party
(created by a third party, but provided by broker-dealer). Proprietary research is generally part of a &#8220;bundle&#8221; of brokerage
and research and the research is not separately priced. In the case of third party research, the cost of products and services is generally
more transparent, and payment is made by the broker to the preparer in &#8220;hard dollars.&#8221; The Subadvisor may receive both proprietary
and third party research and execution services.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Subadvisor considers three factors with respect
to all third-party research and execution services received through soft dollars:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 14.4pt"><B>&#8226;</B></TD><TD STYLE="text-align: justify">Whether the product or service is eligible research or brokerage under SEC rules and regulations;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 14.4pt"><B>&#8226;</B></TD><TD STYLE="text-align: justify">Whether an eligible product or service actually provides &#8220;lawful and appropriate assistance&#8221;
in the performance of the Subadvisor&#8217;s investment decision-making responsibilities; and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 14.4pt"><B>&#8226;</B></TD><TD STYLE="text-align: justify">Whether the amount of the commission paid is reasonable in light of the value of the product or service
provided by the broker-dealer (viewed in terms of the particular transaction or the Subadvisor&#8217;s overall responsibilities with respect
to the Subadvisor&#8217;s client accounts).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Research services currently purchased with soft dollars
include: reports on the economy, industries, sectors and individual companies or issuers; introduction to issuers, invitations to trade
conferences, statistical information; statistical models; political and country analyses; reports on legal developments affecting portfolio
securities; information on technical market actions; and credit analyses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The overriding consideration in selecting brokers to
execute trade orders is the maximization of client profits through a combination of controlling transaction and securities costs and seeking
the most effective use of brokers&#8217; proprietary research and execution capabilities, while maintaining relationships with those broker-dealers
who consistently provide superior service. When the Subadvisor uses client brokerage commissions (or markups or markdowns) to obtain research
or other products or services, the Subadvisor receives a soft dollar benefit because the Subadvisor does not have to produce or pay for
the research, products or services. The Subadvisor may have an incentive to select a broker-dealer based on the Subadvisor&#8217;s interest
in receiving research or other products or services, rather than on the Subadvisor&#8217;s clients&#8217; interest in receiving most favorable
execution.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Any research received is used to service all clients
to which it is applicable, whether or not the client&#8217;s commissions were used to obtain the research. For example, commissions of
equity clients may be used to obtain research that is</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">used with respect to fixed-income clients. The Subadvisor
does not attempt to allocate the relative costs or benefits of research among client accounts because the Subadvisor believe that, in
the aggregate, the research the Subadvisor receives benefits clients and assists the Subadvisor in fulfilling its overall duty to its
clients.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Subadvisor does not enter into any agreement or
understanding with any broker-dealer which would obligate it to direct a specific amount of brokerage transactions or commissions in return
for such services. However, certain broker-dealers may state in advance the amount of brokerage commissions they expect for certain services
and the applicable cash equivalent.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Subadvisor may seek to obtain client commission
benefits through client commission arrangements in compliance with applicable laws and regulations. Under these types of arrangements,
the Subadvisor can request that executing brokers allocate a portion of total commissions paid to a pool of &#8220;credits&#8221; maintained
by the broker that can be used to obtain client commission benefits. After accumulating a number of credits within the pool, the Subadvisor
may subsequently direct that those credits be used to pay appropriate parties in return for eligible client commission benefits provided
by the broker to the Subadvisor.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In summary, as noted above, the Sub advisor has three
types of &#8220;soft dollar&#8221; arrangements through which the Subadvisor receives benefits:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify"><I>Full service brokers</I> &#8211; In addition to receiving execution services, the Subadvisor also receives
a variety of research and related services from these brokers, including, for example, proprietary research reports on companies, markets
or investment related reports, meetings with senior management teams of companies, and discussions with the broker&#8217;s analysis and
market experts.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 21.6pt">(2)</TD><TD STYLE="text-align: justify"><I>Client commission arrangements </I>(&#8220;CCA&#8221;) &#8211; Through CCA arrangements with brokers with
whom the Subadvisor places equity trades for execution, the Subadvisor generates commission credits with these CCA brokers that the Subadvisor
can direct and use to compensate third party research providers, including other brokers, for research received. The level of compensation
to such research providers is determined by the equity portfolio management teams using a quarterly voting process. The number of votes
determines the relative level of compensation paid to a research provider.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -21.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 21.6pt">(3)</TD><TD STYLE="text-align: justify"><I>Third party research vendors</I> &#8211; The Subadvisor may have soft dollar arrangements. Under these arrangements,
the Subadvisor will identify research services that it wants to obtain and subject to the approval of the soft dollar broker, the soft
dollar broker will directly contract with research providers for services provided to the Subadvisor. When the Subadvisor executes equity
trades with the soft dollar broker, the soft dollar broker allocates and pays a portion of the commission to the research providers.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Trade Aggregation by the Subadvisor</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Because investment decisions often affect more than
one client, the Subadvisor frequently will attempt to acquire or dispose of the same security for more than one client at the same time.
The Subadvisor, to the extent permitted by applicable law, regulations and advisory contracts, may aggregate purchases and sales of securities
on behalf of its various clients for which it has discretion, provided that in the Subadvisor&#8217;s opinion, all client accounts are
treated equitably and fairly and that block trading will result in a more favorable overall execution. Trades will not be combined when
a client has directed transactions to a particular broker-dealer or when the Subadvisor determines that combined orders would not be efficient
or practical.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">When appropriate, the Subadvisor will allocate such
block orders at the average price obtained or according to a system that the Subadvisor considers to be fair to all clients over time.
Generally speaking, such allocations are made on the basis of proportional capital under management in the respective client accounts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Affiliated Underwriting Transactions by the Subadvisor</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board has approved procedures in conformity with
Rule 10f-3 under the 1940 Act whereby the Fund may purchase securities that are offered in underwritings in which an affiliate of the
Advisor or a Subadvisor participates. These procedures prohibit the Fund from directly or indirectly benefiting an Advisor or Subadvisor
affiliate in connection with such underwritings. In addition, for underwritings where an Advisor or Subadvisor affiliate</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">participates as a principal underwriter, certain restrictions
may apply that could, among other things, limit the amount of securities that the Fund could purchase.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Commission Recapture Program</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board has approved the Fund&#8217;s participation
in a commission recapture program. Commission recapture is a form of institutional discount brokerage that returns commission dollars
directly to the Fund. It provides a way to gain control over the commission expenses incurred by the Subadvisor, which can be significant
over time and thereby reduces expenses, improves cash flow and conserves assets. The Fund can derive commission recapture dollars from
both equity trading commissions and fixed-income (commission equivalent) spreads. From time to time, the Board reviews whether participation
in the recapture program is in the best interests of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="sai020"></A>Additional Information Concerning Taxes</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following discussion of U.S. federal income tax
matters is based on the advice of K&amp;L Gates LLP, counsel to the Fund. The Fund intends to elect to be treated and to qualify each
year as a regulated investment company (&#8220;RIC&#8221;) under the Code.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">To qualify as a RIC for income tax purposes, the Fund
must derive at least 90% of its annual gross income from dividends, interest, payments with respect to securities loans, gains from the
sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to, gains from options,
futures or forward contracts) derived with respect to its business of investing in stock, securities and currencies, and net income derived
from an interest in a qualified publicly traded partnership. A &#8220;qualified publicly traded partnership&#8221; is a publicly traded
partnership that meets certain requirements with respect to the nature of its income. To qualify as a RIC, the Fund must also satisfy
certain requirements with respect to the diversification of its assets. The Fund must have, at the close of each quarter of the taxable
year, at least 50% of the value of its total assets represented by cash, cash items, U.S. government securities, securities of other regulated
investment companies, and other securities that, in respect of any one issuer, do not represent more than 5% of the value of the assets
of the Fund nor more than 10% of the voting securities of that issuer. In addition, at those times not more than 25% of the market value
(or fair value if market quotations are unavailable) of the Fund&#8217;s assets can be invested in securities (other than United States
government securities or the securities of other regulated investment companies) of any one issuer, or of two or more issuers, which the
Fund controls and which are engaged in the same or similar trades or businesses or related trades or businesses, or of one or more qualified
publicly traded partnerships. If the Fund fails to meet the annual gross income test described above, the Fund will nevertheless be considered
to have satisfied the test if (i) (a) such failure is due to reasonable cause and not due to willful neglect and (b) the Fund reports
the failure, and (ii) the Fund pays an excise tax equal to the excess non-qualifying income. If the Fund fails to meet the asset diversification
test described above with respect to any quarter, the Fund will nevertheless be considered to have satisfied the requirements for such
quarter if the Fund cures such failure within 6 months and either (i) such failure is <I>de minimis </I>or (ii) (a) such failure is due
to reasonable cause and not due to willful neglect and (b) the Fund reports the failure and pays an excise tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As a RIC, the Fund generally will not be subject to
U.S. federal income tax on its investment company taxable income (as that term is defined in the Code, but without regard to the deductions
for dividends paid) and net capital gain (the excess of net long-term capital gain over net short-term capital loss), if any, that it
distributes in each taxable year to its shareholders; provided that it distributes at least the sum of 90% of its investment company taxable
income and 90% of its net tax-exempt interest income for such taxable year. The Fund intends to distribute to its shareholders, at least
annually, substantially all of its investment company taxable income, net tax-exempt interest income and net capital gain. In order to
avoid incurring a nondeductible 4% U.S. federal excise tax obligation, the Code requires that the Fund distribute (or be deemed to have
distributed) by December 31 of each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for such year,
(ii) 98.2% of its capital gain net income (which is the excess of its realized net long-term capital gain over its realized net short-term
capital loss), generally computed on the basis of the one-year period ending on December 31 of such year, after reduction by any available
capital loss carryforwards and (iii) 100% of any ordinary income and capital gain net income from the prior year (as previously computed)
that were not paid out during such year and on which the Fund paid no U.S. federal income tax. Under current law, provided that the Fund
qualifies as a RIC for U.S. federal income tax purposes, the Fund should not be liable for any income, corporate excise or franchise tax
in the Commonwealth of Massachusetts.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If the Fund does not qualify as a RIC or fails to satisfy
the 90% distribution requirement for any taxable year, subject to the opportunity to cure such failures under applicable provisions of
the Code as described above, the Fund&#8217;s taxable income will be subject to corporate income taxes, and distributions from earnings
and profits, including distributions of net capital gain (if any), will generally constitute ordinary dividend income for U.S. federal
income tax purposes. To the extent so designated by the Fund, such distributions generally would be eligible (i) to be treated as qualified
dividend income in the case of individual and other noncorporate shareholders and (ii) for the dividends received deduction (&#8220;DRD&#8221;)
in the case of corporate shareholders. In addition, in order to requalify for taxation as a RIC, the Fund may be required to recognize
unrealized gains, pay substantial taxes and interest, and make certain distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For U.S. federal income tax purposes, distributions
paid out of the Fund&#8217;s current or accumulated earnings and profits will, except in the case of distributions of qualified dividend
income and capital gain dividends described below, be taxable as ordinary dividend income. Certain income distributions paid by the Fund
(whether paid in cash or reinvested in additional Fund shares) to individual taxpayers that are attributable to the Fund&#8217;s qualified
dividend income and capital gain are taxed at rates applicable to net long-term capital gains (maximum rates of 20% 15%, or 0% for individuals
depending on the amount of their taxable income for the year). This tax treatment applies only if certain holding period requirements
and other requirements are satisfied by the shareholder and the dividends are attributable to qualified dividend income received by the
Fund itself. For this purpose, &#8220;qualified dividend income&#8221; means dividends received by the Fund from United States corporations
and &#8220;qualified foreign corporations,&#8221; provided that the Fund satisfies certain holding period and other requirements in respect
of the stock of such corporations. Only a small portion, if any of the distributions from the Fund may consist of income eligible to be
treated as qualified dividend income. An additional 3.8% Medicare tax will also apply in the case of some individuals.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Shareholders receiving any distribution from the Fund
in the form of additional shares pursuant to the dividend reinvestment plan will be treated as receiving a taxable distribution in an
amount equal to the fair market value of the shares received, determined as of the reinvestment date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Distributions of net capital gain, if any, reported
as capital gains dividends are taxable to a shareholder as long-term capital gains, regardless of how long the shareholder has held Fund
shares. A distribution of an amount in excess of the Fund&#8217;s current and accumulated earnings and profits will be treated by a shareholder
as a return of capital which is applied against and reduces the shareholder&#8217;s basis in his or her shares. To the extent that the
amount of any such distribution exceeds the shareholder&#8217;s basis in his or her shares, the excess will be treated by the shareholder
as gain from a sale or exchange of the shares. Distributions of gains from the sale of investments that the Fund owned for one year or
less will be taxable as ordinary income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may elect to retain its net capital gain or
a portion thereof for investment and be taxed at corporate rates on the amount retained. In such case, it may designate the retained amount
as undistributed capital gains in a notice to its shareholders who will be treated as if each received a distribution of his <I>pro rata
</I>share of such gain, with the result that each shareholder will (i) be required to report his <I>pro rata </I>share of such gain on
his tax return as long-term capital gain, (ii) receive a refundable tax credit for his <I>pro rata </I>share of tax paid by the Fund on
the gain and (iii) increase the tax basis for his shares by an amount equal to the deemed distribution less the tax credit.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Selling shareholders generally will recognize gain
or loss in an amount equal to the difference between the shareholder&#8217;s adjusted tax basis in the shares sold and the sale proceeds.
If the shares are held as a capital asset, the gain or loss will be a capital gain or loss. The current maximum tax rate applicable to
net capital gains recognized by individuals and other non-corporate taxpayers is (i) the same as the maximum ordinary income tax rate
for gains recognized on the sale of capital assets held for one year or less, or (ii) for gains recognized on the sale of capital assets
held for more than one year (as well as certain capital gain distributions) (20%, 15%, or 0% for individuals depending on the amount of
their taxable income for the year). An additional 3.8% Medicare tax will also apply in the case of some individuals.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Any loss realized upon the sale or exchange of Fund
shares with a holding period of six months or less will be treated as a long-term capital loss to the extent of any capital gain distributions
received (or amounts designated as undistributed capital gains) with respect to such shares. In addition, all or a portion of a loss realized
on a sale or other disposition of Fund shares may be disallowed under &#8220;wash sale&#8221; rules to the extent the shareholder acquires
other shares of the Fund (whether through the reinvestment of distributions or otherwise) within a period of 61 days beginning 30 days
before and ending 30 days after the date of disposition of the Common Shares. Any disallowed loss will result in an adjustment to the
shareholder&#8217;s tax basis in some or all of the other shares acquired.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Sales charges paid upon a purchase of shares cannot
be taken into account for purposes of determining gain or loss on a sale of the shares before the 91st day after their purchase to the
extent a sales charge is reduced or eliminated in a subsequent acquisition of shares of the Fund (or of another fund), during the period
beginning on the date of such sale and ending on January 31 of the calendar year following the calendar year in which such sale was made,
pursuant to the reinvestment or exchange privilege. Any disregarded amounts will result in an adjustment to the shareholder&#8217;s tax
basis in some or all of any other shares acquired.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For federal income tax purposes, the Fund is permitted to carry
forward a net capital loss incurred in any year to offset net capital gains, if any, in any subsequent year until such loss
carryforwards have been fully used. Capital losses carried forward will retain their character as either short-term or long-term
capital losses. The Fund&#8217;s ability to utilize capital loss carryforwards in a given year or in total may be limited. To the
extent subsequent net capital gains are offset by such losses, they would not result in federal income tax liability to the Fund and
would not be distributed as such to shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Below are the capital loss carryforwards available to the Fund as of October
31, 2021 to the extent provided by regulations, to offset future net realized capital gains:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 4pt; width: 26%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Fund</B></FONT></TD>
    <TD STYLE="padding: 4pt; width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Short-term Losses </B></FONT></TD>
    <TD STYLE="padding: 4pt; width: 30%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Long-term Losses </B></FONT></TD>
    <TD STYLE="padding: 4pt; width: 22%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Premium Dividend Fund</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Certain net investment income received by an individual
having adjusted gross income in excess of $200,000 (or $250,000 for married individuals filing jointly) will be subject to a tax of 3.8%.
Undistributed net investment income of trusts and estates in excess of a specified amount will also be subject to this tax. Dividends
and capital gains distributed by the Fund, and gain realized on redemption of Fund shares, will constitute investment income of the type
subject to this tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Only a small portion, if any, of the distributions
from the Fund may qualify for the dividends-received deduction for corporations, subject to the limitations applicable under the Code.
The qualifying portion is limited to properly designated distributions attributed to dividend income (if any) the Fund receives from certain
stock in U.S. domestic corporations and the deduction is subject to holding period requirements and debt-financing limitations under the
Code.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If the Fund should have dividend income that qualifies
for the reduced tax rate applicable to qualified dividend income, the maximum amount allowable will be designated by the Fund. This amount
will be reflected on Form 1099-DIV for the current calendar year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Dividends and distributions on the Fund&#8217;s shares
generally are subject to U.S. federal income tax as described herein to the extent they do not exceed the Fund&#8217;s realized income
and gains, even though such dividends and distributions may economically represent a return of a particular shareholder&#8217;s investment.
