-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 KG6l4ofbrslF50hgMVtErRRPPQQDTdgbNQucQ1y0eo9N6KVlBj2lWcAw7Lws3qXr
 vgoLXAYNLpw9BYRyQlk0og==

<SEC-DOCUMENT>0001010521-09-000851.txt : 20091228
<SEC-HEADER>0001010521-09-000851.hdr.sgml : 20091225
<ACCEPTANCE-DATETIME>20091228143330
ACCESSION NUMBER:		0001010521-09-000851
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20091031
FILED AS OF DATE:		20091228
DATE AS OF CHANGE:		20091228
EFFECTIVENESS DATE:		20091228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HANCOCK JOHN INVESTORS TRUST
		CENTRAL INDEX KEY:			0000759828
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04173
		FILM NUMBER:		091261633

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

	MAIL ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>answer.fil
<DESCRIPTION>JOHN HANCOCK INVESTORS TRUST
<TEXT>
<PAGE>      PAGE  1
000 B000000 10/31/2009
000 C000000 0000759828
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 John Hancock Investors Trust
001 B000000 811-4173
001 C000000 6176633872
002 A000000 601 Congress Street
002 B000000 Boston
002 C000000 MA
002 D010000 02210
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
008 A000001 JOHN HANCOCK ADVISERS, LLC
008 B000001 A
008 C000001 801-8124
008 D010001 BOSTON
008 D020001 MA
008 D030001 02210
008 D040001 2805
008 A000002 MFC GLOBAL INVESTMENT MANAGEMENT (U.S.), LLC
008 B000002 S
008 C000002 801-42023
008 D010002 BOSTON
008 D020002 MA
008 D030002 02199
012 A000001 MELLON INVESTOR SERVICES
012 B000001 84-5579
012 C010001 JERSEY CITY
012 C020001 NJ
012 C030001 07310
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 BOSTON
013 B020001 MA
013 B030001 02110
014 A000001 SIGNATOR INVESTORS, INC.
014 B000001 8-13995
014 A000002 JOHN HANCOCK FUNDS, LLC
014 B000002 8-43582
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
<PAGE>      PAGE  2
015 C010001 BOSTON
015 C020001 MA
015 C030001 02105
015 E010001 X
018  000000 Y
019 A000000 Y
019 B000000  231
019 C000000 JOHNHANCOC
021  000000        0
022 A000001 JP MORGAN SECURITIES, INC.
022 B000001 13-2625764
022 C000001    140983
022 D000001     66151
022 A000002 BARCLAYS CAPITAL, INC.
022 C000002    189693
022 D000002      8601
022 A000003 CREDIT SUISSE SECURITIES (USA) LLC
022 C000003    190986
022 D000003       103
022 A000004 Bank of America Securities
022 C000004     29383
022 D000004      6445
022 A000005 GOLDMAN SACHS & CO.
022 B000005 13-5108880
022 C000005     22908
022 D000005      6347
022 A000006 UBS Securities LLC
022 B000006 13-3340045
022 C000006     16687
022 D000006      9589
022 A000007 GREENWICH CAPITAL MARKETS
022 B000007 13-2697091
022 C000007      5001
022 D000007     10818
022 A000008 Pershing
022 C000008      4329
022 D000008      4810
022 A000009 JEFFRIES & CO.
022 B000009 95-2622900
022 C000009      6052
022 D000009      2356
022 A000010 Nations Bank
022 C000010         0
022 D000010      7293
023 C000000     872248
023 D000000     154367
024  000000 Y
025 A000001 BARCLAY'S BANK PLC
025 B000001 05-0346412
025 C000001 D
025 D000001    1292
<PAGE>      PAGE  3
025 A000002 GOLDMAN SACHS & CO.
025 B000002 13-5108880
025 C000002 D
025 D000002    1070
025 A000003 Bank of America Securities
025 C000003 D
025 D000003     544
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 N
028 A010000         0
028 A020000         0
028 A030000         0
028 A040000         0
028 B010000         0
028 B020000         0
028 B030000         0
028 B040000         0
028 C010000         0
028 C020000         0
028 C030000         0
028 C040000         0
028 D010000         0
028 D020000         0
028 D030000         0
028 D040000         0
028 E010000         0
028 E020000         0
028 E030000         0
028 E040000         0
028 F010000         0
028 F020000         0
028 F030000         0
028 F040000         0
028 G010000         0
028 G020000         0
028 G030000         0
028 G040000         0
028 H000000         0
030 A000000      0
030 B000000  0.00
030 C000000  0.00
031 A000000      0
031 B000000      0
<PAGE>      PAGE  4
032  000000      0
033  000000      0
035  000000      0
036 B000000      0
038  000000      0
042 A000000   0
042 B000000   0
042 C000000   0
042 D000000   0
042 E000000   0
042 F000000   0
042 G000000   0
042 H000000   0
043  000000      0
044  000000      0
045  000000 Y
046  000000 N
047  000000 Y
048  000000  0.000
048 A010000   150000
048 A020000 0.650
048 B010000    50000
048 B020000 0.375
048 C010000   100000
048 C020000 0.350
048 D010000        0
048 D020000 0.000
048 E010000        0
048 E020000 0.000
048 F010000        0
048 F020000 0.000
048 G010000        0
048 G020000 0.000
048 H010000        0
048 H020000 0.000
048 I010000        0
048 I020000 0.000
048 J010000        0
048 J020000 0.000
048 K010000   300000
048 K020000 0.300
049  000000 N
050  000000 N
051  000000 N
052  000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
<PAGE>      PAGE  5
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 Y
056  000000 Y
057  000000 N
058 A000000 N
059  000000 Y
060 A000000 Y
060 B000000 Y
061  000000        0
062 A000000 Y
062 B000000   0.0
062 C000000   1.3
062 D000000   0.3
062 E000000   0.0
062 F000000   0.0
062 G000000   0.0
062 H000000   0.0
062 I000000   0.0
062 J000000   0.0
062 K000000   0.0
062 L000000   0.0
062 M000000   0.0
062 N000000  35.9
062 O000000   0.9
062 P000000  91.2
062 Q000000  13.4
062 R000000   0.0
063 A000000   0
063 B000000  6.9
064 A000000 N
064 B000000 Y
065  000000 N
066 A000000 N
067  000000 N
068 A000000 N
068 B000000 N
069  000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
<PAGE>      PAGE  6
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 Y
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 Y
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000    143808
071 B000000    132694
071 C000000    182631
071 D000000   72
072 A000000 12
072 B000000    17195
072 C000000       77
072 D000000        0
072 E000000        0
072 F000000     1102
072 G000000       27
072 H000000        0
072 I000000       94
072 J000000       34
072 K000000        0
072 L000000       54
072 M000000       43
072 N000000       24
072 O000000        0
<PAGE>      PAGE  7
072 P000000     1256
072 Q000000        0
072 R000000       69
072 S000000      299
072 T000000        0
072 U000000        0
072 V000000        0
072 W000000       43
072 X000000     3045
072 Y000000        0
072 Z000000    14227
072AA000000        0
072BB000000     2496
072CC010000    32106
072CC020000        0
072DD010000    14157
072DD020000        0
072EE000000        0
073 A010000   1.6900
073 A020000   0.0000
073 B000000   0.0000
073 C000000   0.0000
074 A000000        0
074 B000000      432
074 C000000     2000
074 D000000   213288
074 E000000     1624
074 F000000        0
074 G000000        0
074 H000000        0
074 I000000        0
074 J000000       51
074 K000000        0
074 L000000     4117
074 M000000       41
074 N000000   221553
074 O000000     1106
074 P000000       36
074 Q000000        0
074 R010000        0
074 R020000        0
074 R030000        0
074 R040000    68433
074 S000000        0
074 T000000   151978
074 U010000     8431
074 U020000        0
074 V010000    18.03
074 V020000     0.00
074 W000000   0.0000
074 X000000     2448
<PAGE>      PAGE  8
074 Y000000        0
075 A000000        0
075 B000000   125489
076  000000    17.73
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078  000000 N
080 A000000 Chubb Group of Insurance Companies
080 B000000 ICI Mutual Insurance Company
080 C000000    30000
081 A000000 Y
081 B000000 231
082 A000000 N
082 B000000        0
083 A000000 N
083 B000000        0
084 A000000 N
084 B000000        0
085 A000000 Y
085 B000000 N
086 A010000      0
086 A020000      0
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
087 A010000 COMMON SHARES
087 A020000 410142103
<PAGE>      PAGE  9
087 A030000 JHI
088 A000000 Y
088 B000000 N
088 C000000 N
088 D000000 Y
SIGNATURE   KINGA KAPUSCINSKI
TITLE       AVP AND SENIOR COUNSEL

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

<HTML>
<HEAD>
   <TITLE>nsar.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<a name="page_1"></a> <h2 style='margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;'><b><font face=Arial style='font-size:10.0pt;'>&nbsp;</font></b></h2> <h2 style='margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;'><b><font face=Arial style='font-size:10.0pt;'>Report of Independent Registered Public Accounting Firm</font></b></h2>
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;'><b><font face=Arial lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>To the Board of Trustees and Shareholders of John Hancock Investors Trust,</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>In planning and performing our audit of the financial statements of John Hancock Investors Trust (the &#8220;Fund&#8221;) as of and for the year ended October 31, 2009, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Fund's internal control over financial reporting.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting.&#160; In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.&#160; A fund&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.&#160; A fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit
 preparation of financial statements in accordance with</font><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'> </font><font face=Arial lang=EN-US style='font-size:10.0pt;'>generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3)</font><font color=red face=Arial lang=EN-US style='font-size:10.0pt;'> </font><font face=Arial lang=EN-US style='font-size:10.0pt;'>&#160;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund&#8217;s assets that could have a material effect on the financial statements.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.&#160; Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.&#160; A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund's annual or interim financial statements will not be prevented or detected on a timely basis.&#160; </font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States).&#160; However, we noted no deficiencies in the Fund's internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be material weaknesses as defined above as of October 31, 2009.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>This report is intended solely for the information and use of management and the Board of Trustees of John Hancock Investors Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><u><font face=Arial lang=EN-US style='font-size:10.0pt;'>/s/ PricewaterhouseCoopers LLP</font></u></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>PricewaterhouseCoopers LLP</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face=Arial lang=EN-US style='font-size:10.0pt;'>December 18, 2009</font></p>
<HR noshade align="center" width="100%" size=2>
<DIV STYLE="page-break-before: always"></div>
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77C VOTES
<SEQUENCE>3
<FILENAME>meeting.htm
<DESCRIPTION>SHAREHOLDER MEETING
<TEXT>

<HTML>
<HEAD>
   <TITLE>meeting.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
 <!--$$/page=-->
<A name="page_1"></A>
<P style="text-align: left;"> <B><FONT color="#000899" size=2 face="sans-serif">Shareholder meeting </FONT></B><FONT color="#000899" size=2 face="sans-serif">(unaudited)</FONT></P>
<P style="text-align: left;"> <FONT size=2 face="serif">On May 18, 2009, an adjourned session of the Annual Meeting of the Shareholders of John Hancock Investors Trust was held at 601 Congress Street, Boston, Massachusetts for the purpose of considering and voting upon the proposals listed below:</FONT></P>
<P style="text-align: left;"> <B><FONT size=2 face="serif">Proposal 1: </FONT></B><FONT size=2 face="serif">Election of eleven Trustees to serve until their respective successors have been duly elected and qualified.</FONT></P>
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=36%></TD>
     <TD width=50%></TD>
     <TD width=12%></TD></TR>
<TR valign="bottom">
     <TD align=left nowrap colspan=2> <B><FONT size=2 face="serif">PROPOSAL 1 </FONT></B><B><FONT size=2 face="serif">PASSED </FONT></B><B><FONT size=2 face="serif">FOR </FONT></B><B><FONT size=2 face="serif">ALL </FONT></B><B><FONT size=2 face="serif">TRUSTEES ON MAY 18, 2009.</FONT></B></TD>
     <TD align=left nowrap> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left nowrap> &nbsp;</TD>
     <TD align=left nowrap> &nbsp;</TD>
     <TD align=left nowrap> <FONT size=1 face="sans-serif">WITHHELD</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left nowrap style="border-bottom:1px solid #000000;"> &nbsp;</TD>
     <TD align=left nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="sans-serif">FOR</FONT></TD>
     <TD align=left nowrap style="border-bottom:1px solid #000000;"> <FONT size=1 face="sans-serif">AUTHORITY</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left nowrap> <FONT size=2 face="serif">James R. Boyle</FONT></TD>
     <TD align=left nowrap> <FONT size=2 face="serif">5,201,198</FONT></TD>
     <TD align=left nowrap> <FONT size=2 face="serif">238,457</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left nowrap> <FONT size=2 face="serif">James F. Carlin</FONT></TD>
     <TD align=left nowrap> <FONT size=2 face="serif">5,195,751</FONT></TD>
     <TD align=left nowrap> <FONT size=2 face="serif">243,904</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left nowrap> <FONT size=2 face="serif">William H. Cunningham</FONT></TD>
     <TD align=left nowrap> <FONT size=2 face="serif">5,196,269</FONT></TD>
     <TD align=left nowrap> <FONT size=2 face="serif">243,386</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left nowrap> <FONT size=2 face="serif">Deborah C. Jackson</FONT></TD>
     <TD align=left nowrap> <FONT size=2 face="serif">5,189,091</FONT></TD>
     <TD align=left nowrap> <FONT size=2 face="serif">250,564</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left nowrap> <FONT size=2 face="serif">Charles L. Ladner</FONT></TD>
     <TD align=left nowrap> <FONT size=2 face="serif">5,190,728</FONT></TD>
     <TD align=left nowrap> <FONT size=2 face="serif">248,927</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left nowrap> <FONT size=2 face="serif">Stanley Martin</FONT></TD>
     <TD align=left nowrap> <FONT size=2 face="serif">5,190,449</FONT></TD>
     <TD align=left nowrap> <FONT size=2 face="serif">249,206</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left nowrap> <FONT size=2 face="serif">Patti McGill Peterson</FONT></TD>
     <TD align=left nowrap> <FONT size=2 face="serif">5,199,059</FONT></TD>
     <TD align=left nowrap> <FONT size=2 face="serif">240,596</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left nowrap> <FONT size=2 face="serif">John A. Moore</FONT></TD>
     <TD align=left nowrap> <FONT size=2 face="serif">5,191,925</FONT></TD>
     <TD align=left nowrap> <FONT size=2 face="serif">247,730</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left nowrap> <FONT size=2 face="serif">Steven R. Pruchansky</FONT></TD>
     <TD align=left nowrap> <FONT size=2 face="serif">5,200,562</FONT></TD>
     <TD align=left nowrap> <FONT size=2 face="serif">239,093</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left nowrap> <FONT size=2 face="serif">Gregory A. Russo</FONT></TD>
     <TD align=left nowrap> <FONT size=2 face="serif">5,204,397</FONT></TD>
     <TD align=left nowrap> <FONT size=2 face="serif">235,258</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left nowrap> <FONT size=2 face="serif">John G. Vrysen</FONT></TD>
     <TD align=left nowrap> <FONT size=2 face="serif">5,202,867</FONT></TD>
     <TD align=left nowrap> <FONT size=2 face="serif">236,788</FONT></TD> </TR> </TABLE><BR>
<HR noshade align="center" width="100%" size=2>
<!--$$/page=-->
<A name="page_2"></A>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="25%"></TD>
     <TD width="74%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face=serif size=2>Proposal 2: </FONT></B><FONT face=serif size=2>To amend the Fund&#146;s Declaration of Trust to divide the Board into three classes of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=serif size=2>Trustees and to provide for shareholder approval of each such class every three years.</FONT></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face=serif size=2>Proposal 2 did not receive sufficient votes from the Fund&#146;s shareholders.</FONT></B></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>For</FONT></TD>
     <TD noWrap align=right><FONT face=serif size=2>3,591,994</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Against</FONT></TD>
     <TD noWrap align=right><FONT face=serif size=2>1,006,917</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Withheld</FONT></TD>
     <TD noWrap align=right><FONT face=serif size=2>191,365</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Broker Non-Votes</FONT></TD>
     <TD noWrap align=right><FONT face=serif size=2>649,378</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face=serif size=2>Proposal 3: </FONT></B><FONT face=serif size=2>To adopt a new form of investment advisory agreement.</FONT></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face=serif size=2>PROPOSAL 3 </FONT></B><B><FONT face=serif size=2>PASSED </FONT></B><B><FONT face=serif size=2>ON MAY 18, 2009.</FONT></B></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>For</FONT></TD>
     <TD noWrap align=right><FONT face=serif size=2>4,301,103</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Against</FONT></TD>
     <TD noWrap align=right><FONT face=serif size=2>236,773</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Withheld</FONT></TD>
     <TD noWrap align=right><FONT face=serif size=2>252,401</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Broker Non-Votes</FONT></TD>
     <TD noWrap align=right><FONT face=serif size=2>649,377</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>4
<FILENAME>advagrmnt.htm
<DESCRIPTION>ADVISORY AGREEMENT
<TEXT>

<HTML>
<HEAD>
   <TITLE>advagrmnt.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<a name="page_1"></a>
<p align=center style='line-height:200%;margin:0in;margin-bottom:.0001pt;text-align:center;'><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>JOHN HANCOCK INVESTORS TRUST</font></b></p>