Such distributions are likely to occur in respect of shares purchased at a time when the Fund&#8217;s net asset value reflects gains that
are either unrealized, or realized but not distributed. Such realized gains may be required to be distributed even when the Fund&#8217;s
net asset value also reflects unrealized losses. Certain distributions declared in October, November or December to shareholders of record
of such month and paid in the following January will be taxed to shareholders as if received on December 31 of the year in which they
were declared. In addition, certain other distributions made after the close of a taxable year of the Fund may be &#8220;spilled back&#8221;
and treated as paid by the Fund (except for purposes of the non-deductible 4% U.S. federal excise tax) during such taxable year. In such
case, shareholders will be treated as having received such dividends in the taxable year in which the distributions were actually made.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund will inform shareholders of the source and
tax status of all distributions promptly after the close of each calendar year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Legislation passed by Congress in 2008 requires the
Fund (or its administrative agent) to report to the IRS and furnish to shareholders the cost basis information and holding period for
the Fund&#8217;s shares purchased on or after January 1,</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2012, and repurchased by the Fund on or after that
date. The Fund will permit shareholders to elect from among several permitted cost basis methods. In the absence of an election, the Fund
will use a default cost basis method. The cost basis method a shareholder elects may not be changed with respect to a repurchase of shares
after the settlement date of the repurchase. Shareholders should consult with their tax advisors to determine the best permitted cost
basis method for their tax situation and to obtain more information about how the new cost basis reporting rules apply to them.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The benefits of the reduced tax rates applicable to
long-term capital gains and qualified dividend income may be impacted by the application of the alternative minimum tax to individual
shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Special tax rules apply to investments through defined
contribution plans and other tax-qualified plans. Shareholders should consult their tax advisor to determine the suitability of shares
of the Fund as an investment through such plans.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may invest in debt obligations that are in
the lowest rating categories or are unrated, including debt obligations of issuers not currently paying interest or who are in default.
Investments in debt obligations that are at risk of or in default present special tax issues for the Fund. Tax rules are not entirely
clear about issues such as when the Fund may cease to accrue interest, original issue discount or market discount, when and to what extent
deductions may be taken for bad debts or worthless securities and how payments received on obligations in default should be allocated
between principal and income, and whether exchanges of debt obligations in a workout context are taxable. These and other issues will
be addressed by the Fund if it acquires such obligations in order to reduce the risk of distributing insufficient income to preserve its
status as a regulated investment company and to seek to avoid becoming subject to federal income or excise tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund is required to accrue income on any debt securities
that have more than a <I>de minimis </I>amount of original issue discount (or debt securities acquired at a market discount, if the Fund
elects to include market discount in income currently) prior to the receipt of the corresponding cash payments. The mark to market or
constructive sale rules applicable to certain options, futures, forwards, short sales or other transactions also may require the Fund
to recognize income or gain without a concurrent receipt of cash. Additionally, some countries restrict repatriation, which may make it
difficult or impossible for the Fund to obtain cash corresponding to its earnings or assets in those countries. However, the Fund must
distribute to shareholders for each taxable year substantially all of its net income and net capital gains, including such income or gain,
to qualify as a regulated investment company and avoid liability for any federal income or excise tax. Therefore, the Fund may have to
dispose of its portfolio securities under disadvantageous circumstances to generate cash, or borrow cash, to satisfy these distribution
requirements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may recognize gain (but not loss) from a constructive
sale of certain &#8220;appreciated financial positions&#8221; if the Fund enters into a short sale, offsetting notional principal contract,
or forward contract transaction with respect to the appreciated position or substantially identical property. Appreciated financial positions
subject to this constructive sale treatment include interests (including options and forward contracts and short sales) in stock and certain
other instruments. Constructive sale treatment does not apply if the transaction is closed out not later than thirty days after the end
of the taxable year in which the transaction was initiated, and the underlying appreciated securities position is held unhedged for at
least the next sixty days after the hedging transaction is closed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Gain or loss from a short sale of property generally
is considered as capital gain or loss to the extent the property used to close the short sale constitutes a capital asset in the Fund&#8217;s
hands. Except with respect to certain situations where the property used to close a short sale has a long-term holding period on the date
the short sale is entered into, gains on short sales generally are short-term capital gains. A loss on a short sale will be treated as
a long-term capital loss if, on the date of the short sale, &#8220;substantially identical property&#8221; has been held by the Fund for
more than one year. In addition, entering into a short sale may result in suspension of the holding period of &#8220;substantially identical
property&#8221; held by the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Gain or loss on a short sale generally will not be
realized until such time as the short sale is closed. However, as described above in the discussion of constructive sales, if the Fund
holds a short sale position with respect to securities that have appreciated in value, and it then acquires property that is the same
as or substantially identical to the property sold short, the Fund generally will recognize gain on the date it acquires such property
as if the short sale were closed on such date with such property. Similarly, if the Fund holds an appreciated financial position with
respect to securities and then enters into a short sale with respect to the same or substantially identical property, the Fund generally
will recognize gain as if the appreciated financial position were sold at its fair market value on the date it enters into the</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">short sale. The subsequent holding period for any appreciated
financial position that is subject to these constructive sale rules will be determined as if such position were acquired on the date of
the constructive sale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund&#8217;s transactions in futures contracts
and options will be subject to special provisions of the Code that, among other things, may affect the character of gains and losses realized
by the Fund (<I>i.e.</I>, may affect whether gains or losses are ordinary or capital, or short-term or long-term), may accelerate recognition
of income to the Fund and may defer Fund losses. These rules could, therefore, affect the character, amount and timing of distributions
to shareholders. These provisions also (a) will require the Fund to mark-to-market certain types of the positions in its portfolio (<I>i.e.</I>,
treat them as if they were closed out), and (b) may cause the Fund to recognize income without receiving cash with which to make distributions
in amounts necessary to satisfy the 90% distribution requirement for qualifying to be taxed as a RIC and the distribution requirement
for avoiding excise taxes. The Fund will monitor its transactions, will make the appropriate tax elections and will make the appropriate
entries in its books and records when it acquires any futures contract, option or hedged investment in order to mitigate the effect of
these rules and prevent disqualification of the Fund from being taxed as a RIC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For the Fund&#8217;s options and futures contracts
that qualify as &#8220;section 1256 contracts,&#8221; Code Section 1256 generally will require any gain or loss arising from the lapse,
closing out or exercise of such positions to be treated as 60% long-term and 40% short-term capital gain or loss. In addition, the Fund
generally will be required to &#8220;mark to market&#8221; (<I>i.e.</I>, treat as sold for fair market value) each outstanding &#8220;section
1256 contract&#8221; position at the close of each taxable year (and on December 31 of each year for excise tax purposes). If a &#8220;section
1256 contract&#8221; held by the Fund at the end of a taxable year is sold in the following year, the amount of any gain or loss realized
on such sale will be adjusted to reflect the gain or loss previously taken into account under the &#8220;mark to market&#8221; rules.
The Fund&#8217;s options that do not qualify as &#8220;section 1256 contracts&#8221; under the Code generally will be treated as equity
options governed by Code Section 1234. Pursuant to Code Section 1234, if a written option expires unexercised, the premium received is
short-term capital gain to the Fund. If the Fund enters into a closing transaction, the difference between the premium received for writing
the option, and the amount paid to close out its position generally is short-term capital gain or loss. If a call option written by the
Fund that is not a &#8220;section 1256 contract&#8221; is cash settled, any resulting gain or loss will be short-term.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Code contains special rules that apply to &#8220;straddles,&#8221;
defined generally as the holding of &#8220;offsetting positions with respect to personal property.&#8221; For example, the straddle rules
normally apply when a taxpayer holds stock and an offsetting option with respect to such stock or substantially identical stock or securities.
In general, investment positions will be offsetting if there is a substantial diminution in the risk of loss from holding one position
by reason of holding one or more other positions. If two or more positions constitute a straddle, recognition of a realized loss from
one position generally must be deferred to the extent of unrecognized gain in an offsetting position. In addition, long-term capital gain
may be recharacterized as short-term capital gain, or short-term capital loss as long-term capital loss. Interest and other carrying charges
allocable to personal property that is part of a straddle are not currently deductible but must instead be capitalized. Similarly, &#8220;wash
sale&#8221; rules apply to prevent the recognition of loss by the Fund from the disposition of stock or securities at a loss in a case
in which identical or substantially identical stock or securities (or an option to acquire such property) is or has been acquired within
a prescribed period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Code allows a taxpayer to elect to offset gain
and loss from positions that are part of a &#8220;mixed straddle.&#8221; A &#8220;mixed straddle&#8221; is any straddle in which one or
more but not all positions are &#8220;section 1256 contracts.&#8221; The Fund may be eligible to elect to establish one or more mixed
straddle accounts for certain of its mixed straddle trading positions. The mixed straddle account rules require a daily &#8220;marking
to market&#8221; of all open positions in the account and a daily netting of gain and loss from all positions in the account. At the end
of a taxable year, the annual net gain or loss from the mixed straddle account are recognized for tax purposes. The net capital gain or
loss is treated as 60% long-term and 40% short-term capital gain or loss if attributable to the &#8220;section 1256 contract&#8221; positions,
or all short-term capital gain or loss if attributable to the non-section 1256 contract positions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Further, certain of the Fund&#8217;s investment practices
are subject to special and complex U.S. federal income tax provisions that may, among other things, (i) convert dividends that would otherwise
constitute qualified dividend income into short-term capital gain or ordinary income taxed at the higher rate applicable to ordinary income,
(ii) treat dividends that would otherwise be eligible for the corporate dividends received deduction as ineligible for such treatment,
(iii) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (iv) convert long-term capital gain into short-term
capital gain or ordinary income, (v) convert an ordinary loss or deduction into a capital loss (the deductibility of which is more limited),
(vi) cause the Fund to recognize income or gain without a</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">corresponding receipt of cash, (vii) adversely affect
the time as to when a purchase or sale of stock or securities is deemed to occur, (viii) adversely alter the characterization of certain
complex financial transactions, and (ix) produce income that will not qualify as good income for purposes of the 90% annual gross income
requirement described above. While it may not always be successful in doing so, the Fund will seek to avoid or minimize any adverse tax
consequences of its investment practices.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Dividends and interest received, and gains realized,
by the Fund on non-U.S. securities may be subject to income, withholding or other taxes imposed by foreign countries and United States
possessions (collectively &#8220;foreign taxes&#8221;) that would reduce the return on its securities. Tax conventions between certain
countries and the United States, however, may reduce or eliminate foreign taxes, and many foreign countries do not impose taxes on capital
gains in respect of investments by U.S. investors. Depending on the number of non-U.S. shareholders in the Fund, however, such reduced
foreign withholding tax rates may not be available for investments in certain jurisdictions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may invest in the stock of &#8220;passive
foreign investment companies&#8221; (&#8220;PFICs&#8221;). A PFIC is any foreign corporation (with certain exceptions) that, in general,
meets either of the following tests: (1) at least 75% of its gross income is passive or (2) an average of at least 50% of its assets produce,
or are held for the production of, passive income. Under certain circumstances, the Fund will be subject to U.S. federal income tax on
a portion of any &#8220;excess distribution&#8221; received on the stock of a PFIC or of any gain from disposition of that stock (collectively
&#8220;PFIC income&#8221;), plus interest thereon, even if the Fund distributes the PFIC income as a taxable dividend to its shareholders.
The balance of the PFIC income will be included in the Fund&#8217;s investment company taxable income and, accordingly, will not be taxable
to it to the extent it distributes that income to its shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If the Fund invests in a PFIC and elects to treat the
PFIC as a &#8220;qualified electing fund&#8221; (&#8220;QEF&#8221;), then in lieu of the foregoing tax and interest obligation, the Fund
will be required to include in income each year its pro rata share of the QEF&#8217;s annual ordinary earnings and net capital gain&#8212;which
it may have to distribute to satisfy the distribution requirement and avoid imposition of the excise tax&#8212;even if the QEF does not
distribute those earnings and gain to the Fund. In most instances it will be very difficult, if not impossible, to make this election
because of certain of its requirements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may elect to &#8220;mark-to-market&#8221;
its stock in any PFIC. &#8220;Marking-to-market,&#8221; in this context, means including in ordinary income each taxable year the excess,
if any, of the fair market value of a PFIC&#8217;s stock over the Fund&#8217;s adjusted basis therein as of the end of that year. Pursuant
to the election, the Fund also would be allowed to deduct (as an ordinary, not capital, loss) the excess, if any, of its adjusted basis
in PFIC stock over the fair market value thereof as of the taxable year-end, but only to the extent of any net mark-to-market gains (reduced
by any prior deductions) with respect to that stock included by the Fund for prior taxable years under the election. The Fund&#8217;s
adjusted basis in each PFIC&#8217;s stock with respect to which it has made this election will be adjusted to reflect the amounts of income
included and deductions taken thereunder. The reduced rates for &#8220;qualified dividend income&#8221; are not applicable to (i) dividends
paid by a foreign corporation that is a PFIC, (ii) income inclusions from a QEF election with respect to a PFIC, and (iii) ordinary income
from a &#8220;mark-to-market&#8221; election with respect to a PFIC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Under Section 988 of the Code, gains or losses attributable
to fluctuations in exchange rates between the time the Fund accrues income or receivables or expenses or other liabilities denominated
in a non-U.S. currency and the time the Fund actually collects such income or receivables or pays such liabilities generally are treated
as ordinary income or loss. Similarly, gains or losses on non-U.S. currency forward contracts and the disposition of debt securities denominated
in a non-U.S. currency, to the extent attributable to fluctuations in exchange rate between the acquisition and disposition dates, also
are treated as ordinary income or loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If a shareholder realizes a loss on disposition of
the Fund&#8217;s shares of $2 million or more in any single taxable year (or $4 million or more in any combination of taxable years in
which the transaction is entered into and the five succeeding taxable years) for an individual shareholder, corporation or Trust or $10
million or more in any single taxable year (or $20 million or more in any combination of taxable years in which the transaction is entered
into and the five succeeding taxable years) for a corporate shareholder, the shareholder must file with the IRS a disclosure statement
on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current
guidance, shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to
shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of
whether the taxpayer&#8217;s treatment of the loss is proper. Shareholders should consult their tax advisers to determine the applicability
of these regulations in light of their individual circumstances.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Amounts paid by the Fund to individuals and certain
other shareholders who have not provided the Fund with their correct taxpayer identification number (&#8220;TIN&#8221;) and certain certifications
required by the IRS as well as shareholders with respect to whom the Fund has received certain information from the IRS or a broker may
be subject to &#8220;backup&#8221; withholding of U.S. federal income tax arising from the Fund&#8217;s taxable dividends and other distributions
as well as the gross proceeds of sales of shares, at a rate of 24%. An individual&#8217;s TIN generally is his or her social security
number. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules from payments made to a shareholder
may be refunded or credited against such shareholder&#8217;s U.S. federal income tax liability, if any; provided that the required information
is furnished to the IRS.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Distributions will not be subject to backup withholding
to the extent they are subject to the withholding tax on foreign persons described in the next paragraph.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Dividend distributions are in general subject to a
U.S. withholding tax of 30% when paid to a nonresident alien individual, foreign estate or trust, a foreign corporation, or a foreign
partnership (&#8220;foreign shareholder&#8221;). Persons who are resident in a country, such as the U.K., that has an income tax treaty
with the U.S. may be eligible for a reduced withholding rate (upon filing of appropriate forms), and are urged to consult their tax advisors
regarding the applicability and effect of such a treaty. Distributions of capital gain dividends paid by the Fund to a foreign shareholder,
and any gain realized upon the sale of Fund shares by such a shareholder, will ordinarily not be subject to U.S. taxation, unless the
recipient or seller is a nonresident alien individual who is present in the United States for more than 182 days during the taxable year.
Such distributions and sale proceeds may be subject, however, to backup withholding, unless the foreign investor certifies his non-U.S.
residency status. Also, foreign shareholders with respect to whom income from the Fund is &#8220;effectively connected&#8221; with a U.S.
trade or business carried on by such shareholder will in general be subject to U.S. federal income tax on a net basis on the income derived
from the Fund at the graduated rates applicable to U.S. citizens, residents or domestic corporations, whether such income is received
in cash or reinvested in shares, and, in the case of a foreign corporation, also may be subject to a branch profits tax. Properly-designated
dividends are generally exempt from U.S. federal withholding tax where they are (i) &#8220;interest-related dividends&#8221; paid in respect
of the Fund&#8217;s &#8220;qualified net interest income&#8221; (generally, the Fund&#8217;s U.S. source interest income, other than certain
contingent interest and interest from obligations of a corporation or partnership in which the Fund is at least a 10% shareholder, reduced
by expenses that are allocable to such income) or (ii) &#8220;short-term capital gain dividends&#8221; paid in respect of the Fund&#8217;s
&#8220;qualified short-term gains&#8221; (generally, the excess of the Fund&#8217;s net short-term capital gain over the Fund&#8217;s
long-term capital loss for such taxable year). Depending on its circumstances, the Fund may designate all, some or none of its potentially
eligible dividends as such interest-related dividends or as short-term capital gain dividends and/or treat such dividends, in whole or
in part, as ineligible for this exemption from withholding. The Fund&#8217;s capital gain distributions are also exempt from such withholding.
Foreign shareholders who are residents in a country with an income tax treaty with the United States may obtain different tax results,
and are urged to consult their tax advisors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Foreign Account Tax Compliance Act (FATCA), imposes
a 30% U.S. withholding tax on certain U.S. source payments, including interest (even if the interest is otherwise exempt from the withholding
rules described above), dividends and other fixed or determinable annual or periodical income (&#8220;Withholdable Payments&#8221;), if
paid to a foreign financial institution, unless such institution registers with the IRS and enters into an agreement with the IRS or a
governmental authority in its own jurisdiction to collect and provide substantial information regarding U.S. account holders, including
certain account holders that are foreign entities with U.S. owners, with such institution. The legislation also generally imposes a withholding
tax of 30% on Withholdable Payments made to a non-financial foreign entity unless such entity provides the withholding agent with a certification
that it does not have any substantial U.S. owners or a certification identifying the direct and indirect substantial U.S. owners of the
entity. These withholding and reporting requirements generally apply to income payments made after June 30, 2014. A withholding tax that
would apply to the gross proceeds from the disposition of certain investment property and that was scheduled to go into effect in 2019
would be eliminated by proposed regulations (having an immediate effect while pending). Holders are urged to consult with their own tax
advisors regarding the possible implications of this recently enacted legislation on their investment in the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The foregoing briefly summarizes some of the important
U.S. federal income tax consequences to Common Shareholders of investing in Common Shares, reflects U.S. federal tax law as of the date
of this SAI, and does not address special tax rules applicable to certain types of investors, such as corporate and non-U.S. investors.
Unless otherwise noted, this discussion assumes that an investor is a United States person and holds Common Shares as a capital asset.
This discussion is based upon present provisions of the Code, the regulations promulgated thereunder, and judicial and administrative
ruling authorities, all of which are subject to change or differing interpretations by the courts or the IRS retroactively or prospectively.
Investors should consult their tax advisors regarding other U.S.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">federal, state or local tax considerations that may
be applicable to their particular circumstances, as well as any proposed tax law changes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="sai021"></A>Other Information</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund is an organization of the type commonly known
as a &#8220;Massachusetts business trust.&#8221; Under Massachusetts law, shareholders of such a trust may, in certain circumstances,
be held personally liable as partners for the obligations of the trust. The Declaration of Trust contains an express disclaimer of shareholder
liability in connection with Fund property or the acts, obligations or affairs of the Fund. The Declaration of Trust also provides for
indemnification out of Fund property of any shareholder held personally liable for the claims and liabilities to which a shareholder may
become subject by sole reason of being or having been a shareholder. Thus, the risk of a shareholder incurring financial loss on account
of shareholder liability is limited to circumstances in which the Fund itself is unable to meet its obligations. The Fund has been advised
by its counsel that the risk of any shareholder incurring any liability for the obligations of the Fund is remote.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Declaration of Trust provides that the Trustees
will not be liable for errors of judgment or mistakes of fact or law; but nothing in the Declaration of Trust protects a Trustee against
any liability to the Fund or its shareholders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith,
gross negligence, or reckless disregard of the duties involved in the conduct of his or her office. Voting rights are not cumulative with
respect to the election of Trustees, which means that the holders of more than 50% of the shares voting for the election of Trustees can
elect 100% of the Trustees and, in such event, the holders of the remaining less than 50% of the shares voting on the matter will not
be able to elect any Trustees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Effective January 22, 2016, the Board of Trustees of
the Fund amended and restated in its entirety the Declaration of Trust and the By-Laws for the Fund. The amendments to the Declaration
of Trust include, among other changes, provisions that: (i) clarify certain duties, responsibilities, and powers of the Trustees; and
(ii) clarify that shareholders are not intended to be third-party beneficiaries of Fund contracts. The amendments to the By-Laws include,
among other changes, provisions that: (i) clarify that, other than as provided under federal securities laws, the shareholders may only
bring actions involving the Fund derivatively; and (ii) provide that any action brought by a shareholder related to the Fund will be brought
in Massachusetts state or federal court, and that, if a claim is brought in a different jurisdiction and subsequently changed to a Massachusetts
venue, the shareholder will be required to reimburse the Fund for such expenses. The foregoing description of the Declaration of Trust
and By-Laws are qualified in their entirety by the full text of the Declaration of Trust and By-Laws, each effective as of January 22,
2016, which is available by writing to the Secretary of the Fund at 200 Berkeley Street, Boston, Massachusetts 02116, and are available
on the SEC&#8217;s website. The Declaration of Trust also is available on the Secretary of the Commonwealth of Massachusetts&#8217; website.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="sai022"></A>Custodian and Transfer Agent</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund&#8217;s portfolio securities are held pursuant
to a custodian agreement between the Fund and State Street Bank and Trust Company (&#8220;State Street&#8221;), State Street Financial
Center, One Lincoln Street, Boston, Massachusetts 02111. Under the custodian agreement, State Street performs custody, foreign custody
manager and fund accounting services.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Computershare Shareowner Services, LLC, P.O. Box 505000,
Louisville, KY 40233 is the transfer agent, dividend paying agent and registrar of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="sai023"></A>Independent Registered Public Accounting
Firm</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The <A HREF="https://www.sec.gov/Archives/edgar/data/0000855886/000168386321007336/f9315d1.htm">financial statements</A> of the Fund for the fiscal
period ended October 31, 2021, including the related financial highlights that appear in the Prospectus, have been reviewed by PricewaterhouseCoopers
LLP (&#8220;PwC&#8221;), independent registered public accounting firm, as indicated in their report with respect thereto, and are incorporated
herein by reference.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PwC is the independent registered public accounting
firm for the Fund, providing audit services, tax return preparation, and assistance and consultation with respect to the preparation of
filings with the SEC.</P>


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<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="sai024"></A>Reports to Shareholders</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The <A HREF="https://www.sec.gov/Archives/edgar/data/0000855886/000168386321007336/f9315d1.htm">financial statements</A> of the Fund for the fiscal
year ended October 31, 2021, are incorporated herein by reference from the Fund&#8217;s most recent Annual Report to Shareholders filed
with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on Form N-CSR pursuant to Rule 30b2-1 under the 1940 Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="sai025"></A>Incorporation by Reference</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: justify; background-color: white">As noted above, this
SAI is part of a registration statement filed with the SEC. Pursuant to the final rule and form amendments adopted by the SEC on April
8, 2020 to implement certain provisions of the Economic Growth, Regulatory Relief, and Consumer Protection Act, including General Instruction
A.2 of Form N-2, the Fund is permitted to &#8221;incorporate by reference&#8221; the information filed with the SEC, which means that
the Fund can disclose important information to you by referring you to those documents. The information incorporated by reference is considered
to be part of this SAI, and later information that the Fund files with the SEC will automatically update and supersede this information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: justify; background-color: white">The documents listed
below, and any reports and other documents subsequently filed with the SEC pursuant to Rule 30(b)(2) under the 1940 Act and Sections 13(a),
13(c), 14 or 15(d) of the Exchange Act, prior to the termination of the offering will be incorporated by reference into this SAI and deemed
to be part of this SAI from the date of the filing of such reports and documents:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: justify; background-color: white">- The Fund&#8217;s <A HREF="#pro">Prospectus, dated April 13, 2022</A>, filed with this SAI;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: justify; background-color: white">- The Fund&#8217;s <A HREF="https://www.sec.gov/Archives/edgar/data/0000855886/000168386321007336/f9315d1.htm">Annual Report</A> on Form N-CSR, filed on December 17, 2021;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: justify; background-color: white">- The Fund&#8217;s description
of Common Shares on Form 8-A, filed on September 26, 1989.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: justify; background-color: white">You may obtain copies
of any information incorporated by reference into this SAI, at no charge, by calling 800-225-6020 (toll-free), from the Fund&#8217;s
website <U>https://www.jhinvestments.com/investments/closed-end-fund/us-equity-funds/premium-dividend-fund-ce-pdt</U>, or from the SEC&#8217;s
website at sec.gov. The Fund&#8217;s periodic reports filed pursuant to Section 30(b)(2) of the 1940 Act and Sections 13 and 15(d) of
the Exchange Act, as well as the Prospectus and the Statement of Additional Information, are available on the Fund&#8217;s website <U>https://www.jhinvestments.com/investments/closed-end-fund/us-equity-funds/premium-dividend-fund-ce-pdt</U>.
The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that
file electronically with the SEC, and you also may obtain a copy of any information regarding the Fund filed with the SEC from the SEC&#8217;s
website (sec.gov).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="sai026"></A>Codes of Ethics</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund, the Advisor, the Subadvisor and John Hancock
Investment Management Distributors LLC each have adopted Codes of Ethics that comply with Rule 17j-1 under the 1940 Act. Each Code of
Ethics permits personnel subject to that Code of Ethics to invest in securities, including securities that may be purchased or held by
the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">These Codes of Ethics may be obtained by calling the
SEC at 202-942-8090. These Codes of Ethics also are available on the EDGAR Database on the SEC&#8217;s website at sec.gov. Copies of these
Codes of Ethics may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: public info@sec.gov.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="sai027"></A>Additional Information</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund&#8217;s Prospectus, any related Prospectus
Supplements, and this SAI do not contain all of the information set forth in the Registration Statement that the Fund has filed with the
SEC. The complete Registration Statement may be obtained from the SEC upon payment of the fee prescribed by its Rules and Regulations.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>John Hancock Investors Trust</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Statement of Additional Information</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>April 13, 2022</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Investment Advisor</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">John Hancock Investment Management LLC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">200 Berkeley Street</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Boston, Massachusetts 02116</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">1-800-225-6020</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Subadvisor</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Manulife Investment Management (US) LLC<BR>
197 Clarendon Street</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Boston, Massachusetts 02116</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Custodian</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">State Street Bank and Trust Company</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">State Street Financial Center</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">One Lincoln Street</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Boston, Massachusetts 02111</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Transfer Agent</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Computershare Shareowner Services, LLC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">P.O. Box 505000</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Louisville, KY 40233</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Independent Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">PricewaterhouseCoopers LLP</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">101 Seaport Boulevard, Suite 500</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Boston, Massachusetts 02210</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B><A NAME="sai028"></A>APPENDIX A</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>DESCRIPTION OF BOND RATINGS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>DESCRIPTIONS OF CREDIT RATING SYMBOLS AND DEFINITIONS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">The ratings of Moody&#8217;s Investors Service,
Inc. (&#8220;Moody&#8217;s&#8221;), S&amp;P&#8217;s Global Ratings Inc. (&#8220;S&amp;P Global Ratings&#8221;) and Fitch Ratings (&#8220;Fitch&#8221;)
represent their respective opinions as of the date they are expressed and not statements of fact as to the quality of various long-term
and short-term debt instruments they undertake to rate. It should be emphasized that ratings are general and are not absolute standards
of quality. Consequently, debt instruments with the same maturity, coupon and rating may have different yields while debt instruments
of the same maturity and coupon with different ratings may have the same yield.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">Ratings do not constitute recommendations
to buy, sell, or hold any security, nor do they comment on the adequacy of market price, the suitability of any security for a particular
investor, or the tax-exempt nature or taxability of any payments of any security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><U>IN GENERAL</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Moody&#8217;s.</B> Ratings assigned on Moody&#8217;s
global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued
by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">Note that the content of this Appendix A,
to the extent that it relates to the ratings determined by Moody&#8217;s, is derived directly from Moody&#8217;s electronic publication
of &#8220;Ratings Symbols and Definitions&#8221; which is available at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>S&amp;P Global Ratings.</B> An S&amp;P
Global Ratings issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial
obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs
and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement
on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&amp;P Global Ratings&#8217;
view of the obligor&#8217;s capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms,
such as collateral security and subordination, which could affect ultimate payment in the event of default.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">Issue ratings are an assessment of default
risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically
rated lower than senior obligations, to reflect the lower priority in bankruptcy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">Note that the content of this Appendix A,
to the extent that it relates to the ratings determined by S&amp;P Global Ratings, is derived directly from S&amp;P Global Ratings&#8217;
electronic publication of &#8220;S&amp;P&#8217;s Global Ratings Definitions,&#8221; which is available at: <U>https://www.standardandpoors.com/en_US/web/guest/article/-/view/sourceId/504352</U>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>Fitch</B>. Fitch&#8217;s opinions are
forward looking and include Fitch&#8217;s views of future performance. In many cases, these views on future performance may include forecasts,
which may in turn (i) be informed by non-disclosable management projections, (ii) be based on a trend (sector or wider economic cycle)
at a certain stage in the cycle, or (iii) be based on historical performance. As a result, while ratings may include cyclical considerations
and attempt to assess the likelihood of repayment at &#8220;ultimate/final maturity,&#8221; material changes in economic conditions and
expectations (for a particular issuer) may result in a rating change.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">The terms &#8220;investment grade&#8221;
and &#8220;speculative grade&#8221; have established themselves over time as shorthand to describe the categories &#8216;AAA&#8217; to
&#8216;BBB&#8217; (investment grade) and &#8216;BB&#8217; to &#8216;D&#8217; (speculative grade). The terms investment grade and speculative
grade are market conventions and do not imply any recommendation or endorsement of a specific security for investment purposes. Investment
grade categories indicate relatively low to</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">moderate credit risk, while ratings in the
speculative categories either signal a higher level of credit risk or that a default has already occurred. For the convenience of investors,
Fitch may also include issues relating to a rated issuer that are not and have not been rated on its web page. Such issues are also denoted
as &#8216;NR&#8217;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">Note that the content of this Appendix A,
to the extent that it relates to the ratings determined by Fitch, is derived directly from Fitch&#8217;s electronic publication of &#8220;Definitions
of Ratings and Other Forms of Opinion&#8221; which is available at: <U>https://www.fitchratings.com/products/rating-definitions</U>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>GENERAL PURPOSE RATINGS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>LONG-TERM ISSUE RATINGS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>MOODY&#8217;S GLOBAL LONG-TERM RATING SCALE</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">Long-term ratings are assigned to issuers
or obligations with an original maturity of one year or more and reflect both on the likelihood of a default or impairment on contractual
financial obligations and the expected financial loss suffered in the event of default or impairment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>Aaa:</B> Obligations rated Aaa are judged
to be of the highest quality, subject to the lowest level of credit risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>Aa:</B> Obligations rated Aa are judged
to be of high quality and are subject to very low credit risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>A:</B> Obligations rated A are considered
upper-medium grade and are subject to low credit risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>Baa:</B> Obligations rated Baa are judged
to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>Ba:</B> Obligations rated Ba are judged
to be speculative and are subject to substantial credit risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>B:</B> Obligations rated B are considered
speculative and are subject to high credit risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>Caa:</B> Obligations rated Caa are judged
to be speculative of poor standing and are subject to very high credit risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>Ca:</B> Obligations rated Ca are highly
speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>C:</B> Obligations rated C are the lowest
rated and are typically in default, with little prospect for recovery of principal or interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>Note: Addition of a Modifier 1, 2 or 3:
</B>Moody&#8217;s appends numerical modifiers 1, 2 and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates
that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier
3 indicates a ranking in the lower end of that generic rating category. Additionally, a &#8220;(hyb)&#8221; indicator is appended to all
ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms. By their terms, hybrid securities allow
for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission
occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">Together with the hybrid indicator, the long-term
obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B><U>S&amp;P GLOBAL RATINGS LONG-TERM ISSUE
CREDIT RATINGS<BR>
<BR>
</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">Long-term ratings are assigned to issuers
or obligations with an original maturity of one year or more and reflect both on the likelihood of a default or impairment on contractual
financial obligations and the expected financial loss suffered in the event of default or impairment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>AAA:</B> An obligation rated &#8216;AAA&#8217;
has the highest rating assigned by S&amp;P Global Ratings. The obligor&#8217;s capacity to meet its financial commitment on the obligation
is extremely strong.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>AA:</B> An obligation rated &#8216;AA&#8217;
differs from the highest-rated obligations only to a small degree. The obligor&#8217;s capacity to meet its financial commitment on the
obligation is very strong.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>A:</B> An obligation rated &#8216;A&#8217;
is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated
categories. However, the obligor&#8217;s capacity to meet its financial commitment on the obligation is still strong.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>BBB:</B> An obligation rated &#8216;BBB&#8217;
exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the
obligor&#8217;s capacity to meet its financial commitments on the obligation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>BB, B, CCC, CC and C:</B> Obligations
rated &#8216;BB&#8217;, &#8216;B&#8217;, &#8216;CCC&#8217; &#8216;CC&#8217; and &#8216;C&#8217; are regarded as having significant speculative
characteristics. &#8216;BB&#8217; indicates the least degree of speculation and &#8216;C&#8217; the highest. While such obligations will
likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse
conditions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>BB:</B> An obligation rated &#8216;BB&#8217;
is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business,
financial, or economic conditions that could lead to the obligor&#8217;s inadequate capacity to meet its financial commitment on the obligation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>B:</B> An obligation rated &#8216;B&#8217;
is more vulnerable to nonpayment than obligations rated &#8216;BB&#8217;, but the obligor currently has the capacity to meet its financial
commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor&#8217;s capacity or
willingness to meet its financial commitments on the obligation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>CCC:</B> An obligation rated &#8216;CCC&#8217;
is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to
meet its financial commitments on the obligation. In the event of adverse business, financial or economic conditions, the obligor is not
likely to have the capacity to meet its financial commitments on the obligation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>CC:</B> An obligation rated &#8216;CC&#8217;
is currently highly vulnerable to nonpayment. The &#8216;CC&#8217; rating is used when a default has not yet occurred but S&amp;P Global
Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>C:</B> An obligation rated &#8216;C&#8217;
is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery
compared to obligations that are rated higher.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>D:</B> An obligation rated &#8216;D&#8217;
is in default or in breach of an imputed promise. For non-hybrid capital instruments, the &#8216;D&#8217; rating category is used when
payments on an obligation are not made on the date due, unless S&amp;P Global Ratings believes that such payments will be made within
five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The &#8216;D&#8217;
rating also will be used upon the filing of a bankruptcy petition or taking of similar action and where default on an obligation is a
virtual certainty, for example due to automatic stay provisions. An obligation&#8217;s rating is lowered to &#8216;D&#8217; if it is subject
to a distressed exchange offer.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Note: Addition of a Plus (+) or minus (-)
sign: </B>The ratings from &#8216;AA&#8217; to &#8216;CCC&#8217; may be modified by the addition of a plus (+) or minus (-) sign to show
relative standing within the major rating categories.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>Dual Ratings &#8211;</B> Dual ratings
may be assigned to debt issues that have a put option or demand feature. The first component of the rating addresses the likelihood of
repayment of principal and interest as due, and the second component of the rating addresses only the demand feature. The first component
of the rating can relate to either a short-term or long-term transaction and accordingly use either short-term or long-term rating symbols.