<p align=center style='line-height:200%;margin:0in;margin-bottom:.0001pt;text-align:center;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>ADVISORY AGREEMENT</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Advisory Agreement dated July 1, 2009, between John Hancock Investors Trust, a </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>Massachusetts business trust (the &#8220;Fund&#8221;),</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>and John Hancock</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> Advisers, </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>LLC, a</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> Delaware limited liability company (&#8220;JHA&#8221; or the &#8220;Adviser&#8221;).&#160; In consideration of the mutual covenants contained herein, the parties agree as 
follows:</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>1.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>APPOINTMENT OF ADVISER</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>The Fund hereby appoints JHA, subject to the supervision of the Trustees of the Fund and the</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> terms of this Agreement, as the investment adviser for </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>the</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> Fund.&#160; The Adviser accepts such appointment and agrees to render the services and to assume the obligations set forth in this Agreement commencing on its effective date.&#160; The Adviser will be an independent contractor and will have no authority to act for or represent the Fund in an</font><i><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>y</font></i><font face="Times New Roma
n" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> way or otherwise be deemed an agent unless expressly authorized in this Agreement or another writing by the Fund and the Adviser.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>2.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>DUTIES OF THE ADVISER</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>a.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Subject to the general supervision of the Trustees of the Fund and the terms of this Agreement, the Adviser will at its own expense, except as noted below, select and contract with investment subadvisers (&#8220;Subadvisers&#8221;) to manage the investments and determine the composition of the assets of the Fund; provided, that any contract with a Subadviser (a &#8220;Subadvisory Agreement&#8221;) shall be in compliance with and approved as required by the Investment Company Act 
of 1940, as amended (the &#8220;1940 Act&#8221;), except for such exemptions therefrom as may be granted to the </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>Fund or the Adviser.&#160; Subject always to the direction and control of the Trustees of the Fund, the</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> Adviser will monitor each Subadviser&#8217;s management of the Fund&#8217;s investment operations in accordance with the investment objectives and related investment policies, as set forth in the registration statement with the Securities and Exchange Commission of the Fund under the management of such Subadviser, and review and report to the Trustees of the Fund on the performance of such Subadviser.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>b.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.1pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>The Adviser shall furnish to the Fund the following:</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>i.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Office and Other Facilities</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - The Adviser shall furnish to the Fund office space in the offices of the Adviser or in such other place as may be agreed upon by the parties hereto from time to time, and all necessary office facilities and equipment.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>ii.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Trustees and Officers</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - The Adviser agrees to permit individuals who are directors, officers or employees of the Adviser to serve (if duly elected or appointed) as Trustees or President of the Fund without remuneration from or other cost to the Fund.</font></p>
<HR noshade align="center" width="100%" size=2>
<DIV STYLE="page-break-before: always"></div>
<a name="page_2"></a>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>iii.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.1pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Investment Personnel</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - The Adviser shall furnish to the Fund any personnel necessary for the oversight and/or conduct of the investment operations of the Fund.&#160; For the elimination of doubt, however, the Adviser shall not be obligated to furnish to the Fund pursuant to this Agreement personnel for the performance of functions: (a)&nbsp;related to and to be performed under any other separate contract from time-t
o-time in effect between the Fund and the Adviser or another party for legal, accounting, administrative and other any other non-investment related services; (b)&nbsp;related to and to be </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>performed under the Fund contract for custodial, bookkeeping, transfer and dividend</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>disbursing agency services by the bank</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>or other </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>financial</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'> inst</font><font face="Times New Roman" la
ng=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>i</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>tution selected to perform </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>such services; or (c)&nbsp;related to the investment </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>subadvisory</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>services to </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>be provided by any</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'> Subadviser pursuant to a Subadvisory Agreement.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>iv.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.1pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>Reports to Fund</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>. - The Adviser shall furnish to, or place at the disposal of, the Fund such information, reports, valuations, analyses and opinions as the Fund may, at any time or from time to time, reasonably request or as the Adviser may deem helpful to the Fund, provided that the expenses associated with any such materials furnished by the Adviser at the request of the Fund shall be borne by the Fund.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>c.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.1pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>In addition to negotiating and contracting with Subadvisers as set forth in section (2)(a) of this Agreement and providing facilities, personnel and services as set forth in section (2)(b), the Adviser will pay the compensation of the President and Trustees of the Fund who are also directors, officers or employees of the Adviser or its affiliates.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>d.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:-.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>The Adviser may elect to manage the investments and determine the composition of the assets of the Fund, subject to the approval of the Trustees of the Fund.&#160; In the event of such election, the Adviser, subject always to the direction and control of the Trustees of the Fund, will manage the investments and determine the composition of the assets of the Fund in accordance with the Fund&#8217;s registration statement, as amended.&#160; In fulfilling its obligations to manage the investments and reinvestments of th
e assets of the Fund, the Adviser:</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>i.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:-.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>will obtain and evaluate pertinent economic, statistical, financial and other information affecting the economy generally and individual companies or industries the securities of which are included in the Fund or are under consideration for inclusion in the Fund;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>ii.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:-.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>will formulate and implement a continuous investment program for the Fund consistent with the investment objectives and related investment policies for the Fund as described in the Fund&#8217;s registration statement, as amended;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>iii.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:-.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>will take whatever steps are necessary to implement these investment programs by the purchase and sale of securities including the placing of orders for such purchases and sales;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<HR noshade align="center" width="100%" size=2>
<DIV STYLE="page-break-before: always"></div>
<a name="page_3"></a>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>iv.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:-.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>will regularly report to the Trustees of the Fund with respect to the implementation of these investment programs;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>v.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:-.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>will provide assistance to the Fund&#8217;s Custodian regarding the fair value of securities held by the Fund for which market quotations are not readily available;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>vi.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:-.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>will furnish, at its expense: (i) all necessary investment and management facilities, including salaries of personnel required for it to execute its duties faithfully; and (ii) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the investment affairs of the Fund (excluding any such services that are the subject of a separate agreement as may from time to time be in effect between the Fund and the Adviser or another party);</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>vii.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:-.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>will select brokers and dealers to effect all transactions subject to the following conditions: the Adviser will place all necessary orders with brokers, dealers, or issuers, and will negotiate brokerage commissions if applicable; the Adviser is directed at all times to seek to execute brokerage transactions for the Fund in accordance with such policies or practices as may be established by the Trustees and described in the Fund&#8217;s registration statement as amended; the Adviser may pay a broker-dealer which provides re
search and brokerage services a higher spread or commission for a particular transaction than otherwise might have been charged by another broker-dealer, if the Adviser determines that the higher spread or commission is reasonable in relation to the value of the brokerage and research services that such broker-dealer provides, viewed in terms of either the particular transaction or the Adviser&#8217;s overall responsibilities with respect to accounts managed by the Adviser; and the Adviser may use for the benefit of its other clients, or make available to companies affiliated with the Adviser for the benefit of such companies or their clients, any such brokerage and research services that the Adviser obtains from brokers or dealers;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>viii.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:-.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, on occasions when the Adviser deems the purchase or sale of a security to be in the best interest of the Fund as well as other clients of the Adviser, aggregate the securities to be purchased or sold to attempt to obtain a more favorable price or lower brokerage commissions and efficient execution.&#160; In such event, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made 
by the Adviser in the manner the Adviser considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to its other clients;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>ix.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>will maintain all accounts, books and records with respect to the Fund as are required of an investment adviser of a registered investment company pursuant to the 1940 Act and the </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>Investment Advisers Act of 1940, as amended (the &#8220;Advisers Act&#8221;) and the rules</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> thereunder; and</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>x.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>will vote all proxies received in connection with securities held by the Fund.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<HR noshade align="center" width="100%" size=2>
<DIV STYLE="page-break-before: always"></div>
<a name="page_4"></a>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>3.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>EXPENSES ASSUMED BY THE FUND</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>The Fund will pay all expenses of its organization, operations and business not specifically assumed or agreed to be paid by the Adviser, as provided in this Agreement, or by a Subadviser, as provided in a Subadvisory Agreement.&#160; Without limiting the generality of the foregoing, in addition to certain expenses described in section 2 above, the Fund shall pay or arrange for the payment of the following:</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>a.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Edgarization, Printing and Mailing</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - Costs of edgarization, printing and mailing (i) all registration statements (including all amendments thereto) and prospectuses/statements of additional information (including all supplements thereto), all annual, semiannual and periodic reports to shareholders of the Fund, regulatory authorities or others, (ii) all notices and proxy solicitati
on materials furnished to shareholders of the Fund or regulatory authorities and (iii) all tax returns;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>b.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Compensation of Officers and Trustees</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - Compensation of the officers and Trustees of the Fund </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>(other than persons serving as </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>President</font><font face="Times New Roman" lang=EN-US style='font-size:12.0p
t;letter-spacing:.1pt;'> or Trustee of the Fund who are also directors, officers or</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> employees of the Adviser or its affiliates);</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>c.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Registration and Filing Fees</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - Registration, filing, blue-sky and other fees in connection with requirements of regulatory authorities, including, without limitation, all fees and expenses of registering and maintaining the registration of the Fund under the 1940 Act and the registration of the Fund&#8217;s shares under the Securities Act of 1933, as amended;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>d.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Custodial Services</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - The charges and expenses of the custodian appointed by the Fund for custodial services;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>e.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Accounting Fees</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - The charges and expenses of the independent accountants retained by the Fund;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>f.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Legal, Accounting and Administrative Services</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - The charges and expenses of the Adviser or any other party pursuant to any separate contract with the Fund from time to time in effect with respect to the provision of legal services (including registering and qualifying Fund shares with regulatory authorities), as well as accounting, administrative and any other non-investment related services;<
/font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>g.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Transfer, Bookkeeping and Dividend Disbursing Agents</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - The charges and expenses of any transfer, bookkeeping and dividend disbursing agents appointed by the Fund;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>h.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Commissions</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - Broker&#8217;s commissions and issue and transfer taxes chargeable to the Fund in connection with securities transactions to which the Fund is a party;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>i.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Taxes</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - Taxes and corporate fees payable by the Fund to federal, state or other governmental agencies and the expenses incurred in the preparation of all tax returns;</font></p>
<HR noshade align="center" width="100%" size=2>
<DIV STYLE="page-break-before: always"></div>