The second component of the rating relates to the put option and is assigned a short-term rating symbol (for example, &#8216;AAA/A-1+&#8217;
or &#8216;A-1+/A-1&#8217;). With U. S. municipal short-term demand debt, the U.S. municipal short-term note rating symbols are used for
the first component of the rating (for example, &#8216;SP-1+/A-1+&#8217;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><U>FITCH CORPORATE FINANCE OBLIGATIONS &#8211;
LONG-TERM RATING SCALES</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">Ratings of individual securities or financial
obligations of a corporate issuer address relative vulnerability to default on an ordinal scale. In addition, for financial obligations
in corporate finance, a measure of recovery given default on that liability is also included in the rating assessment. This notably applies
to covered bond ratings, which incorporate both an indication of the probability of default and of the recovery given a default of this
debt instrument.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>AAA: Highest credit quality</B>. &#8216;AAA&#8217;
ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of
financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>AA: Very high credit quality</B>. &#8216;AA&#8217;
ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity
is not significantly vulnerable to foreseeable events.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>A: High credit quality</B>. &#8216;A&#8217;
ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity
may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>BBB: Good credit quality</B>. &#8216;BBB&#8217;
ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate
but adverse business or economic conditions are more likely to impair this capacity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>BB: Speculative</B>. &#8216;BB&#8217;
ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions
over time; however, business or financial alternatives may be available to allow financial commitments to be met.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B>B: Highly speculative</B>. &#8216;B&#8217;
ratings indicate that material credit risk is present.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B>
CCC: Substantial credit risk</B>. &#8220;CCC&#8221; ratings indicate that substantial credit risk is present.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>CC: Very high levels of credit risk</B>.
&#8220;CC&#8221; ratings indicate very high levels of credit risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>C: Exceptionally high levels of credit
risk</B>. &#8220;C&#8221; indicates exceptionally high levels of credit risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">Corporate finance defaulted obligations typically
are not assigned &#8216;RD&#8217; or &#8216;D&#8217; ratings but are instead rated in the &#8216;CCC&#8217; to &#8216;C&#8217; rating
categories, depending on their recovery prospects and other relevant characteristics. This approach better aligns obligations that have
comparable overall expected loss but varying vulnerability to default and loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>Note: Addition of a Plus (+) or minus
(-) sign:</B> Within rating categories, Fitch may use modifiers. The modifiers &#8220;+&#8221; or &#8220;-&#8221; may be appended to a
rating to denote relative status within major rating categories. For example, the rating category &#8216;AA&#8217; has three notch-specific
rating levels (&#8216;AA+&#8217;; &#8216;AA&#8217;; &#8216;AA-&#8217;; each a rating level). Such suffixes</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">are not added to &#8216;AAA&#8217; ratings
and ratings below the &#8216;CCC&#8217; category. For the short-term rating category of &#8216;F1&#8217;, a &#8216;+&#8217; may be appended.
For Viability Ratings, the modifiers &#8216;+&#8217; or &#8216;-&#8217; may be appended to a rating to denote relative status within categories
from &#8216;aa&#8217; to &#8216;ccc&#8217;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>CORPORATE AND TAX-EXEMPT COMMERCIAL PAPER RATINGS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>SHORT-TERM ISSUE RATINGS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>MOODY&#8217;S GLOBAL SHORT-TERM RATING SCALE</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Ratings assigned on Moody&#8217;s global long-term and short-term rating
scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial
institutions, structured finance vehicles, project finance vehicles, and public sector entities. Short-term ratings are assigned to obligations
with an original maturity of thirteen months or less and reflect both the likelihood of a default or impairment on contractual financial
obligations and the expected financial loss suffered in the event of default or impairment.<BR>
<BR>
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Moody&#8217;s employs the following designations
to indicate the relative repayment ability of rated issuers:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>P-1:</B> Issuers (or supporting institutions)
rated Prime-1 have a superior ability to repay short-term debt obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>P-2:</B> Issuers (or supporting institutions)
rated Prime-2 have a strong ability to repay short-term debt obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>P-3:</B> Issuers (or supporting institutions)
rated Prime-3 have an acceptable ability to repay short-term obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>NP:</B> Issuers (or supporting institutions)
rated Not Prime do not fall within any of the Prime rating categories.<BR>
<BR>
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">The following table indicates the long-term
ratings consistent with different short-term ratings when such long-term ratings exist. (Note: Structured finance short-term ratings are
usually based either on the short-term rating of a support provider or on an assessment of cash flows available to retire the financial
obligation).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 1pt 0 0; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><IMG SRC="img001.jpg" ALT=""></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><U>S&amp;P GLOBAL RATINGS&#8217; SHORT-TERM
ISSUE CREDIT RATINGS</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">S&amp;P Global Ratings&#8217; short-term
ratings are generally assigned to those obligations considered short-term in the relevant market. Short-term ratings are also used to
indicate the creditworthiness of an obligor with respect to put features on long-term obligations. Medium term notes are assigned long-term
ratings. Ratings are graded into several categories, ranging from &#8216;A&#8217; for the highest-quality obligations to &#8216;D&#8217;
for the lowest. These categories are as follows:</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>A-1:</B> A short-term obligation rated
&#8216;A-1&#8217; is rated in the highest category by S&amp;P Global Ratings. The obligor&#8217;s capacity to meet its financial commitment
on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor&#8217;s
capacity to meet its financial commitments on these obligations is extremely strong.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>A-2:</B> A short-term obligation rated
&#8216;A-2&#8217; is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations
in higher rating categories. However, the obligor&#8217;s capacity to meet its financial commitments on the obligation is satisfactory.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>A-3:</B> A short-term obligation rated
&#8216;A-3&#8217; exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely
to weaken an obligor&#8217;s capacity to meet its financial commitments on the obligation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>B:</B> A short-term obligation rated &#8216;B&#8217;
is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial
commitments; however, it faces major ongoing uncertainties that could lead to the obligor&#8217;s inadequate capacity to meet its financial
commitments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>C:</B> A short-term obligation rated &#8216;C&#8217;
is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to
meet its financial commitments on the obligation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>D:</B> A short-term obligation rated &#8216;D&#8217;
is in default or in breach of an imputed promise. For non-hybrid capital instruments, the &#8216;D&#8217; rating category is used when
payments on an obligation are not made on the date due, unless S&amp;P Global Ratings believes that such payments will be made within
any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The &#8216;D&#8217;
rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation
is a virtual certainty, for example due to automatic stay provisions. An obligation&#8217;s rating is lowered to &#8216;D&#8217; if it
is subject to a distressed exchange offer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>Dual Ratings -</B> Dual ratings may be
assigned to debt issues that have a put option or demand feature. The first component of the rating addresses the likelihood of repayment
of principal and interest as due, and the second component of the rating addresses only the demand feature. The first component of the
rating can relate to either a short-term or long-term transaction and accordingly use either short-term or long-term rating symbols. The
second component of the rating relates to the put option and is assigned a short-term rating symbol (for example, &#8216;AAA/A-1+&#8217;
or &#8216;A-1+/A-1&#8217;). With U.S. municipal short-term demand debt, the U.S. municipal short-term note rating symbols are used for
the first component of the rating (for example, &#8216;SP-1+/A-1+&#8217;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B><U>FITCH&#8217;S SHORT-TERM ISSUER OR
OBLIGATION RATINGS</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">A short-term issuer or obligation rating
is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations
in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity.
Short-term deposit ratings may be adjusted for loss severity. Short-Term Ratings are assigned to obligations whose initial maturity is
viewed as &#8220;short term&#8221; based on market convention. Typically, this means up to 13 months for corporate, sovereign, and structured
obligations, and up to 36 months for obligations in U.S. public finance markets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>F1:</B> Highest short-term credit quality.
Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added (&#8220;+&#8221;) to denote
any exceptionally strong credit feature.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>F2:</B> Good short-term credit quality.
Good intrinsic capacity for timely payment of financial commitments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>F3:</B> Fair short-term credit quality.
The intrinsic capacity for timely payment of financial commitments is adequate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>B:</B> Speculative short-term credit quality.
Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial
and economic conditions.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>C:</B> High short-term default risk. Default
is a real possibility.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>RD:</B> Restricted default. Indicates
an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically
applicable to entity ratings only.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>D:</B> Default. Indicates a broad-based
default event for an entity, or the default of a short-term obligation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>TAX-EXEMPT NOTE RATINGS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>MOODY&#8217;S U.S. MUNICIPAL SHORT-TERM DEBT RATINGS</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">While the global short-term &#8216;prime&#8217;
rating scale is applied to US municipal tax-exempt commercial A-8 paper, these programs are typically backed by external letters of credit
or liquidity facilities and their short-term prime ratings usually map to the long-term rating of the enhancing bank or financial institution
and not to the municipality&#8217;s rating. Other short-term municipal obligations, which generally have different funding sources for
repayment, are rated using two additional short-term rating scales (i.e., the MIG and VMIG scale discussed below).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">The Municipal Investment Grade (MIG) scale
is used to rate US municipal bond anticipation notes of up to five years maturity. Municipal notes rated on the MIG scale may be secured
by either pledged revenues or proceeds of a take-out financing received prior to note maturity. MIG ratings expire at the maturity of
the obligation, and the issuer&#8217;s long-term rating is only one consideration in assigning the MIG rating. MIG ratings are divided
into three levels&#8212;MIG 1 through MIG 3&#8212;while speculative grade short-term obligations are designated SG.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; background-color: white"><B>MIG 1:</B> This designation denotes superior
credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based
access to the market for refinancing.
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; background-color: white"><B>MIG 2:</B> This designation denotes strong
credit quality. Margins of protection are ample, although not as large as in the preceding group.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; background-color: white"><B>MIG 3:</B> This designation denotes acceptable
credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>SG:</B> This designation denotes speculative-grade
credit quality. Debt instruments in this category may lack sufficient margins of protection.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">Variable Municipal Investment Grade (VMIG)
ratings of demand obligations with unconditional liquidity support are mapped from the short-term debt rating (or counterparty assessment)
of the support provider, or the underlying obligor in the absence of third party liquidity support, with VMIG 1 corresponding to P-1,
VMIG 2 to P-2, VMIG 3 to P-3 and SG to not prime. For example, the VMIG rating for an industrial revenue bond with Company XYZ as the
underlying obligor would normally have the same numerical modifier as Company XYZ&#8217;s prime rating. Transitions of VMIG ratings of
demand obligations with conditional liquidity support, as shown in the diagram below, differ from transitions on the Prime scale to reflect
the risk that external liquidity support will terminate if the issuer&#8217;s long-term rating drops below investment grade.<BR>
<BR>
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>VMIG 1:</B> This designation denotes superior
credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and
legal protections that ensure the timely payment of purchase price upon demand.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>VMIG 2:</B> This designation denotes strong
credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal
protections that ensure the timely payment of purchase price upon demand.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B>VMIG 3:</B> This designation denotes acceptable
credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural
and legal protections that ensure the timely payment of purchase price upon demand.</P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>SG:</B> This designation denotes speculative-grade
credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have an investment grade
short-term rating or may lack the structural and/or legal protections necessary to ensure the timely payment of purchase price upon demand.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">* For VRDBs supported with conditional liquidity
support, short-term ratings transition down at higher long-term ratings to reflect the risk of termination of liquidity support as a result
of a downgrade below investment grade.</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">VMIG ratings of VRDBs with unconditional
liquidity support reflect the short-term debt rating (or counterparty assessment) of the liquidity support provider with VMIG 1 corresponding
to P-1, VMIG 2 to P-2, VMIG 3 to P-3 and SG to not prime.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">For more complete discussion of these rating
transitions, please see Annex B of Moody&#8217;s Methodology titled Variable Rate Instruments Supported by Conditional Liquidity Facilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B><U>S&amp;P GLOBAL RATINGS&#8217; MUNICIPAL
SHORT-TERM NOTE RATINGS</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B><U>MUNICIPAL SHORT-TERM NOTE RATINGS</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">An S&amp;P Global Ratings municipal note
rating reflects S&amp;P Global Ratings&#8217; opinion about the liquidity factors and market access risks unique to the notes. Notes due
in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive
a long-term debt rating. In determining which type of rating, if any, to assign, S&amp;P Global Ratings&#8217; analysis will review the
following considerations:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; padding-right: 12.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9632;</FONT></TD>
    <TD STYLE="width: 99%; padding-right: 12.25pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amortization schedule &#8211; the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; padding-right: 12.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9632;</FONT></TD>
    <TD STYLE="width: 99%; padding-right: 12.25pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Source of payment &#8211; the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Note rating symbols are as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>SP-1:</B> Strong capacity to pay principal
and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>SP-2:</B> Satisfactory capacity to pay
principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>SP-3:</B> Speculative capacity to pay
principal and interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white"><B>D:</B> &#8216;D&#8217; is assigned upon
failure to pay the note when due, completion of a distressed exchange offer, or the filing of a bankruptcy petition or the taking of similar
action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><U>FITCH PUBLIC FINANCE RATINGS</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">See FITCH SHORT-TERM ISSUER OR OBLIGATIONS RATINGS above</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><A NAME="sai029"></A>APPENDIX B</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PROXY VOTING POLICIES OF THE ADVISOR, THE JOHN HANCOCK
FUNDS AND THE SUBADVISOR</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>JOHN HANCOCK INVESTMENT MANAGEMENT LLC</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PROXY VOTING POLICIES AND PROCEDURES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #1F497D">
    <TD STYLE="padding: 4pt; width: 100%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Overview</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The SEC adopted Rule 206(4)-6 under the Advisers
    Act, which requires investment advisers with voting authority to adopt and implement written policies and procedures that are reasonably
    designed to ensure that the investment adviser votes client securities in the best interest of clients. The procedures must include how
    the investment adviser addresses material conflicts that may arise between the interests of the investment adviser and those of its clients.