<a name="page_5"></a>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>j.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Stock Certificates</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - The cost of stock certificates, if any, representing shares of the Fund;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>k.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Membership Dues</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - Association membership dues, as explicitly approved by the Trustees;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>l.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Insurance Premiums</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - Insurance premiums for fidelity, errors and omissions, directors and officers and other coverage;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>m.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Shareholders and Trustees Meetings</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - Expenses of shareholders and Trustees meetings;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>n.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Pricing</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - Pricing of the Fund&#8217;s shares, including the cost of any equipment or services used for obtaining price quotations and valuing Fund portfolio investments;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>o.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Interest</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - Interest on borrowings;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>p.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Communication Equipment</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - All charges for equipment or services used for communication between the Adviser or the Fund and the custodian, transfer agent or any other agent selected by the Fund; and</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>q.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>Nonrecurring and Extraordinary Expense</font></u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>. - Such nonrecurring expenses as may arise, including the costs of actions, suits, or proceedings to which the Fund is, or is threatened to be made, a party and the expenses the Fund may incur as a result of its legal obligation to provide indemnification to its Trustees, officers, agents and shareholders</font><font color=#312900 face="Times New Roman" lang=EN-US sty
le='font-size:12.0pt;letter-spacing:-.2pt;'>.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>4.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>COMPENSATION OF ADVISER</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>Subject to the provisions of section 2(d) of this Agreement, </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>the Adviser shall be entitled to a fee, paid daily,</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>at such annual percentage rates, as specified in Appendix A to this Agreement, of the average daily managed assets of the Fund.&#160; </font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>5.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>NON-EXCLUSIVITY</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>The services of the Adviser to the Fund are not to be deemed to be exclusive, and the Adviser shall be free to render investment advisory or other services to others (including other investment companies) and to engage in other activities.&#160; It is understood and agreed that the directors, officers and employees of the Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors, trustees or employees of any other firm or corporation, including other investment companies.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<HR noshade align="center" width="100%" size=2>
<DIV STYLE="page-break-before: always"></div>
<a name="page_6"></a>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;page-break-after:avoid;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>6.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>SUPPLEMENTAL ARRANGEMENTS</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>The Adviser may enter into arrangements with other persons affiliated with the Adviser to better</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'> enable it to fulfill its obligations under this Agreement for the provision of certain personnel and facilities to the Adviser.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>7.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>CONFLICTS OF INTEREST</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>It is understood that Trustees, officers, agents and shareholders of the Fund are or may be interested in the Adviser as directors, officers, stockholders, or otherwise; that directors, officers, agents and stockholders of the Adviser are or may be interested in the Fund as Trustees, officers, shareholders or otherwise; that the Adviser may be interested in the Fund; and that the existence of any such dual interest shall not affect the validity hereof or of any transactions hereunder except as otherwise provided </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>in the Agreement and Declaration of Trust of the Fund or the organizational documents of the Adviser or</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'> by specific provision of a
pplicable law. </font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>8.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>REGULATION</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>The Adviser shall submit to all regulatory and administrative bodies having jurisdiction over the</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'> services provided pursuant to this Agreement any information, reports or other material which any such body by reason of this Agreement may request or require pursuant to applicable laws and regulations.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>9.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>DURATION AND TERMINATION OF AGREEMENT</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>This Agreement shall become effective on the later of (i) its execution and (ii) the date of the meeting of the shareholders of the Fund, at which meeting this Agreement is approved by the vote of a </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>&#8220;majority of the outstanding voting securities&#8221; (as defined in the 1940 Act) of the Fund.&#160; The Agreement</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'> will continue in effect for a period more than two years from the date of its execution only so long as such continuance is specifically approved at least annually either by the Trustees of the Fund or by the vote of a majority of the outstanding voting securities of the Fund provided that in either event such continuance sha
ll also be approved by the vote of a majority of the Trustees of the Fund who are not &#8220;interested persons&#8221; (as defined in the 1940 Act) of any party to this Agreement cast in person at a meeting called for the purpose of voting on such approval.&#160; The required shareholder approval of the Agreement or of any continuance of the Agreement shall be effective if a majority of the outstanding voting securities of the Fund votes to approve the Agreement or its continuance.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>Following the effectiveness of the Agreement, if the Agreement terminates because the shareholders of the Fund fail to provide any requisite approval under the 1940 Act for the continued effectiveness of the Agreement, the Adviser will continue to act as investment adviser with respect to the Fund pending the required approval of the Agreement or its continuance or of a new contract with the Adviser or a different adviser or other definitive action; provided, that the compensation received by the Adviser in respect of the Fund during such period will be no more than its actual costs incurred in furnishing investment advisory and management services to the Fund or the amount it would have received under the Agreement in respect of the Fund, whichever is less; </font>
<a name="page_7"></a><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>provided further, for the elimination of doubt, the failure of shareholders of the Fund to approve a proposed amendment to the Agreement is not a termination of the Agreement with respect to the Fund and, in such event, the Agreement shall continue with respect to the Fund as previously in force and effect.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>This Agreement may be terminated at any time, without the payment of any penalty, by the Trustees of the Fund, by the vote of a majority of the outstanding voting securities of the Fund, on sixty days&#8217; written notice to the Adviser, or by the Adviser on sixty days&#8217; written notice to the Fund.&#160; This </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>Agreement will automatically terminate, without payment of any penalty, in the event of its &#8220;assignment&#8221;</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'> (as defined in the 1940 Act).</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>10.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>PROVISION OF CERTAIN INFORMATION BY ADVISER</font></b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>The Adviser will promptly notify the Fund in writing of the occurrence of any of the following:</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>a.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:-.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>the Adviser </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>fails</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'> to be registered as an investment adviser under the Advisers Act or under the </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>laws of any jurisdiction in which the Adviser is required to be registered as an investment adviser</fon