    The Advisers are registered investment advisers under the Advisers Act and serve as the investment advisers to the Funds. The Advisers
    generally retain one or more sub-advisers to manage the assets of the Funds, including voting proxies with respect to a Fund&#8217;s portfolio
    securities. From time to time, however, the Advisers may elect to manage directly the assets of a Fund, including voting proxies with
    respect to such Fund&#8217;s portfolio securities, or a Fund&#8217;s Board may otherwise delegate to the Advisers authority to vote such
    proxies. Rule 206(4)-6 under the Advisers Act requires that a registered investment adviser adopt and implement written policies and procedures
    reasonably designed to ensure that it votes proxies with respect to a client&#8217;s securities in the best interest of the client.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Firms are required by Advisers Act Rule 204-2(c)(2)
    to maintain records of their voting policies and procedures, a copy of each proxy statement that the investment adviser receives regarding
    client securities, a record of each vote cast by the investment adviser on behalf of a client, a copy of any document created by the investment
    adviser that was material to making a decision how to vote proxies on behalf of a client, and a copy of each written client request for
    information on how the adviser voted proxies on behalf of the client, as well as a copy of any written response by the investment adviser
    to any written or oral client request for information on how the adviser voted that client&#8217;s proxies.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Investment companies must disclose information
    about the policies and procedures used to vote proxies on the investment company&#8217;s portfolio securities and must file the fund&#8217;s
    proxy voting record with the SEC annually on Form N-PX.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Pursuant thereto, the Advisers have adopted and implemented these proxy
voting policies and procedures (the &#8220;Proxy Procedures&#8221;).<B>&nbsp;</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="padding: 4pt; width: 100%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Policy</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It is the Advisers&#8217; policy to comply with
Rule 206(4)-6 and Rule 204-2(c)(2) under the Advisers Act as described above. In general, the Advisers delegate proxy voting decisions
to the sub-advisers managing the funds. If an instance occurs where a conflict of interest arises between the shareholders and a particular
sub-adviser, however, the Adviser retains the right to influence and/or direct the conflicting proxy voting decisions.<B>&nbsp;</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="padding: 4pt; width: 100%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Regulatory Requirement</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rule 206(4)-6 under the Advisers Act</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="padding: 4pt; width: 100%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Reporting</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form N-PX</FONT></TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="padding: 4pt; width: 100%; border: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Advisers will provide the Board with notice and a copy
    of any amendments or revisions to the Procedures and will report quarterly to the Board all material changes to these Proxy Procedures.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The CCO&#8217;s annual written compliance report to
    the Board will contain a summary of material changes to the Proxy Procedures during the period covered by the report.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If the Advisers or the Designated Person vote any proxies
    in a manner inconsistent with either these Proxy Procedures or a Fund&#8217;s proxy voting policies and procedures, the CCO will provide
    the Board with a report detailing such exceptions.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD COLSPAN="2" STYLE="border: Black 1pt solid; padding: 4pt; vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Procedure</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt; vertical-align: top; text-align: left">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Fiduciary Duty</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Advisers have a fiduciary duty to vote proxies
    on behalf of a Fund in the best interest of the Fund and its shareholders.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Voting of Proxies - Advisers</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Advisers will vote proxies with respect to a Fund&rsquo;s
    portfolio securities when authorized to do so by the Fund and subject to the Fund&rsquo;s proxy voting policies and procedures and any
    further direction or delegation of authority by the Fund&rsquo;s Board. The decision on how to vote a proxy will be made by the person(s)
    to whom the Advisers have from time to time delegated such responsibility (the &ldquo;Designated Person&rdquo;). The Designated Person
    may include the Fund&rsquo;s portfolio manager(s) or a Proxy Voting Committee, as described below.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">When voting proxies with respect to a Fund&rsquo;s
    portfolio securities, the following standards will apply:</P>
</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding: 4pt; vertical-align: top; width: 4%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding: 4pt 4pt 4pt 14pt; vertical-align: top; width: 96%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Designated Person will vote based on what it believes is in the best interest of the Fund and its shareholders and in accordance with the Fund&rsquo;s investment guidelines.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding: 4pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding: 4pt 4pt 4pt 14pt; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Each voting decision will be made independently. To assist with the analysis of voting issues and/or to carry out the actual voting process the Designated Person may enlist the services of (1) reputable professionals (who may include persons employed by or otherwise associated with the Advisers or any of its affiliated persons) or (2) independent proxy evaluation services such as Institutional Shareholder Services. However, the ultimate decision as to how to vote a proxy will remain the responsibility of the Designated Person.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding: 4pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding: 4pt 4pt 4pt 14pt; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Advisers believe that a good management team of a company will generally act in the best interests of the company. Therefore, the Designated Person will take into consideration as a key factor in voting proxies with respect to securities of a company that are held by the Fund the quality of the company&rsquo;s management. In general, the Designated Person will vote as recommended by company management except in situations where the Designated Person believes such recommended vote is not in the best interests of the Fund and its shareholders.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding: 4pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding: 4pt 4pt 4pt 14pt; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As a general principle, voting with respect to the same portfolio securities held by more than one Fund should be consistent among those Funds having substantially the same investment mandates.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding: 4pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt 4pt 4pt 14pt; vertical-align: top; text-align: left">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Advisers will provide the Fund, from time to time
    in accordance with the Fund&rsquo;s proxy voting policies and procedures and any applicable laws and regulations, a record of the Advisers&rsquo;
    voting of proxies with respect to the Fund&rsquo;s portfolio securities.</P>
</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 10pt 4pt 4pt; vertical-align: top; text-align: left">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Material Conflicts of Interest</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In carrying out its proxy voting responsibilities,
    the Advisers will monitor and resolve potential material conflicts (&ldquo;Material Conflicts&rdquo;) between the interests of (a) a Fund
    and (b) the Advisers or any of its affiliated persons. Affiliates of the Advisers include Manulife Financial Corporation and its subsidiaries.
    Material Conflicts may arise, for example, if a proxy vote relates to matters involving any of these companies or other issuers in which
    the Advisers or any of their affiliates has a substantial equity or other interest.</P></TD></TR>
  </TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If the Advisers or a Designated Person become aware
    that a proxy voting issue may present a potential Material Conflict, the issue will be referred to the Advisers&#8217; Legal Department
    and/or the Office of the CCO. If the Legal Department and/or the Office of the CCO, as applicable determines that a potential Material
    Conflict does exist, a Proxy Voting Committee will be appointed to consider and resolve the issue. The Proxy Voting Committee may make
    any determination that it considers reasonable and may, if it chooses, request the advice of an independent, third-party proxy service
    on how to vote the proxy.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Voting Proxies of Underlying Funds of a Fund of
    Funds</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Advisers or the Designated Person will vote proxies
    with respect to the shares of a Fund that are held by another Fund that operates as a Fund of Funds&#8221;) in the manner provided in
    the proxy voting policies and procedures of the Fund of Funds (including such policies and procedures relating to material conflicts of
    interest) or as otherwise directed by the board of trustees or directors of the Fund of Funds.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Proxy Voting Committee(s)</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Advisers will from time to time, and on such temporary
    or longer-term basis as they deem appropriate, establish one or more Proxy Voting Committees. A Proxy Voting Committee shall include the
    Advisers&#8217; CCO and may include legal counsel. The terms of reference and the procedures under which a Proxy Voting Committee will
    operate will be reviewed from time to time by the Legal and Compliance Department. Records of the deliberations and proxy voting recommendations
    of a Proxy Voting Committee will be maintained in accordance with applicable law, if any, and these Proxy Procedures. Requested shareholder
    proposals or other Shareholder Advocacy must be submitted for consideration pursuant to the Shareholder Advocacy Policy and Procedures.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Voting of Proxies - SubAdvisers</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In the case of proxies voted by a sub-adviser to a
    Fund pursuant to the Fund&#8217;s proxy voting procedures, the Advisers will request the sub-adviser to certify to the Advisers that the
    sub-adviser has voted the Fund&#8217;s proxies as required by the Fund&#8217;s proxy voting policies and procedures and that such proxy
    votes were executed in a manner consistent with these Proxy Procedures and to provide the Advisers with a report detailing any instances
    where the sub-adviser voted any proxies in a manner inconsistent with the Fund&#8217;s proxy voting policies and procedures. The COO of
    the Advisers will then report to the Board on a quarterly basis regarding the sub-adviser certification and report to the Board any instance
    where the sub-adviser voted any proxies in a manner inconsistent with the Fund&#8217;s proxy voting policies and procedures.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><BR>
    The Fund Administration Department maintains procedures affecting all administration functions for the mutual funds. These procedures
    detail the disclosure and administration of the Trust&#8217;s proxy voting records.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Trust&#8217;s Chief Legal Counsel is responsible
    for including, in the SAI of each Trust, information about the proxy voting of the Advisers and each sub-adviser.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Reporting to Fund Boards</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The CCO of the Advisers will provide the Board with
    a copy of these Proxy Procedures, accompanied by a certification that represents that the Proxy Procedures have been adopted by the Advisers
    in conformance with Rule 206(4)-6 under the Advisers Act. Thereafter, the Advisers will provide the Board with notice and a copy of any
    amendments or revisions to the Procedures and will report quarterly to the Board all material changes to these Proxy Procedures.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The CCO&#8217;s annual written compliance report to
    the Board will contain a summary of material changes to the Proxy Procedures during the period covered by the report.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If the Advisers or the Designated Person vote any proxies
    in a manner inconsistent with either these Proxy Procedures or a Fund&#8217;s proxy voting policies and procedures, the CCO will provide
    the Board with a report detailing such exceptions</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="padding: 4pt; width: 100%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Key Contacts</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investment Compliance</FONT></TD></TR>
  </TABLE>

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    <TD STYLE="padding: 4pt; width: 100%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Escalation/Reporting Violations</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All John Hancock employees are required to report any known or suspected violation of this policy to the CCO of the Funds. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="padding: 4pt; width: 100%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Related Policies and Procedures</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="padding: 4pt; width: 100%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Document Retention Requirements</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Advisers will retain (or arrange for the retention
    by a third party of) such records relating to proxy voting pursuant to these Proxy Procedures as may be required from time to time by
    applicable law and regulations, including the following:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
    Proxy Procedures and all amendments hereto;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
    proxy statements received regarding Fund portfolio securities;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Records
    of all votes cast on behalf of a Fund;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Records
    of all Fund requests for proxy voting information;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt; text-align: justify; text-indent: -30pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
    documents prepared by the Designated Person or a Proxy Voting Committee that were material to or memorialized the basis for a voting decision;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
    records relating to communications with the Funds regarding Conflicts; and</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
    minutes of meetings of Proxy Voting Committees.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Office of the CCO, and/or the Legal Department are responsible for maintaining
    the documents set forth above as needed and deemed appropriate. Such documents will be maintained in the Office of the CCO, and/or the
    Legal Department for the period set forth in the Records Retention Schedule.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">12.1.2019</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>JOHN HANCOCK FUNDS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PROXY VOTING POLICIES AND PROCEDURES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="padding: 4pt; width: 100%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Overview</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Each fund of the Trust or any other registered investment company (or series
    thereof) (each, a &#8220;fund&#8221;) is required to disclose its proxy voting policies and procedures in its registration statement and,
    pursuant to Rule 30b1-4 under the 1940 Act, file annually with the Securities and Exchange Commission and make available to shareholders
    its actual proxy voting record.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: white"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Investment Company Act</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">An investment company is required to disclose
    in its SAI either (a) a summary of the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities
    or (b) a copy of its proxy voting policies.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">A fund is also required by Rule 30b1-4 of the
    Investment Company Act of 1940 to file Form N-PX annually with the SEC, which contains a record of how the fund voted proxies relating
    to portfolio securities. For each matter relating to a portfolio security considered at any shareholder meeting, Form N-PX is required
    to include, among other information, the name of the issuer of the security, a brief identification of the matter voted on, whether and
    how the fund cast its vote, and whether such vote was for or against management. In addition, a fund is required to disclose in its SAI
    and its annual and semi-annual reports to shareholders that such voting record may be obtained by shareholders, either by calling a toll-free
    number or through the fund&#8217;s website, at the fund&#8217;s option.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Advisers Act</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0pt; text-align: justify">Under Advisers Act Rule 206(4)-6, investment
    advisers are required to adopt proxy voting policies and procedures, and investment companies typically rely on the policies of their
    advisers or sub-advisers.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

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    <TD STYLE="padding: 4pt; width: 100%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Policy</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Majority of the Independent Board of Trustees (the
    &#8220;Board&#8221;) of each registered investment company of the Trusts, has adopted these proxy voting policies and procedures (the
    &#8220;Trust Proxy Policy&#8221;).</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It is the Advisers&rsquo; policy to comply with Rule
206(4)-6 of the Advisers Act and Rule 30b1-4 of the 1940 Act as described above. In general, Advisers defer proxy voting decisions to
the sub-advisers managing the Funds. It is the policy of the Trusts to delegate the responsibility for voting proxies relating to portfolio
securities held by a Fund to the Fund&rsquo;s respective Adviser or, if the Fund&rsquo;s Adviser has delegated portfolio management responsibilities
to one or more investment sub-adviser(s), to the fund&rsquo;s sub-adviser(s), subject to the Board&rsquo;s continued oversight. The sub-adviser
for each Fund shall vote all proxies relating to securities held by each Fund and in that connection, and subject to any further policies
and procedures contained herein, shall use proxy voting policies and procedures adopted by each sub-adviser in conformance with Rule 206(4)-6
under the Advisers Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If an instance occurs where a conflict of interest
arises between the shareholders and the designated sub-adviser, however, Advisers retain the right to influence and/or direct the conflicting
proxy voting decisions in the best interest of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Delegation of Proxy Voting Responsibilities</B></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">It is the policy of the Trust to delegate the responsibility for voting
proxies relating to portfolio securities held by a fund to the fund&rsquo;s investment adviser (&ldquo;adviser&rdquo;) or, if the fund&rsquo;s
adviser has delegated portfolio management responsibilities to one or more investment sub-adviser(s), to the fund&rsquo;s sub-adviser(s),
subject to the Board&rsquo;s continued oversight. The sub-adviser for each fund shall vote all proxies relating to securities held</P>
</TD></TR>
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    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">by each fund and in that connection, and subject to any further policies and procedures contained herein, shall use proxy voting
    policies and procedures adopted by each sub-adviser in conformance with Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended
    (the &#8220;Advisers Act&#8221;).</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Except as noted below under Material Conflicts of Interest,
    the Trust Proxy Policy with respect to a Fund shall incorporate that adopted by the Fund&#8217;s sub-adviser with respect to voting proxies
    held by its clients (the &#8220;Sub-adviser Proxy Policy&#8221;). Each Sub-adviser Policy, as it may be amended from time to time, is
    hereby incorporated by reference into the Trust Proxy Policy. Each sub-adviser to a Fund is directed to comply with these policies and
    procedures in voting proxies relating to portfolio securities held by a fund, subject to oversight by the Fund&#8217;s adviser and by
    the Board. Each Adviser to a Fund retains the responsibility, and is directed, to oversee each sub-adviser&#8217;s compliance with these
    policies and procedures, and to adopt and implement such additional policies and procedures as it deems necessary or appropriate to discharge
    its oversight responsibility. Additionally, the Trust&#8217;s Chief Compliance Officer (&#8220;CCO&#8221;) shall conduct such monitoring
    and supervisory activities as the CCO or the Board deems necessary or appropriate in order to appropriately discharge the CCO&#8217;s
    role in overseeing the sub-advisers&#8217; compliance with these policies and procedures.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The delegation by the Board of the authority to vote
    proxies relating to portfolio securities of the funds is entirely voluntary and may be revoked by the Board, in whole or in part, at any
    time.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Voting Proxies of Underlying Funds of a Fund of
    Funds</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.4pt; text-align: justify; text-indent: -14.4pt">A.&nbsp;<U>Where
    the Fund of Funds is not the Sole Shareholder of the Underlying Fund</U></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.4pt; text-align: justify">With respect to voting proxies relating
    to the shares of an underlying fund (an &#8220;Underlying Fund&#8221;) held by a Fund of the Trust operating as a fund of funds (a &#8220;Fund
    of Funds&#8221;) in reliance on Section 12(d)(1)(G) of the 1940 Act where the Underlying Fund has shareholders other than the Fund of
    Funds which are not other Fund of Funds, the Fund of Funds will vote proxies relating to shares of the Underlying Fund in the same proportion
    as the vote of all other holders of such Underlying Fund shares.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.4pt; text-align: justify; text-indent: -14.4pt">B.&nbsp;<U>Where
    the Fund of Funds is the Sole Shareholder of the Underlying Fund</U></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.4pt; text-align: justify">In the event that one or more Funds of Funds
    are the sole shareholders of an Underlying Fund, the Adviser to the Fund of Funds or the Trusts will vote proxies relating to the shares
    of the Underlying Fund as set forth below unless the Board elects to have the Fund of Funds seek voting instructions from the shareholders
    of the Funds of Funds in which case the Fund of Funds will vote proxies relating to shares of the Underlying Fund in the same proportion
    as the instructions timely received from such shareholders.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 32.4pt; text-align: justify; text-indent: -14.4pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Where
Both the Underlying Fund and the Fund of Funds are Voting on Substantially Identical Proposals</U></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In the event that the Underlying Fund and the Fund
    of Funds are voting on substantially identical proposals (the &#8220;Substantially Identical Proposal&#8221;), then the Adviser or the
    Fund of Funds will vote proxies relating to shares of the Underlying Fund in the same proportion as the vote of the shareholders of the
    Fund of Funds on the Substantially Identical Proposal.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 32.4pt; text-align: justify; text-indent: -14.4pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Where
the Underlying Fund is Voting on a Proposal that is Not Being Voted on by the Fund of Funds</U></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 60pt; text-align: justify; text-indent: -18pt">(a)&nbsp;&nbsp;<U>Where
    there is No Material Conflict of Interest Between the Interests of the Shareholders of the Underlying Fund and the Adviser Relating to
    the Proposal</U></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 60pt; text-align: justify">In the event that the Fund of Funds is voting
    on a proposal of the Underlying Fund and the Fund of Funds is not also voting on a substantially identical proposal and there is no material
    conflict of interest between the interests of the shareholders of the Underlying Fund and the Adviser relating to the Proposal, then the
    Adviser will vote proxies relating to the shares of the Underlying Fund pursuant to its Proxy Voting Procedures.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 60pt; text-align: justify; text-indent: -18pt">(b)&nbsp;&nbsp;<U>Where
    there is a Material Conflict of Interest Between the Interests of the Shareholders of the Underlying Fund and the Adviser Relating to
    the Proposal</U></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 60pt; text-align: justify">In the event that the Fund of Funds is voting
    on a proposal of the Underlying Fund and the Fund of Funds is not also voting on a substantially identical proposal and there is a material
    conflict of interest between the interests of the shareholders of the Underlying Fund and the Adviser relating to the Proposal, then the
    Fund of Funds will seek voting instructions from the shareholders of the</P></TD></TR>
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    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 60pt; text-align: justify">Fund of Funds on the proposal and will vote
    proxies relating to shares of the Underlying Fund in the same proportion as the instructions timely received from such shareholders. A
    material conflict is generally defined as a proposal involving a matter in which the Adviser or one of its affiliates has a material economic
    interest.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Material Conflicts of Interest</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If (1) a sub-adviser to a Fund becomes aware that a
    vote presents a material conflict between the interests of (a) shareholders of the Fund; and (b) the Fund&#8217;s Adviser, sub-adviser,
    principal underwriter, or any of their affiliated persons, and (2) the sub-adviser does not propose to vote on the particular issue in
    the manner prescribed by its Sub-adviser Proxy Policy or the material conflict of interest procedures set forth in its Sub-adviser Proxy
    Policy are otherwise triggered, then the sub-adviser will follow the material conflict of interest procedures set forth in its Sub-adviser
    Proxy Policy when voting such proxies.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If a Sub-adviser Proxy Policy provides that in the
    case of a material conflict of interest between Fund shareholders and another party, the sub-adviser will ask the Board to provide voting
    instructions, the sub-adviser shall vote the proxies, in its discretion, as recommended by an independent third party, in the manner prescribed
    by its Sub-adviser Proxy Policy or abstain from voting the proxies.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Proxy Voting Committee(s)</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Advisers will from time to time, and on such temporary
    or longer-term basis as they deem appropriate, establish one or more Proxy Voting Committees. A Proxy Voting Committee shall include the
    Advisers&#8217; CCO and may include legal counsel. The terms of reference and the procedures under which a Proxy Voting Committee will
    operate will be reviewed from time to time by the Legal and Compliance Department. Records of the deliberations and proxy voting recommendations
    of a Proxy Voting Committee will be maintained in accordance with applicable law, if any, and these Proxy Procedures. Requested shareholder
    proposals or other Shareholder Advocacy in the name of a Fund must be submitted for consideration pursuant to the Shareholder Advocacy
    Policy and Procedures.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Securities Lending Program</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Certain of the Funds participate in a securities lending
    program with the Trusts through an agent lender. When a Fund&#8217;s securities are out on loan, they are transferred into the borrower&#8217;s
    name and are voted by the borrower, in its discretion. Where a sub-adviser determines, however, that a proxy vote (or other shareholder
    action) is materially important to the client&#8217;s account, the sub-adviser should request that the agent recall the security prior
    to the record date to allow the sub-adviser to vote the securities.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Disclosure of Proxy Voting Policies and Procedures
    in the Trust&#8217;s Statement of Additional Information (&#8220;SAI&#8221;)</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Trust shall include in its SAI a summary of the
    Trust Proxy Policy and of the Sub-adviser Proxy Policy included therein. (In lieu of including a summary of these policies and procedures,
    the Trust may include each full Trust Proxy Policy and Sub-adviser Proxy Policy in the SAI.)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Disclosure of Proxy Voting Policies and Procedures
    in Annual and Semi-Annual Shareholder Reports</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Trusts shall disclose in annual and semi-annual
    shareholder reports that a description of the Trust Proxy Policy, including the Sub-adviser Proxy Policy, and the Trusts&#8217; proxy
    voting record for the most recent 12 months ended June 30 are available on the Securities and Exchange Commission&#8217;s (&#8220;SEC&#8221;)
    website, and without charge, upon request, by calling a specified toll-free telephone number. The Trusts will send these documents within
    three business days of receipt of a request, by first-class mail or other means designed to ensure equally prompt delivery. The Fund Administration
    Department is responsible for preparing appropriate disclosure regarding proxy voting for inclusion in shareholder reports and distributing
    reports. The Legal Department supporting the Trusts is responsible for reviewing such disclosure once it is prepared by the Fund Administration
    Department.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Filing of Proxy Voting Record on Form N-PX</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Trusts will annually file their complete proxy
    voting record with the SEC on Form N-PX. The Form N-PX shall be filed for the twelve months ended June 30 no later than August 31 of that
    year. The Fund Administration department, supported by the Legal Department supporting the Trusts, is responsible for the annual filing.</P></TD></TR>
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    <TD STYLE="padding: 4pt; width: 100%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Regulatory Requirement</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rule 206(4)-6 of the Advisers Act and Rule 30b1-4 of the 1940 Act</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="padding: 4pt; width: 100%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Reporting</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Disclosures in SAI:</B> The Trusts shall disclose
    in annual and semi-annual shareholder reports that a description of the Trust Proxy Policy, including the Sub-adviser Proxy Policy, and
    the Trusts&#8217; proxy voting record for the most recent 12 months ended June 30.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Form N-PX:</B> The proxy voting service will file
    Form N-PX for each twelve-month period ending on June 30. The filing must be submitted to the SEC on or before August 31 of each year.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="padding: 4pt; width: 100%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Procedure</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Review of Sub-advisers&#8217; Proxy Voting</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Trusts have delegated proxy voting authority with
    respect to Fund portfolio securities in accordance with the Trust Policy, as set forth above.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Consistent with this delegation, each sub-adviser is
    responsible for the following:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">1.&nbsp;&nbsp;&nbsp;Implementing
    written policies and procedures, in compliance with Rule 206(4)-6 under the Advisers Act, reasonably designed to ensure that the sub-adviser
    votes portfolio securities in the best interest of shareholders of the Trusts.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">2.&nbsp;&nbsp;&nbsp;Providing
    the Advisers with a copy and description of the Sub-adviser Proxy Policy prior to being approved by the Board as a sub-adviser, accompanied
    by a certification that represents that the Sub-adviser Proxy Policy has been adopted in conformance with Rule 206(4)-6 under the Advisers
    Act. Thereafter, providing the Advisers with notice of any amendment or revision to that Sub-adviser Proxy Policy or with a description
    thereof. The Advisers are required to report all material changes to a Sub-adviser Proxy Policy quarterly to the Board. The CCO&#8217;s
    annual written compliance report to the Board will contain a summary of the material changes to each Sub-adviser Proxy Policy during the
    period covered by the report.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">3.&nbsp;&nbsp;&nbsp;Providing
    the Adviser with a quarterly certification indicating that the sub-adviser did vote proxies of the funds and that the proxy votes were
    executed in a manner consistent with the Sub-adviser Proxy Policy. If the sub-adviser voted any proxies in a manner inconsistent with
    the Sub-adviser Proxy Policy, the sub-adviser will provide the Adviser with a report detailing the exceptions.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Adviser Responsibilities</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Trusts have retained a proxy voting service to
    coordinate, collect, and maintain all proxy-related information, and to prepare and file the Trust&#8217;s reports on Form N-PX with the
    SEC.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Advisers, in accordance with their general oversight
    responsibilities, will periodically review the voting records maintained by the proxy voting service in accordance with the following
    procedures:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">1.&nbsp;&nbsp;&nbsp;Receive
    a file with the proxy voting information directly from each sub-adviser on a quarterly basis.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">2.&nbsp;&nbsp;&nbsp;Select
    a sample of proxy votes from the files submitted by the sub-advisers and compare them against the proxy voting service files for accuracy
    of the votes.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">3.&nbsp;&nbsp;&nbsp;Deliver
    instructions to shareholders on how to access proxy voting information via the Trust&#8217;s semi-annual and annual shareholder reports.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund Administration Department, in conjunction with the Legal Department
    supporting the Trusts, is responsible for the foregoing procedures.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Proxy Voting Service Responsibilities</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Proxy voting services retained by the Trusts are required to undertake the
    following procedures:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">&bull;&#9;<B>&nbsp;&nbsp;&nbsp;&nbsp;Aggregation
    of Votes:</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The proxy voting service&#8217;s proxy disclosure
system will collect fund-specific and/or account-level voting records,&nbsp;</P></TD></TR>
  </TABLE>


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    <TD STYLE="padding: 4pt; width: 100%; border: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">including votes cast by multiple sub-advisers or third-party
    voting services.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">&bull;&#9;<B>&nbsp;&nbsp;&nbsp;Reporting:</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The proxy voting service&#8217;s proxy disclosure system
    will provide the following reporting features:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">1.&nbsp;&nbsp;&nbsp;multiple
    report export options;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">2.&nbsp;&nbsp;&nbsp;report
    customization by fund-account, portfolio manager, security, etc.; and</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">3.&nbsp;&nbsp;&nbsp;account
    details available for vote auditing.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">&bull;&#9;&nbsp;&nbsp;&nbsp;<B>Form N-PX
    Preparation and Filing:</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Advisers will be responsible for oversight and
    completion of the filing of the Trusts&#8217; reports on Form N-PX with the SEC. The proxy voting service will prepare the EDGAR version
    of Form N-PX and will submit it to the adviser for review and approval prior to filing with the SEC. The proxy voting service will file
    Form N-PX for each twelve-month period ending on June 30. The filing must be submitted to the SEC on or before August 31 of each year.
    The Fund Administration Department, in conjunction with the Legal Department supporting the Trusts, is responsible for the foregoing procedures.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund Administration Department in conjunction with
    the CCO oversees compliance with this policy.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund Administration Department maintains operating
    procedures affecting the administration and disclosure of the Trusts&#8217; proxy voting records.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Trusts&#8217; Chief Legal Counsel is responsible
    for including in the Trusts&#8217; SAI information regarding the Advisers&#8217; and each sub-advisers proxy voting policies as required
    by applicable rules and form requirements.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="padding: 4pt; width: 100%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Key Contacts</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investment Compliance </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top; background-color: #1F497D">
    <TD STYLE="padding: 4pt; width: 100%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Escalation/Reporting Violations</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All John Hancock employees are required to report any known or suspected violation of this policy to the CCO of the Funds.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="padding: 4pt; width: 100%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Related Policies and Procedures</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7B Registration Statements and Prospectuses</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="padding: 4pt; width: 100%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Document Retention Requirements</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund Administration Department and The CCO&#8217;s Office is responsible
    for maintaining all documentation created in connection with this policy. Documents will be maintained for the period set forth in the
    Records Retention Schedule. See Compliance Policy: Books and Records.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">12.10.2019</P></TD></TR>
  </TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Manulife Investment Management Global Proxy Voting Policy and Procedures
(External)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">April 2021</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Executive summary</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Each investment team at Manulife Investment Management (Manulife
IM)<SUP>1</SUP> is responsible for investing in line with its investment philosophy and clients&#8217; objectives. Manulife IM&#8217;s
approach to proxy voting aligns with its organizational structure and encourages best practices in governance and management of environmental
and social risks and opportunities. Manulife IM has adopted and implemented proxy voting policies and procedures to ensure that proxies
are voted in the best interests of its clients for whom it has proxy voting authority.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">This global proxy voting policy and procedures (policy) applies
to each of the Manulife IM advisory affiliates listed in Appendix A. In seeking to adhere to local regulatory requirements of the jurisdiction
in which an advisory affiliate operates, additional procedures specific to that affiliate may be implemented to ensure compliance, where
applicable. The policy is not intended to cover every possible situation that may arise in the course of business, but rather to act as
a decision-making guide. It is therefore subject to change and interpretation from time-to-time as facts and circumstances dictate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Statement of policy</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">&bull;</TD><TD>The right to vote is a basic component of share ownership and is an important control mechanism to ensure that a company is managed
in the best interests of its shareholders. Where clients delegate proxy voting authority to Manulife IM, Manulife IM has a fiduciary duty
to exercise voting rights responsibly.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&bull;</TD><TD>Where Manulife IM is granted and accepts responsibility for voting proxies for client accounts, it will seek to ensure proxies are
received and voted in the best interests of the client with a view to maximize the economic value of their equity securities, unless it
determines that it is in the best interests of the client to refrain from voting a given proxy.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">&bull;</TD><TD>If there is any potential material proxy-related conflict of interest between Manulife IM and its clients, identification and resolution
processes are in place to provide for determination in the best interests of the client.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">&bull;</TD><TD>Manulife IM will disclose information about its proxy voting policies and procedures to its clients.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">&bull;</TD><TD>Manulife IM will maintain certain records relating to proxy voting.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-indent: -18pt"><B>Philosophy on sustainable investing</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-indent: -18pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife IM&#8217;s commitment to sustainable investment<SUP>2
</SUP> is focused on protecting and enhancing the value of our clients&#8217; investments and, as active owners in the companies in which
we invest, we believe that voting at shareholder meetings can contribute to the long-term sustainability of our investee companies. Manulife
IM will seek to exercise the rights and responsibilities associated with equity ownership, on behalf of its clients, with a focus on
maximizing long-term shareholder returns, as well as enhancing and improving the operating strength of the companies to create sustainable
value for shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Manulife IM invests in a wide range of securities across the globe, ranging
from large multinationals to smaller early stage companies, and from well-developed markets to emerging and frontier markets. Expectations
of those companies vary by market to reflect local standards, regulations and laws. Manulife IM believes, however, that successful companies
across regions are generally better positioned over the long-term if they have:</P>


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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Robust oversight including a strong and effective board with independent and objective leaders working on behalf of shareholders;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Mechanisms to mitigate risk such as effective internal controls, board expertise covering a firm&#8217;s unique risk profile, and
routine use of key performance indicators to measure and assess long-term risks;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>A management team aligned with shareholders through remuneration structures that incentivize long- term performance through the judicious
and sustainable stewardship of company resources;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Transparent and thorough reporting of the components of the business that are most significant to shareholders and stakeholders with
focus on the firm&#8217;s long-term success; and,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Management focused on all forms of capital including environmental, social, and human capital.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                                                            </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Manulife Investment Management voting principles (voting principles)
outlined in Appendix B provide guidance for our voting decisions. An active decision to invest in a firm reflects a positive conviction
in the investee company and we generally expect to be supportive of management for that reason. Manulife IM may seek to challenge management&#8217;s
recommendations, however, if they contravene these voting principles or Manulife IM otherwise determines that doing so is in the best
interest of its clients.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife IM also regularly engages with boards and management on
environmental, social, or corporate governance issues consistent with the principles stipulated in our sustainable investing statement
and our ESG engagement policy. Manulife IM may, through these engagements, request certain changes of the portfolio company to mitigate
risks or maximize opportunities. In the context of preparing for a shareholder meeting, Manulife IM will review progress on requested
changes for those companies engaged. In an instance where Manulife IM determines that the issuer has not made sufficient improvements
on an issue, then we may take voting action to demonstrate our concerns.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In rare circumstances Manulife IM may consider filing, or co-filing,
a shareholder resolution at an investee company. This may occur where our team has engaged with management regarding a material sustainability
risk or opportunity, and where we determine that the company has not made satisfactory progress on the matter within a reasonable time
period. Any such decision will be in the sole discretion of Manulife IM and acted on where we believe filing, or co-filing, a proposal
is in the best interests of our clients.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife IM may also divest of holdings in a company where portfolio
managers are dissatisfied with company financial performance, strategic direction and/or management of material sustainability risks or
opportunities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Procedures</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Receipt of ballots and proxy materials<BR>
</B>Proxies received are reconciled against the client&#8217;s holdings, and the custodian bank will be notified if proxies have not been
forwarded to the proxy service provider when due.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Voting proxies<BR>
</B>Manulife IM has adopted the voting principles contained in Appendix B of this policy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Manulife IM has deployed the services of a proxy voting services provider
to ensure the timely casting of votes, and to provide relevant and timely proxy voting research to inform our voting decisions. Through
this process, the proxy voting services provider populates initial recommended voting decisions that are aligned with the Manulife IM
voting principles outlined in Appendix B. These voting recommendations are then submitted, processed, and ultimately tabulated. Manulife
IM retains the authority and operational functionality to submit different voting instructions after these initial recommendations from
the proxy voting services provider have been submitted, based on Manulife IM&#8217;s assessment of each situation. As Manulife IM reviews
voting recommendations and decisions, as articulated below, Manulife IM will often change voting instructions based on those reviews.