t><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'> in order to perform its obligations under this Agreement;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>b.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>the Adviser is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, involving the affairs of the Fund; and</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>c.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>the chief executive officer or managing member of the Adviser or the portfolio manager of the Fund changes</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.05in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>11.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>AMENDMENTS TO THE AGREEMENT</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>This Agreement may</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>be amended by the parties only if such amendment is specifically approved</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'> by the vote of a majority of the outstanding voting securities of the Fund and by the vote of a majority of the Trustees of the Fund who are not interested persons of </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>an</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>y</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'> pa</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>r</font><font f
ace="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>ty to this Agreement cast in person at a meeting called for the purpose of voting on such approval.&#160; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>The required shareholder approval shall be effective if a majority of the outstanding voting securities of the Fund vote to approve the amendment.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>12.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>ENTIRE AGREEMENT</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>This</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.15pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>A</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.15pt;'>greement contains the entire unders</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>t</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.15pt;'>anding and agreement of the parties.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>13.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>HEADINGS</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>The headings in the sections of this Agreement are inserted for convenience of reference only and shall not constitute a part hereof.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<HR noshade align="center" width="100%" size=2>
<DIV STYLE="page-break-before: always"></div>
<a name="page_8"></a>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;page-break-after:avoid;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>14.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>NOTICES</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>All notices required to be given pursuant to this Agreement shall be delivered or mailed to the </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>last known business address of the Fund or Adviser in person or by regist</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>e</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>red mail or a private mail or</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'> delivery service providing the sender with notice of receipt.&#160; Notice shall be deemed given on the date delivered or mailed in accordance with this section.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>15.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>SEVERABILITY</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.15in;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>Should any portion of this Agreement for any reason be held to be void in law or in equity, the A</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.05pt;'>gr</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>eement shall be construed, insofar as is possible, as if such portion had never</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.05pt;'>be</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>en contained h</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>e</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.05pt;'>re</font><font face="Times New Roman" lang=EN-US style='font-
size:12.0pt;letter-spacing:-.1pt;'>in.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>16.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.8pt;'>GOVERNING LAW</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>The provisions of this Agreement shall</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>be construed</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>an</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>d</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'> interpreted in accor</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>d</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>ance with the laws</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>
 of The Commonwealth of Massachusetts, or any of the applicable provisions of the 1940 Act.&#160; To the </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>extent that the laws of The Commonwealth of Massachusetts, or</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>an</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>y</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'> of the provisions in this Agreement,</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'> conflict with applicable provisions of the 1940 Act, the latter shall control.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>17.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>NAME OF THE FUND</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>The Fund may use the name &#8220;John </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>H</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>ancock&#8221; or</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'> any name or names derived from or similar to the names &#8220;John Hancock Advisers</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>, LLC,&#8221; &#8220;John </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>H</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>ancock Life Insurance Com</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>p</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt
;letter-spacing:-.1pt;'>any&#8221; or &#8220;John Hancock Financial Services, Inc.&#8221;</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>only for so</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>long as this </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>A</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>greement remains in effect as to the Fund.&#160; At such time</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'> as this Agreement shall no longer be in effect as to the Fund, the Fund will (to the extent it lawfully can) cease to use such a name or any </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.1pt;'>other name indicating that the Fund 
is advised by or otherwise connected with the </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>Adviser.&#160; The Fund acknowledges that it has adopted the name John Hancock Investors Trust through permission of John Hancock Life Insurance Company, a Massachusetts insurance company, and agrees that John Hancock Life Insurance Company reserves to itself and any successor to its business the right to grant the non-exclusive right to use the name &#8220;John Hancock&#8221; or any similar name or names to any </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>other corporation or entity, including but not limited to any investment company of which John Hancock</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'> Life Insurance Company or any subsidiary or affiliate thereof shall be the investment adviser.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>18.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>LIMITATION OF LIABILITY UNDER THE DECLARATION OF TRUST</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>The Amended and Restated Declaration of Trust establishing the Fund, dated March 8, 2005, a copy of which, together with all amendments thereto (the &#8220;Declaration&#8221;), is on file in the office of the Secretary of The Commonwealth of Massachusetts, provides that no Trustee, shareholder, officer, employee or agent of the Fund shall be subject to any personal liability in connection with Fund property or the affairs of the </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>Fund and that all persons should shall look solely to the Fund property </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>for satisfaction of claims of any nature arising in connection with the affairs of the Fund.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<HR noshade align="center" width="100%" size=2>
<DIV STYLE="page-break-before: always"></div>
<a name="page_9"></a>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>19.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>LIABILITY OF THE ADVISER</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>In the absence of (a) willful misfeasance, bad faith or gross negligence on the part of the Adviser</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'> in performance of its obligations and duties hereunder, (b) reckless disregard by the Adviser of its obligations and duties hereunder, or (c)&nbsp;a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services (in which case any award of damages shall be limited to the period and the amount set forth in Section 36(b)(3) of the 1940 Act), the Adviser shall not be subject to any liability whatsoever to the Fund, or to any shareholder for any error of judgment, mistake of law or any other act or omission in the course of, or connected with, rendering services hereunder including, without limitat
ion, for any losses that may be sustained in connection with the purchase, holding, redemption or sale of any security on behalf of the Fund.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;'><b><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>20.</font></b><b><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:1.3pt;'>INDEMNIFICATION</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>a.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:-.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>To the fullest extent permitted by applicable law, the Fund shall indemnify the Adviser, its affiliates and the officers, directors, employees and agents of the Adviser and its affiliates (each an &#8220;indemnitee&#8221;) against any and all losses, claims, damages, </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>liabilities or expenses (including reasonable counsel fees and expenses) resulting from any claim, </font><font face="T
imes New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>demand, action or suit relating to the Fund and not resulting from the willful misfeasance, bad faith, gross negligence, or reckless disregard of the indemnitee in the performance of the obligations and duties of the indenmitee&#8217;s office.&#160; The federal and state securities laws impose liabilities under certain circumstances on persons who act in good faith, and therefore nothing in this Agreement will waive or limit any rights that the Fund may have under those laws.&#160; An indemnitee will not confess any claim or settle or make any compromise in any instance in which the Fund will be asked to provide indemnification, except with the Fund&#8217;s prior written consent.&#160; Any amounts payable by the Fund under this section shall </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>be satisfied only against the assets of the Fund</font><font face="Times New Roman" lang=EN-US style='f
ont-size:12.0pt;letter-spacing:-.2pt;'>.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>b.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>Any indemnification or advancement of expenses made in accordance with this section shall not prevent the recovery from any indemnitee of any amount if the indemnitee subsequently is determined in a final judicial decision on the merits in any action, suit, investigation or </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>proceeding involving the liability or expense that gave rise to the indemnification to be liable to the Fund</font><font
 face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'> or its shareholders by reason of willful misfeasance, bad faith,</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.1pt;'>gross negligence, or reckless</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> disregard of the duties involved in the conduct of the indemnitee&#8217;s </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>office</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;'><font color=black face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>c.</font><font color=black face="Times New Roman" lang=EN-US style='font-size:7.0pt;letter-spacing:.2pt;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>The rights of indemnification </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.3pt;'>provided</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> in this section shall not be exclusive of or affect any other rights to which any person may be entitled by contract or otherwise under law.&#160; Nothing contained in this section shall affect the power of the Fund to purchase and maintain liability insuran
ce on behalf of the Adviser or any indemnitee.</font></p>
<p style='margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:.05in;margin-top:0in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p align=center style='margin:0in;margin-bottom:12.0pt;text-align:center;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.15pt;'>(THE REMAINDER OF THIS SPACE HAS BEEN INTENTIONALLY LEFT BLANK)</font></p>
<HR noshade align="center" width="100%" size=2>
<DIV STYLE="page-break-before: always"></div>
<a name="page_10"></a>
<p style='margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:.05in;margin-top:0in;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>IN WITNESS WHERE</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>O</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>F, the parties hereto have caused this Agreement to </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>be</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'> </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>executed under </font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>seal by their duly authorized officers as of the date first mentioned above.</font></p>
<p style='margin:0in;margin-bottom:.5in;margin-left:3.25in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>JOHN HANCOCK INVESTORS TRUST</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:3.25in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>By:&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.2pt;'>/s/Keith F. Hartstein</font></u></p>
<p style='line-height:13.2pt;margin:0in;margin-bottom:.0001pt;margin-left:261.0pt;margin-right:0pt;margin-top:0in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.9pt;'>Name:&#160;&#160; Keith F. Hartstein</font></p>
<p style='margin:0in;margin-bottom:.5in;margin-left:261.35pt;margin-right:0pt;margin-top:0in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.9pt;'>Title:&#160;&#160;&#160;&#160; President and Chief Executive Officer</font></p>
<p style='margin:0in;margin-bottom:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>JOHN HANCOCK ADVISERS, LLC</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>By:&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:-.2pt;'>/s/Jeffrey H. Long</font></u></p>
<p style='line-height:13.2pt;margin:0in;margin-bottom:.0001pt;margin-left:27.0pt;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.9pt;'>Name:&#160;&#160; Jeffrey H. Long</font></p>
<p style='line-height:13.2pt;margin:0in;margin-bottom:.0001pt;margin-left:27.0pt;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.9pt;'>Title:&#160;&#160;&#160;&#160; Chief Financial Officer</font></p>
<HR noshade align="center" width="100%" size=2>
<DIV STYLE="page-break-before: always"></div>
<a name="page_11"></a>
<p align=right style='margin:0in;margin-bottom:.0001pt;text-align:right;'><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.3pt;'>APPENDIX A</font></b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.3pt;'>&nbsp;</font></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.3pt;'>&nbsp;</font></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center;'><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.3pt;'>ADVISORY FEE SCHEDULE</font></b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.3pt;'>&nbsp;</font></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.3pt;'>&nbsp;</font></p>
<div align=left>
<table cellpadding=0 cellspacing=0 width="100%" border=0 style='border-collapse:collapse;width:100.0%;'>
<tr style='height:.25in;'>
     <td valign=bottom width=29% style='height:.25in;padding:0in 0in 0in 0in;'>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:4.35pt;margin-right:5.05pt;margin-top:0in;'><b><u><font face="Times New Roman" style='font-size:10.0pt;'>Fund</font></u></b></p>
</td>
     <td valign=bottom width=18% style='height:.25in;padding:0in 0in 0in 0in;'>