Manulife IM</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">periodically reviews the detailed policies created by the proxy
voting service provider to ensure consistency with our voting principles, to the extent this is possible.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife IM also has procedures in place to review additional materials
submitted by issuers often in response to voting recommendations made by proxy voting service providers. Manulife IM will review additional
materials related to proxy voting decisions in those situations where Manulife IM becomes aware of those additional materials, is considering
voting contrary to management, and where Manulife IM owns 2% or more of the subject issuer as aggregated across the funds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Portfolio managers actively review voting options and make voting
decisions for their holdings. Where Manulife IM holds a significant ownership position in an issuer, the rationale for a portfolio manager&#8217;s
voting decision is specifically recorded, including whether the vote cast aligns with the recommendations of the proxy voting services
provider or has been voted differently. A significant ownership position in an investment is defined as those cases where Manulife IM
holds at least 2% of a company&#8217;s issued share capital in aggregate across all Manulife IM client accounts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Manulife IM ESG research and integration team (ESG team) is
an important resource for portfolio management teams on proxy matters. This team provides advice on specific proxy votes for individual
issuers if needed. ESG team advice is supplemental to the research and recommendations provided by our proxy voting services provider.
In particular, ESG analysts actively review voting resolutions for companies in which:</P>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Manulife IM&#8217;s aggregated holdings across all client accounts represent 2% or greater of issued capital;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>A meeting agenda includes shareholder resolutions related to environmental and social risk management issues, or where the subject
of a shareholder resolution is deemed to be material to our investment decision; or</TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Manulife IM may also review voting resolutions for issuers where an investment team engaged with the firm within the previous two
years to seek a change in behavior.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">After review, the ESG team may provide research and advice to investment
staff in line with the voting principles.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife IM also has an internal proxy voting working group (working
group) comprising senior managers from across Manulife IM including the equity investment team, legal, compliance, and the ESG team. The
working group operates under the auspices of the Manulife IM Public Markets Sustainable Investing Committee. The working group regularly
meets to review and discuss voting decisions on shareholder proposals or instances where a portfolio manager recommends a vote different
than the recommendation of the proxy voting services provider.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife IM clients retain the authority and may choose to lend
shareholdings. Manulife IM, however, generally retains the ability to restrict shares from being lent and to recall shares on loan in
order to preserve proxy voting rights. Manulife IM is focused in particular on preserving voting rights for issuers where funds hold 2%
or more of an issuer as aggregated across funds. Manulife IM has a process in place to systematically restrict and recall shares on a
best efforts basis for those issuers where we own an aggregate of 2% or more.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife IM may refrain from voting a proxy where we have agreed
with a client in advance to limit the situations in which we will execute votes. Manulife IM may also refrain from voting due to logistical
considerations that may have a detrimental effect on our ability to vote. These issues may include, but are not limited to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0 36pt">&#8226; Costs associated with voting the proxy exceed the
expected benefits to clients;<BR>
&#8226; Underlying securities have been lent out pursuant to a client&#8217;s securities lending program and have not been subject to
recall;<BR>
&#8226; Short notice of a shareholder meeting;<BR>
&#8226; Requirements to vote proxies in person;<BR>
&#8226; Restrictions on a nonnational&#8217;s ability to exercise votes, determined by local market regulation;<BR>
&#8226; Restrictions on the sale of securities in proximity to the shareholder meeting (i.e. share blocking);<BR>
&#8226; Requirements to disclose commercially sensitive information that may be made public (i.e. reregistration);<BR>
</P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">&#8226; Requirements to provide local agents with power of
attorney to facilitate the voting instructions (such proxies are voted on a best-efforts basis); or<BR>
&#8226; The inability of a client&#8217;s custodian to forward and process proxies electronically.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">If a Manulife IM portfolio manager believes it is in the best interest
of a client to vote proxies in a manner inconsistent with the policy, the portfolio manager will submit new voting instructions to a member
of the ESG team with rationale for the new instructions. The ESG team will then support the portfolio manager in developing voting decision
rationale that aligns with this policy and the voting principles. The ESG team will then submit the vote change to the working group.
The working group will review the change and ensure that the rationale is sound, and the decision will promote the long-term success of
the issuer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">On occasion, there may be proxy votes that are not within the research
and recommendation coverage universe of the proxy voting service provider. Portfolio managers responsible for the proxy votes will provide
voting recommendations to the ESG team and those items may be escalated to the working group for review to ensure that the voting decision
rationale is sound, and the decision will promote the long-term success of the issuer. the Manulife IM proxy operations team will be notified
of the voting decisions and execute the votes accordingly.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife IM does not engage in the practice of &#8220;empty voting&#8221;
(a term embracing a variety of factual circumstances that result in a partial, or total, separation of the right to vote at a shareholders
meeting from beneficial ownership of the shares on the meeting date). Manulife IM prohibits investment managers from creating large hedge
positions solely to gain the vote while avoiding economic exposure to the market. Manulife IM will not knowingly vote borrowed shares
(for example, shares borrowed for short sales and hedging transactions).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Engagement of the proxy voting service provider<BR>
</B>Manulife IM has contracted with a third-party proxy service provider to assist with the proxy voting process. Except in instances
where a client retains voting authority, Manulife IM will instruct custodians of client accounts to forward all proxy statements and materials
received in respect of client accounts to the proxy service provider.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife IM has engaged its proxy voting service provider to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 18pt">&#8226;&#9;&nbsp;&nbsp;&nbsp;Research and make voting recommendations;<BR>
&#8226;&#9;&nbsp;&nbsp;&nbsp;Ensure proxies are voted and submitted in a timely manner;<BR>
&#8226;&#9;&nbsp;&nbsp;&nbsp;Provide alerts when issuers file additional materials related to proxy voting matters;<BR>
&#8226;&#9;&nbsp;&nbsp;&nbsp;Perform other administrative functions of proxy voting;<BR>
&#8226;&#9;&nbsp;&nbsp;&nbsp;Maintain records of proxy statements and provide copies of such proxy statements promptly upon request;<BR>
&#8226;&#9;&nbsp;&nbsp;&nbsp;Maintain records of votes cast; and<BR>
&#8226;&#9;&nbsp;&nbsp;&nbsp;Provide recommendations with respect to proxy voting matters in general.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Scope of proxy voting authority<BR>
</B>Manulife IM and our clients shape the proxy voting relationship by agreement provided there is full and fair disclosure and informed
consent. Manulife IM may agree with clients to other proxy voting arrangements in which Manulife IM does not assume proxy voting responsibility
or will only vote in limited circumstances.<SUP>3</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">While the application of our fiduciary duty in the context of proxy
voting will vary with the scope of the voting authority we assume, we acknowledge the relationship in all cases remains that of a fiduciary
to the client. Beyond the general discretion retained by Manulife IM to withhold from voting as outlined above, Manulife IM may enter
a specific agreement with a client not to exercise voting authority on certain matters where the cost of voting would be high or the benefit
to the client would be low.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><B>Disclosure of proxy votes<BR>
</B>Manulife IM may inform company management of our voting intentions ahead of casting the vote. This is in line with Manulife IM&#8217;s
objective to provide the opportunity for companies to better understand our investment process, policies and objectives.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">We will not intentionally disclose to anyone else, including other
investors, our voting intention prior to casting the vote.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife IM keeps records of proxy voting available for inspection
by clients, regulatory authorities or government agencies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife IM quarterly discloses voting records aggregated across
funds.<SUP>4</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Conflicts of interest</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife IM has an established infrastructure designed to identify
conflicts of interest throughout all aspects of the business. Proxy voting proposals may raise conflicts between the interests of Manulife
IM&#8217;s clients and the interests of Manulife IM, its affiliates, or employees. Apparent conflicts are reviewed by the working group
to determine whether there is a conflict of interest and, if so, whether the conflict is material. Manulife IM shall consider any of the
following circumstances a potential material conflict of interest:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">&#8226; Manulife IM has a business relationship or potential
relationship with the issuer;<BR>
&#8226; Manulife IM has a business relationship with the proponent of the proxy proposal; or<BR>
&#8226; Manulife IM members, employees or consultants have a personal or other business relationship with managers of the business such
as top-level executives, corporate directors or director candidates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In addressing any such potential material conflict Manulife IM
will seek to ensure proxy votes are cast in the advisory client&#8217;s best interests and are not affected by Manulife IM&#8217;s potential
conflict. In the event a potential material conflict of interest exists, the working group or its designee will either (i) review the
proxy voting decisions to ensure robust rationale, that the voting decision will protect or enhance shareholder value over the long-term,
and is in line with the best interest of the client; (ii) vote such proxy according to the specific recommendation of the proxy voting
services provider; (iii) abstain; or (iv) request the client vote such proxy. The basis for the voting decision, including the process
for the determination of the decision that is in the best interests of the client, is recorded.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt"><B>Voting shares of Manulife Financial Corporation<BR>
</B>Manulife Financial Corporation (MFC) is the publicly listed parent company of Manulife IM. Generally, legislation restricts the ability
of a public company (and its subsidiaries) to hold shares in itself within its own accounts. Accordingly, the MFC share investment policy
outlines the limited circumstances in which MFC or its subsidiaries may, or may not, invest or hold shares in MFC on behalf of MFC or
its subsidiaries.<SUP>5</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The MFC share investment policy does not apply to investments made
on behalf of unaffiliated third parties, which remain assets of the client.<SUP>6 </SUP>Such investing may be restricted, however, by
specific client guidelines, other Manulife policies or other applicable laws.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Where Manulife IM is charged with voting MFC shares we will execute
votes in proportion with all other shareholders (i.e. proportional or echo vote). This is intended to neutralize the effect of our vote
on the meeting outcome.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Policy responsibility and oversight</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0">The working group oversees and monitors the policy and Manulife
IM&#8217;s proxy voting function. The working group is responsible for reviewing regular reports, potential conflicts of interest, vote
changes and nonroutine proxy voting items. The working group also oversees the third-party proxy voting service provider. The working
group will meet at least monthly and report to the Manulife IM public markets sustainable investing committee and, where requested, the
Manulife IM operating committee.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife IM&#8217;s proxy operations team is responsible for the
daily administration of the proxy voting process for all Manulife IM operations that have contracted with a third-party proxy voting services
provider. Significant proxy voting issues identified by Manulife IM&#8217;s proxy operations team are escalated to the chief compliance
officer or its designee, and the working group.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The working group is responsible for the proper oversight of any
service providers hired by Manulife IM to assist it in the proxy voting process. This oversight includes:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Annual due diligence:</B> Manulife IM conducts an annual due
diligence review of the proxy voting research service provider. This oversight includes an evaluation of the service provider&#8217;s
industry reputation, points of risk, compliance with laws and regulations and technology infrastructure. Manulife IM also reviews the
provider&#8217;s capabilities to meet Manulife IM&#8217;s requirements including reporting competencies; the adequacy and quality of the
proxy advisory firm&#8217;s staffing and personnel; the quality and accuracy of sources of data and information; the strength of policies
and procedures that enable it to make proxy voting recommendations based on current and accurate information; and the strength of policies
and procedures to address conflicts of interest of the service provider related to its voting recommendations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Regular Updates:</B> Manulife also requests that the proxy voting
research service provider deliver updates regarding any business changes that alter that firm&#8217;s ability to provide independent proxy
voting advice and services aligned with our policies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Additional oversight in process:</B> Manulife IM has additional
control mechanisms built into the proxy voting process to act as checks on the service provider and ensure that decisions are made in
the best interest of our clients. These mechanisms include:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">&#8226; <B><U>Sampling prepopulated votes</U></B>: Where we
use a third-party research provider for either voting recommendations or voting execution (or both), we may assess prepopulated votes
shown on the vendor&#8217;s electronic voting platform before such votes are cast to ensure alignment with the voting principles.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">&#8226; <B><U>Decision scrutiny from the working group</U></B>:
Where our voting policies and procedures do not address how to vote on a particular matter, or where the matter is highly contested or
controversial (e.g. major acquisitions involving takeovers or contested director elections where a shareholder has proposed its own slate
of directors), review by the working group may be necessary or appropriate to ensure votes cast on behalf of its client are cast in the
client&#8217;s best interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Recordkeeping and reporting</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife IM provides clients with a copy of the voting policy on
request and it is also available on our website at manulifeim.com/institutional. Manulife IM describes its proxy voting procedures to
its clients in the relevant or required disclosure document and discloses to its clients the process to obtain information on how Manulife
IM voted that client&#8217;s proxies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife IM keeps records of proxy voting activities and those
records include proxy voting policies and procedures, records of votes cast on behalf of clients, records of client requests for proxy
voting information; and any documents generated in making a vote decision. These documents are available for inspection by clients, regulatory
authorities or government agencies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0">Manulife IM discloses voting records on its website and those records
are updated on a quarterly basis. The voting records generally reflect the voting decisions made for retail, institutional and other client
funds in the aggregate.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Policy amendments and exceptions</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">This policy is subject to periodic review by the proxy voting working
group. The working group may suggest amendments to this policy and any such amendments must be approved by the Manulife IM public markets
sustainable investing committee and the Manulife IM operating committee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Any deviation from this policy will only be permitted with the
prior approval of the chief investment officer or chief administrative officer (or their designee), with the counsel of the chief compliance
officer/general counsel.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Appendix A</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Manulife IM advisory affiliates in scope of policy and investment
management business only.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife Investment Management Limited</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife Investment Management (North America) Limited</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife Investment Management (Hong Kong) Limited</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">PT Manulife Aset Manajemen Indonesia*</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife Investment Management (Japan) Limited</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife Investment Management (Malaysia) Bhd.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife Investment Management and Trust Corporation</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife Investment Management (Singapore) Pte. Ltd.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife IM (Switzerland) LLC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife Investment Management (Taiwan) Co., Ltd.*</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife Investment Management (Europe) Limited</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife Investment Management (US) LLC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife Investment Fund Management (Vietnam) Company Limited*</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">* By reason of certain local regulations and laws with respect
to voting, for example, manual/physical voting processes or the absence of a third-party proxy voting service provider for those jurisdictions,
Manulife Investment Fund Management (Vietnam) Company Limited, and PT Manulife Aset Manajemen Indonesia do not engage a third- party service
provider to assist in their proxy voting processes. Manulife Investment Management (Taiwan) Co., Ltd. Uses the third-party proxy voting
service provider to execute votes for non-Taiwanese entities only.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Appendix B</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Manulife IM voting principles</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Manulife IM believes that strong management of all forms of corporate capital,
whether financial, social or environmental will mitigate risks, create opportunities and drive value over the long-term. Manulife IM reviews
and</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">considers environmental, social and corporate governance risks
and opportunities in our investment decisions. Once invested, Manulife IM continues our oversight through active ownership which includes
portfolio company engagement and proxy voting of underlying shares. We believe proxy voting is a vital component of this continued oversight
as it provides a voice for minority shareholders regarding management actions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Manulife IM has developed some key principles that drive our proxy
voting decisions and engagements. We believe these principles preserve value and generally lead to outcomes that drive positive firm performance.