<p align=center style='margin:0in;margin-bottom:.0001pt;margin-left:3.95pt;margin-right:4.5pt;margin-top:0in;text-align:center;'><b><font face="Times New Roman" style='font-size:10.0pt;'>First</font></b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;margin-left:3.95pt;margin-right:4.5pt;margin-top:0in;text-align:center;'><b><font face="Times New Roman" style='font-size:10.0pt;'>$150 Million</font></b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;margin-left:3.95pt;margin-right:4.5pt;margin-top:0in;text-align:center;'><b><font face="Times New Roman" style='font-size:10.0pt;'>of</font></b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;margin-left:3.95pt;margin-right:4.5pt;margin-top:0in;text-align:center;'><b><u><font face="Times New Roman" style='font-size:10.0pt;'>Managed Assets</font></u></b></p>
</td>
     <td valign=bottom width=18% style='height:.25in;padding:0in 0in 0in 0in;'>
<p align=center style='margin:0in;margin-bottom:.0001pt;margin-left:3.95pt;margin-right:4.5pt;margin-top:0in;text-align:center;'><b><font face="Times New Roman" style='font-size:10.0pt;'>Next</font></b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;margin-left:3.95pt;margin-right:4.5pt;margin-top:0in;text-align:center;'><b><font face="Times New Roman" style='font-size:10.0pt;'>$50 Million</font></b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;margin-left:3.95pt;margin-right:4.5pt;margin-top:0in;text-align:center;'><b><font face="Times New Roman" style='font-size:10.0pt;'>of</font></b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;margin-left:3.95pt;margin-right:4.5pt;margin-top:0in;text-align:center;'><b><u><font face="Times New Roman" style='font-size:10.0pt;'>Managed Assets</font></u></b></p>
</td>
     <td valign=bottom width=18% style='height:.25in;padding:0in 0in 0in 0in;'>
<p align=center style='margin:0in;margin-bottom:.0001pt;margin-left:3.95pt;margin-right:4.5pt;margin-top:0in;text-align:center;'><b><font face="Times New Roman" style='font-size:10.0pt;'>Next</font></b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;margin-left:3.95pt;margin-right:4.5pt;margin-top:0in;text-align:center;'><b><font face="Times New Roman" style='font-size:10.0pt;'>$100 Million</font></b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;margin-left:3.95pt;margin-right:4.5pt;margin-top:0in;text-align:center;'><b><font face="Times New Roman" style='font-size:10.0pt;'>of</font></b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;margin-left:3.95pt;margin-right:4.5pt;margin-top:0in;text-align:center;'><b><u><font face="Times New Roman" style='font-size:10.0pt;'>Managed Assets</font></u></b></p>
</td>
     <td valign=bottom width=17% style='height:.25in;padding:0in 0in 0in 0in;'>
<p align=center style='margin:0in;margin-bottom:.0001pt;margin-left:3.95pt;margin-right:4.5pt;margin-top:0in;text-align:center;'><b><font face="Times New Roman" style='font-size:10.0pt;'>Excess Over</font></b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;margin-left:3.95pt;margin-right:4.5pt;margin-top:0in;text-align:center;'><b><font face="Times New Roman" style='font-size:10.0pt;'>$300 Million</font></b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;margin-left:3.95pt;margin-right:4.5pt;margin-top:0in;text-align:center;'><b><font face="Times New Roman" style='font-size:10.0pt;'>of</font></b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;margin-left:3.95pt;margin-right:4.5pt;margin-top:0in;text-align:center;'><b><u><font face="Times New Roman" style='font-size:10.0pt;'>Managed Assets</font></u></b></p>
</td> </tr>
<tr style='height:.25in;'>
     <td width=29% style='height:.25in;padding:0in 0in 0in 0in;'>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:4.35pt;margin-right:5.05pt;margin-top:0in;'><font face="Times New Roman" style='font-size:10.0pt;'>John Hancock Investors Trust</font></p>
</td>
     <td width=18% style='height:.25in;padding:0in 0in 0in 0in;'>
<p align=center style='margin:0in;margin-bottom:.0001pt;margin-left:3.95pt;margin-right:4.5pt;margin-top:0in;text-align:center;'><font face="Times New Roman" style='font-size:10.0pt;'>0.650%</font></p>
</td>
     <td width=18% style='height:.25in;padding:0in 0in 0in 0in;'>
<p align=center style='margin:0in;margin-bottom:.0001pt;margin-left:3.95pt;margin-right:4.5pt;margin-top:0in;text-align:center;'><font face="Times New Roman" style='font-size:10.0pt;'>0.375%</font></p>
</td>
     <td width=18% style='height:.25in;padding:0in 0in 0in 0in;'>
<p align=center style='margin:0in;margin-bottom:.0001pt;margin-left:3.95pt;margin-right:4.5pt;margin-top:0in;text-align:center;'><font face="Times New Roman" style='font-size:10.0pt;'>0.350%</font></p>
</td>
     <td width=17% style='height:.25in;padding:0in 0in 0in 0in;'>
<p align=center style='margin:0in;margin-bottom:.0001pt;margin-left:3.95pt;margin-right:4.5pt;margin-top:0in;text-align:center;'><font face="Times New Roman" style='font-size:10.0pt;'>0.300%</font></p>
</td> </tr> </table></div>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.3pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.3pt;'>&#8220;Managed assets&#8221; means 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).&#160; The liquidation preference of any preferred shares is not a liability.&#160; The &#8220;average daily managed assets&#8221; of the Fund shall be determined on the basis set forth in the Fund's prospectus or otherwise consistent with the 1940 Act and the rules and regulations promulgated thereunder, provided that a majority of the Trustees of the Fund, including a majority of the Trustees of the Fund who are not interested persons of the Adviser or of the Fund (otherwise than as Trustees) shall have approved the valuations of the Fund's assets on which such fee is based.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.3pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.3pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.3pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.3pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;letter-spacing:.3pt;'>Dated:&#160; July 1, 2009</font></p>
<HR noshade align="center" width="100%" size=2>
<DIV STYLE="page-break-before: always"></div>
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>5
<FILENAME>bylawsamnded.htm
<DESCRIPTION>AMENDED AND RESTATED BY-LAWS
<TEXT>

<HTML>
<HEAD>
   <TITLE>bylawsamnded.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<a name="page_1"></a>
<p align=center style='margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;'><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>JOHN HANCOCK INVESTORS TRUST</font></b></p>
<p style='margin:0in;margin-bottom:12.0pt;text-align:center;'><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>AMENDMENT DATED AUGUST 1, 2009</font></b></p>
<p style='margin:0in;margin-bottom:12.0pt;text-align:center;'><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>TO THE</font></b></p>
<p style='margin:0in;margin-bottom:12.0pt;text-align:center;'><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>AMENDED AND RESTATED BY-LAWS</font></b></p>
<p style='margin:0in;margin-bottom:.25in;text-align:center;'><b><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>DATED SEPTEMBER 14, 2004</font></b></p>
<p style='margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>That the By-Laws be, and they hereby are, amended as follows:</font></p>
<p style='margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 6.8 is amended to read as follows in its entirety:</font></p>
<p style='margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:.5in;margin-top:0in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>POWERS AND DUTIES OF THE TREASURER.&#160; The Treasurer shall deliver all funds of the Trust or any Series or Class thereof which may come into his hands to such Custodian as the Trustees may employ.&#160; He shall render a statement of condition of the finances of the Trust or any Series or Class thereof to the Trustees as often as they shall require the same and he shall in general perform all the duties incident to the office of a Treasurer and such other duties as from time to time may be assigned to him by the Trustees.&#160; The Treasurer shall give a bond for the faithful discharge of his duties, if required so to do by the Trustees, in such sum and with such surety or sureties as the Trustees shall require.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A new Section 6.13 is added as follows:</font></p>
<p style='margin:0in;margin-bottom:.0001pt;margin-left:.5in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:.5in;margin-top:0in;'><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>DESIGNATION OF PRINCIPAL ACCOUNTING OFFICER(S) AND PRINCIPAL FINANCIAL OFFICER(S).&#160; The Trustees shall designate by resolution one or more officers of the Trust as the principal accounting officer(s) and the principal financial officer(s) for purposes of signing registration statements of the Trust in conformity with the requirements of the Securities Act of 1933, as amended.</font></p>
<HR noshade align="center" width="100%" size=2>
<DIV STYLE="page-break-before: always"></div>
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