These principles dictate our voting on issues ranging from director elections and executive compensation to the preservation of shareholder
rights and stewardship of environmental and social capital. Manulife IM also adopts positions on certain sustainability topics and these
voting principles should be read in conjunction with those position statements. Currently, we have a climate change statement and an executive
compensation statement that also help guide proxy voting decisions on those matters. The facts and circumstances of each issuer are unique,
and Manulife IM may deviate from these principles where we believe doing so will preserve or create value over the long-term. These principles
also do not address the specific content of all proposals voted around the globe, but provide a general lens of value preservation, value
creation, risk management and protection of shareholder rights through which Manulife IM analyzes all voting matters.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">I. <B>Boards and directors:</B> Manulife IM generally use the following
principles to review proposals covering director elections and board structure in the belief that they encourage engaged and accountable
leadership of a firm.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">a. <B><U>Board independence:</U></B> The most effective boards
are composed of directors with a diverse skill set that can provide an objective view of the business, oversee management, and make decisions
in the best interest of the shareholder body at large. To create and preserve this voice, boards should have a significant number of nonexecutive,
independent directors. The actual number of independent directors can vary by market and Manulife IM accounts for these differences when
reviewing the independence of the board. Ideally, however, there is an independent majority among directors at a given firm.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">b. <B><U>Committee independence:</U></B> Manulife IM also
prefers that key board committees are composed of independent directors. Specifically, the audit, nomination and compensation committees
should generally be entirely or majority composed of independent directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">c. <B><U>Attendance:</U></B> A core part of a director&#8217;s
duties is to remain an engaged and productive participant at board and committee meetings. Directors should, therefore, attend at least
75% of board and committee meetings in the aggregate over the course of a calendar year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">d. <B><U>Diversity</U></B>: In line with the principles expressed
in relation to board of independence above, Manulife IM believes boards with strong gender representation are better equipped to manage
risks and oversee business resilience over the long-term compared to firms with low gender balance. Manulife IM generally expects boards
to have at least one woman on the board and encourages companies to aspire to a higher balance of gender representation. Manulife IM also
may hold boards in certain markets to a higher standard as market requirements and expectations change. In Canada, Europe, the United
Kingdom, and Ireland, for example, we encourage boards to achieve at least one-third female representation. We generally encourage boards
to achieve racial and ethnic diversity among their members. We may, in the future, hold nomination committee chairs accountable where
the board does not appear to have racial or ethnically diverse members.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0 36pt">e. <B><U>Classified/staggered boards</U></B>: Manulife IM
prefers that directors be subject to election and reelection on an annual basis. Annual elections operate to hold directors accountable
for their actions in a given year in a timely manner. Shareholders should have the ability to voice concerns through a director vote and
to potentially remove problematic directors if necessary. Manulife IM generally opposes the creation of classified or staggered director
election cycles designed to extend director terms beyond one year. Manulife IM also generally supports proposals to eliminate these structures.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">f. <B><U>Overboarding</U></B>: Manulife IM believes directors
should limit their outside board seats in order to ensure that they have the time and attention to provide their director role at a firm
in question. Generally, this means directors should not sit on more than five public company boards. The role of CEO requires an individual&#8217;s
significant time and attention. Directors holding the role of CEO at any public firm, therefore, generally should not sit on more than
three public company boards inclusive of the firm at which they hold the CEO role.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">g. <B><U>Independent chair/CEO</U></B>: Governance failures
can occur where a manager has firm control over a board through the combination of the chair/CEO roles. Manulife IM generally supports
the separation of the chair/CEO roles as a means to prevent board capture by management. We may evaluate proposals to separate the chair/CEO
roles on a case-by-case basis, for example, however considering such factors as the establishment of a strong lead independent director
role or the temporary need for the combination of the CEO/chair roles to help the firm through a leadership transition.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">h. <B><U>Vote standard:</U></B> Manulife IM generally supports
a vote standard that allows resolutions to pass, or fail, based on a majority voting standard. Manulife IM generally expects companies
to adopt a majority vote standard for director elections and supports the elimination of a plurality vote standard except in the case
of contested elections.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">i<B><U>. Contested elections:</U></B> Where there is a proxy
contest or a director&#8217;s election is otherwise contested, Manulife IM evaluates the proposals on a case-by-case basis. Consideration
is given to firm performance, whether there have been significant failures of oversight, and whether the proponent for change makes a
compelling case that board turnover will drive firm value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">j. <B><U>Significant and problematic actions or omissions:
</U></B>Manulife IM believes boards should be held accountable to shareholders in instances where there is a significant failure of oversight
that has led to a loss of firm value, transparency, failure or otherwise curtailed shareholder rights. Manulife IM generally considers
withholding from, or voting against, certain directors in these situations. Some examples of actions that might warrant a vote against
directors include, but are not limited to, the following:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 72pt">Failure of oversight: Manulife IM may take action against
directors where there has been a significant negative event leading to a loss of shareholder value and stakeholder confidence. A failure
may manifest itself in multiple ways including adverse auditor opinions, material misstatements, failures of leadership and governance,
failure to manage ESG risks, environmental or human rights violations, and poor sustainability reporting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 72pt">Adoption of anti-takeover mechanism: Boards should generally
review takeover offers independently and objectively in consideration of the potential value created or lost for shareholders. Manulife
IM generally holds boards accountable when they create or prolong certain mechanisms, bylaws or article amendments that act to frustrate
genuine offers that may lead to value creation for shareholders. These can include poison pills; classes of shares with differential voting
rights; classified, or staggered, board structures; and unilateral bylaw amendments and supermajority voting provisions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 72pt">Problematic executive compensation practices: Manulife IM
encourages companies to adopt best practices for executive compensation in the markets in which they operate. Generally, this means that
pay should be aligned with performance. Manulife IM may hold directors accountable where this alignment is not robust. We may also hold
boards accountable where they have not adequately responded to shareholder votes against a previous proposal on remuneration or have adopted
problematic agreements or practices (e.g. golden parachutes, repricing of options).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0 72pt">Bylaw/article adoption and amendments: Shareholders should
have the ability to vote on any change to company articles or bylaws that will materially change their rights as shareholders. Any amendments
should require only a majority of votes to pass. Manulife IM will generally hold</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 72pt">directors accountable where a board has amended or adopted
bylaw and/or article provisions that significantly curtail shareholder rights.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 72pt">Engagement responsiveness: Manulife IM regularly engages with
issuers to discuss ESG risks and opportunities and may request changes from firms during these discussions. Manulife IM may vote against
certain directors where we have engaged with an issuer and requested certain changes, but the firm has not made sufficient progress on
those matters.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">II<B>. Environmental and social proposals</B>: Manulife IM expects
its portfolio companies to manage material environmental and social issues affecting their businesses, whether risks or opportunities,
with a view towards long-term value preservation and creation.<SUP>7</SUP> Manulife IM expects firms to identify material environmental
and social risks and opportunities specific to their businesses, to develop strategies to manage those matters, and to provide meaningful,
substantive reporting while demonstrating progress year-over-year against their management plans. Proposals touching on management of
risks and opportunities related to environmental and social issues are often put forth as shareholder proposals but can be proposed by
management as well. Manulife IM generally supports shareholder proposals that request greater transparency or adherence to internationally
recognized standards and principles regarding material environmental and social risks and opportunities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">a. <B><U>The magnitude of the risk/opportunity:</U></B> Manulife
IM evaluates the level of materiality of a certain environmental or social issue identified in a proposal as it pertains to the firm&#8217;s
ability to generate value over the long-term. This review includes deliberation of the effect an issue will have on the financial statements
and/or the cost of capital.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">b. <B><U>The firm&#8217;s current management of the risk/opportunity</U></B>:
Manulife IM analyzes a firm&#8217;s current approach to an issue to determine whether the firm has robust plans, infrastructure and reporting
to mitigate the risk or embrace the opportunity. Recent controversies, litigation, or penalties related to a given risk are also considered.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">c. <B><U>Firm&#8217;s current disclosure framework</U></B>:
Manulife IM expects firms to disclose enough information for shareholders to assess the company&#8217;s management of environmental and
social risks and opportunities material to the business. Manulife IM may support proposals calling for enhanced firm disclosure regarding
environmental and social issues where additional information would help our evaluation of a company&#8217;s exposure, and response, to
those factors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">d. <B><U>Legislative or regulatory action of a risk/opportunity</U></B>:
When reviewing proposals on environmental or social factors, Manulife IM considers whether a given risk or opportunity is currently addressed
by local regulation or law in the markets in which a firm operates and whether those rules are designed to adequately manage an issue.
Manulife IM also considers whether a firm should proactively address a matter in anticipation of future legislation or regulation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">e. <B><U>Cost to, or disruption of, the business</U></B>:
When reviewing environmental and social proposals Manulife IM assesses the potential cost of the requested action against the benefit
provided to the firm and its shareholders. Particular attention is paid to proposals that request actions that are overly prescriptive
on management or that request a firm exit markets or operations that are essential to its business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">III. <B>Shareholder rights</B>: Manulife IM generally supports
management or shareholder proposals that protect, or improve, shareholder rights and opposes proposals that remove, or curtail, existing
rights.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0 36pt">a. <B><U>Shareholder rights plans (poison pills):</U></B>
Manulife IM generally opposes mechanisms intended to frustrate genuine takeover offers. Manulife IM may, however, support shareholder
rights plans where the plan has a trigger of 20% ownership or more and will expire in three years or less. In conjunction with these requirements
Manulife IM evaluates the company&#8217;s strategic rationale for adopting the poison pill.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">b. <B><U>Supermajority voting:</U></B> Shareholders should
have the ability to direct change at a firm based on a majority vote. Manulife IM generally opposes the creation, or continuation, of
any bylaw, charter or article provisions that require approval of more than a majority of shareholders for amendment of those documents.
Manulife IM may consider supporting such a standard where the supermajority requirement is intended to protect minority shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">c. <B><U>Proxy access</U></B>: Manulife IM believes that shareholders
have a right to appoint representatives to the board that best protect their interests. The power to propose nominees without holding
a proxy contest is a way to protect that right and is potentially less costly to management and shareholders. Accordingly, Manulife IM
generally supports creation of a proxy access right (or similar power at non-U.S. firms) provided there are reasonable thresholds of ownership
and a reasonable number of shareholders can aggregate ownership to meet those thresholds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">d. <B><U>Written consent</U></B>: Written consent provides
shareholders the power to formally demand board action outside of the context of an annual general meeting. Shareholders can use written
consent as a nimble method of holding boards accountable. Manulife IM generally supports the right of written consent so long as that
right is reasonably tailored to reflect the will of a majority of shareholders. Manulife IM may not support such a right, however, where
there is a holder with a significant, or controlling, stake. Manulife IM evaluates the substance of any written actual consent proposal
in- line with these principles.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">e. <B><U>Right to call a special meeting</U></B>: Manulife
IM is generally supportive of the shareholder right to call a special meeting. This right allows shareholders to quickly respond to events
that can significantly affect firm value. Manulife IM believes that a 10% ownership threshold to call a special meeting reasonably protects
this shareholder right while reducing the possibility of undue distraction for management.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">IV. <B>Executive compensation</B>: Manulife IM encourages companies
to align executive incentives with shareholder interests when designing executive compensation plans. Companies should provide shareholders
with transparent, comprehensive and substantive disclosure regarding executive compensation that aids shareholder assessment of the alignment
between executive pay and firm performance. Companies should also have the flexibility to design remuneration programs that fit a firm&#8217;s
business model, business sector and industry and overall corporate strategy. No one template of executive remuneration can fit all companies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">a. <B><U>Advisory votes on executive compensation:</U></B>
While acknowledging that there is no singular model for executive compensation, Manulife IM closely scrutinizes companies that have certain
concerning practices which may include:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 72pt">i. Misalignment between pay and company performance: Pay
should generally move in tandem with corporate performance. Firms where CEO pay remains flat, or increases, though corporate
performance remains down relative to peers are particularly concerning.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 72pt">ii. One-time grants: A firm&#8217;s one-time grant to an
executive, outside of the normal salary, bonus and long-term award structure, may be indicative of an overall failure of the board
to design an effective remuneration plan. A company should have a robust justification for making grants outside of the normal
remuneration framework.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 72pt">iii. Significant quantity of nonperformance-based pay:
Executive pay should generally be weighted more heavily toward performance-based remuneration to create the alignment between pay
and performance. Companies should provide a robust explanation for any significant awards made that vest solely based on time or are
not otherwise tied to performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0 72pt">iv. Lack of rigor in performance targets: Performance targets
should challenge managers to improve corporate performance and outperform peers. Targets should, where applicable, generally align with,
or even outpace, guidance; incentivize outperformance against a peer group; and otherwise remain challenging.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 72pt">v. Lack of disclosure: Transparency is essential to shareholder
analysis and understanding of executive remuneration at a company. Manulife IM expects firms to clearly disclose all major components
of remuneration. This includes disclosure of amounts, performance metrics and targets, vesting terms, and pay outcomes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 72pt">vi. Repricing of options: Resetting the exercise price of
outstanding options significantly undermines the incentive nature of the initial option grant. Though a firm may have a strong justification
for repricing options, Manulife IM believes that firms should put such decisions to a shareholder vote. Manulife IM may generally oppose
an advisory vote on executive compensation where a company has repriced outstanding options for executives without that shareholder approval.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 72pt">vii. Adoption of problematic severance agreements (golden
parachutes): Manulife IM believes managers should be incentivized to pursue and complete transactions that may benefit shareholders. Severance
agreements, if structured appropriately, can provide such inducements. At the same time, however, the significant payment associated with
severance agreements could potentially drive managers to pursue transactions at the expense of shareholder value. Manulife IM may generally
oppose an executive remuneration proposal where a firm has adopted, or amended, an agreement with an executive that contains an excise
tax gross-up provision, permits accelerated vesting of equity upon a change-in- control, allows an executive to unilaterally trigger the
severance payment, or pays out in an amount greater than 300% of salary and bonus combined.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">V. <B>Capital structure</B>: Manulife IM believes firms should
balance the need to raise capital and encourage investment with the rights and interests of the existing shareholder body. Evaluation
of proposals to issue shares, repurchase shares, conduct stock splits or otherwise restructure capital is conducted on a case- by-case
basis with some specific requests covered here:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">a. <B><U>Common stock authorization</U></B>: Requests to increase
the pool of shares authorized for issuance are evaluated on a case-by-case basis with consideration given to the size of the current pool,
recent use of authorized shares by management, and the company rationale for the proposed increase. Manulife IM also generally supports
these increases where the company intends to execute a split of shares or pay a stock dividend.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">b. <B><U>Reverse stock splits</U></B>: Manulife IM generally
supports proposals for a reverse stock split if the company plans to proportionately reduce the number of shares authorized for issue
in order to mitigate against the risk of excessive dilution to our holdings. We may also support these proposals in instances where the
firm needs to quickly raise capital in order to continue operations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">c. <B><U>Dual class voting structure</U></B>: Voting power
should align with economic interest at a given firm. Manulife IM generally opposes the creation of new classes of stock with differential
voting rights and supports the elimination of these structures.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">VI. <B>Corporate transactions and restructurings</B>: Manulife
IM reviews mergers, acquisitions, restructurings and reincorporations on a case-by-case basis through the lens of whether the transaction
will create shareholder value. Considerations include fairness of the terms, valuation of the event, changes to management and leadership,
realization of synergies and efficiencies and whether the rationale for a strategic shift is compelling.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0">VII.&nbsp;<B>Cross shareholding</B>:
Cross shareholding is a practice where firms purchase equity shares of business partners, customers, or suppliers in support of those
relationships. Manulife IM generally discourages this practice as it locks up firm capital that could be allotted to income-generating
investments or otherwise returned to shareholders. Manulife IM will review cross shareholding practices at issuers and we encourage issuers
to keep cross shareholdings below 20% of net assets.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">VIII. <B>Audit-related issues</B>: Manulife IM believes that an
effective auditor will remain independent and objective in its review of company reporting. Firms should be transparent regarding auditor
fees and other services provided by an auditor that may create a conflict of interest. Manulife IM uses the below principles to guide
voting decisions related to auditors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt">a. <B><U>Auditor ratification:</U></B> Manulife IM generally
approves the reappointment of the auditor absent evidence that they have either failed in their duties or appear to have a conflict that
may not allow independent and objective oversite of a firm.
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 36pt"><B>b. <U>Auditor rotation</U>: </B>If Manulife IM believes
that the independence and objectivity of an auditor may be impaired at a firm, we may support a proposal requesting a rotation of auditor.
Reasons to support the rotation of the auditor can include a significant failure in the audit function and excessive tenure of the auditor
at the firm.</P>

<P STYLE="margin-bottom: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><SUP>1 </SUP>Manulife Investment Management is the
unified global brand for Manulife&#8217;s global wealth and asset management business, which serves individual investors and institutional
clients in three businesses: retirement, retail, and institutional asset management (Public markets and private markets).<BR>
<SUP>2</SUP> Further information on Sustainable Investing Statement and our ESGat Manulife IM can be found at manulifeim.com/institutional.<BR>
<SUP>3</SUP> We acknowledge SEC guidance on this issue from August 2019, which lists several nonexhaustive examples of possible voting
arrangements between the client and investment advisor, including (i) an agreement with the client to exercise voting authority pursuant
to specific parameters designed to serve the client&#8217;s best interest; (ii) an agreement with the client to vote in favor of all proposals
made by particular shareholder proponents; or (iii) an agreement with the client to vote in accordance with the voting recommendations
of management of the issuer. All such arrangements could be subject to conditions depending on instruction from the client.<BR>
<SUP>4</SUP> Manulife IM aggregated voting records are available through this site manulifeim.com/institutional/us/en/sustainability<BR>
<SUP>5 </SUP>This includes general funds, affiliated segregated funds or separate accounts, and affiliated mutual/pooled funds.<BR>
<SUP>6 </SUP>This includes assets managed or advised for unaffiliated third parties, such as unaffiliated mutual/pooled funds and unaffiliated
institutional advisory portfolios.<BR>
<SUP>7</SUP> For more information on issues generally of interest to our firm, please see the Manulife Investment Management engagement
policy, the Manulife Investment Management sustainable investing and sustainability risk statement, and the Manulife Investment Management
climate change statement.</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
